Realty Income Corporation · NYSE:O
Realty Income — Investor Presentation (June 2025)
20 slides from Realty Income's investor presentation, June 2025
Slide 1: Power of the Platform: Making the Most of Our Market and Megatrends
Power of the Platform: Making the Most of Our Market and Megatrends June 2025
Slide 2: Disclaimer
Disclaimer The information contained in this Presentation (this “Presentation”) is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax, regulatory, accounting and/or other investment advice or as an offer to sell or a solicitation
Slide 3: Key Messages
Key Messages 1 2 3 We are distinctly positioned to benefit from two secular megatrends: We seek to deliver favorable long- Our platform is especially • The world's need for durable term risk-adjusted returns for our positioned to construct and income vehicles due to an aging stockholders, making our
Slide 4: Who We Are
Who We Are About us(1): Founded in 1969, Realty Income invests in diversified commercial real estate and has a portfolio of over 15,600 properties in all 50 U.S. states, the U.K., and six other countries in Europe. We are known as "The Monthly Dividend Company®," and have a mission to deliver stockh
Slide 5: We Sit at the Intersection of Two Global Megatrends
Megatrends Stable Returns Distinctive Platform We Sit at the Intersection of Two Global Megatrends Leading companies The need for stable worldwide looking and growing passive for long-term income for an aging funding solutions global population with partners, at scale Nearly $50T ~$14T In current an
Slide 6: Unlocking Corporate Real Estate Value
Megatrends Stable Returns Distinctive Platform Unlocking Corporate Real Estate Value Sale-Leaseback Strategy in Action Aggregate Net Lease TAM Wynn Encore Boston Harbor (Total Addressable Market) • Realty Income acquired the Encore Boston Harbor Resort and Casino for $1.7 billion in December 2022 $8
Slide 7: The U.S. Population is Aging, Living Longer & Expected to Spend More in Retirement
Megatrends Stable Returns Distinctive Platform The U.S. Population is Aging, Living Longer & Expected to Spend More in Retirement Share of 65+ population Life expectancy at birth Familial caregiver ratio (% of total population, 1960-35) (Years, 1960-23) (# of Individuals aged 45-65 divided by # of i
Slide 8: Against this Backdrop, There is a Large Gap in Retirement Income
Megatrends Stable Returns Distinctive Platform Against this Backdrop, There is a Large Gap in Retirement Income The median U.S. household faces a >30% gap between what they need and what they can sustainably withdraw(1) 100% Targeted Income Replaced in Retirement 75% 33% shortfall to meet retirement
Slide 9: Our Net Lease Business Model Appeals to Multiple Capital Pools
Megatrends Stable Returns Distinctive Platform Our Net Lease Business Model Appeals to Multiple Capital Pools Current Future Public Investors Public Investors Private Investors Passive Retail Passive Retail Active Funds Active Funds Pensions Sovereigns Insurers Non-Profits Funds Investors Funds Inve
Slide 10: Private Capital is Entering the Net Lease Space, and We are the Platform of Scale
Megatrends Stable Returns Distinctive Platform Private Capital is Entering the Net Lease Space, and We are the Platform of Scale Realty Income is Well-Positioned to Deploy Capital Multiple Private Equity Firms Have Entered the Net in Net Lease at Scale Lease Asset Class $18.5bn Blue Owl New Mountain
Slide 11: Consistent Performance, Attractive Relative Valuation
Megatrends Stable Returns Distinctive Platform Consistent Performance, Attractive Relative Valuation T.O.R.: Total Operational Return(1) Historically Outperforms Other …With a Price to Earnings Blue-Chip Public Real Estate Companies… Multiple(3) Below Peer Average 1Y Trailing 3Y Trailing 5Y Trailing
Slide 12: Superior Return per Unit of Volatility
Megatrends Stable Returns Distinctive Platform Superior Return per Unit of Volatility Realty Income has demonstrated consistency through risk-adjusted total operational return over the last 10 years Risk-Adjusted T.O.R. = T.O.R. Volatility of T.O.R. 4.10x 0.72x 0.71x 0.69x 0.60x RMZ S&P500 Mag 7 Lar
Slide 13: Realty Income Can Serve as an Anchor to Enhance Risk-Adjusted Returns
Megatrends Stable Returns Distinctive Platform Realty Income Can Serve as an Anchor to Enhance Risk-Adjusted Returns Realty Income is well-positioned to optimize a portfolio’s efficient frontier Risk-Adjusted T.O.R. = T.O.R. Volatility of T.O.R. 4.10x 90% Index / 10% Realty Income Risk-Adjusted T.O.
Slide 14: Specialized Competitive Advantages Support Continued T.O.R. and Value Creation
Megatrends Stable Returns Distinctive Platform Specialized Competitive Advantages Support Continued T.O.R. and Value Creation 1 2 3 4 Technology Scale Full-service platform “One team” = top-tier since 1969 operational results 1. Efficient & low-cost platform 1. 100% vertically 1. Predictive Analytic
Slide 15: Predictive Analytics Span the Entire Investment Lifecycle
Megatrends Stable Returns Distinctive Platform Predictive Analytics Span the Entire Investment Lifecycle and Have Played a Critical Role in Evaluating >$50B in Transaction Volume(1) Fully Embedded in Our Business System… …And Comprehensive in Scope Acquire Investment Dedicated ML models Data process
Slide 16: Predictive Analytics Case Studies
Megatrends Stable Returns Distinctive Platform Predictive Analytics Case Studies Acquisitions Leasing Development (Highest-and-Best Use) Client National Discount Retailer National Drug Store Chain National Drug Store Chain Situation First look opportunity to acquire a large retail portfolio Client r
Slide 17: Predictive Analytics is Symbiotic with Our Scaled Platform
Megatrends Stable Returns Distinctive Platform Predictive Analytics is Symbiotic with Our Scaled Platform Function US International Investments Asset management Property management Development Strategy & insights Predictive analytics Finance Legal 17
Slide 18: But Predictive Analytics is Only One of the Reasons We Focus on Scale
Megatrends Stable Returns Distinctive Platform But Predictive Analytics is Only One of the Reasons We Focus on Scale Why it matters • High flow through to earnings 1 Low cost to own & operate • Avoids need to engage in higher yield deals • Provides clients with favorable pricing • Substantial balanc
Slide 19: Scale Also Makes Our Business Highly Amenable to Private Capital
Megatrends Stable Returns Distinctive Platform Scale Also Makes Our Business Highly Amenable to Private Capital Illustrative example: our assets and TAM can be easily Our approach to private capital "productized" for private capital 1. There is a vast amount of capital seeking stable and growing ret
Slide 20: Realty Income is Real Estate Partner to The World's Leading Companies
Realty Income is Real Estate Partner to The World’s Leading Companies®