COMPANY OVERVIEW

• S&P 500 Real Estate Investment Trust (NYSE “O”)

• The Monthly Dividend Company®

• Acquire and manage freestanding, single tenant, commercial, net-lease properties

• Seasoned senior management team

• 5,326 properties diversified by tenant, industry, geography, and to a certain extent, property type

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COMPANY OVERVIEW – PORTFOLIO GROWTH

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• No tenant represents more than 6.7% of revenue

• 254 commercial tenants

• 51% investment-grade rated, including 11 of our top 20 tenants

TENANT DIVERSIFICATION

6.7%

5.0%

3.8%

3.5%

3.8%

3.5%

2.4%

3.0%

2.2%

2.0%

1.8%

2.0%

1.7%

1.9% 1.3%

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3.6%

2.0%

1.5%

1.4%

1.2%

*Investment-grade credit rating

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As of 03/31/18

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INDUSTRY DIVERSIFICATION

3%

4%

5%

5%

5%

6%

8%

8%

9%

11%

Wholesale Clubs

Casual Dining Restaurants

Grocery Stores

Transportation Services

Quick-Service Restaurants

Theaters

Dollar Stores

Health and Fitness

Convenience Stores

Drug Stores

• 47 industries

• No industry represents more than 11% of revenue

As of 03/31/18

GEOGRAPHIC DIVERSIFICATION

• 5,326 Properties located in 49 states and Puerto Rico

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PUERTO RICO

% of Rental Revenue

Texas 9.4%

California 9.0%

Illinois 6.3%

Florida 5.7%

Ohio 5.2%

New York 4.8%

As of 03/31/18

• 4 property types

• Non-retail – 2% in 2009 19% in 2018

• Retail and industrial properties remain our principal focus

PROPERTY TYPE COMPOSITION

Retail 80.9%

Industrial 12.6%

Office 4.4%

Agriculture2.1%

As of 03/31/18

COMPANY PHILOSOPHY

Support and grow monthly dividends for shareholders

Target well-located,freestanding,single-tenant,

commercialproperties

Execute long-term, net-lease

agreements

Hold properties for long-term income

production

Manage theportfolio actively

Maintain a conservative

balance sheet

CONSERVATIVE CAPITAL STRUCTURE

31%

8%61%

31%

69%

Common Stock: $14.8 billion

Debt: $6.6 billion

Total Capitalization: $21.4 billion

Investment Grade Ratings: A3 / BBB+

Interest Coverage 4.6x

Fixed Charge Coverage 4.6x

• Tenants:– Reliable cash flow from multiple sources

– Attractive industries relative to the economic environment

– Retail: Businesses with service, non-discretionary, and/or low price point orientation

– Non-Retail: Fortune 1000, primarily investment-grade rated companies

INVESTMENT STRATEGY

Health & Fitness – Los Angeles, CA

• Real estate:– Locations in significant markets and strategic locations critical to generating

revenue

– Property valuations near replacement cost

– Rental or lease payments at or below market rents

• Attractive spread over our cost of capital

• Favorable risk-adjusted returns

INVESTMENT STRATEGY

Industrial – Cincinnati, OH

INVESTMENT STRATEGYDrug Stores – Columbus, OH

Convenience Stores – Fort Worth, TX

2017 PERFORMANCE

6.3% AFFO per share growth

$1.52 billion acquisitions

$3.4 billion capital raised

5.6% dividend per share increase

98.4% occupancy

$166 million dispositions

2017 PERFORMANCE

• $1.52 billion acquisitions– 303 properties– 40 states– 61 commercial tenants– 23 industries– 95% retail properties– 48% investment-grade rated tenants

• $166 million selective dispositions– 58 properties– Redeploy capital into properties that better meet our investment strategy

• 98.4% occupancy rate

• 96 Dividend Increases Since 1994 NYSE Listing

• 574 Consecutive Monthly Dividends Paid

• 4.7% Compound Average Annual Growth Rate

• Member of S&P High Yield Dividend Aristocrats® index

Dividend amounts reflects the December declared dividend rate per share annualized, except for 2018, which reflects the May 2018 dividend annualized

HISTORICAL DIVIDEND INCREASES

$0.90 $0.93 $0.95 $0.96$1.02

$1.08 $1.11 $1.14 $1.17 $1.20$1.32

$1.40$1.52

$1.64$1.70 $1.72 $1.73 $1.75

$1.82

$2.19 $2.20$2.29

$2.43$2.55

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q2018

$2.634

• Shareholder Total Return versus Market since public listing in 1994

(1) Since Realty Income’s public listing on 10/18/94 through 03/31/18, assuming reinvestment of dividends

SHAREHOLDER RESULTS

Realty Income

EquityREITs DOW S&P 500 NASDAQ

Compound Average Annual Total Return(1) 15.7% 10.3% 10.6% 9.8% 9.9%

CORPORATE RESPONSIBILITY

• Health & Wellness Benefits

• Competitive Compensation

• Team Member Development and Training

• Community Partnerships & Charitable Giving

• “Green Team”

• Sustainable Practices at our Headquarters

• Tenant Engagement

Social

Environmental

1Q 2018 RESULTS

• $510 million acquisitions– 174 properties– 27 states– 14 years average lease term– 6.2% initial yield– 100% retail– 85% investment-grade rated tenants

• Raised $500 million of favorably priced capital

• 98.6% occupancy• $14 million dispositions

AFFO per share grew 3.9% to

79¢

Dividend per share growth 4%

Acquisitions

Capital Raising

Portfolio & Asset Management

2018 OUTLOOK

• Approximately $1 billion to $1.5 billion in acquisitions at attractive investment spreads

• Approximately $200 million dispositions

• Approximately 1.0% same store rent growth

• Earnings growth:• AFFO per share: $3.14 to $3.20

% Growth: 3% to 5%

• Pay monthly dividends that grow over time