Realty Income Corporation · NYSE:O
Realty Income — Q3 2025 Earnings Presentation
51 slides from Realty Income's earnings presentation, Nov 3, 2025
Slide 1: Supplemental Operating & Financial Data Q3 2025
Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q3 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements
Q3 2025 Supplemental Operating & Financial Data 2 Forward-Looking Statements September 30, 2025 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
Slide 3: Table of Contents
5 Table of Contents Highlights 4 Corporate Overview 6 Highlights 12 Summary Financial Information Financial Summary 14 Consolidated Statements of Income 15 Funds From Operations (FFO) and Normalized Funds From Operations (Normalized FFO) 16 Adjusted Funds From Operations (AFFO) 18 Consolidated Balan
Slide 4: Corporate Overview
Q3 2025 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 September 30, 202
Slide 5: Corporate Overview
Q3 2025 Supplemental Operating & Financial Data 5 98.7%(4) occupancy Corporate Overview As of September 30, 2025 (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 def
Slide 6: Highlights: Financial Overview
Q3 2025 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.30 $0.23 $0.28 $0.22 $0.35 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4x 5.4x 5.4x 5.5x 5.4x Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3
Slide 7: Highlights: Portfolio Overview
Q3 2025 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in millions) Number of Properties 11,136 12,237 13,458 15,621 15,542 10,963 11,966 13,007 15,099 14,970 Domestic International Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Occupancy (by number of properties)
Slide 8: Highlights: Operational Metrics
Q3 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.7% 2021 2022 2023 2024 YTD 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.2% 2021 2022 2
Slide 9: Highlights: Company Metrics
Q3 2025 Supplemental Operating & Financial Data 9 Highlights (Continued) Company Metrics (in USD) Annualized Dividends Declared Per Share $2.958 $2.982 $3.078 $3.168 $3.234 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Annualized Dividend Yield 4.1% 4.7% 5.4% 5.9% 5.3% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2
Slide 10: Highlights: Capital Deployment – Investment Activity
Q3 2025 Supplemental Operating & Financial Data 10 Highlights (Continued) Capital Deployment – Investment Activity (USD in millions) Real Estate Acquisitions $6,168 $8,187 $7,184 $2,475 $2,727 2021 2022 2023 2024 YTD 2025 Development Investments $243 $808 $1,497 $757 $373 Domestic International 2021
Slide 11: Highlights: Capital Deployment – Initial Weighted Average Cash Yields
Q3 2025 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% —% 8.7% 8.9% 8.9% 2021 2022 2023 2024 YTD 2025 Real Estate Acquisitions 5.5% 6.0% 7.0% 7.0% 7.1% 2021 2022 2023 2024 YTD 2025 Development Invest
Slide 12: Summary Financial Information
Q3 2025 Supplemental Operating & Financial Data 12 Summary Financial Information (USD in millions) Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Capital Deployment Investment A
Slide 13: Summary Financial Information (Continued)
Q3 2025 Supplemental Operating & Financial Data 13 Summary Financial Information (Continued) (USD in millions) As of September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Portfolio Highlights Gross Asset
Slide 14: Consolidated Statements of Income
Q3 2025 Supplemental Operating & Financial Data 14 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) REVENUE Rental (including reimbursements) 1,386,502 1,271,153 4,037,747 3,764,050 Other 84,050 59,762 223,688 166,793 Total revenue 1,470,552 1,330,
Slide 15: Funds From Operations (FFO) and Normalized FFO
Q3 2025 Supplemental Operating & Financial Data 15 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and
Slide 16: Adjusted Funds From Operations (AFFO)
Q3 2025 Supplemental Operating & Financial Data 16 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and
Slide 17: AFFO (Continued)
Q3 2025 Supplemental Operating & Financial Data 17 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the "FFO and Normalized FFO" page.
Slide 18: Consolidated Balance Sheets
Q3 2025 Supplemental Operating & Financial Data 18 September 30, 2025 December 31, 2024 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,126,781 17,320,520 Buildings and improvements 42,921,102 40,974,535 Total real estate held for investment, at cost 61,047,883 58,295,055 Less accum
Slide 19: Capitalization & Financial Ratios
Q3 2025 Supplemental Operating & Financial Data 19 Capitalization & Financial Ratios as of September 30, 2025 (USD in millions and shares in thousands, except per share data) Debt Consolidated Principal ($) Total at Pro-Rata Share(1) ($) Senior Unsecured Notes and Bonds 25,087.2 25,087.2 Unsecured T
Slide 20: Debt Summary
Q3 2025 Supplemental Operating & Financial Data 20 Debt Summary as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds
Slide 21: Debt Summary by Currency
Q3 2025 Supplemental Operating & Financial Data 21 Debt Summary by Currency as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Currency Revolvers and Commercial Paper ($) Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Proportionate Share of Joint Ventur
Slide 22: Debt Maturities
Q3 2025 Supplemental Operating & Financial Data 22 Debt Maturities as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt Proportionate Share of Joint Venture Fixed Rate Debt(1) End of Period Interest Rate(2) Year Principal Due Unsec
Slide 23: Adjusted EBITDAre & Coverage Ratios
Q3 2025 Supplemental Operating & Financial Data 23 Adjusted EBITDAre & Coverage Ratios (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, transac
Slide 24: Debt Covenants
Q3 2025 Supplemental Operating & Financial Data 24 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.9% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.2% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.6
Slide 25: Investment Summary
Q3 2025 Supplemental Operating & Financial Data 25 Q3 2025 YTD 2025 Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Acquisitions U.S. wholly-owned 200.0 200.0 12.2 47 623
Slide 26: Investment Summary (Continued)
Q3 2025 Supplemental Operating & Financial Data 26 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. Please see the Glossary for our definition of Pro-Rata Share for more in
Slide 27: Disposition Summary
Q3 2025 Supplemental Operating & Financial Data 27 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (2) (%) Q3 2025 Occupied 34 72,123 88,703 6.3 Vacant 106 93,562 126,089 Total real estate dispositions 140 165,685 214,792 YTD 2025 Occupied 49 112,260 13
Slide 28: Development Activity
Q3 2025 Supplemental Operating & Financial Data 28 Development Activity (USD in thousands) Retail Q3 2025 Investment(1) Q3 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 9/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $ 68,6
Slide 29: Client Diversification
Q3 2025 Supplemental Operating & Financial Data 29 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 7-Eleven 807 3.3 A- / Baa2 / - 2 Dollar General 1,788 3.2 BBB / Baa3 / - 3 Walgreens 402 3.1 — 4 Family Dollar 1,258 2.7 — 5 Li
Slide 30: Investment Grade Clients
Q3 2025 Supplemental Operating & Financial Data 30 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Number of Investment Grade Leases 5,255 6,464 6,499 6,355 6,384 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 31.5 % 33.9 % 34.3 % 32.4 % 3
Slide 31: Top 20 Industries
Q3 2025 Supplemental Operating & Financial Data 31 As of September 30, 2025 December 31, 2024 (%) (%) Grocery 10.8 10.1 Convenience Stores 9.7 10.2 Home Improvement 6.4 6.0 Dollar Stores 6.2 6.4 Restaurants-Quick Service 4.8 4.9 Health and Fitness 4.5 4.3 Drug Stores 4.4 4.7 Automotive Service 4.3 4
Slide 32: Geographic Diversification
Q3 2025 Supplemental Operating & Financial Data 32 Geographic Diversification(1) As of September 30, 2025 (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 SEVEN OTHER COUNTRIES IN EUROPE MIDWE
Slide 33: Property Type Composition
Q3 2025 Supplemental Operating & Financial Data 33 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of September 30, 2025(2) ($) Percentage of Annualized Base Rent as of September 30, 2025(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%
Slide 34: Same Store Rental Revenue
Q3 2025 Supplemental Operating & Financial Data 34 Q3 2025 Same Store Rental Revenue Number of properties 14,482 Q3 2025 $ 1,162,326 Q3 2024 $ 1,146,892 $ change $ 15,434 % change 1.3 % YTD 2025 Same Store Rental Revenue Number of properties 14,482 YTD 2025 $ 3,477,268 YTD 2024 $ 3,432,682 $ change
Slide 35: Same Store Rental Revenue Reconciliation
Q3 2025 Supplemental Operating & Financial Data 35 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) Rental revenue (including reimbursements) 1,386,502 1,271,153 4,037,747 3,764,050 Constant currency adjustment(3) 241 7,019 27,152 29,354 Straight-l
Slide 36: Leasing Activity
Q3 2025 Supplemental Operating & Financial Data 36 Q3 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 61,211 $ 7,077 $ 68,288 New cash rents* $ 63,672 $ 6,973 $ 70,645 Recapture rate 104.0 % 98.5 % 103.5 % Number of leases 248 36 284 Average months vacant —
Slide 37: Lease Expirations
Q3 2025 Supplemental Operating & Financial Data 37 (1) This table sets forth the timing of remaining lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contributions to Annualized Base Rent as of September 30, 2025. Leases on our multi-
Slide 38: Earnings Guidance
Q3 2025 Supplemental Operating & Financial Data 38 Earnings Guidance Revised 2025 Guidance Prior 2025 Guidance(1) YTD Actuals at September 30, 2025 Net income per share(2) $1.27 - $1.29 $1.29 - $1.33 $0.84 Real estate depreciation per share $2.71 $2.72 $2.09 Other adjustments per share(3) $0.27 $0.2
Slide 39: Analyst Coverage
Q3 2025 Supplemental Operating & Financial Data 39 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-5042 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo
Slide 40: Glossary
Q3 2025 Supplemental Operating & Financial Data 40 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to
Slide 41: Glossary (Continued)
Q3 2025 Supplemental Operating & Financial Data 41 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities, this represents our pro rata share of the cash income. For loans recei
Slide 42: Glossary (Continued)
Q3 2025 Supplemental Operating & Financial Data 42 Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint
Slide 43: Appendix
Q3 2025 Supplemental Operating & Financial Data 43 Appendix (USD in thousands) (unaudited) Table of Contents ↪ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) ($) Net income 317,674 199,011 251,462 201,350 271,124 Interest 294,4
Slide 44: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 44 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 September 30,
Slide 45: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 45 Appendix (Continued)* (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ Years ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 ($) ($) ($) ($) ($) Net income availa
Slide 46: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 46 Table of Contents ↪ Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this
Slide 47: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 47 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Nine months ended Years ended September 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income 768,147 867,341 876,914 8
Slide 48: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 48 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) ($) Net income 317,674 199,011 251,462 201,350 271,124 In
Slide 49: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 49 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ($) ($) ($) ($) Net income 260,968 133,899 219,762 233,877 Interest 246,931 240,614 208,313
Slide 50: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 50 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Nine months ended Years ended September 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) General and administrative 148,412 1
Slide 51: Appendix (Continued)
Q3 2025 Supplemental Operating & Financial Data 51 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 September 30, 2025 June 30,