Crystallizing Value Creation & Market Overview

REALTY INCOME Investing in Realty Income = Diversified Credit Exposure to Best-in-Class Operators Realty Income dividend yield is superior to 10-year bond yields of its underlying clients Investing in Realty Income vs investing in individual bonds of top clients (1) CONVENIENCE STORES PREMIUM YIELD WITH BOND-LIKE SAFETY GUARANTEED BY INVESTMENT GRADE CREDITS Walgreens 7-ELEVEN. DOLLAR GENERAL Kroger 7-ELEVEN. CIRCLE K TM DIVERSIFICATION INCOME GROWTH POTENTIAL 25+ YEAR HISTORY OF INCREASING INCOME YIELD PRODUCING 4.4% (2) ✓ ✓ GROCERY STORES DOLLAR STORES DRUG STORES Kroger Walmart TESCO × DOLLAR TREE CVS pharmacy Walgreens DOLLAR GENERAL × × 2.3% (3) 1.9% (3) 2.3% (3) 3.2% (3) (1) The sample size represents Realty Income's clients from top four industries that have 10-year public unsecured debt outstanding. (2) Represents dividend yield as of 9/30/2021. (3) Weighted average (by rent) ~10-year unsecured bond yields for each industry. As of 9/30/2021. 42 42

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