European Portfolio Snapshot

Realty Income Exhibited the Lowest Operational and Financial Volatility During Great Recession vs. A-Rated S&P 500 REITS 2007 2009 relative volatility rankings - REALTY INCOME RANK RENTAL REVENUE (1) GROSS MARGIN(1) EBITDA (1) EBITDA MARGIN (1) DEBT/ EBITDA (2) UNSECURED/ TOTAL DEBT(2) OCCUPANCY RATE(1) 1 0.3% 0.3% 0.4% 0.6% 0.1x 0.0% 0.1% 2 2.1% 0.5% 3.2% 1.3% 0.3x 1.2% 0.2% 3 3.1% 1.1% 3.8% 2.0% 1.5x 1.5% 0.2% 4 3.7% 1.4% 4.3% 2.1% 2.2x 2.0% 0.3% 5 4.0% 1.7% 5.7% 2.2% 2.2x 2.8% 0.7% 60 4.2% 2.1% 9.7% 7.4% 2.6x 4.0% 3.4% 7 9.7% 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) Source: SNL as sourced from company filings. Metrics include non-GAAP measures that could be calculated differently from how Realty Income calculates such metrics or how each company calculates as of today. (1) Downside Volatility calculated as the standard deviation around zero of quarterly percentage changes in each metric shown, where positive changes are replaced with zero. (2) Upside Volatility calculated as the standard deviation around zero of quarterly percentage changes, where negative changes are replaced with zero. (3) Company did not report consolidated quarterly portfolio occupancy during 2007-2009. MORE VOLATILE LESS VOLATILE Realty Income REITs that currently have at least two A-/A3 credit ratings or better 15

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