Realty Income Corporation · NYSE:O
Realty Income — Q1 2026 Earnings Presentation
59 slides from Realty Income's earnings presentation, May 6, 2026
Slide 1: Supplemental Operating & Financial Data Q1 2026
Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q1 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Q1 2026 Supplemental Operating & Financial Data 2 Forward-Looking Statements March 31, 2026 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
Slide 3: Table of Contents
# # Table of Contents Highlights 4 Corporate Overview 6 Highlights 13 Summary Financial Information Financial Summary 15 Consolidated Balance Sheets 16 Consolidated Statements of Income 18 Private Capital Summary 19 Non-GAAP Pro-Rata Financial Information 20 Annualized Pro Forma Cash Net Operating I
Slide 4: Corporate Overview
Q1 2026 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE Realty Income (NYSE: O), 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. As of March 31, 2026, w
Slide 5: Corporate Overview
Q1 2026 Supplemental Operating & Financial Data 5 98.9%(4) occupancy Corporate Overview As of March 31, 2026 (1) Based on Annualized Base Rent. 2.4% of Annualized Base Rent is from other property types. Annualized Base Rent is a supplemental operating measure. Please see the Glossary for our definit
Slide 6: Highlights: Financial Overview
Q1 2026 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.28 $0.22 $0.35 $0.32 $0.33 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4x 5.5x 5.3x 5.3x 5.2x Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1
Slide 7: Highlights: Portfolio Overview
Q1 2026 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in millions) Number of Properties 12,237 13,458 15,621 15,511 15,571 11,966 13,007 15,099 14,893 14,906 Domestic International Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2026 Occupancy (by number of properties)
Slide 8: Highlights: Operational Metrics
Q1 2026 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 94.3% 95.1% 94.9% 94.6% 94.7% 2022 2023 2024 2025 Q1 2026 Property Expenses Margin (non-reimbursements) (as % of total revenue) 1.3% 1.1% 1.5% 1
Slide 9: Highlights: Company Metrics
Q1 2026 Supplemental Operating & Financial Data 9 Highlights (Continued) Company Metrics (in USD) Annualized Dividends Declared Per Share $2.982 $3.078 $3.168 $3.240 $3.246 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2026 Annualized Dividend Yield 4.7% 5.4% 5.9% 5.7% 5.3% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2
Slide 10: Highlights: Capital Deployment – Investment Activity
Q1 2026 Supplemental Operating & Financial Data 10 Real Estate Acquisitions $8,187 $7,184 $2,475 $4,077 $1,433 2022 2023 2024 2025 Q1 2026 Development Investments $808 $1,497 $757 $534 $155 Domestic International 2022 2023 2024 2025 Q1 2026 Other Investments $— $858 $2,132 $1,608 $1,032 Domestic Int
Slide 11: Highlights: Capital Deployment – Initial Weighted Average Cash Yields
Q1 2026 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% 8.7% 8.9% 8.2% 7.8% 2022 2023 2024 2025 Q1 2026 Real Estate Acquisitions 6.0% 7.0% 7.0% 7.0% 6.7% 2022 2023 2024 2025 Q1 2026 Development Invest
Slide 12: Highlights: Private Capital Metrics
Q1 2026 Supplemental Operating & Financial Data 12 Highlights (Continued) Private Capital Metrics (USD in millions) U.S. Core Plus Fund AUM $— $— $— $2,674 $2,718 $760 $642 $1,914 $2,076 Current Year Realty Income share Current Year Third-party investor's share Q4 2022 (1) Please see the Glossary fo
Slide 13: Summary Financial Information
Q1 2026 Supplemental Operating & Financial Data 13 Summary Financial Information (USD in millions) Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Capital Deployment Investment Activ
Slide 14: Summary Financial Information (Continued)
Q1 2026 Supplemental Operating & Financial Data 14 Summary Financial Information (Continued) (USD in millions) As of March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Portfolio Highlights GAV(6) U.S. $ 6
Slide 15: Consolidated Balance Sheets
Q1 2026 Supplemental Operating & Financial Data 15 March 31, 2026 December 31, 2025 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,628,769 18,368,029 Buildings and improvements 44,464,843 43,824,410 Total real estate held for investment, at cost 63,093,612 62,192,439 Less accumulat
Slide 16: Consolidated Statements of Income
Q1 2026 Supplemental Operating & Financial Data 16 Three months ended March 31, 2026 2025 ($) ($) REVENUE Rental (including reimbursements) 1,440,817 1,313,057 Interest income on financing receivables 32,130 32,635 Interest and dividend income on loans and preferred equity investments 70,110 34,736
Slide 17: Consolidated Statements of Income (continued)
Q1 2026 Supplemental Operating & Financial Data 17 Consolidated Statements of Income (continued) (USD in thousands) (unaudited) Supplementary Information Three months ended March 31, 2026 ($) 2025 ($) Minimum rent 1,305,578 1,222,667 Tenant reimbursement income 97,485 87,378 Straight-line rents 41,2
Slide 18: Private Capital Summary
Q1 2026 Supplemental Operating & Financial Data 18 Vehicle Asset Class Structure Established Region Consolidated/ Unconsolidated Realty Income Ownership % March 31, 2026 Managed Insurance and Retirement Annuity AUM Retail Perpetual Insurance and Annuity 2026 U.S Consolidated 51.0% U.S. Core Plus Fun
Slide 19: Non-GAAP Pro-Rata Financial Information
Q1 2026 Supplemental Operating & Financial Data 19 Three Months Ended March 31, 2026 Noncontrolling interests in consolidated subsidiaries(1) Company's share from unconsolidated entities(2) ($) ($) Minimum rent 24,092 20,273 Tenant reimbursement income 3,270 2,120 Straight-line rents 1,399 4,024 Abo
Slide 20: Annualized Pro Forma Cash Net Operating Income (NOI)
Q1 2026 Supplemental Operating & Financial Data 20 Three Months Ended March 31, 2026 ($) Total rental revenues 1,440,817 Interest income on financing receivables(1) 32,130 Less: Tenant reimbursement income (97,485) Less: Straight-line rental revenue (41,225) Plus: Amortization of above and below-mar
Slide 21: Funds From Operations (FFO) and Normalized FFO
Q1 2026 Supplemental Operating & Financial Data 21 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and
Slide 22: Adjusted Funds From Operations (AFFO)
Q1 2026 Supplemental Operating & Financial Data 22 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and
Slide 23: AFFO (Continued)
Q1 2026 Supplemental Operating & Financial Data 23 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the FFO and Normalized FFO page. (
Slide 24: Capitalization & Financial Ratios
Q1 2026 Supplemental Operating & Financial Data 24 Capitalization & Financial Ratios as of March 31, 2026 (USD in millions and shares in thousands, except per share data) Capitalization Equity Shares/Units Stock Price ($) Market Value ($) Common Stock(1) 932,474 61.18 57,049 Common Units(2) 2,682 61
Slide 25: Debt Summary
Q1 2026 Supplemental Operating & Financial Data 25 Debt Summary as of March 31, 2026 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 49 s
Slide 26: Debt Summary by Currency
Q1 2026 Supplemental Operating & Financial Data 26 Debt Summary by Currency as of March 31, 2026 (USD in millions) Pro-Rata Share(1) Currency Revolvers and Commercial Paper ($) Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Proportionate Share of Joint Venture De
Slide 27: Debt Maturities
Q1 2026 Supplemental Operating & Financial Data 27 Debt Maturities as of March 31, 2026 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate(2) Year Principal Due Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured N
Slide 28: Adjusted EBITDAre & Coverage Ratios
Q1 2026 Supplemental Operating & Financial Data 28 Adjusted EBITDAre & Coverage Ratios (USD in thousands) (unaudited) Three months ended March 31, 2026 Net income $ 320,935 Interest 291,940 Income taxes 26,195 Depreciation and amortization 630,275 Executive severance charge(2) 1,591 Provisions for i
Slide 29: Debt Covenants
Q1 2026 Supplemental Operating & Financial Data 29 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.4% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.2% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.7
Slide 30: Investment Summary
Q1 2026 Supplemental Operating & Financial Data 30 Q1 2026 Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years)(1) Number of Properties Acquisitions U.S. wholly-owned 372.4 372.4 10.0 83 U.S. Core Plus Fund 171.4 65.9 9.7 21 Europe wholly-owned 756.1 756.1 5.8 42 Non-wholly owned(2) 2
Slide 31: Investment Summary (Continued)
Q1 2026 Supplemental Operating & Financial Data 31 Investment Summary (Continued) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures by adding our investments in unconsolidated entities and deducting noncon
Slide 32: Credit Investments
Q1 2026 Supplemental Operating & Financial Data 32 Investments in Loans Investments in Preferred Equity Number of Investments in Loans 19 Number of Investments in Preferred Equity 2 Total Commitments $3,117 Total Commitments $1,454 Principal Balance $2,730 Investment Balance $1,454 Weighted Average
Slide 33: Disposition Summary
Q1 2026 Supplemental Operating & Financial Data 33 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (%) Q1 2026 Occupied 19 49,283 59,537 7.2 Vacant 78 103,054 128,442 Total real estate dispositions 97 152,337 187,979 Disposition Summary (USD in thousand
Slide 34: Development Activity
Q1 2026 Supplemental Operating & Financial Data 34 Development Activity (USD in thousands) Consolidated New development(1) and development of existing properties Beginning CIP(2) as of January 1, 2026 Q1 2026 Placed in Service Q1 2026 Investment(3) Ending CIP(2) as of March 31, 2026 Forecasted Remai
Slide 35: Client Diversification
Q1 2026 Supplemental Operating & Financial Data 35 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 Dollar General 1,829 3.3 BBB / Baa3 / - 2 7-Eleven 803 3.2 A- / Baa2 / - 3 Walgreens 396 3.1 — 4 Family Dollar 1,253 2.6 — 5 Li
Slide 36: Investment Grade Clients
Q1 2026 Supplemental Operating & Financial Data 36 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Number of Investment Grade Leases 5,367 5,294 5,255 6,464 6,499 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 32.0% 32.2% 31.5% 33.9% 34.3% Inv
Slide 37: Top 20 Industries
Q1 2026 Supplemental Operating & Financial Data 37 As of March 31, 2026 December 31, 2025(2) (%) (%) Grocery 11.0 11.1 Convenience Stores 9.4 9.5 Home Improvement 6.4 6.4 Dollar Stores 6.0 6.1 Restaurants-Quick Service 4.8 4.8 Automotive Service 4.3 4.3 Drug Stores 4.2 4.3 Health and Fitness 4.2 4.4
Slide 38: Geographic Diversification
Q1 2026 Supplemental Operating & Financial Data 38 Geographic Diversification(1) As of March 31, 2026 (1) Based on Annualized Base Rent ("ABR"). Please see the Glossary for our definition of Annualized Base Rent. PRESENCE IN ALL 50 U.S. STATES, THE U.K., AND EIGHT OTHER COUNTRIES IN EUROPE MIDWEST 3
Slide 39: Property Type Composition
Q1 2026 Supplemental Operating & Financial Data 39 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of March 31, 2026(2) ($) Percentage of Annualized Base Rent as of March 31, 2026(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%) Retail
Slide 40: Same Store Rental Revenue
Q1 2026 Supplemental Operating & Financial Data 40 Q1 2026 Same Store Rental Revenue Number of properties 14,738 YTD 2026 $ 1,192,583 YTD 2025 $ 1,182,558 $ change $ 10,025 % change 0.8% Top 3 Industries Contributing to the Change(3) Three months ended March 31, Industry 2026 2025 $ Change % Change(
Slide 41: Same Store Rental Revenue Reconciliation
Q1 2026 Supplemental Operating & Financial Data 41 Three months ended March 31, 2026 2025 ($) ($) Rental revenue (including reimbursements) 1,440,817 1,313,057 Constant currency adjustment(3) (5,106) 11,324 Straight-line rent and other non-cash adjustments (41) (976) Contractually obligated reimburs
Slide 42: Leasing Activity
Q1 2026 Supplemental Operating & Financial Data 42 Q1 2026 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 58,482 $ 12,374 $ 70,856 New cash rents* $ 59,991 $ 13,298 $ 73,289 Recapture rate 102.6% 107.5% 103.4% Number of leases 264 37 301 Average months vacant —
Slide 43: Lease Expirations
Q1 2026 Supplemental Operating & Financial Data 43 (1) Leases on our multi-client properties are counted separately in the table above. (2) Of the 17,426 in-place leases in the portfolio, 13,972, or 80.2%, were under leases that provide for increases in rents through: base rent increases tied to inf
Slide 44: Earnings Guidance
Q1 2026 Supplemental Operating & Financial Data 44 Earnings Guidance Revised 2026 Guidance Prior 2026 Guidance(1) YTD Actuals at March 31, 2026 Net income per share(2) $1.60 - $1.63 $1.65 - $1.69 $0.33 Real estate depreciation per share $2.65 $2.68 $0.67 Other adjustments per share(3) $0.16 $0.05 $0
Slide 45: Analyst Coverage
Q1 2026 Supplemental Operating & Financial Data 45 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-3081 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo
Slide 46: Glossary
Q1 2026 Supplemental Operating & Financial Data 46 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to
Slide 47: Glossary (Continued)
Q1 2026 Supplemental Operating & Financial Data 47 Assets Under Management ("AUM") represent the assets of the open-ended private capital vehicle and managed insurance and retirement annuity capital partnerships to which Realty Income provides investment management, advisory or certain other investm
Slide 48: Glossary (Continued)
Q1 2026 Supplemental Operating & Financial Data 48 Net Debt and Preferred Stock/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less consolidat
Slide 49: Appendix
Q1 2026 Supplemental Operating & Financial Data 49 Appendix (USD in thousands) (unaudited) Table of Contents ↪ Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($) ($) ($) ($) ($) Net income 320,935 301,636 317,674 199,011 251,462 Interest 291,940 2
Slide 50: Appendix (Continued)
Q1 2026 Supplemental Operating & Financial Data 50 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 ($) ($) ($) ($) Net income 201,350 271,124 260,968 133,899 Interest 268,149 261,261 246,931
Slide 51: Appendix (Continued): Reconciliation to Diluted AFFO
Q1 2026 Supplemental Operating & Financial Data 51 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Three months ended March 31, 202
Slide 52: Appendix (Continued): Annual AFFO Reconciliation
Q1 2026 Supplemental Operating & Financial Data 52 Appendix (Continued)* (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income availa
Slide 53: Appendix (Continued)
Q1 2026 Supplemental Operating & Financial Data 53 Table of Contents ↪ Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this
Slide 54: Appendix (Continued): Annual Adjusted EBITDA
Q1 2026 Supplemental Operating & Financial Data 54 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 ($) ($) ($) ($) Net income 1,069,783 867,341 876,914 872,416 Interest 1,134,879 1,016,955 730
Slide 55: Appendix (Continued): Quarterly Adjusted EBITDA
Q1 2026 Supplemental Operating & Financial Data 55 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($) ($) ($) ($) ($) Net income 320,935 301,636 317,674 199,011 251,462 Intere
Slide 56: Appendix (Continued): Quarterly Adjusted EBITDA 2024
Q1 2026 Supplemental Operating & Financial Data 56 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 ($) ($) ($) ($) Net income 201,350 271,124 260,968 133,899 Interest 268,149 261,261 246,931
Slide 57: Appendix (Continued): Cash G&A Reconciliation
Q1 2026 Supplemental Operating & Financial Data 57 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 ($) ($) ($) ($) General and administrative 202,554 176,895 144,536 138,459 Share-based compen
Slide 58: Appendix (Continued): Property Expenses Reconciliation
Q1 2026 Supplemental Operating & Financial Data 58 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ RECONCILIATION OF PROPERTY EXPENSES (NON-REIMBURSEMENTS)(% OF TOTAL REVENUE)(1) (1) Total revenue excluding client reimbursements. Three months ended March 31, 2026 December 31,
Slide 59: GAAP Reconciliation to Pro-Rata Cash NOI
Q1 2026 Supplemental Operating & Financial Data 59 Three Months Ended March 31, 2026 GAAP Reconciliation: ($) Net Income 320,935 General and administrative 58,885 Depreciation and amortization 630,275 Provisions for impairment 129,268 Merger, transaction and other costs 10,787 Interest expense 291,9