8-K - O - Equibles

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, 2022

(Date of Earliest Event Reported)

REALTY INCOME CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	1-13374	33-0580106
(State or Other Jurisdiction of<br>Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

11995 El Camino Real, San Diego, California 92130

(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Common Stock, $0.01 Par Value	O	New York Stock Exchange
1.125% Notes due 2027	O27A	New York Stock Exchange
1.875% Notes due 2027	O27B	New York Stock Exchange
1.625% Notes due 2030	O30	New York Stock Exchange
1.750% Notes due 2033	O33A	New York Stock Exchange
2.500% Notes due 2042	O42	New York Stock Exchange

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, 2022, Realty Income Corporation (the “Company”) issued a press release setting forth its results of operations for the three and nine months ended September 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information, including the information contained in the press release, 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.

Additionally, on November 2, 2022, 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, 2022, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 2.02 of Form 8-K and is also being furnished under Item 7.01—“Regulation FD Disclosure” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of 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.

On November 2, 2022, 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, 2022, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 7.01 of Form 8-K and is also being furnished under Item 2.02—“Results of Operations and Financial Condition” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of 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 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release dated November 2, 2022

99.2 Supplemental Operating and Financial Data for the Three and Nine Months Ended September 30, 2022

104 The Form 8-K cover page, formatted in Inline Extensible Business Reporting Language and included as 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, 2022	REALTY INCOME CORPORATION
	By:	/s/ CHRISTIE B. KELLY
		Christie B. Kelly
		Executive Vice President, Chief Financial Officer, and Treasurer

Document

Exhibit 99.1

REALTY INCOME ANNOUNCES OPERATING RESULTS FOR

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022

SAN DIEGO, CALIFORNIA, November 2, 2022....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and nine months ended September 30, 2022. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise. Our financial results for the three and nine months ended September 30, 2021 do not reflect our merger with VEREIT, Inc. (VEREIT), which was completed on November 1, 2021.

COMPANY HIGHLIGHTS:

For the three months ended September 30, 2022:

•Net income available to common stockholders was $219.6 million, or $0.36 per share

•Normalized FFO per share increased 9.0% to $0.97, compared to the three months ended September 30, 2021

•AFFO per share increased 7.7% to $0.98, compared to the three months ended September 30, 2021

•Invested $1.87 billion in 375 properties and properties under development or expansion, including $613.0 million in Europe

•Net debt to annualized pro forma adjusted EBITDAre was 5.2x

•Raised $0.7 billion from the sale of common stock, primarily through our At-The-Market (ATM) program with a weighted average price of $73.05

•Declared the 100th consecutive quarterly dividend increase in September, representing a 5.1% increase compared to the amount declared one year ago

Event subsequent to September 30, 2022:

•In October 2022, we issued $750.0 million of senior unsecured notes due October 2032, realizing an effective semi-annual yield to maturity of approximately 3.93%.

CEO Comments

"I am pleased with another well-executed quarter by our team,” said Sumit Roy, Realty Income’s President and Chief Executive Officer. “We strive to be a judicious and disciplined capital allocator, investing in high-quality real estate leased to leading operators that can thrive in a variety of economic environments. During the quarter, we invested approximately $1.9 billion in real estate at a cash cap rate of 6.1%, bringing our total to $5.1 billion year to date.”

“Additionally, we enhanced our financial flexibility by raising over $2.0 billion of equity during the quarter, $1.3 billion of which we intend to settle in the fourth quarter at $66.70 per share, while further de-risking the balance sheet with a $750 million 10-year bond offering in October."

“Finally, the operating fundamentals of our business remain healthy as we finished the quarter with occupancy of 98.9% while registering a rent recapture rate of 108.5% on properties re-leased. We are fortunate to manage a consistent business model that provides dependable results, and believe we are well-positioned to continue generating long-term value for shareholders."

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,
	2022		2021		2022		2021
Total revenue	$	837.3	$	489.9	$	2,455.0	$	1,395.4
Net income available to common stockholders (1)(2)	$	219.6	$	135.0	$	642.1	$	355.4
Net income per share	$	0.36	$	0.34	$	1.06	$	0.94
Funds from operations available to common stockholders (FFO) (2)(3)	$	597.2	$	332.3	$	1,807.4	$	914.4
FFO per share	$	0.97	$	0.85	$	2.99	$	2.41
Normalized funds from operations available to common stockholders (Normalized FFO) (3)	$	600.9	$	349.1	$	1,820.4	$	944.5
Normalized FFO per share	$	0.97	$	0.89	$	3.01	$	2.49
Adjusted funds from operations available to common stockholders (AFFO) (3)	$	603.6	$	356.8	$	1,767.4	$	1,002.7
AFFO per share	$	0.98	$	0.91	$	2.92	$	2.64

(1) The calculation to determine net income attributable to common stockholders includes provisions for impairment, 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) Our financial results during the three and nine months ended September 30, 2022 were impacted by the following transactions: (i) merger and integration-related costs related to our merger with VEREIT of $3.7 million and $13.0 million, respectively, and (ii) $1.7 million and $16.4 million of provisions for impairment, respectively. Our financial results during the three and nine months ended September 30, 2021 were impacted by the following transactions: (i) $4.0 million and $50.5 million loss on extinguishment of debt, respectively, primarily due to the January 2021 early redemption of the 3.250% notes due October 2022 recorded in the three months ended March 31, 2021, (ii) merger and integration-related costs related to our merger with VEREIT of $16.8 million and $30.1 million, respectively, and (iii) $11.0 million and $31.0 million of provisions for impairment, respectively.

(3) FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger and integration-related costs related to our merger with VEREIT and AFFO further adjusts Normalized FFO for unique revenue and expense items, such as gain (loss) on extinguishment of debt. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definitions and explanations of how we utilize these metrics. See pages 9 and 10 herein for reconciliations to the most directly comparable GAAP measure.

Theater Industry Update

For the third quarter 2022, we collected approximately 85% of the contractual rent(1) across our theater portfolio as Cineworld Group plc (“Cineworld”), the parent entity of the entities that lease certain of our theater properties, including Regal Cinemas, commenced Chapter 11 reorganization proceedings during the month of September 2022 and, as is customary in this jurisdiction pursuant to the proceedings of the bankruptcy court, was not yet required to pay rent for the month of September. However, for the month of October 2022, we have collected all of the contractual rent across our theater portfolio.

As of September 2022, we had cumulative reserves of $23.5 million on properties leased to Cineworld and its affiliates. These reserves, representing a reduction of rental revenue, primarily relate to contractual rent and expense recoveries recorded during the COVID-19 pandemic in 2020 and exclude straight-line rent reserves. Total receivables from Cineworld and its affiliates were $31.0 million at September 30, 2022, net of reserves and excluding straight line rent receivables, and include both deferred contractual rent and deferred expense recoveries.

(1)We define contractual rent as the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables. Charged amounts have not been adjusted for any COVID-19 related rent relief granted and includes contractual rent from any clients in bankruptcy.

Dividend Increases

In September 2022, we announced the 100th consecutive quarterly dividend increase, which is the 117th increase in the amount of the dividend since our listing on the New York Stock Exchange (NYSE) in 1994. The annualized dividend amount as of September 30, 2022 was $2.976 per share. The amount of monthly dividends paid per share increased

5.1% to $0.7425, as compared to $0.7065 for the three months ended September 30, 2021. We distributed $458.6 million in common stock dividends to stockholders during the three months ended September 30, 2022, representing 76.0% of our AFFO of $603.6 million.

Real Estate Portfolio Update

As of September 30, 2022, our portfolio consisted of 11,733 properties located in all 50 U.S. states, Puerto Rico, the U.K. and Spain, and leased to 1,147 clients doing business in 79 industries. We own an actively managed, diversified portfolio of commercial properties under long-term, net lease agreements with a weighted average remaining lease term of approximately 8.8 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2022, portfolio occupancy was 98.9% with 131 properties available for lease or sale, as compared to 98.9% as of June 30, 2022 and 98.8% as of September 30, 2021.

Changes in Occupancy

Three months ended September 30, 2022
Properties available for lease at June 30, 2022	132
Lease expirations (1)	181
Re-leases to same client	(147)
Re-leases to new client	(8)
Vacant dispositions	(27)
Properties available for lease at September 30, 2022	131
Nine months ended September 30, 2022
Properties available for lease at December 31, 2021	164
Lease expirations (1)	534
Re-leases to same client	(420)
Re-leases to new client	(25)
Vacant dispositions	(122)
Properties available for lease at September 30, 2022	131

(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, 2022, the annual new rent on re-leases was $33.36 million, as compared to the previous annual rent of $30.75 million on the same units, representing a rent recapture rate of 108.5% on the units re-leased. We re-leased five units to new clients without a period of vacancy, and six units to new clients after a period of vacancy.

During the nine months ended September 30, 2022, the annual new rent on re-leases was $100.57 million, as compared to the previous annual rent of $94.22 million on the same units, representing a rent recapture rate of 106.7% on the units re-leased. We re-leased 12 units to new clients without a period of vacancy, and 25 units to new clients after a period of vacancy.

Investments in Real Estate

The following table summarizes our acquisitions in the U.S. and Europe for the periods indicated below:

	Number of<br>Properties	Leasable<br>Square Feet <br>(in thousands)	Investment( in millions)	Weighted<br>Average<br>Lease Term<br>(Years)	Initial Weighted Average<br><br>Cash Lease<br><br>Yield (1)
Three months ended September 30, 2022
Acquisitions - U.S.	272	3,845		16.5	6.1	%
Acquisitions - Europe	27	3,512	587.4	8.8	6.2	%
Total acquisitions	299	7,357	1,719.0	13.9	6.2	%
Properties under development (2)	76	1,758	148.5	15.1	5.6	%
Total (3)	375	9,115		14.0	6.1	%
Nine months ended September 30, 2022
Acquisitions - U.S.	561	9,396		15.1	5.9	%
Acquisitions - Europe	78	8,904	2,058.6	8.9	5.8	%
Total acquisitions	639	18,300	4,682.2	12.5	5.9	%
Properties under development (2)	127	3,201	416.4	15.6	5.6	%
Total (4)	766	21,501		12.7	5.8	%

All values are in US Dollars.

(1)Initial weighted average cash lease yield is a supplemental operating measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definition of this metric. Contractual net operating income used in the calculation of initial weighted average cash lease yield for the three and nine months ended September 30, 2022 includes approximately $1.2 million and $8.0 million, respectively, received as settlement credits as reimbursement of free rent periods.

(2) The three and nine months ended September 30, 2022 includes £21.7 million and £36.6 million of investments in five U.K. development properties, respectively, converted at the applicable exchange rates on the funding dates.

(3) Our clients occupying the new properties are 95.7% retail, 4.1% industrial and 0.2% other property types, based on rental revenue. Approximately 27% of the rental revenue generated from acquisitions during the three months ended September 30, 2022 is from our investment grade rated clients, their subsidiaries or affiliated companies.

(4) Our clients occupying the new properties are 90.6% retail, 9.3% industrial and 0.1% other property types based on rental revenue. Approximately 30% of the rental revenue generated from acquisitions during the nine months ended September 30, 2022 is from our investment grade rated clients, their subsidiaries or affiliated companies.

Same Store Rental Revenue

The following summarizes our same store rental revenue for 9,645 properties under lease (dollars in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,				% Increase
	2022		2021		2022		2021		Three Months		Nine Months
Rental revenue	$	612.3	$	606.4	$	1,844.2	$	1,801.5	1.0	%	2.4	%

For purposes of comparability, same store rental revenue is presented on a constant currency basis using the exchange rate as of September 30, 2022 of 1.11 GBP/USD. None of the properties in Spain met our same store pool definition for the periods presented.

Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criteria were met, the property was included in our same store property pool. For the definition of Same Store Pool, please see the Glossary to our Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022, which is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results, for.

Our calculation of same store rental revenue includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic and recognized under the practical expedient provided by the Financial Accounting Standards Board (FASB). Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period

and each of the other criterion were met, the property was included in our same store property pool. Our calculation of same store rental revenue also includes uncollected rent for which we have not granted a lease concession. If these applicable amounts of rent deferrals and uncollected rent were excluded from our calculation of same store rental revenue, the increase for the three and nine months ended September 30, 2022 relative to the comparable period for 2021 would have been 0.3% and 2.5%, respectively.

Property Dispositions

The following summarizes our property dispositions, excluding our proportionate share of net proceeds from the disposition of properties by our unconsolidated industrial partnerships (dollars in millions):

	Three Months Ended September 30, 2022		Nine Months Ended<br><br>September 30, 2022
Properties sold	34		138
Net sales proceeds	$	142.2	$	414.4
Gain on sales of real estate	$	42.6	$	93.4

During the three months ended September 30, 2022, all seven properties owned by our industrial partnerships acquired in connection with the VEREIT merger were sold. The gross purchase price for the properties was $905.0 million and we collected $113.5 million of net proceeds (after mortgage defeasance and closing costs) during the three months ended September 30, 2022, representing our proportionate share of partnership distributions.

Liquidity and Capital Markets

Capital Raising

During the three months ended September 30, 2022, we raised approximately $0.7 billion of proceeds from the sale of common stock at a weighted average price of $73.05 per share, primarily through the sale of approximately 9.5 million shares common stock pursuant to forward sale agreements through our ATM program. As of September 30, 2022, there were approximately 20.0 million shares of common stock subject to forward sale agreements through our ATM program, representing approximately $1.3 billion in gross proceeds (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), which have been executed at a weighted average initial price of $66.70 per share but not settled. We currently expect to fully settle the outstanding forward sale agreements during the three months ended December 31, 2022.

In October 2022, we issued $750.0 million of 5.625% senior unsecured notes due 2032. The public offering price for the notes was 99.879% of the principal amount for an effective semi-annual yield to maturity of 5.641%. In conjunction with the pricing of this offering, we executed a $600 million U.S. Dollar-to-Euro 10-year cross currency swap, resulting in the receipt of approximately €612 million in proceeds and an effective fixed-rate, Euro-denominated semi-annual yield to maturity of approximately 4.7%. Additionally, we terminated forward starting interest rate swaps totaling $500 million in notional value previously entered into, recognizing a cash settlement gain of approximately $72 million. Giving effect to these contemporaneous transactions, we expect to recognize an effective semi-annual yield to maturity of 3.93% on the overall transaction, including the recognition of the cash settlement gain.

Revolving Credit Facility and Commercial Paper Program

We have a $4.25 billion unsecured revolving credit facility that matures in June 2026 and includes two six-month extensions that can be exercised at our option. The revolving credit facility also has a $1.0 billion expansion feature, which is subject to obtaining lender commitments.

In July 2022, we amended our U.S. dollar-denominated unsecured commercial paper program to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies. We use our unsecured revolving credit facility as a liquidity backstop for the repayment of the notes issued under these programs.

Liquidity

As of September 30, 2022, we had $2.5 billion of liquidity, consisting of cash and cash equivalents balance of approximately $187.7 million, including £97.8 million denominated in Sterling and €9.6 million denominated in Euro, and $2.3 billion of availability under our revolving credit facility, after deducting $723.8 million in commercial paper borrowings. In addition, there are approximately 20.0 million shares of common stock sold pursuant to forward sale confirmations which we intend to settle during the fourth quarter of 2022, representing approximately $1.3 billion in gross proceeds.

Earnings Guidance

Summarized below are approximate estimates of the key components of our 2022 earnings guidance:

	Prior 2022 Guidance	Revised 2022 Guidance
Net income per share	$1.14 to $1.27	$1.07 to $1.15
Real estate depreciation and impairments per share	$2.88	$3.03
Other adjustments per share (1)	$(0.10)	$(0.11)
Normalized FFO per share (2)	$3.92 to $4.05	$3.99 to $4.07
AFFO per share (2)	$3.84 to $3.97	$3.87 to $3.94
Same store rent growth	~ 2.0%	~ 2.0%
Occupancy	Over 98%	Over 98%
Cash G&A expenses (% of revenues) (3)(4)	3.5% - 4.0%	3.5% - 4.0%
Property expenses (non-reimbursable) (% of revenues) (3)	1.5% - 2.0%	1.3% - 1.5%
Income tax expenses	$45 to $50 million	$45 to $50 million
Acquisition volume	Over $6.0 billion	Over $6.0 billion
(1) Includes gain on sales of properties, merger and integration-related costs and our proportionate share of adjustments for unconsolidated entities.
(2) Normalized FFO per share and AFFO per share exclude merger and integration-related costs associated with our merger with VEREIT.
(3) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A expenses excludes stock-based compensation expense.
(4) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 4.0% - 4.5% in 2022.

Conference Call Information

In conjunction with the release of our operating results, we will host a conference call on November 3, 2022 at 11:30 a.m. PT to discuss the results. To access the conference call, dial (877) 354-7102 (United States) or (412) 317-2517 (International). When prompted, please ask for the Realty Income conference call.

A telephone replay of the conference call can also be accessed by calling (877) 344-7529 and entering the conference ID 2818790. The telephone replay will be available through November 10, 2022.

A live webcast will be available in listen-only mode by clicking on the webcast link on the company’s home page or in the investors section 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 and Sustainability Report

Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022, including reconciliations for non-GAAP measures within the Glossary, are available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.

The Sustainability Report for the year ended December 31, 2021 is available on our corporate website at esg.realtyincome.com/indicators/sustainability_report. During June 2021, we established our Green Financing Framework, which is also available on our corporate website at esg.realtyincome.com/indicators/green_financing.

About Realty Income

Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 11,700 real estate properties owned under long-term net lease agreements with commercial clients. To date, the company has declared 628 consecutive common stock monthly dividends throughout its 53-year operating history and increased the dividend 117 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at www.realtyincome.com.

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 Exchange Act of 1934, as amended. When used in this press release, the words “estimated,” “anticipated,” “expect,” “believe,” “intend,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of our business and portfolio including business model, future operations and results, strategy, plans, intentions of management, capital raising, settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program, dividends, and guidance. 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 and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in income tax laws and rates; the continued evolution of the COVID-19 pandemic, the measures taken to limit its spread, and its impacts on us, our business, our clients (including those in the theater industry), or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT, Inc. will be achieved; 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. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. We do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Investor Contact:

Steve Bakke, CFA

Vice President, Capital Markets & Investor Relations

(858) 284-5425

sbakke@realtyincome.com

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts) (unaudited)

	Three Months		Three Months		Nine Months		Nine Months
	Ended 9/30/22		Ended 9/30/21		Ended 9/30/22		Ended 9/30/21
REVENUE
Rental (including reimbursable)	$	825,946	$	486,337	$	2,426,311	$	1,385,958
Other (1)	11,323		3,554		28,720		9,485
Total revenue	837,269		489,891		2,455,031		1,395,443
EXPENSES
Depreciation and amortization	419,016		198,832		1,232,215		564,606
Interest	117,409		76,156		333,933		222,905
Property (including reimbursable)	52,719		29,662		157,241		89,895
General and administrative	34,096		23,813		100,934		66,458
Provisions for impairment	1,650		11,011		16,379		30,977
Merger and integration-related costs	3,746		16,783		12,994		30,081
Total expenses	628,636		356,257		1,853,696		1,004,922
Gain on sales of real estate	42,883		12,094		93,611		35,396
Foreign currency and derivative loss, net	(22,893)		(2,374)		(16,003)		(1,170)
Gain (loss) on extinguishment of debt	240		(3,983)		367		(50,456)
Equity in income and impairment of investment in unconsolidated entities	(662)		—		(6,335)		—
Other income, net (1)	2,249		1,984		6,907		3,518
Income before income taxes	230,450		141,355		679,882		377,809
Income taxes	(10,163)		(6,079)		(35,802)		(21,529)
Net income	220,287		135,276		644,080		356,280
Net income attributable to noncontrolling interests	(720)		(280)		(1,937)		(865)
Net income available to common stockholders	$	219,567	$	134,996	$	642,143	$	355,415
Funds from operations available to common stockholders (FFO)	$	597,154	$	332,335	$	1,807,385	$	914,417
Normalized funds from operations available to common stockholders (Normalized FFO)	$	600,900	$	349,118	$	1,820,379	$	944,498
Adjusted funds from operations available to common stockholders (AFFO)	$	603,566	$	356,837	$	1,767,392	$	1,002,706
Per share information for common stockholders, basic and diluted:
Net income	$	0.36	$	0.34	$	1.06	$	0.94
FFO	$	0.97	$	0.85	$	2.99	$	2.41
Normalized FFO	$	0.97	$	0.89	$	3.01	$	2.49
AFFO	$	0.98	$	0.91	$	2.92	$	2.64
Cash dividends paid per common share	$	0.7425	$	0.7065	$	2.2230	$	2.1150

(1)Certain miscellaneous non-recurring revenue has been reclassified from total revenue to 'Other income, net' for the three and nine months ended September 30, 2021.

FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)

(in thousands, except per share and share count data)

FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definitions and explanations of how we utilize these metrics.

	Three Months		Three Months		Nine Months		Nine Months
	Ended 9/30/22		Ended 9/30/21		Ended 9/30/22		Ended 9/30/21
Net income available to common stockholders	$	219,567	$	134,996	$	642,143	$	355,415
Depreciation and amortization	419,016		198,832		1,232,215		564,606
Depreciation of furniture, fixtures and equipment	(511)		(230)		(1,478)		(674)
Provisions for impairment	1,650		11,011		16,379		30,977
Gain on sales of real estate	(42,883)		(12,094)		(93,611)		(35,396)
Proportionate share of adjustments for unconsolidated entities (1)	717		—		12,812		—
FFO adjustments allocable to noncontrolling interests	(402)		(180)		(1,075)		(511)
FFO available to common stockholders	$	597,154	$	332,335	$	1,807,385	$	914,417
FFO allocable to dilutive noncontrolling interests	985		356		2,569		1,062
Diluted FFO	$	598,139	$	332,691	$	1,809,954	$	915,479
FFO available to common stockholders	$	597,154	$	332,335	$	1,807,385	$	914,417
Merger and integration-related costs	3,746		16,783		12,994		30,081
Normalized FFO available to common stockholders	$	600,900	$	349,118	$	1,820,379	$	944,498
Normalized FFO allocable to dilutive noncontrolling interests	985		356		2,569		1,062
Diluted Normalized FFO	$	601,885	$	349,474	$	1,822,948	$	945,560
FFO per common share, basic and diluted	$	0.97	$	0.85	$	2.99	$	2.41
Normalized FFO per common share, basic and diluted	$	0.97	$	0.89	$	3.01	$	2.49
Distributions paid to common stockholders	$	458,586	$	273,791	$	1,342,695	$	797,847
FFO available to common stockholders in excess of distributions paid to common stockholders	$	138,568	$	58,544	$	464,690	$	116,570
Normalized FFO available to common stockholders in excess of distributions paid to common stockholders	$	142,314	$	75,327	$	477,684	$	146,651
Weighted average number of common shares used for FFO and normalized FFO:
Basic	617,511,609		391,913,478		604,463,977		379,291,782
Diluted	619,201,363		392,513,520		605,958,422		379,872,546

(1)Includes an other than temporary impairment of $0.7 million and $8.5 million recognized during the three and nine months ended September 30, 2022, respectively, on our investment in unconsolidated entities, all of which were sold as of September 30, 2022.

ADJUSTED FUNDS FROM OPERATIONS (AFFO)

(in thousands, except per share and share count data)

AFFO is a non-GAAP financial measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definition and an explanation of how we utilize this metric.

	Three Months		Three Months		Nine Months		Nine Months
	Ended 9/30/22		Ended 9/30/21		Ended 9/30/22		Ended 9/30/21
Net income available to common stockholders	$	219,567	$	134,996	$	642,143	$	355,415
Cumulative adjustments to calculate Normalized FFO (1)	381,333		214,122		1,178,236		589,083
Normalized FFO available to common stockholders	600,900		349,118		1,820,379		944,498
(Gain) loss on extinguishment of debt	(240)		3,983		(367)		50,456
Amortization of share-based compensation	5,099		4,315		16,742		12,484
Amortization of net debt premiums and deferred financing costs (2)	(16,728)		1,394		(50,772)		4,284
Loss on interest rate swaps	735		733		2,181		2,179
Straight-line payments from cross-currency swaps (3)	—		513		884		1,715
Leasing costs and commissions	(686)		(1,199)		(3,853)		(2,026)
Recurring capital expenditures	(273)		(365)		(459)		(415)
Straight-line rent and expenses, net	(29,628)		(14,801)		(85,004)		(36,268)
Amortization of above and below-market leases, net	17,422		10,312		47,466		23,546
Proportionate share of adjustments for unconsolidated entities	(85)		—		(4,239)		—
Other adjustments (4)	27,050		2,834		24,434		2,253
AFFO available to common stockholders	$	603,566	$	356,837	$	1,767,392	$	1,002,706
AFFO allocable to dilutive noncontrolling interests	1,006		351		2,613		1,047
Diluted AFFO	$	604,572	$	357,188	$	1,770,005	$	1,003,753
AFFO per common share, basic and diluted	$	0.98	$	0.91	$	2.92	$	2.64
Distributions paid to common stockholders	$	458,586	$	273,791	$	1,342,695	$	797,847
AFFO available to common stockholders in excess of distributions paid to common stockholders	$	144,980	$	83,046	$	424,697	$	204,859
Weighted average number of common shares used for AFFO:
Basic	617,511,609		391,913,478		604,463,977		379,291,782
Diluted	619,201,363		392,513,520		605,958,422		379,872,546

(1)See Normalized FFO calculations on page 9 for reconciling items.

(2)Includes the amortization of premiums and discounts on notes payable and assumption of our mortgages payable, which are being amortized over the life of the applicable debt, and costs incurred and capitalized upon issuance and exchange of our notes payable, assumption of our mortgages payable and issuance of our term loans, which are also being amortized over the lives of the applicable debt. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

(3)Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for associated foreign currency payments. In June 2022, we terminated the four cross-currency swaps subject to this adjustment. The nine months ended September 30, 2022 include the adjustment through the termination date.

(4)Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, mark-to-market adjustments on investments and derivatives that do not qualify for hedge accounting, and foreign currency gain and loss as a result of intercompany debt and remeasurement transactions.

10 -

HISTORICAL FFO AND AFFO

(in thousands, except per share and share count data)

For the three months ended September 30,	2022		2021		2020		2019		2018
Net income available to common stockholders	$	219,567	$	134,996	$	22,904	$	101,049	$	98,999
Depreciation and amortization, net of furniture, fixtures and equipment	418,505		198,602		168,927		149,288		136,801
Provisions for impairment	1,650		11,011		105,095		13,503		6,862
Gain on sales of real estate	(42,883)		(12,094)		(13,736)		(1,674)		(7,813)
Proportionate share of adjustments for unconsolidated entities	717		—		—		—		—
FFO adjustments allocable to noncontrolling interests	(402)		(180)		(212)		(135)		(299)
FFO available to common stockholders	$	597,154	$	332,335	$	282,978	$	262,031	$	234,550
Merger and integration-related costs	3,746		16,783		—		—		—
Normalized FFO available to common stockholders	$	600,900	$	349,118	$	282,978	$	262,031	$	234,550
FFO per diluted share	$	0.97	$	0.85	$	0.82	$	0.82	$	0.81
Normalized FFO per diluted share	$	0.97	$	0.89	$	0.82	$	0.82	$	0.81
AFFO available to common stockholders	$	603,566	$	356,837	$	282,509	$	265,355	$	236,195
AFFO per diluted share	$	0.98	$	0.91	$	0.81	$	0.83	$	0.81
					.
Cash dividends paid per share	$	0.7425	$	0.7065	$	0.7005	$	0.6795	0.6600
Weighted average diluted shares outstanding - FFO, Normalized FFO and AFFO	619,201,363		392,513,520		347,212,593		320,726,136		291,207,186
For the nine months ended September 30,	2022		2021		2020		2019		2018
---	---	---	---	---	---	---	---	---	---	---
Net income available to common stockholders	$	642,143	$	355,415	$	277,555	$	307,185	$	278,542
Depreciation and amortization, net of furniture, fixtures and equipment	1,230,737		563,932		501,562		436,929		401,576
Provisions for impairment	16,379		30,977		123,442		31,236		25,034
Gain on sales of real estate	(93,611)		(35,396)		(53,565)		(15,828)		(18,818)
Proportionate share of adjustments for unconsolidated entities	12,812		—		—		—		—
FFO adjustments allocable to noncontrolling interests	(1,075)		(511)		(575)		(327)		(820)
FFO available to common stockholders	$	1,807,385	$	914,417	$	848,419	$	759,195	$	685,514
Merger and integration-related costs	12,994		30,081		—		—		—
Normalized FFO available to common stockholders	$	1,820,379	$	944,498	$	848,419	$	759,195	$	685,514
FFO per diluted share	$	2.99	$	2.41	$	2.48	$	2.43	$	2.39
Normalized FFO per diluted share	$	3.01	$	2.49	$	2.48	$	2.43	$	2.39
AFFO available to common stockholders	$	1,767,392	$	1,002,706	$	874,972	$	768,026	$	687,744
AFFO per diluted share	$	2.92	$	2.64	$	2.55	$	2.46	$	2.40
					.
Cash dividends paid per share	$	2.2230	$	2.1150	$	2.0920	$	2.0295	$	1.9690
Weighted average diluted shares outstanding - FFO and Normalized FFO and AFFO	605,958,422		379,872,546		342,946,337		312,300,391		287,105,285

11 -

ADJUSTED EBITDAre

(dollars in thousands)

Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre and Net Debt/Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definition and an explanation of how we utilize these metrics.

	Three Months Ended
	September 30, 2022
Net income	$	220,287
Interest	117,409
Gain on extinguishment of debt	(240)
Income taxes	10,163
Depreciation and amortization	419,016
Provisions for impairment	1,650
Merger and integration-related costs	3,746
Gain on sales of real estate	(42,883)
Foreign currency and derivative losses, net	22,893
Gain on settlement of foreign currency forwards	2,784
Equity in income and impairment of investment in unconsolidated entities	662
Quarterly Adjusted EBITDAre	$	755,487
Annualized Adjusted EBITDAre	$	3,021,948
Annualized Pro Forma Adjustment (1)	$	31,700
Annualized Pro Forma Adjusted EBITDAre	$	3,053,648
Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts	$	16,142,608
Less: Cash and cash equivalents	(187,745)
Net Debt	$	15,954,863
Net Debt/Annualized Adjusted EBITDAre	5.3		x
Net Debt/Annualized Pro Forma Adjusted EBITDAre	5.2		x

(1)The Annualized Pro Forma Adjustments, which includes transaction accounting adjustments in accordance with U.S GAAP, consists of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and removes Adjusted EBITDAre from properties 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. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. The Annualized Pro Forma Adjustments consist of $68.6 million from properties we acquired or stabilized during the quarter and removes $36.9 million from properties we disposed of during the quarter.

12 -

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share and share count data) (unaudited)

	September 30, 2022		December 31, 2021
ASSETS
Real estate held for investment, at cost:
Land	$	11,852,057	$	10,753,750
Buildings and improvements	26,981,664		25,155,178
Total real estate held for investment, at cost	38,833,721		35,908,928
Less accumulated depreciation and amortization	(4,624,243)		(3,949,798)
Real estate held for investment, net	34,209,478		31,959,130
Real estate and lease intangibles held for sale, net	18,309		30,470
Cash and cash equivalents	187,745		258,579
Accounts receivable, net	529,248		426,768
Lease intangible assets, net	5,064,322		5,275,304
Goodwill	3,731,478		3,676,705
Investment in unconsolidated entities	—		140,967
Other assets, net	2,151,895		1,369,579
Total assets	$	45,892,475	$	43,137,502
LIABILITIES AND EQUITY
Distributions payable	$	156,999	$	146,919
Accounts payable and accrued expenses	408,482		351,128
Lease intangible liabilities, net	1,368,525		1,308,221
Other liabilities	752,530		759,197
Line of credit payable and commercial paper	1,920,159		1,551,376
Term loan, net	249,705		249,557
Mortgages payable, net	855,363		1,141,995
Notes payable, net	13,316,455		12,499,709
Total liabilities	19,028,218		18,008,102
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000,000 and 740,200,000 shares authorized, 627,145,827 and 591,261,991 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	32,003,069		29,578,212
Distributions in excess of net income	(5,241,012)		(4,530,571)
Accumulated other comprehensive income (loss)	(24,938)		4,933
Total stockholders’ equity	26,737,119		25,052,574
Noncontrolling interests	127,138		76,826
Total equity	26,864,257		25,129,400
Total liabilities and equity	$	45,892,475	$	43,137,502

13 -

Realty Income Performance vs. Major Stock Indices

			Equity						NASDAQ
	Realty Income		REIT Index (1)		DJIA		S&P 500		Composite
	Dividend	Total	Dividend	Total	Dividend	Total	Dividend	Total	Dividend	Total
	yield	return (2)	yield	return (3)	yield	return (3)	yield	return (3)	yield	return (4)
10/18 to 12/31/1994	10.5%	10.8%	7.7%	0.0%	2.9%	(1.6%)	2.9%	(1.2%)	0.5%	(1.7%)
1995	8.3%	42.0%	7.4%	15.3%	2.4%	36.9%	2.3%	37.6%	0.6%	39.9%
1996	7.9%	15.4%	6.1%	35.3%	2.2%	28.9%	2.0%	23.0%	0.2%	22.7%
1997	7.5%	14.5%	5.5%	20.3%	1.8%	24.9%	1.6%	33.4%	0.5%	21.6%
1998	8.2%	5.5%	7.5%	(17.5%)	1.7%	18.1%	1.3%	28.6%	0.3%	39.6%
1999	10.5%	(8.7%)	8.7%	(4.6%)	1.3%	27.2%	1.1%	21.0%	0.2%	85.6%
2000	8.9%	31.2%	7.5%	26.4%	1.5%	(4.7%)	1.2%	(9.1%)	0.3%	(39.3%)
2001	7.8%	27.2%	7.1%	13.9%	1.9%	(5.5%)	1.4%	(11.9%)	0.3%	(21.1%)
2002	6.7%	26.9%	7.1%	3.8%	2.6%	(15.0%)	1.9%	(22.1%)	0.5%	(31.5%)
2003	6.0%	21.0%	5.5%	37.1%	2.3%	28.3%	1.8%	28.7%	0.6%	50.0%
2004	5.2%	32.7%	4.7%	31.6%	2.2%	5.6%	1.8%	10.9%	0.6%	8.6%
2005	6.5%	(9.2%)	4.6%	12.2%	2.6%	1.7%	1.9%	4.9%	0.9%	1.4%
2006	5.5%	34.8%	3.7%	35.1%	2.5%	19.0%	1.9%	15.8%	0.8%	9.5%
2007	6.1%	3.2%	4.9%	(15.7%)	2.7%	8.8%	2.1%	5.5%	0.8%	9.8%
2008	7.3%	(8.2%)	7.6%	(37.7%)	3.6%	(31.8%)	3.2%	(37.0%)	1.3%	(40.5%)
2009	6.6%	19.3%	3.7%	28.0%	2.6%	22.6%	2.0%	26.5%	1.0%	43.9%
2010	5.1%	38.6%	3.5%	27.9%	2.6%	14.0%	1.9%	15.1%	1.2%	16.9%
2011	5.0%	7.3%	3.8%	8.3%	2.8%	8.3%	2.3%	2.1%	1.3%	(1.8%)
2012	4.5%	20.1%	3.5%	19.7%	3.0%	10.2%	2.5%	16.0%	2.6%	15.9%
2013	5.8%	(1.8%)	3.9%	2.9%	2.3%	29.6%	2.0%	32.4%	1.4%	38.3%
2014	4.6%	33.7%	3.6%	28.0%	2.3%	10.0%	2.0%	13.7%	1.3%	13.4%
2015	4.4%	13.0%	3.9%	2.8%	2.6%	0.2%	2.2%	1.4%	1.4%	5.7%
2016	4.2%	16.0%	4.0%	8.6%	2.5%	16.5%	2.1%	12.0%	1.4%	7.5%
2017	4.5%	3.6%	3.9%	8.7%	2.2%	28.1%	1.9%	21.8%	1.1%	28.2%
2018	4.2%	15.2%	4.4%	(4.0%)	2.5%	(3.5%)	2.2%	(4.4%)	1.4%	(3.9%)
2019	3.7%	21.1%	3.7%	28.7%	2.4%	25.3%	1.9%	31.5%	1.1%	35.2%
2020	4.5%	(11.8%)	3.6%	(5.1%)	1.9%	9.7%	1.5%	18.4%	0.9%	43.6%
2021	4.1%	23.0%	2.6%	41.3%	1.8%	20.9%	1.3%	28.7%	0.7%	21.4%
YTD 2022	5.1%	(15.6%)	4.0%	(27.9%)	2.4%	(19.7%)	1.8%	(23.9%)	1.0%	(32.4%)
Compound Average<br><br>Annual Total Return (5)		14.4%		9.6%		9.9%		9.6%		9.9%

Note: All of these dividend yields are calculated as annualized dividends based on the last dividend paid in applicable time period divided by the closing price as of period end. Dividend yield sources: Nareit website and Bloomberg, except for the 1994 NASDAQ dividend yield which was sourced from Datastream / Thomson Financial.

(1)FTSE Nareit US Equity REIT Index, as per Nareit website.

(2)Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends for the annual percentages.

(3)Includes reinvestment of dividends. Source: Nareit website and Factset.

(4)Price only index, does not include dividends as NASDAQ did not report total return metrics for the entirety of the measurement period. Source: Factset.

(5)All of these Compound Average Annual Total Return rates are calculated in the same manner for each period from Realty Income's NYSE listing on October 18, 1994 through September 30, 2022, and (except for NASDAQ) assume reinvestment of dividends. Past performance does not guarantee future performance. Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future.

14 -

realtyincomeq32022supple

SUPPLEMENTAL OPERATING & FINANCIAL DATA Q3 2022 An S&P 500 company S&P 500 Dividend Aristocrats® index member Exhibit 99.2

Q3 2022 Supplemental Operating & Financial Data 2 Table of Contents Corporate Overview 3 Financial Summary Consolidated Statements of Income 4 Funds From Operations (FFO) and Normalized Funds From Operations (Normalized FFO) 5 Adjusted Funds From Operations (AFFO) 6 Consolidated Balance Sheets 7 Debt Summary 8 Senior Unsecured Notes and Bonds 9 Debt Maturities 10 Capitalization & Financial Ratios 11 Adjusted EBITDAre & Coverage Ratios 12 Debt Covenants 13 Transaction Summary Investment Summary 14 Disposition Summary 15 Development Pipeline 16 Real Estate Portfolio Summary Client Diversification 17 Top 10 Industries 18 Industry Diversification 19 Geographic Diversification 21 Property Type Composition 22 Same Store Rental Revenue 23 Leasing Data Occupancy 25 Leasing Activity 26 Lease Expirations 27 Earnings Guidance 28 Analyst Coverage 29 Glossary 30 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, 2022 (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on November 2, 2022) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data. 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 companies.

Q3 2022 Supplemental Operating & Financial Data 3 One Team Senior Management Neil M. Abraham, EVP, Chief Strategy Officer, Realty Income International - President Michelle Bushore, EVP, Chief Legal Officer, General Counsel and Secretary Mark E. Hagan, EVP, Chief Investment Officer Shannon Kehle, EVP, Chief People Officer Christie B. Kelly, EVP, Chief Financial Officer and Treasurer Sumit Roy, President & Chief Executive Officer Credit Ratings Senior Unsecured Outlook Commercial Paper Moody’s A3 Stable P-2 Standard & Poor’s A- Stable A-2 Dividend Information as of October 2022 ▪ Current annualized dividend of $2.976 per share ▪ Compound average annual dividend growth rate of approximately 4.4% ▪ 628 consecutive monthly dividends declared ▪ 100 consecutive quarterly dividend increases Corporate Headquarters Phoenix Office 11995 El Camino Real 2325 E. Camelback Rd, 9th Floor San Diego, CA 92130 Phoenix, AZ 85016 Phone: +1 (858) 284-5000 Phone: +1 (602) 778-6000 Website: www.realtyincome.com London Office 19 Wells Street London, United Kingdom W1T 3PQ Phone: +44 (20) 3931 6858 Corporate Overview September 30, 2022 Closing price $ 58.20 Shares and units outstanding 628,940,994 Market value of common equity $ 36,604,366 Total market capitalization $ 52,746,974 Transfer Agent Computershare Phone: (877) 218-2434 Website: www.computershare.com (1) Total portfolio annualized contractual rent is a supplemental operating measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. (2) Total portfolio annualized contractual rent includes 1.2% of rent from clients accounted for on a cash basis. Corporate Profile Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. We invest in people and places to deliver dependable monthly dividends that increase over time. For over 53 years, we have been acquiring and managing freestanding commercial real estate that generates rental revenue under long-term net lease agreements and supports our monthly dividend. Portfolio Overview At September 30, 2022, we owned a diversified portfolio of 11,733 properties located in all 50 U.S. states, Puerto Rico, the U.K. and Spain, with approximately 225.7 million square feet of leasable space. Our properties are leased to 1,147 different clients doing business in 79 industries. Approximately 84.6% of our total portfolio annualized contractual rent(1) was generated from retail properties, 13.9% from industrial properties, and the remaining 1.5% from other property types. Our physical occupancy as of September 30, 2022 was 98.9%, with a weighted average remaining lease term of approximately 8.8 years. Total portfolio annualized contractual rent on our leases as of September 30, 2022 was $3.14 billion(2). Common Stock Our common stock is traded on the New York Stock Exchange under the symbol "O“ (in thousands, except share, unit and per share amounts).

Q3 2022 Supplemental Operating & Financial Data 4 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUE Rental (including reimbursable) (1) $ 825,946 $ 486,337 $ 2,426,311 $ 1,385,958 Other (2) 11,323 3,554 28,720 9,485 Total revenue 837,269 489,891 2,455,031 1,395,443 EXPENSES Depreciation and amortization 419,016 198,832 1,232,215 564,606 Interest 117,409 76,156 333,933 222,905 Property (including reimbursable) 52,719 29,662 157,241 89,895 General and administrative 34,096 23,813 100,934 66,458 Provisions for impairment 1,650 11,011 16,379 30,977 Merger and integration-related costs 3,746 16,783 12,994 30,081 Total expenses 628,636 356,257 1,853,696 1,004,922 Gain on sales of real estate 42,883 12,094 93,611 35,396 Foreign currency and derivative loss, net (22,893) (2,374) (16,003) (1,170) Gain (loss) on extinguishment of debt 240 (3,983) 367 (50,456) Equity in income and impairment of investment in unconsolidated entities (662) — (6,335) — Other income, net (2) 2,249 1,984 6,907 3,518 Income before income taxes 230,450 141,355 679,882 377,809 Income taxes (10,163) (6,079) (35,802) (21,529) Net income 220,287 135,276 644,080 356,280 Net income attributable to noncontrolling interests (720) (280) (1,937) (865) Net income available to common stockholders $ 219,567 $ 134,996 $ 642,143 $ 355,415 Net income available to common stockholders per common share, basic and diluted $ 0.36 $ 0.34 $ 1.06 $ 0.94 (1) Includes rental revenue (reimbursable) of $44.1 million and $23.9 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $129.0 million and $69.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Unless otherwise specified, references to rental revenue in this document are exclusive of reimbursements from clients for recoverable real estate taxes and operating expenses. (2) Certain miscellaneous non-recurring revenue has been reclassified from total revenue to 'Other income, net' for the three and nine months ended September 30, 2021. Consolidated Statements of Income (in thousands, except per share amounts) (unaudited)

Q3 2022 Supplemental Operating & Financial Data 5 FFO and Normalized FFO (1) (in thousands, except per share and share count data) 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, 2022 2021 2022 2021 Net income available to common stockholders $ 219,567 $ 134,996 $ 642,143 $ 355,415 Depreciation and amortization 419,016 198,832 1,232,215 564,606 Depreciation of furniture, fixtures and equipment (511) (230) (1,478) (674) Provisions for impairment 1,650 11,011 16,379 30,977 Gain on sales of real estate (42,883) (12,094) (93,611) (35,396) Proportionate share of adjustments for unconsolidated entities 717 — 12,812 — FFO adjustments allocable to noncontrolling interests (402) (180) (1,075) (511) FFO available to common stockholders $ 597,154 $ 332,335 $ 1,807,385 $ 914,417 FFO allocable to dilutive noncontrolling interests 985 356 2,569 1,062 Diluted FFO $ 598,139 $ 332,691 $ 1,809,954 $ 915,479 FFO available to common stockholders $ 597,154 $ 332,335 $ 1,807,385 $ 914,417 Merger and integration-related costs 3,746 16,783 12,994 30,081 Normalized FFO available to common stockholders $ 600,900 $ 349,118 $ 1,820,379 $ 944,498 Normalized FFO allocable to dilutive noncontrolling interests 985 356 2,569 1,062 Diluted Normalized FFO $ 601,885 $ 349,474 $ 1,822,948 $ 945,560 FFO per common share, basic and diluted $ 0.97 $ 0.85 $ 2.99 $ 2.41 Normalized FFO per common share, basic and diluted $ 0.97 $ 0.89 $ 3.01 $ 2.49 Distributions paid to common stockholders $ 458,586 $ 273,791 $ 1,342,695 $ 797,847 FFO available to common stockholders in excess of distributions paid to common stockholders $ 138,568 $ 58,544 $ 464,690 $ 116,570 Normalized FFO available to common stockholders in excess of distributions paid to common stockholders $ 142,314 $ 75,327 $ 477,684 $ 146,651 Weighted average number of common shares used for FFO and normalized FFO: Basic 617,511,609 391,913,478 604,463,977 379,291,782 Diluted 619,201,363 392,513,520 605,958,422 379,872,546 (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.

Q3 2022 Supplemental Operating & Financial Data 6 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. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted AFFO per share computations. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income available to common stockholders $ 219,567 $ 134,996 $ 642,143 $ 355,415 Cumulative adjustments to calculate Normalized FFO (2) 381,333 214,122 1,178,236 589,083 Normalized FFO available to common stockholders 600,900 349,118 1,820,379 944,498 (Gain) loss on extinguishment of debt (240) 3,983 (367) 50,456 Amortization of share-based compensation 5,099 4,315 16,742 12,484 Amortization of net debt premiums and deferred financing costs (16,728) 1,394 (50,772) 4,284 Loss on interest rate swaps 735 733 2,181 2,179 Straight-line payments from cross-currency swaps — 513 884 1,715 Leasing costs and commissions (686) (1,199) (3,853) (2,026) Recurring capital expenditures (273) (365) (459) (415) Straight-line rent and expenses, net (29,628) (14,801) (85,004) (36,268) Amortization of above and below-market leases, net 17,422 10,312 47,466 23,546 Proportionate share of adjustments for unconsolidated entities (85) — (4,239) — Other adjustments(3) 27,050 2,834 24,434 2,253 AFFO available to common stockholders $ 603,566 $ 356,837 $ 1,767,392 $ 1,002,706 AFFO allocable to dilutive noncontrolling interests 1,006 351 2,613 1,047 Diluted AFFO $ 604,572 $ 357,188 $ 1,770,005 $ 1,003,753 AFFO per common share, basic and diluted $ 0.98 $ 0.91 $ 2.92 $ 2.64 Distributions paid to common stockholders $ 458,586 $ 273,791 $ 1,342,695 $ 797,847 AFFO available to common stockholders in excess of distributions paid to common stockholders $ 144,980 $ 83,046 $ 424,697 $ 204,859 Weighted average number of common shares used for AFFO: Basic 617,511,609 391,913,478 604,463,977 379,291,782 Diluted 619,201,363 392,513,520 605,958,422 379,872,546 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. (2) See reconciling items for Normalized FFO presented under "FFO and Normalized FFO." (3) Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, mark-to-market adjustments on investments and derivatives that do not qualify for hedge accounting, and foreign currency gain and loss as a result of intercompany debt and remeasurement transactions. AFFO (1) (in thousands, except per share and share count data)

Q3 2022 Supplemental Operating & Financial Data 7 Consolidated Balance Sheets (in thousands, except per share and share count data) (unaudited) September 30, 2022 December 31, 2021 ASSETS Real estate held for investment, at cost: Land $ 11,852,057 $ 10,753,750 Buildings and improvements 26,981,664 25,155,178 Total real estate held for investment, at cost 38,833,721 35,908,928 Less accumulated depreciation and amortization (4,624,243) (3,949,798) Real estate held for investment, net 34,209,478 31,959,130 Real estate and lease intangibles held for sale, net 18,309 30,470 Cash and cash equivalents 187,745 258,579 Accounts receivable, net 529,248 426,768 Lease intangible assets, net 5,064,322 5,275,304 Goodwill 3,731,478 3,676,705 Investment in unconsolidated entities — 140,967 Other assets, net 2,151,895 1,369,579 Total assets $ 45,892,475 $ 43,137,502 LIABILITIES AND EQUITY Distributions payable $ 156,999 $ 146,919 Accounts payable and accrued expenses 408,482 351,128 Lease intangible liabilities, net 1,368,525 1,308,221 Other liabilities 752,530 759,197 Line of credit payable and commercial paper 1,920,159 1,551,376 Term loan, net 249,705 249,557 Mortgages payable, net 855,363 1,141,995 Notes payable, net 13,316,455 12,499,709 Total liabilities 19,028,218 18,008,102 Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000,000 and 740,200,000 shares authorized, 627,145,827 and 591,261,991 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 32,003,069 29,578,212 Distributions in excess of net income (5,241,012) (4,530,571) Accumulated other comprehensive income (loss) (24,938) 4,933 Total stockholders’ equity 26,737,119 25,052,574 Noncontrolling interests 127,138 76,826 Total equity 26,864,257 25,129,400 Total liabilities and equity $ 45,892,475 $ 43,137,502

Q3 2022 Supplemental Operating & Financial Data 8 Debt Summary as of September 30, 2022 (dollars in thousands) Maturity Dates Carrying Value (USD) % of Debt Interest Rate Weighted Average Years Until Maturity Credit Facility and Commercial Paper (1) Credit Facility (2) June 26, 2026 $ 1,196,332 7.4 % 1.62 % 3.7 years Commercial Paper Various (3) 723,827 4.5 % 1.54 % 0.3 years Carrying value 1,920,159 11.9 % 1.59 % (4) 2.4 years Unsecured Term Loan Term Loan (5) March 24, 2024 250,000 1.5 % 3.83 % 1.5 years Deferred financing costs (295) Carrying value 249,705 Senior Unsecured Notes and Bonds (6) 28 series of senior unsecured notes and bonds February 2024 - March 2047 13,131,767 81.4 % 3.26 % (3) 7.3 years Unamortized net premiums and deferred financing costs 184,688 Carrying value 13,316,455 Mortgages Payable 18 mortgages on 136 properties May 2023 - August 2030 840,682 (7) 5.2 % 4.80 % (3) 1.6 years Unamortized net premiums and deferred financing costs 14,681 Carrying value 855,363 Total Consolidated Debt Principal $ 16,142,608 (8) 3.15 % (3) 6.3 years Fixed Rate $ 14,222,449 88 % Variable Rate $ 1,920,159 12 % (1) We have a $4.25 billion unsecured revolving credit facility (excluding an accordion feature subject to lender commitments which provided for an additional $1.0 billion in borrowings) bearing interest at different benchmark rates based on the currency of the borrowings, with a maturity date in June 2026. During July 2022, our U.S. Dollar-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and we established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies. (2) As of September 30, 2022, we had $1.2 billion of outstanding borrowings under our revolving credit facility, comprised entirely of Euro borrowings. (3) As of September 30, 2022, we had $723.8 million in commercial paper borrowings, including €511.0 million of Euro-denominated borrowings, which have matured and will mature between October 2022 and January 2023. (4) The totals are calculated as the weighted average interest rate as of September 30, 2022 for each respective category. (5) In connection with entering into our new unsecured credit facility in April 2022, the previous LIBOR benchmark rate was replaced with daily SOFR, as the associated interest rate swap was also converted to SOFR, effectively fixing the interest rate at 3.83%. (6) See page 9 for detail by issuance for senior unsecured notes and bonds. (7) Includes (in U.S. dollars) a Sterling-denominated mortgage payable of £30.7 million converted at the applicable exchange rate on September 30, 2022. (8) Total consolidated debt excludes non-cash unamortized net premiums recorded on the senior unsecured notes and bonds, non-cash unamortized net premiums recorded on the mortgages payable, and deferred financing costs on the term loan, notes and bonds, and mortgages payable.

Q3 2022 Supplemental Operating & Financial Data 9 Senior Unsecured Notes and Bonds (1) (dollars in thousands) Maturity Dates Principal Amount (Currency Denomination) Principal Balance (USD) as of September 30, 2022 % of Debt Interest Rate 4.600% Notes due 2024 (1) February 6, 2024 $ 499,999 $ 499,999 3.1 % 4.60 % 3.875% Notes due 2024 July 15, 2024 $ 350,000 350,000 2.2 % 3.88 % 3.875% Notes due 2025 April 15, 2025 $ 500,000 500,000 3.1 % 3.88 % 4.625% Notes due 2025 (1) November 1, 2025 $ 549,997 549,997 3.4 % 4.63 % 0.750% Notes due 2026 March 15, 2026 $ 325,000 325,000 2.0 % 0.75 % 4.875% Notes due 2026 (1) June 1, 2026 $ 599,997 599,997 3.7 % 4.88 % 4.125% Notes due 2026 October 15, 2026 $ 650,000 650,000 4.0 % 4.13 % 1.875% Notes due 2027 January 14, 2027 £ 250,000 278,575 1.7 % 1.88 % 3.000% Notes due 2027 January 15, 2027 $ 600,000 600,000 3.7 % 3.00 % 1.125% Notes due 2027 July 13, 2027 £ 400,000 445,720 2.8 % 1.13 % 3.950% Notes due 2027 (1) August 15, 2027 $ 599,873 599,873 3.7 % 3.95 % 3.650% Notes due 2028 January 15, 2028 $ 550,000 550,000 3.4 % 3.65 % 3.400% Notes due 2028 (1) January 15, 2028 $ 599,816 599,816 3.7 % 3.40 % 2.200% Notes due 2028 (1) June 15, 2028 $ 499,959 499,959 3.1 % 2.20 % 3.250% Notes due 2029 June 15, 2029 $ 500,000 500,000 3.1 % 3.25 % 3.100% Notes due 2029 (1) December 15, 2029 $ 599,291 599,291 3.7 % 3.10 % 3.160% Notes Due 2030 June 30, 2030 £ 140,000 156,002 1.0 % 3.16 % 1.625% Notes due 2030 December 15, 2030 £ 400,000 445,720 2.8 % 1.63 % 3.250% Notes due 2031 January 15, 2031 $ 950,000 950,000 5.9 % 3.25 % 3.180% Notes due 2032 June 30, 2032 £ 345,000 384,434 2.4 % 3.18 % 2.850% Notes due 2032 (1) December 15, 2032 $ 699,655 699,655 4.4 % 2.85 % 1.800% Notes due 2033 March 15, 2033 $ 400,000 400,000 2.5 % 1.80 % 1.750% Notes due 2033 July 13, 2033 £ 350,000 390,005 2.4 % 1.75 % 2.730% Notes due 2034 May 20, 2034 £ 315,000 351,004 2.2 % 2.73 % 5.875% Bonds due 2035 March 15, 2035 $ 250,000 250,000 1.5 % 5.88 % 3.390% Notes due 2037 June 30, 2037 £ 115,000 128,145 0.8 % 3.39 % 2.500% Notes due 2042 January 14, 2042 £ 250,000 278,575 1.7 % 2.50 % 4.650% Notes due 2047 March 15, 2047 $ 550,000 550,000 3.4 % 4.65 % Principal amount (2) $ 13,131,767 81.4 % 3.26 % (1) In connection with our merger with VEREIT, Inc. (VEREIT), we completed our debt exchange offer to exchange all outstanding notes issued by VEREIT's operating partnership, VEREIT Operating Partnership, L.P. (" VEREIT OP") on November 9, 2021 for new notes issued by Realty Income, pursuant to which approximately 99.2% of the outstanding notes issued by VEREIT OP were exchanged for a like aggregate principal amount of the notes issued by Realty Income. Prior to the completion of our merger with VEREIT on November 1, 2021, these notes were not the obligation of Realty Income. Principal Balance (USD) as of September 30, 2022 includes the portion of the VEREIT OP notes that remained outstanding as of September 30, 2022, totaling $39.1 million in the aggregate, that were not exchanged in the exchange offers commenced by us with respect to the outstanding bonds of VEREIT OP in connection with the consummation of the merger with VEREIT. (2) Excludes non-cash unamortized net premiums recorded and deferred financing costs. In addition, this schedule excludes the October 2022 issuance of $750 million of 5.625% senior unsecured notes due October 2032.

Q3 2022 Supplemental Operating & Financial Data 10 Debt Maturities as of September 30, 2022 (dollars in millions) Principal Due Credit Facility and Commercial Paper (1) Term Loan Mortgages Payable Senior Unsecured Notes and Bonds (2) Total Weighted Average Expiring Interest Rate (3) 2022 $ 703.8 $ — $ 1.1 $ — $ 704.9 4.74 % 2023 20.0 — 22.0 — 42.0 4.44 % 2024 — 250.0 740.5 850.0 1,840.5 4.48 % 2025 — — 39.2 1,050.0 1,089.2 4.23 % 2026 1,196.3 — 12.0 1,575.0 2,783.3 3.72 % Thereafter — — 25.9 9,656.8 9,682.7 2.99 % Totals $ 1,920.1 $ 250.0 $ 840.7 $ 13,131.8 $ 16,142.6 (1) Commercial paper borrowings have matured and will mature between October 2022 and January 2023, while borrowings under the credit facility at September 30, 2022 are assumed to be repaid at the expiration in June 2026. During July 2022, our U.S. Dollar-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and we established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies. As of September 30, 2022 we had $1.2 billion of outstanding borrowings under our revolving credit facility, comprised entirely of Euro borrowings, and $723.8 million of outstanding borrowings under our commercial paper programs, including €511.0 million of Euro-denominated borrowings. (2) Excludes our October 2022 issuance of $750 million of senior unsecured 5.625% notes due October 2032. (3) The weighted average interest rates for 2022 and 2023 exclude commercial paper and for 2026 exclude the credit facility.

Q3 2022 Supplemental Operating & Financial Data 11 Capitalization & Financial Ratios (dollars in thousands, except as otherwise noted) Cash on Hand $ 187,745 Availability under Credit Facility 3,053,668 Less: Commercial Paper Borrowings (723,827) $ 2,517,586 (4) Liquidity calculation excludes borrowings under the $1.5 billion U.S Dollar- denominated commercial paper program and $1.5 billion Euro-denominated commercial paper program as of September 30, 2022. We use our unsecured revolving credit facility as a liquidity backstop for the repayment of the notes issued under these programs. Principal Debt Balance Credit Facility and Commercial Paper $ 1,920,159 Unsecured Term Loan 250,000 Senior Unsecured Notes and Bonds (1) 13,131,767 Mortgages Payable 840,682 Total Debt $ 16,142,608 Equity Shares/Units Stock Price Market Value Common Stock (NYSE: "O") 627,145,827 $ 58.20 $ 36,499,887 Common Units (2) 1,795,167 $ 58.20 $ 104,479 $ 36,604,366 Total Market Capitalization (3) $ 52,746,974 Debt/Total Market Capitalization (3) 30.6 % (1) Excludes our October 2022 issuance of $750 million of senior unsecured 5.625% notes due October 2032. (2) Consists of common units issued by Realty Income Limited Partnership and held by third parties. (3) Our enterprise value was $52,559,229 (total market capitalization less cash and cash equivalents as of September 30, 2022). The percentage for debt to enterprise value is materially consistent with that presented for total market capitalization. Dividend Data YTD 2022 YTD 2021 Year-over-Year Growth Rate Common Dividend Paid per Share $ 2.2230 $ 2.1150 5.1 % AFFO per Share (diluted) $ 2.92 $ 2.64 10.6 % AFFO Payout Ratio 76.1 % 80.1 % Liquidity as of September 30, 2022 (4) Capitalization as of September 30, 2022 Capital Structure as of September 30, 2022 Common Stock 69.4% Debt 30.6%

Q3 2022 Supplemental Operating & Financial Data 12 Adjusted EBITDAre & Coverage Ratios (dollars in thousands) Reconciliation of Net Income to Adjusted EBITDAre (1) Three Months Ended September 30, 2022 Net income $ 220,287 Interest 117,409 Gain on extinguishment of debt (240) Income taxes 10,163 Depreciation and amortization 419,016 Provisions for impairment 1,650 Merger and integration-related costs 3,746 Gain on sales of real estate (42,883) Foreign currency and derivative losses, net 22,893 Gain on settlement of foreign currency forwards 2,784 Equity in income and impairment of investment in unconsolidated entities 662 Quarterly Adjusted EBITDAre $ 755,487 Annualized Adjusted EBITDAre $ 3,021,948 Annualized Pro Forma Adjustment(2) $ 31,700 Annualized Pro Forma Adjusted EBITDAre $ 3,053,648 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts $ 16,142,608 Less: Cash and cash equivalents (187,745) Net Debt $ 15,954,863 Net Debt/Annualized Adjusted EBITDAre 5.3x Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.2x (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre and Net Debt/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 includes transaction accounting adjustments in accordance with U.S GAAP, consists of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and removes Adjusted EBITDAre from properties 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. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. The Annualized Pro Forma Adjustments consist of $68.6 million from properties we acquired or stabilized during the quarter and removes $36.9 million from properties we disposed of during the quarter. Debt Service & Fixed Charge Coverage 6.1 5.6 5.6 5.5 5.5 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Q3 2022 Supplemental Operating & Financial Data 13 Debt Covenants 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. Required Actuals Limitation on incurrence of total debt ≤ 60% of adjusted undepreciated assets 39.8 % Limitation on incurrence of secured debt ≤ 40% of adjusted undepreciated assets 2.2 % Debt service and fixed charge coverage (trailing 12 months) (1) ≥ 1.5x 5.5 x Maintenance of total unencumbered assets ≥ 150% of unsecured debt 259.0 % (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) incurred 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 October 1, 2021, 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 October 1, 2021, nor does it purport to reflect our debt service coverage ratio for any future period. As of September 30, 2022

Q3 2022 Supplemental Operating & Financial Data 14 Investment Summary Number of Properties Investment ($ in millions) Cash Rents ($ in millions) Leasable Square Feet (in thousands) Initial Weighted Average Cash Lease Yield (1) Weighted Average Lease Term (Years) Q1 2022 Acquisitions - U.S. 139 $ 629.8 $ 36.0 2,627 5.7% 15.0 Acquisitions - Europe 21 794.2 40.0 2,772 5.5% 8.9 Total acquisitions 160 1,424.0 76.0 5,399 5.6% 11.8 Properties under development (2) 53 131.3 7.4 1,868 5.7% 17.3 Total real estate investments 213 $ 1,555.3 $ 83.4 7,267 5.6% 12.3 Approximately 26% of the annualized revenue generated by these investments is from our investment grade clients (4) Q2 2022 Acquisitions - U.S. 150 $ 862.2 $ 49.1 2,923 5.7% 13.0 Acquisitions - Europe 30 677.0 37.1 2,620 5.8% 9.0 Total acquisitions 180 1,539.2 86.2 5,543 5.7% 11.3 Properties under development 57 136.6 7.6 2,471 5.6% 14.4 Total real estate investments 237 $ 1,675.8 $ 93.8 8,014 5.7% 11.5 Approximately 39% of the annualized revenue generated by these investments is from our investment grade clients (4) Q3 2022 Acquisitions - U.S. 272 $ 1,131.6 $ 69.5 3,845 6.1% 16.5 Acquisitions - Europe 27 587.4 35.3 3,512 6.2% 8.8 Total acquisitions 299 $ 1,719.0 $ 104.8 7,357 6.2% 13.9 Properties under development (3) 76 148.5 8.2 1,758 5.6% 15.1 Total real estate investments 375 $ 1,867.5 $ 113.0 9,115 6.1% 14.0 Approximately 27% of the annualized revenue generated by these investments is from our investment grade clients (4) YTD 2022 Acquisitions - U.S. 561 $ 2,623.6 $ 154.6 9,396 5.9% 15.1 Acquisitions - Europe 78 2,058.6 112.4 8,904 5.8% 8.9 Total acquisitions 639 $ 4,682.2 $ 267.0 18,300 5.9% 12.5 Properties under development (3) 127 416.4 23.2 3,201 5.6% 15.6 Total real estate investments 766 $ 5,098.6 $ 290.2 21,501 5.8% 12.7 Approximately 30% of the annualized revenue generated by these investments is from our investment grade clients (4) (1) Initial weighted average cash lease yield is a supplemental operating measure. Please see the Glossary for our definition of this metric. Contractual net operating income used in the calculation of initial weighted average cash lease yield for the three and nine months ended September 30, 2022 includes approximately $1.2 million and $8.0 million, respectively, received as settlement credits as reimbursement of free rent periods. (2) Includes investments during the period in new development and development of existing properties. Cash rents noted reflect total cash rents to be received on this investment amount upon completion of the properties under development. (3) The three and nine months ended September 30, 2022 include £21.7 million and £36.6 million, respectively, of investments in five U.K. development properties, converted at the applicable exchange rates on the funding dates. (4) Please see the Glossary for our definition of investment grade clients.

Q3 2022 Supplemental Operating & Financial Data 15 Disposition Summary (3) (dollars in thousands) Number of Properties Net Book Value Net Sales Proceeds Net Cash Capitalization Rate (1) Q1 2022 Occupied 3 $ 2,844 $ 3,132 8.9% Vacant 31 109,183 119,051 — Total real estate dispositions 34 $ 112,027 $ 122,183 The unlevered internal rate of return on properties sold during the first quarter was 9.7% (2) Q2 2022 Occupied 6 $ 34,569 $ 65,916 5.7% Vacant 64 74,877 84,118 — Total real estate dispositions 70 $ 109,446 $ 150,034 The unlevered internal rate of return on properties sold during the second quarter was 9.3% (2) Q3 2022 Occupied 7 $ 72,940 $ 112,173 6.8% Vacant 27 26,620 30,016 — Total real estate dispositions (3) 34 $ 99,560 $ 142,189 The unlevered internal rate of return on properties sold during the third quarter was 12.8% (2) (3) YTD 2022 Occupied 16 $ 110,353 $ 181,221 6.5% Vacant 122 210,680 233,185 — Total real estate dispositions (3) 138 $ 321,033 $ 414,406 The unlevered internal rate of return on properties sold during the first nine months was 10.9% (2) (3) (1) Net cash capitalization rate is a supplemental operating measure. Please see the Glossary for our definition of this metric. (2) Excludes properties disposed from the legacy VEREIT portfolio. (3) Dispositions excludes our proportionate share of net proceeds from the disposition of properties by our unconsolidated industrial partnerships.

Q3 2022 Supplemental Operating & Financial Data 16 Development Pipeline (dollars in thousands) Retail Number of Properties Investment to Date Estimated Remaining Investment Total Commitment Percent Funded Percent Leased (1) New development (2) 205 $ 116,796 $ 549,493 $ 666,288 (3) 18 % 99 % Development of existing properties 6 6,738 4,163 10,902 62 % 93 % 211 $ 123,534 $ 553,656 $ 677,190 18 % Non-Retail Number of Properties Investment to Date Estimated Remaining Investment Total Commitment Percent Funded Percent Leased (1) New development (2) 13 $ 64,894 $ 211,240 $ 276,134 24 % 100 % Development of existing properties — — — — — % — % 13 $ 64,894 $ 211,240 $ 276,134 24 % Total Number of Properties Investment to Date Estimated Remaining Investment Total Commitment Percent Funded Percent Leased (1) New development (2) 218 $ 181,690 $ 760,733 $ 942,422 (3) 19 % 100 % Development of existing properties 6 6,738 4,163 10,902 62 % 93 % 224 $ 188,428 $ 764,896 $ 953,324 20 % (1) Estimated rental revenue commencement dates on properties under development are between October 2022 and May 2024. (2) Includes build-to-suit developments and forward take-out commitments on development properties with leases in place. (3) Includes one forward take-out commitments for U.K. development properties for £6.2 million and three new build-to-suit developments for a U.K. development property for £43.0 million. As of September 30, 2022

Q3 2022 Supplemental Operating & Financial Data 17 Our Top 20 Clients Our 20 largest clients based on percentage of total portfolio annualized contractual rent, which does not give effect to deferred rent at September 30, 2022, include the following: Our Investment Grade Clients (3) Number of Leases 5,739 Percentage of Total Portfolio Annualized Contractual Rent 42.7% Weighted Average EBITDAR/Rent Ratio on Retail Properties 2.8x (2) Median EBITDAR/Rent Ratio on Retail Properties 2.7x (2) (1) Amounts for each client are calculated independently; therefore, the individual percentages may not sum to the total. (2) Based on an analysis of the most recently provided information from all retail clients that provide such information. We do not independently verify the information we receive from our retail clients. Client Diversification Ranking Client Number of Leases Percentage of Total Portfolio Annualized Contractual Rent (1) Investment Grade Ratings (S&P/Moody's/Fitch) 1 Dollar General 1,438 4.2% BBB/Baa2/- 2 Walgreens 341 3.9 BBB/Baa2/- 3 7-Eleven 632 3.8 A/Baa2/- 4 Dollar Tree / Family Dollar 1,057 3.5 BBB/Baa2/- 5 FedEx 81 2.8 BBB/Baa2/- 6 LA Fitness 76 2.3 — 7 BJ's Wholesale Clubs 33 1.9 — 8 Sainsbury's 27 1.8 — 9 B&Q (Kingfisher) 36 1.7 BBB/Baa2/BBB 10 CVS Pharmacy 183 1.7 BBB/Baa2/- 11 Lifetime Fitness 21 1.7 — 12 Wal-Mart / Sam's Club 66 1.7 AA/Aa2/AA 13 AMC Theaters 35 1.6 — 14 Red Lobster 200 1.5 — 15 Regal Cinemas (Cineworld) 41 1.5 — 16 Tractor Supply 165 1.4 BBB/Baa1/- 17 Tesco 16 1.3 BBB-/Baa3/BBB- 18 Home Depot 29 1.2 A/A2/A 19 Kroger 31 1.1 BBB/Baa1/- 20 Fas Mart (GPM Investments) 260 1.0 — Total 4,768 41.3% (3) Please see the Glossary for our definition of investment grade clients. 34.7% 49.7% 8.1% 7.5% Investment Grade, Retail Non-Investment Grade or Non-Rated, Retail Investment Grade, Non-Retail Non-Investment Grade or Non-Rated, Non-Retail

Q3 2022 Supplemental Operating & Financial Data 18 (1)Top 10 Industries Percentage of Total Portfolio Annualized Contractual Rent As of Sept 30, Dec 31, Dec 31, Dec 31, Dec 31, 2022 2021 2020 2019 2018 Grocery stores 10.3% 10.2% 9.8% 7.9% 5.0% Convenience stores 9.0 9.1 11.9 12.3 12.6 Dollar stores 7.7 7.5 7.6 7.9 7.3 Restaurants - quick service 6.4 6.6 5.3 5.8 6.3 Drug stores 6.2 6.6 8.2 8.8 9.4 Restaurants - casual dining 5.5 5.9 2.8 3.2 3.3 Home improvement 5.0 5.1 4.3 2.9 2.8 Health and fitness 4.7 4.7 6.7 7.0 7.1 Automotive service 3.9 3.2 2.7 2.6 2.2 General merchandise 3.9 3.7 3.4 2.5 2.1 (1) The presentation of Top 10 Industries combines total portfolio contractual rent from the U.S. and Europe. Europe consists of properties in the U.K., starting in May 2019, and in Spain, starting in September 2021. Certain of the Top 10 Industries include both U.S. and Europe percentages for which the Europe percentages are included in the 'Europe-other' classification in the Industry Diversification table beginning on page 19.

Q3 2022 Supplemental Operating & Financial Data 19 Percentage of Total Portfolio Annualized Contractual Rent As of Sept 30, Dec 31, Dec 31, Dec 31, Dec 31, 2022 2021 2020 2019 2018 United States Aerospace 0.4% 0.4% 0.6% 0.8% 0.9% Apparel stores 1.5 1.5 1.3 1.1 1.2 Automotive collision services 1.0 1.0 1.1 1.0 0.9 Automotive parts 1.4 1.5 1.6 1.6 1.7 Automotive service 3.9 3.2 2.7 2.6 2.3 Automotive tire services 1.6 1.8 2.0 2.1 2.3 Beverages 1.1 1.3 2.1 2.0 2.4 Child care 1.5 1.5 2.1 2.1 2.2 Consumer electronics 0.6 0.6 0.3 0.3 0.3 Consumer goods 0.7 0.7 0.6 0.6 0.7 Convenience stores 9.0 9.1 11.9 12.3 12.6 Crafts and novelties 1.0 1.0 0.9 0.6 0.6 Diversified industrial 0.9 1.0 0.8 0.7 0.8 Dollar stores 7.7 7.5 7.6 7.9 7.3 Drug stores 6.1 6.6 8.2 8.8 9.4 Education 0.2 0.1 0.2 0.2 0.3 Energy 0.3 0.4 — — — Entertainment 0.8 0.8 0.3 0.3 0.3 Equipment services 0.3 0.3 0.3 0.4 0.4 Financial services 1.9 2.0 1.8 2.0 2.4 Food processing 0.4 0.7 0.7 0.7 0.5 General merchandise 3.4 3.5 3.4 2.5 2.1 Grocery stores 5.2 4.9 4.9 5.2 5.0 Health and fitness 4.7 4.7 6.7 7.0 7.1 Health care 2.2 1.9 1.5 1.6 1.6 Home furnishings 2.4 2.2 0.7 0.8 0.8 Home improvement 2.9 3.1 3.1 2.9 2.8 Industry Diversification

Q3 2022 Supplemental Operating & Financial Data 20 Percentage of Total Portfolio Annualized Contractual Rent As of Sept 30, Dec 31, Dec 31, Dec 31, Dec 31, 2022 2021 2020 2019 2018 Motor vehicle dealerships 1.5 1.3 1.6 1.6 1.8 Other manufacturing 0.6 0.5 0.4 0.6 0.7 Packaging 0.6 0.6 0.9 0.8 1.0 Pet supplies and services 1.0 0.9 0.7 0.7 0.5 Restaurants - casual dining 5.5 5.9 2.8 3.2 3.3 Restaurants - quick service 6.2 6.5 5.3 5.8 6.3 Sporting goods 1.4 1.5 0.7 0.8 0.9 Theaters 3.1 3.4 5.6 6.1 5.3 Transportation services 3.1 3.4 3.9 4.3 5.0 Wholesale clubs 2.4 2.5 2.4 2.5 2.9 Other (1) 1.5 1.7 2.1 2.8 3.4 Total United States 90.0% 91.5% 93.8% 97.3% 100% Europe (2) General merchandise 0.5% 0.2% —% —% —% Grocery stores 5.1 5.3 4.9 2.7 — Home improvement 2.1 2.0 1.2 — — Sporting goods 0.4 * — — — Other (1) 1.9 1.0 0.1 * — Total Europe 10.0% 8.5% 6.2% 2.7% —% Totals 100.0% 100.0% 100.0% 100.0% 100.0% * Less than 0.1% (1) All industries with less than 0.3% of total portfolio annualized contractual rent have been reclassified to Other. (2) Europe consists of properties in the U.K., starting in May 2019, and in Spain, starting in September 2021. Industry Diversification (Cont'd)

Q3 2022 Supplemental Operating & Financial Data 21 Geographic Diversification Balanced presence in 50 states, Puerto Rico, the United Kingdom and Spain. Top Ten Regions Based on Total Portfolio Annualized Contractual Rent Texas 11.1% United Kingdom 9.0% California 6.0% Illinois 5.2% Florida 5.2% Ohio 4.5% Georgia 3.6% North Carolina 3.2% New York 3.1% Michigan 2.9% 2.0% 0.1% 1.9% 1.1% 6.0% 1.5% 0.4% 0.1% 5.2% 3.6% 0.2% 0.1% 5.2% 2.8% 0.9% 1.2% 1.7% 2.1% 0.5% 1.3% 1.4% 2.9% 1.9% 1.3% 2.0% 0.1% 0.4% 1.0% 0.3% 1.7% 0.6% 3.1% 3.2% 0.2% 4.5% 1.7% 0.4% 2.7% 0.1% 1.9% 0.2% 2.6% 11.1% 0.5% 0.1% 2.5% 1.0% 0.4% 2.1% 0.1 % 0.1% 1.0% 9.0%

Q3 2022 Supplemental Operating & Financial Data 22 Property Type Composition (dollars in thousands) Property Type Number of Properties Approximate Leasable Square Feet (1) Total Portfolio Annualized Contractual Rent as of September 30, 2022 Percentage of Total Portfolio Annualized Contractual Rent as of September 30, 2022 Percentage of Annualized Contractual Rent from Our Investment Grade Clients (2) Retail 11,400 149,442,600 $ 2,656,115 84.6 % 41.1 % Industrial 314 74,037,100 438,474 13.9 57.1 Other (3) 19 2,179,200 48,608 1.5 6.8 Totals 11,733 225,658,900 $ 3,143,197 100.0 % 42.7 % (1) Includes leasable building square footage. Excludes 1,610 acres of leased land categorized as agriculture at September 30, 2022. (2) Please see the Glossary for our definition of investment grade clients. (3) "Other" includes eight properties classified as office, consisting of approximately 2.0 million leasable square feet and $25.6 million in annualized contractual rent, and 11 properties classified as agriculture, consisting of approximately 157,300 leasable square feet and $23.0 million in annualized contractual rent. Retail 84.6% Industrial 13.9% Other 1.5% (3)

Q3 2022 Supplemental Operating & Financial Data 23 Q3 2022 Same Store Rental Revenue Number of properties 9,645 Square footage 168,085,523 Q3 2022 $ 612,270 Q3 2021 $ 606,426 Increase (in dollars) $ 5,844 Increase (percent) 1.0 % YTD 2022 Same Store Rental Revenue Number of properties 9,645 Square footage 168,085,523 YTD 2022 $ 1,844,225 YTD 2021 $ 1,801,469 Increase (in dollars) $ 42,756 Increase (percent) 2.4 % Same Store Rental Revenue (1) (dollars in thousands) Top 3 Industries Contributing to the Change (2) Three Months Ended Three Months Ended Net % Change Industry September 30, 2022 September 30, 2021 Change by Industry Health and Fitness $ 33,901 $ 31,703 $ 2,198 6.9 % Theaters 23,748 24,599 (851) (3.5) % Convenience Stores 59,275 58,474 801 1.4 % Top 3 Industries Contributing to the Change (2) Nine Months Ended Nine Months Ended Net % Change Industry September 30, 2022 September 30, 2021 Change by Industry Theaters $ 79,687 $ 61,781 $ 17,906 29.0 % Health and Fitness 100,914 95,307 5,607 5.9 % Restaurants-Quick Service 130,347 128,069 2,278 1.8 % For purposes of comparability, same store rental revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2022 of 1.11 GBP/USD. None of the properties in Spain met our same store pool definition for the periods presented. Our calculation of same store rental revenue includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic and recognized under the practical expedient provided by the Financial Accounting Standards Board (FASB). Our calculation of same store rental revenue also includes uncollected rent for which we have not granted a lease concession. If these applicable amounts of rent deferrals and uncollected rent were excluded from our calculation of same store rental revenue, the increases for the three and nine months ended September 30, 2022 relative to the comparable period for 2021 would have been 0.3% and 2.5%, respectively. (1) Please see the Glossary to see our definitions of the Same Store Pool and Same Store Rental Revenue. Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) Top 3 industry contributors are based on absolute value of net change period over period.

Q3 2022 Supplemental Operating & Financial Data 24 Same Store Rental Revenue (1) (Cont'd) (dollars in thousands) Q3 2022 YTD 2022 Three Months Ended Net % Change by Nine Months Ended Net % Change Property Type September 30, 2022 September 30, 2021 Change Property Type September 30, 2022 September 30, 2021 Change Property Retail $ 517,325 $ 512,485 $ 4,840 0.9 % $ 1,560,657 $ 1,521,476 $ 39,181 2.6 % Industrial 84,843 83,886 957 1.1 % 253,399 250,061 3,338 1.3 % Other (2) 10,102 10,055 47 0.5 % 30,169 29,932 237 0.8 % Total $ 612,270 $ 606,426 $ 5,844 1.0 % $ 1,844,225 $ 1,801,469 $ 42,756 2.4 % Same Store Rental Revenue by Property Type Reconciliation of Same Store Rental Revenue to Rental Revenue (including reimbursable) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Same store rental revenue $ 612,270 $ 606,426 $ 1,844,225 $ 1,801,469 Constant currency adjustment (3) 3,891 7,835 22,491 26,071 Straight-line rent and other non-cash adjustments 2,788 4,895 15,126 13,925 Contractually obligated reimbursements by our clients 43,897 46,496 128,153 131,182 Revenue from excluded properties (4) 161,210 107,161 408,620 276,695 Other excluded revenue (5) 1,890 3,195 7,696 7,164 VEREIT rental revenue (6) — (289,671) — (870,548) Rental revenue (including reimbursable) $ 825,946 $ 486,337 $ 2,426,311 $ 1,385,958 (1) Please see the Glossary to see our definitions of the Same Store Pool and Same Store Rental Revenue. Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) "Other" includes properties classified as office and agriculture. (3) For purposes of comparability, same store rental revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2022 of 1.11 GBP/USD. None of the properties in Spain met our same store pool definition for the periods presented. (4) Please see the Glossary for our definition of Same Store Pool. (5) "Other excluded revenue" primarily consists of lease termination revenue and reimbursements for tenant improvements and rental revenue that is not contractual base rent such as lease termination settlements. (6) Amounts for the three and nine months ended September 30, 2021 represent rental revenue from VEREIT properties, which were not included in our financial statements prior to the close of the merger on November 1, 2021.

Q3 2022 Supplemental Operating & Financial Data 25 By Property Occupied properties 11,602 Total properties 11,733 Occupancy (1) 98.9 % By Square Footage Occupied square footage 223,599,154 Total square footage 225,658,940 Occupancy 99.1 % By Rental Revenue (Economic Occupancy) Quarterly cash rental revenue (2) $ 767,146 Quarterly cash vacant rental revenue (3) $ 6,229 Occupancy 99.2 % Change in Occupancy Vacant properties at 6/30/2022 132 Lease expirations (4) + 181 Leasing activity (5) - 155 Vacant dispositions (6) - 27 Vacant properties at 9/30/2022 131 (1) Excludes four properties with ancillary leases only, such as cell towers and billboards. (2) Does not include reserves and reserve reversals recorded as adjustments to rental revenue. (3) Based on contractual monthly rental revenue received immediately preceding the date of vacancy. (4) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. (5) Excludes 14 minority unit leases with no property-level vacancy impact. See page 26 for additional detail on re-leasing activity. (6) Includes 22 properties vacant at the beginning of the quarter. Occupancy as of September 30, 2022 (dollars in thousands) Occupancy by Number of Properties 98.6% 97.9% 98.0% 98.5% 98.8% 98.5% 98.6% 98.9% 98.9% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0%

Q3 2022 Supplemental Operating & Financial Data 26 Leasing Activity (dollars in thousands) Q3 2022 Re-leased to New Client Re-leased to Without After a Period Re-leasing Same Client Vacancy of Vacancy Totals Prior cash rents $ 28,863 $ 1,192 $ 697 $ 30,752 New cash rents* $ 31,172 $ 1,201 $ 986 $ 33,359 Recapture rate 108.0 % 100.8 % 141.5 % 108.5 % Number of leases 158 5 6 169 Average months vacant — — 30.7 0.5 Lease incentives (1) $ — $ — $ 135 $ 135 *Percentage of Total Portfolio Annualized Contractual Rent: 1.1 % (1) Lease incentives are defined as capital outlays made on behalf of a client that are specific to the client's use and benefit, and are not capitalized as improvements to the property. YTD 2022 Re-leased to New Client Re-leased to Without After a Period Re-leasing Same Client Vacancy of Vacancy Totals Prior cash rents $ 88,743 $ 1,970 $ 3,507 $ 94,220 New cash rents* $ 93,795 $ 2,385 $ 4,385 $ 100,565 Recapture rate 105.7 % 121.1 % 125.0 % 106.7 % Number of leases 444 12 25 481 Average months vacant — — 15.4 0.5 Lease incentives (1) $ — $ — $ 135 $ 135 *Percentage of Total Portfolio Annualized Contractual Rent: 3.2 % Allocation Based on Number of Leases 93% 7% Same Tenant New Tenant 92% 8% Same Tenant New Tenant

Q3 2022 Supplemental Operating & Financial Data 27 (1) This table sets forth the timing of remaining lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contributions to annualized contractual rent as of September 30, 2022. Leases on our multi-client properties are counted separately in the table above. This table excludes 167 vacant units. (2) Of the 12,146 in-place leases in the portfolio, which excludes 167 vacant units, 10,306 or 84.9% were under leases that provide for increases in rents through: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients’ gross sales, fixed increases, or a combination of two or more of the aforementioned rent provisions. Our leases have a weighted average remaining lease term of approximately 8.8 years. Lease Expirations (dollars in thousands) Total Portfolio (1)(2) Total Portfolio Approx. Annualized Contractual Percentage of Total Expiring Leases Leasable Rent as of Portfolio Annualized Year Retail Non-Retail Sq. Feet September 30, 2022 Contractual Rent 2022 67 4 848,400 $ 10,384 0.3 % 2023 608 24 8,416,400 112,238 3.6 2024 691 31 13,715,300 157,098 5.0 2025 844 35 13,955,500 197,071 6.3 2026 783 32 15,885,500 182,868 5.8 2027 1,351 34 21,724,400 265,394 8.4 2028 1,158 37 22,170,300 261,870 8.3 2029 883 20 18,775,800 225,784 7.2 2030 540 20 15,116,500 169,843 5.4 2031 475 35 20,745,700 233,083 7.4 2032 704 18 12,899,300 199,703 6.5 2033 557 13 12,596,800 162,275 5.2 2034 542 6 10,146,400 205,349 6.5 2035 409 3 4,713,700 104,514 3.3 2036 405 8 6,977,300 126,818 4.0 2037 - 2059 1,772 37 24,911,900 528,905 16.8 Totals 11,789 357 223,599,200 $ 3,143,197 100.0 %

Q3 2022 Supplemental Operating & Financial Data 28 Earnings Guidance Summarized below are approximate estimates of the key components of our 2022 earnings guidance: Prior 2022 Guidance Revised 2022 Guidance Net income per share $1.14 to $1.27 $1.07 to $1.15 Real estate depreciation and impairments per share $2.88 $3.03 Other adjustments per share (1) $(0.10) $(0.11) Normalized FFO per share (2) $3.92 to $4.05 $3.99 to $4.07 AFFO per share (2) $3.84 to $3.97 $3.87 to $3.94 Same store rent growth ~ 2.0% ~ 2.0% Occupancy Over 98% Over 98% Cash G&A expenses (% of revenues) (3)(4) 3.5% - 4.0% 3.5% - 4.0% Property expenses (non-reimbursable) (% of revenues) (3) 1.5% - 2.0% 1.3% - 1.5% Income tax expenses $45 to $50 million $45 to $50 million Acquisition volume Over $6.0 billion Over $6.0 billion (1) Includes gain on sales of properties, merger and integration-related costs and our proportionate share of adjustments for unconsolidated entities. (2) Normalized FFO per share and AFFO per share exclude merger and integration-related costs associated with our merger with VEREIT. (3) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A expenses excludes stock-based compensation expense. (4) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 4.0% - 4.5% in 2022. This 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 Exchange Act of 1934, as amended. When used in this presentation, the words “estimated,” “anticipated,” “expect,” “believe,” “intend,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of our business and portfolio including business model, future operations and results, strategy, plans, intentions of management, capital raising, settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program, dividends, and guidance. 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 and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in income tax laws and rates; the continued evolution of the COVID-19 pandemic, the measures taken to limit its spread, and its impacts on us, our business, our clients (including those in the theater industry), or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT,Inc will be achieved; 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. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. Realty Income does not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Q3 2022 Supplemental Operating & Financial Data 29 Analyst Coverage Equity Research Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Joshua Dennerlein joshua.dennerlein@bofa.com (646) 855-1681 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 Capital One Chris Lucas christopher.lucas@capitalone.com (571) 633-8151 Citigroup Nicholas Joseph nicholas.joseph@citi.com (212) 816-1909 Credit Suisse Tayo Okusanya tayo.okusanya@credit-suisse.com (212) 325-1402 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Goldman Sachs Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Green Street Spenser Allaway sallaway@greenstreetadvisors.com (949) 640-8780 Janney Montgomery Scott Robert Stevenson robstevenson@janney.com (646) 840-3217 Jefferies Linda Tsai ltsai@jefferies.com (212) 778-8011 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 Ladenburg Thalmann John Massocca jmassocca@ladenburg.com (212) 409-2543 Mizuho Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Morgan Stanley Ronald Kamdem ronald.kamdem@morganstanley.com (212) 269-8319 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 UBS Michael Goldsmith michael.goldsmith@ubs.com (212) 713-2951 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.

Q3 2022 Supplemental Operating & Financial Data 30 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, excluding the gain and loss from the settlement of foreign currency forwards not designated as hedges (which is consistent with our previous calculations of "Adjusted EBITDAre"). We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, including non-cash loss (gain) on swaps, (ii) income and franchise taxes, (iii) loss on extinguishment of debt, (iv) real estate depreciation and amortization, (v) provisions for impairment, (vi) merger and integration-related costs, (vii) gain on sales of real estate, (viii) foreign currency and derivative gain and loss, net and (ix) equity in income and impairment of investment in 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, 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 operational cash generating capacity of a company prior to servicing debt obligations. Management also believes the use of an annualized quarterly Adjusted EBITDAre metric is meaningful because it represents our current earnings run rate for the period presented. The ratio of our total debt to our annualized quarterly Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance. 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 that is used by industry analysts and investors who look at and compare those companies. 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 annualizing Adjusted EBITDAre. Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, consists of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and removes Adjusted EBITDAre from properties 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 are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes and bonds. See page 13 for further information regarding our debt covenants.

Q3 2022 Supplemental Operating & Financial Data 31 Glossary (Cont'd) 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 pages 5 and 6) 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. Initial Weighted Average Cash Lease Yield (acquisitions) is computed as contractual cash net operating income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us). Investment Grade Clients are our clients with a credit rating, and our clients that are subsidiaries or affiliates of companies with a credit rating, as of the balance sheet date, 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 Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, less cash and cash equivalents), divided by Annualized Adjusted EBITDAre. 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 per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, less cash and cash equivalents), 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 and integration-related costs associated with our merger with VEREIT. 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. Total Portfolio Annualized Contractual Rent is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent. We believe total portfolio annualized contractual 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. Total portfolio annualized contractual rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. Total portfolio annualized contractual rent excludes unconsolidated entities.