Realty Income Pitch Deck

REALTY INCOME Diligent Underwriting Process Has Resulted in Minimal Exposure to Retail Bankruptcies PHOTO CENTERE # Realty Income's strategy is to invest in clients with a non-discretionary, low price point, and / or service-oriented component to their business. TOTAL RETAILER BANKRUPTCIES SINCE 2017 38 Apparel 34 Casual Dining 20 Specialty Retailer or marmac 18 General Merchandise 08 Grocery 8765436 Stores Entertainment Sporting Goods Health and Fitness O Consumer Electronics Jewelry / Accessories Other Retail REALTY INCOME 115 of 157 U.S. retailer bankruptcies since 2017 are associated with companies lacking at least one of these characteristics. EXPOSURE AND STRATEGY Limited exposure to the industry; existing exposure is primarily with off-price retailers that have fared better. Immaterial exposure to bankruptcies in this sector. Top clients are large, national operators with strong access to capital that paid essentially all rent due through the duration of the pandemic. Limited exposure to the industry, primarily with clients selling low price point goods. Exposure to clients selling non-discretionary and/or low price point goods. Immaterial exposure to bankruptcies in this industry. Top two US grocery clients (Kroger and Walmart) control >30% of the US grocery market share and have significant size, scale and access to capital to expand their omni-channel platforms. In the UK, Sainsbury's and Tesco are among the top three grocery operators. Limited exposure to the industry, primarily with off-price retailers. RDRIVE THRU Immaterial exposure to entertainment clients outside of the movie theaters, and minimal exposure to bankruptcies. Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively addressing its investment in this industry since 2016. Top two clients are large, national operators with strong scale and access to capital, one of which paid 100% of rent through the duration of the pandemic. Immaterial exposure to a large, national operator with strong balance sheet and successful omni-channel platform. No exposure to bankruptcies. Immaterial exposure to this industry. No exposure to bankruptcies. No exposure to retailers that filed bankruptcy. A. DRIVE THRU 39 PUL

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