Curating Best-in-Class Portfolio

REALTY 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

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