Retail Investor Presentation 3Q 2020

January 2021 RETAIL INVESTOR PRESENTATION Contents

Company Overview 4 Summary of COVID-19 Impact 7 Performance Track Record 10 Dependable Dividends 14 Portfolio Diversification 18 Asset Management & Real Estate Operations 25 Investment Strategy 28 Capital Structure and Scalability 31 Corporate Responsibility 35 Business Plan 37 Appendix 38

All data as of September 30, 2020 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, volatility and uncertainty in the credit markets and broader financial markets, changes in foreign currency exchange rates, property acquisitions and the timing of these acquisitions, charges for property impairments, the effects of the COVID-19 pandemic and the measures taken to limit its impact, the effects of pandemics or global outbreaks of contagious diseases or fear of such outbreaks, the company's tenants' ability to adequately manage its properties and fulfill their respective lease obligations to the company, 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 press release. 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 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- 6,588 9.0 23 OF 24 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 $1.6B 51 annualized base years of operating rent history 85% 49% 5.1% 93.9% of rent generated of rent from median adjusted from retail investment-grade earnings per EBITDAre Member of S&P 500 properties rated tenants share(1) growth margin Dividend Aristocrats® index

tenants 1 of 8 U.S. REITs with ~600 at least two A3/A- ratings 51 industries 15.3% 0.4 TSR since 1994 beta vs. S&P 500 1 of only 2 REITs U.S. states, Puerto NYSE listing since 1994 NYSE in both categories 49 Rico, 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 4 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

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 acquisition Realty Dividend Credit international of American Income Moody’s, Aristocrats® rating acquisition Realty founded by S&P, and and S&P 500 upgraded to (Sainsbury’s Capital Trust William and Fitch Index “A3” by in the UK) for Joan Clark Moody’s $3.2 billion

1969 1994 1996 2011 2013 2014 2015 2016 2017 2018 2019 2020

Completed $1 billion in Eclipsed Began Surpassed $1 billion in Credit annual Added to trading on $3 billion in annual rating property S&P 500 the NYSE common rental upgraded to acquisitions stock Dividend under ticker revenue “A-” by for first time dividends Aristocrats® symbol “O” Standard & paid to index shareholders Poor’s

6 Summary of COVID-19 Impact Rent collection results supported by core real estate portfolio the majority of which is open for consumers

Contractual rent collected(1) October November December across: 2020 2020 2020 Total portfolio 93.4% 93.7% 93.6% Top 20 tenants 89.8% 90.2% 89.7% Investment grade tenants(2) 100% 100% 100% Retail Portfolio Store Status by Industry(3) Open Closed C-Stores 100% Grocery Stores 100% Drug Stores 100% Dollar Stores 100% Health & Fitness 89% 11% Theaters 31% 69% Quick Service Restaurants 100% Home Improvement 100% General Merchandise 96% 4% Casual Dining Restaurants 99% 1% Other Retail Industries 99% 1% Total Retail Portfolio 94% 6% (1) Collection rates are calculated as the aggregate cash rent collected for the applicable period from the beginning of that applicable period through December 31, 2020, divided by the contractual cash rent charged for the applicable period. Cash rent collected is defined as amounts received including amounts in transit, where the tenant has confirmed payment is in process. Rent collection percentages are calculated based on contractual base rents (excluding percentage rents and tenant reimbursements). Charged amounts have not been adjusted for any COVID-19 related rent relief granted and include contractual base rents from any tenants in bankruptcy. We define top 20 tenants as our 20 largest tenants based on percentage of total portfolio annualized contractual rental revenue as of the most recent reported period. (2) Investment grade tenants 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, their subsidiaries or affiliated companies. 7 (3) As of 1/5/2021. Represents percentage of annualized rent for open vs closed locations. Open locations include those operating at reduced capacity or limited to take-out or delivery options. Rent Collections from Top 20 Industries Tenants operating in core industries selling ‘essential goods’ paid almost all rent due December Rent Collections(1) 12.0% % of Dec Contractual Rent Collected % of Dec Contractual Rent Not Collected 9.6% 8.2% 7.6% Received 93.6% of contractual rent due for December 2020 6.8% 5.6% 100% 5.3% 100% 4.2% 4.0% 100% 100% 3.2% 82% 2.8% 2.7% 99% 100% 2.5% 2.1% 2.0% 2.0% 100% 1.9% 1.6% 1.6% 1.6% 100% 95% 100% 13% 100% 100% 100% 99% 100% 100% 100% 100%

November 2020 Rent Collections(1) 12.2% % of Nov Contractual Rent Collected % of Nov Contractual Rent Not Collected 9.2% 8.3% 7.7% 6.9% Received 93.7% of contractual rent due for November 2020 100% 5.7% 5.5% 4.1% 4.1% 100% 100% 100% 86% 3.0% 2.9% 2.5% 99% 2.5% 2.1% 2.0% 2.0% 100% 100% 1.9% 1.7% 1.6% 1.6% 12% 100% 95% 100% 100% 99% 100% 100% 100% 100% 100% 100%

(1) Collection rates are calculated as the aggregate cash rent collected for the applicable period from the beginning of that applicable period through December 31, 2020, divided by the contractual cash rent charged for the applicable period. Cash rent collected is defined as amounts received including amounts in transit, where the tenant has confirmed payment is in process. Rent collection percentages are calculated based on contractual base rents (excluding percentage rents and tenant reimbursements). Charged amounts have not been adjusted for any COVID-19 related rent relief granted and include contractual base rents from any tenants in bankruptcy. Due to differences in applicable foreign currency conversion rates and rent conventions, the industry percentages above may differ from industry percentages calculated utilizing our total portfolio annualized contractual revenue. 8 Sorted by percentage of total contractual rent (combined for the US and UK industries) due for the months of December 2020 and November 2020. Cyclical Comparison – Entered Current Recession from a Position of Strength Favorable balance sheet, scale and capital markets backdrop relative to Great Financial Crisis

SCALE AND LIQUIDITY YE 2007 Q3 2020

Enterprise Value (in billions) $4.3 $29.0 Available Liquidity (in millions)(1) $593 $3,169 Fixed Charge Coverage Ratio 3.1x 5.2x

LEVERAGE AND CREDIT RATINGS YE 2007 Q3 2020

Net Debt / Adjusted EBITDAre 5.7x 5.3x Total Debt / Total Market Capitalization 33.7% 28.4% Credit Ratings (Moody’s / S&P) Baa1 / BBB A3 / A-

CAPITAL MARKETS BACKDROP YE 2007 Q3 2020

Revolver Interest Rate (All-in)(2) 5.2% 0.84% 10-Year US Treasury Yield 4.02% 0.68% Fiscal Stimulus as a % of GDP(3) ~5% ~13%

(1) Includes revolver (excluding the accordion feature, which is subject to obtaining lender commitments) and cash at the end of each period. Excludes availability under the $1 billion commercial paper program. (2) Based on all-in drawn borrowing rate at end of each period 9 (3) Represents fiscal stimulus response to the 2008 financial crisis and the 2020 COVID-19 crisis.. Source: McKinsey PERFORMANCE TRACK RECORD Our Approach and YTD 2020 Results

Acquire well-located commercial properties 1 ✓ ~$1.3 billion in YTD acquisitions

Remain disciplined in our acquisition underwriting 2 ✓ Acquired <3% of sourced volume

Execute long-term net lease agreements 3 ✓ ~13 years weighted average lease term on new acquisitions

Actively manage portfolio to maximize value 4 ✓ Ended quarter at 98.6% occupancy

Maintain a conservative balance sheet 5 ✓ Ended quarter with Net Debt/Adjusted EBITDAre ratio of 5.3x

Grow per share earnings and dividends ✓ AFFO/sh YTD growth: +3.7% | Dividend/sh YTD growth: +3.1%

11 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

15.3%

10.9% 10.4% 10.0% 9.9%

O Nasdaq Composite DJIA S&P 500 Equity REIT Index

12 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 8.7% Return 8.6% Return 9.2% Risk 12.1% Risk 11.4% Risk 10.9%

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 9/30/2020. Stocks – S&P 500 Index, Bonds – Bloomberg Barclays US Aggregate Corporate Bond Index, REITs – MSCI US REIT Total Return Index (RMS) 13 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 (October 18, 1994(1) – September 30, 2020) (October 18, 1994(1) – September 30, 2020)

3,831%

1086% 43% of S&P 500 Index returns from 1994 83% of Realty Income through Q3 2020 were returns from 1994 NYSE attributed to dividends listing through Q3 2020 were attributed to 619% dividends

659%

Total Return Price Change Total Return Price Change

(1) October 18, 1994 = Realty Income NYSE Listing Source: Bloomberg 15 Dependable Dividends That Grow Over Time Steady dividend track record supported by inherently stable business model, disciplined execution

Strong Dividend Track Record

92 consecutive quarterly increases $2.808 $2.73 $2.65 108 total increases since 1994 NYSE listing $2.53 82.0% AFFO payout (based on YTD 2020 AFFO/sh) $2.39 $2.27 $2.19 4.5% compound average annualized growth rate since NYSE listing $2.15 One of only three REITs included in S&P 500 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 2020 YTD(1)

(1) As of October 2020 dividend declaration (annualized) 16 The “Magic” of Rising Dividends: Yield on Cost, Dividend Payback Long-term, yield oriented investors have been rewarded with consistent income

35% Yield on Cost 33% Reflects yield on cost assuming shareholder bought shares at the end of each 27% 25% corresponding period (as of 9/30/2020) 24% 22% 23% 23% 19% 16% 14% 13% 11% 12% 10% 10% 11% 8% 8% 7% 8% 6% 5% 5% 5% 4% 4% 5%

537% Dividend Payback 498% Reflects percentage of original investment made at each corresponding year- end period paid back through dividends (as of 9/30/2020) 371% 365% 341% 312% 311% 294% 241% 196% 166% 126% 141% 105% 102% 112% 93% 66% 59% 47% 45% 31% 24% 17% 13% 8% 3%

17 PORTFOLIO DIVERSIFICATION Portfolio Diversification: Tenant Diverse tenant roster, investment grade concentration reduces overall portfolio risk

5.8% 2.5% TOP 20 TENANTS REPRESENT 4.9% 1.8%

4.4% 1.7% 52.6% 3.8% 1.6%

3.3% 1.6%

Of annualized rental revenue 3.3% 1.6%

2.8% 1.5% 2.7% 1.4% 11 12 2.6% 1.4% Different Investment-grade industries rated tenants

2.6% 1.2%

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, their subsidiaries or affiliated companies. 19 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 20 Top Tenant Exposure: 2009 vs. Today Less cyclicality and superior credit and diversification vs. prior downturn

Bold tenants represent investment-grade rated credit TOP 15 TENANTS AS OF YE 2009 TOP 15 TENANTS AS OF Q3 2020

Tenant Industry % of Rent Tenant Industry % of Rent

Hometown Buffet Casual Dining 6.0% Walgreens Drug Stores 5.8% Kerasotes Showplace Theatres 5.3% 7-Eleven Convenience Stores 4.9% Theatres Dollar General Dollar Stores 4.4% L.A. Fitness Health & Fitness 5.3% FedEx (Non-Retail) Transportation 3.8% The Pantry Convenience Stores 4.3% Dollar Tree / Family Dollar Dollar Stores 3.3% Friendly’s Casual Dining 4.1% LA Fitness Health & Fitness 3.3% Rite Aid Drug Stores 3.4% Regal Cinemas Theaters 2.8% La Petite Academy Child Care 3.3%

TBC Corporation Auto Tire Services 3.2% AMC Theaters Theaters 2.7%

Boston Market QSR 3.1% Sainsbury’s Grocery 2.6%

Couche-Tard / Circle K Convenience Stores 3.0% Walmart / Sam’s Club Grocery / Wholesale 2.6%

NPC / Pizza Hut QSR 2.6% LifeTime Fitness Health & Fitness 2.5%

FreedomRoads / Camping Circle K / Couche-Tard Convenience Stores 1.8% Sporting Goods 2.6% World BJ’s Wholesale Clubs Wholesale Clubs 1.7% KinderCare Child Care 2.5% Treasury Wine Estates Beverages 1.6% Regal Cinemas Theatres 2.3% (Non-Retail)

Sports Authority Sporting Goods 2.0% CVS Pharmacy Drug Stores 1.6% Total % of Rent - Top 15 Tenants 53.0% Total % of Rent - Top 15 Tenants 45.4% Investment Grade % - Top 15 Tenants 3.2% Investment Grade % - Top 15 Tenants 28.2% #1 Industry – Restaurants 21.3% #1 Industry – Convenience Stores 12.1% #2 Industry – Convenience Stores 17.0% #2 Industry – Drug Stores 8.4%

21 Portfolio Diversification: Industry Exposure to 51 industries enhances predictability of cash flow (See Appendix for Industry Theses) Exposure to defensive industries: 96% of total portfolio rent is protected against retail e-commerce threats and economic downturns

Non-Discretionary

❶ Convenience Stores: 12.1% Service-Oriented ❹ Dollar Stores: 7.8% ❼ Quick-Service Restaurants: 5.6% Essential, Service-oriented Essential / Non-discretionary, Low price point Low price point, Service-oriented Non-Discretionary, Low Price Point 81% of Total Rent:

Retail with at least one of the following components: Non-Discretionary ❷ Drug Stores: 8.4% ❺ Health & Fitness: 7.1% (Low cash flow volatility) Essential / Non-discretionary N/A (Non-Retail ExposureNon-discretionary, Service-oriented Low Price-Point (Counter-cyclical) Non-Discretionary Service-Oriented Service-Oriented (E-commerce resilient)

Low Price Point 15% Non-retail ❸ Grocery(1): 8.4% ❻ Theaters: 5.7% (E-commerce resilient) Essential / Non-discretionary Low price point, Service-oriented 4% Other

(1) Includes grocery stores in the U.S. and the U.K., which represent 5.0% and 3.4% of rental revenue for the quarter ended 9/30/2020, respectively 22 Portfolio Diversification: Geography Balanced presence in 49 states, Puerto Rico and the United Kingdom

<1 <1 <1 <1 <1 <1 1.1 2.7 4.3 <1 <1 2.0 <1 <1 2.4 <1 <1 2.8 1.8 1.1 4.3 <1 <1 <1 5.7 2.4 <1 1.6 <1 1.5 2.7 8.8 1.5 2.4 1.4 3.0 3.1 Top 7 Geographies 2.0 2.1 <1 <1 2.2 % of Rental Revenue 1.4 2.0 3.6 Texas 11.0% California 8.8% 11.0 1.6 Illinois 5.7% <1 5.2 Florida 5.2% U.K. 4.4% Ohio 4.3%

Puerto Rico <1 4.4 New York 4.3%

United Kingdom

Figures represent percentage of annualized contractual rental revenue as of September 30, 2020 23 Portfolio Diversification: Property Type Core exposure in retail and industrial single-tenant freestanding net lease properties

RETAIL (84.6%) INDUSTRIAL (10.4%) Number of Properties: 6,410 Number of Properties: 120 Average Leasable Square Feet: 12,200 Average Leasable Square Feet: 223,300 Percentage of Rental Revenue Percentage of Rental Revenue from Investment Grade Tenants: 44.7% from Investment Grade Tenants: 80.0%

OFFICE (3.3%) AGRICULTURE (1.7%) Number of Properties: 43 Number of Properties: 15 Average Leasable Square Feet: 73,900 Average Leasable Square Feet(1): 12,300 Percentage of Rental Revenue Percentage of Rental Revenue from Investment Grade Tenants: 86.9% from Investment Grade Tenants: -

(1) Excludes 3,300 acres of leased land categorized as agriculture at September 30, 2020 24 ASSET MANAGEMENT & REAL ESTATE OPERATIONS Actively-Managed Real Estate Portfolio Proven track record of value creation, cash flow preservation and risk mitigation

Asset Management & Healthy Leasing Results Real Estate Operations

Blended rent recapture ✓ Largest department in the company 94.5% rate of 99.8% on expired leases

✓ Distinct management verticals 5.5% ✓ Retail YTD 2020 ✓ Non-Retail Renewal / New Lease Split % Re-leased to Existing Tenants % Re-leased to New Tenants ✓ Leasing & dispositions Favorable Returns on Dispositions ✓ Maximizing value of real estate 13.6% 11.6% 12.1% 11.5% 9.9% ✓ Strategic and opportunistic 8.5% 8.1% 8.1%8.3% 7.6% 7.3% dispositions 6.9% 7.1% 6.6%

✓ Value-creating development

2014 2015 2016 2017 2018 2019 YTD ✓ Risk mitigation 2020 Cap Rate on Occupied Dispositions

Unlevered IRR on All Dispositions 26 Consistency: Steady Portfolio, Solid Fundamentals Focus on quality underwriting and real estate supports predictable cash flow generation

Consistent Occupancy Levels, Never Below 96%

Tenets of Consistency:

˃ Careful underwriting at acquisition ˃ Solid retail store performance ˃ Strong underlying real estate quality Steady Same-Store Rent Growth 1.6% 1.4% 1.5% ˃ Healthy tenant industries 1.3% 1.2% 1.0% 0.9% ˃ Prudent disposition activity ˃ Proactive management of rollovers

✓ Annual same-store rent growth run rate of ~1.0% ✓ Long lease terms limit annual volatility

-1.5%(1) 2013 2014 2015 2016 2017 2018 2019 YTD 2020

(1) Same store rental income was negatively impacted by reserves recorded as reductions of rental revenue of $26.5 million for the nine months ended September 30, 2020. Our calculation of same store rental revenue includes rent deferred for future payment as a result of lease concessions we granted response to the COVID-19 pandemic, and uncollected rent for which we have not granted a lease concession. Excluding rent deferrals and uncollected rent amounts, 3Q20 and YTD 2020 same-store rent would have 27 been (4.6%) and (5.9%), respectively. INVESTMENT STRATEGY Investment Strategy: Key Considerations Cost of capital advantage, size, track record represent competitive advantage

COMPETITIVE ADVANTAGES VS. NET LEASE PEERS

LOW COST OF CAPITAL SIZE AND TRACK RECORD

1 Supports investment selectivity 1 Ability to buy “wholesale” (at a discount) without creating tenant concentration issues

Drives faster earnings growth Access to liquidity ($3 billion multi-currency 2 (wider margins) 2 revolver, with $1 billion accordion feature, which is subject to obtaining lender commitments)

Critical in industry reliant on Relationships developed since 1969 3 external growth 3

29 Investment Strategy: Disciplined Execution Consistent, selective underwriting philosophy on strong sourced volume

Key Metrics Since 2010 (Excluding $3.2 billion ARCT transaction):

$17.3 billion 52% 87% in property-level acquisition volume of volume leased to of volume associated with Investment grade tenants retail properties

2013 YTD 2010 2011 2012 2014 2015 2016 2017 2018 2019 (Ex-ARCT) 2020

Investment Volume $714 mil $1.02 bil $1.16 bil $1.51 bil $1.40 bil $1.26 bil $1.86 bil $1.52 bil $1.80 bil $3.72 bil $1.30 bil

# of Properties 186 164 423 459 507 286 505 303 764 789 180

Initial Avg. Cap Rate 7.9% 7.8% 7.2% 7.1% 7.1% 6.6% 6.3% 6.4% 6.4% 6.4% 6.3%

Initial Avg. Lease 15.7 13.4 14.6 14.0 12.8 16.5 14.7 14.4 14.8 13.5 13.1 Term (yrs)

% Investment Grade 46% 40% 64% 65% 66% 46% 64% 48% 59% 36% 56%

% Retail 57% 60% 78% 84% 86% 87% 86% 95% 96% 95% 97%

Sourced Volume $6 bil $13 bil $17 bil $39 bil $24 bil $32 bil $28 bil $30 bil $32 bil $57 bil $47 bil

Selectivity 12% 8% 7% 4% 6% 4% 7% 5% 6% 7% 3%

Relationship Driven 76% 96% 78% 66% 86% 94% 81% 88% 89% 89% 81%

Low selectivity metrics reflect robust opportunity set, disciplined investment parameters, and cost of capital advantage 30 CAPITAL STRUCTURE AND SCALABILITY Conservative Capital Structure Modest leverage, low cost of capital, ample liquidity provides financial flexibility

Total Enterprise Value: $29.0 billion

(1) Unsecured Notes: $7.01 billion Common Stock, (2) 73% Revolving Credit Facility: $556 million Net Debt, 22% 27% Mortgages: $335 million Equity Market Cap: Commercial Paper: $300 million $21.3 billion 2% 1% 1% 1% Unsecured Term Loan: $250 million

Unsecured Debt Ratings: Moody’s A3 | S&P A-

Debt amounts reflect principal value / Numbers may not foot due to rounding (1) In October 2020, we issued £400 million of 1.625% Sterling-denominated senior unsecured notes due December 2030 (2) The revolver has a $1 billion accordion feature, which is subject to obtaining lender commitments 32 Laddered, Largely Fixed-Rate, Unsecured Debt Stack Limited re-financing and variable interest rate risk throughout debt maturity schedule Debt Profile 7.2 Years 3.5% $2,164 Weighted Average Years Weighted Average Until Maturity Interest Rate(1) Unsecured £(2) 96% Unsecured Secured

$1,327

$1,062 Fixed Rate 90% $712 Fixed Variable $651 $601 Rate $501 $551 $501 $311

$69 Revolver $2.4B Availability Available on 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ Revolver(5) Revolver Balance Unsecured Notes(4) Mortgages Revolver(3) Term Loan GBP Denominated Notes Commercial Paper

All amounts are in millions unless stated otherwise (1) Weighted average interest rate reflects variable-to-fixed interest rate swap on the term loan as of 9/30/2020 (2) GBP denominated private placement of £315 million, which approximates $407.0 million using relevant conversion rate at quarter end (3) As of September 30, 2020, the outstanding revolver balance was $556.1 million, entirely consisting of £430.5 million Sterling-denominated borrowings (4) In October 2020, we issued £400 million of 1.625% Sterling-denominated senior unsecured notes due December 2030 33 (5) The revolver has a $1 billion accordion feature, which is subject to obtaining lender commitments Scalability as a Competitive Advantage Leaders in the net lease industry in efficiency and ability to buy in bulk

Larger Size Drives Superior Overhead Efficiency Larger Size Provides Growth Optionality (1) G&A as % of Rental Revenue in millions Transaction Size & Impact(2) to Rent Concentration

5.8% Current Net Lease Peer Median: 8.7% Current Rent $100 $200 $300 $400 $500 $1,000 4.5% $200 3% 6% 9% 12% 14% 25%

$400 2% 3% 5% 6% 8% 14% Adjusted EBITDAre Margin $600 1% 2% 3% 4% 5% 10% 92.4% 93.9%

$800 1% 2% 2% 3% 4% 8% Current Net Lease Peer Median: 87.3% $1,000 1% 1% 2% 3% 3% 6%

$1,600 <1% <1% 1% <2% 2% 4% G&A as % of Gross RE Book Value (bps) 64 bps Size allows Realty Income to pursue large sale- 34 bps leaseback transactions without compromising prudent Current Net Lease Peer Median: 68 bps tenant and industry diversification metrics

(1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4Q18 | 2020 G&A excludes $3.5 million severance to former CFO paid in 1Q20 | percentage of rental revenue calculation excludes tenant reimbursements 34 (2) Assumes 6.5% cap rate CORPORATE RESPONSIBILITY Corporate Responsibility Realty Income strives to lead the net lease industry in Environmental, Social, and Governance initiatives Overview Focus

• We remain committed to sustainable • HQ energy efficiency, waste business practices in our day-to-day diversion, and water efficiency activities by encouraging a culture of programs environmental responsibility by regularly • Tenant engagement with top 20 engaging our employees and our local tenants (~50% of revenue) to discuss sustainable operations VALUES community • Internal “Green Team" led • As a leader in the net lease sector, we work sustainability initiatives and with our tenants to promote environmental education to engage employees responsibility at the properties we own and community

• We are committed to providing a positive • Comprehensive employee and engaging work environment for our health and retirement benefits team members, with best-in-class training, development, and opportunities for growth • Employee engagement and Environmental Social “O”verall wellbeing programs Responsibility Responsibility • Dedication to employee well-being and satisfaction • “Dollars for Doers” and employee matching gift • We believe that giving back to our program community is an extension of our mission to improve the lives of our shareholders, our • Dedicated San Diego Habitat S employees, and their families for Humanity volunteer day Corporate Governance • Shareholder Engagement • We believe nothing is more important than a company’s reputation for integrity and • Board refreshment process serving as a responsible fiduciary for its focusing on diversity and shareholders expertise • We are committed to managing the • Board oversight of company for the benefit of our shareholders environmental, social, and and are focused on maintaining good governance matters corporate governance • Enterprise Risk Management

To learn more, visit https://www.realtyincome.com/corporate-responsibility 36 Business Plan

• Pay 12 monthly dividends • Raise the dividend • Remain disciplined in our acquisitions underwriting approach • Acquire additional properties according to our selective investment strategy • Maintain high occupancy through active portfolio management • Maintain a conservative balance sheet • Continue to grow investor interest in The Monthly Dividend Company®

NYSE: “O” APPENDIX

38 Convenience Stores (12.1% of Rent) Strong store-level performance is supported by the essential nature of the business Industry Considerations (I) Strong performance independent of gas sales: ~70% of gross profit generated from inside sales which is generally not impacted by gasoline demand(1); and ~70% of inside sales are generated by customers not buying gas(2) (II) C-stores to grow faster than other offline channels: Consumer focus on expediency and proximity to homes, amplified by the desire to avoid large crowds will continue to drive c-store industry growth (III) Larger-format stores provide stability: Larger format stores (average size ~3,200 sf) allow for increased fresh food options which carry higher margins In-Store Same Store Sales: 17 Consecutive Years of Positive Same-Store Sales Growth(4) Total C-Store Sales YoY Growth (3) 13.2% (12 week basis) Recession 10%

8% C-Store sales have accelerated 8.2% during the pandemic 6.4% 6.7% 5.8% 6% 4.9% 4.5% 3.8% 3.2% 3.6% 3.2% 3.4% 2.2% 2.5% 2.3% 2.4% 1.7% 4%

0% (1) Source: National Association of Convenience Stores (2) Realty Income estimates based on industry component data (3) Ex. cigarettes | Source: The Nielsen Company 39 (4) Company Filings Drug Stores (8.4% of Rent) Industry tailwinds, high barriers to entry, and key real estate presence support the evolution of a retail pharmacy

Physical locations matter: CVS and Walgreens are becoming epicenters of healthcare delivery providing primary care services

275 HealthHUB locations across 26 states(1)

>3M COVID-19 tests administered(1)

>1M COVID-19 tests administered (1)

Industry Considerations 1 in 3 people get their flu vaccines at retail pharmacies(2) (I) Retail pharmacies to play a key role in the distribution of a Walgreens: 29 of 30 Quarters of Positive coronavirus vaccine: Both CVS and Walgreens have a broad Same-Store Pharmacy Sales Growth(1) presence and two of the most recognizable healthcare brands that would fit well into a national campaign for broader vaccines 9.7% (II) Real estate presence matters: Estimated 80% of U.S. 9.1%9.3% 8.1% 9.3% population lives within 5-mile radius of Walgreens or CVS(1) 7.2% 7.8% 7.4% 6.4% 6.3% 6.0% 6.0% 5.8% (III) Positive brick-and-mortar fundamentals: 29 of 30 quarters 5.1% 5.8% 5.4% of positive pharmacy SS sales growth for Walgreens(1) 4.2% 5.6% 5.0% 3.5% 2.5% (IV) Bundled service partnerships and vertical integration 3.7% 2.8% 3.2% 1.9% 2.0% 1.3% 2.7% among incumbents insulates industry from outside threats 2.0% (V) High barriers to entry: Difficult for new entrants to achieve 0.0%

necessary scale and PBM partnerships to compete on price

2Q17 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 (1) Source: Company Filings | Latest reported quarter 40 (2) Source: Drug Channel Institute Grocery (8.4% of Rent) Exposure to top operators in an essential, e-commerce resistant industry

2020 Grocery Sales(1) 40% (YoY growth for 4 weeks ended)

33% Retail food sales have remained robust through duration of pandemic 22% 19% 17% 18% 15% 14% 14% 13% 12% 11% 10% 10% 11%

5% 3% 4%

0% 1%

Jul Jul

- -

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Oct

Jan Jan

Jun Jun

Aug Aug

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Sep

- -

Mar Mar

- -

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- -

- - -

12 26

14 28

22 31 Industry Considerations 17 U.S. Grocery Market Share(3) (I) Stable, necessity-based industry supported by near-term 46% and long-term tailwinds: Restaurant capacity limitations and major shift in consumer behavior due to increased WFH arrangements and realization of cost benefits from eating at Realty Income’s top two U.S. home could increase grocery industry market size by ~6-7%(2) grocery tenants control 40% of 26% U.S. grocery market share (II) Resiliency to economic downturns: Flat Food At Home expenditure during Great Recession (2009) and sharp increase during the pandemic 14%

(III) Partnership with top operators: 7% • Top three tenants (Walmart Neighborhood Markets, 3% 2% 2% Sainsbury’s and Kroger) are leading operators with differentiated business models and omni-channel platforms Walmart Kroger Costco UNFI Dollar Amazon Other General (1) Source: IRI (2) Technomic and RBC Research 41 (3) Barclays research, 2020 Grocery: Overview of the U.K. Grocery Industry Traditional grocery retailers remain the core distribution channel and dominate online sales

2020 UK Grocery Sales(2) (YoY growth for 4 weeks ended) 20.6% 18.9% 17.1% 14.6%

9.7% 10.6% 8.0% 5.6%

0.8% 1.5%

Jul

Apr

Oct

Jan

Jun

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Feb

Sep

Mar

May

23 22 Industry Considerations 17 (2) 66%(3) U.K. Grocery Market Share (I) Defensive, non-discretionary industry: U.K. grocery store sales have been growing consistently over the past 15 years (~3% CAGR) and are expected to grow by 10% by 2022(1)

(II) Partnership with top operators: • Sainsbury’s and Tesco are the top two grocery operators in the UK with strong balance sheets and omni-channel platforms 16% 9% • Quality product, excellent locations and differentiated 5% assortment continue to drive consumer loyalty 2% (III) Threat from discounters and e-commerce is mitigated: • Discounters have less margin to maneuver on lowering prices, while Tesco and Sainsbury’s have significant financial flexibility to continue to focus on price investment and expanding their omni-channel capabilities (1) Source: IGD estimates Big 4 Discounters Convenience Premium "Pure play" online (2) Source: Kantar World Panel | Market share for 12 weeks ending 10/4/2020 42 (3) Big 4 market share includes all formats (supermarkets, hypermarkets, c-stores and online) Dollar Stores (7.8% of Rent) Counter-cyclical protection due to a trade down effect and e-commerce resiliency

(1) $120 US Discount Store Market Size (in billions) +6% $100

$80 +5% $60

$40

$20

2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2016 2017 2018 2019

2020E 2021E 2022E 2023E Industry Considerations 2024E Dollar General and Dollar Tree: Counter-Cyclical (I) Growing industry: Discount store market is expected to grow Same-Store Sales Growth(3) at a CAGR of ~6% through 2024 due to the continued shift 9.5% towards ‘value’, as 89% of all shoppers across geographies, Counter-cyclical sales (1) growth trends supports income levels, and demographics shop at discount retailers 7.3% 7.2% portfolio during recessionary periods (II) E-commerce resilient: Typical dollar store customer does not prioritize e-commerce 5.7% • 4.6% • 75% of US population lives within 5 miles of a Dollar General 4.9% 4.3% 3.9% • Average basket size is $11 - $12 3.2% 2.0% 1.8% 2.4% (III) Leading operators with consistent long-term performance: 0.9% 1.7% Dollar General and Dollar Tree control ~65% of the discount -0.8% 0.9% store market share, and have delivered 30 and 14 consecutive 0.1%

years of positive same-store sales growth, respectively

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) Source: National Retail Federation (2) Source: Euromonitor 43 (3) Company Filings Health & Fitness (7.1% of Rent) E-commerce resilient supported by favorable demographic trends

Industry Considerations (I) Favorable consumer trends and demographic tailwinds: • Growing market as consumers increasingly value health • Consumer surveys indicate that members are returning to gyms as they reopen (75% of Life Time members are willing to come back as clubs reopen, and 20% would like to come back at a later date(1)) (II) E-commerce resilient: • Health clubs offer unique experiences to their members (i.e. socializing, amenities) that cannot be replicated online • Service-oriented business model makes the core real estate essential to operations (III) Attractive margin of safety, top operators: • Average CFC of portfolio(2) allows for 40% sales drop to breakeven Illustrative Gym Rent Coverage Sensitivity • Top exposure is with #1 operator (L.A. Fitness, a low-cost provider) and premium provider that performed well during prior economic downturn (Life Time Fitness) (IV) Top operators to benefit from industry consolidation: Both Life Time Fitness and L.A. Fitness have significant scale and balance sheet capability to take advantage of industry consolidation as many weaker and highly-leveraged operators are expected to permanently close (V) Capacity limitations do not pose a threat: Health clubs typically operate at lower capacity (~40%) and COVID-related restrictions do not have major impact on operations (1) According to a Life Time Fitness survey cited by Bahram Akradi, Life Time CEO, in a CNBC interview on 6/25/2020 44 (2) Average CFC of portfolio based on locations that report sales Theaters (5.7% of Rent) Short-term disruptions do not obstruct long-term industry viability Industry Considerations (I) Theatrical releases are significant revenue generators for studios: Hollywood studios receive 55%-60% of theater ticket sales, incentivizing them to distribute through the theater channel (II) Direct-to-consumer platform revenue is limited: • Consumers are only willing to spend ~$6 for a title on streaming platforms, which is insufficient to cover costs of production of major blockbusters • Disney’s Mulan generated an estimated ~$34 million during its opening weekend(1), well below its ~$200 million Annual Growth in US Box Office Receipts: Stability through prior production budget economic cycles(4) • A blockbuster film that generated $750 million in box office revenue would need to have 30 million PVOD buys to 9.8% 10.0% (2) 8.8% generate the same profit via a streaming platform 7.4% 7.4% 6.5% (III) Content-driven industry: Studios pushed major 4.9% blockbuster releases into 2021, creating pent-up demand 4.2% 2.9% 2.2% 1.5% (IV) Premium video on demand (PVOD) threat is mitigated: 0.9% 0.8% • 75%-90% of box office revenue generated within 17 days (first three weekends) of a theatrical release(3) -0.3% -0.3% • Studios have been postponing major blockbuster releases Growth During -2.7% (James Bond, Wonder Woman 1984, Black Widow) rather Recession -3.7% Record box than releasing them direct-to-consider, underlying the -4.8% -5.2% office -5.8% importance of the theater circuit as a distribution channel

• PVOD offering lacks experiential component of theaters

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) Source: SambaTV (2) Source: Morgan Stanley Research (3) Based on top 20 movies in 2019 45 (4) Box Office Mojo Quick-Service Restaurants (5.6% of Rent) Resilient business model, high-quality real estate

Industry Considerations

(I) Resilient business model: QSRs are less dependent on “dine-in” traffic as their revenue model is based on an “off-premise” and drive-thru (historically 65%+ of sales) offerings

(II) Strong value proposition: In a recessionary environment, consumers tend to be more value-centric and QSR operators benefit from a “trade down” effect from casual dining consumers

(III) Fungibility of real estate: Positive re-leasing results on QSR assets due to convenience of real estate location and modest space footprint

2020 Same-Store Sales Trends: QSR’s resilience through the pandemic underscored its position as the most stable performer in the restaurant industry(1) 5.8% 4.8% 4.4% 3.0% 3.7%

-1.4% -6.2% -11.0% QSR industry SSR bottomed at ~(22%) in the midst of the pandemic, significantly outperforming casual dining SSR at ~(60%)(2) -21.8% 20-Jan 20-Feb Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 (1) Source: Miller Pulse 46 (2) Source: KnappTrack