European Portfolio Snapshot

REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase 20% 15% 10% 5% 0% ANNUAL AFFO/sh(3) Growth 17.0%(4) Large portfolio transactions create upside "lumpiness"... 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ...which supports outsized blended growth over time AFFO/SH GROWTH: HISTORICAL 5.1% MEDIAN Stronger historical growth rate vs. REITS (4.0%) (1) • Positive earnings growth in 25 of 26 years Modest annual downside volatility of 2.8% (2) CAGR 5.1% SINCE 1995 . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size 6% 5% 4% 3% 2% 1% 0% AFFO/sh CAGR Benchmarked to 1995 5.1% 5.2% 5.3% 5.3% 5.3% 5.3% 5.2% 5.1% 5.1% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $40,000 • In 2012, portfolio GREAV was < $6B and earnings CAGR was 4.5% $30,000 . Earnings growth has accelerated as portfolio real estate value crossed $10B: $20,000 $10,000 $565 $0 GROSS RE BOOK VALUE Cost at year end(5) $35,909 • 6.4% AFFO/sh CAGR since 2012 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) Median FFO | Represents all REITs currently included in MSCI REIT Index with earnings history since 2000 | Source: SNL. (2) Volatility of earnings growth, where accelerating year-over-year growth is replaced with "O". (3) Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. (4) $3.2 billion ARCT acquisition was completed in January 2013. (5) Gross real estate book value reflects historical year end real estate held for investment, at cost (in millions) 20

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