Realty Income Corporation · NYSE:O
Realty Income — Investor Presentation (November 2026)
52 slides from Realty Income's investor presentation, November 2026
Slide 1: Investor Presentation
Investor Presentation Real Estate Partner to the ® World’s Leading Companies November 2026
Slide 2: Safe Harbor For Forward-Looking Statements
Safe Harbor For Forward-Looking Statements 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 solicitat
Slide 3: Presentation Roadmap
Presentation Roadmap Realty Income Investment Thesis • Who We Are 5 • Stability by Design 12 • Our Competitive Advantage 19 Growth • Scaling Durable Growth 25 Natural consolidator of corporate-owned • Realty Income Investment Management 29 real estate, a multi- trillion-dollar • Expanding Global Pre
Slide 4: The Realty Income Investment Case
The Realty Income Investment Case Superior Risk-Adjusted Returns vs. Benchmarks Growth. Income. Stability. The Realty Income Advantage Comparative Indices & Medians: SINCE O NYSE LISTING S&P Dividend Realty Income S&P 500 (10/18/1994 – 9/30/2026) Aristocrats Equity-like returns with bond-like volati
Slide 5: Who We Are
Who We Are 5
Slide 6: A Global Leader Delivering Stable Income and Consistent Growth
A Global Leader Delivering Stable Income and Consistent Growth Realty Income, an S&P 500 company, is real estate partner to the world’s leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. We are the eighth largest global REIT(1) with presence in
Slide 7: Diversified Global Portfolio Anchored by Essential Net Lease Real Estate
Diversified Global Portfolio Anchored by Essential Net Lease Real Estate PROPERTY TYPE DIVERSIFICATION GEOGRAPHIC DIVERSIFICATION % of Total Annualized Base Rent (1) % of Total Annualized Base Rent (1) 1% Data Center: Data centers represent ~1% of total ABR(1), serving as essential digital Data Cent
Slide 8: Highly Diversified Portfolio Across Clients and Industries
Highly Diversified Portfolio Across Clients and Industries CLIENT DIVERSIFICATION – TOP 20 CLIENTS INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES % of Total Annualized Base Rent(1) % of Total Annualized Base Rent(1) Dollar General 3.3% Tractor Supply 1.5% Denotes IG- Grocery 10.6% Rated Client(2) 3.0%
Slide 9: Positioned to Capitalize on Two Secular Growth Drivers
Positioned to Capitalize on Two Secular Growth Drivers The need for stable Leading companies and consistently worldwide looking growing income for Youngest cohort of for long-term the baby boomer an aging global generation funding solutions reaching population retirement age in with partners, at 202
Slide 10: $15T Total Addressable Market Across Core and High-Growth Sectors
$15T Total Addressable Market Across Core and High-Growth Sectors Expanding Total Addressable Market (By Realty Income’s Entry Date) 2010 2019 2022 2023 2026 Global Data Centers(1) > $1.0T U.S. Gaming(2) ~ $0.4T Europe(3) ~ $9.0T U.S. Industrial(3) ~ $2.0T U.S. Freestanding Retail(4): The Foundation
Slide 11: Competitive Advantages Help Generate Consistent Returns Across Market Cycles
Competitive Advantages Help Generate Consistent Returns Across Market Cycles Total Operational Returns, in %(1) Realty Income Total Operational Return 8-12% Total Operational Return Range Average 10-Year US Treasury Yield Returns 10-Year US Treasury Yield (%) 25% 7% 6% 20% 5% 15% 4% 3% 10% 2% 5% 1%
Slide 12: Stability by Design
Stability by Design 12 12
Slide 13: Triple Net Sale-Leaseback Model Designed to Deliver Stable Income
Triple Net Sale-Leaseback Model Designed to Deliver Stable Income Triple Net Lease Advantage Property Taxes Insurance Maintenance Clients are responsible for property taxes, Clients cover insurance costs, protecting us Clients handle property upkeep and repairs, reducing our operating risk and suppo
Slide 14: We Believe Net Lease Outperforms Other Real Estate Formats
We Believe Net Lease Outperforms Other Real Estate Formats Typical Attributes of Real Estate Subsectors(1) Client pays Client is Vacant units Vacancies can be Vacant units can Lease contracts can be sold re-leased for a immediately be property taxes responsible for lack co-tenancy Realty Income appl
Slide 15: Occupancy Stability Through Various Market Environments
Occupancy Stability Through Various Market Environments Consistently High Occupancy Durable Relative Performance Supported by Portfolio Quality Maintained between 97% and 99% Outperformed the S&P 500 REIT median in Disciplined underwriting, long-term leases since 2000 every period shown and broad cl
Slide 16: Multi-Cycle Re-Leasing & Rent Recapture Track Record
Multi-Cycle Re-Leasing & Rent Recapture Track Record Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows MAXIMIZING REAL ESTATE VALUE: 41.2% Weighted average lease Strategic management of rollovers term of 8.5 years Proactively addressing portfolio “watch list” 7.5% 8.6% 7.1% 8.8
Slide 17: Scale Creates Multiple Levers for Durable Growth
Scale Creates Multiple Levers for Durable Growth INVESTMENT AND FUNDING LEVERS ENABLE CAPITAL TO SHIFT WITH ECONOMICS – SUPPORTING PORTFOLIO DIVERSIFICATION AND FURTHER ADAPTABILITY SELECTIVITY DIVERSITY THROUGH: DIVERSITY THROUGH: INVESTMENT TYPE GEOGRAPHY Retail Industrial United States Data Cente
Slide 18: Capital Recycling Drives Higher Risk-Adjusted Returns
Capital Recycling Drives Higher Risk-Adjusted Returns Decades of asset management experience Opportunistic sales are funding higher-return investments and data from our 15,500+ property global LEVERAGE DATA HARVEST VALUE REDEPLOY CAPITAL portfolio give us a • Identify the best assets • Sell when the
Slide 19: Our Competitive Advantage
Our Competitive Advantage 19 19
Slide 20: A Platform Built on Four Distinct Competitive Advantages
A Platform Built on Four Distinct Competitive Advantages Scale Technology Discipline Access 2 Ability to deploy at Analytics and trade- WACC-anchored Investment-grade size, execute area intelligence underwriting with a balance sheet, complex deals, and embedded in track record of proven track record
Slide 21: Well-Laddered Balance Sheet Supported by Diverse Capital Sources
Well-Laddered Balance Sheet Supported by Diverse Capital Sources Current maturity profile(1), $ Millions Fund Credit Facility Commercial Paper $4,443 EUR Denominated Notes GBP Denominated Notes Term Loan RIC Credit Facility Mortgages USD Denominated Notes $3,784 $3,769 Pro-Rata UJV Debt $3,294 $2,88
Slide 22: Executing a Creative, Multi-Channel Capital Strategy
Executing a Creative, Multi-Channel Capital Strategy 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. Expanded Revolver Capacity to $5.5B & Global Commercial Paper Entered the
Slide 23: Embedded Data and Analytics Drive Better, Faster, Smarter Decisions
Embedded Data and Analytics Drive Better, Faster, Smarter Decisions Seven years of proprietary analytics experience is embedded into our …and assists in supporting strong outcomes investment decision life cycle 2 ~104% rent recapture on re-leased 1 Sourcing: Tenant credit signals, properties from 20
Slide 24: Predictive Analytics Platform Informs Proactive Decision-Making
Predictive Analytics Platform Informs Proactive Decision-Making How the platform drives proactive decisions Early store-level visibility + predictive risk analytics drive disciplined actions that we believe preserve long-term value Platform Inputs Case Study: Proactive De-risking for a Home Furnishi
Slide 25: Scaling Durable Growth
Scaling Durable Growth 25 25
Slide 26: An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns
An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns Realty 3.0: Strategic Partnerships Realty 1.0: The Monthly Dividend Company® Realty 2.0: Platform and Growing at Scale & Expanding “Buy Box” 1969 - 2010 2010 - 2025 Today & the Future Focus: Foundation Focus: Scale and E
Slide 27: Scale Drives Proprietary Deal Flow, Large Transactions, and Strategic Partnerships
Our advantages Scale Drives Proprietary Deal Flow, Large Repeat relationships: Trusted by world’s Transactions, and Strategic Partnerships leading companies for repeat transactions of total capital total sourced Low concentration risk: Large-scale deals ~$77B deployed from ~$645B volume from can be
Slide 28: Global Sourcing Scale With Disciplined Investment Selectivity
Global Sourcing Scale With Disciplined International opportunities have added more than 30% to Realty Income’s sourcing volume since 2019 Investment Selectivity SOURCED VOLUME $120.5 $122.3 in billions $95.0 INTERNATIONAL $84.5 UNITED STATES $57.1 $63.6 $59.0 $39.0 $43.3 $32.0 $28.0 $30.0 $32.0 $24.
Slide 29: Realty Income Investment Management
Realty Income Investment Management 29
Slide 30: Realty Income Investment Management (RIM)
Private Capital Investment Realty Income Investment Management is a Natural Evolution of Management (RIM) our Business… Accelerate AFFO/share with Capital Light Revenue RIM allows institutional investors to invest alongside Realty Income through funds, joint 1 Recurring asset management fees create
Slide 31: Our Private Capital Strategy Unlocks Additional Growth Drivers
Our Private Capital Strategy Unlocks Additional Growth Drivers Across each strategy, Realty Income’s balancePrivate sheet addresses Capitalonly a fraction Vehicles of the broader Enable ‘O’ to:opportunity set, reflecting its requirement to generate wide Year 1 spreads, while private capital vehicles
Slide 32: Clearly Defined Private Capital Vehicles
Clearly Defined Private Capital Vehicles 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 Realty Income Investment Management Build-to-Suit (BTS)
Slide 33: GIC Partnership: One Stop Shop for Build-to-Suit Development
GIC Partnership: One Stop Shop for Build-to-Suit Development 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 $1.5B Programmatic JV $200M Mexico Build-to-Suit U.S. Core Plus Fund In
Slide 34: U.S. Core Plus Fund
U.S. Core Plus Fund Potential for enhanced returns for Realty Income through fund investments (illustrative example) Capital Diversification Introduces a complementary capital source with Standalone With U.S. Core Plus Fund less pricing volatility. Enhances funding flexibility and supports accretive
Slide 35: Building a Global Institutional Platform for Insurance and Retirement Capital
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 Realty Income | What We
Slide 36: Strategic Partnerships Expand Access to Long-Duration, Like-Minded Capital
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 $1.0B €528M Ownership 51% Realty Income / 49% Apol
Slide 37: Lower-Cost Equity Through Strategic Insurance Capital Joint Ventures
Lower-Cost Equity Through Strategic Insurance Capital Joint Ventures Strategic partnerships provide low-cost, non-dilutive permanent equity that can be priced below the implied cost of public equity and provides a diversified source of accretive funding Insurance capital vs. rising cost of public eq
Slide 38: Annuities Represent a Multi-Trillion-Dollar Base of Long-Duration Liabilities
Annuities Represent a Multi-Trillion-Dollar Base of Long-Duration Liabilities Realty Income’s business model is highly synergistic with the needs of insurance capital given its long-duration, consistent, contractually secured cash flows Annual U.S. origination volume ($ in billions) 464 434 $4.5T 38
Slide 39: Investing at Scale: Programmatic Data Center Joint Venture with Cloud Capital
Investing at Scale: Programmatic Data Center Joint Venture with Cloud Capital Scaling digital infrastructure through a $6B+ programmatic hyperscale partnership, extending Realty Income’s disciplined net lease model to investment grade data center tenants Programmatic partnership with Cloud Capital t
Slide 40: Expanding Global Presence
Expanding Global Presence 40 40
Slide 41: A Diversified Global Footprint with Significant Opportunities to Expand
A Diversified Global Footprint with Significant Opportunities to Expand United States remains a core market… …with Europe and U.K. growing increasingly important PACIFIC NORTHWEST MIDWEST NORTHEAST UNITED KINGDOM 245 1.7% 3,988 20.2% 1,026 8.9% 395 15.1% Properties Total ABR Properties Total ABR Pro
Slide 42: Europe: A Fast-Growing, High-Quality Platform Opportunity
Europe: A Fast-Growing, High-Quality Platform Opportunity 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 696 47 ~$19B 7.8 ~$1.1B ~20% 84 Properties Industries Gross Asset Value
Slide 43: Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships
Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships Aggregate Net Lease TAM (Total Addressable Market)(1) Sale-Leaseback Strategy in Action Wynn Encore Boston Harbor ~ $9.0T • Realty Income acquired the Encore Boston Harbor Resort and Casino for $1.7 Asset Value billion in De
Slide 44: Delivering Shareholder Outcomes
Delivering Shareholder Outcomes 44 44
Slide 45: A 32-Year Track Record of Growing Monthly Dividends
A 32-Year Track Record of Growing Monthly Dividends Annualized dividend per share, $ 3.50 +4.1% 3.00 Compound Annual Dividend Growth Rate(2) 2.50 2.00 1.50 1.00 1994 1998 2002 2006 2010 2014 2018 2022 2026 S&P 500 676 116 6.0% Dividend Aristocrats® Annualized Dividend per Share(2) Monthly dividends
Slide 46: Demonstrated Outperformance in Periods of Market Stress
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 Average Total Stockholder Return During Drawdowns(1)(2): Correlation to VIX Dur
Slide 47: Thank you
Thank you Contact: [email protected] 47 47
Slide 48: Appendix
Appendix 48 48
Slide 49: Reconciliation of Net Income to Diluted AFFO and AFFO per Share
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) Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassif
Slide 50: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre
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) 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 $ 2
Slide 51: Reconciliation of Net Income to Adjusted EBITDA Margin
Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin(1) (USD in thousands) (unaudited) 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
Slide 52: Reconciliation of Cash G&A Expenses (% of GAV)
Appendix: Reconciliation of Cash G&A Expenses(1) (% of GAV)(2) (USD in thousands) (unaudited) 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
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