Crystallizing Value Creation & Market Overview

Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 9/30/2021 G&A AS % OF 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) 5.0% 2000 2003 2006 2009 2012 2015 2018 YTD 2021 ADJUSTED EBITDAre MARGIN RENTAL REVENUE 5.0% 9.1% 9.4% 92.4% 93.4% ADJUSTED EBITDAre 93.4% 88.2% 81.1% 2000 2003 2006 2009 2012 2015 2018 YTD 2021 MARGIN G&A AS % G&A as % 33 bps 71 bps 68 bps OF GREAV gross RE asset value (bps) (1) 64 bps 33 bps Source: Bloomberg (1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4Q18 | 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. Net Lease peers include ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, VER, WPC. (3) Based on trailing twelve months. Excludes non-property REITs: AMT, CCI, EQIX, IRM, SBAC, WY. 2000 2003 2006 2009 2012 2015 2018 Q2 2021 33 33

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