Quarterly Investor Presentation

REAL ESTATE PARTNER TO THE WORLD’S LEADING COMPANIES®

May 2025
Safe Harbor For Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this presentation, the words “estimated,” “anticipated,” “expect,”
“believe,” “intend,” “continue,” “should,” “may,” “likely,” “plans,” and similar expressions are intended to identify forward-looking statements. Forward-looking
statements include discussions of our business and portfolio; growth strategies 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; future operations and results;
the announcement of operating results, strategy, plans, and the intentions of management; guidance; statements made regarding our share repurchase program;
settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments
of dividends; and trends in our business, including 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 and partners of such funding); continued volatility and uncertainty in the credit
markets and broader financial markets; other risks inherent in the real estate business including our clients' solvency, client defaults under leases, increased client
bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments
in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with
respect to income tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which may
transfer or limit our control of the underlying investments; epidemics or pandemics including measures taken to limit their spread, the impacts on us, our business,
our clients, and the economy generally; the loss of key personnel; the 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 and acquisitions; 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. Actual plans and operating 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 might 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.
Clients, Trademarks and Logos
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 companies.
2
All data as of March 31, 2025, including YTD information, unless noted otherwise.
Realty Income is the Global Leader in a Fragmented Net Lease Sector
SIZE, SCALE AND QUALITY GROWING GLOBAL PRESENCE

7th largest
~$80B ~$5.05B A3 /A- global REIT(2)
enterprise annualized credit ratings by with properties
value base rent Moody’s & S&P in 8 countries
and
approximately
56 15,627 ~34% $59B(3) in gross
years of commercial real of rent from investment real estate value
operating history estate properties grade clients(1)

DIVERSIFIED REAL ESTATE PORTFOLIO STRONG DIVIDEND TRACK RECORD(5) 2025 Annualized
Dividend of
342 Other(4)
30 Consecutive Years of Rising Dividends $3.222
9%
million square feet of
leasable space Non-retail
18%
~91% 658 monthly dividends declared
110 consecutive quarterly increases
1,598 Annualized
of total rent is
resilient to
Base Rent 73% economic
S&P 500 Dividend Aristocrats® index member
clients
Non-Discretionary, Low Price Point downturns and/or +4.3% CAGR
$0.90
91 and/or Service-Oriented Retail isolated from
e-commerce
industries pressures
1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024
(1) Investment Grade Clients are our clients with a credit rating, and our clients that are subsidiaries or affiliates of companies 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).
(2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs TR Index Constituents. As of 3/31/2025.
(3) Gross real estate book value reflects real estate held for investment, at cost. As of 3/31/2025. 3
(4) “Other” category includes Gaming properties.
(5) As of April 2025 dividend declaration.
 Track Record of Attractive Total Return Through Consistent Earnings and Dividend Growth

PROVEN TRACK STABILITY AND GROWTH

RECORD OF RETURNS OF EARNINGS
13.6% 0.5 29 of 29 5.5%
Compound Annual Beta vs. S&P 500 Years of Positive Median Annual
Total Return Since Since 1994 NYSE Total Operational AFFO Per Share
1994 NYSE Listing Listing(1) Return(2) Growth Since
1996(3)

CONSISTENTLY POSITIONED FOR

INCREASING DIVIDENDS CONTINUED GROWTH
4.3% S&P 500 Dividend
Aristocrats® ~$14T ~$23B
Compound Annual Index Member Estimated Global Sourced Acquisition
Dividend Growth Net Lease Opportunities in
Rate Since 1994 Addressable Q1 2025, with
NYSE Listing Market(4) $43B in 2024

All data as of 1Q25, unless otherwise noted.

(1) Beta measured using monthly frequency.
(2) Total operational return consists of the sum of annual earnings per share growth and dividend yield. Earnings per share is represented by AFFO per share. Calculated as of 1996 to capture full year of financial history since 1994 public listing. Represents 1996 to 2024 timeframe.
(3) Measured as AFFO per share growth | Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. 4
(4) Refer to Realty Income’s Overview Presentation on company website for calculation methodology.
1Q Results &
2025 Outlook

5
 First Quarter Results Reflect Strength, Consistency & Resilience

Performance in the First Quarter Underscores Ability to Deliver Reliable Performance Amid Uncertainty
• Invested $1.4 billion at an initial weighted average cash yield of 7.5%, including $893 million deployed in Europe at an
initial weighted average cash yield of 7.0%, with the balance of $479 million invested in the U.S. at an initial weighted
average cash yield of 8.3%.
• Delivered AFFO per share of $1.06, representing 2.9% growth compared to last year.
• Continued to deliver strong operational metrics, including quarter-end occupancy of 98.5% and a rent recapture rate
across 194 leases of 103.9%.
• Utilized proprietary predictive analytics alongside our team’s expertise to sell 55 properties for total net proceeds of
$93 million.
• Maintained ample liquidity of $3.1 billion(1) with manageable debt maturities through 2026.

Remain Confident in Our Ability to Drive Results in 2025

• For the year, we continue to anticipate AFFO per share in the range of $4.22 to $4.28.
• Based on current investment spreads and visibility to the deal pipeline, we continue to expect approximately $4.0
billion in investment volume for 2025.

6
(1) Liquidity of $3.1B as of 3/31/2025 includes unsettled ATM forwards as of 5/5/2025 of ~$266 million (as of 3/31/2025, there were ~$69 million of unsettled ATM forwards).
2025 Guidance

2025 Guidance(1) Reference: Prior Guidance(2)

NET INCOME PER SHARE(3) $1.40 to $1.46 $1.52 to $1.58

REAL ESTATE DEPRECIATION PER SHARE $2.70 $2.68

OTHER ADJUSTMENTS PER SHARE(4) $0.12 $0.02

AFFO PER SHARE(5) $4.22 to $4.28 $4.22 to $4.28

SAME STORE RENT GROWTH Approximately 1.0% Approximately 1.0%

OCCUPANCY Over 98% Over 98%

CASH G&A EXPENSES (% OF TOTAL REVENUE)(6)(7) Approximately 3.0% Approximately 3.0%

PROPERTY EXPENSES (NON-REIMBURSEMENTS)
1.4% to 1.7% 1.4% to 1.7%
(% OF TOTAL REVENUE)(6)
INCOME TAX EXPENSES $80 to $90 Million $80 to $90 Million

INVESTMENT VOLUME Approximately $4.0 Billion Approximately $4.0 Billion

(1) As issued on May 5, 2025.

(2) As issued on February 24, 2025.
(3) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items.
(4) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs.
(5) AFFO per share excludes merger, transaction, and other costs, net.
(6) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements. 7
(7) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025.
Stable Growth in a Variety of Interest Rate Environments
On average, Realty Income has generated ~5% AFFO growth and ~11% total operational return(1) in a variety of interest rate
environments since publicly listing in 1994

10-YR TREASURY YIELD

Average 10-yr Treasury Yield 2009 - 2022: 2.3%

Average 10-yr Treasury Yield 1996 - 2008: 5.0%

~6% ~5%
Historical Average AFFO per Share CAGR
~11%
Historical Average Total Operational Return(1)
Historical Avg. Dividend Yield

Total Operational Return (AFFO/sh growth + NTM dividend yield)(2)

AFFO/sh growth indicates recession year NTM dividend yield

Average AFFO/Sh Growth 1996 - 2008: 5.2% 22.3%(3)

Average AFFO/Sh Growth 2009 - 2022: 5.4%
16.0%
14.4% 14.7% 14.1% 14.4% 13.8% 13.3%(3)
12.2% 12.2% 13.2% 11.9% 11.1% 11.3% 13.1% 12.5% 11.4%
10.6% 9.7% 10.6% 10.2%(3) 8.9%
9.1% 7.6% 8.9% 8.4%
5.3% 7.2% 5.9% 6.8%

Source: Bloomberg
(1) 11% historical average total operational return on an annual basis consists of 6% average annual dividend yield and 5% historical average AFFO per share CAGR from 1996-1Q 2025. 8
(2) Annual AFFO/sh excludes positive earnings from Crest Net Lease, Inc., a subsidiary of Realty Income, as earnings do not reflect recurring business operations.
(3) $3.2 billion ARCT acquisition was completed in January 2013. Merger transaction with VEREIT was completed in November 2021. Merger transaction with Spirit was completed in January 2024.
Operations

9
 Diversified & High-Quality Portfolio INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES
% of Annualized Base Rent(1)
Grocery 10.3%
CLIENT DIVERSIFICATION – TOP 20 CLIENTS Convenience Stores
% of Total Annualized Base Rent(1)(2) 9.9%
Denotes IG-
Rated Client(3) Dollar Stores 6.3%
Home Improvement 6.3%
7-Eleven 3.4% Asda 1.6% Restaurants-Quick Service 4.9%
Drug Stores 4.6%
Dollar General 3.3% Sainsbury's 1.5%
Automotive Service 4.5%
Health and Fitness 4.3%
Walgreens 3.2% Tractor Supply 1.3%
Restaurants-Casual Dining 3.9%
Dollar Tree / General Merchandise 3.4%
3.0% Tesco 1.2%
Family Dollar

EG Group Limited 2.1% CVS Pharmacy 1.2% PROPERTY TYPE DIVERSIFICATION GEOGRAPHIC DIVERSIFICATION
% of Annualized Base Rent(1) % of Annualized Base Rent(1)
Wynn Resorts 2.0% MGM (Bellagio) 1.2%
(4)
2.5%
United States 84.6%
Other

Life Time Fitness LA Fitness 3.2%

United Kingdom 12.6%
1.9% 1.2%
Gaming(5)
Europe 2.8%
FedEx 1.9% Home Depot 1.1% 14.4%
Industrial

(B&Q) Kingfisher 1.8% AMC Theatres 1.0% 79.9%

Retail
Walmart /
BJ's Wholesale Club 1.6% 1.0%
Sam's Club

(1) Annualized Base Rent of our acquisitions and properties under development is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent, interest income on loans and preferred equity
investments, and including our pro rata share of such revenues from properties owned by unconsolidated joint ventures. We believe total annualized base rent is a useful supplemental operating measure, as it excludes entities that were no longer owned at the balance sheet date and includes the
annualized rent from properties acquired during the quarter. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented.
(2) Excludes non-rental contractual income on loans and investments.
10
(3) 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).
(4) Represents our proportionate share of the Annualized Base Rent of the unconsolidated joint venture.
(5) Includes our pro rata share of leasable square feet of properties owned by unconsolidated joint ventures.
Demonstrated Stability Across Market Cycles, Driven by Size, Scale & Diversification

Minimal historical credit loss underpinned by high-quality & diverse portfolio with deep platform expertise

PROPERTY FUNGIBILITY
ANNUALIZED BASE RENT(1) Focus on high-quality real estate in good locations
enhances optionality around (1) re-leasing, (2)
disposition and (3) higher-and-better use cases

PRUDENT UNDERWRITING
Selective investment criteria and conservative
underwriting seeks to mitigate potential credit risks
On average, Since 2014, the portfolio
~99.6% has realized only

of our portfolio has been ~0.4%

unaffected by credit losses,
reflecting the durability of our of bad debt expense PROACTIVE ASSET MANAGEMENT
client base on average Deep experience, proprietary analytics capabilities,
and decades of data inform our client and location-
level risk decisions, driving proven outcomes and
optimal resolutions at scale

11
(1) Annualized base rent details shown for 2014 through 2024. Excluding 310bps of bad debt expense in 2020 related to the global pandemic, average bad debt expense during this timeframe was ~0.2%.
 Historically Stable Cash Flows Supported by High-Quality Real Estate Portfolio
CONSISTENCY BY DESIGN:
Careful underwriting at acquisition Strategy of owning “mission critical” locations
Long initial lease term Diversified client industries with strong fundamentals
Strong underlying real estate quality Prudent disposition activity
High Occupancy(1) Levels Have Been
Consistent During Various Economic Cycles

98.7% 99.0%
98.2% 97.7% 98.1% 97.9% 98.5% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 97.9% 98.5% 98.6% 98.7% 98.5%
97.7% 97.9%
98.2%
97.0% 96.8% 97.2%
96.6% 96.7%

94.2%

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 Q1
(2)
O Median of S&P 500 REITs O Historical Median S&P 500 REIT Historical Median

12
(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) Based on publicly available information as of 3/31/2025. Excludes the S&P 500 non-property REITs.
 Proven Track Record of Value-Add Asset and Portfolio Management

Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows

MAXIMIZING REAL ESTATE VALUE:

Weighted average lease 43.2%
Strategic management of rollovers
term of 9.1 years
Proactively addressing portfolio “watch list”
Resolved over 7,200 lease expirations since 1996
7.2% 9.1% 8.8% 6.4% 6.5% 6.2%
2.5% 4.6% 5.5%

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034-2143

Accretive Re-Leasing Activity is a Result of Prudent Underwriting

• Rents at or below market at acquisition result in

104.5% 105.5% 103.3% 102.6%
above 100% recapture ratios at expiration 100.9% 103.4% 105.9% 104.1% 105.6% 103.9%
100.0%
• Re-leased approximately 6,000 properties at
103.0% recapture rate since 1996
• One of the few net lease companies that
disclose re-leasing results

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25

2013 to 2019: 2020 to 1Q25:

Renewal Recapture of 104% Renewal Recapture of 104%
New Client Recapture of 88% New Client Recapture of 109% 13
(1) Lease expiration schedule represents percentage of total portfolio annualized contractual rent.
Investments

14
Scalable, Accretive, and Diversifying: The Power of Net Lease Breadth

Proven Execution of New Initiatives Has Enhanced Margins, Reduced Risk, and Bolstered Growth

Current Size by Vertical(1) Stable EBITDA margin

Includes $4.8B of
reflects consistent
Retail Multi-Tenant fundamentals as the platform
Net Lease Assets expands and diversifies
Realty Income EBITDA Margin

96%
$9.7B $9.6B
95% 95%
94%
94% 94% 94%
92% Includes $0.4B of
Retail Multi-Tenant
Net Lease Assets

90% 91% $2.0B $2.0B (2) $1.7B

$0.3B
88%

U.S. Industrial United Kingdom Europe Gaming Data Centers Credit Investments
Volume (USD) EBITDA Margin

Year of Entry 2011 2019 2021 2022 2023 2023

$70M £429M €93M $1.7B $200M $650M

Initial
Acquisition of Sale Leaseback Sale Leaseback with Sale Leaseback of Encore Joint Venture Preferred Equity Interest in
Investment
FedEx Properties with Sainsbury’s Carrefour in Spain Boston Harbor with Digital Realty Bellagio with Blackstone

(1) All data as of 3/31/2025. U.S. Industrial, United Kingdom, and Europe based on purchase price of properties. Gaming includes $1.7B sale leaseback of Wynn Encore Boston Harbor (February 2022) and $300M equity investment in Bellagio Las Vegas (August 2023). Data Centers
includes $200M investment to acquire an 80% equity interest in a JV with Digital Realty (November 2023) and a pro rata share of the remaining $150M of development costs at the time of the deal. Credit Investments includes $824M of Senior Secured Notes Receivable, $33M of
Mortgage Loan, $211M of Unsecured and Other Loans, and $650M Preferred Equity Investment. Private Capital includes $1.4B seed portfolio for the U.S. Core Plus Fund established in 2024. 15
(2) Gaming also includes $650M of a Preferred Equity Interest in the Bellagio Las Vegas, which is accounted for in the ‘Credit Investments’ bucket.
Realty Income’s External Growth Opportunities International opportunities have added nearly 30%
to Realty Income’s sourcing volume since 2019

are Broad and Diverse SOURCED VOLUME

$95
in $ billions $85
INTERNATIONAL
UNITED STATES $64
$57 $59
$39 $43
$32 $28 $30 $32
$24 $23
$13 $17
$6

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25

INVESTMENT VOLUME
in $ billions $9.0
(2) $9.5

$6.4
International Expansion (3)
$3.7 $3.9
Has Accelerated Sourcing (1) $2.3
$1.5 $1.4 $1.9 $1.5 $1.8 $1.4
Volume Since 2019, $0.7 $1.0 $1.2 $1.3

Supported by Continued 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25
Selectivity
SELECTIVITY
16%
percentage of sourced volume acquired
12%
9% 9%
8% 8%
7% 7% 7%
6% 6% 6%
5%
4% 4% 4%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25
(1) Excludes $3.2 billion ARCT transaction. 16
(2) Excludes the VEREIT merger.
(3) Excludes the Spirit merger.
Investment Strategy Illustration: Returns Must Exceed Long-Term WACC
WACC viewpoint balances near-term earnings per share growth with long-term value accretion
LONG-TERM KEY ASSUMPTIONS & CALCULATION: KEY ASSUMPTIONS & CALCULATION:
Weighted Average Cost of Capital LONG-TERM COST OF EQUITY LONG-TERM WACC
• Drives investment decision-making Beta vs. S&P 500 (since S&P 500 Index Inclusion on 4/6/15)(1) 0.72 65% Long-Term Cost of Equity 8.4%
at the property level Long-Term 10-Year U.S. Yield (Fitted Instantaneous Forward Rate)(1) 5.4% 35% Cost of Debt (unsecured, 10-year, fixed) 5.1%
• Considers required “growth”
component of equity returns Equity Market Risk Premium (S&P 500 Earnings Yield vs 10Y UST)(1) 2.4% Long-Term WACC 7.2%
• Long-term WACC is the hurdle rate Long-Term Cost of Equity (CAPM methodology) 7.2%
for acquisitions Dividend Yield 5.6%
• Focus on higher long-term
IRR discourages risk-taking Assumed Long-Term Dividend Growth Rate 4.0%
Long-Term Cost of Equity (Yield + Growth methodology) 9.6%
Long-Term Cost of Equity (Average of two methodologies) 8.4%

SHORT-TERM KEY ASSUMPTIONS & CALCULATION:

Nominal 1st-Year Weighted Average NOMINAL 1ST-YEAR WACC(2)
Cost of Capital 47% Equity: AFFO yield 7.5%
• Used to measure initial (year one)
35% Debt: Unsecured, 10-year, fixed 5.1%
earnings accretion LOW NOMINAL WACC LONG-TERM WACC
• Higher stock price (lower cost) 18% Retained Free Cash Flow 0% supports ability to spread considers growth
supports more robust growth Nominal 1st-Year WACC 5.3% invest in high-quality real requirements of equity
• Spread on short-term WACC estate opportunities and supports focus on
required to generate accretion residual value of
acquisitions
• Unwilling to sacrifice quality to
generate wider spreads
Note: Realty Income’s cost of capital information uses illustrative assumptions only. Actual results and calculations may vary materially from these illustrative calculations.
(1) Source: Bloomberg.
(2) AFFO yield is based on an NTM AFFO/sh basis. Cost of 10-year, fixed, unsecured debt equals the approximate weighted average cost of borrowing in US, UK, and Europe based on expected funding needs by jurisdiction in 2025. Retained free cash flow activity is on an NTM basis.
17
Totals may not sum due to rounding.
Diversifying Capital Sources to
Capture Abundant Opportunities
Figures shown for 2020 to 2024:

~$335B
Sourced Volume

EXPANDING CAPITAL SOURCES

~9% • From 2020 to 2024, we sourced approximately $335B

of potential investment opportunities, selectively
of sourced volume
acquired acquiring ~$31B
• Our ability to source underscores the strength and
discipline of our underwriting
~$31B • By diversifying and expanding our access to capital,
Investment Volume including through private capital, we now have
additional capital sources that enable us to pursue a
broader set of opportunities focused on long-term IRR
18
Balance Sheet

19
 Strong Balance Sheet – One of Ten S&P 500 REITs with Two A3/A- Ratings or Better
Commercial Paper
CURRENT DEBT MATURITY PROFILE(1) EUR Denominated Notes
in millions
GBP Denominated Notes
Term Loan
$4,769
Revolver
Mortgages
Unsecured Notes
$3,063 Pro-Rata UJV Debt
$2,863 $2,807
$2,501 $2,395
$2,269 $2,246
$1,788 $1,803
$1,453

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+

FAVORABLE CREDIT RATINGS KEY CREDIT METRICS

Long-Term Unsecured Debt Rating
Low Leverage / Conservative Long-Term
High Coverage Ratios Debt Profile

A3 / Stable 5.4x 4.7x 99% 94%

Net Debt Fixed Charge Unsecured Fixed Rate
to Annualized Pro Forma Coverage Ratio

6.3 years
Adj. EBITDAre(2)

A- / Stable 35%
Weighted Average
Net Debt to Total Term to Maturity
Enterprise Value for Notes & Bonds
(1) As of 3/31/2025, there were $1.3 billion of outstanding borrowings under the revolving credit facility and $413.4 million of commercial paper outstanding.
(2) 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 we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our
proportionate share on debt from unconsolidated entities, 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, consist of adjustments to
incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and remove 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. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial 20
covenants for our senior unsecured notes.
Significant Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility

$3,133 $1,855
in millions

Liquidity(1)(2) Debt obligations through 2025(3)

As of April 29, 2025, our

credit facility was recast and
expanded to an aggregate
$5.38B in multi-currency
Revolver Excess (1)
unsecured facilities Availability, Liquidity,
$2,548 $1,278

(Net of $413 million

borrowings outstanding
under $3.0 billion global
commercial paper Term Loans, $800
programs)(1)

Notes & Bonds

Unsettled ATM
Payable, $1,050
Forwards, $266 Mortgages Payable,
Cash & Equivalents, $319 $5
Sources Uses

Note: Values shown in millions. Totals may not foot due to rounding. As of 3/31/2025, unless otherwise noted.
Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts.
(1) Liquidity includes unsettled ATM forwards as of 5/5/2025 (as of 3/31/2025, there were ~$69 million of unsettled ATM forwards).
(2) We have a $1.5 billion U.S. Dollar-denominated commercial paper program and a $1.5 billion Euro-denominated commercial paper program. We use our $4.25 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under our commercial paper program. The
21
revolver has a $1.0 billion accordion feature, which is subject to obtaining lender commitments.
(3) Excluding revolver and commercial paper maturities.
Appendix

22
Adjusted Funds From Operations (AFFO)
(in thousands, except per share data)

(1) See Normalized FFO calculations on page 9 for reconciling items.

(2) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the Spirit Realty Capital, Inc. merger.
(3) Credit losses primarily relate to the impairment of financing receivables. 23
(4) Includes 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.
Adjusted EBITDAre
(dollars in thousands) (unaudited)
Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre, Net Debt/Annualized Pro Forma Adjusted EBITDAre, Net Debt and
Preferred Stock/ Annualized Adjusted EBITDAre, and Net Debt and Preferred Stock/ Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures.

(1) We calculate Annualized Adjusted EBITDAre by multiplying the Quarterly Adjusted EBITDAre by four.
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(2) Net Debt is total debt per our consolidated balance sheets, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents.