Curating Best-in-Class Portfolio

Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 12/31/2022 G&A AS % OF TOTAL REVENUE NET LEASE PEER MEDIAN(2) S&P 500 REIT PEER MEDIAN(3) 5.8% REALTY INCOME Portfolio growth resulted in improved operating margins, which compare favorably vs. industry peers G&A as % rental revenue(1) 4.4% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 4.4% 8.1% 9.1% 92.4% ADJUSTED EBITDAre MARGIN 94.3% ADJUSTED EBITDAre 94.3% 90.1% 77.2% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 MARGIN LTM G&A AS % OF RE BOOK 32 bps 71 bps 65 bps G&A as % RE book value (bps)(1) VALUE 64 bps Source: Bloomberg (1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4018 | 2020 G&A excludes $3.5 million severance to former CFO paid in 1Q20. Percentage of rental revenue calculation excludes reimbursements. (2) Based on trailing twelve months. Represents the "traditional" net lease peers. (3) Based on trailing twelve months. Note: Metrics include non-GAAP measures that could be calculated differently by each company from how Realty Income calculates such metrics. 32 bps 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 30

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