Realty Income Pitch Deck

Completed Sale-Leaseback with Wynn Resorts Attractive risk-adjusted returns. Realty Income purchased the Encore Boston Harbor (Encore) Resort and Casino for $1.7 billion at a 5.9% cash cap rate. The transaction was 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. Updated as of December 2022 to reflect the completion of the sale leaseback of Encore Boston Harbor. REALTY INCOME Encore Boston Harbor Resort & Casino Encore Encore 32 32

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