#1• Investor Presentation CALCULATED CONSOLIDATION May 2022 REALTY INCOME The Monthly Dividend Company® SainsburyS Walmart Neighborhood Market Argos STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE#2Safe Harbor For Forward-Looking Statements REALTY INCOME 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 presentation, the words "estimated," "anticipated,” “expect,” “believe,” “intend,” and similar expressions are intended to identify forward-looking statements. Forward- looking statements also include discussions of future operations and results, strategy, plans, intentions of management, and the anticipated consummation of pending transactions. 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 real estate investment trust; general domestic and foreign business and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; 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, 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 income tax laws and rates; the continued evolution of the COVID-19 pandemic and the measures taken to limit its spread, and its impacts on us, our business, our clients, or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; 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 that this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. Realty Income does 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. 2#3Who We Are To build enduring relationships and brighter financial futures. Do the right thing Take ownership Empower each other Celebrate differences • Give more than we take REALTY INCOME PURPOSE KFC KFC NOT 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 VALUES ELEVEN CVS Sarmacy EVE Pharmacy VISION To be a top 5 U.S. REIT, creating long-term value for stakeholders across the world 3#4Realty Income: A Path to Continued Long-Term Profitable Growth PHOTO CENTER REALTY INCOME WHERE WE ARE: • S&P 500 company ● ● ● One of 65 companies in the elite S&P 500 Dividend AristocratsⓇ Index Top 10 global pcrats 15.3% compound annual total LIQUOR shareholder return since public listing in 1994 4.4% compound annual dividend growth rate since 1994 and 115 dividend increases 1030 • WHERE WE ARE GOING: To be a top 5 global REIT(1) • To consolidate the ~$12 trillion ● global net lease addressable market To average double-digit total shareholder return with minimal volatility RXDRIVE TRIBU To continue treating the dividend as sacrosanct to our mission (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. 4#5Key Takeaways REALTY INCOME Realty Income's track record illustrates superior total return per unit of volatility. Our external growth opportunities are broad and unconstrained by property type or geography. 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 highly fragmented net lease industry. prietary data With over 11,200 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. tive ational Our selective capital allocation philosophy supports superior financial and operational stability relative to REIT peers, particularly during economic downturns. REALTY INCOME Our fortress balance sheet and access to a low-cost, diversified capital pool supports the curation of a best-in-class 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 FORTRESS BALANCE SHEET DIVERSIFIED HIGH-QUALITY REAL ESTATE PORTFOLIO GROWING INTERNATIONAL PORTFOLIO ESG OVERVIEW APPENDIX All data as of March 31, 2022 unless otherwise specified REALTY INCOME 34 37 16 25 WN HE 7 10 46 49 53 12970 6#7Investment Thesis PROVEN TRACK RECORD OF RETURNS... 15.3% Compound Annual Total 0.5 Return Since '94 NYSE Listing Beta vs. S&P 500 Since '94 NYSE Listing(1) CONSISTENTLY INCREASING DIVIDENDS... 4.4% Compound Annual Dividend Growth Rate Since 1994 (1) Beta measured using monthly frequency. S&P 500 Dividend AristocratsⓇ Index Member (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 STABILITY AND GROWTH OF EARNINGS... REALTY 25 of 26 Years of Positive Earnings Per Share(2) Growth 5.1% Median AFFO Per Share Growth Since 1996 POSITIONED FOR CONTINUED GROWTH... $12 Trillion Estimated Addressable Market Opportunity in the US and Europe $84 Billion Sourced Acquisition Opportunities in 2021 INCOME 7#8Realty Income is the Global Leader in a Highly Fragmented Net Lease Sector REALTY INCOME ~$57B enterprise value 53+ years of SIZE, SCALE AND QUALITY $3.0B annualized base rent 11,288 A3/A- credit ratings by Moody's & S&P ~43% operating history commercial real estate properties of rent from investment grade clients (1) GROWING INTERNATIONAL PRESENCE 5th largest global REIT(2) $5.1B European Portfolio 194 assets 10+ years remaining lease term (3) 20+ industries (2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. As of 4/27/2022. (3) As of March 31, 2022. DIVERSIFIED REAL ESTATE PORTFOLIO ~1,090 clients Other 6% 70 Non-retail 16% industries 50 78% Non-discretionary, Low Price Point and/or Service-oriented Retail ~94% of total rent is resilient to economic downturns and/or isolated from e-commerce pressures STRONG DIVIDEND TRACK RECORD(4) 27 Consecutive Years of Rising Dividends $2.964 622 monthly dividends declared 98 consecutive quarterly increases S&P 500 Dividend Aristocrats® index member $0.90 +4.4% CAGR 1998 2001 2004 2007 2010 2013 2016 2019 2022 8 U.S. states, Puerto Rico, Spain and the U.K. (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). 1995 (4) As of April 2022 dividend declaration.#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 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 COMPARATIVE CORRELATION: TOTAL RETURN VS. 2-YEAR UST YIELD SINCE 2009 Historically, Realty Income's returns have been positively correlated to short-term yields +0.25 S&P 500Ⓡ (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%) TOTAL RETURNS: 3-YEAR DURATION OF FED RATE HIKE CYCLE 44.4% 30.6% 13.0% S&P 500Ⓡ RMZ +0.35 +0.39 RMZ 9#10Performance Track Record Superior risk-adjusted returns, particularly during economic downturns PHOTO CENTER LIQUOR RXDRIVE THRU CVS pharmacy Sun 24 pharmac HOURS GVE Pharmacy 1030 R DRIVE THRU LIQU mera 10#11TOTAL RETURN CAGR SINCE 1994 Attractive Risk/Reward vs. S&P 500 Companies and Blue-Chip REITS 30% 20% 10% 0% 90 -10% 2.0 Source: Bloomberg 1.5 S&P 500 Members 1.0 BETA 0.5 Realty Income return per unit of market risk is in the 95th percentile of all S&P 500 companies (1) Return: 15.3% (1) n=256 | As of 3/31/2022 | Excludes companies without trading histories dating to 1994 | Beta measured using monthly frequency. (2) Excludes REITs without trading histories dating to 1994. 20% 15% Beta: 0.5 TOTAL RETURN CAGR SINCE 1994 10% इ WY 5% HST 0% REALTY INCOME Historically, Realty Income delivered more return per unit of risk vs. majority of S&P 500 companies and S&P 500 REITS (2) S&P 500 REIT Peers PSA ESS AVB MAA SPG EQR FRT WELL DRE UDR кум REG VTR PEAK VNO -5% 0.0 1.4 1.2 1.0 0.8 0.6 0.4 BETA 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 10% 1994 NYSE Listing is 3.5%, the sixth-lowest of all S&P 500 constituents (2) 5% Realty Income is among bellwether names, such as JNJ, CHD, AZO, ROST, SO distinguished by their earnings predictability, cash flow durability, and balance sheet quality. 90 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 with trading histories dating to Realty Income's 1994 NYSE listing as of 12/31/21. 12#13Superior Stability vs S&P 500 REITs: Favorable Occupancy, Dividend Growth, Credit Rating and Total Return PORTFOLIO OCCUPANCY DIVIDEND GROWTH(1) 98.4% 96.6% 94.1% Historical Median 91.0% 11% 4.4%(2) 2.9% 0% % of Years w/ Negative Growth Dividend CAGR Lowest Year-End REALTY INCOME AVG. CREDIT RATING (S&P/MOODY'S) A/A2 A-/ A3 BBB+ / Baa1 BBB / Baa2 BBB-/Baa3 Source: SNL, Bloomberg | Excludes specialty REITS (i.e., infrastructure, timber, information services). (1) Since 1995. Excludes REITs with fewer years of history than Realty Income. (2) As of April 2022 dividend declaration. S&P 500 REIT Median 9 8 7 6 5 4 3 2 1 0 # OF YEARS WITH TSR < -10% (1) REALTY INCOME 13#14Superior Stability vs. Peers: Consistent Growth Maintained Through Pandemic +3.1% 2020 EARNINGS PER SHARE Growth(1) Net Lease Peers 2.1% 0% -5% 2020 Dividend Growth -10% -15% 1 of 8 Net Lease REITs (2) 1 of 15 S&P 500 REITS (3) -20% 1 of 7 Retail REITs (4) 1 of 4 Net Lease REITS (2) 1 of 7 S&P 500 REITS (3) 1 of 4 Retail REITs (4) THAT INCREASED DIVIDEND IN 2020 S&P 500 REIT Peers Retail REIT Peers -5.2% -6.8% WITH POSITIVE EARNINGS GROWTH IN 2020 (1) Measured as median AFFO/sh growth rate for net lease peers and median FFO/sh growth rates for S&P 500 and retail REIT peers. (2) Net lease peers include ADC, EPRT, FCPT, GTY, NNN, SRC, STOR, VER, WPC. (3) Includes 22 S&P 500 constituents, excluding non-property REITS, such as AMT, CCI, EQIX, IRM, SBAC, WY. (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 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 0.7% 0.5% 0.6% 0.8% 0.3x 1.2% 0.2% 3 3.1% 1.1% 3.8% 1.3% 0.5x 1.5% 0.3% 4 3.7% 1.4% 4.3% 2.0% 1.5x 2.0% 0.3% 5 4.0% 1.7% 5.7% 2.2% 2.2x 2.2% 0.7% 60 4.2% 1.7% 9.7% 7.4% 2.2x 2.8% 3.4% 7 9.7% Source: SNL 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) (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 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 unconstrained. HE HOME DEPOT 1200 ENTER ELUSIVE 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 53+ year history and trove of portfolio data to capitalize on unique insights driven by predictive analytics DISCIPLINED DISCIPLINE DE 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 EUROPE Combined enterprise Quantum of opportunity and low market saturation affords ample runway for growth value of public net lease REITS of $7 billion AGGREGATE NET LEASE Market EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition ~$8 T FIR ~$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $160 billion(1) EUROPE ~$7 B Public net lease REITs account for <1% of total addressable universe PUBLIC NET LEASE Peers 13 peers REALTY INCOME US UNITED STATES -$160 B(1) Public net lease REITS account for ~4% of total addressable universe 3 peers (1) Represents "traditional" net lease peers, excluding gaming REITs. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$115B, or ~22X the current portfolio size 18#19REALTY INCOME Realty Income's External Growth Opportunities are Broad and Unconstrained SOURCED VOLUME in $ billions International opportunities added >30% to Realty Income's combined sourcing volume in 2019-2021 International Expansion Has Accelerated Sourcing Volume Over the Last 3 Years... Which Resulted in Increased Selectivity $84 INTERNATIONAL $64 UNITED STATES $57 $39 $32 $28 $30 $32 $24 $17 $13 $6 $34 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 ACQUISITION VOLUME in $ billions $3.7 $2.3 $1.0 $1.5(1) $1.4 $1.9 $1.8 $1.5 $0.7 $1.2 $1.3 $6.4 $1.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 12% SELECTIVITY percentage of annual sourced volume acquired 8% 7% 6% 4% 4% 2010 2011 7% 7% 6% 5% 4% 8% 5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 19 (1) Excluding $3.2 billion ARCT transaction.#20REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase 20% 15% 10% 5% 0% ANNUAL AFFO/sh(3) Growth 17.0% Large portfolio transactions create upside "lumpiness"... 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 ...which supports outsized blended growth over time AFFO/SH GROWTH: HISTORICAL 5.1% MEDIAN Stronger historical growth rate vs. REITS (4.0%) (1) • Positive earnings growth in 25 of 26 years Modest annual downside volatility of 2.8% (2) CAGR 5.1% SINCE 1995 . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size 6% 5% 4% 3% 2% 1% 0% AFFO/sh CAGR Benchmarked to 1995 5.1% 5.2% 5.3% 5.3% 5.3% 5.3% 5.2% 5.1% 5.1% 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 $40,000 • 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: $20,000 $10,000 • 6.4% AFFO/sh CAGR since 2012 $565 $0 GROSS RE ASSET VALUE (GREAV)(4) $35,909 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 (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 accelerating 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) Gross real estate asset value reflects historical year end real estate held for investment, at cost (in millions) 20#21Filling the Void as a Premier Sale-Leaseback Financing Partner THE OPPORTUNITY Aggregate Corporate-Owned Real Estate (1) S&P 500Ⓡ ~$1.5 FTSE Russell 3000 + TRILLION -$500 BILLION Blue-chip, best-in-class operators represent Realty Income's target market and account for 75% of real estate owned by public companies Source: Bloomberg (1) Represents real estate owned by publicly traded companies. Calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Excludes energy, financial and real estate industries. REALTY INCOME MOMENTUM Realty Income is Well-Positioned to Continue to Execute on Large-Scale Sale-Leaseback Transactions AGGREGATE ACQUISITIONS VOLUME 2015 Q1 2022 $20 B TOTAL ACQUISITIONS VOLUME I 40% I | of total I acquisitions! volume since 2015 I $8 B I I 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 $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 3.9x 3.4x Earnings Lease Adj. Debt/ EBITDAR 3.9x 3.5x EPS $61.5 $500 ($30) $470 $5.00 $5.13 (1) Assuming rating agency rent capitalization at 7.5x. P/E 12.0x 12.0x Note: Assuming constant P/E | Corporate seller uses $500 million of SLB proceeds to buy back 8.3 million shares at $60/sh. 22 22#23Net Lease Investment Opportunity Set is Not Constrained by Property Type Diageo Transaction in 2010: Template for Creative Sale-Leaseback Opportunities REALTY INCOME REALTY INCOME INVESTMENT CRITERIA Triple Net Lease LEASE Long Lease Term REAL ESTATE CLIENT Single-Client Commercial Property Strategic Location Investment Grade Rated Strong Financial Position Industry Leader DIAGEO PORTFOLIO ATTRIBUTES Triple Net, Sale-Leaseback Transaction 20-year term with extension options for up to 60 years 17 Vineyards leased to Diageo Napa Valley A-/A3/A- Low leverage, strong coverage ratios, and solid free cash flow generation Diageo is a leading global premium drink company (brands include Smirnoff, Baileys, Don Julio, Tanqueray and Guinness) QUANTIFYING VALUE OF THE INVESTMENT GRADE CREDIT In 2016-2017, Diageo paid $75 mm for a release of the guarantee, reducing Realty Income's cost basis by ~25% and resulting in a 10% adjusted cap rate. Treasury Wine Estates, which has lower corporate leverage but no public debt outstanding, assumed the corporate guarantee. 23#24Efficiency 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 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 15+ Years ~ 9 Years Client > 98% Low Low None SHOPPING CENTERS AND MALLS < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low REALTY INCOME Reliance on Anchor Tenant(s) BEL Average Retail Property Size/ Fungibility 12k sf / High AMPLE EXTERNAL GROWTH OPPORTUNITIES Target Markets ts HIRING! External Acquisition Opportunities Institutional Buyer Competition REALTY INCOME Many High SHOPPING CENTERS AND MALLS Few Low Modest High External acquisitions drive 24 -2/3 of total earnings growth#25Prudent Capital Allocation Building a high-quality real estate portfolio through prudent, top-down, data-driven investment process. STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE 25#26Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 11,200 Properties REALTY INCOME RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION SELECTIVITY: < 5% $34 BILLION YTD 2022 SOURCED OPPORTUNITIES $1.6 BILLION YTD 2022 ACQUISITIONS VOLUME Considerations Include: • Market & Location • Surrounding Demographics Key Insights: • Strategic Objectives: Identify "Mega Trends" • Research Geographies, Industries and Prospective Clients • • Traffic Counts, Access & Signage • . "Big Data" Analysis of • Rent Relative to Market New and Existing Industries • Construct Optimal Portfolio 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 26 26#27REALTY INCOME Investment Strategy: 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) Long-term 10-year U.S. yield (Fitted Instantaneous Forward Rate) Equity market risk premium (S&P 500 Earnings Yield vs 10Y UST) Long-Term Cost of Equity (CAPM methodology) 0.83 3.4% KEY ASSUMPTIONS & CALCULATION: 3.0% 5.9% LONG-TERM WACC 65% Weight: Long-Term Cost of Equity 7.0% Dividend yield 4.1% Assumed long-term dividend growth rate 4.0% 35% Weight: Cost of Debt (unsecured, 10Y, fixed) Long-Term WACC 3.6% 5.8% Long-Term Cost of Equity (Yield + Growth methodology) Long-Term Cost of Equity (Average of two methodologies) 8.1% 7.0% SHORT-TERM "Nominal 1st-Year Weighted Average Cost of Capital Used to measure initial (year one) earnings accretion KEY ASSUMPTIONS & CALCULATION: NOMINAL 1ST-YEAR WACC 60% Equity: AFFO Yield 5.5% Higher stock price (lower cost) 32% Debt: unsecured, 10-year, fixed 3.6% supports faster growth • Spread on short-term WACC 8% Retained Free Cash Flow 0% required to generate accretion LOW NOMINAL WACC supports ability to spread invest in high-quality real estate opportunities Nominal 1st-Year WACC 4.5% • Unwilling to sacrifice quality to generate wider spreads Note: Cost of capital information uses illustrative assumptions only (as of 4/28/2022). 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. LONG-TERM WACC considers growth requirements of equity and supports focus on residual value of acquisitions 27#28ACQUISITION CAP RATE TO ACHIEVE 150 BPS SPREAD REALTY INCOME Philosophical Capital Allocation Mindset: Utilizing Low Cost of Capital to Assemble Highest-Quality Portfolio in Marketplace 8.0% 7.5% 7.0% "HIGH YIELD" INVESTMENT CHARACTERISTICS (HIGHER CAP RATES): Above-market rents / financially-engineered cap rates Poor credit or limited credit availability and track record Thin industry-specific rent coverage Poor real estate (low residual value) Short lease terms Volatile industries Lower long-term IRR 6.5% 6.0% 5.5% Lower cost of capital allows Realty Income to invest in higher quality opportunities to derive the same spread 5.0% 3.50% 3.75% 4.00% Note: Cost of capital information uses illustrative assumptions only. 4.25% 4.50% 4.75% "HIGH QUALITY" INVESTMENT CHARACTERISTICS (LOWER CAP RATES): • • . • At- or below-market rents Strong credit / proven sponsors & clients Above-average rent coverage Flexible alternative use • Long lease terms Stable industries Higher long-term IRR 5.00% NOMINAL 1ST-YEAR WACC Net lease peers with higher cost of capital than Realty Income cannot "afford" to pursue higher-quality opportunities Higher cost of capital forces companies to invest in riskier investment opportunities to derive 150 bps of spread 5.25% 5.50% 5.75% 6.00% 6.25% 28#29Investment Spreads Tend to Persevere Even as Interest Rates Rise RISING INTEREST RATES DO NOT POSE SIGNIFICANT EARNINGS HEADWIND TO THE NET LEASE BUSINESS MODEL 12% 10% 8% 6% 4% 2% | R²=0.9 | 0% It takes 12 months for cap rates to adjust to changing interest rates... -Acquisition Cap Rate -Average 10Y UST Yield (12M Lag) REALTY INCOME 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 YTD 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 O 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 YTD 2022 29#30Benefits 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 $1.2B portfolio transaction SCALE AND SIZE BENEFITS ILLUSTRATED REALTY INCOME TOTAL at ~7% cap rate $100 $200 $300 $400 $500 $1,000 • ABR $200 3% 5% 8% 10% 12% 22% $400 1% 3% 4% 5% 6% 12% Peers with smaller 444 single-client properties CIM Transaction (Dec 2019) • Realty Income estimates cap rate represented a portfolio discount relative to sum-of-the-parts valuation Top 3 client concentration - Dollar General, Walgreens, Dollar Tree / Family Dollar Negligible impact to key portfolio concentrations: $600 1% 2% 3% 4% 4% 8% denominators lack ability to buy in bulk without incurring material ~9.5Y $800 1% 1% 2% 3% 3% 6% Dollar General 3.8% 4.4% diversification risk WALT Dollar Tree / Family Dollar 3.1% 3.5% $1,000 1% 1% 2% 2% 3% 5% Walgreens 5.7% 6.1% $2,000 <1% <1% 1% 1% <2% 3% 58% Dollar Stores 7.1% 8.0% $3,000 <1% <1% <1% <1% 1% 2% investment-grade clients ~$3.0 BILLION ABR 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. Walgreens PHOTO#31Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 3/31/2022 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) 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 4.3% YTD 2022 G&A AS % OF ADJUSTED EBITDAre MARGIN 95.1% RENTAL 4.3% 8.7% 9.2% 92.4% REVENUE ADJUSTED EBITDAre 95.1% 87.5% 88.9% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 YTD 2022 MARGIN G&A AS % 30 bps 74 bps 60 bps G&A as % OF GREAV gross RE asset value (bps) (1) 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 1020. Percentage of rental revenue calculation excludes reimbursements. (2) Based on trailing twelve months. Net Lease peers include ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, WPC. (3) Based on trailing twelve months. Excludes non-property REITs: AMT, CCI, EQIX, IRM, SBAC, WY. 30 bps 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 YTD 2022 31#32REALTY INCOME Recent Acquisitions Demonstrate Bias Towards Quality UNITED STATES Property Type: Class A Industrial Size: approx. 2mm SF Year Built: 2020 - 2021 Strategic Location: DFW (Texas) / $37B+ in annual economic impact Client Industry: Warehousing / Distribution / E-commerce Lease Term: approx. 11 years Contractual Rent Escalators: annual fixed increases of 2.0%+ Key Real Estate Attributes: 15-minute drive population of ~650k, healthy direct vacancy rate of ~5%, annual net absorption of over 20mm sq. ft. for the fifth consecutive year "Green" Attributes: LED lighting, ESFR sprinkler system, TPO roofing, efficient HVAC Property Type: Retail EUROPE Transaction Type: Strategic sale-leaseback with Carrefour in Spain Purchase Price: approx. €93mm Location: Canary Islands, Valencia, Madrid, Basque Country, Navarra, and Castile and León Lease Term: approx. 10 years Contractual Rent Escalators: annual inflation-linked increases Client Profile: Carrefour is the second-largest grocer in Spain and the eighth-largest retailer in the world with ~€70 billion in annual revenue Investment Grade Credit: 'BBB' / 'Baa1' by S&P and Moody's Key Real Estate Attributes: average 10-minute drive population of ~200k, portfolio's average household income above the Spanish median, below market rents support future releasing prospects saler CA Carrefour FRIEN#33Sale-Leaseback with Wynn Resorts Attractive risk-adjusted returns. Realty Income is purchasing the Encore Boston Harbor (Encore) Resort and Casino for $1.7 billion at a 5.9% cash cap rate. The transaction is consummated under a 30-year triple net lease with favorable annual escalators. • Partnership with leading operator. Wynn Resorts (NASDAQ: WYNN) is a $20 billion (EV) S&P 500 company and one of the preeminent developers and operators of integrated resorts in the world, reflecting Realty Income's strategy of partnering with industry blue chips. Benefits of size and scale. Pro-forma for the transaction, Realty Income's exposure to the gaming sector is expected to be < 3.5%, preserving prudent diversification. Demonstrates growth profile of business model. Realty Income's entry into the gaming industry demonstrates that its growth opportunities. are unconstrained by industry, property type or geography and in alignment with our investment criteria. Encore REALTY INCOME Encore Boston Harbor Resort & Casino Encore 33 33#34Fortress Balance Sheet Our conservative capital structure supports superior financial flexibility. STOP MARIANO'S 34#35REALTY INCOME Fortress Balance Sheet - One of Only Seven U.S. REITS with Two A3/A- Ratings or Better ■Commercial Paper (2) STAGGERED DEBT MATURITY PROFILE(1) in $ millions ■GBP Denominated Notes ■Term Loan (3) ■Revolver (4) ■Mortgages (5) ■Unsecured Notes $1,178 $632 $1,833 $2,054 $1,650 $1,576 $1,091 $1,099 $526 $950 $700 $2,407 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ (1) As of 3/31/2022. FAVORABLE CREDIT RATINGS Long-Term Unsecured Debt Rating MOODY'S A3/Stable S&P Global A- / Stable (2) Commercial paper borrowings outstanding at March 31, 2022 were $950 million and mature between April 2022 and December 2022. KEY CREDIT METRICS Low Leverage/ High Coverage Ratios 5.4x 5.6x Net Debt to Annualized Adj. EBITDAre Fixed Charge Coverage Ratio 27% Debt to Total Market Cap Conservative Long-Term Debt Profile 90% 93% Unsecured Fixed Rate 7.7 yrs W.A. term to maturity for notes & bonds (3) Represents the principal balance (in USD) of Sterling-denominated note offerings and Sterling-denominated private placement offering converted at the applicable exchange rate on March 31, 2022. Excludes the April 2022 announcement for the private placement of £140 million of senior unsecured notes due 2030, £345 million senior unsecured notes due 2032, and £115 million senior unsecured notes due 2037. We currently anticipate closing to occur during the second quarter of 2022. (4) As of March 31, 2022, there was a carrying balance of $569.6 million 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. (5) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £31 million converted at the applicable exchange rate on March 31, 2022. 35#36REALTY Ample Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility $1,632 $290 Liquidity Debt Obligations through 2023(2) Revolver Availability $1,480 (Net of $950mm borrowings under $1.0 billion commercial paper program)(1) Excess Liquidity, $1,342 Cash & Equivalents $152 Sources Mortgages Payable, $290 Uses Note: Values shown in millions. Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts. (1) 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. (2) Excluding revolver and commercial paper maturities. INCOME 36#37High-Quality Real Estate Portfolio Diversified exposure to cash flows guaranteed by best-in- class, blue-chip operators F ELEVEN 149 2-ALEVER 37#38Diversified High-Quality Portfolio CLIENT DIVERSIFICATION - TOP 20 CLIENTS Grocery Stores Convenience Stores Dollar Stores Walgreens 4.0% amc 1.6% THEATRES 7-ELEVEN. 3.9% B&Q 1.6% Restaurants - Quick Service Drug Stores Restaurants - Casual Dining Home Improvement DOLLAR GENERAL 3.9% REGAL 1.5% Health and Fitness General Merchandise Theaters DOLLAR TREE 3.5% FAMILYDOLLAR 1.5% INDUSTRY DIVERSIFICATION(1) % of Revenue REALTY INCOME 10.4% 9.1% 7.4% 6.6% 6.5% 5.8% 5.0% 4.6% 3.7% 3.3% (1) Represents total portfolio annualized contractual rent contribution from U.S. and European properties. PROPERTY TYPE DIVERSIFICATION Sainsbury's FedEx. 2.9% TESCO 1.5% 2.4% TSC TRACTOR 1.4% LA FITNESS. SUPPLY CO 2.2% LIFETIME FITNESS BJ's 1.9% THE CVS pharmacy HOME DEPOT 1.4% 2.0% Other 1.2% 1.8% Fas mart Walmart 1.0% Sam's Club 1.7% 14.4% Industrial CIRCLE K 1.0% 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). 83.6% Retail GEOGRAPHIC DIVERSIFICATION TEXAS 10.7% U.K. 8.7% CALIFORNIA 6.4% FLORIDA 5.3% ILLINOIS 5.0% OHIO 4.6% GEORGIA 3.6% 38 888#39Top 20 Clients Highly Insulated from Changing Consumer Behavior SERVICE-ORIENTED LIFETIME FITNESS All top 20 clients fall into at least LA FITNESS. Fas mart 7-ELEVEN. CIRCLE K one category: ■ Non-Discretionary ☐ Low Price Point Service Retail Non-Retail Note: Walmart represented by both Neighborhood Markets and Sam's Club. THE DEPOT HOME NON-DISCRETIONARY B&Q TSC TRACTOR SUPPLY CO Sainsbury's Walgreens CVS pharmacy TESCO amc THEATRES REGAL Walmart Neighborhood Market DOLLAR GENERAL DOLLAR TREE FAMILY DOLLAR REALTY INCOME Sam's Club. FedExⓇ BJ's RED LOBSTER FRESH FISH LIVE LOBSTER LOW PRICE POINT NON-RETAIL 39#40REALTY INCOME Diligent Underwriting Process Results 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 19 Specialty Retailer er marmac 18 General Merchandise REALTY INCOME 113 of 154 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. PHOTO CENTERE 08 8665336 3 Grocery Stores Sporting Goods Entertainment Health and Fitness Jewelry Accessories Consumer Electronics Other Retail Limited exposure to the industry, primarily with off-price retailers. DRIVE THRU Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively addressing its investment in this industry since 2016. AX DRIVE THRU Immaterial exposure to entertainment clients outside of the movie theaters, and minimal exposure to bankruptcies. 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 this industry. No exposure to bankruptcies. Immaterial exposure to a large, national operator with strong balance sheet and successful omni-channel platform. No exposure to bankruptcies. No exposure to retailers that filed bankruptcy. 40 PUL#41REALTY INCOME Investing in Realty Income = Diversified Credit Exposure to Best-in-Class Operators Realty Income dividend yield is superior to 10-year bond yields of its underlying clients Investing in Realty Income vs investing in individual bonds of top clients (1) GROCERY STORES CONVENIENCE STORES DOLLAR STORES RESTAURANTS - QUICK SERVICE - Yum! PREMIUM YIELD WITH BOND-LIKE SAFETY GUARANTEED BY INVESTMENT GRADE CREDITS Walgreens 7-ELEVEN. DOLLAR GENERAL Kroger Kroger Walmart TESCO --- 7-ELEVEN. CIRCLE K TM DIVERSIFICATION INCOME GROWTH POTENTIAL 25+ YEAR HISTORY OF INCREASING INCOME YIELD PRODUCING 4.3% (2) ✓ ✓ × × DOLLAR TREE DOLLAR GENERAL × TM 3.5%(3) 4.1% (3) 3.6% (3) 3.8% (3) (1) The sample size represents Realty Income's clients from top four industries that have 10-year public unsecured debt outstanding. (2) Represents dividend yield as of 3/31/2022. (3) Weighted average (by rent) ~10-year unsecured bond yields for each industry. As of 3/31/2022. 41#42Credit Valuation Arbitrage: Acquiring Cash Flow from Blue-Chip Operators at Attractive Real Estate Spreads NET LEASE ACQUISITIONS GENERATE PREMIUM INCOME STREAM RELATIVE TO BONDS Top 50 Clients Represent(2) ~60% of total annual rent ~40% of total annual rent from clients with public ~10-yr notes outstanding ~60% of Top 50 clients have an investment grade credit rating(3) BBB-/Baa3 weighted average credit rating ~90% of total rent from publicly traded companies ~70% of total rent from members of S&P 500 or equivalent index Realty Income's acquisitions generate ~180 bps spread over comparable bond yields Walgreens 7-ELEVEN. CIRCLE K ❤CVS pharmacy LOWE'S THE HOME DEPOT FedEx. DOLLAR GENERAL amazon TESCO TSC TRACTOR SUPPLY CO Kroger DOLLAR TREE O'Reilly Walmart BEST BUY Advance Auto Parts AUTO PARTS Source: Bloomberg (1) Weighted average (by rent) ~10-year bond yields as of 3/31/2022. (2) As of 3/31/2022. (3) As measured by rent. -12% of clients (by rent) are not rated. Investment grade clients are clients with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). 382 bps 562 bps (1) Top 50 Client 10-Year Bond Yields 1Q22 Acquisition Cap Rate REALTY INCOME 42 42#43REALTY INCOME Stable and Predictable Cash Flows Supported by High-Quality Real Estate Portfolio 0 Industry-Leading Occupancy Levels, Consistent During Various Economic Cycles S&P 500 REIT O Median S&P 500 REIT Median (1) CONSISTENCY BY DESIGN: 99.5% 98.4% 98.2% 97.7% 97.7% 98.1% 97.9% 98.5% 98.7% 97.9% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 97.9% 98.5% 98.6% 97.0% 96.8% 96.6% 96.7% 97.2% 98.2% Careful underwriting at acquisition Long initial lease term 94.0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022 MAXIMIZING REAL ESTATE VALUE: Strategic management of rollovers Proactively addressing portfolio "watch list" Resolved over 4,200 lease expirations since 1996 Weighted average lease term of 8.9 years Strong underlying real estate quality Strategy of owning "mission critical" locations Diversified client industries with strong fundamentals Prudent disposition activity Manageable Lease Expiration Schedule Provides High Visibility into Future Cash Flows 4.8% 5.1% 6.5% 8.1% 5.9% 7.6% 7.1% 5.4% 1.8% 2022 (1) Includes 22 S&P 500 constituents, excluding non-property REITs, such as AMT, CCI, EQIX, IRM, SBAC, WY. Occupancy calculated by number of properties. Lease expiration schedule represents percentage of total portfolio annualized contractual rent. 47.7% 2023 2024 2025 2026 2027 2028 2029 2030 2031-2046 43#44Proven Track Record of Value-Add Asset and Portfolio Management REALTY INCOME Strong client retention rates are a testament to real estate quality, operator quality, active asset management and mutually beneficial client relationships(1) 91% 85% 77% 94% 93% 94% 88% 87% 2015 2016 2017 2018 2019 2020 2021 Rents at or below market at acquisition result in above 100% recapture ratios at expiration. Re-leased over 3,500 properties at 101.2% recapture rate (2) since 1996. One of the few net lease companies that report re-leasing results. (1) Based on number of leases re-leased to same clients each year. (2) Reflects cash rent recapture inclusive of client improvement spend (immaterial). YTD 2022 Strong client retention supports industry-leading leasing spreads Accretive Re-Leasing Activity is a Result of Prudent Underwriting (2) 104.5% 105.5% 103.3% 100.9% 102.6% 103.4% 106.2% 100.0% 2015 2016 2017 2018 2019 2020 2021 YTD 2022 44#45REALTY 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. Based on annual data between 2012 and 2021. ....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) 45#46European Portfolio Overview Sale-leaseback transaction with Sainsbury's in May 2019 was a foundation for a growth platform in Europe Expre Sainsbury's SHINE 82 Argos Home Sainsbu F cash withd 46#47European Portfolio Snapshot REALTY INCOME REALTY INCOME HAS CONTINUED TO GROW ITS EUROPEAN PRESENCE WITH INVESTMENTS OF ~$5.1 BILLION THROUGH MARCH 31, 2022 ~$281mm 9.4% 194 properties >20 ~15.7mm industries leasable square feet annualized contractual rent 10+ 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) ~$5.1 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 2019 2Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 47#48European Portfolio Snapshot (cont'd) CLIENT DIVERSIFICATION - TOP EUROPEAN CLIENTS(1) Sainsbury's B&Q 18.4% TESCO Carrefour 5.6% ASDA 5.0% Other 17.3% 24.9% 28.8% (1) Based on percentages of total European portfolio annualized contractual rent as of March 31, 2022. (2) Based on market share. Source: Kantar World Panel. (3) Source: Mintel, 2020. EUROPEAN PORTFOLIO BY INDUSTRY(1) Other, 17% Health Care, 1% Warehousing and Storage, 2% Home Improvement, 21% KEY HIGHLIGHTS REALTY INCOME Grocery, 59% 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 B&Q (Kingfisher) is the largest home improvement retailer in the U.K. and is number two in France (3) 48#49ESG 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. & Panera BREAD DRIVE THRU HWHHH Panera BREA DRIVE THRU ORNE (6) STOP 49#50REALTY 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://www.realtyincome.com/corporate-responsibility/sustainability-report 42% OF OUR BOARD IDENTIFIES AS FEMALE 50% OF OUR BOARD IS FROM UNDERREPRESENTED COMMUNITIES 92% INDEPENDENT All our directors other than our CEO are independent. DIRECTOR TENURE 6 1 5 >11 years 6-11 years <6 years 50 50#51Social Responsibility Panera BREAD DRIVE THRU Social REALTY INCOME 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. HHHHHUGH 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 51#52REALTY INCOME Environmental Responsibility Environmental 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. Expanding and incorporating a greater volume of “Green Lease Clauses". ISS‣ GRES B 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. MSCI S&P Global Ratings SUSTAINALYTICS 52 62#53Appendix International Expansion Opportunity Top Industry Investment Theses PHOTO CENTER LIQUOR RXDRIVE THRU CVS pharmacy Sun 24 pharmac HOURS GVE Pharmacy 1030 R DRIVE THRU LIQU mera 53#54REALTY INCOME UK 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. 68.5M Current Population(1) UK POPULATION AND PROJECTIONS (1) 80 Population Projected Population 60 57 40 (in millions) 1991 2001 2011 2021 68.5 M 2021 RETAIL SQUARE FOOTAGE PER CAPITA (2) Spain 4 UK 5 US The UK, by land area, 73 is approximately the size of Oregon. 93,628 Square Miles 2031 2041 Source: (1) UK Office for National Statistics. (2) ICSC; Springboard. (3) 2020 GDP. Source: OECD National Accounts Data files; Bureau of Economic Analysis; Savills Aguirre Newman. 24 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. $2.7 Trillion GDP(3) 54#55Spain Considerations as Market for European Entry: Strong GDP growth, sizable addressable market, low financing costs EXPECTED REAL GDP GROWTH(1) (year/year) GROWING ECONOMY: Spain GDP growth is expected to outperform the Euro Area 7.5% 6.1% 6.4% € 3,000 LARGE ADDRESSABLE MARKET suggests deep pipeline of future expansion opportunity € 2,000 Source: (1) Barclays Economics. (2) CBRE Research. € 1,000 4Q21 1Q22 2Q22 3.9% 3.1% 3Q22 TOTAL RETAIL REAL ESTATE INVESTMENT VOLUME (2) (in millions) ■Spain Euro Area 4Q22 € 0 2019 2020 55 2021#56Grocery (10.4% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 23% Realty Income's top two U.S. grocery clients control 32% of U.S. grocery market share 9% 5% 4% 3% 3% E-COMMERCE RESISTANT INDUSTRY 53% 66% Kroger COSTCO WHOLESALE Ahold Delhaize DOLLAR GENERAL DOLLAR TREE amazon Other Source: Walmart (1) Wells Fargo Securities Research,2022. (2) Kantar World Panel for 12 weeks ending 4/17/2022. Food-at-Home as a % of Total Food Expenditure(3) REALTY INCOME U.K. Grocery Market Share(2) Realty Income's top two U.K. grocery clients control ~42% of U.K. grocery market share 18% 8% 5% ■Big 4 Discounters ■Convenience ■ Premium ■"Pure play" online 2% TESCO Sainsbury's ASDA SPAR Waitrose Iceland.co.uk ocado amazon LIDL 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 56#57Convenience Stores (9.1% 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). 165M people shop in c-stores everyday (3) GROSS MARGIN(3) 2040 SNAPSHOT f f £ Q Q f f f Q Q Q Q £ £ £ £ 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) RA 8% Great Recession 6% 5.3% ~9% Margin 30%+ Margin 4.4% 4% Gasoline In Store Sales 3.1% 3.1% 3.2% 2% ~70% of gross profit is generated from inside sales 0% Source: (1) Explorer Research. (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. 0.6% 1.5% 0.4% 3.1% 2.8% 2.9% 1.0% 5.8% 2.4% 1.9% 2.1% 1.6% 0.9% 7.4% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 57#58Dollar 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) +5% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E Source: (1) National Retail Federation. (2) Company Filings. Rece DOLLAR GENERAL REALTY INCOME Dollar General & Dollar Tree: Same-Store Sales Growth (2) Counter-cyclical protection due to a trade down effect and e-commerce resiliency. 9.5% 7.3% 5.7% 7.2% 4.6% 2.0% 0.1% -0.8% 0.9% 2000 2003 16.3% DOLLAR GENERAL DOLLAR TREE 6.1% 4.3% 3.9% 3.2% 4.9% 2.4% 0.9% 1.8% 1.0% 1.7% 2006 2009 2012 2015 2018 2021 -2.8% DOLLAR TREE 58#59REALTY INCOME Quick-Service Restaurants (6.6% of ABR) RESILIENT BUSINESS MODEL: 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. 11.1% Jan-21 (1) Source: Miller Pulse. KFC 4.2% 20.2% ORIGINAL RECIPE 8444 MEAL MADE HARD WAY CHICKEN WAFFLES HOT WINGS ARE BACK NOW HIRING 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. SAME-STORE SALES TRENDS: STRONG RECOVERY TO ABOVE PRE-PANDEMIC LEVELS Growth Over the Same Month in 2019(1) 15.7% 15.7% 14.4% 12.7% 11.7% 12.0% 11.0% 9.8% 9.5% 14.4% 12.2% Feb-21 Mar-21 Apr-21 May-21 June-21 July-21 Aug-21 Sept-21 Oct-21 Nov-21 Dec-21 22-Jan 22-Feb 59#60Drug Stores (6.5% 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. Walgreens plans to open 1,000 full-service doctor offices by the end of 2027. Source: (1) CVS filings. (2) Company Documents. (3) Company Filings as reported by IQVIA. (4) Company Filings | Latest reported quarter. 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% CVS currently operates over 1,000 Health HUB locations Walgreens PHOTO REALTY INCOME 3Q13 4013 1014 2014 3Q14 4014 1Q15 2015 3015 4Q15 1016 3.7% 2.0% 2016 3Q16 2.0% 4Q16 1017 2017 3017 4Q17 1018 0.0% 2018 3Q18 7.4% 7.2% 6.0% 6.0% 5.8% 5.8% 5.6% 9.7% 9.3% 2.8% 4Q18 1019 2019 3019 4019 1Q20 A 1.9% 2.5% 2020 3020 4Q20 1Q21 2Q21 3021 4Q21 1Q22 7.3% 6.8% 5.0% 3.5% 4.5% 3.2% Walgreens: 35 of 36 Quarters of Positive Same-Store Pharmacy Sales Growth (4). Combined retail prescription market share of Walgreens and CVS (3). 8.9% 8.4% 2022 60