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REALTY INCOME The Monthly Dividend Company® Investor Presentation Real Estate Partner To The World's Leading Companies® August 2026 Salfseery TRACTOR SUPPLY CO THE HOME DEPOT LIFETIME ATHLETIC
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Safe Harbor For Forward-Looking Statements 2 The information contained in this Presentation is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as legal, tax, regulatory, accounting and/or investment advice or as an offer to sell or a solicitation of an offer to buy any security or any interest in any private equity fund or other investment vehicle. This presentation includes securities ratings. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating agency. 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 Securities Exchange Act of 1934, as amended. When used in this presentation, the words “estimate,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our At-the-Market (“ATM”) program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term 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 real estate investment trust; general domestic and foreign business, 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 (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; 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. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this presentation and forecasts made in the forward-looking statements discussed in this presentation may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events. Clients, Trademarks and Logos Third-party logos or references included herein are provided for illustrative purposes only. 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 owners. All data as of June 30, 2026, unless noted otherwise
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• Who We Are 5 • Stability by Design 12 • Our Competitive Advantage 17 • Scaling Durable Growth 23 • Realty Income Investment Management 27 • Expanding Global Presence 37 • Delivering Shareholder Outcomes 41 • Appendix 45 Natural consolidator of corporate-owned real estate, a multi- trillion-dollar opportunity globally Positive total operational return in 31+ years as a public company Dividend has risen each year as a public company Growth Income Stability Realty Income Investment Thesis Presentation Roadmap 3
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The Realty Income Investment Case 4 Superior Risk-Adjusted Returns vs. Benchmarks 5,430% cumulative total stockholder return since our 1994 NYSE listing – nearly 2x the S&P 500 index Growth. Income. Stability. The Realty Income Advantage Equity-like returns with bond-like volatility Positive total operational return in the 31+ years as a public company Largest and most experienced global net lease platform $89 billion enterprise value(5) with 57-year operating history Built to meet a growing need for dependable income 673 consecutive monthly dividends backed by contractual, long-duration rent streams (6) SINCE O NYSE LISTING (10/18/1994 – 6/30/2026) Comparative Indices & Medians: Realty Income S&P 500 S&P Dividend Aristocrats TOTAL STOCKHOLDER RETURN (CUMULATIVE) 5,430% 2,772% 3,011% TOTAL STOCKHOLDER RETURN (ANNUALIZED) 14% 11% 11% STOCK PRICE BETA(1) 0.5 1.0 0.8 DIVIDEND SHARE OF TOTAL RETURN (2) 38% 10% 22% DIVIDEND YIELD(3) 5% 1% 3% ADJ. EBITDA MARGIN(4) 95% Typically ~20-30% Source: Bloomberg. As of 6/30/2026. Index numbers shown for S&P 500 and S&P Dividend Aristocrats, unless otherwise noted. (1) Measured on a monthly frequency. (2) Represents contribution of dividend to total cumulative stockholder return over the stated time period. (3) Calculated as 2026 annualized dividend per share divided by stock price as of 6/30/2026. (4) Realty Income’s metric calculated as the reported adjusted EBITDA as a percentage of total revenue, excluding reimbursements. S&P 500 and S&P Dividend Aristocrats metrics calculated as the median adj. EBITDA margin of index constituents as reported by Bloomberg. Note: Adj. EBITDA margin is a non-GAAP measure that could be calculated differently from company to company. Please refer to the Appendix for Company reconciliation. (5) Enterprise value is total market value, less cash and cash equivalents, at our pro-rata share. "Pro-rata share" represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented as of the end of the applicable period being presented, and aggregating that information for all such joint ventures. (6) As of July 2026 dividend declaration.
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Who We Are 5
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6 A Global Leader Delivering Stable Income and Consistent Growth Realty Income, an S&P 500 company, is real estate partner to the world’s leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. We are the seventh largest global REIT(1) with presence in all 50 U.S. states, the U.K., and eight other countries in Europe. We are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years and have delivered 8–12% total operational returns(2) through various economic cycles. ~353M square feet leasable space 15,588 real estate properties 92 client industries A3 / A- / A credit ratings (Moody’s / S&P / Fitch)(5) ~$89B enterprise value(3) ~$5.3B Annualized Base Rent(4) 98.8% total portfolio occupancy rate 1,798 clients Note: All data as of 6/30/2026, unless otherwise noted. (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs TR Index Constituents. (2) From 1996 to Q2 2026. Total operational return measured as year-over-year AFFO per share growth plus dividend yield. (3) Enterprise value is total market value, less cash and cash equivalents, at our pro-rata share. “Pro-rata share” represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented as of the end of the applicable period being presented, and aggregating that information for all such joint ventures. (4) Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. (5) Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. Fitch rating initiated in August 2026. 6 Realty Income delivers what few companies can – stable income and consistent growth through all market cycles
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7 78.3% Retail 5.5% Gaming, Data Center, & Other 16.2% Industrial 79.5% United States 15.0% United Kingdom 5.5% Continental Europe GEOGRAPHIC DIVERSIFICATION % of Total Annualized Base Rent(1) PROPERTY TYPE DIVERSIFICATION % of Total Annualized Base Rent(1) Diversified Global Portfolio Anchored by Essential Net Lease Real Estate (1) Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions toGAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, 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. (2) Other consists primarily of agriculture, country clubs, data centers, and office properties. Retail: ~91% of retail ABR(1) is leased to non-discretionary, service-oriented businesses that have remained resilient across economic cycles Industrial: ~16% of total ABR(1) is from mission-critical industrial properties across logistics, warehousing and manufacturing Gaming, Data Center, & Other: ~5.5% of total ABR(1) includes 3.1% from gaming and 2.4% from other(2) adjacent sectors, including data centers
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Highly Diversified Portfolio Across Clients and Industries 8 3.6% 3.7% 4.1% 4.2% 4.2% 4.8% 6.0% 6.4% 9.4% 11.1% Restaurants-Casual Dining General Merchandise Drug Stores Health and Fitness Automotive Service Restaurants-Quick Service Dollar Stores Home Improvement Convenience Stores Grocery (1) Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, 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. (2) 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). There can be no assurance that such clients’ parent entities or affiliates will satisfy their lease obligations upon a default. 1.5% 1.5% 1.4% 1.3% 1.1% 1.1% 1.0% 0.9% 0.9% 0.9% Dollar General 7-Eleven Walgreens Family Dollar Life Time Group (B&Q) Kingfisher Wynn Resorts EG Group Asda Sainsbury’s Tesco BJ’s Wholesale Club Tractor Supply FedEx MGM (Bellagio) CVS Pharmacy Carrefour Home Depot Walmart / Sam's Club Decathlon 3.3% 3.1% 3.0% 2.6% 2.1% 2.0% 2.0% 2.0% 1.6% 1.6% CLIENT DIVERSIFICATION – TOP 20 CLIENTS % of Total Annualized Base Rent(1) INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES % of Total Annualized Base Rent(1) Denotes IG- Rated Client(2)
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Positioned to Capitalize on Two Secular Growth Drivers (1) U.S. Social Security Administration; Encyclopedia Britannica. The Baby Boomer generation spans birth years 1946–1964; individuals born in 1964 attain Social Security retirement eligibility at age 62 in 2026. (2) Based on ICI’s ‘Release: Quarterly Retirement Market Data’ from June 18, 2025. References Total Retirement Entitlements in the U.S. as of the end of Q1 2025. (3) Realty Income’s Total Addressable Market (“TAM”) calculated based on industry information from Nareit and CoStar (2Q21; latest data available), and EPRA, FTSE, Bloomberg, S&P Global, JLL. Represents estimated commercial property value for Realty Income’s target sectors. Additional details on calculation methodology are referenced on page 10. Nearly $50T ~$15T The need for stable and consistently growing income for an aging global population Leading companies worldwide looking for long-term funding solutions with partners, at scale Youngest cohort of the baby boomer generation reaching retirement age in 2026(1) 9 Real estate asset value on U.S. & European company balance sheets(3) In current and needed U.S. retirement investment(2)
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Expanding Total Addressable Market (By Realty Income’s Entry Date) $15T Total Addressable Market Across Core and High-Growth Sectors (1) Based on JLL Research’s 2025 global data center capacity estimate and implied real estate asset value per GW. Excludes tenantIT equipment and fit-out costs. (2) TAM calculated by applying a 7.0% cap rate to estimated gaming industry property NOI. Gaming industry property NOI is based on Gross Gaming Revenue excluding tribal gaming and REIT-owned properties as of 2024 per American Gaming Association, an assumed 50% gross gaming revenue contribution to total property revenue and 35% property EBITDAR margins based on industryaverages, and 1.5x EBITDAR-to-Rent Coverage. (3) Realty Income’s TAM calculated based on industry information from Nareit and CoStar (2Q21; latest data available), EPRA, FTSE, Bloomberg, S&P Global and the information set forth herein. Represents estimated commercial property value for Realty Income’s target sectors. (4) Calculated as ~60% of total retail real estate, applying an equivalent percentage share of malls and shopping centers to retail real estate values as relative share of the total U.S. retail gross leasable area based on Coresight Research as of 1Q23. Includes consumer centric medical (Source: McKinsey & Co). $15TTAM 2010 20222019 2023 2026 U.S. Industrial(3) $2.0T Europe(3) $9.0T Global Data Centers(1) $1.0T U.S. Freestanding Retail(4) : The Foundation of Realty Income’s Model $2.6T U.S. Gaming(2) $0.4T 10 > ~ ~ ~ ~ ~
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0% 1% 2% 3% 4% 5% 6% 7% 0% 5% 10% 15% 20% 25% '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 1Q26 2Q26 Competitive Advantages Help Generate Consistent Returns Across Market Cycles Realty Income Total Operational Return Average 10-Year US Treasury YieldTotal operational returns, in %(1) 8-12% Total Operational Return Range (1) Total operational return measured as year-over-year AFFO per share growth plus dividend yield. From 1996 – 2Q26. 11 Returns 10-Y Yield (%)
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12 Stability by Design 12
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13 Triple Net Sale-Leaseback Model Designed to Deliver Stable Income Why We Buy Long-duration leases to strong operators provide visible cash generation Why Clients Transact Unlock real estate capital while maintaining operational control of mission-critical sites Client Buys asset Pays rent Triple Net Lease Advantage Maintenance Clients handle property upkeep and repairs, minimizing our obligations and preserving consistent cash flow Insurance Clients cover insurance costs, protecting us from rising premiums and simplifying expense management Property Taxes Clients are responsible for property taxes, reducing our operating risk and supporting stable income
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Typical Attributes of Real Estate Subsectors(1) Vacant units can be sold individually Vacancies can be re-leased for a variety of uses Vacant units can immediately be redeveloped Client pays property taxes and all property expenses Client is responsible for capital expenditures Lease contracts lack co-tenancy clauses Single-Tenant Net Lease Multi-Tenant Data Centers Multi-Tenant Industrial Shopping Centers & Malls Multi-Family Office 14 Why Net Lease Outperforms Other Real Estate Formats (1) Based on management’s perspective of typical profiles of lease terms and property characteristics by property type. Realty Income applies the benefits of a single- tenant net lease model across property types, industries, and geographies.
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Occupancy Stability Through Various Market Environments 15 97.7% 98.2% 97.7% 98.1% 97.9% 98.5% 98.7% 97.9% 97.0% 96.8% 96.6% 96.7% 97.2% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 97.9% 98.5% 99.0% 98.6% 98.7% 98.9% 98.9% 98.8% 98.4% 94.9% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 O Median of S&P 500 REITs O Historical Median S&P 500 REIT Historical Median High Occupancy(1) Levels Have Been Consistent During Various Economic Cycles (1) Occupancy calculated based on number of properties. Excludes properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending. (2) S&P 500 REIT occupancy numbers pulled from Bloomberg based on publicly available information as of 6/30/2026. Excludes the S&P 500 non-property REITs. Calculations of occupancy may differ between companies and from our own calculations. (2) CONSISTENCY BY DESIGN: Careful underwriting at acquisition Long initial lease term Strategy of owning “mission critical” locations Strong underlying real estate quality Diversified client industries with strong fundamentals Prudent disposition activity
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16 Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows 1.5% 5.8% 7.7% 8.6% 7.0% 8.7% 7.2% 6.2% 6.8% 40.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted average lease term of 8.6 years 100.9% 104.5% 105.5% 103.3% 102.6% 100.0% 103.4% 105.9% 104.1% 105.6% 103.9% 103.4% 102.7% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 Accretive Re-Leasing Activity is a Result of Prudent Underwriting (1) Lease expiration schedule represents timing of remaining lease term expiration in our portfolio (excluding rights to extend alease at the option of the client) and their contribution to Annualized Base Rent as of 6/30/2026. 2013 to 2019: Renewal Recapture of 104% New Client Recapture of 88% 2020 to 2Q26: Renewal Recapture of 104% New Client Recapture of 108% Re-leased over 7,700 properties at 103.2% recapture rate since 1996 Strategic management of rollovers Proactively addressing portfolio “watch list” Resolved over 9,300 lease expirations since 1996 MAXIMIZING REAL ESTATE VALUE: Multi-Cycle Re-Leasing & Rent Recapture Track Record
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17 Our Competitive Advantage 17
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Ability to deploy at size, execute complex deals, and cultivate proprietary deal flow from repeat corporates Analytics and trade- area intelligence embedded in sourcing, underwriting, monitoring, and dispositions WACC-anchored underwriting with a track record of accretive spreads and prudent dividend payout ratio Investment-grade balance sheet, proven track record, and private capital channels expand the efficient frontier for deployment A Platform Built on Four Distinct Competitive Advantages 18 Scale 2 Technology Discipline Access
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19 Well-Laddered Balance Sheet Supported by Diverse Capital Sources Current maturity profile(1), $ Millions A- / Stable A3 / Stable Key credit metrics(3) Favorable credit ratings(2) Long-Term Unsecured Debt Rating Net Debt to Annualized Pro Forma Adj. EBITDAre (4)5.4x Fixed Charge Coverage Ratio 4.7x Net Debt to Total Enterprise Value 34.3%Low Leverage / High Coverage Ratios Unsecured99.9% Fixed Rate91.8% Weighted Average Term to Maturity for Notes & Bonds 5.8 yearsConservative Long- Term Debt Profile (1) Outstanding represented at our pro-rata share. As of 6/30/2026, there were ~$2.6 billion of total outstanding borrowings under the revolving credit facilities (including $75.4 million of borrowings at our pro-rata share on the Fund revolving credit facility). (2) Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. (3) Metrics represented at our pro-rata share, except for Net Debt to Annualized Pro Forma Adj. EBITDAre, as described below, and fixed charge coverage ratio which is calculated in accordance with our key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. (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 is total debt, excluding deferred financing costs and net discounts, 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, consis t of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurre d at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to presen t Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. For a reconciliation of these metrics to their closest GAAP equivalent, please see Appendix. $2,403 $3,923 $3,795 $4,411 $2,443 $2,539 $1,558 $2,664 $1,845 $1,592 $3,991 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ Fund Credit Facility Commercial Paper EUR Denominated Notes GBP Denominated Notes Term Loan RIC Credit Facility Mortgages USD Denominated Notes Pro-Rata UJV Debt A / Stable
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$2.1B $1.8B $1.4B $0.8B $1.2B $1.5B $0.7B $0.7B $0.9B $1.0B $0.9B 2023 2024 2025 2026 USD Public Bonds EUR Public Bonds Municipal Prepay Convertible Bonds GBP Public Bonds Executing a Creative, Multi-Channel Capital Strategy 20 Recent debt and equity capital initiatives have expanded and diversified our sources of capital while reducing dependence on public equity issuance, strengthening financial flexibility and positioning us to fund growth across market cycles 73% from private capital sources Reducing Reliance on Any Single Source of Capital(1) Broadening Our Capital Toolkit in 2026 Expanded Revolver Capacity to $5.5B & Global Commercial Paper Programs to $5.5B(1) Formed $1.5B GIC JV for Industrial Build-to-Suit Developments Completed First Municipal Prepay Transaction with San Diego Community Power Issued First Convertible Bond at a 3.5% Coupon Formed $2B Apollo JV, Generating $1B Equity-Like Proceeds (1) Includes $2.75B USCP Program and $2.75B Multi-Currency Program. (2) Private capital equity raised in 2025 includes ~$486M of equity capital called through the U.S. Core Plus Fund. Private capital equity in 2026 YTD includes $1B of proceeds from Apollo joint venture and ~$1.2B of equity capital called through the U.S. Core Plus Fund. (3) Debt raised year-to-date includes €600M EUR bond offering priced in June 2026 and settled in July 2026. $5.5B $1.8B $2.4B $0.8B $0.5B $1.2B $1.0B 2023 2024 2025 2026 Insurance Capital Private Capital Public Equity 51% from new debt capital sources YTD Equity Capital Raised (2) Debt Capital Raised(3) YTD
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Embedded Data and Analytics Drive Better, Faster, Smarter Decisions Investment Lifecycle 1 2 3 4 1 2 3 4 Sourcing: Tenant credit signals, market intelligence Underwriting: Predictive analytics, trade-area health, competitive pricing Monitoring: Early-warning indicators, renewal targeting Disposition: Optimal exit timing based on asset-level performance ~104% rent recapture on re-leased properties from 2020-2Q26 ~108% rent growth on new tenant placements from 2020-2Q26 Seven years of proprietary analytics experience is embedded into our investment decision life cycle …and assists in supporting strong outcomes 21 This technology foundation has supported our evaluation of more than $50 billion in transaction volume from 2019 to 2025 and reinforces our discipline in underwriting and capital allocation
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Predictive Analytics Platform Informs Proactive Decision-Making Early store-level visibility + predictive risk analytics drive disciplined actions that we believe preserve long-term value In partnership with Asset Management, predictive analytics helps identify elevated long-term risks, selectively dispose higher- risk locations at attractive values, and validate durability of remaining locations Case Study: Proactive De-risking for a Home Furnishings Retailer • Used early visibility into store-level trends to begin selling select assets ahead of anticipated Chapter 11 filing • Over ~18 months, sold eight properties for nearly $80 million, materially reducing exposure What We Did before bankruptcy filing What Happened through restructuring • Across the remaining 31 go-forward stores, achieved a blended recapture rate just over 80% • Effected proactive de-risking based on forward-looking risk signals from our predictive analytics platform We believe that our early action, disciplined underwriting, and active asset management helped to preserve long -term value 22 Note: There can be no assurance that any historical trends will continue. How the platform drives proactive decisions Analytics Action Store-level operating performance provides early read on trends Platform Inputs Broader predictive analytics helps assess key factors such as closure risk, rent sustainability, and real estate fungibility
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23 Scaling Durable Growth 23
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An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns 1969-2010 Focus: Foundation • Founded in 1969 with the mission to deliver dependable, monthly dividends that grow over time • Triple-net model built for stable, predictable income • Public listing (1994) established durable access to public equity 2010-2025 Focus: Scale and Efficiency • M&A at scale (ARCT, VEREIT, Spirit) • International and industry expansion • Technology and analytics embedded across the platform Today & Future Focus: Capital Diversification • Public equity + unsecured bonds • Private capital vehicles & strategic partnerships • Ability to invest across wider range of investment profiles, property types, geographies, and across the capital stack Realty 2.0: Platform and Growing at Scale Realty 1.0: The Monthly Dividend Company® Realty 3.0: Strategic Partnerships & Expanding “Buy Box” Each evolution expanded our growth engine by broadening and diversifying how we access capital while maintaining our commitment to stable income and consistent growth 24 Result: Stable Income Result: Stable Income + Consistent Growth Focus: Stable Income + Consistent Growth + Unlocking the Benefits of Private Capital
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Scale Drives Proprietary Deal Flow, Large Transactions, and Strategic Partnerships Marquee Deals Realty Income Has Executed (2019 - 2Q26): ~$74B of total capital deployed from 2019-2026 ~$586B total sourced volume from 2019-2026 Industry-leading M&A ~$18B merger (2021) ~$10B merger (2024) Strategic Partnerships(2) ~$950M Bellagio investment ~$800M CityCenter investment ~$1.5B programmatic joint venture ~$200M Mexico industrial portfolio 25(1) Represents built-out cost assuming client exercises full expansion option. (2) CityCenter announced in December 2025 and Bellagio announced in August 2023. GIC strategic partnership and Mexico portfol io announced in January 2026. Apollo joint venture announced in March 2026. (3) Represents the total transaction value. Realty Income will hold a 45% ownership interest in the joint-venture and expects to invest up to $1.4B in equity. ~$1.0B 100% permanent equity treatment by rating agencies equity investment from Apollo International Retail U.S. Retail U.S. Gaming U.S. Data Center ~€527M ~$1.5B ~$770M ~$950M ~$800M CityCenter Las Vegas ~£429M ~$800M >$6B Repeat relationships: Trusted by world’s leading companies for repeat transactions Low concentration risk: Large-scale deals can be absorbed in portfolio with minimal concentration risk Off-market deal flow: Long-standing broker and industry relationships generate proprietary, early-access deal flow Access to capital: Strong balance sheet and financial flexibility support ability to take on meaningful transactions Our advantages (3)(1) Hyperscale Data Center
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$0.7 $1.0 $1.2 $1.5 $1.4 $1.3 $1.9 $1.5 $1.8 $3.7 $2.3 $6.4 $9.0 $9.5 $3.9 $6.2 $2.6 $2.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 Global Sourcing Scale With Disciplined Investment Selectivity $6.0 $13.0 $17.0 $39.0 $24.0 $32.0 $28.0 $30.0 $32.0 $57.1 $63.6 $84.5 $95.0 $59.0 $43.3 $120.5 $30.9 $32.5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 INTERNATIONAL UNITED STATES 12% 8% 7% 4% 6% 4% 7% 5% 6% 7% 4% 8% 9% 16% 9% 5% 9% 8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 International opportunities have added more than 30% to Realty Income’s sourcing volume since 2019 SOURCED VOLUME in billions SELECTIVITY(5) percentage of sourced volume acquired INVESTMENT VOLUME(1) in billions (1) Represents investment volume at our pro-rata share. (2) Excludes the ARCT transaction. (3) Excludes the VEREIT merger. (4) Excludes the Spirit merger. (5) Selectivity calculated based on investment volume at 100% share, not pro-rated for ownership. (4) (2) (3) 26 International Expansion Has Accelerated Sourcing Volume Since 2019, Underpinned by Continued Selectivity
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Realty Income Investment Management 27
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28 Realty Income Investment Management (RIM): Extending Realty Income's Capital Platform Through Private Markets Accelerate AFFO/share with Capital Light Revenue Expand the Addressable Market Reduce Reliance on Public Equity Various Distinct, Non-Overlapping Vehicles 1 2 3 4 Four Key Investment Management Strategic Advantages 28 RIM allows institutional investors to invest alongside Realty Income through funds, joint ventures, and separately managed mandates. While our access to the public markets is deep and proven, the institutional investment capital in real estate is dominated by the private markets looking to avoid exposure to the stock market. Our private capital platform leverages our unique inherent competitive advantages in originating, underwriting, closing, and managing single-tenant net lease properties while diversifying our sources of capital.
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29 Our Private Capital Strategy Unlocks Additional Growth Drivers Note: Information and statements made in this presentation reflect management's perspective and investment strategy as of August2026. Allocation procedures are expected to apply in the event of overlapping investments. Information presented includes the intended investment strategy of the U.S. Core Plus Fund as of August2026. There can be no assurance that the fund will achieve its investment strategy. Target returns are aspirational and are not a guarantee of future results. Private Capital Vehicles Enable ‘O’ to: Across each strategy, Realty Income’s balance sheet addresses only a fraction of the broader opportunity set, reflecting its requirement to generate wide Year 1 spreads, while private capital vehicles aim to expand access without compromising long -term return discipline On Balance Sheet U.S. Core Plus Fund U.S. Insurance and Annuity GIC Joint Venture STRUCTURE Wholly-Owned STRUCTURE Open-End fund STRUCTURE Perpetual Equity STRUCTURE Joint Venture (Loan-to-Own) ASSET TARGETS Retail, Industrial, Gaming, Data Center ASSET TARGETS Industrial, Retail ASSET TARGETS Retail ASSET TARGETS Industrial Build-to-Suit High-Yield + Structured Debt Lower Initial Yield with Attractive Long-Term Return Profile Lower Initial Yield with Modest Growth, Strong Credit Quality and Long Duration Contractual Cash Flows Build-to-Suit Development Partnership CREDIT PROFILE Higher-Yielding CREDIT PROFILE Investment-Grade CREDIT PROFILE Diversification, Credit Consistent with “O” CREDIT PROFILE Investment-Grade Equivalent
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• Industrial Build-to-Suit in the United States and Mexico • Target investment returns stronger than traditional acquisitions • High-quality, pre-leased NNN with rent escalators • IG and IG-equivalent tenants Clearly Defined Private Capital Vehicles 30 Note: For illustrative purposes only. Target returns are aspirational and are not a guarantee of future results. Going-in Yield Long-term Growth Profile Low Yield High Yield Low Growth High Growth GIC Joint Venture Build-to-suit Development The vehicles that comprise Realty Income Investment Management are distinct and complementary—broadening permanent equity sources while remaining anchored in our firm’s underwriting and credit discipline U.S. Core Plus Fund Low-Yield, High-Growth Balance Sheet High-Yield, High Growth U.S. Insurance & Annuity (Apollo) Low-Yield, Low-Growth Realty Income Investment Management Build-to-Suit (BTS)
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GIC Partnership: One Stop Shop for Build-to-Suit Development $200M Mexico Build-to-Suit Bespoke Industrial Partnership $1.5B Programmatic JV Industrial Build-to-Suit U.S. Core Plus Fund Cornerstone Investment 31 Programmatic, strategic relationship with GIC that pairs Realty Income’s operating platform with like-minded, long- term investor to deploy and manage capital at scale • High-quality, pre-leased assets • Realty Income is the majority JV owner • IG and IG-equivalent tenants • Long-term NNN leases with rent escalators • Immediate accretion: “O” provides a senior secured construction loan • Forward acquisition agreement: “O” to become long-term equity owner • $5–$10B annual U.S. investment-grade BTS industrial TAM enables programmatic relationship growth(1) (1) Source: Broker research. Includes management estimates for total addressable market. • Expands O’s global reach • Includes joint financing + $200M forward purchase agreement: “O” to become the long-term equity owner • Assets located in Mexico’s “Golden Triangle” (Guadalajara / Mexico City): ~60% of industrial RE inventory • 100% U.S. dollar denominated leases • Attractive going-in yield, strong rent escalators • Fortune 50, institutional-quality client • Demonstrates broad and strategic alignment • Realty Income views GIC’s participation as early validation of the partnership and its private capital strategy • Realty Income believes GIC’s participation reflects the strength of the partnership
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U.S. Core Plus Fund 32 EFFECTIVE CAP RATE RETURN ON EQUITY Note: The information herein is provided for illustrative purposes to demonstrate how fund investments could enhance Realty Income returns and is purely hypothetical in nature. Although such information is based on assumptions that are believed to be reasonable under the circumstances, there is no guarantee that the facts on which the assumptions are based will materialize as anticipated. Actual events and conditions may differ materially from the assumptions underlying the information presented herein. Further, the metrics presented herein represent certain operational metrics at the public company-level only and are not representative of fund-level performance or ultimate returns to fund investors. 7.5% 10.1% 260 bps 8.8% 12.8% +400 bps Standalone With U.S. Core Plus Fund Potential for enhanced returns for Realty Income through fund investments (illustrative example) Expand Investment Universe Unlocks access to a wider range of investment opportunities. Supports investment in lower-yielding assets with attractive long-term growth. Capital Diversification Introduces a complementary capital source with less pricing volatility. Enhances funding flexibility and supports accretive, lower - cost growth. Fee Income is Expected to Enhance Returns Management fees create a high-margin, capital-light earnings stream. This fee income enhances shareholder returns and may command a premium valuation multiple. $1.7B Equity Raised Successfully raised $1.7 billion in cornerstone equity commitments. The strong institutional response validates the strategy and establishes a scaled capital base for deployment.
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7.3% 7.7% 8.1% 8.5% 8.9% 9.4% 9.8% 10.3% 10.9% 11.4% 12.0% 12.6% 13.2% 13.9% At Inception Year 2 Year 4 Year 6 Year 8 Year 10 Year 12 Year 14 Apollo Target IRR 6.875% Common Equity(1) 7.0% Apollo Strategic Partnership Note: Target returns are aspirational and are not a guarantee of future results. Per agreement, Realty Income is entitled to call Apollo’s JV investment at the price that returns the target IRR of 6.875% to Apollo, between the 7th and 15th year anniversaries of the JV. (1) Represents the year 1 AFFO yield based on closing 3/18/26 share price of $63.04 and median consensus AFFO/sh of $4.41 (Bloomberg); future years adjusted annually by Realty Income’s historical annual AFFO/sh growth rate of ~5.0% Apollo’s investment is restricted to the JV property level at a 6.875% target return, which is expected to be increasingly accretive to Realty Income over time Long-Term Cost of Public Common Equity 7.0% AFFO Yield + 5.0% Annual Growth(1) 33 Apollo Target IRR 6.875% Repeatable Capital Partnership Realty Income expects to use this funding structure as a significant source of future equity funding, depending on the relative cost of public capital. Low-Cost Equity Initial Joint Venture to Raise $1B of Low-Cost Equity for Realty Income, with Apollo Targeting a 6.875% Unlevered IRR. Representative of “O” Portfolio JV comprises approx. 500 U.S. retail properties, generating $140M of annualized base rent, with 9.1 years of WALT and 28.3% investment-grade tenancy. Maintain Operational Control Realty Income retains operating control and key decision-making for JV assets while earning management fees on 100% of JV assets. Expected to represent a new source of non-dilutive, low-cost permanent equity that diversifies Realty Income’s funding sources
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Assuming exercise of the call option in Year 10, Realty Income would capture an estimated $392M of incremental post - distribution savings vs. traditional equity issuances The illustrative savings to Realty Income reflect the NPV of capital cost savings at a call year under a range of long-term cost of equity assumptions. Assuming long-term equity costs of 8.0% – 10.0%, exercising the call option on the insurance capital between years 7 and 15 could generate ~$291M – $534M in savings to Realty Income relative to a common equity issuance. Apollo Partnership is Positioned to Generate Meaningful Economic Savings for Realty Income When Compared to Common Equity Issuance 34 ($ in millions) Raising equity through Apollo’s insurance capital vs. common equity issuance meaningfully lowers the long-term cost of capital, driven by Apollo’s capped return structure Note: For illustrative purposes only. (1) Discounted to present value at 8.32%, based on 65% equity and 35% LTV, and 5.2% cost of LT (based on estimated cost of 10-year USD unsecured as of March 17, 2026) and assumed public cost of equity of 10.0%. (2) Calculated as the difference between (a) the illustrative sum of distributions (up to the call year) and the illustrative repurchase price of public equity holders through traditional equity raise at the call year and (b) the illustrative sum of distributions (up to the call year) and the illustrative repurchase price of Apollo’s equity at the call year, pursuant to the contractual IRR of 6.875%. (3) Illustrative amounts based on total operational return, measured as year-over-year AFFO per share growth plus dividend yield. From 1996-2025. NPV(1) of Savings to Realty Income per Exit / Call Year(2) Illustrative Savings Analysis (3 ) For illustrative purposes only. $ 291 $ 326 $ 360 $ 392 $ 423 $ 452 $ 481 $ 508 $ 534 Call at Y7 Call at Y8 Call at Y9 Call at Y10 Call at Y11 Call at Y12 Call at Y13 Call at Y14 Call at Y15 Exit Year $ 291 Year 7 Year 9 Year 11 Year 13 Year 15 8.0 % $315 $398 $477 $553 $626 10.0 % $291 $360 $423 $481 $534 12.0 % $269 $326 $375 $419 $458 Long Term Cost of Equity (3)
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Retirement Annuities are a $500 Billion Annual Origination Market 35 Total U.S. annuity origination volume ($ in billions) Realty Income’s business model is highly synergisticwith the needs of insurance capital given its long-duration, consistent, contractually secured cash flows Note: For illustrative purposes only. Source: Life Insurance and Market Research Association (LIMRA); full-year 2025 U.S. individual annuity sales data. (3 ) 164 190 185 220 218 221 216 239 257 265 239 222 238 220 230 237 236 222 204 234 242 219 255 313 385 434 464 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Variable Fixed Total U.S. individual annuity sales have more than doubled in the last five years to $464B—driven almost entirely by fixed-rate annuity sales, which increased by 167% to $322B in ‘25 ~
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45% Realty Income stake $6B+ Transaction value <400MW Total capacity 100% Leased/pre-leased 15–20 year Triple-net lease term Investing at Scale: Programmatic Data Center Joint Venture with Cloud Capital The Joint Venture Consists Of: Programmatic partnership with Cloud Capital to scale hyperscale data centers across the U.S. and Europe Initial transaction includes three Northern Virginia data center assets Leased/pre-leased to Investment Grade Hyperscale Tenants Up to $1.4B equity investment at our share to be funded over time as stabilization occurs 36 Scaling digital infrastructure through a $6B+ programmatic hyperscale partnership, extending Realty Income’s disciplined net lease model to investment-grade data center tenants Three-Asset Northern Virginia Hyperscale Portfolio One stabilized data center + two assets in active development Note: Represents assumptions outlined in transaction announcement dated 6/30/2026. Reflects current expectations and assumptions; actual results may vary and remain subject to customary approvals, closing conditions and development milestones.
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37 Expanding Global Presence 37
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38 A Diversified Global Footprint with Significant Opportunities to Expand 15.0% Total ABR 390 Properties UNITED KINGDOM 5.5% Total ABR 281 Properties EUROPE Significant room to grow, with ~$9.0 trillion European TAM(1) Expansion driven by unpenetrated market, favorable Euro- denominated financing and large addressable market Comprised ~20% of ABR in Q2 2026 670+ total European properties across 9 countries, generating ~$1B in ABR United States remains a core market… …with Europe and U.K. growing increasingly important 1.6% Total ABR 241 Properties PACIFIC NORTHWEST 20.2% Total ABR 3,996 Properties MIDWEST 9.1% Total ABR 1,030 Properties NORTHEAST 17.4% Total ABR 4,102 Properties SOUTHEAST 13.3% Total ABR 2,903 Properties SOUTHWEST 10.6% Total ABR 1,158 Properties PACIFIC SOUTHWEST 7.3% Total ABR 1,487 Properties MID-ATLANTIC Note: Total “ABR” = Annualized Base Rent. As of June 30, 2026. (1) For Total Addressable Market (TAM), see slide 10.
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$0.8B $0.9B $2.6B $2.5B $3.3B $1.9B $3.7B $1.3B $0.4B 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 Europe: A Fast-Growing, High-Quality Platform Opportunity 39 CONTINUED OPPORTUNITY IN THE REGION GIVEN A LARGER TOTAL ADDRESSABLE MARKET RELATIVE TO THE U.S., A FRAGMENTED COMPETITIVE LANDSCAPE, AND ATTRACTIVE RISK-ADJUSTED RETURNS REALTY INCOME’S INVESTMENT VOLUME IN EUROPE(2) properties 671 Over $17 billion invested in real estate in U.K. + continental Europe since international expansion in May 2019 Note: All data as of 6/30/2026. “Europe” includes U.K. and continental Europe. (1) Weighted average remaining lease term assumes no exercise of lease options. (2) Includes both international acquisitions and development properties as well as international credit investments at our pro-rata share. industries 44 Gross Asset Value ~$18B annualized base rent ~$1B of total annualized base rent ~20% weighted average lease term (years)(1) 8.0 Realty Income employees in Europe 77
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Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships (1) Total sale-leaseback transactions includes volume from FY 2022 through 2Q26. Represented as a percentage of total investments excluding loans and preferred equity investments from FY 2022 through 2Q26. (2) Realty Income’s TAM calculated based on industry information from Nareit and CoStar (2Q21; latest data available), and EPRA, FTSE, Bloomberg, S&P Global. Represents estimated commercial property value for Realty Income’s target sectors that is adjusted to exclude public REIT ownership in each sector. Sale-Leaseback Strategy in Action Wynn Encore Boston Harbor High-Quality Convenience Store Portfolio Data-Center Joint Ventures $9.0 T Asset Value $6.0 T Asset Value • Realty Income acquired the Encore Boston Harbor Resort and Casino for $1.7 billion in December 2022 • Premier client Wynn Resorts signed a 30-year triple net lease agreement that includes annual rent escalators • This acquisition marked Realty Income’s entry into the gaming industry vertical • Realty Income announced a $1.5 billion sale-leaseback agreement of 415 single- tenant convenience store properties in the U.S. from EG Group in March 2023 • This portfolio had a 20-year weighted average initial lease term, with the majority of annualized rent generated from properties operated under the Cumberland Farms brand • EG Group is a leading independent convenience retailer based in the U.K. • Realty Income invested approximately $200 million to acquire interest in a build-to- suit data-center development joint venture with Digital Realty in November 2023 • In July 2026, Realty Income entered into a programmatic partnership with premier data center operator Cloud Capital. The initial joint venture comprises three hyperscale-leased data centers in Northern Virginia and provides a platform for future data center investments across the U.S. and Europe. Aggregate Net Lease TAM (Total Addressable Market)(2) 41% of Realty Income’s investment volume came from sale-leaseback transactions since 2022(1) 40 ~ ~
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41 Delivering Shareholder Outcomes 41
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+4.1% Compound Annual Dividend Growth Rate(2) A 31-Year Track Record of Growing Monthly Dividends 673 Monthly dividends declared(2) 115 Consecutive quarterly dividend increases (2) S&P 500 Dividend Aristocrats® Index member(1) $3.252 Annualized Dividend per Share(2) 1.00 1.50 2.00 2.50 3.00 3.50 1994 1998 2002 2006 2010 2014 2018 2022 2026 (1) The S&P Dividend Aristocrats (launched in May 2005) is a stock market index composed of the companies in the S&P 500 Index that have increased their dividends for the past 25 consecutive years. (2) As of August 2026 dividend declaration. (3) At share price as of June 30, 2026 and annualized dividend per share of $3.252. ~5.2% Dividend yield(3) Annualized dividend per share, $ 42
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43 Demonstrated Outperformance in Periods of Market Stress During the thirteen S&P 500 Index 10%+ drawdowns(1) that have occurred since its 1994 listing, Realty Income shares have historically outperformed the S&P 500 Index Source: Bloomberg. Note: There can be no assurance that any historical trends will continue. (1) The thirteen S&P drawdowns include the following: 1997 Asia/Russian Crisis (10/7/1997-10/27/1997); 1998 Russian/Long-Term Capital Management Crisis (7/17/1998-8/31/1998); Late 1999 Correction (7/16/1999-10/15/1999); 2000-2002 Dot-Com Bubble Burst (3/24/2000-10/9/2002); 2002-2003 Early 2003 Correction (11/27/2002-3/11/2003); 2007-2009 Global Financial Crisis (10/9/2007-3/9/2009); 2010 Flash Crash/Eurozone Debt Crisis (4/23/2010-7/2/2010); 2011 US Credit Downgrade/Eurozone Crisis (4/29/2011-10/3/2011); 2015-2016 Taper Tantrum/Oil Price Decline (7/21/2015-2/11/2016); Early 2018 Correction (1/26/2018-2/8/2018); Q4 2018 Correction (9/20/2018-12/24/2018); 2020 COVID-19 Pandemic Crash (2/19/2020-3/23/2020); 2022 Inflation/Fed Tightening Bear Market (1/3/2022-10/12/2022). Periods of 10%+ drawdowns sourced from Bloomberg. Periods selected for illustrative purposes and involve an inherent element of subjectivity. (2) Total stockholder returns and VIX correlations for Realty Income and the S&P 500 Index are calculated over the time periods as defined by the thirteen S&P drawdown events above. The VIX Index is a financial benchmark designed to be an estimate of the expected volatility of the S&P 500 Index and is calculated by using the midpoint of real-time S&P 500 Index option bid/ask quotes. Correlation to VIX During Drawdowns(1)(2): Realty Income vs. S&P 500 Index (0.66) (0.36) (0.34) (0.35) (0.36) (0.41) (0.81) (0.72) (0.48) (0.34) (0.33) (0.50) (0.52) (0.89) (0.82) (0.87) (0.84) (0.82) (0.77) (0.90) (0.89) (0.87) (0.80) (0.85) (0.79) (0.82) (1.80) (1.60) (1.40) (1.20) (1.00) (0.80) (0.60) (0.40) (0.20) - 1997 1998 1999 2000-2002 2002-2003 2007-2009 2010 2011 2015-2016 2018 2018 2020 2022 O Correlation to VIX S&P 500 Correlation to VIX O has outperformed in 11 of 13 drawdowns since its 1994 listing O Average: (0.5) S&P 500 Index Average: (0.8) -2.6% -22.6% Average Total Stockholder Return During Drawdowns(1)(2): Realty Income vs. S&P 500 Index Realty Income S&P 500 Index
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44 Thank you Contact: ir@realtyincome.com 44
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45 Appendix 45
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Appendix: Reconciliation of Net Income to Common Stockholders to Diluted AFFO(1) and Diluted AFFO per Share (USD and shares in thousands, except per share amounts) (unaudited) 46 (1) AFFO is a non-GAAP financial measure. Please see the Glossary in our Supplemental for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the FFO and Normalized FFO page in our Supplemental for the three months ended June 30, 2026 and June 30, 2025. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) The executive severance charge reflects certain benefits related to our Chief Legal Officer's expected departure in September2026. (5) Includes primarily non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO. Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net income available to common stockholders $ 343,955 $ 311,766 $ 296,085 $ 315,771 $ 196,919 Cumulative adjustments to calculate Normalized FFO(2) 654,703 692,622 700,046 678,622 759,160 Normalized FFO available to common stockholders $ 998,658 $ 1,004,388 $ 996,131 $ 994,393 $ 956,079 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 17,696 15,378 12,677 9,138 8,257 Amortization of acquired interest rate swap value(3) 1,530 1,531 1,531 2,251 3,555 Capital expenditures from operating properties: Leasing costs and commissions (1,944) (1,354) (4,862) (1,754) (1,985) Recurring capital expenditures — (170) (53) (42) (221) Other non-cash items: Provisions for credit losses on loans and financing receivables 7,258 39,103 4,977 11,581 1,109 Amortization of share-based compensation 9,268 11,383 9,042 7,719 8,110 Straight-line rent and expenses, net (39,536) (39,510) (51,705) (43,474) (30,226) Amortization of above and below-market leases, net 16,883 13,880 15,153 10,462 6,287 Deferred tax expense (benefit) 281 1,437 (3,535) 3,829 413 Proportionate share of adjustments for unconsolidated entities (320) (454) (700) (650) (1,678) Executive severance charge(4) 255 1,591 — — — Other adjustments(5) 12,091 10,350 18,047 (1,465) (2,209) AFFO available to common stockholders $ 1,022,120 $ 1,057,553 $ 996,703 $ 991,988 $ 947,491 AFFO allocable to dilutive noncontrolling interests 2,338 2,434 2,190 2,331 2,401 Diluted AFFO $ 1,024,458 $ 1,059,987 $ 998,893 $ 994,319 $ 949,892 AFFO per common share (Diluted) $ 1.09 $ 1.13 $ 1.08 $ 1.08 $ 1.05 Weighted average number of common shares used for Diluted AFFO 937,344 937,128 923,648 917,869 906,398
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Appendix: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre and Total Debt to Net Debt(1) (USD in thousands) (unaudited) (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, and Net Debt to Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary in our Supplemental for our definitions of these terms and an explanation of how we utilize these metrics. (2) The executive severance charge reflects certain benefits related to our Chief Legal Officer's expected departure in September2026. (3) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments 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 47 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 $ 260,968 Interest 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 246,931 Income taxes 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 15,642 Depreciation and amortization 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 605,570 Executive severance charge(2) 255 1,591 — — — Provisions for impairment of real estate 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 87,204 Provisions for credit losses on loans and financing receivables 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 9,254 Merger, transaction, and other costs, net 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 2,754 Gain on sales of real estate (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) (25,153) Foreign currency and derivative loss, net 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 (511) Equity in earnings of unconsolidated entities (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) (2,029) Adjusted EBITDAre(1) $ 1,385,197 $ 1,389,700 $ 1,330,590 $ 1,318,907 $ 1,260,996 $ 1,236,947 $ 1,202,189 $ 1,201,631 $ 1,200,630 Annualized Adjusted EBITDAre(1) 5,540,788 5,558,800 5,322,360 5,275,628 5,043,984 4,947,788 4,808,756 4,806,524 4,802,520 Annualized Pro Forma Adjustments(3) 111,889 143,520 105,027 56,367 59,637 79,645 80,432 29,347 35,485 Annualized Pro Forma Adjusted EBITDAre(1) $ 5,652,677 $ 5,702,320 $ 5,427,387 $ 5,331,995 $ 5,103,621 $ 5,027,433 $ 4,889,188 $ 4,835,871 $ 4,838,005 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 30,990,552 29,958,566 29,116,111 28,678,459 28,665,619 27,296,346 26,510,798 26,437,045 25,712,293 Less: Cash and cash equivalents (552,648) (373,543) (434,842) (417,173) (800,447) (319,007) (444,962) (396,956) (442,820) Net Debt $ 30,437,904 $ 29,585,023 $ 28,681,269 $ 28,261,286 $ 27,865,172 $ 26,977,339 $ 26,065,836 $ 26,040,089 $ 25,269,473 Preferred Stock — — — — — — — — 167,394 Net Debt and Preferred Stock $ 30,437,904 $ 29,585,023 $ 28,681,269 $ 28,261,286 $ 27,865,172 $ 26,977,339 $ 26,065,836 $ 26,040,089 $ 25,436,867 Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre(1) 5.4x 5.2x 5.3x 5.3x 5.5x 5.4x 5.3x 5.4x 5.3x
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Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin(1) (USD in thousands) (unaudited) (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the Glossary in our Supplemental for definitions and an explanation of how we utilize these metrics 48 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 $ 260,968 Interest 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 246,931 Income taxes 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 15,642 Depreciation and amortization 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 605,570 Executive severance charge 255 1,591 — — — — — — — Provisions for impairment of real estate 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 87,204 Provisions for credit losses on loans and financing receivables 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 9,254 Merger, transaction, and other costs, net 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 2,754 Gain on sales of real estate (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) (25,153) Foreign currency and derivative loss (gain), net 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 (511) Other income, net (7,275) (15,110) (4,866) (10,015) (7,369) (7,167) (7,313) (4,739) (6,108) Equity in earnings of unconsolidated entities (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) (2,029) Adjusted EBITDA $ 1,377,922 $ 1,374,590 $ 1,325,724 $ 1,308,892 $ 1,253,627 $ 1,229,780 $ 1,194,876 $ 1,196,892 $ 1,194,522 Total Revenue Rental revenue (including reimbursements) 1,426,467 1,440,817 1,399,585 1,386,502 1,338,188 1,313,057 1,279,698 1,271,153 1,284,728 Rental revenue (reimbursements) 91,133 97,485 83,079 82,517 87,424 87,378 75,505 74,300 80,568 Rental revenue (excluding reimbursements) 1,335,334 1,343,332 1,316,506 1,303,985 1,250,764 $ 1,225,679 1,204,193 1,196,853 1,204,160 Other revenue 121,244 107,910 88,357 84,050 72,190 67,448 60,601 59,762 54,715 Total revenue (excluding reimbursements) $ 1,456,578 $ 1,451,242 $ 1,404,863 $ 1,388,035 $ 1,322,954 $ 1,293,127 $ 1,264,794 $ 1,256,615 $ 1,258,875 Adjusted EBITDA Margin 94.6% 94.7% 94.4% 94.3% 94.8% 95.1% 94.5% 95.2% 94.9%
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Appendix: Reconciliation of Cash G&A Expenses(1) (% of GAV)(2) (USD in thousands) (unaudited) (1) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (2) Please see the Glossary in our Supplemental for our definition of Gross Asset Value. 49 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 General and administrative $ 57,605 $ 58,885 $ 54,142 $ 55,039 $ 49,329 $ 44,044 $ 49,114 $ 41,869 $ 45,070 Share-based compensation 9,269 11,383 9,042 7,719 8,110 5,899 9,821 6,401 7,267 Cash G&A expenses(1) $ 48,336 $ 47,502 $ 45,100 $ 47,320 $ 41,219 $ 38,145 $ 39,293 $ 35,468 $ 37,803 Gross asset value (GAV)(2) $ 85,907,736 $ 83,646,995 $ 81,574,148 $ 79,739,212 $ 79,568,070 $ 77,516,371 $ 76,216,122 $ 75,535,215 $ 74,754,928 Cash G&A as % of GAV 6 bps 6 bps 6 bps 6 bps 5 bps 5 bps 5 bps 5 bps 5 bps