Curating Best-in-Class Portfolio

REALTY INCOME Cap Rates Poised to Push Higher as Owner-Occupier Debt Costs Rise 8% 6% 4% 10-YEAR PUBLIC BOND YIELDS 2% 1/2022 3/2022 5/2022 7/2022 9/2022 11/2022 1/2023 CHANGE IN CREDIT SPREADS (bps) 5.67% 4.97% REALTY INCOME (1) AVERAGE TOP CLIENTS(2) Traditional financing costs afforded to corporate operators are near 6%, making the sale-leaseback (SLB) financing option incrementally attractive As financing alternatives increase in cost, we expect SLB yields to correlate higher Our cost of capital remains supportive of passing on favorable SLB financing to clients 180 120 60 27 0 1/2022 3/2022 5/2022 (1) Realty Income spreads derived from December 2032 bonds Source: Bloomberg. Data as of 2/15/23 7/2022 9/2022 11/2022 1/2023 14 (2) Includes the following top 20 clients who have public bonds outstanding as of December 31, 2022: Dollar General, Walgreens, 7-Eleven, Dollar Tree / Family Dollar, FedEx, CVS Pharmacy, Lifetime Fitness, Wal-Mart/Sam's Club, Tractor Supply, Tesco, Home Depot, Kroger, and Wynn Casinos. Realty Income Investment Cap Rates Avg. 10-Year Bond Yields for Top Clients(2) 1Q22 2022 3Q22 4Q22 5.6% 5.7% 6.1% 6.1% 3.8% 5.2% 5.7% 6.3% 28

View entire presentation