Institutional Investor Presentation

THIRD QUARTER 2020 INSTITUTIONAL INVESTOR PRESENTATION Contents Company Overview 4 Summary of COVID-19 Impact 5 Performance Track Record 10 Our Approach and YTD 2020 Results 19 Portfolio Diversification 20 Defensive Retail Portfolio 25 Asset Management & Real Estate Operations 30 Investment Strategy 34 Capital Structure & Scalability 40 Dependable Dividends 44 Corporate Responsibility 46 Summary 48 Appendix 49 - Top Industries Overview 50

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

3Q October Contractual rent collected(1) across: 2020 2020 Total portfolio 93.1% 92.9% Top 20 tenants 91.1% 89.9% Investment grade tenants(2) 100.0% 100.0% Retail Portfolio Store Status by Industry(3) Open Closed C-Stores 100% Grocery Stores 100% Drug Stores 100% Dollar Stores 100% Health & Fitness 97% 3% Theaters 49% 51% Quick Service Restaurants 100% Home Improvement 100% General Merchandise 97% 3% Casual Dining Restaurants 99% 1% Other Retail Industries 99% 1% Total Retail Portfolio 96% 4% (1) Collection rates are calculated as the aggregate cash rent collected for the applicable period from the beginning of that applicable period through October 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. 5 (3) As of 10/28/2020. 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 October Rent Collections(1) 12.1% % of Oct Contractual Rent Collected % of Oct Contractual Rent Not Collected

8.6% 8.4% 7.8% 7.0% Received 92.9% of contractual rent due for October 2020

99% 5.7% 5.6% 4.1% 3.9% 100% 100% 100% 82% 3.0% 3.0% 2.5% 99% 100% 2.5% 2.1% 2.0% 2.0% 100% 1.9% 1.7% 1.6% 1.6% 100% 93% 100% 8% 100% 99% 100% 100% 100% 100% 100% 100%

Q3 2020 Rent Collections(1) 12.3% % of Q3 Contractual Rent Collected % of Q3 Contractual Rent Not Collected

8.6% 8.3% 7.9% 7.2% 5.8% Received 93.1% of contractual rent due for Q3 2020 99% 5.7% 4.2% 100% 100% 100% 3.0% 81% 3.0% 2.9% 2.5% 91% 2.4% 2.2% 2.0% 2.0% 27% 100% 100% 1.9% 1.7% 1.6% 1.6% 92% 100% 100% 100% 93% 100% 100% 100% 100% 98% 100%

(1) Collection rates are calculated as the aggregate cash rent collected for the applicable period from the beginning of that applicable period through October 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. 6 Sorted by percentage of total contractual rent (combined for the US and UK industries) due for the month of October 2020 and Q3 2020. Theater Update Less than 6% of contractual base rent, 74% of unpaid base rent in October

Theater Portfolio at a Glance % of Total Portfolio Annualized Base Rent (Sept 30) 5.7% • Realty Income has pre- % of Theater Rent Collected (October) 8% pandemic unit-level financials on 72 of % of Total Portfolio Unpaid Rent Attributed to Theaters (October) 74% these properties # of Regal/Cineworld Properties (2.8% of Rent / #7 Tenant) 42 • We estimate that over # of AMC Properties (2.7% of Rent / #8 Tenant) 32 80% are in the top half of each operators’ # of Cinemark Properties (0.2% of Rent) 4 portfolios based on EBITDAR

3Q20 and Prospective Credit Considerations Gross Theater Receivables Outstanding (Sept 30) $44.9 million # of Properties Converted to Cash Accounting (of 78) 37 Includes 6 Reserve for 37 Assets Converted to Cash Accounting $17.2 million properties that do not Dilution to 3Q20 AFFO/sh $0.04 provide unit- Annualized Rent for 37 Assets on Cash Accounting $33.3 million level financial information % of Total Portfolio Annualized Base Rent 2.0%

7 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) ~1.5% ~5%

(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 8 (3) Represents developed economies plus China. Source: Haver Analytics Ample Covenant Headroom Strong coverage metrics, minimal secured debt, healthier overall covenant cushion vs. 2007

Unsecured Notes Covenant Requirement FY 2007 Q3 2020

Total ≥ 150% Unencumbered 239% Assets 257% (Unencumbered Assets / Unsecured Debt) Debt Service ≥ 1.5x 4.2x Coverage 5.2x (Pro forma EBITDA / Interest Expense) Incurrence of ≤ 40% Secured Debt 0.0% 1.6% (Secured Debt / Gross Asset Value)

Incurrence of ≤ 60% Total Debt 41.9% (Total Debt / 39.6% Gross Asset Value)

Refer to page 16 of our Q3 2020 Supplemental Operating & Financial Data for additional details on covenant calculations 9 PERFORMANCE TRACK RECORD Consistent Annual Earnings Growth Since NYSE Listing Positive earnings growth(1) in 23 out of 24 years as a public company

Historical Earnings Growth Rates (Median) 17.0% Realty Income (1): 5.1%

Current REITs (2): 3.3%

9.4% 8.1% 6.8% 6.4% 6.6% 6.6% 6.0% 6.0% 6.3% 5.4% 5.1% 5.1% 4.9% 5.1% 4.4% 4.2% 4.1% 3.2% 3.4% 2.5% 1.6% 0.5%

Compares favorably to REIT median growth rates: -2.1% 2008: -5.1% 2009: -6.9% 2010: -8.1% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1) AFFO / Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations (2) FFO / Through 2019 / Includes all REITs currently included in MSCI REIT Index with earnings history since 2000 / Source: SNL 11 Low Earnings Volatility Supports Low Share Price Volatility Since 1994 NYSE listing, “O” annual TSR downside volatility is one of the lowest in the S&P 500

Annual Total Shareholder Return Among S&P 500 Companies: 25% Downside Volatility Since 1994(1)

20%

Realty Income’s TSR Downside Volatility Since 1994 15% NYSE Listing is 3.0%, the lowest of all S&P 500 constituents(2) other than JNJ and ROST

10%

0% S&P 500 1st Decile 2nd Decile 3rd Decile 4th Decile 5th Decile 6th Decile 7th Decile 8th Decile 9th Decile 10th Decile Deciles: Source: Bloomberg (1) “Downside volatility” calculated as the standard deviation of annual total shareholder returns where positive values are assigned “0” value (2) n=271 S&P 500 constituents with trading histories dating to Realty Income’s 1994 NYSE listing 12 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

13 Attractive Risk/Reward vs. S&P 500 Companies Higher returns and lower volatility than majority of S&P 500 companies since 1994 NYSE listing

Realty Income return per 35% Realty Income return unit perof market unit riskof market in the 98th percentilerisk is in of the all S&P95th 30% percentile500 companies of (1)all: S&P 500 companies(1):: Beta: 0.39 25% Return:Return: 16.4% 15.3% Beta: 0.4 20%

15%

10%

0% Total Return CAGR Return Total

-5%

-10% 2.0 1.8 1.5 1.3 1.0 0.8 0.5 0.3 0.0 Beta

(1) n=266 / Excludes companies without trading histories dating to 1994 / Beta measured using monthly frequency Source: Bloomberg 14 Attractive Risk/Reward vs. Blue Chip S&P 500 Equities Historically, more return per unit of risk vs. the 10 largest S&P 500 constituents and S&P 500 REITs

30% AAPL 25% 20% MSFT O ADBE UNH 15% HD JNJ 10% JPM REITs WMT PG S&P 500 5% VZ Top 10 largest S&P 500 constituents 0% 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0

20%

ESS O 15% PSA AVB MAA FRT AIV VNO SPG EQR WELL 10% UDR WY REG VTR PEAK 5% KIM

Average Annual Total ShareholderReturn Total Annual Average HST S&P 500 REIT Peers 0% 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Beta

Excludes companies without trading histories since 10/18/1994 | Constituents plotted include S&P 500 and FTSE NAREIT US Equity REIT Index | Beta measured using monthly frequency 15 Source: Bloomberg 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 16 been (4.6%) and (5.9%), respectively. Snapshot vs. S&P 500 REIT Peers Superior stability: Favorable occupancy, dividend growth, credit rating and total return metrics

Portfolio Occupancy Dividend Growth(1) 98.4% 96.6% 8% 93.8% 91.2% 4.5% (2) 3.1%

0% Tenets of Consistency: Historical Median Lowest Year-End % of Years w/ Negative Dividend CAGR Growth O S&P 500 REIT Median O S&P 500 REIT Median Avg. Credit Rating (S&P/Moody’s) # of Years with TSR < -10%(1)

500%A / A2 8 7 400%A- / A3 6 5 BBB+ 300%/ Baa1 4 3 BBB 200%/ Baa2 2 1 BBB-100%/ Baa3 0 0 ● ● S&P10 500 REIT Peer20 30 ● ● S&P 500 REIT Peer

Sources: SNL, Bloomberg | Excludes specialty REITs (i.e. infrastructure, timber, information services) (1) Since 1995. Excludes REITs with fewer years of history than Realty Income 17 (2) As of October 2020 Superior Relative Volatility Metrics vs. A-Rated REITs During Recession 2007 – 2009 relative rankings Rank

0.3% 0.3% 0.4% 0.6% 0.1x 0% 0.1% 1

0.7% 0.5% 0.6% 0.8% 0.3x 1.2% 0.2% 2

3.1% 1.1% 3.8% 1.3% 0.5x 1.5% 0.3% 3

3.7% 1.4% 4.3% 2.0% 1.5x 2.0% 0.3% 4

4.0% 1.7% 5.7% 2.2% 2.2x 2.2% 0.7% 5

4.2% 1.7% 9.7% 7.4% 2.2x 2.8% 3.4% 6

9.7% 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) 7 More Volatile Less Volatile Less Volatile More

Rental Revenue(1) Gross Margin(1) EBITDA(1) EBITDA Margin(1) Debt/EBITDA(2) Unsecured/Total Debt(1) Occupancy Rate(1)

Realty Income; Other colored ovals represent REITs that currently have at least two A-/A3 credit ratings or better (1) Downside Volatility calculated as the standard deviation around zero of quarterly percentage changes in each metric shown, where positive changes are replaced with zero (2) Upside Volatility calculated as the standard deviation around zero of quarterly percentage changes, where negative changes are replaced with zero (3) Company did not report consolidated quarterly portfolio occupancy during 2007-2009 18 Source: SNL 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%

19 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. 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: 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 23 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 24 DEFENSIVE RETAIL PORTFOLIO Top 20 Tenants Highly Insulated from Changing Consumer Behavior All top 20 tenants fall into at least one category (Non-Discretionary, Low Price Point, Service Retail or Non-Retail)

Service / Experiential Non-Discretionary

Non-Retail

Low Price Point

Walmart represented by both Neighborhood Markets and Sam’s Club 26 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%

27 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

28 Realty Income Not Materially Impacted by Recent Retailer Bankruptcies 92 of 126 U.S. retailer bankruptcies since 2017 associated with companies lacking a non-discretionary, low price point, and / or service-oriented component to their business # of RI Retail Industry BK Retailer Bankruptcy Exposure

Entertainment 4 Goodrich Quality Theatres | TZEW Holdco (Apex Parks) | Cinemex | New Vision Cinemas < 1%

Jewelry / Accessories 3 Charming Charlie| Claire’s | Samuels Jewelers 0%

Consumer Electronics 2 RadioShack | hhgregg 0%

Red retailers represent businesses lacking either a non-discretionary, low price point, and / or service-oriented component 29 ASSET MANAGEMENT & REAL ESTATE OPERATIONS Active Real Estate Management: Re-leasing Experience Since 1996, Realty Income has achieved 100.4% recapture of prior rent on re-leasing activity

Recapture vs. Prior Rent: (All Re-Leasing Activity)

1996 - 2005 95.9% 2006 - 2012 95.6% 2013 - Present 101.9% 3,469 Lease Expirations since 1996 2,967 502 Re-Leased at 100.4% rent recapture(1) Sold and proceeds reinvested into higher quality assets

(1) Reflects cash rent recapture inclusive of tenant improvement spend (immaterial) 31 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 32 Realty Incurs Immaterial Recurring CapEx Obligations Capital-light portfolio maintenance is a differentiating factor versus other CRE sectors

2012 – 2019 “Hidden” Cost of Supporting Portfolio Revenue: Recurring Capital Expenditures as % of NOI: Rarely captured in NAREIT-defined FFO multiples…. Realty Income vs. Competing Real Estate Sectors(1)

Less than 1% of Realty Nareit-Defined Funds from Operations (FFO) Income’s NOI is spent 7.0% 6.8% (Not intended to measure cash generation or dividend paying capacity) on recurring capex 6.2% 6.0% Generally used as primary valuation multiple for other Real Estate sectors and excludes recurring CapEx associated with maintaining revenue-generating capacity of portfolio 4.7%

….but is better reflected in AFFO multiples

Adjusted FFO (AFFO) (Close proxy for recurring cash earnings) 0.6% Generally used as valuation metric for net lease sector and includes impact of recurring CapEx (defined by Realty as mandatory and repetitive landlord capex O Healthcare Office Shopping Mall Industrial Center obligations that have a limited useful life)

(1) Analysis represents simple average of 51 representative companies across five property types | Based on annual data through 2019 Source: SNL, Company Filings 33 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

35 Investment Strategy: Aim to Exceed Long-Term WACC WACC viewpoint balances near-term earnings per share growth with long-term value accretion

Long-term Weighted Average Cost of Capital “Nominal” 1st-Year Weighted Average Cost of Capital

• Drives investment decision- • Long-term WACC is the • Used to measure initial • Spread on short-term WACC making at the property level hurdle rate (no spread (year one) earnings required to generate required) for acquisitions accretion accretion • Considers required “growth” component of equity returns • Focus on higher long-term • Higher stock price (lower • Unwilling to sacrifice quality IRR discourages risk-taking cost) supports faster growth to generate wider spreads

Key Assumptions & Calculation – Long-Term Cost of Equity Key Assumptions & Calculation – Nominal 1st-Year WACC

Beta vs. S&P 500 (since S&P 500 Index Inclusion on 4/6/15) 0.88 65% Equity: AFFO Yield (2020 AFFO/sh Consensus) 5.9% Long-term 10-year U.S. yield (Fitted Instantaneous Forward Rate) 2.1% 35% Debt: 10-year, fixed-rate unsecured 2.1% Equity market risk premium (S&P 500 Earnings Yield vs 10-Yr UST) 4.2% Nominal 1st-Year WACC 4.6% Long-Term Cost of Equity (CAPM methodology) 5.8% Dividend yield 4.9% Assumed long-term dividend growth rate 4.0% Long-Term Cost of Equity (Yield + Growth methodology) 8.9% Long-Term Cost of Equity (Average of two methodologies) 7.3% LOW NOMINAL WACC LONG-TERM WACC

Key Assumptions & Calculation – Long-Term WACC supports ability to spread considers growth requirements of equity 65% Weight: Long-Term cost of equity 7.3% invest with high-quality acquisitions and supports focus on 35% Weight: Cost of debt (10-year, fixed-rate unsecured) 2.1% residual value of acquisitions Long-Term WACC 5.5%

Cost of capital information uses illustrative assumptions only (as of 10/30/2020) 36 Investment Strategy: Utilizing Low Cost of Capital Advantage Low cost of capital allows Realty Income to acquire the highest quality assets in the net lease industry

8.0% “High Yield” Investment Characteristics (higher cap rates): Higher cost of capital forces companies to invest in riskier investment opportunities to • Above-market rents / financially-engineered cap rates derive 150 bps of spread • Poor credit or limited credit availability and track record 7.5% • Thin industry-specific rent coverage • Poor real estate (low residual value) • Short lease terms 7.0% • Volatile industries

6.5% Lower cost of capital allows Realty Income to invest in higher quality opportunities to derive the same spread “High Quality” Investment Characteristics (lower cap rates): 6.0% • At or below-market rents • Strong credit / proven sponsors & tenants 5.5% • Above-average rent coverage • Flexible alternative use • Long lease terms • Stable industries

5.0%

Acquisition Cap Rate to Achieve Spreads bps150 Achieve to Rate Cap Acquisition

4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% Nominal 1st-Year WACC

Cost of capital information uses illustrative assumptions only 37 Investment Strategy: The Importance of Market Rents Realty Income avoids lease structures with above-market rents, which can inflate initial cap rates

Illustrative Sale-Leaseback Example Assumptions Annual EBITDAR (000s) $8,500 Replacement cost (psf) $200

Total square footage (000s) 175 Market rent (psf) $15

Assuming identical real estate portfolio, consider two different lease structure scenarios….

Higher Risk & Cap Rate Lower Risk & Cap Rate Buyer and Seller Motivations: 1. Maximize proceeds for seller 1. Maximize EBITDAR rent coverage 2. Maximize cap rate for buyer 2. Match purchase price w/ replacement cost Implied Sale Price (000s) $42,000 $35,000 Lower cap rates often imply: Implied Cap Rate 7.5% 6.5% Implied Rent (000s) $3,150 ✓ Lower purchase price $2,267 ✓ Lower risk Implied Rent (psf) $18.00 $12.95 ✓ Higher residual value Premium/(Discount) to Market Rent 20% ✓ Higher IRR (14%) Implied EBITDAR rent coverage 2.7x 3.75x Implied premium to replacement cost 20% 0%

• Above-market rents • Below-market rents • Lower rent coverage Lower long- • Higher rent coverage Higher long- Results • Lower residual value term IRR • Higher residual value term IRR • Higher default risk • Lower default risk

38 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 39 CAPITAL STRUCTURE & 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 41 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 42 (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 43 (2) Assumes 6.5% cap rate DEPENDABLE DIVIDENDS 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) 45 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 47 Summary

˃ Long term-focused business strategy ˃ Diversified and actively managed portfolio ˃ Proven and disciplined relationship-driven acquisition strategy ˃ Conservative capital structure able to withstand economic volatility ˃ Precedent of outperforming S&P 500 and REITs since 1994 listing ˃ Attractive risk/reward vs. other REITs and blue chip equities ˃ Dependable monthly dividends with long track record of growth

48 APPENDIX

49 TOP INDUSTRIES OVERVIEW 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 51 (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

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 (1) Source: Company Filings | Latest reported quarter 52 (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

- -

Apr Apr

Oct

Jan Jan

Jun Jun

Aug Aug

Feb

Sep

- -

Mar Mar

- -

May May May

- -

- - -

12 26

14 28

22 17 Industry Considerations 31 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 53 (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

Aug

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 54 (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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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

2005 2000 2001 2002 2003 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) Source: National Retail Federation (2) Source: Euromonitor 55 (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 56 (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 57 (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 58 (2) Source: KnappTrack