Crystallizing Value Creation & Market Overview

Inflation: Immaterial Impact on Realty Income's Business LONG-TERM DEFLATIONARY TRENDS THE BALANCE OF INFLATIONARY FORCES SHORT-TERM INFLATIONARY FORCES REALTY INCOME While there are inflationary forces at play in the short-term, we believe deflationary trends are likely to counter-balance long-term inflationary pressures Inflation translates into stronger fundamentals for our clients' businesses, leading to higher rent coverage ratios And, as the prices of raw materials, land, and labor increase, the value of our existing portfolio increases as well DEBT Outstanding debt will eventually have to be repaid iis DEMOGRAPHICS Aging populations tend to spend less money CHINA Producing goods at low cost and low prices TECHNOLOGY Driving costs down through improved efficiency GOVERNMENT SPENDING Printing money as a result of the COVID- 19 Pandemic COMMODITY PRICING? WAGE INFLATION? CONSUMER SPENDING? INFLATION INSULATION ~85% ~30% Of leases have built in rent escalators Of properties have leases linked to CPI, where most leases have both a multiplier and a capped total increase ~53% of properties have leases with set increases (1) Correlation calculated from 1995 through 2020. 0.06 0.25 Correlation coefficient for inflation vs Realty Income's performance compared to the FTSE NAREIT US Equity REIT Index(1) Correlation coefficient of inflation and Realty Income relative TSR to the S&P 500 Index(1) Historically, Realty Income has outperformed in an inflationary environment 57

View entire presentation