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RETAIL INVESTOR PRESENTATION Contents SECOND QUARTER 2019 RETAIL INVESTOR PRESENTATION Contents Investment Thesis 4 Company Overview 5 Performance Track Record 10 Dependable Dividends 11 Portfolio Diversification 15 Asset Management & Real Estate Operations 22 Investment Strategy 25 Capital Structure and Scalability 28 Business Plan 32 Appendix 33 All data as of June 30, 2019 unless otherwise specified 2 Safe Harbor For Forward-Looking Statements Statements in this investor presentation that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company‘s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, domestic and foreign real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company's filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this investor presentation. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. 3 Investment Thesis Business model offers attractive total return with minimal cash flow volatility PROVEN TRACK RECORD OF RETURNS 16.4% Compound Average Annual Total Return Since ‘94 NYSE Listing 0.4 Beta vs. S&P 500 PREDICTABLE CASH FLOW Years with Positive Earnings Per Share 22 of 23 Growth(1) 93.7% Adjusted EBITDAre Margin POTENTIAL GROWTH OPPORTUNITIES $12 Trillion Corporate-Owned Real Estate in the US and Europe $30 Billion Average Annual Sourced Acquisition Opportunities Since ‘13 (1) AFFO / Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations 4 Realty Income Company Overview Business model has generated above-market returns with below-market volatility since 1994 S&P 500 DIVERSIFIED, HIGH-QUALITY TRACK RECORD OF SAFETY REAL ESTATE COMPANY “NET LEASE” PORTFOLIO AND CONSISTENCY $29B A3 / A- 5,951 9.4 22 OF 23 enterprise value credit ratings by commercial real years weighted years of positive earnings Moody’s and S&P estate properties average remaining per share(1) growth lease term $1.4B 50 annualized rental years of operating revenue history 83% 49% 5.1% 93.7% of rent generated of rent from median adjusted from retail investment-grade earnings per EBITDAre Member of S&P High-Yield properties rated tenants share(1) growth margin Dividend Aristocrats® index commercial tenants 1 of 8 U.S. REITs with 265 at least two A3/A- ratings 49 industries 16.4% 0.4 TSR since 1994 beta vs. S&P 500 1 of only 2 REITs states, Puerto Rico, NYSE listing since 1994 NYSE in both categories 49 and the U.K. listing (1) AFFO through most recent calendar year/ Excludes earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations 5 Progression to a Blue-Chip, S&P 500 REIT Received Added to investment- S&P High Completed grade credit Closed Yield first ratings from Realty acquisition Dividend Credit international Income Moody’s, of American Aristocrats rating acquisition founded by S&P, and Realty and S&P 500 upgraded to (Sainsbury’s William and Fitch Capital Trust Index “A3” by in the UK) Joan Clark for Moody’s $3.2 billion 1969 1994 1996 2011 2013 2014 2015 2016 2017 2018 2019 Completed $1 billion in Eclipsed Surpassed Began annual $1 billion in Credit trading on $3 billion in annual rating property common the NYSE rental upgraded to acquisitions stock under ticker revenue for first time dividends “A-” by symbol “O” paid to Standard & shareholders Poor’s 6 Our Approach and 2Q19 Results Acquire well-located commercial properties 1 ✓ ~$1.1 billion in acquisitions Remain disciplined in our acquisition underwriting 2 ✓ Acquired ~6% of sourced volume Execute long-term net lease agreements 3 ✓ Recaptured 100.4% of expiring rent Actively manage portfolio to maximize value 4 ✓ Ended quarter at 98.3% occupancy Maintain a conservative balance sheet 5 ✓ Ended quarter with Net Debt/Adjusted EBITDAre ratio of 5.4x Grow per share earnings and dividends ✓ AFFO/sh growth: +2.5% | Dividend/sh growth: +2.9% 7 Differentiated Business Model from “Traditional” Retail REITs Lease structure and growth drivers support predictable revenue stream relative to other forms of retail real estate Unique “net lease” structure drives lower cash flow volatility Shopping Centers and Malls Initial Length of Lease 15+ Years < 10 Years Remaining Avg Term ~ 10 Years ~ 5-7 Years Responsibility for Property Expenses Tenant Landlord Gross Margin > 98% ~ 75% Volatility of Rental Revenue Low Modest / High Maintenance Capital Expenditures Low Modest / High Reliance on Anchor Tenant(s) None High Average Retail Property Size / Fungibility 12k sf / High 150k–850k sf / Low Shopping Centers Ample external growth opportunities and Malls Target Markets Many Few External Acquisition Opportunities High Low Institutional Buyer Competition Modest High 8 Track Record of Favorable Returns to Shareholders Since 1994 NYSE listing, Realty Income shares have outperformed benchmark indices Compound Average Annual Total Shareholder Return Since 1994 16.4% 10.7% 10.6% 10.0% 9.8% O Equity REIT Index DJIA Nasdaq S&P 500 9 Track Record of Favorable Risk-Adjusted Returns to Shareholders Adding Realty Income to a balanced portfolio generates higher return with lower risk Stocks and Bonds With 10% REITs 0% With 10% “O” 10% 10% 40% 50% 50% 60% 40% 40% Stocks Bonds REITs Realty Income Return 8.5% Return 8.6% Return 9.2% Risk 12.0% Risk 11.2% Risk 10.7% Realty Income’s above-market returns with below-market volatility improve performance of a balanced portfolio This is for illustrative purposes only and not indicative of any investment. Past performance is no guarantee of future results. Return (portfolio total return including dividends) and risk (standard deviation of returns) calculated for a period from 1/1/1995 through 6/30/2019. Stocks – S&P 500 Index, Bonds – Bloomberg Barclays US Aggregate Corporate Bond Index, REITs – MSCI US REIT Total Return Index (RMS) 10 Source: Bloomberg DEPENDABLE DIVIDENDS Dividends Matter to Long-Term Investor Returns In a low growth, low-yield environment, consistent dividend growth generates significant value for investors S&P 500 Index Returns: With and Without Dividends Realty Income Returns: With and Without Dividends (Oct 18, 1994(1) – June 30, 2019) (Oct 18, 1994(1) – June 30, 2019) 4133% 912% 42% of S&P 500 Index returns from 1994 82% of Realty Income through Q2 2019 were returns from 1994 NYSE attributed to dividends listing through Q2 2019 were attributed to 529% dividends 762% Total Return Price Change Total Return Price Change (1) October 18, 1994 = Realty Income NYSE Listing Source: Bloomberg 12 Dependable Dividends That Grow Over Time Steady dividend track record supported by inherently stable business model, disciplined execution Strong Dividend Track Record 87 consecutive quarterly increases $2.72 $2.65 102 total increases since 1994 NYSE listing $2.53 82% AFFO payout (based on midpoint of 2019 AFFO guidance) $2.39 $2.27 $2.19 4.6% compound average annualized growth rate since NYSE listing $2.15 One of only five REITs included in S&P High Yield Dividend Aristocrats® index $1.77 $1.74 $1.71 $1.72 $1.66 $1.56 $1.44 $1.35 $1.24 $1.15 $1.18 $1.09 $1.12 $1.04 $0.98 $0.90 $0.91 $0.93 $0.95 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Data is as of July 2019 dividend declaration (annualized) 13 The “Magic” of Rising Dividends: Yield on Cost, Dividend Payback Long-term, yield oriented investors have been rewarded with consistent income Yield on Cost 34% 32% Reflects yield on cost assuming shareholder bought shares at end of each 26% corresponding year (as of 6/30/2019) 24% 23% 21% 22% 22% 18% 16% 14% 13% 11% 12% 10% 10% 10% 8% 8% 7% 7% 6% 5% 5% 5% 4% Dividend Payback 493% Reflects percentage of original investment made at each corresponding year- 457% end period paid back through dividends (as of 6/30/2019) 340% 312% 332% 285% 284% 267% 218% 176% 148% 113% 125% 93% 89% 97% 80% 56% 49% 39% 36% 23% 17% 11% 7% 2% 14 PORTFOLIO DIVERSIFICATION Portfolio Diversification: Tenant Diverse tenant roster, investment grade concentration reduces overall portfolio risk 5.8% 2.2% TOP 20 TENANTS REPRESENT 5.2% 2.0% 4.5% 1.9% 54.5% 3.8% 1.8% 3.5% 1.7% Of annualized rental revenue 3.2% 1.7% 3.2% 1.7% 3.1% 1.5% 11 12 2.8% 1.4% Different Investment grade industries rated tenants 2.3% 1.3% Orange represents investment grade tenants that are defined as tenants with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 49% of our annualized rental revenue is generated from properties leased to investment grade tenants, including approximately 8% from properties leased to subsidiaries of investment grade companies. 16 Top 20 Tenants Highly Insulated from Changing Consumer Behavior All top 20 tenants fall into at least one category (Service, Non-Discretionary, Low Price Point Retail or Non-Retail) Service / Experiential Non-Discretionary Non-Retail Low Price Point Walmart represented by Neighborhood Markets and Sam’s Club 17 Top Tenant Exposure: 2009 vs.
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