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.