Realty Income Corporation · NYSE:O
Realty Income — Q4 2025 Earnings Presentation
43 slides from Realty Income's earnings presentation, Feb 24, 2026
Slide 1: Investor Presentation
Investor Presentation Real Estate Partner To The World’s ® Leading Companies February 2026
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: Presentation Roadmap
Presentation Roadmap Realty Income Investment Thesis • Who We Are.…………………………………………….. 4 • Stability by Design………………………………….... 9 • The Competitive Moat……………………..……..… 16 Growth • Scaling the Growth Engine…………………..……. 22 Natural consolidator of corporate-owned • Expanding Opportunity Set…............
Slide 4: Who We Are
Who We Are a L y == S588EnER Pao ALLELE)
Slide 5: 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 sixth largest global REIT(1) with presence in a
Slide 6: Why Realty Income
Why Realty Income A scaled, global technology-enabled platform delivering durable income and long-term value creation Global Scale & Durable, Predictable Disciplined, Analytics- Structural Advantages Cash Flows Driven Growth Engine 15,500+ properties across Mission-critical real estate Proprietary p
Slide 7: Positioned to Capitalize on Two Powerful Secular Megatrends
Positioned to Capitalize on Two Powerful Secular Megatrends 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 i
Slide 8: $14T Total Addressable Market Across Core and High-Growth Sectors
$14T Total Addressable Market Across Core and High- Growth Sectors Necessity Retail Expanding Total Addressable Market (By Realty Income’s Entry Date) ~91% of portfolio operate non-discretionary, service-oriented retail, or low-price-point 2010 2019 2022 2023 2025 businesses—resilient to economic cy
Slide 9: Stability by Design
Stability by Design 9
Slide 10: Highly Diversified Portfolio Across Clients, Industries, and Geographies
Highly Diversified Portfolio Across Clients, Industries, and Geographies INDUSTRY DIVERSIFICATION – TOP 10 INDUSTRIES % of Total Annualized Base Rent(1) Grocery 11.0% CLIENT DIVERSIFICATION – TOP 20 CLIENTS Convenience Stores 9.6% % of Total Annualized Base Rent(1) Denotes IG- Rated Client(2) Home I
Slide 11: 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 Clients cover insurance costs, Clients handle property upkeep and taxes, reducing our operating risk and protecting us from rising pr
Slide 12: Why Net Lease Outperforms Other Real Estate Formats
Why Net Lease Outperforms Other Real Estate Formats 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 p
Slide 13: 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 14: 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: Strategic management of rollovers Weighted average lease 38.6% term of 8.8 years Proactively addressing portfolio “watch list” 6.9% 8.0% 8.6% 7.2
Slide 15: 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 235 1.6% 4,002 20.3% 1,036 9.2% 370 14.3% Properties Total ABR Properties Total ABR Pro
Slide 16: The Competitive Moat
The Competitive Moat 16
Slide 17: A Platform Built on Four Distinct Competitive Advantages
A Platform Built on Four Distinct Competitive Advantages Scale Technology Discipline Access 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 18: A Scaled Operating Model Delivering Best-in-Class Efficiency
A Scaled Operating Model Delivering Best-in-Class Efficiency Cash G&A costs as % of gross asset value(1) Robust net lease platform with cost efficiency 3.2% cash G&A margin(2) 29 bps 25 bps 21 bps Realty Income Net Lease Peer Median(3) S&P 500 REIT Peer Median(3) Number of Employees(1): 544 ~90 ~4,0
Slide 19: A3 / A- Rated Balance Sheet with Breadth and Depth of Capital Sources
A3 / A- Rated Balance Sheet with Breadth and Depth of Capital Sources Current debt maturity profile(1), $ Millions Pro-Rata Fund Credit Facility Commercial Paper EUR Denominated Notes GBP Denominated Notes Term Loan RIC Credit Facility $4,108 Mortgages USD Denominated Notes $3,720 $3,712 Pro-Rata UJ
Slide 20: 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 life cycle outcomes 2 ~104% rent recapture on re-leased 1 Sourcing: Tenant credit signals, properties(1) market intell
Slide 21: 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 preserve long-term value Platform Inputs Case Study: Proactive De-risking for a Home Furnishings Retaile
Slide 22: Scaling the Growth Engine
Scaling the Growth Engine 22
Slide 23: An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns
An Evolving Growth Model Built for Scale, Flexibility, and Consistent Returns Realty 1.0: The Monthly Dividend Company® Realty 2.0: Platform and Expansion Build Realty 3.0: Scaling the Growth Engine 1969-2010 2010-2025 Today & Forward Focus: Foundation Focus: Scale and Efficiency Focus: Capital Fl
Slide 24: Scale Drives Proprietary Deal Flow, Large Transactions, and Strategic Partnerships
Scale Drives Proprietary Deal Flow, Large Transactions, and Strategic Partnerships of total capital average annual Our advantages ~$69B deployed from ~$75B sourcing volume 2019-2025 from 2019-2025 Repeat relationships: Trusted by world’s leading companies for Marquee Deals Realty Income Has Executed
Slide 25: Global Sourcing Scale With Disciplined Investment Selectivity
Global Sourcing Scale With Disciplined International opportunities have added more than Investment Selectivity 30% to Realty Income’s sourcing volume since 2019 SOURCED VOLUME $121 in billions INTERNATIONAL $95 $85 UNITED STATES $57 $64 $59 $39 $43 $32 $28 $30 $32 $24 $13 $17 $6 2010 2011 2012 2013
Slide 26: Private Capital Helps Unlock Additional, Diversified Capital Sources
Private Capital Helps Unlock Additional, Diversified Capital Sources Potential for enhanced returns for Realty Income through fund investments (illustrative example) We believe each dollar of capital Standalone With Private Capital Fund deployed has the potential to 12.8% deliver stronger returns to
Slide 27: Scale Makes Our Business Highly Amenable to Private Capital
Scale Makes Our Business Highly Amenable to Private Capital Realty Income is Well-Positioned to Deploy Capital Multiple Private Equity Firms Have Entered the Net in Net Lease at Scale Lease Asset Class $24.3bn Blackstone Apollo $13.8bn KKR Carlyle Average: ~$13 billion annually $9.0bn $9.5bn $6.2bn
Slide 28: Accretive Investment and Business Expansion Help Accelerate AFFO per Share Growth
Accretive Investment and Business Expansion Help Accelerate AFFO per Share Growth Average AFFO per share growth has accelerated …and is supported by new geographies and with size and scale… capital sources U.S. Investments $6.2B 5.9% International Investments Annual Investment U.S. Private Fund Inve
Slide 29: Discipline Anchors Value Creation Through Consistent, Accretive Investment Spreads
Discipline Anchors Value Creation Through Consistent, Accretive Investment Spreads Historical annual weighted average investment spreads(1) average deal yield minus short-term weighted average cost of capital (WACC)(2) Target return profile • Attractive spreads 174bps 165bps • Long-duration leases 1
Slide 30: Expanding Opportunity Set
Expanding Opportunity Set 30
Slide 31: 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 618 44 9 8.2 ~$1B ~19% 64 properties industries countries weighted aver
Slide 32: 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 $8.5 T •
Slide 33: The Shareholder Outcome
The Shareholder Outcome 33
Slide 34: A 31-Year Track Record of Growing Monthly Dividends
A 31-Year Track Record of Growing Monthly Dividends Annualized dividend per share, $ 3.5 +4.2% 3.0 Compound Annual Dividend Growth Rate(2) 2.5 2.0 1.5 1.0 1994 1998 2002 2006 2010 2014 2018 2022 2026 S&P 500 668 113 ~5.7% Dividend Aristocrats® Annualized Dividend per Share(2) monthly dividends decla
Slide 35: Total Return Stability vs. Leading Equity Benchmarks
Total Return Stability vs. Leading Equity Benchmarks Consistently Attractive Risk-Adjusted Returns Comparative Indices & Medians: S&P DIVIDEND DOW JONES TOP CONSUMER S&P 500 (calculated from 10/18/1994 (O NYSE Listing) – ARISTOCRATS INDUSTRIAL STAPLE FIRMS(1) 12/31/2025) TOTAL STOCKHOLDER RETURN 4,8
Slide 36: 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 consistently outperformed the S&P 500 Index Average Total Stockholder Return During Drawdowns(1)(2): Correlation to VIX Dur
Slide 37: 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 23 6.0 22 21 20 19 5.0 18 17 16 15 4.0 14 13 12 11 3.0 10 9
Slide 38: Thank You
Thank you . Contact: ir@realtyincome.com 38
Slide 39: Appendix
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Slide 40: Reconciliation of Net Income to Diluted AFFO and Diluted AFFO per Share
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) Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Ne
Slide 41: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre
Appendix: Reconciliation of Net Income to Net Debt to Annualized Pro Forma Adjusted EBITDAre and Total Debt to Net Debt(1) (USD in thousands) (unaudited) Three months ended December 31, 2025 ($) Net income 301,636 Interest 288,199 Income taxes 21,800 Depreciation and amortization 635,435 Provisions
Slide 42: Reconciliation of Net Income to Adjusted EBITDA Margin
Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin(1) (USD in thousands) (unaudited) Year ended December 31, 2025 ($) Net income 1,069,783 Interest 1,134,879 Income taxes 85,346 Depreciation and amortization 2,524,200 Provisions for impairment 471,335 Merger, transaction, and other cos
Slide 43: Reconciliation of Cash G&A Margin
Appendix: Reconciliation of Cash G&A(1) Margin (USD in thousands) (unaudited) Year ended December 31, 2025 ($) General and administrative 202,554 Share-based compensation 30,770 Cash G&A(1) expenses 171,784 Total revenue (excluding reimbursements) 5,408,979 Cash G&A(1) margin (G&A as % of total reve