Realty Income Corporation · NYSE:O
Realty Income — Q3 2025 Earnings Presentation
30 slides from Realty Income's earnings presentation, November 2025
Slide 1: Quarterly Investor Presentation
Quarterly Investor Presentation REAL ESTATE PARTNER TO THE WORLD’S LEADING COMPANIES® November 2025
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: Realty Income is a Global Leader in a Fragmented Net Lease Sector
Realty Income is a Global Leader in a Fragmented Net Lease Sector SIZE, SCALE AND QUALITY GROWING GLOBAL PRESENCE 6th largest global ~$85B ~$5.2B A3 /A- REIT(3) with enterprise annualized credit ratings by properties in 9 value(1) base rent Moody’s & S&P countries and approximately $61B(4) in gross
Slide 4: Track Record of Attractive Total Return Through Consistent Earnings and Dividend Growth
Track Record of Attractive Total Return Through Consistent Earnings and Dividend Growth PROVEN TRACK STABILITY AND GROWTH RECORD OF RETURNS OF EARNINGS 13.7% 0.5 29 of 29 5.5% Compound Annual Beta vs. S&P 500 Years of Positive Median Annual Total Return Since Since 1994 NYSE Total Operational AFFO P
Slide 5: 3Q Results & 2025 Outlook
3Q Results & 2025 Outlook 5
Slide 6: Third Quarter Results Showcase Realty Income's Distinctive Platform
Third Quarter Results Showcase Realty Income’s Distinctive Platform Performance Reflects Realty Income’s Durable & Diversified Engine for Income • Invested $1.4 billion at an initial weighted average cash yield of 7.7%, including $1 billion deployed in Europe at an initial weighted average cash yiel
Slide 7: 2025 Earnings Guidance
2025 Earnings Guidance 2025 Guidance(1) Reference: Prior Guidance(2) NET INCOME PER SHARE(3) $1.27 to $1.29 $1.29 to $1.33 REAL ESTATE DEPRECIATION PER SHARE $2.71 $2.72 OTHER ADJUSTMENTS PER SHARE(4) $0.27 $0.23 AFFO PER SHARE(5) $4.25 to $4.27 $4.24 to $4.28 SAME STORE RENT GROWTH Approximately 1.
Slide 8: Stable Growth in a Variety of Interest Rate Environments
Stable Growth in a Variety of Interest Rate Environments On average, Realty Income has generated ~5% AFFO per share growth and ~11% total operational return(1) in a variety of interest rate environments since the company was publicly listed in 1994 10-YR TREASURY YIELD Average 10-yr Treasury Yield 2
Slide 9: Track Record of Outperformance During Market Volatility
Track Record of Outperformance During Market Volatility During the thirteen S&P 500 Index 10%+ drawdowns(1) that have occurred since its 1994 listing, Realty Income shares have consistently outperformed the S&P 500 Index Total Stockholder Return During Times of Distress(2): Correlation to VIX During
Slide 10: Operations
Operations 10
Slide 11: Diversified & High-Quality Portfolio
Diversified & High-Quality Portfolio INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES % of Total Annualized Base Rent(1) Grocery 10.8% CLIENT DIVERSIFICATION – TOP 20 CLIENTS Convenience Stores % of Total Annualized Base Rent(1) 9.7% Denotes IG- Rated Client(2) Home Improvement 6.4% Dollar Stores 6.2% 7
Slide 12: Demonstrated Stability Across Market Cycles, Driven by Size, Scale & Diversification
Demonstrated Stability Across Market Cycles, Driven by Size, Scale & Diversification Minimal historical credit loss from 2014 to 2024, underpinned by high-quality & diverse portfolio with deep platform expertise PROPERTY FUNGIBILITY ANNUALIZED BASE RENT(1) Focus on high-quality real estate in good l
Slide 13: Historically Stable Cash Flows Supported by High-Quality Real Estate Portfolio
Historically Stable Cash Flows Supported by High-Quality Real Estate Portfolio CONSISTENCY BY DESIGN: Careful underwriting at acquisition Strategy of owning “mission critical” locations Long initial lease term Diversified client industries with strong fundamentals Strong underlying real estate quali
Slide 14: Proven Track Record of Value-Add Asset and Portfolio Management
Proven Track Record of Value-Add Asset and Portfolio Management Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows MAXIMIZING REAL ESTATE VALUE: Weighted average lease 44.5% Strategic management of rollovers term of 8.9 years Proactively addressing portfolio “watch list” Resolve
Slide 15: Investments
Investments 15
Slide 16: Scalable, Accretive, and Diversifying: The Power of Net Lease Breadth
Scalable, Accretive, and Diversifying: The Power of Net Lease Breadth Proven Execution of New Initiatives Has Helped Reduce Risk and Bolster Growth Current Size by Vertical(1) $10.6B $9.7B $2.7B (2) $2.4B Includes $5.6B of Retail Multi- $2.0B Tenant Net Lease Assets Includes $0.6B of Retail Multi- T
Slide 17: Realty Income's External Growth Opportunities are Broad and Diverse
Realty Income’s External Growth Opportunities International opportunities have added more than are Broad and Diverse 30% to Realty Income’s sourcing volume since 2019 SOURCED VOLUME $95 $97 in billions $85 INTERNATIONAL UNITED STATES $64 $57 $59 $39 $43 $32 $28 $30 $32 $24 $13 $17 $6 2010 2011 2012
Slide 18: Diversifying Capital Sources to Capture Abundant Opportunities
Diversifying Capital Sources to Capture Abundant Opportunities 2020 TO 2024 2025 YEAR-TO-DATE ~$345B ~$97B Sourced Volume Sourced Volume EXPANDING CAPITAL SOURCES • From 2020 to 2024, we sourced ~$345B of potential investment opportunities, selectively acquiring ~$31B • Through 3Q 2025, we have sour
Slide 19: Investment Strategy Illustration
Investment Strategy Illustration Weighted average cost of capital (WACC) viewpoint balances near-term earnings per share growth with long-term value accretion LONG-TERM KEY ASSUMPTIONS & CALCULATION: KEY ASSUMPTIONS & CALCULATION: Weighted Average Cost of Capital LONG-TERM COST OF EQUITY LONG-TERM W
Slide 20: Europe Remains a Compelling Growth Market for Realty Income
Europe Remains a Compelling Growth Market for Realty Income CONTINUED OPPORTUNITY IN THE REGION GIVEN A LARGER TOTAL ADDRESSABLE MARKET RELATIVE TO THE U.S., A FRAGMENTED COMPETITIVE LANDSCAPE, AND A FAVORABLE COST OF DEBT CAPITAL 572 44 8 ~8.3 ~$926M 17.7% 60 properties industries countries weighte
Slide 21: Private Capital
Private Capital 21
Slide 22: Private Capital: A Natural Evolution
Leverages Realty Income’s core strengths, including expertise in 1 net sourcing, underwriting, and value-maximizing a vast portfolio of lease real estate Private Capital 2 Cultivates an additive source of attractive equity in private markets estimated to be ten times larger than public markets (1) A
Slide 23: Enhanced Unit-Level Investment Economics Illustration
Enhanced Unit-Level Investment Economics Illustration ILLUSTRATIVE EXAMPLE: POTENTIAL FOR ENHANCED RETURNS FOR REALTY INCOME THROUGH FUND INVESTMENTS “STANDALONE” ASSUMPTIONS +260 bps 12.8% Cap rate: 7.5% Investment Spread LTV: 35% 10.1% 8.8% REIT Ownership: 100% 7.5% With every dollar of Fees to Re
Slide 24: Balance Sheet
Balance Sheet 24
Slide 25: Strong Balance Sheet – One of Ten S&P 500 REITs with Two A3/A- Ratings
Strong Balance Sheet – One of Ten S&P 500 REITs with Two A3/A- Ratings or Better(1) Commercial Paper CURRENT DEBT MATURITY PROFILE EUR Denominated Notes in millions GBP Denominated Notes Term Loan (2) Revolver Mortgages $4,229 $3,875 $3,524 $3,548 USD Denominated Notes Pro-Rata UJV Debt $2,501 $2,47
Slide 26: Significant Liquidity and Strong Credit Ratings Support Enhanced Financial Flexibility
Significant Liquidity and Strong Credit Ratings Support Enhanced Financial Flexibility ~$3,488 ~$550 (in millions) Liquidity(1)(2) Debt obligations through 2025(3) As of September 30, 2025, our availability under the Revolver credit facilities is provided through the Realty Income Availability, revo
Slide 27: Appendix
Appendix 27
Slide 28: Reconciliation of Net Income to Diluted AFFO and Diluted AFFO per Share
Reconciliation of Net Income to Diluted AFFO(1) and Diluted AFFO per Share (USD and shares in thousands, except per share amounts) (unaudited) Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously report
Slide 29: Reconciliation of Net Income to Diluted AFFO and Diluted AFFO per Share (cont.)
Reconciliation of Net Income to Diluted AFFO(1) and Diluted AFFO per Share (cont.) (USD and shares in thousands, except per share amounts) (unaudited) Years ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 ($) ($) ($) ($) ($) Net income available to com
Slide 30: Reconciliation of Net Debt to Annualized Pro Forma Adjusted EBITDAre
Reconciliation of Net Debt to Annualized Pro Forma Adjusted EBITDAre(1) (USD in thousands) (unaudited) Three months ended September 30, 2025 ($) Net income 317,674 Interest 294,482 Income taxes 23,824 Depreciation and amortization 631,981 Provisions for impairment 86,972 Merger, transaction, and oth