Realty Income Corporation · NYSE:O
Realty Income — Q2 2026 Earnings Presentation
49 slides from Realty Income's earnings presentation, Aug 5, 2026
Slide 1: Investor Presentation
Investor Presentation Real Estate Partner To The ® World’s Leading Companies August 2026
Slide 2: Safe Harbor For Forward-Looking Statements
Safe Harbor For Forward-Looking Statements The information contained in 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 investment advice or as an offer to sell or a solicitat
Slide 3: Presentation Roadmap
Presentation Roadmap Realty Income Investment Thesis • Who We Are 5 • Stability by Design 12 • Our Competitive Advantage 17 Growth • Scaling Durable Growth 23 Natural consolidator of corporate-owned • Realty Income Investment Management 27 real estate, a multi- trillion-dollar • Expanding Global Pre
Slide 4: The Realty Income Investment Case
The Realty Income Investment Case Superior Risk-Adjusted Returns vs. Benchmarks Growth. Income. Stability. The Realty Income Advantage Comparative Indices & Medians: SINCE O NYSE LISTING S&P Dividend Realty Income S&P 500 (10/18/1994 – 6/30/2026) Aristocrats Equity-like returns with bond-like volati
Slide 5: Who We Are
Who We Are 5
Slide 6: A Global Leader Delivering Stable Income and Consistent Growth
A Global Leader Delivering Stable Income and Consistent Growth Realty Income, an S&P 500 company, is real estate partner to the world’s leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. We are the seventh largest global REIT(1) with presence in
Slide 7: Diversified Global Portfolio Anchored by Essential Net Lease Real Estate
Diversified Global Portfolio Anchored by Essential Net Lease Real Estate PROPERTY TYPE DIVERSIFICATION GEOGRAPHIC DIVERSIFICATION % of Total Annualized Base Rent (1) % of Total Annualized Base Rent (1) 5.5% Gaming, Data Center, & Other: ~5.5% Gaming, Data Center, of total ABR(1) includes 3.1% from &
Slide 8: Highly Diversified Portfolio Across Clients and Industries
Highly Diversified Portfolio Across Clients and Industries CLIENT DIVERSIFICATION – TOP 20 CLIENTS INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES % of Total Annualized Base Rent(1) % of Total Annualized Base Rent(1) Dollar General 3.3% Tesco 1.5% Denotes IG- Grocery 11.1% Rated Client(2) 3.1% BJ’s 1.5
Slide 9: Positioned to Capitalize on Two Secular Growth Drivers
Positioned to Capitalize on Two Secular Growth Drivers Leading companies The need for stable worldwide looking and consistently for long-term growing income for Youngest cohort of funding solutions the baby boomer an aging global generation with partners, at reaching population retirement age in sca
Slide 10: $15T Total Addressable Market Across Core and High-Growth Sectors
$15T Total Addressable Market Across Core and High-Growth Sectors Expanding Total Addressable Market (By Realty Income’s Entry Date) 2010 2019 2022 2023 2026 Global Data Centers(1) > $1.0T U.S. Gaming(2) ~ $0.4T Europe(3) ~ $9.0T U.S. Industrial(3) ~ $2.0T U.S. Freestanding Retail(4) : The Foundatio
Slide 11: Competitive Advantages Help Generate Consistent Returns Across Market Cycles
Competitive Advantages Help Generate Consistent Returns Across Market Cycles Total operational returns, in %(1) Realty Income Total Operational Return 8-12% Total Operational Return Range Average 10-Year US Treasury Yield Returns 10-Y Yield (%) 25% 7% 6% 20% 5% 15% 4% 3% 10% 2% 5% 1% 0% 0% '96 '97 '
Slide 12: Stability by Design
Stability by Design 12 12
Slide 13: Triple Net Sale-Leaseback Model Designed to Deliver Stable Income
Triple Net Sale-Leaseback Model Designed to Deliver Stable Income Triple Net Lease Advantage Property Taxes Insurance Maintenance Clients are responsible for property taxes, Clients cover insurance costs, protecting us Clients handle property upkeep and repairs, reducing our operating risk and suppo
Slide 14: Why Net Lease Outperforms Other Real Estate Formats
Why Net Lease Outperforms Other Real Estate Formats Typical Attributes of Real Estate Subsectors(1) Client pays Client is Vacant units Vacancies can be Vacant units can Lease contracts can be sold re-leased for a immediately be property taxes responsible for lack co-tenancy Realty Income applies and
Slide 15: Occupancy Stability Through Various Market Environments
Occupancy Stability Through Various Market Environments CONSISTENCY BY DESIGN: Careful underwriting at acquisition Strategy of owning “mission critical” locations Diversified client industries with strong fundamentals Long initial lease term Strong underlying real estate quality Prudent disposition
Slide 16: Multi-Cycle Re-Leasing & Rent Recapture Track Record
Multi-Cycle Re-Leasing & Rent Recapture Track Record Lease Expiration Schedule(1) Provides Visibility into Future Cash Flows MAXIMIZING REAL ESTATE VALUE: Weighted average lease 40.5% Strategic management of rollovers term of 8.6 years Proactively addressing portfolio “watch list” 5.8% 7.7% 8.6% 7.0
Slide 17: Our Competitive Advantage
Our Competitive Advantage 17 17
Slide 18: A Platform Built on Four Distinct Competitive Advantages
A Platform Built on Four Distinct Competitive Advantages Scale Technology Discipline Access 2 Ability to deploy at Analytics and trade- WACC-anchored Investment-grade size, execute area intelligence underwriting with a balance sheet, complex deals, and embedded in track record of proven track record
Slide 19: Well-Laddered Balance Sheet Supported by Diverse Capital Sources
Well-Laddered Balance Sheet Supported by Diverse Capital Sources Current maturity profile(1), $ Millions Fund Credit Facility Commercial Paper EUR Denominated Notes GBP Denominated Notes $4,411 Term Loan RIC Credit Facility $3,795 Mortgages USD Denominated Notes $3,991 $3,923 Pro-Rata UJV Debt $2,53
Slide 20: Executing a Creative, Multi-Channel Capital Strategy
Executing a Creative, Multi-Channel Capital Strategy Recent debt and equity capital initiatives have expanded and diversified our sources of capital while reducing dependence on public equity issuance, strengthening financial flexibility and positioning us to fund growth across market cycles Broaden
Slide 21: Embedded Data and Analytics Drive Better, Faster, Smarter Decisions
Embedded Data and Analytics Drive Better, Faster, Smarter Decisions Seven years of proprietary analytics experience is embedded into our …and assists in supporting strong investment decision life cycle outcomes 2 ~104% rent recapture on re-leased 1 Sourcing: Tenant credit signals, properties from 20
Slide 22: Predictive Analytics Platform Informs Proactive Decision-Making
Predictive Analytics Platform Informs Proactive Decision-Making How the platform drives proactive decisions Early store-level visibility + predictive risk analytics drive disciplined actions that we believe preserve long-term value Platform Inputs Case Study: Proactive De-risking for a Home Furnishi
Slide 23: Scaling Durable Growth
Scaling Durable Growth 23 23
Slide 24: An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns
An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns Realty 3.0: Strategic Partnerships Realty 1.0: The Monthly Dividend Company® Realty 2.0: Platform and Growing at Scale & Expanding “Buy Box” 1969-2010 2010-2025 Today & Future Focus: Foundation Focus: Scale and Efficienc
Slide 25: Scale Drives Proprietary Deal Flow, Large Transactions, and Strategic Partnerships
Scale Drives Proprietary Deal Flow, Large Our advantages Transactions, and Strategic Partnerships Repeat relationships: Trusted by world’s leading companies for of total capital total sourced repeat transactions ~$74B deployed from ~$586B volume from 2019-2026 2019-2026 Low concentration risk: Large
Slide 26: Global Sourcing Scale With Disciplined Investment Selectivity
Global Sourcing Scale With Disciplined International opportunities have added more than 30% to Realty Income’s sourcing volume since 2019 Investment Selectivity SOURCED VOLUME $120.5 in billions $95.0 INTERNATIONAL $84.5 UNITED STATES $57.1 $63.6 $59.0 $39.0 $43.3 $32.0 $28.0 $30.0 $32.0 $30.9 $32.5
Slide 27: Realty Income Investment Management
Realty Income Investment Management 27
Slide 28: Realty Income Investment Management (RIM)
Realty Income Investment Management (RIM): Extending Realty Income's Capital Platform Through Private Markets Four Key Investment Management Strategic Advantages 1 Accelerate AFFO/share with Capital Light Revenue RIM allows institutional investors to invest alongside Realty Income through funds, joi
Slide 29: Our Private Capital Strategy Unlocks Additional Growth Drivers
Our Private Capital Strategy Unlocks Additional Growth Drivers Across each strategy, Realty Income’s balancePrivate Capitalonly sheet addresses Vehicles Enable a fraction ‘O’ to:opportunity set, reflecting its requirement to of the broader generate wide Year 1 spreads, while private capital vehicles
Slide 30: Clearly Defined Private Capital Vehicles
Clearly Defined Private Capital Vehicles The vehicles that comprise Realty Income Investment Management are distinct and complementary—broadening permanent equity sources while remaining anchored in our firm’s underwriting and credit discipline Realty Income Investment Management Build-to-Suit (BTS)
Slide 31: GIC Partnership: One Stop Shop for Build-to-Suit Development
GIC Partnership: One Stop Shop for Build-to-Suit Development Programmatic, strategic relationship with GIC that pairs Realty Income’s operating platform with like-minded, long- term investor to deploy and manage capital at scale $1.5B Programmatic JV $200M Mexico Build-to-Suit U.S. Core Plus Fund In
Slide 32: U.S. Core Plus Fund
U.S. Core Plus Fund Potential for enhanced returns for Realty Income through fund investments (illustrative example) Capital Diversification Introduces a complementary capital source with Standalone With U.S. Core Plus Fund less pricing volatility. Enhances funding flexibility and supports accretive
Slide 33: Apollo Strategic Partnership
Apollo Strategic Partnership Expected to represent a new source of non-dilutive, low-cost Low-Cost Equity Initial Joint Venture to Raise $1B of Low-Cost Equity for permanent equity that diversifies Realty Income’s funding sources Realty Income, with Apollo Targeting a 6.875% Unlevered IRR. 13.9% 13.
Slide 34: Apollo Partnership is Positioned to Generate Meaningful Economic Savings
For illustrative purposes only. Apollo Partnership is Positioned to Generate Meaningful Economic Savings for Realty Income When Compared to Common Equity Issuance ($ in millions) Raising equity through Apollo’s insurance capital vs. common equity issuance meaningfully lowers the long-term cost of ca
Slide 35: Retirement Annuities are a ~$500 Billion Annual Origination Market
Retirement Annuities are a ~$500 Billion Annual Origination Market Realty Income’s business model is highly synergistic with the needs of insurance capital given its long-duration, consistent, contractually secured cash flows Total U.S. annuity origination volume ($ in billions) 464 U.S. individual
Slide 36: Investing at Scale: Programmatic Data Center Joint Venture with Cloud Capital
Investing at Scale: Programmatic Data Center Joint Venture with Cloud Capital Scaling digital infrastructure through a $6B+ programmatic hyperscale partnership, extending Realty Income’s disciplined net lease model to investment-grade data center tenants Programmatic partnership with Cloud Capital t
Slide 37: Expanding Global Presence
Expanding Global Presence 37 37
Slide 38: A Diversified Global Footprint with Significant Opportunities to Expand
A Diversified Global Footprint with Significant Opportunities to Expand United States remains a core market… …with Europe and U.K. growing increasingly important PACIFIC NORTHWEST MIDWEST NORTHEAST UNITED KINGDOM 241 1.6% 3,996 20.2% 1,030 9.1% 390 15.0% Properties Total ABR Properties Total ABR Pro
Slide 39: Europe: A Fast-Growing, High-Quality Platform Opportunity
Europe: A Fast-Growing, High-Quality Platform Opportunity CONTINUED OPPORTUNITY IN THE REGION GIVEN A LARGER TOTAL ADDRESSABLE MARKET RELATIVE TO THE U.S., A FRAGMENTED COMPETITIVE LANDSCAPE, AND ATTRACTIVE RISK-ADJUSTED RETURNS 671 44 ~$18B 8.0 ~$1B ~20% 77 properties industries Gross Asset Value w
Slide 40: Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships
Unlocking Corporate Real Estate Value Through Mission-Critical Partnerships Sale-Leaseback Strategy in Action Aggregate Net Lease TAM Wynn Encore Boston Harbor (Total Addressable Market)(2) • Realty Income acquired the Encore Boston Harbor Resort and Casino for $1.7 billion in December 2022 ~$9.0 T
Slide 41: Delivering Shareholder Outcomes
Delivering Shareholder Outcomes 41 41
Slide 42: A 31-Year Track Record of Growing Monthly Dividends
A 31-Year Track Record of Growing Monthly Dividends Annualized dividend per share, $ 3.50 +4.1% 3.00 Compound Annual Dividend Growth Rate(2) 2.50 2.00 1.50 1.00 1994 1998 2002 2006 2010 2014 2018 2022 2026 S&P 500 673 115 ~5.2% Dividend Aristocrats® Annualized Dividend per Share(2) Monthly dividends
Slide 43: Demonstrated Outperformance in Periods of Market Stress
Demonstrated Outperformance in Periods of Market Stress During the thirteen S&P 500 Index 10%+ drawdowns(1) that have occurred since its 1994 listing, Realty Income shares have historically outperformed the S&P 500 Index Average Total Stockholder Return During Drawdowns(1)(2): Correlation to VIX Dur
Slide 44: Thank you
Thank you Contact: ir@realtyincome.com 44 44
Slide 45: Appendix
Appendix 45 45
Slide 46: Reconciliation of Net Income to Diluted AFFO
Appendix: Reconciliation of Net Income to Common Stockholders 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 h
Slide 47: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre
Appendix: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre and Total Debt to Net Debt(1) (USD in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 2
Slide 48: Reconciliation of Net Income to Adjusted EBITDA Margin
Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin(1) (USD in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 $ 260,968 Interest 312,083 291,940 288
Slide 49: Reconciliation of Cash G&A Expenses
Appendix: Reconciliation of Cash G&A Expenses(1) (% of GAV)(2) (USD in thousands) (unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 General and administrative $ 57,605 $ 58,885 $ 54,142 $ 55,039 $ 49,329 $ 44,044 $ 49,114 $ 41,869 $ 45,070 Share-based compensation 9