#1♦ Investor Presentation CALCULATED CONSOLIDATION February 2023 REALTY INCOME The Monthly Dividend Company® Sainsbury'S Walmart Neighborhood Market STARBUCKS COFFEE DRIVE THRU>> STARBUCKS COFFEE Argos#2REALTY INCOME Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business and portfolio (including our growth strategies and our intention to acquire or dispose of additional properties and the timing of these acquisitions and dispositions), re-lease, re-development and speculative development of properties and expenditures related thereto; future operations and results; the announcement of operating results, strategy, plans, settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program, dividends, guidance, and the intentions of management; and trends in our business, including trends in the market for long-term net leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a REIT; general domestic and foreign business and economic or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in domestic and foreign income tax laws and rates; our clients' solvency; property ownership through joint ventures and partnerships which may limit control of the underlying investments; the continued evolution of the COVID-19 pandemic or future epidemics or pandemics, the measures taken to limit their spread, and the impacts on us, our business, our clients (including those in the theater and fitness industries), or the economy generally; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT, Inc. will be achieved; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Actual plans and operating results may differ materially from what is expressed or forecasted in this presentation. We do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. Clients, Trademarks and Logos Realty Income is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the clients or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. All data as of December 31, 2022 unless noted otherwise. 2#3Who We Are To build enduring relationships and brighter financial futures REALTY INCOME PURPOSE KFC KFC HOT WING ARE BA NOW HIRI MISSION STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE We invest in people and places to deliver dependable monthly dividends that increase over time Do the right thing Take ownership • Empower each other Celebrate differences • Give more than we take VALUES (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs Total Return Index Constituents. ELEVEN CVS Sarmacy GVE Pharmacy Continue to be a top 5 global REIT(1), creating long-term value for stakeholders across the world VISION 3#4Realty Income: Seeking Continued Long-Term Profitable Growth PHOTO CENTER WHERE WE ARE: • S&P 500 company REALTY INCOME WHERE WE ARE LOOKING TO GO: . . ● One of 64 companies in the elite S&P 500 Aristocrats Index Top 5 global REIT(1) TQUOR 14.6% compound annual total shareholder return since public listing in 1994 4.4% compound annual dividend growth rate since 1994 and 119 dividend increases . Continue to be a top 5 global REIT(1) • Continue to consolidate the ~$13 trillion global net lease addressable market(2) Continue to average double-digit 1030 total shareholder return in the future with minimal volatility R. DRIVE TRIAL • To continue treating the dividend as sacrosanct to our mission (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs Total Return Index Constituents. (2) Refer to page 18 for the definition and calculation methodology. 4#5Key Takeaways REALTY INCOME Realty Income's track record illustrates superior total return per unit of volatility. Our external growth opportunities are broad including diverse property types and geographies. Realty Income's strategic merger with VEREITⓇ created the premier net lease REIT with increased size and scale, supporting long-term growth through consolidation of a fragmented net lease industry. Resto proprietary dete With over 12,200 properties, our portfolio has reached a critical mass providing access to proprietary data and information that enables us to make data-driven, calculated investment decisions. ational Our selective capital allocation philosophy supports superior financial and operational stability relative to REIT peers, particularly during economic downturns. REALTY INCOME Our strong balance sheet and access to a low-cost, diversified capital pool supports the curation of a superior real estate portfolio generating growing cash flows guaranteed by large, national, blue-chip operators. We aspire to be a sustainability leader in the net lease REIT sector and have set ambitious but attainable goals for environmental stewardship and social responsibility. 5#6Table of Contents REALTY INCOME OVERVIEW AND INVESTMENT THESIS PERFORMANCE TRACK RECORD LEVERAGING SIZE AND SCALE TO DRIVE PROFITABLE GROWTH ⚫ PRUDENT CAPITAL ALLOCATION FRAMEWORK RELENTLESS CURATION OF NEW GROWTH VERTICALS ⚫ STRONG BALANCE SHEET DIVERSIFIED HIGH-QUALITY REAL ESTATE PORTFOLIO GROWING INTERNATIONAL PORTFOLIO ESG OVERVIEW APPENDIX REALTY INCOME 7 10 16 24 31 42 45 52 701 55 59 6#7Investment Thesis PROVEN TRACK RECORD OF RETURNS... 14.6% Compound Annual Total 0.5 Return Since '94 NYSE Listing Beta vs. S&P 500 Since '94 NYSE Listing(1) STABILITY AND GROWTH OF EARNINGS... REALTY INCOME 26 of 27 Years of Positive Earnings Per Share(2) Growth 5% Median AFFO Per Share Growth Since 1996 (2) CONSISTENTLY INCREASING DIVIDENDS... 4.4% Compound Annual Dividend Growth Rate Since 1994 S&P 500 Dividend AristocratsⓇ Index Member POSITIONED FOR CONTINUED GROWTH... $13 Trillion Estimated Global Net Lease Addressable Market $95 Billion Sourced Acquisition Opportunities in 2022 (1) Beta measured using monthly frequency. (2) Measured as AFFO per share growth | Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. Note: The area chart reflects Realty Income's total shareholder return since 10/18/1994 through 12/31/2022. 7#8Realty Income is the Global Leader in a Fragmented Net Lease Sector REALTY INCOME ~$60B enterprise value 54+ years of operating history SIZE, SCALE AND QUALITY ~$3.4B annualized base rent 12,237 A3/A- credit ratings by Moody's & S&P ~41% GROWING INTERNATIONAL PRESENCE 4th largest global REIT (2) $6.8B European Portfolio 271 assets ~9 years remaining lease term 35+ industries commercial real estate properties of rent from investment grade clients (1) (2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. As of 1/31/2023. DIVERSIFIED REAL ESTATE PORTFOLIO 1,240 Other clients 84 industries 50 8% Non-retail 16% 76% Non-discretionary, Low Price Point and/or Service-oriented Retail ~92% of total rent is resilient to economic downturns and/or isolated from STRONG DIVIDEND TRACK RECORD(3) 28 Consecutive Years of Rising Dividends $3.054 632 monthly dividends declared 101 consecutive quarterly increases S&P 500 Dividend Aristocrats® index member +4.4% CAGR $0.90 U.S. states, and Puerto Rico, Italy, Spain and the U.K. e-commerce pressures (1) Clients and clients that are subsidiaries or affiliates of companies with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). 1994 1997 2000 (3) As of February 2023 dividend declaration. 2003 2006 2009 2012 2015 2018 2021 8#9REALTY INCOME Rising Short-Term Yields Have Historically Been Correlated with Realty Income Outperformance In 2015, the Fed began raising its benchmark interest rate, which continued through 2018(1) TOTAL RETURNS: YEAR 1 OF FED RATE HIKE CYCLE(2) 13.1% 13.0% 7.7% S&P 500® RMZ TOTAL RETURN PERFORMANCE During the Fed's prior rate hike cycle, Realty Income outperformed the S&P 500 and the MSCI US REIT Index (RMZ) over the 3- year duration of the rate hike cycle TOTAL RETURNS: 3-YEAR DURATION OF FED RATE HIKE CYCLE(3) 44.4% 30.6% 13.0% S&P 500® RMZ +0.36 +0.40 +0.46 S&P 500Ⓡ RMZ COMPARATIVE CORRELATION: TOTAL RETURN VS. 2-YEAR UST YIELD SINCE 2009(4) Historically, Realty Income's returns have been positively correlated to short-term yields (1) During the prior rate hike cycle, the Fed initiated its initial rate hike in December 2015 (0.25% - 0.50%) with its final hike occurring in December 2018 (2.25% -2.50%). (2) Total returns between 12/17/2015 and 12/17/2016. (3) Total returns between 12/17/2015 and 12/19/2016. (4) Calculated from 12/31/2009 through 2/7/2023. 9#10Performance Track Record Superior risk-adjusted returns, particularly during economic downturns CVS pharmacy Sun PHOTO CENTER LIQUOR RR DRIVE THRU 24 pharmacy HOURS point or GVE Pharmacy 1030 R DRIVE THRU LIQU Ameras 10#11TOTAL RETURN CAGR SINCE 1994 Attractive Risk/Reward vs. S&P 500 Companies and REIT Peers 30% 20% 10% 0% S&P 500 Members(1)(2) -10% 2.0 1.5 1.0 BETA Source: Bloomberg (1) Excludes companies without trading histories dating to 10/18/1994. Beta measured using monthly frequency. (2) n=253. Realty Income return per unit of market risk is in the 94th percentile of all S&P 500 companies Return: 14.6% 20% 15% Beta: 0.5 TOTAL RETURN CAGR SINCE 1994 10% 5% 0% HST REALTY INCOME Historically, Realty Income delivered more return per unit of risk vs. majority of S&P 500 companies and S&P 500 REITS (3) S&P 500 REIT Peers (1)(3) KIM VNO ESS MAA AVB CPT SPG FRT WELL REG EQR UDR VTR PEAK -5% 0.5 0.0 1.4 1.2 1.0 0.8 0.6 0.4 BETA (3) Excludes the following non-property S&P 500 REITS: AMT, CCI, EQIX, IRM, SBAC and WY (the "S&P 500 non-property REITs"). 11#12REALTY INCOME Stable Earnings and Low Dividend Volatility Supports Low Share Price Volatility 25% 20% ANNUAL TOTAL SHAREHOLDER RETURN AMONG S&P 500 COMPANIES: Downside Volatility Since 1994(1) 15% Realty Income's TSR Downside Volatility since 1994 NYSE Listing is 3.4%, the eighth-lowest of all S&P 500 constituents (2) 10% 5% Realty Income is among names, such as JNJ, CHD, AZO, ROST, SO distinguished by low volatility of their total shareholder returns 0% 1st Decile 2nd Decile 3rd Decile 4th Decile 5th Decile 6th Decile 7th Decile 8th Decile 9th Decile 10th Decile S&P 500 DECILES Source: Bloomberg (1) "Downside volatility" calculated as the standard deviation of annual total shareholder returns where positive values are assigned "O" value. (2) n=257 S&P 500 constituents as of 12/31/22 with trading histories dating to 10/18/1994. 12#13Superior Stability vs S&P 500 REITs: Favorable Occupancy, Dividend Growth, Credit Rating and Total Return PORTFOLIO OCCUPANCY (1) DIVIDEND GROWTH(2) 98.2% 96.6% 94.5% 91.9% Historical Median 7% 4.4%(3) 2.8% 0% % of Years w/ Negative Growth Dividend CAGR Lowest Year-End REALTY INCOME AVG. CREDIT RATING (S&P/MOODY'S) (4) S&P 500 REIT A/A2 A-/ A3 BBB+ / Baa1 BBB / Baa2 9 8 7 6 5 4 3 2 1 0 # OF YEARS WITH TSR < -10%(2) BBB-/Baa3 Source: SNL, Bloomberg (1) Data since 12/31/2000 through 12/31/2022. Excludes companies without trading histories dating to 10/18/1994 and the S&P 500 non-property REITs. Data for S&P 500 REITS is calculated as median of the group. (2) Data since 1/1/1995 through 12/31/2022. Excludes companies without trading histories dating to 10/18/1994 and the S&P 500 non-property REITs. Data for S&P 500 REITS is calculated as median of the group. (3) As of October 2022 dividend declaration. (4) Current S&P 500 REITs, excluding the S&P 500 non-property REITs. Credit ratings as of 12/31/2022. REALTY INCOME 13#14Superior Stability vs. Peers: Demonstrated Consistent Growth Through 2020 Pandemic 2020 EARNINGS PER SHARE Growth (1) +3.1% 2020 Dividend Growth 2.1% 0% -5% -10% Retail Net Lease Peers S&P 500 REIT Peers Retail REIT Peers -5.2% -6.8% -15% 1 of 8 Retail Net Lease REITS (2) 1 of 15 S&P 500 REITS (3) -20% 1 of 7 Retail REITs (4) 1 of 4 Retail Net Lease REITS (2) 1 of 7 S&P 500 REITS (3) 1 of 4 Retail REITs (4) THAT INCREASED DIVIDEND IN 2020 WITH POSITIVE EARNINGS GROWTH IN 2020 Source: SNL, Bloomberg, Company Filings. Data as of 12/31/2020. (1) Measured as median AFFO/sh growth rate for retail net lease peers and median FFO/sh growth rates for S&P 500 and retail REIT peers. (2) Retail net lease peers include retail-focused REITs, such as ADC, EPRT, FCPT, GTY, NNN, SRC, STOR, VER, WPC. (3) Includes 22 S&P 500 constituents, excluding the S&P 500 non-property REITs. (4) 25 total Retail REITs including shopping center and mall REITs, and ADC, EPRT, FCPT, GTY, NNN, O, SRC, STOR, VER. -13.1% REALTY INCOME 14#15Realty Income Exhibited the Lowest Operational and Financial Volatility During Great Recession vs. A-Rated S&P 500 REITS 2007 2009 relative volatility rankings REALTY INCOME RANK RENTAL REVENUE(1) GROSS MARGIN(1) EBITDA (1) EBITDA MARGIN (1) DEBT/ EBITDA (2) UNSECURED/ TOTAL DEBT(2) OCCUPANCY RATE(1) 1 0.3% 0.3% 0.4% 0.6% 0.1x 0.0% 0.1% 2 2.1% 0.5% 3.2% 1.3% 0.3x 1.2% 0.2% 3 3.1% 1.1% 3.8% 2.0% 1.5x 1.5% 0.2% 4 3.7% 1.4% 4.3% 2.1% 2.2x 2.0% 0.3% 5 4.0% 1.7% 5.7% 2.2% 2.2x 2.8% 0.7% 60 4.2% 2.1% 9.7% 7.4% 2.6x 4.0% 3.4% 7 9.7% 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) Source: SNL as sourced from company filings. Metrics include non-GAAP measures that could be calculated differently from how Realty Income calculates such metrics or how each company calculates as of today. (1) Downside Volatility calculated as the standard deviation around zero of quarterly percentage changes in each metric shown, where positive changes are replaced with zero. (2) Upside Volatility calculated as the standard deviation around zero of quarterly percentage changes, where negative changes are replaced with zero. (3) Company did not report consolidated quarterly portfolio occupancy during 2007-2009. MORE VOLATILE LESS VOLATILE Realty Income S&P 500 REITS that currently have at least two A-/A3 credit ratings or better 15#16Leveraging Size and Scale to Drive Profitable Growth The net lease opportunity set is broad and diverse. HE HOME DEPOT 1200 ENTER EUSIVE IN LERS- Exit Exit 10% Custom D 16#17Size and Scale as a Competitive Advantage Inherent advantages of size and scale drive... 1 OPTIMIZED PORTFOLIO PROFITABILITY Leverage our 54+ year history and trove of portfolio data to capitalize on unique insights driven by predictive analytics DISCIPLINED DISCIPLINED 2 Selectively pursue large-scale sale-leaseback or portfolio transaction opportunities without creating financing contingencies or concentration risks CALCULATED CONSOLIDATION 3 Take advantage of attractive consolidation opportunities in the extremely fragmented net lease space REALTY INCOME 17#18Global Net Lease Investable Universe is Immense Quantum of opportunity and low market saturation affords ample runway for growth AGGREGATE NET LEASE Market EUROPE Combined enterprise value of public net lease REITS of $6 billion(1) ~$9 T EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition PUBLIC NET LEASE Peers 13 peers REALTY INCOME ~$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $100 billion(2) EUROPE -$6 B(1) Public net lease REITs account for <1% of total European net lease addressable market US 2 peers UNITED STATES -$100 B(2) Public net lease REITS account for ~3% of total US net lease addressable market (1) Includes LXI and SUPR. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$135B, or ~20X the current portfolio size (2) Includes the following "traditional" net lease peers: ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, and WPC ("the traditional" net lease peers). 18#19REALTY INCOME Realty Income's External Growth Opportunities are Broad and Diverse 100 ■INTERNATIONAL 80 UNITED STATES SOURCED VOLUME in $ billions International opportunities added >30% to Realty Income's combined sourcing volume since 2019 $95 $84 $64 $57 60 $39 40 $32 $24 $28 $30 $32 20 $13 $17 $6 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 International Expansion Has Accelerated Sourcing Volume Over the Last 3 Years... Which Resulted in continued Selectivity ACQUISITION VOLUME in $ billions $3.7 $2.3 $0.7 $1.0 $1.2 $1.5(1) $1.4 $1.9 $1.5 $1.8 $1.3 $9.0 $6.4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12% 2010 SELECTIVITY percentage of annual sourced volume acquired 8% 7% 6% 4% 4% 2011 7% 7% 6% 5% 4% 9% 8% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 19 (1) Excluding $3.2 billion ARCT transaction.#20REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase AFFO/SH GROWTH: HISTORICAL 5% MEDIAN(3) • Stronger historical growth rate vs. REITS (4.2%) (1) Positive earnings growth in 26 of 27 years Modest annual downside volatility of 2.7% (2) CAGR 5% SINCE 1995 20% 15% 10% 5% ANNUAL AFFO/sh(3) Growth سلسل: 0% 6% 5% 4% 3% 2% 1% 0% 17.0%(4) Large portfolio transactions create upside "lumpiness"... 9.2% (4) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ...which supports outsized blended growth over time AFFO/sh CAGR Benchmarked to 1995 5.1% 5.2% 5.3% 5.3% 5.3% 5.3% 5.2% 5.1% 5.1% 5.3% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size $45,000 • In 2012, portfolio GREAV was < $6B and earnings CAGR was 4.5% $30,000 . Earnings growth has accelerated as portfolio real estate value crossed $10B: $15,000 $565 GROSS RE BOOK VALUE Cost at year end(4)(5) $42,657 • 6.6% AFFO/sh CAGR since 2012 $0 r 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) Median FFO | Represents all REITs currently included in MSCI REIT Index with earnings history since 2000 | Source: SNL. (2) Volatility of earnings growth, where positive year-over-year growth is replaced with "O". (3) Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. (4) $3.2 billion ARCT acquisition was completed in January 2013. Merger transaction with VEREIT was completed in November 2021. (5) Gross real estate book value reflects historical year end real estate held for investment, at cost (in millions) 20 20#21Filling the Void as a Premier Sale-Leaseback Financing Partner THE OPPORTUNITY Aggregate Corporate-Owned Real Estate (1) REALTY INCOME MOMENTUM Realty Income is Well-Positioned to Continue to Execute on Large-Scale Sale-Leaseback Transactions Source: Bloomberg S&P 500Ⓡ ~$1.6 FTSE Russell 3000 + TRILLION -$500 BILLION Blue-chip, best-in-class operators represent Realty Income's target market and account for ~80% of real estate owned by public companies (1) Represents real estate owned by publicly traded companies in the S&P 500 and Russell 3000 Index, respectively, as of 12/31/2022. Calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Excludes energy, materials, industrials, financials and real estate industries. (2) Excludes the VEREIT Transaction, which closed November 2021. AGGREGATE ACQUISITIONS VOLUME(2) 2015 - 2022 - 40% $28 B I of total I acquisitions volume since I 2015 I I I TOTAL ACQUISITIONS VOLUME $11 B SLB VOLUME 21#22Crystallizing Value Creation: Illustrative Sale-Leaseback Scenarios SLB transactions: Inherently a deleveraging and value-enhancing exercise for shareholders of corporate sellers $500 MILLION SALE-LEASEBACK TRANSACTION AT 6.0% CAP RATE $30 MILLION ANNUAL LEASE PAYMENT CORPORATE SELLER USES PROCEEDS TO DE-LEVER BALANCE SHEET... REALTY INCOME CORPORATE SELLER USES PROCEEDS FOR SHARE BUYBACK... PRE-SLB $ IN MILLIONS Real Estate PRE-SLB ADJUSTMENTS POST-SLB $ IN MILLIONS ADJUSTMENTS POST-SLB $500 ($500) $0 Real Estate $500 ($500) $0 Total Debt $3,100 ($500) $2,600 Total Debt $3,100 $3,100 Rent $0 $30 $30 Common Equity Capitalization $6,000 ($500) +$140 $5,640 Total Lease Adj. Debt(1) $3,100 ($500) + $225 $2,825 Shares Outstanding 100 ($500/$60) 91.7 EBITDA $800 ($30) $770 Price/Share $60 Total Debt/EBITDA Lease Adj. Debt/ EBITDAR 3.9x 3.9x 3.4x 3.5x Earnings EPS P/E $61.5 $500 ($30) $470 $5.00 $5.13 12.0x 12.0x Note: The information on this slide is for illustrative purposes only and contains many assumptions that may and will differ depending on many factors, including the company, the transaction and the market generally. Note: Assuming constant P/E | Corporate seller uses $500 million of SLB proceeds to buy back 8.3 million shares at $60/sh. (1) Assuming rating agency rent capitalization at 7.5x. 22 22#23Efficiency of the Net Lease Business Model Supports Cash Flow Stability Lease structure and growth drivers support a more predictable revenue stream relative to other forms of retail real estate REALTY INCOME Reliance on Anchor Tenant(s) BELL Average Retail Property Size / Fungibility UNIQUE "NET LEASE" STRUCTURE DRIVES LOWER CASH FLOW VOLATILITY Initial Length of Lease Remaining Average Term Responsibility for Property Expenses Gross Margin Volatility of Rental Revenue Maintenance Capital Expenditures REALTY INCOME(1) > 10 Years - - 10 Years Client > 98% SHOPPING CENTERS AND MALLS(2) < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low Low Low None 13k sf/ High AMPLE EXTERNAL GROWTH OPPORTUNITIES REALTY INCOME (1) SHOPPING CENTERS AND MALLS(2) Target Markets ts HIRI VENG External Acquisition Opportunities Institutional Buyer Competition Many High⚫ Few Low Modest High External acquisitions drive (1) Reflects average features of Realty Income's investments and real estate portfolio as of 12/31/2022. 23 (2) Reflects typical features of investments and real estate portfolios of shopping center and mall REITs. This information is for illustrative purposes only, and does not reflect the characteristics of all shopping centers and malls, which may vary significantly in one or more of these characteristics. -2/3 of total earnings growth#24Prudent Capital Allocation Building a high-quality real estate portfolio through prudent, top-down, data-driven investment process. STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE DRIVE THRU 24#25Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 12,200 Properties $95 BILLION 2022 SOURCED OPPORTUNITIES REALTY INCOME RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION SELECTIVITY: ~ 9% 20 Strategic Objectives: . • Identify "Mega Trends" Research Geographies, Industries and Prospective Clients "Big Data" Analysis of New and Existing Industries · Construct Optimal Portfolio Considerations Include: • Market & Location Surrounding Demographics • • Key Insights: • • Traffic Counts, Access & Signage • Rent Relative to Market Price vs Replacement Cost Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis Long-Term Industry Trends Competitive Landscape Corporate Financial Profile ⚫ Client's Long-Term Growth Strategy ⚫ Store-Level Performance • ESG Metrics Discussion Points: • • Fit in Portfolio and Company Strategy Consideration of Overall Opportunity Pricing and Other Deal Terms Investment Spreads and Long-Term IRR vs Long- Term WACC $9.0 BILLION 2022 ACQUISITIONS VOLUME 25#26Investment Strategy Illustration: Returns Must Exceed Long-Term WACC WACC viewpoint balances near-term earnings per share growth with long-term value accretion LONG-TERM Weighted Average Cost of Capital Drives investment decision- making at the property level • . Considers required "growth" component of equity returns Long-term WACC is the hurdle rate for acquisitions Focus on higher long-term IRR discourages risk-taking KEY ASSUMPTIONS & CALCULATION: LONG-TERM COST OF EQUITY Beta vs. S&P 500 (since S&P 500 Index Inclusion on 4/6/15)(1) Long-term 10-year U.S. yield (Fitted Instantaneous Forward Rate)(1) Equity market risk premium (S&P 500 Earnings Yield vs 10Y UST) (1) Long-Term Cost of Equity (CAPM methodology) REALTY INCOME KEY ASSUMPTIONS & CALCULATION: LONG-TERM WACC 0.72 65% Weight: Long-Term Cost of Equity 7.6% 4.0% 35% Weight: Cost of Debt (unsecured, 10Y, fixed) Long-Term WACC 4.9% 6.7% 3.5% KEY ASSUMPTIONS & CALCULATION 6.5% REALIZED INVESTMENT SPREAD 4.6% 4Q 2022 4.0% Investment Cash Cap rate 6.1% 5.9% Long-Term Cost of Equity (Yield + Growth methodology) Long-Term Cost of Equity (Average of two methodologies) 8.6% Realized WACC(2) 5.1% 4.6% 7.6% Realized investment spread (bps) 92 128 Dividend yield Assumed long-term dividend growth rate • SHORT-TERM "Nominal 1st-Year Weighted Average Cost of Capital Used to measure initial (year one) earnings accretion Higher stock price (lower cost) supports faster growth Spread on short-term WACC required to generate accretion KEY ASSUMPTIONS & CALCULATION: NOMINAL 1ST-YEAR WACC 60% Equity: AFFO Yield (1) 5.9% 32% Debt: unsecured, 10-year, fixed 4.9% 8% Retained Free Cash Flow 0% LOW NOMINAL WACC supports ability to spread invest in high-quality real estate opportunities Nominal 1st-Year WACC 5.1% • Unwilling to sacrifice quality to generate wider spreads LONG-TERM WACC considers growth requirements of equity and supports focus on residual value of acquisitions Note: Realty Income's cost of capital information uses illustrative assumptions only (as of 2/2/2023). Actual results and calculations may vary materially from these illustrative calculations. AFFO yield is based on the NTM AFFO/sh consensus. Cost of debt is based on a mix of USD-denominated, GBP-denominated, and EUR-denominated debt. (1) Source: Bloomberg. (2) Derived from the weighted average cost of long-term debt and equity capital raised and settled in the period, inclusive of free cash flow after dividend payments available to fund investment activity. 26#27Investment Spreads Tend to Persevere Even as Interest Rates Rise RISING INTEREST RATES DO NOT POSE SIGNIFICANT EARNINGS HEADWIND TO THE NET LEASE BUSINESS MODEL REALTY INCOME 12% 10% 8% 6% 4% 2% R2=0.9 It takes 12 months for cap rates to adjust to changing interest rates... Realty Income Acquisition Cap Rate Average 10Y UST Yield (12M Lag) (1) 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 600 bps 400 bps 200 bps RECESSIONARY ENVIRONMENT PRESENTS ATTRACTIVE ACQUISITIONS OPPORTUNITIES Measured as acquisition cap rate spread over average 10-year Treasury during a given year indicates recession years 12970 27 0 bps 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) Weighted average initial cash lease yield during each year.#28REALTY 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#29Benefits of Size and Scale Capacity to Buy in Bulk at “Wholesale" Prices While Maintaining Diversification LARGER SIZE PROVIDES GROWTH OPTIONALITY TRANSACTION SIZE & IMPACT(1) TO RENT CONCENTRATION 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 TOTAL ABR $100 $200 $300 $400 $500 $1,000 $200 3% 5% 8% 10% 12% 22% $400 1% 3% 4% 5% 6% 12% $600 1% 2% 3% 4% 4% 8% Peers with smaller denominators lack ability to buy in bulk without incurring $800 material 1% 1% 2% 3% 3% 6% diversification risk Lease Term $1,000 1% 1% 2% 2% 3% 5% $2,000 <1% <1% <1% <2% <2% 3% <3.0% Realty Income's Annual $3,000 <1% <1% <1% <1% <1% 2% Revenue $3,400 <1% <1% <1% <1% <1% 2% Increased scale post merger allows Realty Income to pursue even larger sale-leaseback transactions without compromising prudent client and industry diversification metrics (1) Assumes 5.5% cap rate | in millions. Rent Increase Terms Years 1 - 10 Annual 1.75% increase Years 11 30 Greater of 1.75% or CPI* *CPI increase capped at 2.50% Encore#30Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 12/31/2022 G&A AS % OF TOTAL REVENUE 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) 4.4% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 4.4% 8.1% 9.1% 92.4% ADJUSTED EBITDAre MARGIN 94.3% ADJUSTED EBITDAre 94.3% 90.1% 77.2% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 MARGIN LTM G&A AS % OF RE BOOK 32 bps 71 bps 65 bps G&A as % RE book value (bps)(1) VALUE 64 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. 32 bps 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 30#31Relentless Curation of New Growth Verticals • Size, scale, access to capital allows for significant opportunity to grow earnings through multiple channels Recently incubated real estate verticals include: Consumer-centric medical CVS pharmacy • Vertical farming • Italy LIQUOR Gaming (1) TO CENTER: Sun RR DRIVE THRU (1) See Wynn Encore Boston Harbor case study in prior section point 24 pharmacy HOURS or GVE Pharmacy 1030 R DRIVE THRU LIQU Ameras 31#32Defining "Consumer-Centric Medical Real Estate" ~10% of existing portfolio is human and animal health INDUSTRY CLASSIFICATION 1.9% Other 2.9% PROPERTY TYPE DIVERSIFICATION The "Consumer-Centric" Medical Real Estate includes industries categorized as: ✓ Drug Stores Dialysis Infusion Eye Care ✔ Dental Care Pediatric Care Pet Supplies & Services Gaming 13.3% Industrial 81.9% Retail 9.6% of existing "retail" portfolio is Consumer-Centric Medical REALTY INCOME 32#33Demographic Trends Supporting Consumer-Centric Medical Real Estate Aging demographics support increased healthcare spending Total US Population(¹) 0.7% CAGR millions millions 65+ US Population (1) 2.7% 355 CAGR 73 85+ US Population (1) millions 3.1% CAGR REALTY INCOME 333 56 2020 2030 2020 0-18 19-34 35-44 7 6 2030 2020 2030 PERSONAL HEALTHCARE PER CAPITA SPEND BY AGE COHORT(2) in $000s (1) United States Census Bureau. (2) Peterson-KFF Health System Tracker. Personal health care expenditures are the largest share of total national health expenditures and include outlays for goods and services relating directly to patient care, such as hospital care, physicians' and dentists' services, prescription drugs, eyeglasses, and nursing home care. 5.5x Higher US Average 45-54 55-64 65+ 33 33#34REALTY INCOME Healthcare delivery is shifting toward an outpatient model in the United States Delivery of Care is Increasingly Moving Towards Outpatient Visits US Hospital Admissions vs. Outpatient Visits, % Change vs. 2002 (1) Inpatient Outpatient 40% 35% 30% 25% 39% Cumulative growth in Outpatient visits compared to US hospital visit since 2002 20% 15% 10% 5% 0% -5% 2002 04 06 90 08 10 12 12 14 16 2018 Annual Revenue Growth by Site of Care 2019 - 20221 -3% 8% 7.2% Consumer-Centric Medical Expected annual growth in Medicare spending from 2021-2030(2) SNF LTAC Hospital MD Office ASC Outpatient Retail 2022 BH Clinics revenue $B: 120 9 1,212 543 37 31 1 (1) McKinsey & Co. (2) Center for Medicare and Medicaid Services. 34#35Significant Addressable Market Depth of product and industry demand tailwinds expected to provide material runway for investment The U.S. leads the developed world in national healthcare expenditures Per capita spending of $13k per year is double the OECD average (1) creating societal need for changes to healthcare delivery Quality of outcomes are below average E.g. US diabetes hospital admits are 52% above OECD average Care delivery is shifting to an outpatient, primary care model Patients win: Greater convenience, lowered hospitalizations and higher NPS Providers win: Improved job satisfaction; quality-driven compensation is more attractive than hospital profit model Payers win: Significant cost savings potential for payers through capitation arrangements Investment Criteria Free Standing Net Lease Unit size Operators with scale & differentiation (1) (2) Total national health expenditure, US $ per capita, per Peterson-KFF. Size of consumer-centric medical real estate industry is estimated at $1.8 trillion in 2022 and expected to grow to greater than $2 trillion by 2027 per McKinsey & Co. REALTY Consumer Centric Medical Real Estate Healthcare Real Estate >$2 Trillion Consumer-centric and allied real estate subsectors (2) INCOME 35#36Clear Fit with Realty Income's Capital Allocation Philosophy Real estate and industry characteristics are well-aligned with Realty Income's investment criteria Investment Alignment Typical unit size and demographics align with our footprint Fungible real estate located in major population centers High degree of overlap on location characteristics Non-discretionary consumer demand supports consistency of cash flow through economic cycles Sheer market size to provide significant opportunity set No clear scale player focusing on the space ~90% REALTY INCOME We estimated a 90% similarity between our portfolio and a data set of selected consumer- centric medical assets in a study including >30k variables#37Recent Investment Illustrates the Opportunity 4Q 2022 Acquisition of $520 million Dental Portfolio Captive density (average 5-mile population greater than 100k) in high growth markets supports EBITDAR Loxahatchee DENTAL CARE ☐ Client REALTY INCOME Leading Dental Support Organization Largest scale operator in its markets Investment Thesis 224 property portfolio across the Southeast, Northeast and Midwest ~9 year WALT with superior CFC Relationship-driven transaction with a key player in market consolidation Realty Income's ability to offer certainty of execution and seamlessly assume management of a 200+ property portfolio was a competitive advantage in bidding process. Economics Robust spread to cost of capital at time of acquisition 37#38REALTY INCOME Strategic Alliance with Leading Vertical Farming Operator Plenty® Strategic Real Estate Alliance with Plenty Agreement to fund up to $1 billion of development opportunities. Leading Operator in the Nascent Vertical Farming Industry ■ Sustainable business operator Partnerships with leading fresh fruit suppliers and traditional and organic grocers Launched Los Angeles farm in 2023 after South San Francisco Farm in 2018 Initial Transaction ☐ Development of Indoor Vertical Farming Campus in Richmond, VA, operational in 2025 ■ Adjacent to Amazon Distribution Facility, Niagara bottling, with direct access to I-295 Plenty expects the future multi-farm campus to deliver more than 20 million pounds of produce annually Driscoll's Walmart+ Plenty Output Capacity Facility openings establishing Critical Mass. With the completion of the Richmond development, Plenty's output capacity for all of its farms is expected to be 100x its original output. 100x 25x 1x 2018 South SF, CA 2023 Compton, CA 2025 Richmond, VA 38#39Vertical Farming Growth Driven by Multiple Factors Resource Constraints Water 40% deficit expected by 2030 REALTY INCOME Land Climate Productivity gains 11-14% increase crop land needed to meet 2030 demand. 3-16% lower productivity by 2080 +2.2% Average Annual Yield increase in 1960s +1.2% Average Annual Yield increase today 20% of arable land has been degraded. NNW 20 25 Annual Food Consumption Growth Trillion Kcal consumption per day, globally 30 Vertical Farming Efficiency Conventional Greenhouse Vertical Water use per kg of produce Lettuce Tomato 250 liters 20 liters 220 liters 50 liters 1 liters 10 liters 15 Crop Yield per M2 Transport Distance Land use per kg of produce 4 kg 41 kg 80-120 kg 500-1,000 2,000+ miles 50 miles miles 2006 2030 2050 Source: World Agriculture Towards 2030/2050, FAO. McKinsey & Co. 39#40REALTY Italy: Investment of Metro Wholesale Club Portfolio Marks Entry to 4th International Country INCOME Metro Wholesale Club Attractive portfolio in new geography. Realty Income purchased a portfolio of seven wholesale clubs operated by Metro Group for $166.6 million, located across Italy in major cities like Rome and Florence. Metro began operations at these locations between 1972 and 2005, indicating Metro's durable long-term tenancy and successful operations. • Strong and resilient operator. Metro Group (ETR: B4B) is an international leader in the wholesale club format that operates nearly 700 stores across Europe and in 34 countries globally. Metro commands a 26% market share in the Italian wholesale club industry and is investment grade rated. During the COVID-19 pandemic sales dropped only ~5%. Benefits of size and scale. Metro represents 3.6% of rent from the international portfolio and approximately 0.5% of Realty Income's overall portfolio. New avenue for growth. Italy is the third largest country in the European Union, and Realty Income sees additional opportunities to expand there in alignment with our investment criteria. 1833 METRO METRO METRO METH 40 40#41Strong Balance Sheet Our conservative capital structure supports superior financial flexibility. STOP MARIANO'S 41#42REALTY INCOME Strong Balance Sheet - One of Only Seven S&P 500 REITs with Two A3/A- Ratings or Better ■Commercial Paper (1) ■GBP Denominated Notes STAGGERED DEBT MATURITY PROFILE in $ millions ■Term Loan (2) ■Revolver ■Mortgages (3) ■Unsecured Notes $724 $1,841 2023 2024 $1,092 2025 $3,614 $2,805 $1,651 $1,101 $950 $652 2026 2027 2028 2029 2030 $2,441 $1,865 2031 2032 2033+ FAVORABLE CREDIT RATINGS Long-Term Unsecured Debt Rating MOODY'S A3/Stable S&P Global A-/ Stable Low Leverage / High Coverage Ratios 5.3x Net Debt to Annualized Pro Forma Adj. EBITDAre(4) KEY CREDIT METRICS Conservative Long-Term Debt Profile 5.2x 85% Fixed Charge Coverage Ratio 30% Debt to Total Market Cap 95% Unsecured Fixed Rate 6.2 yrs W.A. term to maturity for notes & bonds (1) Commercial paper borrowings outstanding at December 31, 2022 were $702 million and mature between January 2023 and February 2023. (2) As of December 31, 2022, there was a carrying balance of $2.0 billion outstanding under our revolving credit facility. In April 2022, we amended and restated our unsecured credit facility in order to increase the borrowing capacity to $4.25 billion and extend the initial term to June 2026. (3) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £30.7 million converted at the applicable exchange rate on December 31, 2022. (4) Net Debt/Annualized Pro Forma Adjusted EBITDAre is a ratio used by management as a measure of leverage. It is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share on debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and remove Adjusted EBITDAre from properties we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. 42 42#43REALTY INCOME Significant Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility $1,692 $0 Note: Values shown in millions. Liquidity(1) Revolver Availability, $1,521 (Net of $702mm borrowings under $1.5 billion commercial paper programs)(2) Cash & Equivalents, $171 Sources Debt Obligations through 2023(3) Excess Liquidity, $1,692 Uses Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts. (1) Liquidity excludes $850 million of unsettled forward equity. Also excluded above, in January 2023 the company entered into a $1.0 billion multicurrency unsecured term loan, issued $500 million senior unsecured notes due 2026 and issued $600 million senior unsecured notes due 2030. (2) We use our revolving credit facility as a liquidity backstop for the repayment of the notes issued under our commercial paper program. The revolver has a $1 billion accordion feature, which is subject to obtaining lender commitments. During July 2022, our U.S. Dollar-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and we established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies (3) Excluding revolver and commercial paper maturities. 43#44High-Quality Real Estate Portfolio Diversified exposure to cash flows guaranteed by best-in- class, blue-chip operators F ELEVEN THIMS 44#45Diversified High-Quality Portfolio INDUSTRY DIVERSIFICATION(2) % of Annualized Contractual Rent (1) REALTY INCOME CLIENT DIVERSIFICATION - TOP 20 CLIENTS % of Annualized Contractual Rent (1) Grocery Stores Convenience Stores Dollar Stores DOLLAR GENERAL 4.0% CVS pharmacy 1.6% LIFETIME Walgreens 3.6% 1.6% FITNESS Restaurants - Quick Service Drug Stores Home Improvement Restaurants - Casual Dining Walmart > 7-ELEVEN. 3.5% 1.6% Sam's Club. DOLLAR TREE 3.3% FAMILYDOLLAR. изпи RESORTS 2.9% TSC TRACTOR SUPPLY CO 1.4% amc THEATRES 1.5% Health and Fitness Automotive Service General Merchandise (2) Represents total portfolio annualized contractual rent contribution from U.S. and European properties. 10.0% 8.6% 7.4% 6.0% 5.7% 5.6% 5.1% 4.4% 4.0% 3.7% FedEx. 2.6% 1.4% RED LOBSTER LA FITNESS. 2.1% REGAL 1.4% 1.9% Other BJ's 1.8% TESCO 1.3% 2.9% Gaming Sainsbury's 1.8% THE HOME DEPOT 1.1% B&Q 1.7% Kroger 1.0% PROPERTY TYPE DIVERSIFICATION GEOGRAPHIC DIVERSIFICATION % of Annualized Contractual Rent (1) % of Annualized Contractual Rent(1) TEXAS 10.4% U.K. 9.5% CALIFORNIA 5.8% 13.3% Industrial ILLINOIS 5.2% FLORIDA 5.1% 81.9% Retail 4.2% 4.2% OHIO MASSACHUSETTS Note: Orange indicates investment grade clients that are companies or their subsidiaries with a credit rating, as of the balance sheet date, of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). (1) Annualized Contractual Rent is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent. We believe total portfolio annualized contractual rent is a useful supplemental operating measure, 45 as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Total portfolio annualized contractual rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. Total portfolio annualized contractual rent excludes unconsolidated entities.#46Top 20 Clients Insulated from Changing Consumer Behavior SERVICE-ORIENTED LIFETIME FITNESS LA FITNESS. 7-ELEVEN. All top 20 clients fall into at least one category: ■ Non-Discretionary ☐ Low Price Point Service Retail Non-Retail RED LOBSTER FRESH FISH LIVE LOBSTER Note: Walmart represented by both Neighborhood Markets and Sam's Club. amc THEATRES THE DEPOT HOME NON-DISCRETIONARY B&Q TSC TRACTOR SUPPLY CO Sainsbury's Walmart Neighborhood Market DOLLAR GENERAL Walgreens CVS pharmacy TESCO Kroger REGAL DOLLAR TREE FAMILYDOLLAR. BJ's Sam's Club. LOW PRICE POINT REALTY INCOME RESORTS FedEx. NON-RETAIL 46#47REALTY INCOME Diligent Underwriting Process Has Resulted in Minimal Exposure to Retail Bankruptcies # 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 22 Specialty Retailer er armad 18 General Merchandise Grocery PHOTO CENTER Sho Stores 8765436 REALTY INCOME 117 of 159 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. with clients selling 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. Entertainment Sporting Goods Health and Fitness Consumer Electronics Jewelry / Accessories Other Retail RE DRIVE THRU Aytale 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. RA DRIVE THRU 47#48Historically Stable Cash Flows Supported by High- Quality Real Estate Portfolio Industry-Leading Occupancy Levels, Consistent During Various Economic Cycles 0 (1) Median of S&P 500 REITS O Historical Median -----S&P 500 REIT Historical Median CONSISTENCY BY DESIGN: 99.5% 98.4% 98.2% 98.1% 97.9% 98.5% 98.7% 99.0% Careful underwriting at acquisition 97.9% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 98.5% 97.9% 98.2% Long initial lease term 97.0% 96.8% 96.7% 97.2% 96.6% Strong underlying real estate quality 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) Based on the publicly available information as of 12/31/22. Excludes the S&P 500 non-property REITs. Occupancy calculated by number of properties. Lease expiration schedule represents percentage of total portfolio annualized contractual rent. 94.4% REALTY INCOME Strategy of owning "mission critical" locations ✓ Diversified client industries with strong fundamentals ✓ Prudent disposition activity 48#49Proven Track Record of Value-Add Asset and Portfolio Management REALTY INCOME Lease Expiration Schedule Provides Visibility into Future Cash Flows Weighted average lease term of 9.5 years 2.7% 4.6% 5.9% 8.1% 8.5% 5.6% 6.8% 5.1% 7.0% 45.7% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032-2143 • Rents at or below market at acquisition result in above 100% recapture ratios at expiration. Re-leased over 4,000 properties at 101.9% recapture rate since 1996. • One of the few net lease companies that report re-leasing results. MAXIMIZING REAL ESTATE VALUE: Strategic management of rollovers Proactively addressing portfolio "watch list" Resolved over 4,900 lease expirations since 1996 Accretive Re-Leasing Activity is a Result of Prudent Underwriting 104.5% 105.5% 103.3% 100.9% 102.6% 103.4% 105.9% 100.0% 2015 2016 2017 2018 2019 2020 2021 2022 49#50REALTY INCOME Capital-Light Real Estate Portfolio is a Differentiating Factor vs Other Property Types "HIDDEN" COST OF SUPPORTING PORTFOLIO REVENUE: RARELY CAPTURED IN NAREIT-DEFINED FFO MULTIPLES.... NAREIT-DEFINED FUNDS FROM OPERATIONS (FFO) (NOT INTENDED TO MEASURE CASH GENERATION OR DIVIDEND PAYING CAPACITY) Recurring Capital Expenditures as % of NOI: Realty Income vs. Competing Real Estate Sectors (1) Less than 1% of Realty Income's NOI is spent on recurring capex Generally used as primary valuation multiple for other Real Estate sectors and excludes recurring Capex associated with maintaining revenue-generating capacity of portfolio 0.5% 5.7% 8.3% 7.4% 7.6% 8.9% Healthcare Shopping Center Industrial Office Mall Source: SNL, Company Filings. (1) Analysis represents simple average of 52 representative companies across five property types in the MSCI US REIT Index. Based on annual data between 2012 and 2022. ....BUT IS BETTER REFLECTED IN AFFO MULTIPLES ADJUSTED FFO (AFFO) (CLOSE PROXY FOR RECURRING CASH EARNINGS) Generally used as a valuation metric for net lease sector and includes impact of recurring Capex (defined by Realty as mandatory and repetitive landlord capex obligations that have a limited useful life) 50#51Growing International Portfolio Sale-leaseback transaction with Sainsbury's in May 2019 was a foundation for a growth platform in Europe Sainsbury's Explore Argos 61901 Home SHINE 2 Sainsbu Tree cash with 51#52European Portfolio Snapshot REALTY INCOME 271 >35 ~24.1mm REALTY INCOME HAS CONTINUED TO GROW ITS EUROPEAN PRESENCE WITH INVESTMENTS OF $6.8 BILLION THROUGH SEPTEMBER 30, 2022 ~$369mm 10.9% properties industries leasable square feet annualized contractual rent years wtd. avg. remaining lease term of total portfolio annualized contractual rent $549.2 $27.6 REALTY INCOME'S QUARTERLY INVESTMENT VOLUMES IN EUROPE (in millions) ~$6.8 billion invested in real estate in the U.K. and Spain since international expansion in May 2019 $221.0 $230.0 $165.6 $58.2 $591.8 $532.5 $467.2 $403.0 $1,041.1 $795.9 $690.2 $609.1 $387.9 2019 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 52 52#53European Portfolio Snapshot (cont'd) CLIENT DIVERSIFICATION - TOP EUROPEAN CLIENTS (1) % of European Annualized Contractual Rent Sainsbury's 18.0% B&Q 16.7% TESCO 12.2% 7.2% Carrefour METRO 3.6% Other (1) Based on percentages of total European portfolio annualized contractual rent as of December 31, 2022. (2) Based on market share. Source: Kantar World Panel. (3) Source: Kantar World Panel Spain. (4) Source: Mintel, 2020. 42.2% EUROPEAN PORTFOLIO BY INDUSTRY(1) % of European Annualized Contractual Rent Other, 20% Sporting Goods, 4% Wholesale Clubs, 4% General Merchandise, 5% KEY HIGHLIGHTS REALTY INCOME Grocery, 49% Home Improvement, 19% ✓ Diversified portfolio leased to clients operating in non-discretionary industries Sainsbury's and Tesco are the top grocers in the U.K. (2), and Carrefour is the 2nd largest grocer in Spain (3) B&Q (Kingfisher) is the largest home improvement retailer in the U.K. and is number two in France (4) 53 83#54ESG Overview We are committed to partnering with our clients on ESG initiatives to uphold our corporate responsibilities as a public company for the benefit of our stakeholders. AYM ΗΗΗΗΗΗ Panera BREAD DRIVE THRU Panera BRE DRIVE THRU STOP 54#55REALTY INCOME ESG Overview OUR COMMITMENT Realty Income is committed to conducting our business according to the highest ethical standards. We are dedicated to providing an engaging, inclusive, and safe work environment for our employees, operating our business in an environmentally conscious manner, and upholding our corporate responsibilities as a public company for the benefit of our stakeholders. GOVERNANCE KEY BOARD CHARACTERISTICS We seek to compose our Board of directors with members who contribute to diversity of background, expertise, perspective, age, gender, and ethnicity. ESG OVERSIGHT The Nominating/Corporate Governance Committee of our Board of Directors has direct oversight of the policies, programs and practices related to ESG matters of significance to the company. OUR STAKEHOLDERS Investors Clients Team Community Note: for additional information, refer to our Sustainability Report which can be found at: https://esg.realtyincome.com/ 36% OF OUR BOARD IDENTIFIES AS FEMALE 55% OF OUR BOARD IS FROM UNDERREPRESENTED COMMUNITIES 91% INDEPENDENT All our directors other than our CEO are independent. DIRECTOR TENURE 6 1 4 >11 years 55 6-11 years <6 years#56Social Responsibility Social REALTY INCOME Panera BREAD DRIVE THRU OUR COMMITMENT: We put great effort into cultivating an inclusive company culture. We are one team, and together we are committed to providing an engaging work environment centered on our One Team values of Do the right thing, Take ownership, Empower each other, Celebrate differences, and Give more than we take. We hire talented employees with diverse backgrounds and perspectives and work to provide an environment with regular open communication where capable team members have fulfilling careers and are encouraged to engage with and make a positive impact with business partners and in the communities where we operate. Hiring and Retention - Competitive pay & benefits; Internal Talent Mobility Program; Mentorship Program. Human Capital Development - Continued education; training and development. Employee Health, Safety & Wellbeing - "O"verall Wellbeing Program. Human Rights - Read our Human Rights Policy on our website! Engagement - We conduct employee engagement surveys every 18 months. Social Justice - Read our Statement on Racial Justice and Equality for All on our website! Community Service - Our community partnerships and charitable giving reflect our commitment. 2019 56#57Environmental Responsibility Environmental REALTY INCOME (gε OUR COMMITMENT: We remain committed to sustainable business practices in our day-to-day activities by encouraging a culture of environmental responsibility at our corporate offices and within our communities. We work with our clients to promote environmental responsibility at the properties we own. Increasing investments in green certified buildings. Demonstrating our commitment through the issuance of our inaugural Green Bond. Innovating solutions for reporting Scope 3 emissions across a net lease real estate portfolio. ISS‣ Expanding and incorporating a greater volume of “Green Lease Clauses" (as of 2021). Engaging with our clients to understand ESG priorities and share data. Scaling collaborative client engagement projects. Working with strategic partners to grow sustainable portfolio initiatives. Providing ESG resources and tools for internal teams to carry out key initiatives. Assessing and adapting to ESG regulatory environments and climate risks across portfolio. GRES B MSCI S&P Global Ratings SUSTAINALYTICS 57#58Appendix Sun International Expansion Opportunity Top Industry Investment Theses CVS pharmacy PHOTO CENTER LIQUOR RR DRIVE THRU 24 pharmacy HOURS point or GVE Pharmacy 1030 R DRIVE THRU LIQU Ameras 58#59UK Density Supports Long-Term Real Estate Stability Limited retail supply and supply growth also supports long-term viability of stable cash flow generation. The UK, by population, is approximately the size of California and Texas combined. 67.6M Current Population (1) 80.0 60.0 40.0 UK POPULATION AND PROJECTIONS (1) Population Projected Population 58.0 (in millions) 1992 2002 2012 Spain UK US 67.6 M 2022 2022 RETAIL SQUARE FOOTAGE PER CAPITA (2) 4 5 LO REALTY INCOME The UK, by land area, 70.6 is approximately the size of Oregon. ~94,000 Square Miles(3) 2032 2042 24 Source: (1) UK Office for National Statistics. (2) ICSC for the US data; Springboard for European data. (3) World Bank. (4) 2022 GDP. Source: Office for National Statistics for the UK data and Bureau of Economic Analysis for the US data. The UK, by GDP, is approximately the size of California. Population density and growth, combined with limited retail supply and supply growth, creates compelling opportunity for long-term real estate investors. $3.1 Trillion GDP(4) 59#60Grocery (10.0% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 23% Walmart Neighborhood Market Realty Income's top two U.S. grocery clients control 32% of U.S. grocery market share 9% 5% 4% 3% 3% Kroger COSTCO WHOLESALE Source: (1) Wells Fargo Securities Research,2022. (2) Kantar World Panel for 12 weeks ending 1/23/2023. Food-at-Home as a % of Total Food Expenditure(3) E-COMMERCE RESISTANT INDUSTRY 53% 66% Ahold Delhaize DOLLAR GENERAL DOLLAR TREE amazon Other REALTY INCOME U.K. Grocery Market Share(2) Realty Income's top two U.K. grocery clients control ~43% of U.K. grocery market share 19% 7% 5% ■Big 4 ■Discounters ■Convenience ■Premium ■"Pure play" online 3% TESCO Sainsbury's ASDA ALDI SPAR Waitrose Iceland.co.uk ocado amazon Morrisons POSITIVE OUTLOOK ON THE SPANISH GROCERY INDUSTRY: Food-at-home spending more prevalent, online grocery spending less common 66% 61% 52% Source: (3) Statista.com, Gov.uk, USDA ERS. Spain (4) CBRE, Statista.com, Multichannelmerchant.com, Kantar. 4.5% Pre-COVID Online Grocery Penetration (4) 7.4% 1.3% UK US Spain US UK 60#61Convenience Stores (8.6% of ABR) Quality real estate locations with inelastic demand ~20% of all shoppers claim to visit a c-store to purchase food-to-go(1). ~70% of inside sales are generated by customers not buying gas(2). e-stores everyo 165M people shop in c-stores everyday³). GROSS MARGIN (3) 2040 SNAPSHOT £ £ £ £ A f £ £ £ £ £ £ £ £ £ £ £ VEHICLES ON THE ROAD IN 2040(4) REALTY INCOME In 2040, EVs will make up about 6% of all vehicles on the road, while EVs will account for about 10% of all new vehicle sales. AVG AGE OF CARS ON THE ROAD 11.8 YEARS(4) 7-ELEVEN: INSIDE SAME-STORE SALES: 19 Consecutive Years of Positive Same-Store Sales Growth (5) Great Recession (2007-2009) RA 8% 6% 5.3% 4.4% ~9% Margin 30%+ Margin 4% 3.1% 3.1% Gasoline In Store Sales 3.2% 2% Source: (1) Explorer Research. ~70% of gross profit is generated from inside sales (2) Realty Income estimates based on industry component data. (3) National Association of Convenience Stores. Gross margins are averages over the past five years. (4) U.S. Energy Information Administration and Bureau of Transportation Statistics. (5) Company Filings. 0% 3.1% 2.8% 2.9% 0.6% 1.5% 0.4% 1.0% 5.8% 7.4% 4.7% 2.4% 1.9% 2.1% 1.6% 0.9% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q 61#62Dollar Stores (7.4% of ABR) Growing industry: 89% of all shoppers across geographies, income levels, and demographics shop at discount retailers. $120 $100 +6% $80 $60 $40 $20 US Discount Store Market Size (in billions)(1) Dollar General & Dollar Tree: Same-Store Sales Growth (2) +5% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E Source: (1) National Retail Federation. (2) Company Filings. DOLLAR GENERAL Mice 9.5% 7.3% 5.7% 7.2% 4.6% 2.0% 0.1% -0.8% 0.9% 2000 2003 REALTY INCOME Counter-cyclical protection due to a trade down effect and e-commerce resiliency. Great Recession (2007-2009) 16.3% Covid Pandemic (2020) DOLLAR GENERAL DOLLAR TREE 6.8% 6.5% 4.3% 3.9% 6.1% 3.2% 4.9% 2.4% 0.9% 1.8% 1.0% 2006 2009 2012 2015 1.7% 2018 2021 DOLLAR TREE -2.8% 62 62#63Quick-Service Restaurants (6.0% of ABR) 4% KFC ORIGINAL RECIPE 8444 MEAL MADE HARD WAY CHICKEN WAFFLES HOT WINGS ARE BACK NOW HIRING RESILIENT BUSINESS MODEL: REALTY INCOME QSRs are less dependent on "dine-in" traffic as their revenue model is based on an "off-premise" and drive-thru (historically 65%+ of sales) offerings. STRONG VALUE PROPOSITION: In a recessionary environment, consumers tend to be more value-centric and QSR operators benefit from a “trade down" effect from casual dining consumers. FUNGIBILITY OF REAL ESTATE: Positive re-leasing results on QSR assets due to convenience of real estate location and modest space footprint. INDUSTRY SAME-STORE SALES TRENDS: STRONG RECOVERY TO ABOVE PRE-PANDEMIC LEVELS Growth Over the Same Month Year-on-Year(1) 19% 10% 7% 7% 6% 6% 5% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 63 83 (1) Source: Restaurant Brand International and Yum Brands average same store sales over the period per company filings.#64Drug Stores (5.7% of ABR) Bundled service partnerships and vertical integration among incumbents insulates industry from outside threats. 000 00 00 Both Walgreens and CVS are investing in improved customer experience(2). Walgreens plans to open 1,000 full-service doctor offices by the end of 2027 (2). CVS currently operates over 1,000 Health HUB locations (1) Taco Source: (1) CVS filings. (2) Company Documents. (3) Company Filings as reported by IQVIA. (4) Company Filings | Latest reported quarter. Walgreens PHOTO 80% Of the scope of a typical primary care physician treatable at an on-site clinic(1). 85% Of the US population lives within 3 miles of a Walgreens or CVS(2). ~50% Combined retail prescription market share of Walgreens and CVS (3). 9.7% 9.3% REALTY INCOME Walgreens: 37 of 38 Quarters of Positive Same-Store Pharmacy Sales Growth (4). 7.2% 7.4% 6.0% 6.0% 5.8% 5.8% 5.6% 3.7% 2.0% 2.0% 2.8% 8.9% 8.4% 7.3% 6.8% 5.0% 3.5% 4.5% 3.2% 2.5% 2.0% 1.9% 0.0% -0.1% 3013 3014 3Q15 3Q16 3017 3018 3019 3020 3Q21 4Q22 64