Realty Income Corporation · NYSE:O
Realty Income — Q1 2026 Earnings Presentation
47 slides from Realty Income's earnings presentation, May 6, 2026
Slide 1: Investor Presentation
Investor Presentation Real Estate Partner To The World’s ® Leading Companies May 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………………………………….... 10 • The Competitive Moat……………………..……..… 16 Growth • Scaling the Growth Engine…………………..……. 22 Natural consolidator of corporate-owned • Capital Ecosystem....................
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: (calculated from 10/18/1994 [O S&P Dividend Realty Income S&P 500 NYSE Listing] – 3/31/2026) Aristocrats Equity-like returns with bond
Slide 5: Who We Are
Who We Are a L y == S588EnER Pao ALLELE)
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 sixth largest global REIT(1) with presence in a
Slide 7: 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 8: $14T Total Addressable Market Across Core and High-Growth Sectors
$14T Total Addressable Market Across Core and High- Necessity Retail Client Base Growth Sectors ~91% of retail ABR(5) is leased to clients whose businesses are non-discretionary, service- Expanding Total Addressable Market (By Realty Income’s Entry Date) oriented and/or low-price-point and are resil
Slide 9: 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
Slide 10: Stability by Design
Stability by Design 10
Slide 11: 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(2) Grocery 11.0% CLIENT DIVERSIFICATION – TOP 20 CLIENTS Convenience Stores 9.4% Denotes IG- % of Total Annualized Base Rent(2) Rated Client(1) Home I
Slide 12: 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 13: 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 pr
Slide 14: 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 15: 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 39.1% term of 8.7 years Proactively addressing portfolio “watch list” 6.7% 8.0% 8.7% 7.2
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 Market-Leading Efficiency
A Scaled Operating Model Delivering Market-Leading Efficiency Trailing twelve-month Cash G&A costs as % of gross asset value(1) Robust net lease platform with cost efficiency 29 bps 25 bps 23 bps Realty Income Net Lease Peer Median(2) S&P 500 REIT Peer Median(2) Number of Employees(1): 552 ~90 ~4,00
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 $4,810 EUR Denominated Notes GBP Denominated Notes Term Loan RIC Credit Facility $4,224 Mortgages USD Denominated Notes $3,691 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 decision life cycle outcomes 2 ~104% rent recapture on re-leased 1 Sourcing: Tenant credit signals, properties from 20
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 we believe preserve long-term value Platform Inputs Case Study: Proactive De-risking for a Home Furnishi
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 Our advantages Transactions, and Strategic Partnerships Repeat relationships: Trusted by world’s leading companies for of total capital total sourced repeat transactions ~$72B deployed from ~$555B volume from 2019-2026 2019-2026 Low concentration risk: Large
Slide 25: Global Sourcing Scale With Disciplined Investment Selectivity
Global Sourcing Scale With Disciplined International opportunities have added more than 30% Investment Selectivity to Realty Income’s sourcing volume since 2019 SOURCED VOLUME $120.5 in billions INTERNATIONAL $95.0 $84.5 UNITED STATES $57.1 $63.6 $59.0 $39.0 $43.3 $32.0 $28.0 $30.0 $32.0 $30.9 $24.0
Slide 26: Private Capital Ecosystem
Private Capital Ecosystem 26
Slide 27: Introducing the Realty Income Private Capital Ecosystem
Introducing the Realty Income Private Capital Ecosystem Realty Income’s private capital business comprises distinct capital channels, each serving a unique investment mandate with no overlap. The business has scaled to $4.8 billion of AUM with highly distinguished institutional partners. U.S. Core P
Slide 28: Realty Income Capital Ecosystem | Differentiated Growth Drivers
Realty Income Capital Ecosystem | Differentiated Growth Drivers Across each strategy, Realty Income’s balance sheetPrivate addresses only a fraction Capital Vehiclesof the broader‘O’ Enable opportunity to: set, reflecting its requirement to generate wide Year 1 spreads, while private capital vehicle
Slide 29: Clearly Defined Private Capital Vehicles
Clearly Defined Private Capital Vehicles Realty Income’s private capital vehicles are distinct and complementary—broadening permanent equity sources while remaining anchored in our firm’s underwriting and credit discipline. Private Capital Vehicles Build-to-Suit (BTS) GIC Joint High Growth U.S. Core
Slide 30: 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 31: 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 less pricing volatility. Enhances funding flexibility and supports accretive, lower- Standalone With U.S. Core P
Slide 32: 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 $1B of Low-Cost Equity for permanent equity that diversifies Realty Income’s funding sources Realty Income, with Apollo Targeting a 6.875% Unlevered IRR. 13.9% 13.
Slide 33: Apollo Partnership is Positioned to Generate Meaningful Economic Savings
For illustrative purposes only. Apollo Partnership is Positioned to Generate Meaningful Economic Savings for Realty Income When Compared to Common Equity Issuance ($ in millions) Raising equity through Apollo’s insurance capital vs. common equity issuance meaningfully lowers the long-term cost of ca
Slide 34: 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) 464B U.S. individual
Slide 35: Expanding Opportunity Set
Expanding Opportunity Set 35
Slide 36: 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 1.5% 3,995 20.0% 1,034 9.2% 387 14.9% Properties Total ABR Properties Total ABR Pro
Slide 37: 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 665 44 ~$18B 8.1 ~$1B ~20% 67 properties industries Gross Asset Value w
Slide 38: 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 39: The Shareholder Outcome
The Shareholder Outcome 39
Slide 40: A 31-Year Track Record of Growing Monthly Dividends
A 31-Year Track Record of Growing Monthly Dividends Annualized dividend per share, $ 3.50 +4.2% 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 500 670 114 ~5.3% Dividend Aristocrats® Annualized Dividend per Share(2) monthly dividends
Slide 41: 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 42: Thank you
Thank you Contact: ir@realtyincome.com 42
Slide 43: Appendix
Appendix 43
Slide 44: Appendix: Reconciliation of Net Income to Diluted AFFO and 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) Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications h
Slide 45: Appendix: 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 March 31, 2026 ($) Net income 320,935 Interest 291,940 Income taxes 26,195 Depreciation and amortization 630,275 Executive seve
Slide 46: Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin
Appendix: Reconciliation of Net Income to Adjusted EBITDA Margin(1) (USD in thousands) (unaudited) Three months ended March 31, 2026 ($) Net income 320,935 Interest 291,940 Income taxes 26,195 Depreciation and amortization 630,275 Executive severance charge 1,591 Provisions for impairment 129,268 Me
Slide 47: Appendix: Reconciliation of Cash G&A Expenses (% of GAV)
Appendix: Reconciliation of Cash G&A Expenses(1) (% of GAV)(2) (USD in thousands) (unaudited) Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 ($) ($) ($) ($) General and administrative 58,885 54,142 55,039 49,329 Share-based compensation 11,383 9,042 7,719 8,110