Growing International Portfolio

Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows As of 6/30/2023 G&A AS % OF NET LEASE PEER MEDIAN(2) S&P 500 REIT PEER MEDIAN(3) 6.4% REALTY INCOME Portfolio growth resulted in improved operating margins, which compare favorably vs. industry peers G&A as % rental revenue(1) 3.9% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 ADJUSTED EBITDA MARGIN 95.2% TOTAL REVENUE 3.9% 8.0% 8.9% 91.8% ADJUSTED EBITDA 95.2% 89.9% 87.2% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 MARGIN LTM G&A AS % G&A as % OF RE BOOK 31 bps 74 bps 65 bps RE book value (bps)(1) VALUE 67 bps Source: Bloomberg (1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4018 | 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. Represents the "traditional" net lease peers. (3) Based on trailing twelve months. Note: Metrics include non-GAAP measures that could be calculated differently by each company from how Realty Income calculates such metrics. 31 bps 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 40

View entire presentation