Curating Best-in-Class Portfolio

Efficiency of the Net Lease Business Model Supports Cash Flow Stability Lease structure and growth drivers support a more predictable revenue stream relative to other forms of retail real estate UNIQUE "NET LEASE" STRUCTURE DRIVES LOWER CASH FLOW VOLATILITY Initial Length of Lease Remaining Average Term Responsibility for Property Expenses Gross Margin Volatility of Rental Revenue Maintenance Capital Expenditures REALTY INCOME(1) > 10 Years ~ 9 Years Client > 98% Low Low None SHOPPING CENTERS AND MALLS(2) < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low REALTY INCOME Reliance on Anchor Tenant(s) BEL Average Retail Property Size/ Fungibility 13k sf/ High AMPLE EXTERNAL GROWTH OPPORTUNITIES REALTY INCOME(1) SHOPPING CENTERS AND MALLS(2) Target Markets ts HIRING! External Acquisition Opportunities Institutional Buyer Competition Many Few High Low Modest High External acquisitions drive (1) Reflects average features of Realty Income's investments and real estate portfolio as of 6/30/2022. (2) Reflects typical features of investments and real estate portfolios of shopping center and mall REITs. This information is for illustrative purposes only, and does not reflect the characteristics of all shopping centers and malls, which may vary significantly in one or more of these characteristics. 24 -2/3 of total earnings growth

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