Realty Income Corp 8-K, filed Nov 2, 2026
Realty Income Corp (O)
8-K
2026-11-02
For: 2026-11-02
View Original
Added on
November 02, 2026
About this 8-K
Realty Income Corp filed this 8-K on November 2, 2026.
Realty Income reported AFFO per share of $1.12 for the three months ended September 30, 2026, raised 2026 AFFO guidance to $4.45–$4.46 and reaffirmed a $10.0 billion investment target. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: November 2, 2026
(Date of Earliest Event Reported)
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(858 ) 284-5000
(Registrant’s telephone number, including area code)
N/A
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
Item 2.02 Results of Operations and Financial Condition.
On November 2, 2026, Realty Income Corporation (the “Company”) issued a press release setting forth its results of operations for the three and nine months ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on November 2, 2026, the Company made available on its website a financial supplement containing operating and financial data of the Company (“Supplemental Operating and Financial Data”) for the three and nine months ended September 30, 2026, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto.
This information, including the information contained in the press release and the Supplemental Operating and Financial Data, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.2 Supplemental Operating and Financial Data for the Three and Nine Months Ended September 30, 2026
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 2, 2026 | REALTY INCOME CORPORATION | |||||||
| By: | /s/ JONATHAN PONG | |||||||
| Jonathan Pong | ||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||
Exhibit 99.1
REALTY INCOME ANNOUNCES OPERATING RESULTS FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
SAN DIEGO, CALIFORNIA, November 2, 2026...Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and nine months ended September 30, 2026. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS:
For the three months ended September 30, 2026:
•Net income available to common stockholders was $403.9 million, or $0.43 per share
•Adjusted Funds from Operations ("AFFO") increased 3.7% to $1.12 per share, compared to the three months ended September 30, 2025
•Invested $2.6 billion; our Pro-Rata Share was $2.2 billion at an Initial Weighted Average Cash Yield of 6.8%
•Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x
•Achieved a Rent Recapture Rate of 103.5% on properties re-leased
•Expanded our private capital platform into Europe through a strategic joint venture with KKR, supported by an initial €528.0 million investment
•Issued $1.0 billion aggregate principal amount of 3.750% convertible senior notes due August 2031
CEO Comments
“We delivered another quarter of strong operating performance, reflecting the resilience of Realty Income’s business model, the quality of our portfolio, and the consistent execution of our team,” said Sumit Roy, President and Chief Executive Officer of Realty Income. “As a result, we are raising our 2026 AFFO per share guidance to $4.45–$4.46 while reaffirming our $10.0 billion investment volume target, which is supported by a well-funded balance sheet.”
“We have deliberately expanded our sources of capital and global investment capabilities, positioning us to prudently allocate capital. This quarter, we funded investments at a realized leverage-neutral spread of approximately 170 basis points and have fully prefunded our equity needs for the remainder of the year. As economic and cost of capital volatility persists, we remain focused on capital allocation while staying true to our ethos of delivering reliable, income-oriented returns for our investors.”
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Total revenue | $ | 1,621.6 | $ | 1,470.6 | $ | 4,718.0 | $ | 4,261.4 | ||||||||||||||||||
Net income available to common stockholders (1) | $ | 403.9 | $ | 315.8 | $ | 1,059.7 | $ | 762.5 | ||||||||||||||||||
Net income per share | $ | 0.43 | $ | 0.35 | $ | 1.13 | $ | 0.84 | ||||||||||||||||||
Funds from operations available to common stockholders (FFO) (2) | $ | 1,041.0 | $ | 981.1 | $ | 3,031.2 | $ | 2,874.5 | ||||||||||||||||||
FFO per share | $ | 1.10 | $ | 1.07 | $ | 3.23 | $ | 3.18 | ||||||||||||||||||
Normalized FFO(2) | $ | 1,043.7 | $ | 994.4 | $ | 3,046.8 | $ | 2,888.4 | ||||||||||||||||||
Normalized FFO per share | $ | 1.10 | $ | 1.09 | $ | 3.25 | $ | 3.19 | ||||||||||||||||||
AFFO(2) | $ | 1,061.1 | $ | 992.0 | $ | 3,140.8 | $ | 2,889.2 | ||||||||||||||||||
AFFO per share | $ | 1.12 | $ | 1.08 | $ | 3.35 | $ | 3.19 | ||||||||||||||||||
(1) The calculation to determine net income available to common stockholders includes provisions for impairment of real estate, provisions for credit losses on loans and financing receivables, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period-to-period comparisons.
(2) FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure.
Dividend Increase
In September 2026, we announced the 116th consecutive quarterly dividend increase, which is the 136th increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of September 30, 2026 was $3.258 per share. The amount of monthly dividends paid per share increased 0.7% to $0.813 in the three months ended September 30, 2026, as compared to $0.807 during the three months ended September 30, 2025, representing 72.6% of our diluted AFFO per share of $1.12 during the three months ended September 30, 2026.
- 2 -
Real Estate Portfolio Update
As of September 30, 2026, we owned or held interests in 15,536 properties, which were leased to 1,842 clients doing business in 96 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.5 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2026, portfolio occupancy was 98.8% with 182 properties available for lease or sale, as compared to 98.8% as of June 30, 2026 and 98.7% as of September 30, 2025. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. The following summarizes our portfolio activity for the periods indicated below:
Changes in Occupancy
Three months ended September 30, 2026 | |||||
Properties available for lease as of June 30, 2026 | 188 | ||||
Lease expirations (1) | 274 | ||||
| Re-leases to same client | (213) | ||||
| Re-leases to new client | (9) | ||||
| Vacant dispositions | (58) | ||||
Properties available for lease as of September 30, 2026 | 182 | ||||
| Nine months ended September 30, 2026 | |||||
Properties available for lease as of December 31, 2025 | 173 | ||||
Lease expirations (1) | 1,074 | ||||
| Re-leases to same client | (818) | ||||
| Re-leases to new client | (66) | ||||
| Vacant dispositions | (181) | ||||
Properties available for lease as of September 30, 2026 | 182 | ||||
(1)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.
During the three months ended September 30, 2026, the new Annualized Base Rent on re-leased units was $67.6 million, as compared to the previous annual rent of $65.3 million on the same units, representing a Rent Recapture Rate of 103.5% on the re-leased units.
During the nine months ended September 30, 2026, the new Annualized Base Rent on re-leased units was $251.1 million, as compared to the previous annual rent of $243.5 million on the same units, representing a Rent Recapture Rate of 103.1% on the re-leased units. Please see the Glossary for our definitions of Annualized Base Rent and Rent Recapture Rate.
- 3 -
Investment Summary
The following table summarizes our investments for the periods indicated below (dollars in millions):
Three months ended September 30, 2026 | Nine months ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Investment | Pro-Rata Share (1) | Weighted Average Term (Years) (1) | Number of Properties | Investment | Pro-Rata Share (1) | Weighted Average Term (Years)(1) | Number of Properties | ||||||||||||||||||||||||||||
| Real estate acquisitions | |||||||||||||||||||||||||||||||||||
| U.S. wholly-owned | $ | 780.1 | $ | 780.1 | 9.3 | 83 | $ | 2,039.8 | $ | 2,039.8 | 10.1 | 218 | |||||||||||||||||||||||
| U.S. Core Plus Fund | 417.8 | 98.5 | 8.6 | 18 | 1,261.7 | 344.5 | 10.7 | 76 | |||||||||||||||||||||||||||
| Europe wholly-owned | 721.0 | 721.0 | 8.2 | 17 | 1,721.0 | 1,721.0 | 7.4 | 64 | |||||||||||||||||||||||||||
Non-wholly owned(2) | 240.8 | 240.8 | 13.6 | 1 | 520.9 | 479.3 | 13.8 | 7 | |||||||||||||||||||||||||||
Total real estate acquisitions(3) | $ | 2,159.7 | $ | 1,840.4 | 9.3 | 119 | $ | 5,543.4 | $ | 4,584.6 | 9.4 | 365 | |||||||||||||||||||||||
Initial Weighted Average Cash Yield(4) | 6.6 | % | 6.5 | % | |||||||||||||||||||||||||||||||
| Real estate properties under development | |||||||||||||||||||||||||||||||||||
| U.S. wholly-owned | $ | 29.7 | $ | 29.7 | 16.9 | 27 | $ | 104.2 | $ | 104.2 | 17.0 | 31 | |||||||||||||||||||||||
| Europe wholly-owned | 51.3 | 51.3 | 14.7 | 20 | 102.6 | 102.6 | 14.3 | 20 | |||||||||||||||||||||||||||
Non-wholly owned(2) | 64.2 | 62.7 | 8.9 | 16 | 229.6 | 226.8 | 8.7 | 16 | |||||||||||||||||||||||||||
Total real estate development(3) | $ | 145.2 | $ | 143.7 | 12.5 | 63 | $ | 436.4 | $ | 433.6 | 12.0 | 67 | |||||||||||||||||||||||
Initial Weighted Average Cash Yield(4) | 7.2 | % | 7.4 | % | |||||||||||||||||||||||||||||||
Credit investments(5) | |||||||||||||||||||||||||||||||||||
| U.S. wholly-owned | $ | 88.3 | $ | 88.3 | 5.8 | — | $ | 1,321.4 | $ | 1,321.4 | 3.9 | — | |||||||||||||||||||||||
| U.S. Core Plus Fund | 20.0 | 4.7 | 6.0 | — | 20.0 | 4.7 | 6.0 | — | |||||||||||||||||||||||||||
| Europe wholly-owned | 134.4 | 134.4 | 2.8 | — | 479.5 | 479.5 | 3.3 | — | |||||||||||||||||||||||||||
| Other wholly-owned | 18.8 | 18.8 | 1.4 | — | 100.8 | 100.8 | 1.8 | — | |||||||||||||||||||||||||||
| Total credit investments | $ | 261.5 | $ | 246.2 | 3.9 | — | $ | 1,921.7 | $ | 1,906.4 | 3.7 | — | |||||||||||||||||||||||
Initial Weighted Average Cash Yield(4) | 7.9 | % | 8.3 | % | |||||||||||||||||||||||||||||||
| Total investments | $ | 2,566.4 | $ | 2,230.3 | 8.9 | 182 | $ | 7,901.5 | $ | 6,924.6 | 7.7 | 432 | |||||||||||||||||||||||
Initial Weighted Average Cash Yield(4) | 6.8 | % | 7.1 | % | |||||||||||||||||||||||||||||||
Supplementary Information(1): | Three months ended September 30, 2026 | Nine months ended September 30, 2026 | |||||||||
| Total U.S. and other volume | $ | 1,290.2 | $ | 4,301.6 | |||||||
Initial Weighted Average Cash Yield(4) - U.S. and other | 6.5 | % | 7.1 | % | |||||||
| Total Europe volume | $ | 940.1 | $ | 2,623.0 | |||||||
Initial Weighted Average Cash Yield(4) - Europe | 7.1 | % | 7.0 | % | |||||||
Investment Grade Clients(6) | 53 | % | 44 | % | |||||||
Initial Weighted Average Cash Yield(4) - U.S. Core Plus Fund | 6.1 | % | 5.9 | % | |||||||
Initial Weighted Average Cash Yield(4) - U.S. wholly-owned | 6.6 | % | 7.2 | % | |||||||
(1)Reflects adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see the Glossary for our definition of Pro-Rata Share.
(2)Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Core Plus Fund.
(3)For the three months ended September 30, 2026, the new properties are 31.0% retail, 57.3% industrial, and 11.7% data center property types based on Cash Income. For the nine months ended September 30, 2026, the new properties are 42.6% retail, 51.6% industrial, and 5.8% data center property types based on Cash Income. Starting in the third quarter of 2026, data centers are reported as a separate property type; year-to-date investment activity has been recast to conform to current presentation. Please see the Glossary for our definition of Cash Income.
(4)Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and nine months ended September 30, 2026 includes $0.3 million and $4.1 million, respectively, received as settlement credits as the reimbursement of free rent periods. Please see the Glossary for our definitions of these metrics.
(5)Represents various loan investments across the U.S., Europe, and Mexico, as well as a preferred equity investment held by the U.S. Core Plus Fund.
(6)Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of investment. Please see the Glossary for our definition of Investment Grade Clients.
- 4 -
Same Store Rental Revenue
The following summarizes our Same Store Rental Revenue for 14,443 properties under lease for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
| Three months ended September 30, | Nine months ended September 30, | % Increase | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | Three Months | Nine Months | ||||||||||||||||||||||||||||||
Same Store Rental Revenue | $ | 1,162.0 | $ | 1,149.0 | $ | 3,475.2 | $ | 3,438.7 | 1.1 | % | 1.1 | % | |||||||||||||||||||||||
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026. Same Store Rental Revenue also includes our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
Three months ended September 30, 2026 | Nine months ended September 30, 2026 | ||||||||||
| Properties sold | 182 | 359 | |||||||||
| Net sales proceeds | $ | 526.6 | $ | 875.2 | |||||||
| Gain on sales of real estate | $ | 113.9 | $ | 187.8 | |||||||
Liquidity and Capital Markets
Liquidity
As of September 30, 2026, we had $5.4 billion total available liquidity at our Pro-Rata Share(1), comprised of the components summarized below (dollars in millions):
Cash and cash equivalents (2) | $ | 355.8 | |||||||||
Availability under credit facilities (3) | 5,485.1 | ||||||||||
Unsettled At-the-Market ("ATM") forwards (4) | 1,090.1 | ||||||||||
| Less: commercial paper borrowings | (1,540.7) | ||||||||||
| Total available liquidity at our Pro-Rata Share | $ | 5,390.3 | |||||||||
(1) Please see the Glossary for our definition of Pro-Rata Share for more information.
(2) Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as cash and cash equivalents per the consolidated balance sheet of $368.5 million, plus our Pro-Rata Share of unconsolidated entities cash of $25.5 million, less adjustments allocable to noncontrolling interests of $38.2 million.
(3) Represents our availability under the $5.5 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of September 30, 2026.
(4) As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates).
Capital Raising
During the three months ended September 30, 2026, we raised $472.5 million of proceeds from the sale of common stock at a weighted average price of $60.49 per share, primarily through the settlement of 7.8 million shares of common stock pursuant to forward sale agreements under our ATM program. As of November 2, 2026, approximately 18.5 million shares of common stock subject to ATM forward sale agreements remain unsettled, representing approximately $1.1 billion in expected net proceeds and a weighted average initial gross price of $60.61 per share. ATM net sale proceeds assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.
In September 2026, we expanded our private capital platform into Europe through a strategic partnership with KKR. KKR invested €528.0 million for a 49% equity interest in a newly formed, euro-denominated joint venture comprising 54 stabilized net lease properties across four European countries.
- 5 -
In August 2026, we issued $1.0 billion principal amount of 3.750% convertible senior notes due August 2031 in a private offering, resulting in net proceeds of $983.2 million. We used approximately $33.2 million of the net proceeds to enter into capped call transactions with a cap price of $83.55 per share of common stock, which represented a premium of 35.0% above the closing price of our common stock of $61.89 per share on the NYSE on August 11, 2026. We also used approximately $188.7 million of the net proceeds to repurchase approximately 3.0 million shares of our common stock concurrently with the pricing of the offering.
In July 2026, we closed on the recast and expansion of our $5.5 billion multicurrency unsecured revolving credit facilities, upsized from the prior $4.0 billion capacity. In addition, we also expanded our global commercial paper programs to a total combined capacity of $5.5 billion, upsized from the prior $3.0 billion combined capacity.
In July 2026, we issued €600.0 million of 3.625% senior unsecured notes due July 2032 (the “2032 Notes”). The public offering price for the 2032 Notes was 99.518% of the principal amount for an effective annual yield to maturity of 3.716%.
Guidance
Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with year-to-date 2026 actual results for comparison):
| Revised 2026 Guidance | Prior 2026 Guidance(1) | YTD Actuals at September 30, 2026 | |||||||||||||||
Net income per share(2) | $1.55 - $1.56 | $1.59 - $1.60 | $1.13 | ||||||||||||||
| AFFO per share | $4.45 - $4.46 | $4.44 - $4.45 | $3.35 | ||||||||||||||
| Same store rent growth | 1.1% - 1.3% | 1.1% - 1.3% | 1.1% | ||||||||||||||
| Occupancy | Above 98.5% | Approx 98.5% | 98.8% | ||||||||||||||
Cash G&A expenses (% of total Gross Asset Value)(3)(4) | 21 - 22 bps | 21 - 22 bps | 16 bps | ||||||||||||||
Property expenses (non-reimbursable) (% of total revenue)(5) | 1.3% - 1.5% | Approx 1.5% | 1.3% | ||||||||||||||
| Income tax expenses | $100 - $110 million | $100 - $110 million | $76 million | ||||||||||||||
| Investment volume (at 100%) | $10.0 billion | $10.0 billion | $7.9 billion | ||||||||||||||
| Lease termination income | $45 - $50 million | $45 - $50 million | $45 million | ||||||||||||||
(1) As issued on August 5, 2026. | |||||||||||||||||
(2) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. | |||||||||||||||||
(3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. | |||||||||||||||||
(4) Please see the Glossary for our definition of Gross Asset Value. | |||||||||||||||||
(5) Total revenue excludes client reimbursements. | |||||||||||||||||
Summarized below is a reconciliation of estimated net income per share to estimated AFFO per share for the full year guidance:
| 2026 Per Share Guidance | YTD Actuals at September 30, 2026 | ||||||||||||||||
| Net income per share | $1.55 - $1.56 | $1.13 | |||||||||||||||
| Real estate depreciation | $2.73 | $2.04 | |||||||||||||||
Provisions for impairment of real estate, gain on sales of real estate, and non-cash credit losses(1) | $0.14 | $0.14 | |||||||||||||||
| Straight-line rent and amortization of above and below-market leases, net | $(0.11) | $(0.09) | |||||||||||||||
| Amortization of deferred financing costs | $0.08 | $0.06 | |||||||||||||||
| Amortization of share-based compensation | $0.04 | $0.03 | |||||||||||||||
| Merger, transaction, and other costs, net | $0.02 | $0.02 | |||||||||||||||
| Other adjustments | $0.00 | $0.02 | |||||||||||||||
| AFFO per share | $4.45 - $4.46 | $3.35 | |||||||||||||||
(1) Amounts represent year-to-date actual results. The company does not forecast impairment, gain on sales of real estate, and non-cash credit losses. | |||||||||||||||||
- 6 -
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on November 2, 2026 at 2:00 p.m. PST to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 2991704. The telephone replay will be available through November 9, 2026.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company’s home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials
Supplemental Operating and Financial Data for the three and nine months ended September 30, 2026 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of September 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 676 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 32 consecutive years. Additional information about the company can be found at www.realtyincome.com. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (www.realtyincome.com/investors), press releases, SEC filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for real estate or long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no
- 7 -
assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Investor Relations:
Alex Waters
Vice President, Investor Relations
+1 858 284 4965
awaters@realtyincome.com
- 8 -
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts) (unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| REVENUE | ||||||||||||||||||||||||||
Rental (including reimbursements) (1) | $ | 1,483,799 | $ | 1,386,502 | $ | 4,351,083 | $ | 4,037,747 | ||||||||||||||||||
| Interest income on financing receivables | 32,248 | 32,635 | 96,402 | 97,652 | ||||||||||||||||||||||
| Interest and dividend income on loans and preferred equity investments | 104,982 | 51,058 | 263,609 | 125,274 | ||||||||||||||||||||||
Other | 553 | 357 | 6,926 | 762 | ||||||||||||||||||||||
| Total revenue | 1,621,582 | 1,470,552 | 4,718,020 | 4,261,435 | ||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||
| Depreciation and amortization | 647,555 | 631,981 | 1,922,507 | 1,888,765 | ||||||||||||||||||||||
| Interest | 333,564 | 294,482 | 937,587 | 846,680 | ||||||||||||||||||||||
| Property (including reimbursements) | 122,393 | 106,621 | 351,675 | 320,724 | ||||||||||||||||||||||
| General and administrative | 54,315 | 55,039 | 170,805 | 148,412 | ||||||||||||||||||||||
| Provisions for impairment of real estate | 111,645 | 75,391 | 255,995 | 315,063 | ||||||||||||||||||||||
| Provisions for credit losses on loans and financing receivables | 14,212 | 11,581 | 60,573 | 31,861 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 2,694 | 13,343 | 15,539 | 13,953 | ||||||||||||||||||||||
| Total expenses | 1,286,378 | 1,188,438 | 3,714,681 | 3,565,458 | ||||||||||||||||||||||
| Gain on sales of real estate | 113,865 | 49,107 | 187,767 | 110,210 | ||||||||||||||||||||||
| Foreign currency and derivative loss, net | (2,513) | (2,818) | (28,357) | (9,751) | ||||||||||||||||||||||
| Equity in earnings of unconsolidated entities | 2,927 | 3,080 | 7,800 | 10,706 | ||||||||||||||||||||||
Other income, net | 6,225 | 10,015 | 28,610 | 24,551 | ||||||||||||||||||||||
| Income before income taxes | 455,708 | 341,498 | 1,199,159 | 831,693 | ||||||||||||||||||||||
| Income taxes | (23,568) | (23,824) | (75,571) | (63,546) | ||||||||||||||||||||||
| Net income | 432,140 | 317,674 | 1,123,588 | 768,147 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (28,198) | (1,903) | (63,925) | (5,642) | ||||||||||||||||||||||
| Net income available to common stockholders | $ | 403,942 | $ | 315,771 | $ | 1,059,663 | $ | 762,505 | ||||||||||||||||||
| Funds from operations available to common stockholders (FFO) | $ | 1,041,026 | $ | 981,050 | $ | 3,031,227 | $ | 2,874,453 | ||||||||||||||||||
| Normalized funds from operations available to common stockholders (Normalized FFO) | $ | 1,043,720 | $ | 994,393 | $ | 3,046,766 | $ | 2,888,406 | ||||||||||||||||||
| Adjusted funds from operations available to common stockholders (AFFO) | $ | 1,061,097 | $ | 991,988 | $ | 3,140,770 | $ | 2,889,195 | ||||||||||||||||||
| Amounts available to common stockholders per common share: | ||||||||||||||||||||||||||
| Net income per common share, basic and diluted | $ | 0.43 | $ | 0.35 | $ | 1.13 | $ | 0.84 | ||||||||||||||||||
| FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.10 | $ | 1.07 | $ | 3.24 | $ | 3.18 | ||||||||||||||||||
| Diluted | $ | 1.10 | $ | 1.07 | $ | 3.23 | $ | 3.18 | ||||||||||||||||||
| Normalized FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.11 | $ | 1.09 | $ | 3.25 | $ | 3.20 | ||||||||||||||||||
| Diluted | $ | 1.10 | $ | 1.09 | $ | 3.25 | $ | 3.19 | ||||||||||||||||||
| AFFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.12 | $ | 1.09 | $ | 3.35 | $ | 3.20 | ||||||||||||||||||
| Diluted | $ | 1.12 | $ | 1.08 | $ | 3.35 | $ | 3.19 | ||||||||||||||||||
| Cash dividends paid per common share | $ | 0.8130 | $ | 0.8070 | $ | 2.4345 | $ | 2.4085 | ||||||||||||||||||
(1) Includes client reimbursements of $104.9 million and $82.5 million for the three months ended September 30, 2026 and 2025, respectively, and $293.6 million and $257.3 million for the nine months ended September 30, 2026 and 2025, respectively. Additionally, includes reserves to rental revenue, exclusive of non-cash reserves, of $2.5 million and $4.0 million for the three months ended September 30, 2026 and 2025, respectively, and $13.5 million and $21.1 million for the nine months ended September 30, 2026 and 2025, respectively.
- 9 -
FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)
(in thousands, except per share amounts) (unaudited)
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and explanations of how we utilize these metrics.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Net income available to common stockholders | $ | 403,942 | $ | 315,771 | $ | 1,059,663 | $ | 762,505 | ||||||||||||||||||
Depreciation and amortization | 647,555 | 631,981 | 1,922,507 | 1,888,765 | ||||||||||||||||||||||
Depreciation of furniture, fixtures and equipment | (827) | (711) | (2,416) | (1,853) | ||||||||||||||||||||||
| Provisions for impairment of real estate | 111,645 | 75,391 | 255,995 | 315,063 | ||||||||||||||||||||||
Gain on sales of real estate | (113,865) | (49,107) | (187,767) | (110,210) | ||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 13,281 | 9,003 | 31,780 | 24,343 | ||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (20,705) | (1,278) | (48,535) | (4,160) | ||||||||||||||||||||||
FFO available to common stockholders | $ | 1,041,026 | $ | 981,050 | $ | 3,031,227 | $ | 2,874,453 | ||||||||||||||||||
FFO allocable to dilutive noncontrolling interests | 2,420 | 2,346 | 6,797 | 7,188 | ||||||||||||||||||||||
Diluted FFO | $ | 1,043,446 | $ | 983,396 | $ | 3,038,024 | $ | 2,881,641 | ||||||||||||||||||
FFO available to common stockholders | $ | 1,041,026 | $ | 981,050 | $ | 3,031,227 | $ | 2,874,453 | ||||||||||||||||||
| Merger, transaction, and other costs, net | 2,694 | 13,343 | 15,539 | 13,953 | ||||||||||||||||||||||
Normalized FFO available to common stockholders | $ | 1,043,720 | $ | 994,393 | $ | 3,046,766 | $ | 2,888,406 | ||||||||||||||||||
Normalized FFO allocable to dilutive noncontrolling interests | 2,420 | 2,346 | 6,797 | 7,188 | ||||||||||||||||||||||
Diluted Normalized FFO | $ | 1,046,140 | $ | 996,739 | $ | 3,053,563 | $ | 2,895,594 | ||||||||||||||||||
| FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.10 | $ | 1.07 | $ | 3.24 | $ | 3.18 | ||||||||||||||||||
| Diluted | $ | 1.10 | $ | 1.07 | $ | 3.23 | $ | 3.18 | ||||||||||||||||||
| Normalized FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.11 | $ | 1.09 | $ | 3.25 | $ | 3.20 | ||||||||||||||||||
| Diluted | $ | 1.10 | $ | 1.09 | $ | 3.25 | $ | 3.19 | ||||||||||||||||||
Distributions paid to common stockholders | $ | 768,505 | $ | 737,859 | $ | 2,283,316 | $ | 2,177,133 | ||||||||||||||||||
| FFO after distributions | $ | 272,521 | $ | 243,191 | $ | 747,911 | $ | 697,320 | ||||||||||||||||||
| Normalized FFO after distributions | $ | 275,215 | $ | 256,534 | $ | 763,450 | $ | 711,273 | ||||||||||||||||||
Weighted average number of common shares used for FFO and Normalized FFO: | ||||||||||||||||||||||||||
| Basic | 944,261 | 913,949 | 936,219 | 902,935 | ||||||||||||||||||||||
| Diluted | 948,797 | 917,869 | 940,928 | 906,692 | ||||||||||||||||||||||
- 10 -
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(in thousands, except per share amounts) (unaudited)
AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Net income available to common stockholders | $ | 403,942 | $ | 315,771 | $ | 1,059,663 | $ | 762,505 | ||||||||||||||||||
Cumulative adjustments to calculate Normalized FFO (1) | 639,778 | 678,622 | 1,987,103 | 2,125,901 | ||||||||||||||||||||||
Normalized FFO available to common stockholders | 1,043,720 | 994,393 | 3,046,766 | 2,888,406 | ||||||||||||||||||||||
| Debt-related non-cash items: | ||||||||||||||||||||||||||
Amortization of net debt discounts and deferred financing costs | 21,656 | 9,001 | 54,133 | 23,532 | ||||||||||||||||||||||
| Amortization of acquired interest rate swap value | 1,531 | 2,251 | 4,592 | 9,517 | ||||||||||||||||||||||
| Capital expenditures from operating properties: | ||||||||||||||||||||||||||
Leasing costs and commissions | (2,392) | (1,754) | (5,690) | (4,619) | ||||||||||||||||||||||
Recurring capital expenditures | (27) | (42) | (197) | (282) | ||||||||||||||||||||||
| Other non-cash items: | ||||||||||||||||||||||||||
Provisions for credit losses on loans and financing receivables | 14,212 | 11,581 | 60,573 | 31,861 | ||||||||||||||||||||||
Amortization of share-based compensation | 6,461 | 7,719 | 27,112 | 21,728 | ||||||||||||||||||||||
| Straight-line rent and expenses, net | (50,732) | (43,474) | (129,778) | (117,512) | ||||||||||||||||||||||
Amortization of above and below-market leases, net | 17,742 | 10,462 | 48,505 | 32,075 | ||||||||||||||||||||||
| Deferred tax expense | — | 3,829 | 1,718 | 4,138 | ||||||||||||||||||||||
| Executive severance charge | 1,473 | — | 3,319 | — | ||||||||||||||||||||||
Derivative and unrealized foreign currency loss (gain), net (2) | 4,202 | (1,941) | 22,157 | (730) | ||||||||||||||||||||||
Other adjustments (3) | 2,230 | 475 | 5,798 | 2,907 | ||||||||||||||||||||||
| Proportionate share of adjustments for unconsolidated entities | (987) | (650) | (1,761) | (2,291) | ||||||||||||||||||||||
| Adjustments allocable to noncontrolling interests | 2,008 | 138 | 3,523 | 465 | ||||||||||||||||||||||
AFFO available to common stockholders | $ | 1,061,097 | $ | 991,988 | $ | 3,140,770 | $ | 2,889,195 | ||||||||||||||||||
AFFO allocable to dilutive noncontrolling interests | 2,394 | 2,331 | 7,166 | 7,133 | ||||||||||||||||||||||
Diluted AFFO | $ | 1,063,491 | $ | 994,319 | $ | 3,147,936 | $ | 2,896,328 | ||||||||||||||||||
| AFFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.12 | $ | 1.09 | $ | 3.35 | $ | 3.20 | ||||||||||||||||||
| Diluted | $ | 1.12 | $ | 1.08 | $ | 3.35 | $ | 3.19 | ||||||||||||||||||
Distributions paid to common stockholders | $ | 768,505 | $ | 737,859 | $ | 2,283,316 | $ | 2,177,133 | ||||||||||||||||||
AFFO after distributions | $ | 292,592 | $ | 254,129 | $ | 857,454 | $ | 712,062 | ||||||||||||||||||
Weighted average number of common shares used for AFFO: | ||||||||||||||||||||||||||
| Basic | 944,261 | 913,949 | 936,219 | 902,935 | ||||||||||||||||||||||
| Diluted | 948,797 | 917,869 | 940,928 | 906,692 | ||||||||||||||||||||||
(1)See Normalized FFO calculations on page 10 for reconciling items.
(2)Represents non-cash foreign currency losses (gains) from remeasurement to USD and mark-to-market adjustments on investments and derivatives that are non-cash in nature.
(3)Includes primarily obligations related to financing lease liabilities.
- 11 -
HISTORICAL FFO AND AFFO
(in thousands, except per share amounts) (unaudited)
For the three months ended September 30, | 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||||||||||||
Net income available to common stockholders | $ | 403,942 | $ | 315,771 | $ | 261,781 | $ | 233,473 | $ | 219,567 | ||||||||||||||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 646,728 | 631,270 | 601,667 | 494,749 | 418,505 | |||||||||||||||||||||||||||
Provisions for impairment of real estate | 111,645 | 75,391 | 33,151 | 16,808 | 1,650 | |||||||||||||||||||||||||||
Gain on sales of real estate | (113,865) | (49,107) | (50,563) | (7,572) | (42,883) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 13,281 | 9,003 | 9,652 | — | 717 | |||||||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (20,705) | (1,278) | (762) | (1,312) | (402) | |||||||||||||||||||||||||||
| FFO available to common stockholders | $ | 1,041,026 | $ | 981,050 | $ | 854,926 | $ | 736,146 | $ | 597,154 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 2,694 | 13,343 | 8,610 | 2,884 | 3,746 | |||||||||||||||||||||||||||
| Normalized FFO available to common stockholders | $ | 1,043,720 | $ | 994,393 | $ | 863,536 | $ | 739,030 | $ | 600,900 | ||||||||||||||||||||||
| FFO per diluted share | $ | 1.10 | $ | 1.07 | $ | 0.98 | $ | 1.04 | $ | 0.97 | ||||||||||||||||||||||
| Normalized FFO per diluted share | $ | 1.10 | $ | 1.09 | $ | 0.99 | $ | 1.04 | $ | 0.97 | ||||||||||||||||||||||
| AFFO available to common stockholders | $ | 1,061,097 | $ | 991,988 | $ | 915,572 | $ | 721,370 | $ | 603,566 | ||||||||||||||||||||||
| AFFO per diluted share | $ | 1.12 | $ | 1.08 | $ | 1.05 | $ | 1.02 | $ | 0.98 | ||||||||||||||||||||||
| Cash dividends paid per common share | $ | 0.8130 | $ | 0.8070 | $ | 0.7890 | $ | 0.7665 | $ | 0.7425 | ||||||||||||||||||||||
| Weighted average diluted shares outstanding - FFO, Normalized FFO and AFFO | 948,797 | 917,869 | 873,974 | 711,338 | 619,201 | |||||||||||||||||||||||||||
For the nine months ended September 30, | 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||||||||||||
Net income available to common stockholders | $ | 1,059,663 | $ | 762,505 | $ | 648,281 | $ | 653,904 | $ | 642,143 | ||||||||||||||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 1,920,091 | 1,886,912 | 1,787,068 | 1,417,665 | 1,230,737 | |||||||||||||||||||||||||||
Provisions for impairment of real estate | 255,995 | 315,063 | 208,552 | 59,801 | 16,379 | |||||||||||||||||||||||||||
Gain on sales of real estate | (187,767) | (110,210) | (92,290) | (19,675) | (93,611) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 31,780 | 24,343 | 20,706 | (465) | 12,812 | |||||||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (48,535) | (4,160) | (2,575) | (2,808) | (1,075) | |||||||||||||||||||||||||||
| FFO available to common stockholders | $ | 3,031,227 | $ | 2,874,453 | $ | 2,569,742 | $ | 2,108,422 | $ | 1,807,385 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 15,539 | 13,953 | 105,468 | 4,532 | 12,994 | |||||||||||||||||||||||||||
| Normalized FFO available to common stockholders | $ | 3,046,766 | $ | 2,888,406 | $ | 2,675,210 | $ | 2,112,954 | $ | 1,820,379 | ||||||||||||||||||||||
| FFO per diluted share | $ | 3.23 | $ | 3.18 | $ | 2.99 | $ | 3.09 | $ | 2.99 | ||||||||||||||||||||||
| Normalized FFO per diluted share | $ | 3.25 | $ | 3.19 | $ | 3.11 | $ | 3.10 | $ | 3.01 | ||||||||||||||||||||||
| AFFO available to common stockholders | $ | 3,140,770 | $ | 2,889,195 | $ | 2,699,517 | $ | 2,043,836 | $ | 1,767,392 | ||||||||||||||||||||||
| AFFO per diluted share | $ | 3.35 | $ | 3.19 | $ | 3.14 | $ | 2.99 | $ | 2.92 | ||||||||||||||||||||||
| Cash dividends paid per common share | $ | 2.4345 | $ | 2.4085 | $ | 2.3350 | $ | 2.2830 | $ | 2.2230 | ||||||||||||||||||||||
| Weighted average diluted shares outstanding - FFO, Normalized FFO and AFFO | 940,928 | 906,692 | 861,300 | 683,925 | 605,958 | |||||||||||||||||||||||||||
- 12 -
ADJUSTED EBITDAre
(dollars in thousands) (unaudited)
| Three months ended September 30, 2026 | ||||||||
| Net income | $ | 432,140 | ||||||
| Interest | 333,564 | |||||||
| Income taxes | 23,568 | |||||||
| Depreciation and amortization | 647,555 | |||||||
| Executive severance charge | 1,473 | |||||||
| Provisions for impairment of real estate | 111,645 | |||||||
| Provisions for credit losses on loans and financing receivables | 14,212 | |||||||
| Merger, transaction, and other costs, net | 2,694 | |||||||
| Gain on sales of real estate | (113,865) | |||||||
| Foreign currency and derivative loss, net | 2,513 | |||||||
| Equity in earnings of unconsolidated entities | (2,927) | |||||||
Adjusted EBITDAre (1) | $ | 1,452,572 | ||||||
Annualized Adjusted EBITDAre (1) | $ | 5,810,288 | ||||||
| Annualized Pro Forma Adjustments | $ | 32,601 | ||||||
Annualized Pro Forma Adjusted EBITDAre (1) | $ | 5,842,889 | ||||||
| Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts | $ | 31,738,055 | ||||||
| Less: Cash and cash equivalents | (368,534) | |||||||
| Net Debt | $ | 31,369,521 | ||||||
Less: Expected proceeds from unsettled forward equity (2) | (1,090,080) | |||||||
| Net Debt - Inclusive of Unsettled ATM Forward Equity | $ | 30,279,441 | ||||||
Net Debt/Annualized Pro Forma Adjusted EBITDAre (1) | 5.4 | x | ||||||
Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity(1) | 5.2 | x | ||||||
(1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Pro Forma Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics.
(2) As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates).
The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The following table summarizes our Annualized Pro Forma Adjustments related to our Annualized Pro Forma Adjusted EBITDAre calculation for the period indicated below (in thousands):
| Three months ended September 30, 2026 | ||||||||||||||
| Annualized pro forma adjustments from investments acquired or stabilized | $ | 80,896 | ||||||||||||
| Annualized pro forma adjustments from investments disposed | (48,295) | |||||||||||||
| Annualized Pro Forma Adjustments | $ | 32,601 | ||||||||||||
- 13 -
Adjusted Free Cash Flow
(in thousands) (unaudited)
Adjusted Free Cash Flow and Annualized Adjusted Free Cash Flow are non-GAAP financial measures. Please see the Glossary for our definitions and an explanation of how we utilize these metrics.
| Nine months ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| Net cash provided by operating activities | $ | 2,945,560 | $ | 2,791,320 | ||||||||||||||||
| Changes in net working capital | 172,226 | 62,233 | ||||||||||||||||||
Capital expenditures (1) | (87,918) | (57,716) | ||||||||||||||||||
| Distributions paid to common stockholders | (2,283,316) | (2,177,133) | ||||||||||||||||||
| Distributions paid to noncontrolling interests | (53,276) | (8,992) | ||||||||||||||||||
| Merger, transaction, and other costs, net | 15,539 | 13,953 | ||||||||||||||||||
| Adjusted Free Cash Flow | $ | 708,815 | $ | 623,665 | ||||||||||||||||
| Annualized Adjusted Free Cash Flow | $ | 945,087 | $ | 831,553 | ||||||||||||||||
(1) Excludes capital expenditures which directly generate incremental rental revenue on our leases.
Reconciliation of Same Store Rental Revenue to Rental Revenue (Including Reimbursements)
(in thousands) (unaudited)
Same Store Rental Revenue is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric.
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Rental revenue (including reimbursements) | $ | 1,483,799 | $ | 1,386,502 | $ | 4,351,083 | $ | 4,037,747 | |||||||||||||||
Constant currency adjustment (1) | (4,156) | (4,804) | (14,007) | 5,312 | |||||||||||||||||||
| Straight-line rent and other non-cash adjustments | (6,293) | (7,512) | (1,928) | (7,747) | |||||||||||||||||||
| Contractually obligated reimbursements by our clients | (104,360) | (82,392) | (285,682) | (253,467) | |||||||||||||||||||
Revenue from excluded properties (2) | (174,572) | (97,905) | (444,326) | (251,816) | |||||||||||||||||||
Other excluded revenue (3) | (5,155) | (28,806) | (47,267) | (39,569) | |||||||||||||||||||
Revenue from unconsolidated entities (4) | 37,781 | 28,707 | 91,900 | 83,577 | |||||||||||||||||||
Revenue attributable to noncontrolling interests (5) | (65,038) | (44,745) | (174,613) | (135,298) | |||||||||||||||||||
| Same Store Rental Revenue | $ | 1,162,006 | $ | 1,149,045 | $ | 3,475,160 | $ | 3,438,739 | |||||||||||||||
(1)For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026.
(2)Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue.
(3)"Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income.
(4)Represents our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures.
(5)Represents the portion of rental revenue attributable to noncontrolling interests based on their pro-rata ownership.
- 14 -
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts) (unaudited)
September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Real estate held for investment, at cost: | ||||||||||||||||||||||||||
Land | $ | 19,119,185 | $ | 18,368,029 | ||||||||||||||||||||||
Buildings and improvements | 46,719,476 | 43,824,410 | ||||||||||||||||||||||||
Total real estate held for investment, at cost | 65,838,661 | 62,192,439 | ||||||||||||||||||||||||
Less accumulated depreciation and amortization | (9,808,131) | (8,778,536) | ||||||||||||||||||||||||
Real estate held for investment, net | 56,030,530 | 53,413,903 | ||||||||||||||||||||||||
Real estate and lease intangibles held for sale, net | 194,986 | 91,784 | ||||||||||||||||||||||||
Cash and cash equivalents | 368,534 | 434,842 | ||||||||||||||||||||||||
Accounts receivable, net | 1,217,817 | 1,053,487 | ||||||||||||||||||||||||
Lease intangible assets, net | 5,584,800 | 5,717,241 | ||||||||||||||||||||||||
Goodwill | 4,932,199 | 4,932,199 | ||||||||||||||||||||||||
| Investment in loans and financing receivables, net | 5,030,205 | 3,271,002 | ||||||||||||||||||||||||
Investment in unconsolidated entities | 1,617,384 | 1,256,456 | ||||||||||||||||||||||||
Other assets, net | 2,973,959 | 2,624,698 | ||||||||||||||||||||||||
Total assets | $ | 77,950,414 | $ | 72,795,612 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Distributions payable | $ | 265,518 | $ | 255,171 | ||||||||||||||||||||||
Accounts payable and accrued expenses | 1,094,942 | 1,060,969 | ||||||||||||||||||||||||
Lease intangible liabilities, net | 1,463,929 | 1,493,958 | ||||||||||||||||||||||||
Other liabilities | 1,062,753 | 1,066,809 | ||||||||||||||||||||||||
Revolving credit facilities and commercial paper | 2,127,928 | 2,023,414 | ||||||||||||||||||||||||
Term loans, net | 2,772,340 | 1,701,615 | ||||||||||||||||||||||||
Mortgages payable, net | 36,745 | 37,761 | ||||||||||||||||||||||||
Notes payable, net | 26,451,863 | 25,031,947 | ||||||||||||||||||||||||
Total liabilities | $ | 35,276,018 | $ | 32,671,644 | ||||||||||||||||||||||
| Redeemable noncontrolling interests | $ | 71,745 | $ | — | ||||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||||||||
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 950,964 and 933,975 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | $ | 51,149,067 | $ | 49,861,660 | ||||||||||||||||||||||
Distributions in excess of net income | (11,761,979) | (10,527,984) | ||||||||||||||||||||||||
Accumulated other comprehensive income | 104,861 | 105,019 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 39,491,949 | $ | 39,438,695 | ||||||||||||||||||||||
Noncontrolling interests | 3,110,702 | 685,273 | ||||||||||||||||||||||||
Total equity | $ | 42,602,651 | $ | 40,123,968 | ||||||||||||||||||||||
Total liabilities and equity | $ | 77,950,414 | $ | 72,795,612 | ||||||||||||||||||||||
- 15 -
GLOSSARY
Adjusted EBITDAre. The National Association of Real Estate Investment Trusts ("Nareit") established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of “Adjusted EBITDAre” is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) executive severance charge, (v) provisions for impairment of real estate, (vi) provisions for credit losses on loans and financing receivables, (vii) merger, transaction, and other costs, net, (viii) gain on sales of real estate, (ix) foreign currency and derivative gain and loss, net, and (x) equity in earnings of unconsolidated entities. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, provisions for credit losses on loans and financing receivables, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance.
Adjusted Free Cash Flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less certain capital expenditures and distributions paid to common stockholders and noncontrolling interests, plus merger, transaction, and other costs, net, and adjusted for changes in net working capital. We believe adjusted free cash flow to be a useful liquidity measure for us and our investors by helping to evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, adjusted free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends. Adjusted free cash flow is not considered under generally accepted accounting principles to be a primary measure of an entity’s residual cash flow available for discretionary spending, and accordingly should not be considered an alternative to operating income, net income, or amounts shown in our consolidated statements of cash flows.
Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four. Management believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our run rate operating performance for the period presented.
Annualized Adjusted Free Cash Flow, a non-GAAP financial measure, is calculated by annualizing Adjusted Free Cash Flow.
Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter.
Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The ratio of our net debt to our Annualized Pro Forma Adjusted EBITDAre is also used to determine the vesting of performance share awards granted to our executive officers.
Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our Pro-Rata Share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively.
Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.
Gross Asset Value is total assets before accumulated depreciation and amortization.
Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as Cash Income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our Pro-Rata Share of Cash Income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the Cash Income for the first twelve months following the acquisition date, divided by the total cost of the investment.
- 16 -
Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant that, as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).
Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre.
Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity, a ratio used by management as a measure of leverage, is calculated as net debt inclusive of unsettled ATM forward equity (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, less expected proceeds from unsettled ATM forward equity as of the balance sheet date), divided by Annualized Pro Forma Adjusted EBITDAre.
Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net.
Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented, and aggregating that information for all such joint ventures. For balance sheet information and other capital-based metrics, we apply our economic ownership percentage as of the end of the applicable period being presented, and for activity- and earnings-based metrics, we apply our weighted average economic ownership percentage for the applicable period being presented, unless otherwise specified.
We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items.
The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.
Rent Recapture Rate is calculated by comparing our Pro-Rata Share of new cash rents to our Pro-Rata Share of prior cash rents for renewals to the same client and leases to new clients with at least 12 months of new term. New cash rents represent the first month of contractual monthly base rent of the new lease or renewal, multiplied by 12. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Prior cash rents represent the last month of contractual monthly base rent for the most recent expiring lease, multiplied by 12.
Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced.
Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our Pro-Rata Share using our ownership percentage as of September 30, 2026 to same store rental revenue for the three and nine months ended September 30, 2026 and 2025.
- 17 -
Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q3 2026 Exhibit 99.2
Q3 2026 Supplemental Operating & Financial Data 2 Forward-Looking Statements September 30, 2026 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this presentation, the words “estimate,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our At-the-Market ("ATM") program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for real estate or long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this presentation and forecasts made in the forward-looking statements discussed in this presentation might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events. Additional Information This Supplemental Operating & Financial Data should be read in connection with the company's earnings press release for the three and nine months ended September 30, 2026 (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on November 2, 2026) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data presentation. Third-party logos or references included herein are provided for illustrative purposes only. Realty Income is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the clients or of their products or services pictured or mentioned. The names, logos, and all related product and service names, design marks, and slogans are the trademarks or service marks of their respective owners. Table of Contents ↪
3 Table of Contents Highlights 4 Corporate Overview 5 Portfolio Overview 6 Summary Financial Information Financial Summary and Guidance 8 Financial Highlights 9 Consolidated Statements of Income 11 Consolidated Balance Sheets 12 FFO and Normalized FFO 13 AFFO 14 Earnings Guidance Portfolio Overview 15 Portfolio Highlights 16 Portfolio Diversification 17 Client Diversification 18 Same Store Rental Revenue 19 Leasing Activity 20 Credit Investments 21 Annualized Pro Forma Cash NOI Realty Income Investment Management 22 Realty Income Investment Management Highlights 23 Joint Ventures and Non-Wholly Owned Investments 24 Non-GAAP Pro-Rata Financial Information Investment Activity 25 Capital Deployment - Investment Activity 26 Investment Summary 28 Disposition Summary 29 Development Activity Capitalization Structure 30 Capitalization & Credit-Focused Metrics 31 Adjusted EBITDAre & Leverage Ratios 32 Capitalization 33 Debt Summary 34 Debt Maturities and Currency Summary 35 Debt Covenants Analyst Coverage 36 Analyst Coverage Glossary 37 Glossary Appendix 40 Appendix Q3 2026 Supplemental Operating & Financial Data
Q3 2026 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full- service real estate capital provider. As of September 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 676 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 32 consecutive years. Additional information about the company can be found at www.realtyincome.com. Corporate Headquarters 11995 El Camino Real San Diego, CA 92130 Phone: +1 (858) 284-5000 Website: www.realtyincome.com Phoenix Office 2801 E. Camelback Rd., Suite 160 Phoenix, AZ 85016 London Office 3 St James's Square London, United Kingdom SW1Y 4JU Amsterdam Office Eduard van Beinumstraat 8 Amsterdam, Netherlands 1077 CZ ONE TEAM LEADERSHIP Neil M. Abraham EVP, Chief Strategy Officer and President, Realty Income International Mark E. Hagan EVP, Chief Investment Officer Shannon Kehle EVP, Chief People Officer Jonathan Pong EVP, Chief Financial Officer and Treasurer Sumit Roy President, Chief Executive Officer Gregory J. Whyte EVP, Chief Operating Officer CREDIT RATINGS Senior Unsecured Outlook Commercial Paper Fitch A Stable F1 Moody’s A3 Stable P-2 Standard & Poor’s A- Stable A-2 DIVIDEND INFORMATION AS OF NOVEMBER 2026 $3.258 current annualized dividend per share 676 consecutive monthly dividends declared 116 consecutive quarterly dividend increases 4.1% compound annual growth rate of dividend since NYSE listing Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 5 Portfolio Overview As of September 30, 2026 (1) Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. (2) Based on Annualized Base Rent ("ABR"). 1.9% of ABR is from other property types. ABR is a supplemental operating measure. Please see the Glossary for our definition of ABR and an explanation of how we utilize this metric. (3) ABR includes 0.5% of rent from clients accounted for on a cash basis. (4) Please see the Glossary for our definition of Assets Under Management ("AUM"). Our Realty Income Investment Management third-party AUM includes assets under management through our U.S. Core Plus Fund and our Managed Insurance and Retirement Annuity structures. Please refer to the Joint Ventures and Non-Wholly Owned Investments page for vehicles included in our Managed Insurance and Retirement Annuity structure. (5) Enterprise value is total market value, less cash and cash equivalents, at our Pro-Rata Share. See Capitalization page for further detail. 15,536 properties 357M square feet leasable space 1,842 clients 96 industries $5.4B(3) Annualized Base Rent $83B(5) enterprise value 8.5 years weighted average remaining lease term 77.0% retail 17.0% industrial 3.1% gaming Geographies Included in Realty Income's Annualized Base Rent Property Type(2) Table of Contents ↪ 98.8%(1) occupancy United States 79.6% Total ABR United Kingdom 15.1% Total ABR Continental Europe 5.3% Total ABR $4.3B(4) Realty Income Investment Management Third-Party AUM 1.0% data center
Q3 2026 Supplemental Operating & Financial Data 6 Summary Financial Information (USD in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Capital Deployment Investment Activity(1) Real estate acquisitions $ 1,840 $ 1,311 $ 1,433 $ 1,350 $ 830 $ 871 $ 1,026 $ 1,316 $ 594 Development investments $ 144 $ 135 $ 155 $ 163 $ 148 $ 78 $ 145 $ 150 $ 146 Credit investments $ 246 $ 629 $ 1,032 $ 801 $ 384 $ 222 $ 201 $ 254 $ — Total investment activity $ 2,230 $ 2,075 $ 2,620 $ 2,314 $ 1,362 $ 1,171 $ 1,372 $ 1,720 $ 740 Initial Weighted Average Cash Yields(1) Real estate acquisitions 6.6 % 6.4 % 6.7 % 6.9 % 7.1 % 7.1 % 7.0 % 6.5 % 7.4 % Development investments 7.2 % 7.6 % 7.4 % 7.4 % 7.4 % 7.3 % 7.3 % 7.6 % 7.5 % Credit investments 7.9 % 9.2 % 7.8 % 7.4 % 9.0 % 7.5 % 10.2 % 10.1 % N/A Total investments 6.8 % 7.3 % 7.1 % 7.1 % 7.7 % 7.2 % 7.5 % 7.1 % 7.4 % Operations Overview Adjusted EBITDA Margin (as % of total revenue)(2) 95.4 % 94.6 % 94.7 % 94.4 % 94.3 % 94.8 % 95.1 % 94.5 % 95.2 % Cash G&A expenses (% of GAV)(3)(4) 5 bps 6 bps 6 bps 6 bps 6 bps 5 bps 5 bps 5 bps 5 bps Property expenses (non-reimbursements)(% of total revenue)(2) 1.2 % 1.5 % 1.3 % 1.8 % 1.7 % 1.5 % 1.5 % 1.6 % 1.4 % Rent Recapture Rate(5) 103.5 % 102.7 % 103.4 % 104.9 % 103.5 % 103.4 % 103.9 % 107.4 % 105.0 % Same Store Rental Revenue growth(6) 1.1 % 1.2 % 0.8 % 1.1 % 1.3 % 1.1 % 1.3 % 0.8 % 0.2 % Cash basis bad debt reserves(7) $ 2.5 $ 4.6 $ 6.4 $ 5.1 $ 4.0 $ 10.9 $ 6.2 $ 8.1 $ 7.0 Lease termination income $ 4.1 $ 1.0 $ 40.2 $ 18.9 $ 27.3 $ 1.8 $ 0.9 $ 2.8 $ 0.3 Table of Contents ↪ (1) Investment amounts and Initial Weighted Average Cash Yields reflect adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see our definitions of Pro-Rata Share and Initial Weighted Average Cash Yield in the Glossary. (2) Total revenue excluding client reimbursements. (3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (4) Please see the Glossary for our definition of Gross Asset Value ("GAV"). (5) Please see the Glossary for our definition of Rent Recapture Rate. (6) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (7) Represents reserves to rental revenues, exclusive of non-cash reserves.
Q3 2026 Supplemental Operating & Financial Data 7 Summary Financial Information (Continued) (USD in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Portfolio Highlights GAV(4) U.S. $ 68,585 $ 67,832 $ 65,863 $ 64,883 $ 63,994 $ 64,396 $ 64,339 $ 64,355 $ 63,571 U.K. $ 13,538 $ 13,388 $ 13,259 $ 12,760 $ 12,475 $ 11,978 $ 10,846 $ 9,917 $ 10,057 E.U. $ 5,636 $ 4,688 $ 4,525 $ 3,931 $ 3,270 $ 3,194 $ 2,331 $ 1,944 $ 1,907 Total GAV(4) $ 87,759 $ 85,908 $ 83,647 $ 81,574 $ 79,739 $ 79,568 $ 77,516 $ 76,216 $ 75,535 Number of properties 15,536 15,588 15,571 15,511 15,542 15,606 15,627 15,621 15,457 Occupancy - by number of properties(8) 98.8 % 98.8 % 98.9 % 98.9 % 98.7 % 98.6 % 98.5 % 98.7 % 98.7 % Number of clients 1,842 1,798 1,786 1,761 1,647 1,630 1,598 1,565 1,552 Leverage Metrics Net Debt/Annualized Pro Forma Adjusted EBITDAre(9) 5.4x 5.4x 5.2x 5.3x 5.3x 5.5x 5.4x 5.3x 5.4x Pro-Rata Net Debt to Total Enterprise Value(10) 37.9 % 34.3 % 34.5 % 35.7 % 34.0 % 35.1 % 34.5 % 35.9 % 32.4 % Debt Covenant Metrics Limitation on incurrence of total debt(11) 41.5 % 41.5 % 41.4 % 41.4 % 41.9 % 42.0 % 41.4 % 41.1 % 41.5 % Limitation on incurrence of secured debt(11) 0.3 % 0.2 % 0.2 % 0.2 % 0.2 % 0.2 % 0.2 % 0.3 % 0.4 % Debt service and fixed charge coverage (trailing 12 months)(11)(12) 4.6x 4.7x 4.7x 4.7x 4.6x 4.5x 4.7x 4.7x 4.6x Maintenance of total unencumbered assets(11) 242.2 % 242.2 % 242.5 % 242.7 % 239.5 % 238.7 % 242.2 % 244.5 % 239.9 % (8) Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. (9) Net Debt/Annualized Pro Forma Adjusted EBITDAre is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. Please refer to the Appendix for reconciliations. (10) Please see the Glossary for our definition of Pro-Rata Net Debt to Total Enterprise Value. Also refer to the Capitalization page for further detail. (11) Represents key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations are not based on U.S. GAAP measurements. See Debt Covenants page for further detail. (12) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on the first day of such four-quarter period, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first date of the four-quarter period nor does it purport to reflect our debt service coverage ratio for any future period. See Debt Covenants page for further detail. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 8 Financial Highlights (in USD) Net Income per Share (Diluted) $0.35 $0.32 $0.33 $0.37 $0.43 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 AFFO per Share (Diluted) $1.08 $1.08 $1.13 $1.09 $1.12 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) AFFO and Total Operational Return are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. Please refer to the Appendix for reconciliations. (2) Dividend yield is calculated as the current annualized dividend amount per share divided by the prior year ending stock price. Table of Contents ↪ (1)(2) Total Operational Return 13.3% 6.8% 10.2% 8.1% 10.8% 9.2% 2.0% 4.8% 2.1% 5.0% 4.1% 4.8% 5.4% 6.0% 5.8% AFFO/share growth Dividend returns 2022 2023 2024 2025 YTD 2026 Dividend Yield AFFO/Share Growth(2) (1) Current Year Current Year Dividend yield(2) AFFO/Share Growth (1) Annualized Dividends Declared per Share $2.982 $3.078 $3.168 $3.240 $3.258 2022 2023 2024 2025 Q3 2026
Q3 2026 Supplemental Operating & Financial Data 9 Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 REVENUE Rental (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Interest income on financing receivables 32,248 32,635 96,402 97,652 Interest and dividend income on loans and preferred equity investments 104,982 51,058 263,609 125,274 Other 553 357 6,926 762 Total revenue 1,621,582 1,470,552 4,718,020 4,261,435 EXPENSES Depreciation and amortization 647,555 631,981 1,922,507 1,888,765 Interest 333,564 294,482 937,587 846,680 Property (including reimbursements) 122,393 106,621 351,675 320,724 General and administrative 54,315 55,039 170,805 148,412 Provisions for impairment of real estate 111,645 75,391 255,995 315,063 Provisions for credit losses on loans and financing receivables 14,212 11,581 60,573 31,861 Merger, transaction, and other costs, net 2,694 13,343 15,539 13,953 Total expenses 1,286,378 1,188,438 3,714,681 3,565,458 Gain on sales of real estate 113,865 49,107 187,767 110,210 Foreign currency and derivative loss, net (2,513) (2,818) (28,357) (9,751) Equity in earnings of unconsolidated entities 2,927 3,080 7,800 10,706 Other income, net 6,225 10,015 28,610 24,551 Income before income taxes 455,708 341,498 1,199,159 831,693 Income taxes (23,568) (23,824) (75,571) (63,546) Net income 432,140 317,674 1,123,588 768,147 Net income attributable to noncontrolling interests (28,198) (1,903) (63,925) (5,642) Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Net income available to common stockholders per common share, basic and diluted $ 0.43 $ 0.35 $ 1.13 $ 0.84 Consolidated Statements of Income (USD in thousands, except per share amounts) (unaudited) Refer to the next page for supplemental information to the Consolidated Statements of Income. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 10 Consolidated Statements of Income (Continued) (USD in thousands) (unaudited) Supplemental Information Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Minimum rent $ 1,334,178 $ 1,237,339 $ 3,914,057 $ 3,645,377 Tenant reimbursement income 104,939 82,517 293,557 257,319 Straight-line rents 51,921 45,493 134,092 122,938 Above and below-market lease amortization (17,742) (10,462) (48,505) (32,075) Percentage rent 4,376 4,022 12,584 12,629 Lease termination income 4,116 27,266 45,334 30,033 Other rent 3,709 3,901 9,899 17,496 Reserves to rental revenue (1,698) (3,574) (9,935) (15,970) Total rental revenue (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 11 September 30, 2026 December 31, 2025 ASSETS Real estate held for investment, at cost: Land $ 19,119,185 $ 18,368,029 Buildings and improvements 46,719,476 43,824,410 Total real estate held for investment, at cost 65,838,661 62,192,439 Less accumulated depreciation and amortization (9,808,131) (8,778,536) Real estate held for investment, net 56,030,530 53,413,903 Real estate and lease intangibles held for sale, net 194,986 91,784 Cash and cash equivalents 368,534 434,842 Accounts receivable, net 1,217,817 1,053,487 Lease intangible assets, net 5,584,800 5,717,241 Goodwill 4,932,199 4,932,199 Investment in loans and financing receivables, net 5,030,205 3,271,002 Investment in unconsolidated entities 1,617,384 1,256,456 Other assets, net 2,973,959 2,624,698 Total assets $ 77,950,414 $ 72,795,612 LIABILITIES AND EQUITY Distributions payable $ 265,518 $ 255,171 Accounts payable and accrued expenses 1,094,942 1,060,969 Lease intangible liabilities, net 1,463,929 1,493,958 Other liabilities 1,062,753 1,066,809 Revolving credit facilities and commercial paper 2,127,928 2,023,414 Term loans, net 2,772,340 1,701,615 Mortgages payable, net 36,745 37,761 Notes payable, net 26,451,863 25,031,947 Total liabilities $ 35,276,018 $ 32,671,644 Redeemable noncontrolling interests $ 71,745 $ — Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 950,964 and 933,975 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively $ 51,149,067 $ 49,861,660 Distributions in excess of net income (11,761,979) (10,527,984) Accumulated other comprehensive income 104,861 105,019 Total stockholders’ equity $ 39,491,949 $ 39,438,695 Noncontrolling interests 3,110,702 685,273 Total equity $ 42,602,651 $ 40,123,968 Total liabilities and equity $ 77,950,414 $ 72,795,612 Consolidated Balance Sheets (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 12 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted FFO and Normalized FFO per share computations. Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Depreciation and amortization 647,555 631,981 1,922,507 1,888,765 Depreciation of furniture, fixtures and equipment (827) (711) (2,416) (1,853) Provisions for impairment of real estate 111,645 75,391 255,995 315,063 Gain on sales of real estate (113,865) (49,107) (187,767) (110,210) Proportionate share of adjustments for unconsolidated entities 13,281 9,003 31,780 24,343 FFO adjustments allocable to noncontrolling interests (20,705) (1,278) (48,535) (4,160) FFO available to common stockholders $ 1,041,026 $ 981,050 $ 3,031,227 $ 2,874,453 FFO allocable to dilutive noncontrolling interests 2,420 2,346 6,797 7,188 Diluted FFO $ 1,043,446 $ 983,396 $ 3,038,024 $ 2,881,641 FFO available to common stockholders $ 1,041,026 $ 981,050 $ 3,031,227 $ 2,874,453 Merger, transaction, and other costs, net 2,694 13,343 15,539 13,953 Normalized FFO available to common stockholders $ 1,043,720 $ 994,393 $ 3,046,766 $ 2,888,406 Normalized FFO allocable to dilutive noncontrolling interests 2,420 2,346 6,797 7,188 Diluted Normalized FFO $ 1,046,140 $ 996,739 $ 3,053,563 $ 2,895,594 FFO per common share: Basic $ 1.10 $ 1.07 $ 3.24 $ 3.18 Diluted $ 1.10 $ 1.07 $ 3.23 $ 3.18 Normalized FFO per common share: Basic $ 1.11 $ 1.09 $ 3.25 $ 3.20 Diluted $ 1.10 $ 1.09 $ 3.25 $ 3.19 Distributions paid to common stockholders $ 768,505 $ 737,859 $ 2,283,316 $ 2,177,133 FFO after distributions $ 272,521 $ 243,191 $ 747,911 $ 697,320 Normalized FFO after distributions $ 275,215 $ 256,534 $ 763,450 $ 711,273 Weighted average number of common shares used for FFO and Normalized FFO: Basic 944,261 913,949 936,219 902,935 Diluted 948,797 917,869 940,928 906,692 FFO and Normalized FFO(1) (USD and shares in thousands, except per share amounts) (unaudited) (1) FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 13 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO. Refer to the Glossary for definitions. Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Cumulative adjustments to calculate Normalized FFO 639,778 678,622 1,987,103 2,125,901 Normalized FFO available to common stockholders 1,043,720 994,393 3,046,766 2,888,406 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 21,656 9,001 54,133 23,532 Amortization of acquired interest rate swap value 1,531 2,251 4,592 9,517 Capital expenditures from operating properties: Leasing costs and commissions (2,392) (1,754) (5,690) (4,619) Recurring capital expenditures (27) (42) (197) (282) Other non-cash items: Provisions for credit losses on loans and financing receivables 14,212 11,581 60,573 31,861 Amortization of share-based compensation 6,461 7,719 27,112 21,728 Straight-line rent and expenses, net (50,732) (43,474) (129,778) (117,512) Amortization of above and below-market leases, net 17,742 10,462 48,505 32,075 Deferred tax expense — 3,829 1,718 4,138 Executive severance charge 1,473 — 3,319 — Derivative and unrealized foreign currency loss (gain), net(1) 4,202 (1,941) 22,157 (730) Other adjustments(2) 2,230 475 5,798 2,907 Proportionate share of adjustments for unconsolidated entities (987) (650) (1,761) (2,291) Adjustments allocable to noncontrolling interests 2,008 138 3,523 465 AFFO available to common stockholders $ 1,061,097 $ 991,988 $ 3,140,770 $ 2,889,195 AFFO allocable to dilutive noncontrolling interests 2,394 2,331 7,166 7,133 Diluted AFFO $ 1,063,491 $ 994,319 $ 3,147,936 $ 2,896,328 AFFO per common share: Basic $ 1.12 $ 1.09 $ 3.35 $ 3.20 Diluted $ 1.12 $ 1.08 $ 3.35 $ 3.19 Distributions paid to common stockholders $ 768,505 $ 737,859 $ 2,283,316 $ 2,177,133 AFFO after distributions $ 292,592 $ 254,129 $ 857,454 $ 712,062 Weighted average number of common shares used for AFFO: Basic 944,261 913,949 936,219 902,935 Diluted 948,797 917,869 940,928 906,692 (1) Represents non-cash foreign currency losses (gains) from remeasurement to USD and mark-to-market adjustments on investments and derivatives that are non-cash in nature. (2) Includes primarily obligations related to financing lease liabilities. AFFO (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 14 Earnings Guidance Revised 2026 Guidance Prior 2026 Guidance(1) YTD Actuals at September 30, 2026 Net income per share(2) $1.55 - $1.56 $1.59 - $1.60 $1.13 AFFO per share(3) $4.45 - $4.46 $4.44 - $4.45 $3.35 Same store rent growth 1.1% - 1.3% 1.1% - 1.3% 1.1% Occupancy Above 98.5% Approx 98.5% 98.8% Cash G&A expenses (% of total gross asset value)(4)(5) 21 - 22 bps 21 - 22 bps 16 bps Property expenses (non-reimbursable) (% of total revenue)(6) 1.3% - 1.5% Approx 1.5% 1.3% Income tax expenses $100 - $110 million $100 - $110 million $76 million Investment volume (at 100%) $10.0 billion $10.0 billion $7.9 billion Lease termination income $45 - $50 million $45 - $50 million $45 million (1) As issued on August 5, 2026. (2) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (3) Please refer to the Appendix for the reconciliation of net income per share to AFFO per share. (4) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (5) Please see the Glossary for our definition of Gross Asset Value. (6) Total revenue excludes client reimbursements. Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with actual YTD results for comparison): Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 15 Portfolio Highlights (USD in millions) Number of Properties 12,237 13,458 15,621 15,511 15,536 11,966 13,007 15,099 14,893 14,840 Domestic International Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 Same Store Rental Revenue Growth 1.8% 1.9% 0.5% 1.3% 1.1% 2022 2023 2024 2025 YTD 2026 Rent Recapture Rate 105.9% 104.1% 105.6% 103.9% 103.1% 2022 2023 2024 2025 YTD 2026 (1) Please see the Glossary for our definition of Gross Asset Value ("GAV"). (2) Please see the Glossary for our definition of Same Store Rental Revenue. (3) Please see the Glossary for our definition of Rent Recapture Rate. (2) Table of Contents ↪ Gross Asset Value ("GAV") $54,577 $63,851 $76,216 $81,574 $87,759 $48,155 $53,673 $64,355 $64,883 $68,585 $5,684 $8,415 $9,917 $12,760 $13,538 Domestic U.K. Europe Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 (1) International Current quarter Domestic European Union (E.U.) U.K. Current quarter Domestic Domestic Current quarter International Domestic Current quarter E.U. Current quarter U.K. $5,636696618 $738 $1,763 $1,944 $3,931 271 451 522 (3)
Q3 2026 Supplemental Operating & Financial Data 16 As of Industry Q3 2026 Q4 2025 Grocery 10.6 % 11.1 % Convenience Stores 9.2 9.5 Home Improvement 6.4 6.4 Dollar Stores 6.0 6.1 Restaurants-Quick Service 4.7 4.8 Health and Fitness 4.1 4.4 Automotive Service 4.0 4.3 Drug Stores 4.0 4.3 General Merchandise 3.9 3.5 Restaurants-Casual Dining 3.6 3.8 Gaming 3.1 3.1 Home Furnishings 3.0 2.8 Transportation Services 3.0 2.9 Apparel Stores 2.9 2.6 Health Care 2.7 2.7 Sporting Goods 2.5 2.4 Motor Vehicle Dealerships 2.0 1.7 Wholesale Clubs 2.0 2.2 Entertainment 1.8 1.9 Theaters 1.8 1.9 Portfolio Diversification By Property Type and Top 20 Industries TOP 20 INDUSTRIES % OF TOTAL ANNUALIZED BASE RENT Table of Contents ↪ 17.0% Industrial 3.1% Gaming 1.0% Data Center 77.0% Retail PROPERTY TYPE DIVERSIFICATION % OF TOTAL ANNUALIZED BASE RENT 1.9% Other(2) Property Type Number of Properties Leasable Square Feet(1) ABR as of Q3 2026 Percentage of ABR as of Q3 2026 Percentage of ABR from IG Clients Retail 14,838 214,428 $ 4,126,701 77.0 % 33.4 % Industrial 627 133,366 911,723 17.0 46.0 Gaming 2 5,053 165,629 3.1 — Data Center 4 770 54,417 1.0 100.0 Other(2) 65 3,518 98,745 1.9 15.7 Total 15,536 357,135 $ 5,357,215 100.0 % 34.9 % (1) Represents leasable building square footage, which includes our portfolio of unconsolidated joint ventures based on ownership percentage and deducts noncontrolling interests. Excludes 2,962 acres of leased land categorized as agriculture as of September 30, 2026. (2) "Other" primarily includes 27 properties classified as agriculture with $36.0 million in ABR, 14 properties classified as office with $30.1 million in ABR, and 21 properties classified as country clubs with $28.5 million in ABR, as well as one land parcel under development.
Q3 2026 Supplemental Operating & Financial Data 17 Ranking Client Number of Leases Percentage of Annualized Base Rent(1)(2) Investment Grade Ratings (S&P/ Moody's/Fitch)(3) 1 Dollar General 1,866 3.3% BBB / Baa3 / - 2 7-Eleven 799 3.0 A- / Baa2 / - 3 Walgreens 387 2.9 — 4 Family Dollar 1,253 2.5 — 5 Life Time Group 43 2.1 — 6 (B&Q) Kingfisher 73 2.0 BBB / - / BBB 7 Wynn Resorts 1 2.0 — 8 EG Group 414 1.9 — 9 Asda 41 1.6 — 10 Sainsbury's 42 1.6 BBB / Baa3 / - 11 Tractor Supply 269 1.5 BBB / Baa1 / - 12 BJ's Wholesale Club 45 1.4 - / - / BBB 13 Tesco 29 1.4 BBB / Baa2 / BBB 14 FedEx 59 1.3 BBB / Baa2 / - 15 MGM (Bellagio) 1 1.1 — 16 Home Depot 42 1.1 A / A2 / A 17 CVS Pharmacy 204 1.0 BBB / Baa3 / BBB 18 Walmart / Sam's Club 62 0.9 AA / Aa2 / AA 19 Decathlon 85 0.9 A-2 / - / - 20 AMC Theatres 36 0.8 — 5,751 34.3% Client Diversification Top 20 and Client Credit Rating TOP 20 CLIENTS (1) Our 20 largest clients are based on percentage of Annualized Base Rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of September 30, 2026. Please see the Glossary for our definition of Annualized Base Rent. (2) Amounts for each client are calculated independently; therefore, the individual percentages may not sum to the total. (3) Please see the Glossary for our definition of Investment Grade ("IG") Clients. Table of Contents ↪ 13.8% Non-Investment Grade or Non-Rated, Non-Retail 25.8% Investment Grade(3), Retail 51.3% Non-Investment Grade or Non-Rated, Retail 9.1% Investment Grade(3), Non-Retail CLIENT CREDIT RATING % of TOTAL ANNUALIZED BASE RENT AS OF Q3 2026 5,255 5,294 5,367 5,475 5,510 31.5% 32.2% 32.0% 34.3% 34.9% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Number of IG Leases Percentage of ABR from IG Clients(3)
Q3 2026 Supplemental Operating & Financial Data 18 TOP 3 INDUSTRIES CONTRIBUTING TO THE CHANGE(4) Industry Q3 2026 Q3 2025 $ Change % Change Industry YTD 2026 YTD 2025 $ Change % Change Convenience Stores $ 118,837 $ 116,785 $ 2,052 1.8 % Grocery $ 404,327 $ 397,316 $ 7,011 1.8 % Grocery 135,038 133,096 1,942 1.5 % Convenience Stores 354,986 349,585 5,401 1.5 % Home Furnishings 31,930 33,187 (1,257) (3.8) % Theaters 74,995 79,248 (4,253) (5.4) % (1) Same Store Pool and Same Store Rental Revenue are non-GAAP financial measures. Please see the Glossary for our definitions of these terms. Please refer to the Appendix for reconciliations. For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026. (2) Same Store Rental Revenue is presented as our Pro-Rata Share, which reflects adjustments to include our proportionate share of rental revenue from properties owned by unconsolidated joint ventures, as well as amounts attributable to noncontrolling interest based on their respective economic ownership percentages. (3) "Other" includes properties classified as agriculture, office, and one hotel property. (4) Top 3 industry contributors are based on absolute value of net change period over period. (5) U.S. Core Plus Fund's same store rental revenue is presented as our Pro-Rata Share, which reflects our proportionate share of rental revenue generated by the Fund based on our ownership interest. For the three and nine months ended September 30, 2026, 105 properties representing $6.7 million and $14.0 million of revenue, respectively, were excluded from the Same Store Pool. Same Store Rental Revenue(1)(2) (USD in thousands) Table of Contents ↪ SAME STORE RENTAL REVENUE BY PROPERTY TYPE Property Type Q3 2026 Q3 2025 $ Change % Change Property Type YTD 2026 YTD 2025 $ Change % Change Retail $ 932,751 $ 924,830 $ 7,921 0.9 % Retail $ 2,791,617 $ 2,768,611 $ 23,006 0.8 % Industrial 169,122 165,150 3,972 2.4 % Industrial 504,989 492,640 12,349 2.5 % Gaming 41,407 40,659 748 1.8 % Gaming 124,222 121,976 2,246 1.8 % Data Center 961 937 24 2.6 % Data Center 2,866 2,796 70 2.5 % Other (3) 17,765 17,469 296 1.7 % Other (3) 51,466 52,716 (1,250) (2.4) % Total $ 1,162,006 $ 1,149,045 $ 12,961 1.1 % Total $ 3,475,160 $ 3,438,739 $ 36,421 1.1 % Number of properties 14,443 Number of properties 14,443 SUPPLEMENTAL INFORMATION - U.S. CORE PLUS FUND(5) Entity Q3 2026 Q3 2025 $ Change % Change Entity YTD 2026 YTD 2025 $ Change % Change U.S. Core Plus Fund $ 6,316 $ 6,144 $ 172 2.8 % U.S. Core Plus Fund $ 18,852 $ 18,325 $ 527 2.9 % Number of properties 183 Number of properties 183
Q3 2026 Supplemental Operating & Financial Data 19 LEASING ACTIVITY Q3 2026 YTD 2026 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 62,230 $ 3,034 $ 65,264 $ 217,037 $ 26,467 $ 243,504 New cash rents* $ 64,483 $ 3,084 $ 67,567 $ 225,198 $ 25,918 $ 251,116 Rent Recapture Rate(1) 103.6 % 101.6 % 103.5 % 103.8 % 97.9 % 103.1 % Number of leases 251 20 271 950 104 1,054 Composition of leases 92.6 % 7.4 % 100.0 % 90.1 % 9.9 % 100.0 % Average months vacant — 13.0 1.0 — 8.2 0.8 *Percentage of Total Annualized Base Rent(2) 1.2 % 4.5 % Leasing Activity (USD in thousands) Table of Contents ↪ LEASE EXPIRATIONS ASSUMING NO EXERCISE OF LEASE OPTIONS. OUR LEASES HAVE A WEIGHTED AVERAGE REMAINING LEASE TERM OF APPROXIMATELY 8.5 YEARS Total Portfolio(3) Expiring Leases Annualized Base Rent as of September 30, 2026(2) Percentage of Annualized Base Rent(2) Year Retail Non-Retail 2026 245 3 $ 38,343 0.7 % 2027 1,277 44 286,583 5.3 2028 1,744 76 402,169 7.5 2029 1,931 59 459,895 8.6 2030 1,353 58 380,436 7.1 2031 1,335 87 472,070 8.8 2032 1,598 63 413,922 7.7 2033 1,102 43 339,823 6.3 2034 826 45 366,480 6.8 2035 750 33 236,817 4.4 2036 712 41 280,564 5.2 2037 582 30 162,067 3.0 2038 435 25 152,936 2.9 2039 540 11 152,352 2.8 2040 350 9 187,961 3.5 Thereafter 1,921 131 1,024,797 19.4 Total 16,701 758 $ 5,357,215 100.0 % (1) Please see the Glossary for our definition of Rent Recapture Rate. (2) Please see the Glossary for our definition of Annualized Base Rent. (3) Leases on our multi-client properties are counted separately in the table above. Of the 17,459 in-place leases in the portfolio, 13,853, or 79.3%, provide for increases in rents through one or more of the following rent provisions: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients’ gross sales, or fixed increases.
Q3 2026 Supplemental Operating & Financial Data 20 Credit Investments as of September 30, 2026 (USD in millions) Table of Contents ↪ $5.0 billion Total Credit Investments 29.3% Preferred Equity 70.7% Loans INVESTMENT IN LOANS Pro-Rata Share(1) Investment Type Number of Investments Total Commitments Principal Balance Weighted Average Years to Maturity Weighted Average Yield/ Return Loans 26 $3,821 $3,534 3.4 8.6% INVESTMENT IN PREFERRED EQUITY Pro-Rata Share(1) Investment Type Number of Investments Total Commitments Investment Balance(2) Weighted Average Years to Maturity Weighted Average Yield/ Return Preferred Equity 3 N/A $1,466 N/A 7.7% (1) Please see the Glossary for our definition of Pro-Rata Share. (2) Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as approximately $1.5 billion per the consolidated balance sheet (comprised of $650.0 million in 'Investment in unconsolidated entities' and $831.8 million in 'Other assets, net'), less adjustments allocable to noncontrolling interests of $15.3 million.
Q3 2026 Supplemental Operating & Financial Data 21 Q3 2026 Total rental revenues $ 1,483,799 Interest income on financing receivables(1) 32,248 Less: Tenant reimbursement income (104,939) Less: Straight-line rental revenue (51,921) Plus: Amortization of above and below-market leases, net 17,742 Less: Other non-cash adjustments (96) Consolidated cash rental revenues 1,376,833 Plus: Pro-Rata Share of unconsolidated cash revenues(2) 26,427 Less: Noncontrolling interests' share of cash revenues(2) (57,594) Plus: Cash income on loans and preferred equity investments 104,708 Pro-Rata cash revenues 1,450,374 Less: Cash non-reimbursable expenses (16,252) Less: Pro-Rata Share of unconsolidated non-reimbursable expenses(2) (10) Plus: Noncontrolling interests' share of non-reimbursable expenses(2) (91) Pro-Rata Cash NOI(3) 1,434,021 Plus: Pro-Rata Share of pro forma adjustments for real estate transactions(4) 2,330 Plus: Pro-Rata Share of pro forma adjustments for loans and preferred equity investments(4) 3,975 Pro Forma Cash NOI(3) $ 1,440,326 Annualized Pro Forma Cash NOI(5) $ 5,761,304 Less: Pro-Rata Share of lease termination income (4,101) Pro Forma Cash NOI, Excluding Lease Termination Income $ 1,436,225 Annualized Pro Forma Cash NOI, Excluding Lease Termination Income(5) $ 5,744,900 Annualized Pro Forma Cash Net Operating Income ("NOI") (USD in thousands) (unaudited) Table of Contents ↪ (1) For properties we acquire through transactions that qualify as sale-leasebacks and for which the purchase price is in excess of the fair value of the real estate acquired, the difference is accounted for as income from financing receivables. (2) Please see the Non-GAAP Pro-Rata Financial Information page for additional details. (3) Please see the Glossary for a description of our non-GAAP measures and for details on how each measure is calculated. (4) Adjusts for transactions completed during the period, as if the transaction had been consummated at the beginning of the relevant period, including $10.2 million of pro forma impact to NOI related to the KKR transaction. Assumes rental revenue recognition started at the beginning of the relevant period for completed developments. (5) Annualized Pro Forma Cash NOI and Annualized Pro Forma Cash NOI, Excluding Lease Termination Income are calculated by multiplying Pro Forma Cash NOI and Pro Forma Cash NOI, Excluding Lease Termination Income, respectively, by four.
Q3 2026 Supplemental Operating & Financial Data 22 U.S. Core Plus Fund AUM $— $2,674 $2,718 $3,265 $3,520 $760 $642 $770 $816 $1,914 $2,076 $2,495 $2,704 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Please see the Glossary for our definition of Assets Under Management. (2) Reflects our proportionate economic ownership of the AUM by deducting noncontrolling interests. Please see our definition of Pro-Rata Share in the Glossary. (3) Please see the Glossary for our definition of Fee-Earning Equity Under Management ("FEEUM"). Includes equity related to our partnership with Apollo beginning in Q2 2026 and excludes equity related to our partnership with KKR in Q3 2026 as the transaction closed on September 28, 2026. (4) Reflects third-party share of management fees based on legal ownership percentage. Fees earned from consolidated vehicles are eliminated for GAAP reporting purposes. Fees paid by third-party investors are reflected in our consolidated financial statements as a reduction to income attributable to noncontrolling interests. Includes fees earned related to our partnership with Apollo beginning in Q2 2026, and excludes fees earned related to our partnership with KKR in Q3 2026 as the transaction closed on September 28, 2026. Table of Contents ↪ (1) (2) Management Fee Income $— $0.8 $2.0 $3.2 $3.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Realty Income Pro-Rata Share Third-party investor's share Fee-Earning Equity Under Management $— $586 $1,331 $2,678 $2,996 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (3) Managed Insurance and Retirement Annuity AUM $— $— $2,041 $2,041 $3,268 $1,041 $1,041 $1,667 $1,000 $1,000 $1,601 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Current Quarter Realty Income Pro-Rata Share(2) Current Quarter Third-party investor's share (1) (2) Realty Income Investment Management Highlights (USD in millions) Realty Income Pro-Rata Share(2) Third-party investor's share Current Quarter Realty Income Pro-Rata Share(2) Current Quarter Third-party investor's share (4)
Q3 2026 Supplemental Operating & Financial Data 23 Vehicle Asset Class Structure Established Region Consolidated/ Unconsolidated Realty Income Ownership % Q3 2026 European Insurance & Annuity (KKR) Industrial/Retail Managed Insurance and Retirement Annuity 2026 Europe Consolidated 51.0% U.S. Development Joint Ventures Industrial Joint Venture 2024 - 2026 U.S. Unconsolidated 95.0% Cloud Capital Joint Venture Data Center Joint Venture 2026 U.S. Unconsolidated 45.0% U.S. Insurance & Annuity (Apollo) Retail Managed Insurance and Retirement Annuity 2026 U.S. Consolidated 51.0% U.S. Core Plus Fund Industrial/Retail Open-Ended Fund 2025 U.S. Consolidated 23.6% Digital Realty Joint Venture Data Center Joint Venture 2023 U.S. Unconsolidated 80.0% Bellagio Las Vegas Joint Venture Gaming Joint Venture 2023 U.S. Unconsolidated 21.9% Other Consolidated Joint Ventures Various Joint Venture Various Various Consolidated 90% - 99% Joint Ventures and Non-Wholly Owned Investments (USD in thousands) Table of Contents ↪ At 100%(1) Realty Income's Pro-Rata Share(2) Vehicle GAV(3) Debt(4) GAV(3) Debt(4) European Insurance & Annuity (KKR) $ 1,056,794 $ — $ 538,965 $ — U.S. Development Joint Ventures 204,491 — 194,266 — Cloud Capital Joint Venture 1,408,264 520,000 633,255 233,829 U.S. Insurance & Annuity (Apollo) 1,957,523 — 998,337 — U.S. Core Plus Fund 3,361,378 820,500 792,613 193,474 Digital Realty Joint Venture 588,755 — 471,004 — Bellagio Las Vegas Joint Venture 4,746,311 3,010,000 1,039,442 659,190 Other Consolidated Joint Ventures 4,330,282 — 4,045,367 — Total $ 17,653,798 $ 4,350,500 $ 8,713,249 $ 1,086,493 (1) Amounts represent balance sheet information of the entire vehicle at 100%, not Realty Income's proportionate share. Amounts are presented at Realty Income's adjusted basis derived from the vehicles’ U.S. GAAP information and may not be comparable to amounts reflected in the vehicles’ stand alone financial statements calculated on a different basis. (2) Our Pro-Rata Share reflects our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see our definition of Pro-Rata Share in the Glossary. (3) Please see the Glossary for our definition of Gross Asset Value. (4) Amounts represent outstanding principal balance.
Q3 2026 Supplemental Operating & Financial Data 24 Three months ended September 30, 2026 Nine months ended September 30, 2026 Noncontrolling Interests in Consolidated Subsidiaries(1) Realty Income's Share from Unconsolidated Entities(2) Noncontrolling Interests in Consolidated Subsidiaries(1) Realty Income's Share from Unconsolidated Entities(2) Minimum rent $ (56,132) $ 26,430 $ (128,585) $ 67,010 Tenant reimbursement income (5,613) 5,391 (13,345) 9,652 Straight-line rents (3,358) 5,049 (7,285) 13,062 Above and below-market lease amortization 241 911 863 2,732 Percentage rent (67) — (108) — Other rent (268) — (585) — Provision for doubtful accounts 22 — 35 — Interest income on financing receivables (1,127) (3) (2,723) — Other (13) 2 (1,028) 22 Total Revenue (66,315) 37,780 (152,761) 92,478 Depreciation and amortization (28,958) 13,281 (64,988) 31,307 Interest (7,928) 13,156 (15,446) 34,231 Tenant reimbursement expense (5,613) 7,442 (13,345) 8,899 Non-reimbursable expenses 91 10 18 10 General and administrative (4,523) (1,977) (11,441) 1,007 Provisions for impairment of real estate (112) — (588) — Provisions for credit losses on loans and financing receivables (200) — (592) — Merger, transaction, and other costs, net 83 — (864) — Total Expense (47,160) 31,912 (107,246) 75,454 Gain/loss on sales of real estate (99) — (464) (473) Other income, net (207) (4) (593) (4) Income taxes 100 (37) 447 (111) Net income (19,361) 5,827 (46,125) 16,436 Preferred stock dividends — (2,900) — (8,636) Non-Pro-Rata allocation of income(3) (8,837) — (17,800) — Net income available to common stockholders $ (28,198) $ 2,927 $ (63,925) $ 7,800 Non-GAAP Pro-Rata Financial Information (USD in thousands) (unaudited) Table of Contents ↪ (1) Noncontrolling interests represent outside ownership interests of our limited partners and joint venture partners in consolidated entities not wholly-owned by us which are included on a single line presentation in our consolidated financial statements in accordance with GAAP. Noncontrolling interests are deducted when calculating our Pro-Rata Share in these partnerships. Please see our definition of Pro-Rata Share in the Glossary. (2) Represents our Pro-Rata Share of investments in unconsolidated joint ventures which are included on a single line presentation in our consolidated financial statements in accordance with GAAP. (3) Reflects the effect of applying the Hypothetical Liquidation at Book Value ("HLBV") method to the Apollo joint venture, which allocates GAAP income based on a hypothetical liquidation of the venture's underlying value as of the reporting date.
Q3 2026 Supplemental Operating & Financial Data 25 Total Investments and Initial Weighted Average Cash Yields $8,995 $9,539 $6,219 $6,9255.9% 7.1% 7.4% 7.3% 7.1% 2022 2023 2024 2025 YTD 2026 Capital Deployment – Investment Activity(1)(2) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see our definition of Pro-Rata Share in the Glossary. (2) Dollar amounts and percentages in the above tables reflect the total amount of investments and the total Initial Weighted Average Cash Yield for each applicable period, respectively. (3) Other investments include credit investments, which commenced in 2023. For 2024, includes approximately $10.0 billion purchase price, inclusive of debt assumed, related to the merger with Spirit. International Domestic Mergers U.S. Core Plus Fund Current Year Domestic Current Year International Current Year U.S. Core Plus Fund Other Investments and Initial Weighted Average Cash Yields $858 $1,608 $1,906 8.7% 8.9% 8.2% 8.3% 2023 2024 2025 YTD 2026 International Domestic Merger Current Year Domestic Current Year International $13,832 Real Estate Acquisitions and Initial Weighted Average Cash Yields $8,187 $7,184 $2,475 $4,077 $4,585 6.0% 7.0% 7.0% 7.0% 6.5% 2022 2023 2024 2025 YTD 2026 International Domestic U.S. Core Plus Fund Current Year International Current Year Domestic Current Year U.S. Core Plus Fund (3) Development Investments and Initial Weighted Average Cash Yields $808 $1,497 $757 $534 $4345.3% 6.8% 7.4% 7.4% 7.4% 2022 2023 2024 2025 YTD 2026 International Domestic Current Year International Current Year Domestic $10,600
Q3 2026 Supplemental Operating & Financial Data 26 Q3 2026 YTD 2026 Investment Pro-Rata Share(1) Weighted Average Term (Years)(1) Number of Properties Investment Pro-Rata Share(1) Weighted Average Term (Years)(1) Number of Properties Acquisitions U.S. wholly-owned $ 780.1 $ 780.1 9.3 83 $ 2,039.8 $ 2,039.8 10.1 218 U.S. Core Plus Fund 417.8 98.5 8.6 18 1,261.7 344.5 10.7 76 Europe wholly-owned 721.0 721.0 8.2 17 1,721.0 1,721.0 7.4 64 Non-wholly owned(2) 240.8 240.8 13.6 1 520.9 479.3 13.8 7 Total real estate acquisitions(3) $ 2,159.7 $ 1,840.4 9.3 119 $ 5,543.4 $ 4,584.6 9.4 365 Initial Weighted Average Cash Yield(4) 6.6% 6.5% Real estate properties under development U.S. wholly-owned $ 29.7 $ 29.7 16.9 27 $ 104.2 $ 104.2 17.0 31 Europe wholly-owned 51.3 51.3 14.7 20 102.6 102.6 14.3 20 Non-wholly owned(2) 64.2 62.7 8.9 16 229.6 226.8 8.7 16 Total real estate properties under development(3) $ 145.2 $ 143.7 12.5 63 $ 436.4 $ 433.6 12.0 67 Initial Weighted Average Cash Yield(4) 7.2% 7.4% Credit investments(5) U.S. wholly-owned $ 88.3 $ 88.3 5.8 — $ 1,321.4 $ 1,321.4 3.9 — U.S. Core Plus Fund 20.0 4.7 6.0 — 20.0 4.7 6.0 — Europe wholly-owned 134.4 134.4 2.8 — 479.5 479.5 3.3 — Other wholly-owned 18.8 18.8 1.4 — 100.8 100.8 1.8 — Total credit investments $ 261.5 $ 246.2 3.9 — $ 1,921.7 $ 1,906.4 3.7 — Initial Weighted Average Cash Yield(4) 7.9% 8.3% Total investments $ 2,566.4 $ 2,230.3 8.9 182 $ 7,901.5 $ 6,924.6 7.7 432 Initial Weighted Average Cash Yield(4) 6.8% 7.1% Supplemental Information Total U.S. and other volume $ 1,290.2 $ 4,301.6 Initial Weighted Average Cash Yield(4) - U.S. and other 6.5% 7.1% Total Europe volume $ 940.1 $ 2,623.0 Initial Weighted Average Cash Yield(4) - Europe 7.1% 7.0% Investment Grade Clients(6) 53% 44% Initial Weighted Average Cash Yield(4) - U.S. Core Plus Fund 6.1% 5.9% Initial Weighted Average Cash Yield(4) - U.S. wholly-owned 6.6% 7.2% Investment Summary (USD in millions) Refer to the next page for footnotes. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 27 Investment Summary (Continued) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures by adding our investments in unconsolidated entities and deducting noncontrolling interests' share of investment activity. Please see our definition of Pro-Rata Share in the Glossary. (2) Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Core Plus Fund. (3) For the three months ended September 30, 2026, the new properties are 31.0% retail, 57.3% industrial, and 11.7% data center property types based on Cash Income. For the nine months ended September 30, 2026, the new properties are 42.6% retail, 51.6% industrial, and 5.8% data center property types based on Cash Income. Starting in the third quarter of 2026, data centers are reported as a separate property type; year-to-date investment activity has been recast to conform to current presentation. Please see the Glossary for our definition of Cash Income. (4) Initial Weighted Average Cash Yield is a supplemental operating measure. Total cash income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and nine months ended September 30, 2026 includes $0.3 million and $4.1 million, respectively, received as settlement credits as reimbursement of free rent periods. Please see the Glossary for our definition of Initial Weighted Average Cash Yield. (5) Represents various loan investments across the U.S., Europe, and Mexico, as well as a preferred equity investment held by the U.S. Core Plus Fund. (6) Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of acquisition. Please see the Glossary for our definition of Investment Grade Clients.
Q3 2026 Supplemental Operating & Financial Data 28 Number of Properties Net Book Value Net Sales Proceeds Net Cash Capitalization Rate(1) Q3 2026 Occupied 124 $ 334,754 $ 395,454 7.1 % Vacant 58 77,974 131,139 Total real estate dispositions 182 $ 412,728 $ 526,593 YTD 2026 Occupied 178 $ 471,535 $ 568,874 7.3 % Vacant 181 215,925 306,353 Total real estate dispositions 359 $ 687,460 $ 875,227 Disposition Summary (USD in thousands) Net Sales Proceeds from Dispositions $214,792 $319,808 $187,979 $160,655 $526,593 Occupied Vacant Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Net Cash Capitalization Rate is a supplemental operating measure. Please see the Glossary for our definition of this metric. Table of Contents ↪ 25% 75% 29% 71% 68% 32% 36% 64% 59% 41% Vacant Occupied Current Quarter Vacant Current Quarter Occupied
Q3 2026 Supplemental Operating & Financial Data 29 Development Activity (USD in thousands) Consolidated New development(1) and development of existing properties Beginning CIP(2) as of July 1, 2026 Q3 2026 Placed in Service Q3 2026 Investment(3) Ending CIP(2) as of September 30, 2026 Forecasted Remaining Investment Total Commitment U.S. wholly-owned $ 131,878 $ 143,979 $ 29,734 $ 17,633 $ 127,388 $ 145,021 Europe wholly-owned 24,908 49,084 51,252 27,076 136,819 163,895 Non-wholly owned 187,555 21,636 64,248 230,167 426,626 656,793 Total $ 344,341 $ 214,699 $ 145,234 $ 274,876 $ 690,833 $ 965,709 Estimated Weighted Average Cash Yield 6.9% 7.2% 7.9% 7.5% Estimated Weighted Average Completion Date Q2 2027 Pro-Rata Share(4) New development(1) and development of existing properties Beginning CIP(2) as of July 1, 2026 Q3 2026 Placed in Service Q3 2026 Investment(3) Ending CIP(2) as of September 30, 2026 Forecasted Remaining Investment Total Commitment U.S. wholly-owned $ 131,878 $ 143,979 $ 29,734 $ 17,633 $ 127,388 $ 145,021 Europe wholly-owned 24,908 49,084 51,252 27,076 136,819 163,895 Non-wholly owned 186,094 21,122 62,664 227,636 417,544 645,180 Total $ 342,880 $ 214,185 $ 143,650 $ 272,345 $ 681,751 $ 954,096 Estimated Weighted Average Cash Yield 6.9% 7.2% 7.9% 7.5% Estimated Weighted Average Completion Date Q2 2027 (1) Includes build-to-suit developments with leases in place. (2) CIP is defined as construction in progress. (3) Capitalized interest was $3.2 million for the three months ended September 30, 2026. (4) Please see our definition of Pro-Rata Share in the Glossary. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 30 Capitalization & Credit-Focused Metrics (USD in millions) Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.3x 5.3x 5.2x 5.4x 5.4x Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Net Debt to Annualized Pro Forma Adjusted EBITDAre is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Represents key financial covenants for our senior unsecured notes and bonds, which are calculated as specified in the respective agreements. These calculations are not based on U.S. GAAP measurements. See Debt Covenants page for further detail. Table of Contents ↪ Debt Service & Fixed Charge Coverage 4.6x 4.7x 4.7x 4.7x 4.6x Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (2) As of Q3 2026 Pro-Rata Debt Summary by Currency 13.6% EUR 20.7% GBP As of Q3 2026 Pro-Rata Floating vs. Fixed Debt 94.4% Fixed Rate Debt 5.6% Floating Rate Debt (1) 65.7% USD
Q3 2026 Supplemental Operating & Financial Data 31 Adjusted EBITDAre & Leverage Ratios (USD in thousands) (unaudited) Q3 2026 Net income $ 432,140 Interest 333,564 Income taxes 23,568 Depreciation and amortization 647,555 Executive severance charge 1,473 Provisions for impairment of real estate 111,645 Provisions for credit losses on loans and financing receivables 14,212 Merger, transaction, and other costs, net 2,694 Gain on sales of real estate (113,865) Foreign currency and derivative loss, net 2,513 Equity in earnings of unconsolidated entities (2,927) Adjusted EBITDAre(1) $ 1,452,572 Annualized Adjusted EBITDAre(1) $ 5,810,288 Annualized Pro Forma Adjustments(2) 32,601 Annualized Pro Forma Adjusted EBITDAre(1) $ 5,842,889 (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Pro Forma Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The Annualized Pro Forma Adjustments consist of $80.9 million from investments we acquired or stabilized during the quarter and removes $48.3 million from investments we disposed of during the quarter. (3) As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAre AND ANNUALIZED PRO FORMA ADJUSTED EBITDAre(1) Table of Contents ↪ RECONCILIATION OF NET DEBT Q3 2026 Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts $ 31,738,055 Less: Cash and cash equivalents (368,534) Net Debt $ 31,369,521 Less: Expected proceeds from unsettled forward equity(3) (1,090,080) Net Debt - Inclusive of Unsettled ATM Forward Equity $ 30,279,441 LEVERAGE RATIOS Q3 2026 Net Debt/Annualized Pro Forma Adjusted EBITDAre(1) 5.4x Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity(1) 5.2x
Q3 2026 Supplemental Operating & Financial Data 32 Capitalization as of September 30, 2026 (USD in millions and shares in thousands, except per share data) Capitalization Equity Shares/Units Stock Price Market Value Common Stock 950,964 $ 54.30 $ 51,637.3 Common Units(1) 2,682 $ 54.30 145.6 Subtotal $ 51,782.9 Debt Total at our Pro-Rata Share(2) Senior Unsecured Notes and Bonds $ 26,788.3 Unsecured Term Loans 2,494.8 Revolvers and Commercial Paper 1,791.4 Mortgages Payable 929.6 Subtotal $ 32,004.1 Liquidity(3) Total at our Pro-Rata Share(2) Cash and cash equivalents(4) $ 355.8 Availability under credit facilities (5) 5,485.1 Unsettled ATM forwards(6) 1,090.1 Less: commercial paper borrowings (1,540.7) Subtotal $ 5,390.3 Dividend Data 2026 2025 Year-Over-Year Growth Rate Common Dividend Paid per Share $ 2.4345 $ 2.4085 1.1 % AFFO per Share (diluted) $ 3.35 $ 3.19 5.0 % AFFO Payout Ratio 72.7% 75.5% Foreign Currency Exposure Total Market Value Pro-Rata Debt Equity $83,787 $32,004 $51,783 Non-USD, 34.3%Non-USD, 13.1% USD, 65.7% USD, 86.9% USD, 100% Equity $51,783 Pro-Rata Debt $32,004 Pro-Rata Cash and Cash Equivalents $(356) Enterprise Value(7) Total Market Value: $83,787 Total Enterprise Value: $83,431 (1) Consists of common units issued by Realty Income Limited Partnership and held by third parties. (2) Please see the Glossary for our definition of Pro-Rata Share. (3) We use our unsecured revolvers as a liquidity backstop for the repayment of the notes issued under our commercial paper programs. (4) Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as cash and cash equivalents per the consolidated balance sheet of $368.5 million, plus our Pro-Rata Share of unconsolidated entities cash of $25.5 million, less adjustments allocable to noncontrolling interests of $38.2 million. (5) As of September 30, 2026, represents our availability under the $5.5 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of September 30, 2026. (6) As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). (7) Enterprise value is total market value, less cash and cash equivalents at our Pro-Rata Share. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 33 Debt Summary as of September 30, 2026 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal Total Debt Principal End of Period Interest Rate(2) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 50 series of senior unsecured notes and bonds 2026 - 2054 $ 26,788.3 $ 26,788.3 3.8 % 5.6 Unsecured Term Loans RI Term Loans 2027 - 2036 2,405.2 2,405.2 4.0 3.6 Fund Delayed Draw Term Loan 2028 380.0 89.6 4.9 1.6 Revolvers and Commercial Paper RI Revolving Credit Facilities(3) 2029 - 2030 146.8 146.8 4.2 3.8 Fund Revolving Credit Facilities(3) 2029 440.5 103.9 4.9 2.6 Commercial Paper(4) 2026 1,540.7 1,540.7 3.3 0.0 Mortgages Payable 10 mortgages on 16 properties(5) 2026 - 2031 36.6 929.6 4.2 3.5 Total Debt Principal $ 31,738.1 $ 32,004.1 3.8 % 5.1 Unamortized net discounts and deferred financing costs (349.2) (409.7) Total Debt, Net $ 31,388.9 $ 31,594.4 Total Fixed Rate Debt Principal $ 29,610.1 $ 30,212.7 Total Variable Rate Debt Principal $ 2,128.0 $ 1,791.4 Total Fixed Rate Debt Percentage 93.3% 94.4% Total Variable Rate Debt Percentage 6.7% 5.6% (1) Reflects adjustments based on our proportionate economic ownership of our joint ventures. Please see our definition of Pro-Rata Share in the Glossary. (2) Calculated as the weighted average interest rate as of September 30, 2026. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed or adjusted through interest rate swaps. (3) Our unsecured revolving credit facilities include the RI Revolving Credit Facilities with a total capacity of $5.5 billion, bifurcated into two $2.75 billion tranches, and the Fund Revolving Credit Facilities, which includes a $1.0 billion revolving facility and a $380.0 million delayed draw term loan, which was fully drawn as of September 30, 2026. (4) As of September 30, 2026, our USD and EUR-denominated unsecured commercial paper programs each permit us to issue unsecured commercial paper notes up to a maximum aggregate amount of $2.75 billion (or foreign currency equivalent). Commercial paper programs outstanding as of September 30, 2026 were $1.5 billion, maturing between October 2026 and November 2026. (5) Includes the Pro-Rata Share of mortgages on unconsolidated joint ventures. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 34 Debt Maturities and Currency Summary as of September 30, 2026 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate(2) Year Principal Due Unsecured Term Loans Mortgages Payable Senior Unsecured Notes and Bonds RI Revolving Credit Facilities Fund Revolving Credit Facilities Commercial Paper Total Consolidated Debt Principal Debt Attributable to Noncontrolling Interest(1) Proportionate Share of Unconsolidated Joint Venture Debt(1) Total Debt Principal Fixed Rate Debt Variable Rate Debt Blended Rate 2026 $ — $ 10.7 $ 650.0 $ — $ — $ 1,540.7 $ 2,201.4 $ — $ — $ 2,201.4 4.14 % 3.35 % 3.58 % 2027 500.0 22.3 2,361.8 — — — 2,884.1 — — 2,884.1 2.79 — 2.79 2028 1,573.5 1.3 2,499.8 — — — 4,074.6 (290.4) — 3,784.2 3.54 — 3.54 2029 2.4 1.3 3,675.9 — 440.5 — 4,120.1 (336.6) 659.2 4,442.7 3.82 4.92 3.85 2030 10.4 1.0 2,440.0 146.8 — — 2,598.2 — — 2,598.2 3.73 4.15 3.76 Thereafter 698.9 — 15,160.8 — — — 15,859.7 — 233.8 16,093.5 4.13 — 4.13 Total $ 2,785.2 $ 36.6 $ 26,788.3 $ 146.8 $ 440.5 $ 1,540.7 $ 31,738.1 $ (627.0) $ 893.0 $ 32,004.1 3.85 % 3.50 % 3.83 % Table of Contents ↪ Pro-Rata Share(1) Currency Revolvers and Commercial Paper Unsecured Term Loans Mortgages Payable Senior Unsecured Notes and Bonds Debt Attributable to Noncontrolling Interest(1) Proportionate Share of Unconsolidated Joint Venture Debt(1) Total Debt Principal Currency Exposure End of Period Interest Rate(2) USD $ 1,046.5 $ 1,591.7 $ 36.6 $ 18,061.1 $ (627.0) $ 893.0 $ 21,001.9 65.7 % 3.92 % EUR 960.8 — — 3,402.9 — — 4,363.7 13.6 3.84 GBP 120.7 1,193.5 — 5,324.3 — — 6,638.5 20.7 3.55 Total $ 2,128.0 $ 2,785.2 $ 36.6 $ 26,788.3 $ (627.0) $ 893.0 $ 32,004.1 100.0 % 3.83 % (1) Please see our definition of Pro-Rata Share in the Glossary. (2) Calculated as the weighted average interest rate as of September 30, 2026. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed or adjusted through interest rate swaps. DEBT SUMMARY BY CURRENCY DEBT MATURITIES
Q3 2026 Supplemental Operating & Financial Data 35 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.5% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.3% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.6x ✓ Maintenance of total unencumbered assets ≥ 150% of unsecured debt 242.2% ✓ (1) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on the first day of such four-quarter period, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first date of the four-quarter period nor does it purport to reflect our debt service coverage ratio for any future period. Debt Covenants as of September 30, 2026 The following is a summary of the key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior unsecured notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 36 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-3081 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo.com (347) 213-9706 BNP Paribas Exane Nate Crossett nate.crossett@exanebnpparibas.com (646) 725-3716 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 Cantor Richard Anderson richard.anderson@cantor.com (929) 441-6927 Citigroup Smedes Rose smedes.rose@citi.com (212) 816-6243 Deutsche Bank Omotayo Okusanya omotayo.okusanya@db.com (212) 250-9284 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Evercore ISI James Kammert james.kammert@evercoreisi.com (312) 705-4233 Freedom Broker Zhiger Kurmet zhiger.kurmet@ffin.kz (708) 297-6150 Green Street Spenser Glimcher sglimcher@greenstreetadvisors.com (949) 640-8780 Huntington Rob Stevenson robert.stevenson@huntington.com (212) 845-6139 Jefferies Joe Dickstein jdickstein1@jefferies.com (212) 778-8771 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 KeyBanc Upal Rana upal.rana@key.com (917) 368-2316 Mizuho Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Morgan Stanley Ronald Kamdem ronald.kamdem@morganstanley.com (212) 296-8319 Raymond James RJ Milligan rjmilligan@raymondjames.com (727) 567-2585 RBC Capital Markets Brad Heffern brad.heffern@rbccm.com (512) 708-6311 Scotiabank Greg McGinniss greg.mcginniss@scotiabank.com (212) 225-6906 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 Truist Securities Linda Tsai linda.tsai@truist.com (212) 326-3149 UBS Michael Goldsmith michael.goldsmith@ubs.com (212) 713-2951 Wells Fargo James Feldman james.feldman@wellsfargo.com (212) 214-5328 Wolfe Research Andrew Rosivach arosivach@wolferesearch.com (646) 582-9250 Realty Income is covered by the analysts at the firms listed above. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Realty Income's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Realty Income or its management. Realty Income does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts. Analyst Coverage EQUITY RESEARCH Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 37 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of “Adjusted EBITDAre” is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) executive severance charge, (v) provisions for impairment of real estate, (vi) provisions for credit losses on loans and financing receivables, (vii) merger, transaction, and other costs, net, (viii) gain on sales of real estate, (ix) foreign currency and derivative gain and loss, net, and (x) equity in earnings of unconsolidated entities. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, provisions for credit losses on loans and financing receivables, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance. Adjusted EBITDA, a non-GAAP financial measure, is defined as Adjusted EBITDAre before (i) gains and losses on extinguishment of debt and (ii) other income, net. Adjusted EBITDA Margin, a non-GAAP financial measure, is defined as Adjusted EBITDA expressed as a percentage of total revenue (excluding reimbursements). We believe Adjusted EBITDA Margin provides useful information to investors on the effectiveness of our operations and underlying business trends. Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders. Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four. Management believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our run rate operating performance for the period presented. Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The ratio of our net debt to our Annualized Pro Forma Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Assets Under Management ("AUM") represent the gross asset value of the open-ended private capital vehicle and managed insurance and retirement annuity capital partnerships to which Realty Income provides investment management, advisory or certain other investment-related services. AUM is calculated as: (i) the estimated fair value of the total assets of the open-ended private capital vehicle, including remaining equity commitments from us and third-party investors, less unpaid redemption requests and (ii) the investment amount of certain managed insurance and retirement annuity capital partnerships. Third-party AUM represents the third-party investors’ share. We believe this measure is useful to stockholders as it provides additional insight into capital raising activities and overall activity of our private capital vehicles and managed insurance and retirement annuity capital partnerships. Our calculations of AUM may differ materially from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Glossary Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 38 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our Pro-Rata Share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively. Fee-Earning Equity Under Management ("FEEUM") represents the total capital managed by the company and its affiliates which earns management fees and/or incentive fees or carried interest. FEEUM is calculated as (i) the third-party investors’ share of NAV at the end of the quarter for open-ended private capital vehicles and (ii) the third-party investment amount of certain managed insurance and retirement annuity capital partnerships. Management fee income is reflected as an adjustment within noncontrolling interests in the consolidated financial statements. We believe this measure will be useful to stockholders as it provides additional insight into the capital base upon which Realty Income earns fees. Our calculations of FEEUM may differ materially from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO (described on the "FFO and Normalized FFO" and "AFFO" pages) is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility. Gross Asset Value is total assets before accumulated depreciation and amortization. Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as cash income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our pro-rata share of cash income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the cash income for the first twelve months following the acquisition date, divided by the total cost of the investment. Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant that, as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). Net Cash Capitalization Rates (dispositions) are computed as annualized current month contractual cash net operating income, divided by the net proceeds received upon sale of the property (including all expenses borne by us). Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity, a ratio used by management as a measure of leverage, is calculated as net debt inclusive of unsettled ATM forward equity (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, less expected proceeds from unsettled ATM forward equity as of the balance sheet date), divided by Annualized Pro Forma Adjusted EBITDAre. Glossary (Continued) Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 39 Normalized Funds From Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented, and aggregating that information for all such joint ventures. For balance sheet information and other capital-based metrics, we apply our economic ownership percentage as of the end of the applicable period being presented, and for activity- and earnings-based metrics, we apply our weighted average economic ownership percentage for the applicable period being presented, unless otherwise specified. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items. The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Pro Forma Cash NOI, a non-GAAP financial measure, adjusts Pro-Rata Cash NOI to account for acquisition, disposition, completed development and loan and preferred equity investments completed during the period as if each transaction had been consummated at the beginning of the relevant period. The method by which we calculate and present Pro Forma Cash NOI may not be directly comparable to the way other REITs present such metrics. Our actual reported Pro-Rata Cash NOI for future periods may be significantly different from our Pro Forma Cash NOI. Pro-Rata Cash NOI, a non-GAAP financial measure, is defined as (i) rental revenues and interest income on loans and preferred equity investments, less non-reimbursable property expenses, (ii) excluding straight-line rental revenue, amortization of intangibles and other non-cash adjustments that are included in GAAP rental revenue and (iii) presented on a pro-rata basis to account for our share of income related to unconsolidated joint ventures and to exclude partners’ share of noncontrolling interests. We consider Pro-Rata Cash NOI an important supplemental performance measure because it allows investors, analysts, and management to evaluate the earned economic return of its investments. Pro-Rata Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to satisfy our cash needs. Pro-Rata Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. The method by which we calculate and present Pro-Rata Cash NOI may not be directly comparable to the way other REITs present such metrics. Pro-Rata Net Debt to Total Enterprise Value is calculated as Net Debt at our Pro-Rata Share divided by Total Enterprise Value (which we define as total market value, based on closing price of common equity and common units plus Net Debt at our Pro-Rata Share). Rent Recapture Rate is calculated by comparing our Pro-Rata Share of new cash rents to our Pro-Rata Share of prior cash rents for renewals to the same client and leases to new clients with at least 12 months of new term. New cash rents represent the first month of contractual monthly base rent of the new lease or renewal, multiplied by 12. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Prior cash rents represent the last month of contractual monthly base rent for the most recent expiring lease, multiplied by 12. Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced. Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our Pro-Rata Share using our ownership percentage as of September 30, 2026 to same store rental revenue for the three and nine months ended September 30, 2026 and 2025. Total Operational Return is defined as the sum of AFFO per share growth and dividend yield for the period (using the prior year ending stock price). Glossary (Continued) Table of Contents ↪
Q3 2026 Supplemental Operating & Financial Data 40 Appendix (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Interest 333,564 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 Income taxes 23,568 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 647,555 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 Executive severance charge 1,473 255 1,591 — — — — — — Provisions for impairment of real estate 111,645 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 Merger, transaction, and other costs, net 2,694 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (113,865) (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss, net 2,513 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 Equity in earnings of unconsolidated entities (2,927) (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) Adjusted EBITDAre(1) $ 1,452,572 $ 1,385,197 $ 1,389,700 $ 1,330,590 $ 1,318,907 $ 1,260,996 $ 1,236,947 $ 1,202,189 $ 1,201,631 Annualized Adjusted EBITDAre(1) 5,810,288 5,540,788 5,558,800 5,322,360 5,275,628 5,043,984 4,947,788 4,808,756 4,806,524 Annualized Pro Forma Adjustments(2) 32,601 111,889 143,520 105,027 56,367 59,637 79,645 80,432 29,347 Annualized Pro Forma Adjusted EBITDAre(1) $ 5,842,889 $ 5,652,677 $ 5,702,320 $ 5,427,387 $ 5,331,995 $ 5,103,621 $ 5,027,433 $ 4,889,188 $ 4,835,871 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 31,738,055 30,990,552 29,958,566 29,116,111 28,678,459 28,665,619 27,296,346 26,510,798 26,437,045 Less: Cash and cash equivalents (368,534) (552,648) (373,543) (434,842) (417,173) (800,447) (319,007) (444,962) (396,956) Net Debt $ 31,369,521 $ 30,437,904 $ 29,585,023 $ 28,681,269 $ 28,261,286 $ 27,865,172 $ 26,977,339 $ 26,065,836 $ 26,040,089 Net Debt/Annualized Pro Forma Adjusted EBITDAre(1) 5.4x 5.4x 5.2x 5.3x 5.3x 5.5x 5.4x 5.3x 5.4x RECONCILIATION OF NET INCOME TO ANNUALIZED PRO FORMA ADJUSTED EBITDAre AND TOTAL DEBT TO NET DEBT(1) (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, and Net Debt to Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X.
Q3 2026 Supplemental Operating & Financial Data 41 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income available to common stockholders $ 403,942 $ 343,955 $ 311,766 $ 296,085 $ 315,771 Cumulative adjustments to calculate Normalized FFO(2) 639,778 654,703 692,622 700,046 678,622 Normalized FFO available to common stockholders $ 1,043,720 $ 998,658 $ 1,004,388 $ 996,131 $ 994,393 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 21,656 17,478 14,999 12,379 9,001 Amortization of acquired interest rate swap value 1,531 1,530 1,531 1,531 2,251 Capital expenditures from operating properties: Leasing costs and commissions (2,392) (1,944) (1,354) (4,862) (1,754) Recurring capital expenditures (27) — (170) (53) (42) Other non-cash items: Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 Amortization of share-based compensation 6,461 9,268 11,383 9,042 7,719 Straight-line rent and expenses, net (50,732) (39,536) (39,510) (51,705) (43,474) Amortization of above and below-market leases, net 17,742 16,883 13,880 15,153 10,462 Deferred tax expense (benefit) — 281 1,437 (3,535) 3,829 Executive severance charge 1,473 255 1,591 — — Derivative and unrealized foreign currency loss (gain), net(3) 4,202 9,425 8,530 16,842 (1,941) Other adjustments(4) 2,230 1,715 1,853 1,191 475 Proportionate share of adjustments for unconsolidated entities (987) (320) (454) (700) (650) Adjustments allocable to noncontrolling interests 2,008 1,169 346 312 138 AFFO available to common stockholders $ 1,061,097 $ 1,022,120 $ 1,057,553 $ 996,703 $ 991,988 AFFO allocable to dilutive noncontrolling interests 2,394 2,338 2,434 2,190 2,331 Diluted AFFO $ 1,063,491 $ 1,024,458 $ 1,059,987 $ 998,893 $ 994,319 AFFO per common share (Diluted) $ 1.12 $ 1.09 $ 1.13 $ 1.08 $ 1.08 Weighted average number of common shares used for Diluted AFFO 948,797 937,344 937,128 923,648 917,869 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the FFO and Normalized FFO page for the reconciling items for Normalized FFO for the three months ended September 30, 2026 and September 30, 2025. (3) Represents non-cash foreign currency losses (gains) from remeasurement to USD and mark-to-market adjustments on investments and derivatives that are non-cash in nature. (4) Includes primarily obligations related to financing lease liabilities. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO.
Q3 2026 Supplemental Operating & Financial Data 42 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Interest 333,564 312,083 291,940 288,199 294,482 283,824 268,374 268,149 261,261 Income taxes 23,568 25,808 26,195 21,800 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 647,555 644,677 630,275 635,435 631,981 647,849 608,935 606,671 602,339 Executive severance charge 1,473 255 1,591 — — — — — — Provisions for impairment of real estate 111,645 54,185 90,165 119,434 75,391 142,255 97,418 110,480 75,391 Provisions for credit losses on loans and financing receivables 14,212 7,258 39,103 4,977 11,581 1,108 19,171 32,486 21,529 Merger, transaction, and other costs, net 2,694 2,058 10,787 10,261 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (113,865) (38,260) (35,642) (67,430) (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss (gain), net 2,513 8,824 17,020 18,902 2,818 4,388 2,545 (535) 1,672 Other income, net (6,225) (7,275) (15,110) (4,866) (10,015) (7,369) (7,167) (7,313) (4,739) Equity in earnings of unconsolidated entities (2,927) (2,204) (2,669) (2,624) (3,080) (3,269) (4,357) (2,353) (5,087) Adjusted EBITDA $ 1,446,347 $ 1,377,922 $ 1,374,590 $ 1,325,724 $ 1,308,892 $ 1,253,627 $ 1,229,780 $ 1,194,876 $ 1,196,892 Total Revenue Rental revenue (including reimbursements) 1,483,799 1,426,467 1,440,817 1,399,585 1,386,502 1,338,188 1,313,057 1,279,698 1,271,153 Rental revenue (reimbursements) 104,939 91,133 97,485 83,079 82,517 87,424 87,378 75,505 74,300 Rental revenue (excluding reimbursements) 1,378,860 1,335,334 1,343,332 1,316,506 1,303,985 1,250,764 1,225,679 1,204,193 1,196,853 Other revenue 137,783 121,244 107,910 88,357 84,050 72,190 67,448 60,601 59,762 Total revenue (excluding reimbursements) $ 1,516,643 $ 1,456,578 $ 1,451,242 $ 1,404,863 $ 1,388,035 $ 1,322,954 $ 1,293,127 $ 1,264,794 $ 1,256,615 Adjusted EBITDA Margin 95.4% 94.6% 94.7% 94.4% 94.3% 94.8% 95.1% 94.5% 95.2% RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the Glossary for definitions and an explanation of how we utilize these metrics.
Q3 2026 Supplemental Operating & Financial Data 43 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Property (including reimbursements) $ 122,393 $ 112,439 $ 116,843 $ 108,076 $ 106,621 $ 107,422 $ 106,681 $ 96,309 $ 92,154 Tenant reimbursements 104,939 91,133 97,485 83,079 82,517 87,424 87,378 75,457 74,348 Property (excluding reimbursements) $ 17,454 $ 21,306 $ 19,358 $ 24,997 $ 24,104 $ 19,998 $ 19,303 $ 20,852 $ 17,806 Total revenue (excluding reimbursements) $ 1,516,643 $ 1,456,578 $ 1,451,242 $ 1,404,863 $ 1,388,035 $ 1,322,954 $ 1,293,127 $ 1,264,794 $ 1,256,615 Property expenses (non-reimbursements) (% of total revenue)(3) 1.2% 1.5% 1.3% 1.8% 1.7% 1.5% 1.5% 1.6% 1.4% RECONCILIATION OF CASH G&A EXPENSES(1) (% OF GAV)(2) (1) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (2) Please see the Glossary for our definition of Gross Asset Value. (3) Total revenue excluding client reimbursements. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 General and administrative $ 54,315 $ 57,605 $ 58,885 $ 54,142 $ 55,039 $ 49,329 $ 44,044 $ 49,114 $ 41,869 Share-based compensation 6,461 9,268 11,383 9,042 7,719 8,110 5,899 9,821 6,401 Cash G&A expenses(1) $ 47,854 $ 48,337 $ 47,502 $ 45,100 $ 47,320 $ 41,219 $ 38,145 $ 39,293 $ 35,468 Gross asset value (GAV)(2) $ 87,758,545 $ 85,907,736 $ 83,646,995 $ 81,574,148 $ 79,739,212 $ 79,568,070 $ 77,516,371 $ 76,216,122 $ 75,535,215 Cash G&A as % of GAV 5 bps 6 bps 6 bps 6 bps 6 bps 5 bps 5 bps 5 bps 5 bps RECONCILIATION OF PROPERTY EXPENSES (NON-REIMBURSEMENTS)(% OF TOTAL REVENUE)(3)
Q3 2026 Supplemental Operating & Financial Data 44 GAAP Reconciliation: Q3 2026 Net income $ 432,140 General and administrative 54,315 Depreciation and amortization 647,555 Provisions for impairment of real estate 111,645 Provisions for credit losses on loans and financing receivables 14,212 Merger, transaction, and other costs, net 2,694 Interest expense 333,564 Gain on sales of real estate (113,865) Foreign currency and derivative loss, net 2,513 Equity in earnings of unconsolidated entities (2,927) Other income, net (6,225) Income taxes 23,568 Other revenue (553) Consolidated NOI $ 1,498,636 Less: Straight-line rental revenue (51,921) Plus: Amortization of above and below-market leases, net 17,742 Plus: Other non-cash adjustments 832 Plus: Pro-Rata Share of unconsolidated cash revenues 26,427 Less: Noncontrolling interests' share of cash revenues (57,594) Less: Pro-Rata Share of unconsolidated non-reimbursable expenses (10) Plus: Noncontrolling interests share of non-reimbursable expenses (91) Pro-Rata Cash NOI(1) $ 1,434,021 Table of Contents ↪ (1) Please see the Glossary for a description of our non-GAAP measures and for details on how they are calculated. Appendix (Continued) (USD in thousands) (unaudited) RECONCILIATION OF NET INCOME TO PRO-RATA CASH NOI(1)
Q3 2026 Supplemental Operating & Financial Data 45 2026 Per Share Guidance YTD Actuals at September 30, 2026 Net income per share $1.55 - $1.56 $1.13 Real estate depreciation $2.73 $2.04 Provisions for impairment of real estate, gain on sales of real estate, and non-cash credit losses(1) $0.14 $0.14 Straight-line rent and amortization of above and below-market leases, net $(0.11) $(0.09) Amortization of deferred financing costs $0.08 $0.06 Amortization of share-based compensation $0.04 $0.03 Merger, transaction, and other costs, net $0.02 $0.02 Other adjustments $0.00 $0.02 AFFO per share $4.45 - $4.46 $3.35 (1) Amounts represent year-to-date actual results. The company does not forecast impairment, gain on sales of real estate, and non-cash credit losses. RECONCILIATION OF NET INCOME PER SHARE TO AFFO PER SHARE - 2026 GUIDANCE AND YTD ACTUALS Table of Contents ↪ Appendix (Continued) (USD per share) (unaudited)
Q3 2026 Supplemental Operating & Financial Data 46 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Rental revenue (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Constant currency adjustment(2) (4,156) (4,804) (14,007) 5,312 Straight-line rent and other non-cash adjustments (6,293) (7,512) (1,928) (7,747) Contractually obligated reimbursements by our clients (104,360) (82,392) (285,682) (253,467) Revenue from excluded properties(1) (174,572) (97,905) (444,326) (251,816) Other excluded revenue(3) (5,155) (28,806) (47,267) (39,569) Revenue from unconsolidated entities(4) 37,781 28,707 91,900 83,577 Revenue attributable to noncontrolling interests(5) (65,038) (44,745) (174,613) (135,298) Same Store Rental Revenue $ 1,162,006 $ 1,149,045 $ 3,475,160 $ 3,438,739 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (2) For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026. (3) "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income. (4) Represents our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures. (5) Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership. Appendix (Continued) (USD in thousands) (unaudited) RECONCILIATION OF RENTAL REVENUE (INCLUDING REIMBURSEMENTS)(1) TO SAME STORE RENTAL REVENUE Table of Contents ↪