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Investor Presentation Real Estate Partner to the World’s Leading Companies® November 2026
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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 September 30, 2026, unless noted otherwise
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• Who We Are 5 • Stability by Design 12 • Our Competitive Advantage 19 • Scaling Durable Growth 25 • Realty Income Investment Management 29 • Expanding Global Presence 40 • Delivering Shareholder Outcomes 44 • Appendix 48 Natural consolidator of corporate-owned real estate, a multi- trillion-dollar opportunity globally Positive Total Operational Return in 32+ 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 4,813% 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 32 years as a public company Largest and most experienced global net lease platform $83 billion enterprise value(5) with 57-year operating history Built to meet a growing need for dependable income 676 consecutive monthly dividends backed by contractual, long-duration rent streams(6) SINCE O NYSE LISTING (10/18/1994 – 9/30/2026) Comparative Indices & Medians: Realty Income S&P 500 S&P Dividend Aristocrats TOTAL STOCKHOLDER RETURN (CUMULATIVE) 4,813% 2,838% 2,913% TOTAL STOCKHOLDER RETURN (ANNUALIZED) 13% 11% 11% STOCK PRICE BETA(1) 0.5 1.0 0.8 DIVIDEND SHARE OF TOTAL RETURN (2) 46% 10% 23% DIVIDEND YIELD(3) 6% 1% 3% ADJ. EBITDA MARGIN(4) 95% Typically ~20-30% Source: Bloomberg. As of 9/30/2026. 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 9/30/2026. (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 v entures. Please see the Glossary in our Supplemental Operating & Financial Data (“Supplemental”) for additional information on the definition of Pro-Rata Share. (6) As of October 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. ~357M square feet leasable space 15,536 real estate properties 96 client industries A3 / A- / A credit ratings (Moody’s / S&P / Fitch)(5) ~$83B enterprise value(3) ~$5.4B Annualized Base Rent(4) 98.8% total portfolio occupancy rate 1,842 clients Note: All data as of 9/30/2026, unless otherwise noted. (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs TR Index Constituents. (2) From 1996 to Q3 2026. Total Operational Return measured as year-over-year AFFO per share growth plus dividend yield. AFFO is a non-GAAP financial measure. Please see the Glossary in our Supplemental for the definition of AFFO and the Appendix for a reconci liation. (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 presen ted, 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 a s of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investme nts. (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. Realty Income delivers what few companies can – stable income and consistent growth through all market cycles We are the eighth 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 32 consecutive years and have delivered 8–12% total operational returns(2) through various economic cycles.
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Gaming: ~3% of total ABR(1) is generated by Gaming assets, comprised by the Encore Boston Harbor and our equity investment in the Bellagio Las Vegas Other: ~2% of total ABR(1) is generated by assets categorized in other adjacent sectors(2) 7 77% Retail 3% Gaming 17% Industrial 79.6% United States 15.1% United Kingdom 5.3% 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, and office properties. Retail: ~90% of retail ABR(1) is concentrated in non-discretionary, service-oriented businesses that have remained resilient across economic cycles Industrial: ~17% of total ABR(1) is from mission-critical industrial properties across logistics, warehousing and manufacturing Data Center: Data centers represent ~1% of total ABR(1), serving as essential digital infrastructure supporting growing cloud computing and AI demand 1% Data Center 2% Other
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Highly Diversified Portfolio Across Clients and Industries 8 3.6% 3.9% 4.0% 4.0% 4.1% 4.7% 6.0% 6.4% 9.2% 10.6% Restaurants-Casual Dining General Merchandise Drug Stores Automotive Service Health and Fitness 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% 1.4% 1.4% 1.3% 1.1% 1.1% 1.0% 0.9% 0.9% 0.8% Dollar General 7-Eleven Walgreens Family Dollar Life Time Group (B&Q) Kingfisher Wynn Resorts EG Group Asda Sainsbury’s Tractor Supply BJ’s Wholesale Club Tesco FedEx MGM (Bellagio) Home Depot CVS Pharmacy Walmart / Sam's Club Decathlon AMC Theatres 3.3% 3.0% 2.9% 2.5% 2.1% 2.0% 2.0% 1.9% 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 '26 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 – 3Q26. 11 Returns 10-Year US Treasury Yield (%) YTD
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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 We Believe 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 98% 98% 98% 98% 98% 99% 99% 98% 97% 97% 97% 97% 97% 98% 98% 98% 98% 98% 99% 99% 98% 99% 99% 99% 99% 99% 99% 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 2026 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 data is sourced from Bloomberg based on publicly available information as of 9/30/2026. Excludes the S&P 500 non-property REITs. Calculations of occupancy may differ between companies and from our own calculations. (2) Consistently High Occupancy Maintained between 97% and 99% since 2000 Durable Relative Performance Outperformed the S&P 500 REIT median in every period shown Supported by Portfolio Quality Disciplined underwriting, long-term leases and broad client diversification YTD 15
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16 Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows 0.7% 5.3% 7.5% 8.6% 7.1% 8.8% 7.7% 6.3% 6.8% 41.2% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted average lease term of 8.5 years 101% 105% 106% 103% 103% 100% 103% 106% 104% 106% 104% 103% 103% 104% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 3Q26 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 9/30/2026. 2013 to 2019: Renewal Recapture of 104% New Client Recapture of 88% 2020 to 3Q26: Renewal Recapture of 104% New Client Recapture of 107% Re-leased over 8,000 properties at 103.2% recapture rate since 1996 Strategic management of rollovers Proactively addressing portfolio “watch list” Resolved over 9,700 lease expirations since 1996 MAXIMIZING REAL ESTATE VALUE: Multi-Cycle Re-Leasing & Rent Recapture Track Record
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Retail Industrial Data Centers Gaming Credit INVESTMENT TYPE SELECTIVITY INVESTMENT TYPE INVESTMENT VEHICLE GEOGRAPHY GEOGRAPHY United States Continental Europe United Kingdom INVESTMENT VEHICLE Balance Sheet U.S. Core Plus Fund Strategic JVs OPTIONALITY ADAPTABILITY REACH INVESTMENT AND FUNDING LEVERS ENABLE CAPITAL TO SHIFT WITH ECONOMICS – SUPPORTING PORTFOLIO DIVERSIFICATION AND FURTHER ADAPTABILITY CAPITAL SOURCE Scale Creates Multiple Levers for Durable Growth CAPITAL SOURCE Public Equity Private Capital Multi-Currency Debt GROWTH DIVERSITY THROUGH: DIVERSITY THROUGH: DIVERSITY THROUGH: DIVERSITY THROUGH: 17
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18 Our proprietary predictive analytics platform turns that data into property- level sell and redeploy decisions $298 $338 $569 $116 $589 $744 $875 2023 2024 2025 2026 YTD Vacant Dispositions Occupied Dispositions LEVERAGE DATA • Identify the best assets to sell • Tenant, industry and location history sharpen every decision HARVEST VALUE • Sell when the economics support it • Maximize embedded value at the optimal time REDEPLOY CAPITAL • Shift capital into strategic focus areas • Invest in high-growth sectors with strong risk-adjusted returns Opportunistic sales are funding higher-return investments Capital Recycling Drives Higher Risk-Adjusted Returns Decades of asset management experience and data from our 15,500+ property global portfolio give us a competitive advantage Asset Sale Proceeds ($M)
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19 Our Competitive Advantage 19
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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 20 Scale 2 Technology Discipline Access
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21 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 Ratio4.6x Net Debt to Total Enterprise Value 37.9%Low Leverage / High Coverage Ratios Unsecured97.1% Fixed Rate94.4% Weighted Average Years to Maturity 5.1 yearsConservative Long- Term Debt Profile (1) Outstanding represented at our Pro-Rata Share. As of 9/30/2026, there were ~$1.8 billion of total outstanding borrowings under t he revolving credit facilities and commercial paper program (including $103.9 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. $2,201 $2,884 $3,784 $4,443 $2,598 $3,769 $2,938 $2,664 $1,842 $1,587 $3,294 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 $1.9B $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 22 An extensive capital toolkit provides more funding levers, reduces reliance on any single source, and expands our capacity to fund our business across various market cycles. 71% from private capital sources (1) Includes $2.75B USCP Program and $2.75B Multi-Currency Program. (2) Private capital equity raised includes approximately $486M called through the U.S. Core Plus Fund in 2025 and, in 2026 YTD, $1.0B of proceeds from the Apollo joint venture, €528M from the KKR joint venture and approximately $1.2B called through the U.S. Core Plus Fund. (3) Excludes term loans and credit facility/commercial paper borrowings. $5.5B $1.8B $2.4B $1.1B $0.5B $1.2B $1.6B 2023 2024 2025 2026 Insurance Capital Private Capital Public Equity 63% from new debt capital sources YTD YTD Completed First Municipal Prepay Transaction with San Diego Community Power Formed Strategic JVs with Apollo and KKR, Generating Over $1.6B in Equity-Like Proceeds Entered the Convertible Bond Market with an Inaugural $862.5M Issuance, Followed by a Second $1.0B Issuance Expanded Revolver Capacity to $5.5B & Global Commercial Paper Programs to $5.5B(1) Debt Capital Raised(3)Equity Capital Raised(2)
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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 2020-3Q26 ~107% rent recapture on new tenant placements from 2020-3Q26 Seven years of proprietary analytics experience is embedded into our investment decision life cycle …and assists in supporting strong outcomes 23 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 24 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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25 Scaling Durable Growth 25
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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 & the Future Focus: Capital Diversification • Public equity + unsecured bonds • Private capital vehicles & strategic partnerships • Ability to invest across a 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 26 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 Selected Marquee Transactions Since 2019 ~$77B of total capital deployed from 2019 - 2026 YTD ~$645B total sourced volume from 2019 - 2026 YTD Industry-leading M&A & Strategic Partnerships(2) 27 (1) Represents built-out cost assuming client exercises full expansion option. (2) 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. (3) Announcement dates: Bellagio, August 2023; CityCenter, December 2025; GIC strategic partnership and Mexico portfolio, January 2026; Apollo joint venture, March 2026; and KKR joint venture, September 2026. 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 U.S. Retail $1.5B $770M U.S. Gaming $950M $800M U.S. Data Center $800M(1) >$6B(2) International Retail £429M €527M CityCenter Las Vegas Hyperscale Data Center Strategic Partnerships(3) ~$950M Bellagio Investment ~$800M CityCenter Investment $1.0B Equity Investment 100% Permanent Equity Treatment ~$1.5B Programmatic JV ~$200M Mexico Industrial Portfolio €528M Equity Investment 100% Permanent Equity Treatment Industry-leading M&A ~$18B Merger (2021) ~$10B Merger (2024)
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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 $6.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 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 $122.3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD INTERNATIONAL UNITED STATES 12% 8% 7% 4% 6% 4% 7% 5% 6% 7% 4% 8% 9% 16% 9% 5% 6% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 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) 28 International Expansion Has Accelerated Sourcing Volume Since 2019, Underpinned by Continued Selectivity
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Realty Income Investment Management 29
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Realty Income Investment Management (RIM) Accelerate AFFO/share with Capital Light Revenue Recurring asset management fees create durable income without share dilution or interest expense Expand the Addressable Market Quality investment opportunities with longer-term return profiles may be better suited for private investors Reduce Reliance on Public Equity Limiting the issuance of new shares preserves scarcity value and allows for capital formation from less volatile sources of equity Leverage our Unique and Proven Capabilities As the largest and most seasoned net lease platform, our competitive advantages run deep, reinforcing our position as the sector specialist in long-duration cash flows supported by real assets Private Capital Investment Management is a Natural Evolution of our Business… 30 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, we view institutional ownership of real estate as dominated by the private markets looking to avoid exposure to the stock market. Our private capital platform leverages our competitive advantages in originating, underwriting, closing, and managing single-tenant net lease properties while diversifying our sources of capital beyond the public markets. 1 2 3 4
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31 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 November2026. 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 November2026. 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 Insurance and Retirement 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, Industrial 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 MARKETS United States, Europe MARKETS United States, Mexico MARKETS United States MARKETS United States, Europe, United Kingdom
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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 32 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 Insurance & Retirement 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 33 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 34 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 The Fund continues to attract institutional capital, building on its successful $1.7 billion cornerstone equity raise with a recent additional investment.
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Building a Global Institutional Platform for Insurance and Retirement Capital Pairing long-duration institutional capital with Realty Income’s sourcing and asset management capabilities creates durable income for partners and recurring management fee income for Realty Income 35 Realty Income | What We Bring Highly diversified existing portfolio 15,500+ properties, ~1,800 clients, >90 industries Bond-like net lease contracts Long-term rent obligations; clients pay taxes, insurance, upkeep Sourcing and underwriting at scale >$50B of Q3 sourced volume across the U.S. and Europe Experienced asset management Largest global net lease owner Insurance Capital | What It Seeks Long-duration, predictable cash flow Prefers a capped, reliable return to a higher, volatile one High-quality, diversified credit Client credit plus hard-asset collateral Capital efficiency Lower capital charge vs. other investment types Scale and diversification Repeatable, large tranches in a deep private market What We Receive Management fees Fees on 100% of JV assets Low-cost equity Priced off long-term rates Control 51% ownership + call option Permanent equity Rating agency treatment What We Deliver Contractual income Long-term leases Bond-like credit Credit + collateral Access at scale U.S. and Europe Efficient structure Lower capital charge A Model with Aligned Objectives: Matching investment requirements with asset characteristics
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36 Strategic Partnerships Expand Access to Long-Duration, Like-Minded Capital Realty Income can pair scaled portfolios with attractive institutional capital across the U.S. and Europe. Apollo | U.S. Joint Venture KKR | EUR Joint Venture Equity proceeds $1.0B €528M Ownership 51% Realty Income / 49% Apollo 51% Realty Income / 49% KKR Capped partner IRR 6.875% 6.408% Properties Approx. 500 54 Markets Diversified U.S. portfolio Spain, Ireland, Poland, Netherlands Property type Retail Retail/Industrial Annualized Base Rent / Est. year 1 cash NOI $139M ABR €67.7M est. year 1 cash NOI WALT 9.1 yrs 7.2 yr s Investment-grade exposure 28% 59% Contractual annual growth 1.0% 1.6% Call option Years 7-15 Years 10-17
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Lower-Cost Equity Through Strategic Insurance Capital Joint Ventures 37 Note: For illustrative purposes only. Target returns are not a guarantee of future results. Per agreement, Realty Income is entitled to call each partner’s JV investment at the price that returns its target IRR, between the 7th and 15th (Apollo) or 10th and 17th (KKR) anniversaries of the respective JV. (1) ~700 bps: Apollo cost of public equity at its final call year (Year 15; ~13.9%, from the 7.0% ATM equity cost at the time of the transaction, grown ~5.0% annually) vs. its 6.875% capped IRR; ~1,150 bps: KKR at its final call year (Year 17; ~17.9%, from ~8.2%) vs. its 6.408% capped IRR. (2) Discounted to present value based on 65% equity at the long-term cost of public equity shown and 35% LTV at an assumed 10-year cost of debt of 5.2% (U.S.; estimated 10-year USD unsecured as of Apollo announcement on 3/17/26) and 5.0% (Europe; as of KKR announcement on 9/14/26). (3) Difference between (a) the illustrative sum of distributions (up to the call year) and repurchase price of public equity holders through a traditional equity raise at the call year and (b) the same for the partner’s equity, pursuant to the contractual IRR. Public equity cost reflects the starting AFFO yield at pricing (7.0% Apollo; 8.2% KKR), adjusted annually by Realty Income’s historical AFFO/sh growth rate of ~5.0%. (4) “LT Cost of Equity” is illustrative to show the NPV of utilizing the Apollo and KKR vehicles as alternative forms of equity versus public equity at various levels of long-term cost of equity. Strategic partnerships provide low-cost, non-dilutive permanent equity that can be priced below the implied cost of public equity and provides a diversified source of accretive funding Insurance capital vs. rising cost of public equity YEAR 1 YEAR 10 YEAR 17 Insurance Capital IRR COST ADVANTAGE INCREASES OVER TIME Illustrative NPV(2) of savings by call year(3) ($M) Partner LT Cost of Equity(4) Year 7 Year 10 Year 15 Year 17 Apollo 6.875% IRR 8% $316 $438 $626 – 10% $291 $392 $534 – 12% $269 $351 $457 – KKR 6.408% IRR 8% – $353 $503 $559 10% – $321 $439 $481 12% – $292 $385 $416 At a 10% long-term cost of equity, calling at the beginning of the call window implies ~$612M of savings (~$291M Apollo + ~$321M KKR) Key dynamics of the Apollo and KKR JV capital • Partner IRR is capped throughout lifetime of the joint venture • Growth effectively accrues to Realty Income • Partner IRR is priced below the current/long-term cost of public equity • Significant savings anticipated versus long-term common equity Spot ATM equity: Higher initial cost ~700–1,150 bps(1) Savings vs. ATM Equity
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38 Annual U.S. origination volume ($ in billions) Note: For illustrative purposes only. Source: Life Insurance and Market Research Association (LIMRA); U.S. annuity reserves as of year-end 2024; U.S. individual annuity sales data for full-year 2020–2025 and 1H 2026. 219 255 313 385 434 464 2020 2021 2022 2023 2024 2025 Variable Fixed Realty Income’s business model is highly synergistic with the needs of insurance capital given its long-duration, consistent, contractually secured cash flows $4.5T U.S. Annuity Reserves YE 2024 $231B of additional annuity sales in 1H 2026, a record first half Annuities Represent a Multi-Trillion-Dollar Base of Long-Duration Liabilities
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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 39 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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40 Expanding Global Presence 40
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41 A Diversified Global Footprint with Significant Opportunities to Expand 15.1% Total ABR 395 Properties UNITED KINGDOM 5.3% Total ABR 301 Properties EUROPE Significant room to grow, with ~$9.0 trillion European TAM(1) Expansion driven by unpenetrated market, relatively favorable Euro-denominated financing and large addressable market Represented approx. 20% of ABR as of Q3 2026 690+ total European properties across 9 countries, generating ~$1.1B in ABR United States remains a core market… …with Europe and U.K. growing increasingly important 1.7% Total ABR 245 Properties PACIFIC NORTHWEST 20.2% Total ABR 3,988 Properties MIDWEST 8.9% Total ABR 1,026 Properties NORTHEAST 17.1% Total ABR 4,040 Properties SOUTHEAST 13.3% Total ABR 2,897 Properties SOUTHWEST 10.7% Total ABR 1,154 Properties PACIFIC SOUTHWEST 7.7% Total ABR 1,490 Properties MID-ATLANTIC Note: Total “ABR” = Annualized Base Rent. As of September 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 $2.6B 2019 2020 2021 2022 2023 2024 2025 2026 YTD Europe: A Fast-Growing, High-Quality Platform Opportunity 42 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 696 Over $18 billion invested in U.K. + continental Europe since international expansion in May 2019 Note: All data as of 9/30/2026. “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. (3) Please see the Glossary in our Supplemental Operating & Financial Data ("Supplemental") for our definition of Gross Asset Va lue. Industries 47 Gross Asset Value(3) ~$19B Annualized Base Rent ~$1.1B Of Total Annualized Base Rent ~20% Weighted Average Lease Term (years)(1) 7.8 Realty Income Employees in Europe 84
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Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships (1) 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. (2) Total sale-leaseback transaction volume reflects activity from FY 2022 through 3Q 2026. Represented as a percentage of total investments excluding loans and preferred equity investments from FY 2022 through 3Q26. Sale-Leaseback Strategy in Action Wynn Encore Boston Harbor High-Quality Convenience Store Portfolio Data Center Joint Ventures $9.0T Asset Value $6.0T 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 June 2026, Realty Income announced 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)(1) 39% of Realty Income’s investment volume came from sale-leaseback transactions since 2022(2) 43 ~ ~
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44 Delivering Shareholder Outcomes 44
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+4.1% Compound Annual Dividend Growth Rate(2) A 32-Year Track Record of Growing Monthly Dividends 676 Monthly dividends declared(2) 116 Consecutive quarterly dividend increases (2) S&P 500 Dividend Aristocrats® Index member(1) $3.258 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 500 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) Based on dividend declarations as of October 2026. (3) At share price as of September 30, 2026 and annualized dividend per share of $3.258. 6.0% Dividend yield(3) Annualized dividend per share, $ 45
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46 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 Q1 2018 Q4 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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47 Thank you Contact: ir@realtyincome.com 47
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48 Appendix 48
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Appendix: Reconciliation of Net Income Available to Common Stockholders to Diluted AFFO(1) and Diluted AFFO per Share (USD and shares in thousands, except per share amounts) (unaudited) 49 (1) AFFO is a non-GAAP financial measure. Please see the Glossary in our Supplemental for our definition of this term and an explana tion 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 th ree months ended September 30, 2026 and September 30, 2025. (3) Represents non-cash foreign currency losses (gains) from remeasurement to USD and mark-to-market adjustments on investments and derivatives that are non-cash in nature. (4) Includes primarily obligations related to financing lease liabilities. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income available to common stockholders $ 403,942 $ 343,955 $ 311,766 $ 296,085 $ 315,771 Cumulative adjustments to calculate Normalized FFO(2) 639,778 654,703 692,622 700,046 678,622 Normalized FFO available to common stockholders $ 1,043,720 $ 998,658 $ 1,004,388 $ 996,131 $ 994,393 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 21,656 17,478 14,999 12,379 9,001 Amortization of acquired interest rate swap value 1,531 1,530 1,531 1,531 2,251 Capital expenditures from operating properties: Leasing costs and commissions (2,392) (1,944) (1,354) (4,862) (1,754) Recurring capital expenditures (27) — (170) (53) (42) Other non-cash items: Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 Amortization of share-based compensation 6,461 9,268 11,383 9,042 7,719 Straight-line rent and expenses, net (50,732) (39,536) (39,510) (51,705) (43,474) Amortization of above and below-market leases, net 17,742 16,883 13,880 15,153 10,462 Deferred tax expense (benefit) — 281 1,437 (3,535) 3,829 Executive severance charge 1,473 255 1,591 — — Derivative and unrealized foreign currency loss (gain), net(3) 4,202 9,425 8,530 16,842 (1,941) Other adjustments(4) 2,230 1,715 1,853 1,191 475 Proportionate share of adjustments for unconsolidated entities (987) (320) (454) (700) (650) Adjustments allocable to noncontrolling interests 2,008 1,169 346 312 138 AFFO available to common stockholders $ 1,061,097 $ 1,022,120 $ 1,057,553 $ 996,703 $ 991,988 AFFO allocable to dilutive noncontrolling interests 2,394 2,338 2,434 2,190 2,331 Diluted AFFO $ 1,063,491 $ 1,024,458 $ 1,059,987 $ 998,893 $ 994,319 AFFO per common share (Diluted) $ 1.12 $ 1.09 $ 1.13 $ 1.08 $ 1.08 Weighted average number of common shares used for Diluted AFFO 948,797 937,344 937,128 923,648 917,869
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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, Net Debt/Annualized Pro Forma Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity are non-GAAP financial measures. Please see the Glossary in our Supplement for our definitions of these terms and an explanation of how we utilize these metri cs. (2) Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of a djustments 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 quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The Annualized Pro Forma Adjustments consist of $80.9 million from investments we acquired or stabilized during the quarter and removes $48.3 million from investments we disposed of during the quart er. 50 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Interest 333,564 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 Income taxes 23,568 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 647,555 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 Executive severance charge 1,473 255 1,591 — — — — — — Provisions for impairment of real estate 111,645 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 Merger, transaction, and other costs, net 2,694 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (113,865) (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss, net 2,513 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 Equity in earnings of unconsolidated entities (2,927) (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) Adjusted EBITDAre(1) $ 1,452,572 $ 1,385,197 $ 1,389,700 $ 1,330,590 $ 1,318,907 $ 1,260,996 $ 1,236,947 $ 1,202,189 $ 1,201,631 Annualized Adjusted EBITDAre(1) 5,810,288 5,540,788 5,558,800 5,322,360 5,275,628 5,043,984 4,947,788 4,808,756 4,806,524 Annualized Pro Forma Adjustments(2) 32,601 111,889 143,520 105,027 56,367 59,637 79,645 80,432 29,347 Annualized Pro Forma Adjusted EBITDAre(1) $ 5,842,889 $ 5,652,677 $ 5,702,320 $ 5,427,387 $ 5,331,995 $ 5,103,621 $ 5,027,433 $ 4,889,188 $ 4,835,871 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 31,738,055 30,990,552 29,958,566 29,116,111 28,678,459 28,665,619 27,296,346 26,510,798 26,437,045 Less: Cash and cash equivalents (368,534) (552,648) (373,543) (434,842) (417,173) (800,447) (319,007) (444,962) (396,956) Net Debt $ 31,369,521 $ 30,437,904 $ 29,585,023 $ 28,681,269 $ 28,261,286 $ 27,865,172 $ 26,977,339 $ 26,065,836 $ 26,040,089 Net Debt/Annualized Pro Forma Adjusted EBITDAre(1) 5.4x 5.4x 5.2x 5.3x 5.3x 5.5x 5.4x 5.3x 5.4x
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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. 51 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Interest 333,564 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 Income taxes 23,568 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 647,555 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 Executive severance charge 1,473 255 1,591 — — — — — — Provisions for impairment of real estate 111,645 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 Merger, transaction, and other costs, net 2,694 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (113,865) (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss (gain), net 2,513 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 Other income, net (6,225) (7,275) (15,110) (4,866) (10,015) (7,369) (7,167) (7,313) (4,739) Equity in earnings of unconsolidated entities (2,927) (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) Adjusted EBITDA $ 1,446,347 $ 1,377,922 $ 1,374,590 $ 1,325,724 $ 1,308,892 $ 1,253,627 $ 1,229,780 $ 1,194,876 $ 1,196,892 Total Revenue Rental revenue (including reimbursements) 1,483,799 1,426,467 1,440,817 1,399,585 1,386,502 1,338,188 1,313,057 1,279,698 1,271,153 Rental revenue (reimbursements) 104,939 91,133 97,485 83,079 82,517 87,424 87,378 75,505 74,300 Rental revenue (excluding reimbursements) 1,378,860 1,335,334 1,343,332 1,316,506 1,303,985 1,250,764 1,225,679 1,204,193 1,196,853 Other revenue 137,783 121,244 107,910 88,357 84,050 72,190 67,448 60,601 59,762 Total revenue (excluding reimbursements) $ 1,516,643 $ 1,456,578 $ 1,451,242 $ 1,404,863 $ 1,388,035 $ 1,322,954 $ 1,293,127 $ 1,264,794 $ 1,256,615 Adjusted EBITDA Margin 95.4% 94.6% 94.7% 94.4% 94.3% 94.8% 95.1% 94.5% 95.2%
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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. 52 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 General and administrative $ 54,315 $ 57,605 $ 58,885 $ 54,142 $ 55,039 $ 49,329 $ 44,044 $ 49,114 $ 41,869 Share-based compensation 6,461 9,268 11,383 9,042 7,719 8,110 5,899 9,821 6,401 Cash G&A expenses(1) $ 47,854 $ 48,337 $ 47,502 $ 45,100 $ 47,320 $ 41,219 $ 38,145 $ 39,293 $ 35,468 Gross asset value (GAV)(2) $ 87,758,545 $ 85,907,736 $ 83,646,995 $ 81,574,148 $ 79,739,212 $ 79,568,070 $ 77,516,371 $ 76,216,122 $ 75,535,215 Cash G&A as % of GAV 5 bps 6 bps 6 bps 6 bps 6 bps 5 bps 5 bps 5 bps 5 bps