Realty Income Corporation · NYSE:O
Realty Income — Merger or Acquisition (April 2026)
9 slides from Realty Income's merger presentation, Apr 7, 2026
Slide 1: Realty Income and Apollo to Establish Strategic Partnership
Realty Income and Apollo to Establish Strategic Partnership April 7, 2026
Slide 2: Safe Harbor for Forward-Looking Statements
Safe Harbor for Forward-Looking Statements 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 Securities Exchange Act of 1934, as amended. When
Slide 3: Partnership Between Two Highly-Aligned Platforms to Deliver Predictable, Long-Duration Income
Partnership Between Two Highly-Aligned Platforms to Deliver Predictable, Long-Duration Income Realty Income and Apollo are partnering in what is expected to be a programmatic long-term structure designed for scaled, repeatable funding over time We were founded in 1969 to provide monthly income to Ap
Slide 4: Joint Venture to Provide Apollo Access to a Diversified Portfolio
Joint Venture to Provide Apollo Access to a Diversified Portfolio Backed by Realty Income’s Data-Driven, Proactive Asset Management Strategy Joint venture anticipated to reflect a diversified portfolio of assets across the US, which is representative of Realty Income’s broader portfolio JV Portfolio
Slide 5: Initial Joint Venture to Raise $1B of Low-Cost Equity for Realty Income, with Apollo
Initial Joint Venture to Raise $1B of Low-Cost Equity for Realty Income, with Apollo Targeting a 6.875% Unlevered IRR Expected to represent a new source of low-cost permanent equity that diversifies Realty Income’s funding sources Repeatable Flexible Equity with $1B of Equity Low-Cost, Realty Income
Slide 6: New Source of Low-Cost Equity Expected to Reduce Realty Income's Long-Term WACC
New Source of Low-Cost Equity Expected to Reduce Realty Income’s Long-Term WACC Joint venture expected to provide Realty Income with an additional source of permanent equity which is priced independently of the public equity markets Realty Income’s Long-Term USD Cost of Capital Implied JV Cost of Ca
Slide 7: JV Equity Capital Highly Accretive Over the Long Term
JV Equity Capital Highly Accretive Over the Long Term Apollo’s Target IRR expected to be meaningfully lower than Realty Income’s long-term cost of public equity Unlike traditional equity funding, Apollo's investment is subject to a fixed all-in return within the call window Realty Income’s impli
Slide 8: Lowering Cost of Capital Through Capped Insurance Economics
For illustrative purposes only. Lowering Cost of Capital Through Capped Insurance Economics Expected Realty Income Illustrative Savings From Annualized Distribution and Call Price at Future Value | ($ in Millions) Annual Distributions for $1B of Equity Raised(1) Call Period Apollo's Share of JV AFFO
Slide 9: Strategic Partnership Positioned to Generate Meaningful Economic Savings When Compared to Common Equity Issuance
For illustrative purposes only. Strategic Partnership is Positioned to Generate Meaningful Economic Savings to Realty Income When Compared to Common Equity Issuance ($ in Millions) Raising equity through Apollo’s insurance capital vs. regular way equity meaningfully lowers the long-term cost of capi