Realty Income Corporation · NYSE:O
Realty Income — Investor Presentation (2025)
29 slides from Realty Income's investor presentation, 2025
Slide 1: Real Estate Partner to The World's Leading Companies
Real Estate Partner to The World’s Leading Companies®
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 Investment Thesis
Realty Income Investment Thesis Growth • Annual Company Overview.……………………….. 4 Positive total operational return in • Growth……………………………………………………... 13 29 of 29 years as a • Income…………………………………………………..…. 19 public company • Stability……………………………………………………. 21 • Why Now?.................................
Slide 4: Annual Company Overview
Annual Company Overview 4
Slide 5: Realty Income's Value Proposition
Realty Income’s Value Proposition Proven Performance, Increasing Dividends, Fortified Stability and Thoughtful Growth Since 1994 NYSE Listing Track Record Consistent Favorable Credit Positioned for of Returns Dividends Ratings Continued Growth 13.5% 4.2% A3 / Stable ~$14 Trillion Compound Annual Tot
Slide 6: Who We Are
Who We Are What is a triple net lease? Realty Income (NYSE: O), an S&P 500 company, is real estate • Client is responsible for certain property expenses partner to the world's leading companies®. Founded in 1969, we (e.g., property taxes, insurance, maintenance, and utilities), in addition to rent,
Slide 7: What We Offer
What We Offer Consistent Returns with Limited Downside Volatility Comparative Medians: TOP S&P DOW JONES CONSUMER S&P 500 DIVIDEND INDUSTRIAL STAPLE ARISTOCRATS FIRMS(6) TOTAL OPERATIONAL RETURN (‘TOR’) 9% 9% 9% 6% 7% (2015-2024 CAGR) (1) DOWNSIDE VOLATILITY 0% 19% 15% 19% 18% (TOR < 0%, 2015-2024)
Slide 8: The Power of Single-Tenant Net Lease Real Estate
The Power of Single-Tenant Net Lease Real Estate Typical Attributes of Real Estate Subsectors (1) Vacant units Vacancies can Vacant units Client pays Client is Lease can be sold be re-leased to can property taxes responsible for contracts lack individually variety of uses immediately be and all prop
Slide 9: Secular Growth Thesis: Opportunity to Consolidate Significant Addressable Market
Secular Growth Thesis: Opportunity to Consolidate Significant Addressable Market Quantum of opportunity and low market Europe is an attractive growth saturation affords ample runway for growth avenue with limited direct competition AGGREGATE NET LEASE PUBLIC NET LEASE Market EUROPE Peers UNITED STAT
Slide 10: Evolution of the Realty Income Business Model
Evolution of the Realty Income Business Model Realty Income’s expansion into new verticals has significantly increased the size of our total addressable market TAM Realty Income’s diversified ~$14T portfolio aims to maximize rate of return for the specified level Expanding Total of risk Addressable
Slide 11: Total Operational Return Stability: Proven Performance Across Economic Cycles
Total Operational Return Stability: Proven Performance Across Economic Cycles Produced positive Total Operational Return each year since listing in 1994 ~6% Historical Avg. ~5% Historical Avg. AFFO ~11% Historical Avg. Total Dividend Yield per Share CAGR Operational Return(1) Delivered consistent pe
Slide 12: Attractive Risk/Reward vs. S&P
Attractive Risk/Reward vs. S&P 500 S&P 500 Members: Total Operational Return vs. Downside Volatility (2015-2024)(1)(2) Return CAGR(3): 8.5% 30% Downside Volatility: 0.0% Realty Income has delivered attractive returns with zero TOTAL OPERATIONAL RETURN CAGR SINCE 2015 20% years of total operational r
Slide 13: Growth
History of Consistent AFFO per Share Growth AFFO per share growth, comprised of both external sources and internal cash flow growth, is an important component of Growth Realty Income’s total operational return to stockholders 13
Slide 14: Highly Selective Investment Strategy
Highly Selective Investment Strategy From Over a Decade of Sourcing (2010-2024): $624bn Sourced Volume 8% of Sourced Volume has been Acquired $50bn Investment Volume Growth 14
Slide 15: Refined Investment Criteria Across Verticals
Refined Investment Criteria Across Verticals Realty Income’s investment criteria can be applied across industries, property types and geographies Property Client • Long-term lease • Leading operator with embedded growth in respective industry • Attractive, high-quality • Non-discretionary, low Strat
Slide 16: AFFO Growth Has Accelerated with Size and Scale
AFFO Growth Has Accelerated with Size and Scale Average AFFO Per Share Growth 6.3% AFFO growth supported by new geographies and new verticals(1) $3.9B US Data Centers Annual Investment Volume US Retail 4.5% International Retail US Industrial International Industrial 1996-2012 2013-2024 $1.2B Average
Slide 17: Platform Creates Opportunities to Execute Large Transactions
Platform Creates Opportunities to Execute Large Transactions Throughout 2023 and 2024, Realty Income deployed $13.4B into investments, including Why Realty nearly Income $6.8B invested in seven unique transactions, illustrating: • Deep sourcing expertise across a broad scope of property types, indus
Slide 18: Portfolio Strength Offers Dependable Cash Flow
Portfolio Strength Offers Dependable Cash Flow High-quality clients, properties, and geographies support consistent and dependable rent growth within existing portfolio 2.8% Annual Same Store Rent Growth(1) 1.8% 1.9% 1.5% 1.6% 1.4% 1.3% 1.4% 1.3% 1.1% 1.2% Average 0.8% 1.0% 0.9% 1.0% 0.7% 0.6% 0.4%
Slide 19: Income
Attractive Income Potential As “The Monthly Dividend Company®,” consistent and steady dividend increases remain at the forefront of Realty Income’s business model Income 19
Slide 20: Dividend Growth
Dividend Growth Strong dividend track record: over 30 consecutive years of rising dividends Annualized Dividend per Share(2) 661 111 $3.228 monthly dividends consecutive quarterly declared increases +4.2% Compound Annual Dividend S&P 500 Dividend Growth Rate(2) Aristocrats® Index Member(1) (1) The S
Slide 21: Proven Stability Underpinned by Key Differentiators
Proven Stability Underpinned by Key Differentiators 01 Stability Portfolio Diversification Diversification across geography, client mix, industry, and property type helps insulate Realty Income’s portfolio from idiosyncratic risks 02 Underwriting Discipline Realty Income focuses on high quality prop
Slide 22: Fortified Portfolio with Purposeful Geographic Diversity
Fortified Portfolio with Purposeful Geographic Diversity Realty Income’s portfolio of more than 15,600 properties is highly diversified across the globe Geographic diversity mitigates potential risks associated PACIFIC NORTHWEST with localized consumer trends, regional economic 240 1.7% MIDWEST slow
Slide 23: Portfolio is Unconstrained by Industry & Property Type
Portfolio is Unconstrained by Industry & Property Type Industry(1) Property Type Focus on non-discretionary, low price point, service-oriented Retail is at the foundation of the portfolio, with room for new net lease structure growth verticals Convenience 10.2% Grocery 10.1% Retail 79.4% Dollar stor
Slide 24: Partnering with the World's Leading Companies
Partnering with the World’s Leading Companies Realty Income’s portfolio of clients are leaders in their industries, spanning categories such as grocery, drug stores, convenience, and gaming Top 15 Clients by Percentage of Total Portfolio Annualized Contractual Rent(1) A diverse portfolio helps prote
Slide 25: Diversified Real Estate Portfolio Supports Cash Flow Stability
Diversified Real Estate Portfolio Supports Cash Flow Stability ~91% Historical Bad Debt as a Percentage of Total Revenue(1) 3.1% Portfolio quality evident of total rent is resilient to economic downturns in through-cycle performance: and/or insulated from e-commerce pressures ~0.4% (including 2020’s
Slide 26: Strong Balance Sheet and Single-A Credit Ratings Afford Financial Flexibility
Strong Balance Sheet and Single-A Credit Ratings Afford Financial Flexibility Commercial Paper EUR Denominated Notes GBP Denominated Notes CURRENT DEBT MATURITY PROFILE(1) Term Loan in millions Revolver $4,185 $4,261 Mortgages $3,544 Unsecured Notes $3,192 Pro-Rata UJV Debt $2,501 $2,487 $2,575 $2,2
Slide 27: Why Now?
Why Now? 27
Slide 28: Investment Proposition
Investment Proposition Why Realty Why Realty Income Income Growth: 29 of 29 years of positive total operational return since public listing in 1994 S&P 500 Dividend Aristocrat with over 30 Income: consecutive years of dividend increases Proven and consistent results in a Stability: variety of econom
Slide 29: Committed to Advancing Sustainability Strategy
Committed to Advancing Sustainability Strategy As real estate partner to the world’s leading companies®, Realty Income’s thoughtful collaborations with clients and strategic partners allow the company to adopt sustainable practices across the value chain to contribute to a more equitable, inclusive,