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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
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