Growing International Portfolio

Benefits of Size and Scale Capacity to Buy in Bulk at “Wholesale" Prices While Maintaining Diversification LARGER SIZE PROVIDES GROWTH OPTIONALITY TRANSACTION SIZE & IMPACT TO RENT CONCENTRATION(1) TOTAL ABR $100 $200 $300 $400 $500 $1,000 REALTY INCOME $1.7B Sale-leaseback transaction at ~5.9% cap rate 3.1M Square Feet 30Y SCALE AND SIZE BENEFITS ILLUSTRATED Encore Boston Harbor Transaction (Dec 2022) The Encore Boston Harbor is a LEED Platinum certified, premium super-regional resort and casino providing five-star dining, gaming, shopping and entertainment • The property is uniquely positioned as the only integrated resort and casino located in the Boston metropolitan area Additionally, Encore holds one of only three Class I gaming licenses available in Massachusetts 5.6 million gaming age residents live within a 90-minute drive of the property $200 3% 7% 10% 12% 15% 26% $400 2% 3% 5% 7% 8% 15% $600 1% 2% 3% 4% 6% 10% $800 1% 2% 3% 3% 4% 8% Peers with smaller denominators lack ability to buy in bulk without incurring material diversification risk Lease Term $1,000 1% 1% 2% 3% 3% 7% $2,000 <1% <1% 1% 1% 2% 3% <3.0% Realty Income's Annual $3,000 <1% <1% <1% <1% 1% 2% Revenue $3,800 <1% <1% <1% <1% <1% <2% Significant scale allows Realty Income to pursue large sale-leaseback transactions without compromising prudent client and industry diversification metrics (1) Assumes 7.0% initial cash lease yield | in millions. Rent Increase Terms Annual 1.75% increase Years 1 - 10 Years 11-30 Greater of 1.75% or CPI* *CPI increase capped at 2.50% Encore

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