# EDGAR Filing Document

**Accession Number:** 0000726728
**File Stem:** 0000726728-25-000129
**Filing Date:** 2025-8
**Character Count:** 171277
**Document Hash:** f54650b5ba50d0243da61f8cd0097bd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000726728-25-000129.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000726728-25-000129

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REALTY INCOME CORP
- **CENTRAL INDEX KEY:** 0000726728
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 330580106
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13374
- **FILM NUMBER:** 251189626

**BUSINESS ADDRESS:**
- **STREET 1:** 11995 EL CAMINO REAL
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
- **BUSINESS PHONE:** 858-284-5000

**MAIL ADDRESS:**
- **STREET 1:** 11995 EL CAMINO REAL
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130

?xml version='1.0' encoding='ASCII'? o-20250806

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549** 

**Form 8-K** 

**Current Report** 

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934** 

Date of report: **August 6, 2025**

(Date of Earliest Event Reported)

**REALTY INCOME CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-13374** | **33-0580106** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |

---

**11995 El Camino Real, San Diego, California 92130** 

(Address of principal executive offices)

**(858) 284-5000** 

(Registrant's telephone number, including area code)

**N/A**

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
| Common Stock, $0.01 Par Value | O | New York Stock Exchange |
| 1.125% Notes due 2027 | O27A | New York Stock Exchange |
| 1.875% Notes due 2027 | O27B | New York Stock Exchange |
| 5.000% Notes due 2029 | O29B | New York Stock Exchange |
| 1.625% Notes due 2030 | O30 | New York Stock Exchange |
| 4.875% Notes due 2030 | O30B | New York Stock Exchange |
| 5.750% Notes due 2031 | O31A | New York Stock Exchange |
| 3.375% Notes due 2031 | O31B | New York Stock Exchange |
| 1.750% Notes due 2033 | O33A | New York Stock Exchange |
| 5.125% Notes due 2034 | O34 | New York Stock Exchange |
| 3.875% Notes due 2035 | O35B | New York Stock Exchange |
| 6.000% Notes due 2039 | O39 | New York Stock Exchange |
| 5.250% Notes due 2041 | O41 | New York Stock Exchange |
| 2.500% Notes due 2042 | O42 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

---

| | |
|:---|:---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On August 6, 2025, Realty Income Corporation (the "Company") issued a press release setting forth its results of operations for the three and six months ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information, including the information contained in the press release, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is not incorporated by reference into any of the Company's filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

Additionally, on August 6, 2025, the Company made available on its website a financial supplement containing operating and financial data of the Company ("Supplemental Operating and Financial Data") for the three and six months ended June 30, 2025, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 2.02 of Form 8-K and is also being furnished under Item 7.01—"Regulation FD Disclosure" of Form 8-K, and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company's filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD Disclosure.**

On August 6, 2025, the Company made available on its website a financial supplement containing operating and financial data of the Company ("Supplemental Operating and Financial Data") for the three and six months ended June 30, 2025, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 7.01 of Form 8-K and is also being furnished under Item 2.02—"Results of Operations and Financial Condition" of Form 8-K, and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company's filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

(d) Exhibits

99.1 <u>[Press release dated August 6, 2025](o-991q22025.htm)</u>

99.2 <u>[Supplemental Operating and Financial Data for the Three and Six Months Ended June 30, 2025](realtyincomeq22025supple.htm)</u>

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: August 6, 2025 | REALTY INCOME CORPORATION | REALTY INCOME CORPORATION |
|  | By: | /s/ JONATHAN PONG |
|  |  | Jonathan Pong |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

 **Exhibit 99.1**

![pressreleaseheadera.jpg](pressreleaseheadera.jpg)

**REALTY INCOME ANNOUNCES OPERATING RESULTS FOR**

**THE THREE AND SIX MONTHS ENDED JUNE 30, 2025** 

SAN DIEGO, CALIFORNIA, August 6, 2025....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company<sup>®</sup>, today announced operating results for the three and six months ended June 30, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.

**COMPANY HIGHLIGHTS:**

**For the three months ended June 30, 2025:**

• Net income available to common stockholders was $196.9 million, or $0.22 per share

• Adjusted Funds from Operations ("AFFO") per share was $1.05 per share

• Invested $1.2 billion at an initial weighted average cash yield of 7.2%

• Net Debt to Annualized Pro Forma Adjusted EBITDA*re* was 5.5x

• Settled 11.2 million shares of outstanding forward sale agreements through our At-The-Market ("ATM") program for gross proceeds of $628.7 million

• ATM forward agreements for a total of 11.6 million shares remain unsettled with total expected net proceeds of approximately $654.3 million, of which 4.0 million were sold in July 2025

• In June 2025, issued €650.0 million of 3.375% senior unsecured notes due June 2031, and €650.0 million of 3.875% senior unsecured notes due June 2035

• Achieved a rent recapture rate of 103.4% on properties re-leased

**<u>CEO Comments</u>**

"Realty Income's ability to deliver attractive, consistent total operational returns across economic cycles reflects the fundamental strength of our platform, combining the benefits of scale, diversification, and disciplined execution," said Sumit Roy, Realty Income's President and Chief Executive Officer. "As demand for durable income solutions accelerates amidst a growing retiree demographic, and as corporations increasingly seek to unlock capital from real estate, we believe our model is well-positioned to thrive."

"Underscoring the power and breadth of this platform, we deployed $1.2 billion into investments during the second quarter at an initial weighted average cash yield of 7.2%. These results were bolstered by our growing presence in Europe, which accounted for 76% of our investment volume. Supported by consistent first half operating results and a robust pipeline of opportunities, we're pleased to increase our 2025 investment guidance to approximately $5.0 billion and raise the low-end of our AFFO per share guidance to a range of $4.24 - $4.28."

"With global reach for product, a data-driven approach to underwriting and portfolio management, and access to a deep and diverse pool of capital, Realty Income offers a unique value proposition. Looking ahead, we remain focused on generating favorable risk-adjusted returns and delivering consistent, long-term value to our shareholders."

![pressreleasefootera.jpg](pressreleasefootera.jpg)

------

**<u>Select Financial Results</u>**

The following summarizes our select financial results (dollars in millions, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total revenue | $1410.4 | $1339.4 | $2790.9 | $2599.9 |
| Net income available to common stockholders <sup>(1) (2)</sup> | $196.9 | $256.8 | $446.7 | $386.5 |
| Net income per share  | $0.22 | $0.29 | $0.50 | $0.45 |
| Funds from operations available to common stockholders (FFO) <sup>(3)</sup> | $955.7 | $929.1 | $1893.4 | $1714.8 |
| FFO per share  | $1.06 | $1.07 | $2.11 | $2.01 |
| Normalized funds from operations available to common stockholders (Normalized FFO) <sup>(3)</sup> | $956.1 | $931.9 | $1894.0 | $1811.7 |
| Normalized FFO per share | $1.06 | $1.07 | $2.11 | $2.12 |
| Adjusted funds from operations available to common stockholders (AFFO) <sup>(3)</sup> | $947.5 | $921.1 | $1897.2 | $1783.9 |
| AFFO per share | $1.05 | $1.06 | $2.11 | $2.09 |

---

<sup>(1)</sup> The calculation to determine net income available to common stockholders includes provisions for impairment, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.

<sup>(2)</sup> Our financial results for the three and six months ended June 30, 2025 and 2024 were impacted by (i) provisions for impairment of $143.4 million and $260.0 million for the three and six months ended June 30, 2025, respectively, and $96.5 million and $185.9 million for the corresponding periods in 2024; and (ii) merger, transaction, and other costs, net of $2.8 million and $96.9 million during the three and six months ended June 30, 2024, respectively, related to our merger with Spirit Realty Capital, Inc. ("Spirit").

<sup>(3)</sup> FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages <u>[10](#ifc20ea4127f24d27a3be77cb4cfba03c_13)</u> and <u>[11](#ifc20ea4127f24d27a3be77cb4cfba03c_16)</u> herein for reconciliations to the most directly comparable GAAP measure.

**<u>Dividend Increases</u>** 

In June 2025, we announced the 111<sup>th</sup> consecutive quarterly dividend increase, which is the 131<sup>st</sup> increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of June 30, 2025 was $3.228 per share. The amount of monthly dividends paid per share increased 3.7% to $0.806 in the three months ended June 30, 2025, as compared to $0.777 for the same period in 2024, representing 76.8% of our diluted AFFO per share of $1.05 during the three months ended June 30, 2025.

------

**<u>Real Estate Portfolio Update</u>**

As of June 30, 2025, we owned or held interests in 15,606 properties, which were leased to 1,630 clients doing business in 91 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 9.0 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of June 30, 2025, portfolio occupancy was 98.6% with 212 properties available for lease or sale, as compared to 98.5% as of March 31, 2025, and 98.8% as of June 30, 2024. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the periods indicated below:

***Changes in Occupancy***

---

| | |
|:---|:---|
| **Three months ended June 30, 2025** | |
| Properties available for lease at March 31, 2025 | 231 |
| Lease expirations <sup>(1)</sup> | 355 |
| Re-leases to same client | (293) |
| Re-leases to new client | (17) |
| Vacant dispositions | (64) |
| Properties available for lease at June 30, 2025 | 212 |
| **Six months ended June 30, 2025** |  |
| Properties available for lease at December 31, 2024 | 205 |
| Lease expirations <sup>(1)</sup> | 599 |
| Re-leases to same client | (453) |
| Re-leases to new client | (26) |
| Vacant dispositions | (113) |
| Properties available for lease at June 30, 2025 | 212 |

---

<sup>(1)</sup> Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.

During the three months ended June 30, 2025, the new annualized base rent on re-leased units was $96.8 million, as compared to the previous annual rent of $93.6 million on the same units, representing a rent recapture rate of 103.4% on the re-leased units. Please see the Glossary for our definition of annualized base rent.

During the six months ended June 30, 2025, the new annualized base rent on re-leased units was $143.1 million, as compared to the previous annual rent of $138.1 million on the same units, representing a rent recapture rate of 103.6% on the re-leased units.

------

***Investment Summary***

The following table summarizes our investments in the U.S. and Europe for the periods indicated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Properties** | **Investment<br>($ in millions)** | **Leasable<br>Square Feet <br>(in thousands)** | **Initial Weighted Average**<br>**Cash Yield** <sup>(1)</sup> | **Weighted<br>Average Term<br>(Years)** |
| **Three months ended June 30, 2025** | | | | | |
| **Acquisitions** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. real estate | 24 | $221.6 | 741 | 7.0% | 20.9 |
| &nbsp;&nbsp;&nbsp;Europe real estate | 15 | 649.1 | 4562 | 7.2% | 13.2 |
| **Total real estate acquisitions** | 39 | $870.7 | 5303 | 7.1% | 15.2 |
| **Real estate properties under development** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. real estate | 53 | 60.7 | 1648 | 7.3% | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe real estate | 10 | 17.5 | 433 | 7.1% | 15.3 |
| **Total real estate properties under development** | 63 | $78.2 | 2081 | 7.3% | 16.9 |
| &nbsp;&nbsp;&nbsp;Europe other investments <sup>(2)</sup> |  | 222.3 |  | 7.5% | 4.5 |
| **Total investments** <sup>(3)</sup> | 102 | $1171.2 | 7384 | 7.2% | 13.1 |
| **Six months ended June 30, 2025** |  |  |  |  |  |
| **Acquisitions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. real estate | 58 | $423.2 | 1779 | 6.9% | 16.8 |
| &nbsp;&nbsp;&nbsp;Europe real estate | 31 | 1473.8 | 7251 | 7.1% | 8.0 |
| **Total real estate acquisitions** | 89 | $1897.0 | 9030 | 7.0% | 10.0 |
| **Real estate properties under development** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. real estate | 74 | 137.4 | 2206 | 7.3% | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe real estate | 13 | 86.2 | 433 | 7.4% | 11.7 |
| **Total real estate properties under development** | 87 | $223.6 | 2639 | 7.3% | 14.7 |
| &nbsp;&nbsp;&nbsp;U.S. other investments <sup>(4)</sup> |  | 200.9 |  | 10.2% | 3.8 |
| &nbsp;&nbsp;&nbsp;Europe other investments <sup>(2)</sup> |  | 222.3 |  | 7.5% | 4.5 |
| **Total investments** <sup>(5)</sup> | 176 | $2543.8 | 11669 | 7.3% | 9.2 |

---

<sup>(1)</sup> Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and six months ended June 30, 2025 includes $2.7 million and $3.5 million, respectively, received as settlement credits as reimbursement of free rent periods. Please see the Glossary for our definitions of Initial Weighted Average Cash Yield and Cash Income.

<sup>(2)</sup> Includes two investments in loans secured by properties in the U.K.

<sup>(3)</sup> Clients we have invested in are 46.6% retail, 33.0% industrial, and 20.4% other based on Cash Income. Approximately 30% of the Cash Income generated from acquisitions was from investment grade rated clients, their subsidiaries or affiliated companies at the date of acquisition. Please see the Glossary for our definitions of Investment Grade Clients and Cash Income.

<sup>(4)</sup> Includes an investment in a loan for a development project.

<sup>(5)</sup> Clients we have invested in are 60.5% retail, 19.2% industrial, and 20.3% other based on Cash Income. Approximately 26% of the Cash Income generated from acquisitions was from investment grade rated clients, their subsidiaries or affiliated companies at the date of acquisition. Please see the Glossary for our definitions of Investment Grade Clients and Cash Income.

------

***Same Store Rental Revenue***

The following summarizes our same store rental revenue for 14,622 properties under lease for the three and six months ended June 30, 2025, respectively (dollars in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** | **% Increase** | **% Increase** |
| | **2025** | **2024** | **2025** | **2024** | **Three Months** | **Six Months** |
| Same Store Rental Revenue | $1166.7 | $1154.0 | $2333.7 | $2305.2 | 1.1% | 1.2% |

---

For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2025. Same Store Rental Revenue also includes our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Beginning with the second quarter of 2024, properties acquired through our merger with Spirit were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or Realty Income for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. Please see the Glossary to see definitions of our Same Store Pool and Same Store Rental Revenue.

***Property Dispositions***

The following summarizes our property dispositions (dollars in millions):

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Properties sold | 73 | 128 |
| Net sales proceeds | $116.8 | $209.4 |
| Gain on sale of real estate | $38.6 | $61.1 |

---

**<u>Liquidity and Capital Markets</u>**

***Liquidity***

As of June 30, 2025, we had $5.1 billion of liquidity, which consists of cash and cash equivalents of $800.4 million, unsettled ATM forward equity of $422.8 million, and $3.9 billion of availability under our $5.38 billion credit facilities, net of $1.4 billion of borrowing on the revolving credit facilities and after deducting $98.6 million in borrowings under our commercial paper programs. We use our revolving credit facilities as a liquidity backstop for the repayment of the notes issued under our commercial paper programs.

***Capital Raising***

During the three months ended June 30, 2025, we raised $631.6 million of proceeds from the sale of common stock at a weighted average price of $56.39 per share, primarily through the sale of approximately 11.2 million shares of common stock pursuant to forward sale agreements through our ATM program. As of June 30, 2025, there were approximately 7.6 million shares of unsettled common stock subject to forward sale agreements through our ATM program, representing approximately $422.8 million in expected net proceeds and a weighted average initial gross price of $56.81 per share. ATM net sale proceed amounts assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.

In June 2025, we issued €650.0 million of 3.375% senior unsecured notes due June 2031 (the "2031 notes"), and €650.0 million of 3.875% senior unsecured notes due June 2035 (the "2035 notes"). The public offering price for the 2031 Notes was 99.568% of the principal amount for an effective annual yield to maturity of 3.456%, and the public offering price for the 2035 Notes was 99.552% of the principal amount for an effective annual yield to maturity of 3.930%. Combined, the notes have a weighted average tenor of approximately 8.0 years and a weighted average annual yield to maturity of 3.693%.

In April 2025, we issued $600.0 million of 5.125% senior unsecured notes due April 2035 (the "April 2035 Notes"). The public offering price for the April 2035 Notes was 98.371% of the principal amount for an effective semi-annual yield to maturity of 5.337%. Interest is paid semi-annually.

In April 2025, we recast and expanded our unsecured credit facilities to $5.38 billion, including a new $1.38 billion unsecured credit facility for our U.S. Core Plus Fund ("Fund Facilities"). The Realty Income revolving credit facility was upsized to $4.0 billion with an accordion expansion feature up to $5.0 billion, while the Fund Facilities include a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan, expandable to $2.0 billion.

------

**<u>Guidance</u>**

Summarized below are approximate estimates of the key components of our 2025 earnings guidance:

---

| | | | |
|:---|:---|:---|:---|
| | **Revised 2025 Guidance** | **Prior 2025 Guidance**<sup>(1)</sup> | **YTD Actuals at** <br>**June 30, 2025** |
| Net income per share<sup>(2)</sup> | $1.29 - $1.33 | $1.40 - $1.46 | $0.50 |
| Real estate depreciation per share | $2.72 | $2.70 | $1.40 |
| Other adjustments per share<sup>(3)</sup> | $0.23 | $0.12 | $0.21 |
| AFFO per share<sup>(4)</sup> | $4.24 - $4.28 | $4.22 - $4.28 | $2.11 |
| Same store rent growth | Approx 1.0% | Approx 1.0% | 1.2% |
| Occupancy | Over 98% | Over 98% | 98.6% |
| Cash G&A expenses (% of total revenue)<sup>(5)(6)</sup> | Approx 3.0% | Approx 3.0% | 3.0% |
| Property expenses (non-reimbursements) (% of total revenue)<sup>(5)</sup> | 1.4% - 1.7% | 1.4% - 1.7% | 1.5% |
| Income tax expenses | $80 - $90 million | $80 - $90 million | $40 million |
| Investment volume | Approx $5.0 billion | Approx $4.0 billion | $2.5 billion |
| <sup>(1)</sup> As issued on May 5, 2025. | <sup>(1)</sup> As issued on May 5, 2025. | <sup>(1)</sup> As issued on May 5, 2025. | <sup>(1)</sup> As issued on May 5, 2025. |
| <sup>(2)</sup> Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. | <sup>(2)</sup> Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. | <sup>(2)</sup> Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. | <sup>(2)</sup> Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. |
| <sup>(3)</sup> Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. | <sup>(3)</sup> Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. | <sup>(3)</sup> Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. | <sup>(3)</sup> Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. |
| <sup>(4)</sup> AFFO per share excludes merger, transaction, and other costs, net.  | <sup>(4)</sup> AFFO per share excludes merger, transaction, and other costs, net.  | <sup>(4)</sup> AFFO per share excludes merger, transaction, and other costs, net.  | <sup>(4)</sup> AFFO per share excludes merger, transaction, and other costs, net.  |
| <sup>(5)</sup> Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements.  | <sup>(5)</sup> Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements.  | <sup>(5)</sup> Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements.  | <sup>(5)</sup> Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements.  |
| <sup>(6)</sup> G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. | <sup>(6)</sup> G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. | <sup>(6)</sup> G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. | <sup>(6)</sup> G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. |

---

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**<u>Conference Call Information</u>**

In conjunction with the release of our operating results, we will host a conference call on August 6, 2025 at 2:00 p.m. PDT to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.

A telephone replay of the conference call can also be accessed by calling (877) 344-7529 (United States) or (412) 317-0088 (International) and entering the conference ID 6427300. The telephone replay will be available through August 13, 2025.

A live webcast will be available in listen-only mode by clicking on the webcast link on the company's home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.

**<u>Supplemental Materials</u>**

Supplemental Operating and Financial Data for the three and six months ended June 30, 2025 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.

**<u>About Realty Income</u>**

Realty Income (NYSE: O), an S&P 500 company, is *real estate partner to the world's leading companies*<sup>®</sup>. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2025, we have a portfolio of over 15,600 properties in all 50 U.S. states, the U.K., and seven other countries in Europe. We are known as "The Monthly Dividend Company<sup>®</sup>" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 661 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats<sup>®</sup> index for having increased our dividend for over 30 consecutive years. Additional information about the company can be found at www.realtyincome.com.

**<u>Forward-Looking Statements</u>**

This press release 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 used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business and portfolio including management thereof; our platform; growth strategies, investment pipeline, and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; the announcement of operating results, strategy, plans, and the intentions of management; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in the real estate business including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

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**Investor Relations:**

Steve Bakke

Senior Vice President, Corporate Finance

+1 858 284 5425

sbakke@realtyincome.com

Kelsey Mueller

Vice President, Investor Relations

+1 858 284 5023

kmueller@realtyincome.com

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**CONSOLIDATED STATEMENTS OF INCOME**

(in thousands, except per share amounts) (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** **June 30,** | **Three months ended** **June 30,** | **Six months ended** **June 30,** | **Six months ended** **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental (including reimbursements) <sup>(1)</sup> | $1338188 | $1284728 | $2651245 | $2492897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other  | 72190 | 54715 | 139638 | 107031 |
| Total revenue | 1410378 | 1339443 | 2790883 | 2599928 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 647849 | 605570 | 1256784 | 1186634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 283824 | 246931 | 552198 | 487545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property (including reimbursements) | 107422 | 99851 | 214103 | 189212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 49329 | 45070 | 93373 | 85912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 143363 | 96458 | 259952 | 185947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger, transaction, and other costs, net | 331 | 2754 | 610 | 96858 |
| Total expenses | 1232118 | 1096634 | 2377020 | 2232108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate | 38566 | 25153 | 61103 | 41727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and derivative (loss) gain, net | (4388) | 511 | (6933) | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | 3269 | 2029 | 7626 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 7369 | 6108 | 14536 | 11554 |
| Income before income taxes | 223076 | 276610 | 490195 | 426011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (24065) | (15642) | (39722) | (31144) |
| Net income | 199011 | 260968 | 450473 | 394867 |
| Net income attributable to noncontrolling interests | (2092) | (1577) | (3739) | (3192) |
| Net income attributable to the Company | 196919 | 259391 | 446734 | 391675 |
| Preferred stock dividends |  | (2587) |  | (5175) |
| Net income available to common stockholders | $196919 | $256804 | $446734 | $386500 |
| Funds from operations available to common stockholders (FFO) | $955748 | $929133 | $1893403 | $1714816 |
| Normalized funds from operations available to common stockholders (Normalized FFO) | $956079 | $931887 | $1894013 | $1811674 |
| Adjusted funds from operations available to common stockholders (AFFO) | $947491 | $921074 | $1897207 | $1783945 |
| Amounts available to common stockholders per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.22 | $0.30 | $0.50 | $0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.22 | $0.29 | $0.50 | $0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO per common share, basic and diluted | $1.06 | $1.07 | $2.11 | $2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO per common share, basic and diluted | $1.06 | $1.07 | $2.11 | $2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFFO per common share, basic and diluted | $1.05 | $1.06 | $2.11 | $2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid per common share | $0.8055 | $0.7765 | $1.6015 | $1.5460 |

---

<sup>(1)</sup> Includes client reimbursements of $87.4 million and $80.6 million for the three months ended June 30, 2025 and 2024, respectively, and $174.8 million and $153.3 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, includes reserves to rental revenue, exclusive of non-cash reserves, of $10.9 million and $8.0 million for the three months ended June 30, 2025 and 2024, respectively, and $17.1 million and $9.2 million for the six months ended June 30, 2025 and 2024, respectively.

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**FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)**

(in thousands, except per share amounts) (unaudited)

FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and explanations of how we utilize these metrics.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income available to common stockholders | $196919 | $256804 | $446734 | $386500 |
| Depreciation and amortization | 647849 | 605570 | 1256784 | 1186634 |
| Depreciation of furniture, fixtures and equipment | (604) | (610) | (1142) | (1233) |
| Provisions for impairment of real estate | 142254 | 87204 | 239672 | 175401 |
| Gain on sales of real estate | (38566) | (25153) | (61103) | (41727) |
| Proportionate share of adjustments for unconsolidated entities | 9085 | 6380 | 15340 | 11054 |
| FFO adjustments allocable to noncontrolling interests | (1189) | (1062) | (2882) | (1813) |
| FFO available to common stockholders | $955748 | $929133 | $1893403 | $1714816 |
| FFO allocable to dilutive noncontrolling interests | 2417 | 1595 | 4842 | 2935 |
| Diluted FFO | $958165 | $930728 | $1898245 | $1717751 |
| FFO available to common stockholders | $955748 | $929133 | $1893403 | $1714816 |
| Merger, transaction, and other costs, net | 331 | 2754 | 610 | 96858 |
| Normalized FFO available to common stockholders | $956079 | $931887 | $1894013 | $1811674 |
| Normalized FFO allocable to dilutive noncontrolling interests | 2417 | 1595 | 4842 | 2935 |
| Diluted Normalized FFO | $958496 | $933482 | $1898855 | $1814609 |
| FFO per common share, basic and diluted | $1.06 | $1.07 | $2.11 | $2.01 |
| Normalized FFO per common share, basic and diluted | $1.06 | $1.07 | $2.11 | $2.12 |
| Distributions paid to common stockholders | $727450 | $676215 | $1439274 | $1312714 |
| FFO after distributions | $228298 | $252918 | $454129 | $402102 |
| Normalized FFO after distributions | $228629 | $255672 | $454739 | $498960 |
| Weighted average number of common shares used for FFO and Normalized FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 902966 | 870319 | 897338 | 852621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 906398 | 872520 | 900797 | 854806 |

---

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**ADJUSTED FUNDS FROM OPERATIONS (AFFO)**

(in thousands, except per share amounts) (unaudited)

AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income available to common stockholders | $196919 | $256804 | $446734 | $386500 |
| Cumulative adjustments to calculate Normalized FFO <sup>(1)</sup> | 759160 | 675083 | 1447279 | 1425174 |
| Normalized FFO available to common stockholders | 956079 | 931887 | 1894013 | 1811674 |
| Debt-related non-cash items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net debt discounts and deferred financing costs | 8257 | 799 | 14890 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired interest rate swap value <sup>(2)</sup> | 3555 | 3710 | 7266 | 6514 |
| Capital expenditures from operating properties: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing costs and commissions | (1985) | (2129) | (2865) | (3056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures | (221) | (52) | (240) | (52) |
| Other non-cash items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in allowance for credit losses <sup>(3)</sup> | 1109 | 9254 | 20280 | 10546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation | 8110 | 7267 | 14009 | 16519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent and expenses, net | (30226) | (47587) | (74038) | (92447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below-market leases, net | 6287 | 13806 | 21613 | 28080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 413 |  | 309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for unconsolidated entities | (1678) | (538) | (1641) | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments <sup>(4)</sup> | (2209) | 4657 | 3611 | 3589 |
| AFFO available to common stockholders | $947491 | $921074 | $1897207 | $1783945 |
| AFFO allocable to dilutive noncontrolling interests | 2401 | 1587 | 4802 | 2946 |
| Diluted AFFO | $949892 | $922661 | $1902009 | $1786891 |
| AFFO per common share, basic and diluted | $1.05 | $1.06 | $2.11 | $2.09 |
| Distributions paid to common stockholders | $727450 | $676215 | $1439274 | $1312714 |
| AFFO after distributions | $220041 | $244859 | $457933 | $471231 |
| Weighted average number of common shares used for AFFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 902966 | 870319 | 897338 | 852621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 906398 | 872520 | 900797 | 854806 |

---

<sup>(1)</sup> See Normalized FFO calculations on page 10 for reconciling items.

<sup>(2)</sup> Includes the amortization of the purchase price allocated to interest rate swaps acquired in the Spirit merger.

<sup>(3)</sup> Credit losses primarily relate to the impairment of financing receivables.

<sup>(4)</sup> Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests.

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**HISTORICAL FFO AND AFFO**

(in thousands, except per share amounts) (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>For the three months ended June 30,</u>** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net income available to common stockholders | $196919 | $256804 | $195415 | $223207 | $124479 |
| Depreciation and amortization, net of furniture, fixtures and equipment | 647245 | 604960 | 471981 | 408948 | 187716 |
| Provisions for impairment of real estate | 142254 | 87204 | 29815 | 7691 | 17246 |
| Gain on sales of real estate | (38566) | (25153) | (7824) | (40572) | (14901) |
| Proportionate share of adjustments for unconsolidated entities | 9085 | 6380 | (465) | 9860 |  |
| FFO adjustments allocable to noncontrolling interests | (1189) | (1062) | (937) | (319) | (165) |
| FFO available to common stockholders | $955748 | $929133 | $687985 | $608815 | $314375 |
| Merger, transaction, and other costs, net | 331 | 2754 | 341 | 2729 | 13298 |
| Normalized FFO available to common stockholders | $956079 | $931887 | $688326 | $611544 | $327673 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per diluted share | $1.06 | $1.07 | $1.02 | $1.01 | $0.84 |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $1.06 | $1.07 | $1.02 | $1.02 | $0.88 |
| AFFO available to common stockholders | $947491 | $921074 | $671737 | $583728 | $327647 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO per diluted share | $1.05 | $1.06 | $1.00 | $0.97 | $0.88 |
| Cash dividends paid per common share | $0.8055 | $0.7765 | $0.7650 | $0.7410 | $0.7050 |
| Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO | 906398 | 872520 | 676388 | 603091 | 374804 |
| **<u>For the six months ended June 30,</u>** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net income available to common stockholders | $446734 | $386500 | $420431 | $422576 | $220419 |
| Depreciation and amortization, net of furniture, fixtures and equipment | 1255642 | 1185401 | 922916 | 812232 | 365330 |
| Provisions for impairment of real estate | 239672 | 175401 | 42993 | 14729 | 19966 |
| Gain on sales of real estate | (61103) | (41727) | (12103) | (50728) | (23302) |
| Proportionate share of adjustments for unconsolidated entities | 15340 | 11054 | (465) | 12095 |  |
| FFO adjustments allocable to noncontrolling interests | (2882) | (1813) | (1496) | (673) | (331) |
| FFO available to common stockholders | $1893403 | $1714816 | $1372276 | $1210231 | $582082 |
| Merger, transaction, and other costs, net | 610 | 96858 | 1648 | 9248 | 13298 |
| Normalized FFO available to common stockholders | $1894013 | $1811674 | $1373924 | $1219479 | $595380 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per diluted share | $2.11 | $2.01 | $2.05 | $2.02 | $1.56 |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $2.11 | $2.12 | $2.06 | $2.04 | $1.60 |
| AFFO available to common stockholders | $1897207 | $1783945 | $1322466 | $1163826 | $645869 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO per diluted share | $2.11 | $2.09 | $1.98 | $1.94 | $1.73 |
| Cash dividends paid per common share | $1.6015 | $1.5460 | $1.5165 | $1.4805 | $1.4085 |
| Weighted average diluted shares outstanding - FFO, Normalized FFO and AFFO | 900797 | 854806 | 669903 | 599201 | 373435 |

---

------

**ADJUSTED EBITDA*re***

(dollars in thousands) (unaudited)

Adjusted EBITDA*re*, Annualized Adjusted EBITDA*re*, Pro Forma Adjusted EBITDA*re*, Annualized Pro Forma Adjusted EBITDA*re*, Net Debt/Annualized Adjusted EBITDA*re,* Net Debt/Annualized Pro Forma Adjusted EBITDA*re,* Net Debt and Preferred Stock/ Annualized Adjusted EBITDA*re*, and Net Debt and Preferred Stock/ Annualized Pro Forma Adjusted EBITDA*re* are non-GAAP financial measures. Please see the Glossary for our definition and an explanation of how we utilize these metrics.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| Net income | $199011 |  | $260968 |  |
| Interest | 283824 |  | 246931 |  |
| Income taxes | 24065 |  | 15642 |  |
| Depreciation and amortization | 647849 |  | 605570 |  |
| Provisions for impairment | 143363 |  | 96458 |  |
| Merger, transaction, and other costs, net | 331 |  | 2754 |  |
| Gain on sales of real estate | (38566) |  | (25153) |  |
| Foreign currency and derivative loss (gain), net | 4388 |  | (511) |  |
| Proportionate share of adjustments from unconsolidated entities | 19774 |  | 16911 |  |
| Quarterly Adjusted EBITDA*re* | $1284039 |  | $1219570 |  |
| Annualized Adjusted EBITDA*re* <sup>(1)</sup> | $5136156 |  | $4878280 |  |
| Annualized Pro Forma Adjustments | $56842 |  | $33813 |  |
| Annualized Pro Forma Adjusted EBITDA*re* | $5192998 |  | $4912093 |  |
| Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts | $28665619 |  | $25712293 |  |
| Proportionate share of unconsolidated entities debt, excluding deferred financing costs | 659190 |  | 659190 |  |
| Less: Cash and cash equivalents | (800447) |  | (442820) |  |
| Net Debt <sup>(2)</sup> | $28524362 |  | $25928663 |  |
| Preferred Stock |  |  | 167394 |  |
| Net Debt and Preferred Stock | $28524362 |  | $26096057 |  |
| Net Debt/Annualized Adjusted EBITDA*re* | 5.6 | x | 5.3 | x |
| Net Debt/Annualized Pro Forma Adjusted EBITDA*re* | 5.5 | x | 5.3 | x |
| Net Debt and Preferred Stock/ Annualized Adjusted EBITDA*re* | 5.6 | x | 5.3 | x |
| Net Debt and Preferred Stock/ Annualized Pro Forma Adjusted EBITDA*re* | 5.5 | x | 5.3 | x |

---

<sup>(1)</sup> We calculate Annualized Adjusted EBITDA*re* by multiplying the Quarterly Adjusted EBITDA*re* by four.

<sup>(2)</sup> Net Debt is total debt per our consolidated balance sheets, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents.

The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate Adjusted EBITDA*re* from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDA*re* from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDA*re* on a pro forma basis in accordance with Article 11 of Regulation S-X. The Annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. The following table summarizes our Annualized Pro Forma Adjustments related to our Annualized Pro Forma Adjusted EBITDA*re* calculation for the periods indicated below (in thousands):

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| | | |
|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** |
| | **2025** | **2024** |
| Annualized pro forma adjustments from investments acquired or stabilized | $61709 | $39329 |
| Annualized pro forma adjustments from investments disposed | (4867) | (5516) |
| Annualized Pro Forma Adjustments | $56842 | $33813 |

---

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**Adjusted Free Cash Flow**

(in thousands) (unaudited)

Adjusted Free Cash Flow and Annualized Adjusted Free Cash Flow are non-GAAP financial measures. Please see the Glossary for our definition and an explanation of how we utilize these metrics.

---

| | | |
|:---|:---|:---|
| | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
| | **2025** | **2024** |
| Net cash provided by operating activities | $1848185 | $1759845 |
| Changes in net working capital | 4203 | (37219) |
| Capital expenditures <sup>(1)</sup> | (32838) | (33014) |
| Distributions paid to common stockholders | (1439274) | (1312714) |
| Distributions paid to preferred stockholders |  | (5175) |
| Merger, transaction, and other costs, net <sup>(2)</sup> | 610 | 72107 |
| Adjusted Free Cash Flow | $380886 | $443830 |
| Annualized Adjusted Free Cash Flow | $761772 | $887660 |

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<sup>(1)</sup> Excludes capital expenditures which directly generate incremental rental revenue on our leases.

<sup>(2)</sup> Excludes share-based compensation costs recognized in merger, transaction, and other costs, net during the six months ended June 30, 2024.

**Reconciliation of Same Store Rental Revenue to Rental Revenue (Including Reimbursements)**

(in thousands) (unaudited)

Same store rental revenue is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30,** | **Three months ended <br>June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Rental revenue (including reimbursements) | $1338188 | $1284728 | $2651245 | 2492897 |
| Constant currency adjustment <sup>(1)</sup> | 6758 | 14995 | 33702 | 28063 |
| Straight-line rent and other non-cash adjustments | 6251 | (4640) | 943 | (10492) |
| Contractually obligated reimbursements by our clients | (87951) | (81703) | (176906) | (156746) |
| Revenue from excluded properties <sup>(2)</sup> | (105665) | (58527) | (201931) | (108750) |
| Other excluded revenue <sup>(3)</sup> | (8956) | (15867) | (9990) | (16060) |
| Add: Spirit rental revenue <sup>(4)</sup> |  |  |  | 48560 |
| Revenue from unconsolidated entities <sup>(5)</sup> | 19875 | 16838 | 40243 | 31324 |
| Revenue attributable to noncontrolling interests <sup>(6)</sup> | (1817) | (1796) | (3632) | (3583) |
| Same Store Rental Revenue | $1166683 | $1154028 | $2333674 | $2305213 |

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<sup>(1)</sup> For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2025.

<sup>(2)</sup> Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue.

<sup>(3)</sup> "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income.

<sup>(4)</sup> Amounts for the six months ended June 30, 2024 represent rental revenue from Spirit properties, which were not included in our financial statements prior to the close of the merger with Spirit on January 23, 2024.

<sup>(5)</sup> Represents our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures.

<sup>(6)</sup> Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership.

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**CONSOLIDATED BALANCE SHEETS**

(in thousands, except per share amounts) (unaudited)

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Real estate held for investment, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $18047444 | $17320520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 42694467 | 40974535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate held for investment, at cost | 60741911 | 58295055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (8143997) | (7381083) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate held for investment, net | 52597914 | 50913972 |
| Real estate and lease intangibles held for sale, net | 117196 | 94979 |
| Cash and cash equivalents | 800447 | 444962 |
| Accounts receivable, net | 962052 | 877668 |
| Lease intangible assets, net | 6034146 | 6322992 |
| Goodwill | 4932199 | 4932199 |
| Investment in unconsolidated entities | 1225738 | 1229699 |
| Other assets, net | 4754381 | 4018568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $71424073 | $68835039 |
| LIABILITIES AND EQUITY |  |  |
| Distributions payable | $248345 | $238045 |
| Accounts payable and accrued expenses | 954079 | 759416 |
| Lease intangible liabilities, net | 1580991 | 1635770 |
| Other liabilities | 925292 | 923128 |
| Revolving credit facilities and commercial paper | 1472185 | 1130201 |
| Term loans, net | 1955547 | 2358417 |
| Mortgages payable, net | 38427 | 80784 |
| Notes payable, net | 24885872 | 22657592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $32060738 | $29783353 |
| Stockholders' equity: |  |  |
| Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 914,285 and 891,511 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | $48708721 | $47451068 |
| Distributions in excess of net income | (9651395) | (8648559) |
| Accumulated other comprehensive income | 95780 | 38229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $39153106 | $38840738 |
| Noncontrolling interests | 210229 | 210948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | $39363335 | $39051686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $71424073 | $68835039 |

---

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**GLOSSARY**

**Adjusted EBITDA*re.*** The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDA*re*) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of "Adjusted EBITDA*re*" is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDA*re*, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) provisions for impairment, (v) merger, transaction, and other costs, net, (vi) gain on sales of real estate, (vii) foreign currency and derivative gain and loss, net, and (viii) our proportionate share of adjustments from unconsolidated entities. Our Adjusted EBITDA*re* may not be comparable to Adjusted EBITDA*re* reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDA*re* differently than we do. Management believes Adjusted EBITDA*re* to be a meaningful measure of a REIT's performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDA*re* is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operational cash generating capacity of a company prior to servicing debt obligations. Management also believes the use of an annualized quarterly Adjusted EBITDA*re* metric is meaningful because it represents our current earnings run rate for the period presented. The ratio of our total debt to our annualized quarterly Adjusted EBITDA*re* is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDA*re* should be considered along with, but not as an alternative to, net income as a measure of our operating performance.

**Adjusted Free Cash Flow**, a non-GAAP financial measure, is defined as net cash provided by operating activities, less certain capital expenditures, dividends paid, merger, transaction, and other costs, net, and changes in net working capital. The Company updated its definition of Adjusted Free Cash Flow in the first quarter 2025 and all periods were recast to reflect the change. We believe adjusted free cash flow to be a useful liquidity measure for us and our investors by helping to evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, adjusted free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends. Adjusted free cash flow is not considered under generally accepted accounting principles to be a primary measure of an entity's residual cash flow available for discretionary spending, and accordingly should not be considered an alternative to operating income, net income, or amounts shown in our consolidated statements of cash flows.

**Annualized Adjusted Free Cash Flow,** a non-GAAP financial measure, is calculated by annualizing Adjusted Free Cash Flow.

**Adjusted Funds From Operations (AFFO)**, a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company's ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.

**Annualized Adjusted EBITDA*re***, a non-GAAP financial measure, is calculated by annualizing Adjusted EBITDA*re.*

**Annualized Base Rent** of our acquisitions and properties under development is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent, interest income on loans and preferred equity investments, and including our pro rata share of such revenues from properties owned by unconsolidated joint ventures. We believe total annualized base rent is a useful supplemental operating measure, as it excludes entities that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented.

**Annualized Pro Forma Adjusted EBITDA*re***, a non-GAAP financial measure, is defined as Adjusted EBITDA*re*, which includes transaction accounting adjustments in accordance with U.S. GAAP, consists of adjustments to incorporate Adjusted EBITDA*re* from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDA*re* from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDA*re* on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized pro forma adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes and bonds.

**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 receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively.

**Funds From Operations (FFO)**, a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT's operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.

**Initial Weighted Average Cash Yield** for acquisitions and properties under development is computed as Cash Income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our pro-rata share of Cash Income from unconsolidated joint ventures. Initial weighted average cash yield for loans receivable is computed using the Cash Income for the first twelve months following the acquisition date, divided by the total cost of the investment.

**Investment Grade Clients** are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant, that as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch).

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**GLOSSARY (Continued)**

**Net Debt/Annualized Adjusted EBITDA*re***, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Adjusted EBITDA*re*.

**Net Debt/Annualized Pro Forma Adjusted EBITDA*re***, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDA*re*.

**Net Debt and Preferred Stock/Annualized Adjusted EBITDA*re***, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents) plus our preferred stock, divided by Annualized Adjusted EBITDAre. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A Preferred Stock outstanding.

**Net Debt and Preferred Stock/Annualized Pro Forma Adjusted EBITDA*r*e**, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, plus preferred stock, less cash and cash equivalents) divided by Annualized Pro Forma Adjusted EBITDAre. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A Preferred Stock outstanding.

**Normalized Funds from Operations Available to Common Stockholders (Normalized FFO)**, a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net.

**Same Store Pool**, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time,(ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced.

**Same Store Rental Revenue** excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our pro rata share using our ownership percentage as of June 30, 2025 to same store rental revenue throughout the three and six month periods in both 2024 and 2025.

## Exhibit 99.2

![](realtyincomeq22025supple001.jpg)

Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q2 2025 Exhibit 99.2

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Q2 2025 Supplemental Operating & Financial Data 2 Forward-Looking Statements June 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 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this presentation, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward- looking statements include discussions of our business and portfolio including management thereof; our platform; growth strategies, investment pipeline, and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; the announcement of operating results, strategy, plans, and the intentions of management; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in the real estate business including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and operating results may differ materially from what is expressed or forecasted in this presentation and forecasts made in the forward-looking statements discussed in this presentation might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. Additional Information This Supplemental Operating & Financial Data should be read in connection with the company's earnings press release for the three and six months ended June 30, 2025 (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on August 6, 2025) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data presentation. Third-party logos or references included herein are provided for illustrative purposes only. Realty Income is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the clients or of their products or services pictured or mentioned. The names, logos, and all related product and service names, design marks, and slogans are the trademarks or service marks of their respective owners. **Table of Contents** ↪

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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 Balance Sheets 19 Capitalization & Financial Ratios 20 Debt Summary 21 Debt Summary by Currency 22 Debt Maturities 23 Adjusted EBITDAre & Coverage Ratios 24 Debt Covenants Transaction Summary 25 Investment Summary 26 Disposition Summary 27 Development Activity Real Estate Portfolio Summary 28 Client Diversification 29 Investment Grade Clients 30 Top 20 Industries 31 Geographic Diversification 32 Property Type Composition Operations 33 Same Store Rental Revenue 35 Leasing Activity 36 Lease Expirations Earnings Guidance 37 Earnings Guidance Analyst Coverage 38 Analyst Coverage Glossary 39 Glossary Appendix 42 Appendix Q2 2025 Supplemental Operating & Financial Data 3

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Q2 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 June 30, 2025, we have a portfolio of over 15,600 properties in all 50 U.S. states, the U.K., and seven other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 661 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 30 consecutive years. Additional information about the company can be found at www.realtyincome.com. Corporate Headquarters 11995 El Camino Real San Diego, CA 92130 Phone: +1 (858) 284-5000 Website: www.realtyincome.com Phoenix Office 2801 E. Camelback Rd., Suite 160 Phoenix, AZ 85016 London Office 19 Wells Street London, United Kingdom W1T 3PQ Phone: +44 (20) 3931 6858 Amsterdam Office Eduard van Beinumstraat 8 Amsterdam, Netherlands 1077 CZ ONE TEAM SENIOR MANAGEMENT Neil M. Abraham EVP, Chief Strategy Officer and President, Realty Income International Michelle Bushore EVP, Chief Legal Officer, General Counsel and Secretary Mark E. Hagan EVP, Chief Investment Officer Shannon Kehle EVP, Chief People Officer Jonathan Pong EVP, Chief Financial Officer and Treasurer Sumit Roy President, Chief Executive Officer Gregory J. Whyte EVP, Chief Operating Officer CREDIT RATINGS Senior Unsecured Outlook Commercial Paper Moody's A3 Stable P-2 Standard & Poor's A- Stable A-2 DIVIDEND INFORMATION AS OF JULY 2025 $3.228 current annualized dividend per share 661 consecutive monthly dividends declared 111 consecutive quarterly dividend increases 4.2% compound annual growth rate of dividend since NYSE listing **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 5 98.6%(4) occupancy Corporate Overview As of June 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 definition of Annualized Base Rent and an explanation of how we utilize this metric. (2) Annualized Base Rent includes 1.0% of rent from clients accounted for on a cash basis. Please see the Glossary for our definition of Annualized Base Rent. (3) Enterprise value is total market value less cash and cash equivalents. (4) Excludes properties with ancillary leases, such as cell towers and billboards, and properties with possession pending. Includes properties owned by unconsolidated joint ventures. 15,606 properties 346 million square feet leasable space 1,630 clients 91 industries $5.17B(2) Annualized Base Rent $81B(3) enterprise value 9.0 years weighted average remaining lease term 79.9% retail 14.6% industrial 3.1% gaming Geographies Included in Realty Income's Portfolio Property Type(1) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.29 $0.30 $0.23 $0.28 $0.22 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre 5.3x 5.4x 5.4x 5.4x 5.5x Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 AFFO per Share (Diluted) $1.06 $1.05 $1.05 $1.06 $1.05 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (1) AFFO, Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre and Total Operational Return are non-GAAP financial measures. Please see the Glossary for our definitions and an explanation of how we utilize these metrics. Please refer to the Appendix for historical reconciliations. (1) **Table of Contents** ↪ (1) Total Operational Return 13.8% 13.3% 6.8% 10.2% 7.0% 5.9% 9.2% 2.0% 4.8% 7.9% 4.1% 4.8% 5.4% 6.0% AFFO/share growth Dividend returns 2021 2022 2023 2024 YTD 2025 Dividend yield AFFO/share growth Current year dividend yield Current year AFFO/share growth (1) 1.0%

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Q2 2025 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in thousands) Number of Properties 11,136 12,237 13,458 15,621 15,606 Domestic International Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 Occupancy (by number of properties) 98.5% 99.0% 98.6% 98.7% 98.6% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 Number of Clients 1,040 1,240 1,326 1,565 1,630 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 (1) Please see the Glossary for our definition of Gross Asset Value. (2) Excludes properties with ancillary leases, such as cell towers and billboards, and properties with possession pending. Includes properties owned by unconsolidated joint ventures. (2) **Table of Contents** ↪ International Domestic Current quarter International Current quarter Domestic Gross Asset Value $47,087 $54,577 $63,851 $76,216 $79,568 Domestic U.K. Europe Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 (1) Europe U.K. Domestic Current quarter Europe Current quarter U.K. Current quarter Domestic

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Q2 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% 94.9% 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% 3.0% 2021 2022 2023 2024 YTD 2025 Property Expenses (non-reimbursements) (% of total revenue) 1.5% 1.3% 1.1% 1.5% 1.5% 2021 2022 2023 2024 YTD 2025 (1) Adjusted EBITDA Margin 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. Please refer to the Appendix for historical reconciliations. (2) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (3) Total revenue excluding client reimbursements. (2)(3) (3) **Table of Contents** ↪ (1)(3) Leasing Recapture Rates 103.4% 105.9% 104.1% 105.6% 103.6% 2021 2022 2023 2024 YTD 2025

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Q2 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 $3.228 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 Annualized Dividend Yield 4.1% 4.7% 5.4% 5.9% 5.6% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 **Table of Contents** ↪ Same Store Rental Revenue Growth 2.8% 1.8% 1.9% 0.5% 1.2% 2021 2022 2023 2024 YTD 2025 Net Debt to Total Enterprise Value 26.1% 29.7% 33.6% 35.9% 35.1% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q2 2025 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (1)

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Q2 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 $1,897 Domestic International 2021 2022 2023 2024 YTD 2025 Development Investments $243 $808 $1,497 $757 $224 Domestic International 2021 2022 2023 2024 YTD 2025 Other Investments $3,000 $— $858 $2,132 $423 Domestic International M&A 2021 2022 2023 2024 YTD 2025 (1) Other investments includes credit investments, which commenced in 2023. (2) Other investments for the year ended December 31, 2021 includes the $17.9 billion total purchase price, inclusive of debt assumed, related to the business combination with VEREIT, Inc ("VEREIT") and for the year ended December 31, 2024 includes the approximately $10.0 billion total purchase price, inclusive of debt assumed, related to the merger with Spirit Realty Capital, Inc. ("Spirit"). (1) **Table of Contents** ↪ International Domestic Current year International Current year Domestic International Domestic Current year International Current year Domestic International Domestic Current year International Current year Domestic Business Combinations Total Investments $8,995 $9,539 $11,864 $2,544 Domestic International M&A 2021 2022 2023 2024 YTD 2025 International Domestic Current ye r International Current year Domestic Business Combinations (2) (2) $24,287$17,876 $10,600 3 32

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Q2 2025 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% —% 8.7% 8.9% 8.8% 2021 2022 2023 2024 YTD 2025 Real Estate Acquisitions 5.5% 6.0% 7.0% 7.0% 7.0% 2021 2022 2023 2024 YTD 2025 Development Investments 6.0% 5.3% 6.8% 7.4% 7.3% 2021 2022 2023 2024 YTD 2025 Total Investments 5.5% 5.9% 7.1% 7.4% 7.3% 2021 2022 2023 2024 YTD 2025 (1) Initial Weighted Average Cash Yield is a supplemental operating measure. Please see the Glossary for our definition of Initial Weighted Average Cash Yield. (2) The Initial Weighted Average Cash Yield for other investments includes credit investments, which commenced in 2023, and excludes properties assumed in connection with our mergers with VEREIT in 2021 and Spirit in 2024. (2) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 12 Summary Financial Information (USD in millions) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Capital Deployment Investment Activity Real estate acquisitions $871 $1,026 $1,316 $594 $246 $319 $1,284 $1,703 $2,759 Development investments $78 $146 $150 $146 $182 $279 $587 $340 $334 Other investments(1) $222 $201 $254 $— $378 $9,968 $858 $— $— Total investments activity $1,171 $1,373 $1,720 $740 $806 $10,566 $2,729 $2,043 $3,093 Initial Weighted Average Cash Yields(2) Real estate acquisitions 7.1 % 7.0 % 6.5 % 7.4 % 7.9 % 8.2 % 7.1 % 6.9 % 6.9 % Development investments 7.3 % 7.3 % 7.6 % 7.5 % 7.3 % 7.3 % 6.9 % 6.9 % 6.9 % Other investments(3) 7.5 % 10.2 % 10.1 % N/A 8.1 % N/A 8.7 % N/A N/A Total investments 7.2 % 7.5 % 7.1 % 7.4 % 7.9 % 7.8 % 7.6 % 6.9 % 6.9 % Operations Overview Adjusted EBITDA margin (Adjusted EBITDA as % of total revenue)(4) 94.8 % 95.1 % 94.5 % 95.2 % 94.9 % 95.2 % 94.6 % 95.4 % 95.3 % Cash G&A margin (Cash G&A as % of total revenue)(4)(5) 3.1 % 2.9 % 3.1 % 2.8 % 3.0 % 2.7 % 3.2 % 3.0 % 3.1 % Property expenses (non-reimbursements)(% of total revenue)(4) 1.5 % 1.5 % 1.6 % 1.4 % 1.5 % 1.4 % 1.6 % 1.0 % 0.7 % Leasing recapture rates 103.4 % 103.9 % 107.4 % 105.0 % 105.7 % 104.3 % 103.6 % 106.9 % 103.4 % Same Store Rental Revenue growth (percent)(6) 1.1 % 1.3 % 0.8 % 0.2 % 0.2 % 0.8 % 2.6 % 2.2 % 2.0 % Cash basis bad debt reserves (reversals)(7) $10.9 $6.2 $8.1 $7.0 $8.0 $1.3 $2.5 $(2.6) $(2.9) **Table of Contents** ↪ (1) Other investments for the three months ended March 31, 2024 includes the approximately $10.0 billion total purchase price, inclusive of debt assumed, related to the merger with Spirit. (2) Initial Weighted Average Cash Yield is a supplemental operating measure. Please see the Glossary for our definition of Initial Weighted Average Cash Yield. (3) The Initial Weighted Average Cash Yield for other investments includes credit investments, which commenced in 2023, and excludes properties assumed in connection with our merger with Spirit in January, 2024. (4) Total revenue excluding client reimbursements. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (5) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (6) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (7) Represents reserves to rental revenues, exclusive of non-cash reserves.

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Q2 2025 Supplemental Operating & Financial Data 13 Summary Financial Information (Continued) (USD in millions) As of June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Portfolio Highlights Number of properties 15,606 15,627 15,621 15,457 15,450 15,485 13,458 13,282 13,118 Gross Asset Value(8) $79,568 $77,516 $76,216 $75,535 $74,755 $74,721 $63,851 $61,118 $59,466 Occupancy - by number of properties(9) 98.6 % 98.5 % 98.7 % 98.7 % 98.8 % 98.6 % 98.6 % 98.8 % 99.0 % Number of clients 1,630 1,598 1,565 1,552 1,551 1,552 1,326 1,324 1,303 Leverage Metrics Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre(10) 5.5x 5.4x 5.4x 5.4x 5.3x 5.5x 5.5x 5.2x 5.3x Net Debt to Total Enterprise Value 35.1 % 34.5 % 35.9 % 32.4 % 35.9 % 35.1 % 33.6 % 35.6 % 31.2 % Debt Covenant Metrics Pro-rata debt to Gross Asset Value 36.9 % 36.1 % 35.6 % 35.9 % 35.3 % 35.1 % 34.7 % 33.4 % 32.9 % Limitation on incurrence of total debt(11) 42.0 % 41.4 % 41.1 % 41.5 % 41.0 % 41.0 % 39.7 % 39.7 % 39.5 % Limitation on incurrence of secured debt(11) 0.2 % 0.2 % 0.3 % 0.4 % 0.4 % 0.4 % 1.6 % 1.7 % 1.8 % Debt service and fixed charge coverage (trailing 12 months)(11)(12) 4.5x 4.7x 4.7x 4.6x 4.7x 4.5x 4.7x 4.5x 4.6x Maintenance of total unencumbered assets(11) 238.7 % 242.2 % 244.5 % 239.9 % 242.9 % 242.5 % 257.9 % 257.6 % 259.8 % (8) Please see the Glossary for our definition of Gross Asset Value. (9) Excludes properties with ancillary leases, such as cell towers and billboards and properties with possession pending. Includes properties owned by unconsolidated joint ventures. (10) Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre 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. (11) Represents key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations are not based on U.S. GAAP measurements. See "Debt Covenants" page for further detail. (12) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on the first day of such four-quarter period, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first date of the four-quarter period nor does it purport to reflect our debt service coverage ratio for any future period. See "Debt Covenants" page for further detail. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 14 Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ($) ($) ($) ($) REVENUE Rental (including reimbursements) 1,338,188 1,284,728 2,651,245 2,492,897 Other 72,190 54,715 139,638 107,031 Total revenue 1,410,378 1,339,443 2,790,883 2,599,928 EXPENSES Depreciation and amortization 647,849 605,570 1,256,784 1,186,634 Interest 283,824 246,931 552,198 487,545 Property (including reimbursements) 107,422 99,851 214,103 189,212 General and administrative 49,329 45,070 93,373 85,912 Provisions for impairment 143,363 96,458 259,952 185,947 Merger, transaction, and other costs, net 331 2,754 610 96,858 Total expenses 1,232,118 1,096,634 2,377,020 2,232,108 Gain on sales of real estate 38,566 25,153 61,103 41,727 Foreign currency and derivative (loss) gain, net (4,388) 511 (6,933) 4,557 Equity in earnings of unconsolidated entities 3,269 2,029 7,626 353 Other income, net 7,369 6,108 14,536 11,554 Income before income taxes 223,076 276,610 490,195 426,011 Income taxes (24,065) (15,642) (39,722) (31,144) Net income 199,011 260,968 450,473 394,867 Net income attributable to noncontrolling interests (2,092) (1,577) (3,739) (3,192) Net income attributable to the Company 196,919 259,391 446,734 391,675 Preferred stock dividends — (2,587) — (5,175) Net income available to common stockholders 196,919 256,804 446,734 386,500 Net income available to common stockholders per common share: Basic 0.22 0.30 0.50 0.45 Diluted 0.22 0.29 0.50 0.45 Consolidated Statements of Income (USD in thousands, except per share amounts) (unaudited) Supplementary Information Three months ended June 30, Six months ended June 30, 2025 ($) 2024 ($) 2025 ($) 2024 ($) Total revenue (excluding reimbursements) 1,322,954 1,258,875 2,616,081 2,446,646 Reserves to rental revenue (excluding non-cash reserves) 10,861 7,957 17,058 9,216 Property expenses (excluding reimbursements) 19,998 19,283 39,301 35,930 **Table of Contents** ↪

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Q2 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 the weighted average number of common shares used for the basic and diluted FFO and Normalized FFO per share computations. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 196,919 256,804 446,734 386,500 Depreciation and amortization 647,849 605,570 1,256,784 1,186,634 Depreciation of furniture, fixtures and equipment (604) (610) (1,142) (1,233) Provisions for impairment of real estate 142,254 87,204 239,672 175,401 Gain on sales of real estate (38,566) (25,153) (61,103) (41,727) Proportionate share of adjustments for unconsolidated entities 9,085 6,380 15,340 11,054 FFO adjustments allocable to noncontrolling interests (1,189) (1,062) (2,882) (1,813) FFO available to common stockholders 955,748 929,133 1,893,403 1,714,816 FFO allocable to dilutive noncontrolling interests 2,417 1,595 4,842 2,935 Diluted FFO 958,165 930,728 1,898,245 1,717,751 FFO available to common stockholders 955,748 929,133 1,893,403 1,714,816 Merger, transaction, and other costs, net 331 2,754 610 96,858 Normalized FFO available to common stockholders 956,079 931,887 1,894,013 1,811,674 Normalized FFO allocable to dilutive noncontrolling interests 2,417 1,595 4,842 2,935 Diluted Normalized FFO 958,496 933,482 1,898,855 1,814,609 FFO per common share, basic and diluted 1.06 1.07 2.11 2.01 Normalized FFO per common share, basic and diluted 1.06 1.07 2.11 2.12 Distributions paid to common stockholders 727,450 676,215 1,439,274 1,312,714 FFO after distributions 228,298 252,918 454,129 402,102 Normalized FFO after distributions 228,629 255,672 454,739 498,960 Weighted average number of common shares used for FFO and Normalized FFO: Basic 902,966 870,319 897,338 852,621 Diluted 906,398 872,520 900,797 854,806 FFO and Normalized FFO(1) (USD and shares in thousands, except per share amounts) (unaudited) (1) FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize metrics. **Table of Contents** ↪

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Q2 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 the weighted average number of common shares used for the basic and diluted AFFO per share computations. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO. Refer to the next page for footnotes. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 196,919 256,804 446,734 386,500 Cumulative adjustments to calculate Normalized FFO(2) 759,160 675,083 1,447,279 1,425,174 Normalized FFO available to common stockholders 956,079 931,887 1,894,013 1,811,674 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 8,257 799 14,890 2,196 Amortization of acquired interest rate swap value(3) 3,555 3,710 7,266 6,514 Capital expenditures from operating properties: Leasing costs and commissions (1,985) (2,129) (2,865) (3,056) Recurring capital expenditures (221) (52) (240) (52) Other non-cash items: Non-cash change in allowance for credit losses(4) 1,109 9,254 20,280 10,546 Amortization of share-based compensation 8,110 7,267 14,009 16,519 Straight-line rent and expenses, net (30,226) (47,587) (74,038) (92,447) Amortization of above and below-market leases, net 6,287 13,806 21,613 28,080 Deferred tax expense 413 — 309 — Proportionate share of adjustments for unconsolidated entities (1,678) (538) (1,641) 382 Other adjustments(5) (2,209) 4,657 3,611 3,589 AFFO available to common stockholders 947,491 921,074 1,897,207 1,783,945 AFFO allocable to dilutive noncontrolling interests 2,401 1,587 4,802 2,946 Diluted AFFO 949,892 922,661 1,902,009 1,786,891 AFFO per common share, basic and diluted 1.05 1.06 2.11 2.09 Distributions paid to common stockholders 727,450 676,215 1,439,274 1,312,714 AFFO after distributions 220,041 244,859 457,933 471,231 Weighted average number of common shares used for AFFO: Basic 902,966 870,319 897,338 852,621 Diluted 906,398 872,520 900,797 854,806 AFFO(1) (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪

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Q2 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. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Credit losses primarily relate to the impairment of financing receivables. (5) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. AFFO(1) (Continued) (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 18 June 30, 2025 December 31, 2024 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,047,444 17,320,520 Buildings and improvements 42,694,467 40,974,535 Total real estate held for investment, at cost 60,741,911 58,295,055 Less accumulated depreciation and amortization (8,143,997) (7,381,083) Real estate held for investment, net 52,597,914 50,913,972 Real estate and lease intangibles held for sale, net 117,196 94,979 Cash and cash equivalents 800,447 444,962 Accounts receivable, net 962,052 877,668 Lease intangible assets, net 6,034,146 6,322,992 Goodwill 4,932,199 4,932,199 Investment in unconsolidated entities 1,225,738 1,229,699 Other assets, net 4,754,381 4,018,568 Total assets 71,424,073 68,835,039 LIABILITIES AND EQUITY Distributions payable 248,345 238,045 Accounts payable and accrued expenses 954,079 759,416 Lease intangible liabilities, net 1,580,991 1,635,770 Other liabilities 925,292 923,128 Revolving credit facilities and commercial paper 1,472,185 1,130,201 Term loans, net 1,955,547 2,358,417 Mortgages payable, net 38,427 80,784 Notes payable, net 24,885,872 22,657,592 Total liabilities 32,060,738 29,783,353 Stockholders' equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 914,285 and 891,511 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 48,708,721 47,451,068 Distributions in excess of net income (9,651,395) (8,648,559) Accumulated other comprehensive income 95,780 38,229 Total stockholders' equity 39,153,106 38,840,738 Noncontrolling interests 210,229 210,948 Total equity 39,363,335 39,051,686 Total liabilities and equity 71,424,073 68,835,039 Consolidated Balance Sheets (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 19 Capitalization & Financial Ratios as of June 30, 2025 (USD and shares in thousands, except per share data) Debt Consolidated Principal ($) Total at Pro-Rata Share(1) ($) Senior Unsecured Notes and Bonds 25,198,035 25,198,035 Unsecured Term Loans 1,956,659 1,956,659 Revolvers and Commercial Paper 1,472,185 1,472,185 Mortgages Payable 38,740 697,930 Subtotal 28,665,619 29,324,809 Equity Shares/Units Stock Price ($) Market Value ($) Common Stock(2) 914,285 57.61 52,671,959 Common Units(3) 2,682 57.61 154,510 Subtotal 52,826,469 Total Market Value 82,151,278 Capitalization Dividend Data YTD 2025 YTD 2024 Year-Over-Year Growth Rate (%) Common Dividend Paid per Share $1.602 $1.546 3.6 AFFO per Share (diluted) $2.11 $2.09 1.0 AFFO Payout Ratio 75.9 % 74.0 % Cash and Cash Equivalents $800,447 Availability under credit facilities(5) 4,006,455 Unsettled ATM Forwards 422,831 Less: Commercial Paper Borrowings (98,640) Total $5,131,093 Liquidity(4) Foreign Currency Exposure Total Market Value Pro-Rata Debt Equity $82,151 $29,325 $52,826 Non-USD, 37.0%Non-USD, 13.2% USD, 63.0% USD, 86.8% USD, 100% Equity $52,826 Pro-Rata Debt $29,325 Cash and Cash Equivalents $(800) Enterprise Value(6) Total Market Value: $82,151 Total Enterprise Value: $81,351 (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 information. (2) As of August 6, 2025, ATM forward agreements for a total of 11.6 million shares remain unsettled with total expected net proceeds of approximately $654.3 million (assuming full physical settlement of all outstanding shares of common stock, subject to forward sale agreements and certain assumptions made with respect to settlement dates). (3) Consists of common units issued by Realty Income Limited Partnership and held by third parties. (4) We use our unsecured revolvers as a liquidity backstop for the repayment of the notes issued under our commercial paper programs. (5) As of June 30, 2025, our availability under the credit facilities includes availability under the Realty Income revolving credit facility ("RI Credit Facilities") with a total capacity of $4.0 billion and availability under the U.S. Core Plus Fund credit facilities ("Fund Facilities"), which included a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan. As of June 30, 2025, there have been no borrowings on the Fund Facilities. (6) Total enterprise value is total market value less cash and cash equivalents. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 20 Debt Summary as of June 30, 2025 (USD in thousands) 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 49 series of senior unsecured notes and bonds 2025 - 2054 25,198,035 25,198,035 3.85 6.4 Unsecured Term Loans Term Loans 2025 - 2027 1,956,659 1,956,659 4.29 0.9 Revolvers and Commercial Paper RI Credit Facilities (3) 2027 - 2029 1,373,545 1,373,545 4.91 2.0 Commercial Paper (4) 2025 98,640 98,640 2.25 0.1 Mortgages Payable 9 mortgages on 15 properties (5) 2026 - 2030 38,740 697,930 3.73 4.3 Total Debt Principal 28,665,619 29,324,809 3.92 5.8 Unamortized net discounts and deferred financing costs (313,588) (395,678) Total Debt, Net 28,352,031 28,929,131 Total Fixed Rate Debt Principal 27,193,434 27,852,624 Total Variable Rate Debt Principal 1,472,185 1,472,185 Total Fixed Rate Debt Percentage 94.9 % 95.0 % Total Variable Rate Debt Percentage 5.1 % 5.0 % (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 information. (2) Calculated as the weighted average interest rate as of June 30, 2025. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps. (3) As of June 30, 2025, our unsecured credit facilities totaled $5.38 billion, consisting of the RI Credit Facilities with a total capacity of $4.0 billion, bifurcated into two $2.0 billion tranches, and the Fund Facilities, which included a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan. Both facilities bear interest at benchmark rates that vary based on the currency of the borrowings. Since inception, there have been no borrowings on the Fund Facilities. (4) As of June 30, 2025, we have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, and a EUR-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). (5) Includes the Pro-Rata Share of a mortgage on an unconsolidated joint venture. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 21 Debt Summary by Currency as of June 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 Venture Debt(1) ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) USD — 890.0 38.7 16,873.5 659.2 18,461.4 3.91 EUR 118.6 99.8 — 2,818.3 — 3,036.7 4.16 GBP 1,353.6 966.9 — 5,506.2 — 7,826.7 3.85 Total 1,472.2 1,956.7 38.7 25,198.0 659.2 29,324.8 3.92 (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 information. (2) Calculated as the weighted average interest rate as of June 30, 2025. The weighted average interest rates reflect the effective fixed rate debt for floating rate debt that is fixed through interest rate swaps. 10.3% EUR 26.7% GBP 63.0% USD Pro-Rata Debt by Currency as of June 30, 2025 **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 22 Debt Maturities as of June 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 Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Subtotal ($) RI Credit Facilities ($) Fund Credit Facilities ($) Commercial Paper ($) Total Consolidated Debt Principal ($) Mortgages Payable ($) Total Debt Principal ($) Fixed Rate Debt (%) Variable Rate Debt (%) 2025 300.0 0.8 550.0 850.8 — — 98.6 949.4 — 949.4 4.24 2.25 2026 1,156.7 12.0 2,375.0 3,543.7 — — — 3,543.7 — 3,543.7 4.34 — 2027 500.0 22.3 2,391.3 2,913.6 1,271.3 — — 4,184.9 — 4,184.9 2.81 4.94 2028 — 1.3 2,499.8 2,501.1 — — — 2,501.1 — 2,501.1 3.19 — 2029 — 1.3 2,429.3 2,430.6 102.2 — — 2,532.8 659.2 3,192.0 3.90 4.49 Thereafter — 1.0 14,952.6 14,953.6 — — — 14,953.6 — 14,953.6 4.07 — Total 1,956.7 38.7 25,198.0 27,193.4 1,373.5 — 98.6 28,665.5 659.2 29,324.7 3.88 4.73 (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 information. (2) Calculated as the weighted average interest rate as of June 30, 2025. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 23 Adjusted EBITDAre & Coverage Ratios (USD in thousands) (unaudited) Three months ended June 30, 2025 Net income $199,011 Interest 283,824 Income taxes 24,065 Depreciation and amortization 647,849 Provisions for impairment 143,363 Merger, transaction, and other costs, net 331 Gain on sales of real estate (38,566) Foreign currency and derivative loss, net 4,388 Proportionate share of adjustments from unconsolidated entities 19,774 Quarterly Adjusted EBITDAre $1,284,039 Annualized Adjusted EBITDAre $5,136,156 Annualized Pro Forma Adjustments(2) 56,842 Annualized Pro Forma Adjusted EBITDAre $5,192,998 Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts $28,665,619 Proportionate share of unconsolidated entities debt, excluding deferred financing costs 659,190 Less: Cash and cash equivalents (800,447) Net Debt $28,524,362 Net Debt/Annualized Adjusted EBITDAre 5.6x Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.5x (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre, and Net Debt/ Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. The Annualized Pro Forma Adjustments consist of $61.7 million from investments we acquired or stabilized during the quarter and removes $4.9 million from investments we disposed of during the quarter. 4.7x 4.6x 4.7x 4.7x 4.5x Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 DEBT SERVICE & FIXED CHARGE COVERAGERECONCILIATION OF NET INCOME TO ADJUSTED EBITDAre AND PRO FORMA ADJUSTED EBITDAre(1) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 24 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 42.0% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.2% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.5x ✓ Maintenance of total unencumbered assets ≥ 150% of unsecured debt 238.7% ✓ (1) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first day of four-quarter period, nor does it purport to reflect our debt service coverage ratio for any future period. Debt Covenants As of June 30, 2025 The following is a summary of the key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior unsecured notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 25 Number of Properties Investment ($) Cash Income(1) ($) Leasable Square Feet (in thousands) Initial Weighted Average Cash Yield(2) (%) Weighted Average Term (Years) Acquisitions Q2 2025 U.S. real estate 24 221.6 15.4 741 7.0 20.9 Europe real estate 15 649.1 44.1 4,562 7.2 13.2 Total real estate acquisitions 39 870.7 59.5 5,303 7.1 15.2 Real estate properties under development U.S. real estate 53 60.7 4.4 1,648 7.3 17.3 Europe real estate 10 17.5 1.2 433 7.1 15.3 Total real estate properties under development 63 78.2 5.6 2,081 7.3 16.9 Europe other investments (3) — 222.3 16.7 — 7.5 4.5 Total investments 102 1,171.2 81.8 7,384 7.2 13.1 Approximately 30% of the Cash Income generated is from Investment Grade Clients.(4) Acquisitions YTD 2025 U.S. real estate 58 423.2 29.3 1,779 6.9 16.8 Europe real estate 31 1,473.8 100.9 7,251 7.1 8.0 Total real estate acquisitions 89 1,897.0 130.2 9,030 7.0 10.0 Real estate properties under development U.S. real estate 74 137.4 10.0 2,206 7.3 16.7 Europe real estate 13 86.2 6.3 433 7.4 11.7 Total real estate properties under development 87 223.6 16.3 2,639 7.3 14.7 U.S. other investments(5) — 200.9 20.5 — 10.2 3.8 Europe other investments (3) — 222.3 16.7 — 7.5 4.5 Total investments 176 2,543.8 183.7 11,669 7.3 9.2 Approximately 26% of the Cash Income generated is from Investment Grade Clients.(4) Investment Summary (USD in millions) (1) Please see Glossary for our definition of Cash Income. (2) Initial Weighted Average Cash Yield is a supplemental operating measure. Please see the Glossary for our definition of this metric. Cash income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and six months ended June 30, 2025 includes $2.7 million and $3.5 million, respectively, received as settlement credits as reimbursement of free rent periods. (3) Includes two investments in loans secured by properties in the U.K. (4) Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of acquisition. Please see the Glossary for our definition of Investment Grade Clients. (5) Includes an investment in a loan for a development project. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 26 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (2) (%) Q2 2025 Occupied 9 14,302 16,586 9.2 Vacant 64 63,973 100,255 Total real estate dispositions 73 78,275 116,841 YTD 2025 Occupied 15 40,137 45,742 8.2 Vacant 113 108,174 163,672 Total real estate dispositions 128 148,311 209,414 Disposition Summary (USD in thousands) Net Sales Proceeds from Dispositions $106,010 $249,461 $138,085 $92,573 $116,841 Occupied Vacant Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (1) Net Cash Capitalization Rate is a supplemental operating measure. Please see the Glossary for our definition of this metric. (2) Excludes properties sold as a result of eminent domain activities. **Table of Contents** ↪ 86% 14% 69% 31% 36% 64% 35% 65% 67% 33% Vacant Occupied Current quarter V cant Current quarter Occupied

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Q2 2025 Supplemental Operating & Financial Data 27 Development Activity (USD in thousands) Retail Q2 2025 Investment(1) Q2 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 6/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $43,280 $90,774 $107,974 $170,334 $52,493 $121,996 $174,489 Development of existing properties 2,859 1,929 6,089 6,616 6,300 20,457 26,757 Total $46,139 $92,703 $114,063 $176,950 $58,793 $142,453 $201,246 Estimated Weighted Average Cash Yield 7.7 % 7.4 % 7.8 % 7.6 % Estimated Weighted Average Completion Date Q4 2025 Q1 2026 Non-Retail Q2 2025 Investment(1) Q2 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 6/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $32,126 $90,408 $109,526 $144,486 $249,834 $438,478 $688,312 Development of existing properties — — — — — — — Total $32,126 $90,408 $109,526 $144,486 $249,834 $438,478 $688,312 Estimated Weighted Average Cash Yield 7.7 % 7.7 % 7.2 % 7.2 % Estimated Weighted Average Completion Date Q2 2026 Q3 2026 Total Q2 2025 Investment(1) Q2 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 6/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $75,406 $181,182 $217,500 $314,820 $302,327 $560,474 $862,801 Development of existing properties 2,859 1,929 6,089 6,616 6,300 20,457 26,757 Total $78,265 $183,111 $223,589 $321,436 $308,627 $580,931 $889,558 Estimated Weighted Average Cash Yield 7.7 % 7.6 % 7.3 % 7.3 % Estimated Weighted Average Completion Date Q2 2026 Q2 2026 (1) Capitalized interest was $3.9 million and $8.7 million for the three and six months ended June 30, 2025, respectively. (2) CIP is defined as construction in progress. (3) Includes build-to-suit developments and take-outs on development properties with leases in place. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 28 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 7-Eleven 825 3.4 A/Baa2/- 2 Dollar General 1,762 3.2 BBB/Baa3/- 3 Walgreens 400 3.2 — 4 Dollar Tree / Family Dollar 1,362 2.9 BBB/Baa2/- 5 Life Time Fitness 41 2.1 — 6 EG Group 414 2.1 — 7 Wynn Resorts 1 2.0 — 8 (B&Q) Kingfisher 67 2.0 BBB/-/BBB 9 FedEx 82 1.8 BBB/Baa2/- 10 Asda 40 1.6 — Client Diversification OUR TOP 20 CLIENTS Our 20 largest clients based on percentage of Annualized Base Rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, at June 30, 2025, include the following: (1) Amounts for each client are calculated independently; therefore, the individual percentages may not sum to the total. Please see the Glossary for our definition of Annualized Base Rent. (2) Subsequent to June 30, 2025, 7-Eleven was downgraded by S&P to A-. (3) Subsequent to June 30, 2025, Dollar Tree's sale of Family Dollar was completed. (4) Represents our proportionate share of the Annualized Base Rent of the unconsolidated joint venture. **Table of Contents** ↪ Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 11 Sainsbury's 39 1.6 BBB/Baa3/- 12 BJ's Wholesale Club 45 1.5 — 13 Tesco 27 1.4 BBB/Baa3/BBB 14 Tractor Supply 227 1.3 BBB/Baa1/- 15 CVS Pharmacy 210 1.2 BBB/Baa3/BBB 16 MGM (Bellagio) 1 1.1 — 17 LA Fitness 63 1.1 — 18 Home Depot 40 1.1 A/A2/A 19 AMC Theatres 39 1.0 — 20 Walmart / Sam's Club 62 1.0 AA/Aa2/AA 5,747 36.4 (4) (3) (2)

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Q2 2025 Supplemental Operating & Financial Data 29 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Number of Investment Grade Leases 6,464 6,499 6,355 6,384 6,914 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 33.9 % 34.3 % 32.4 % 32.1 % 36.0 % Investment Grade Clients(1) 27.3% Investment Grade, Retail 52.5% Non-Investment Grade or Non-Rated, Retail 13.6% Non-Investment Grade or Non-Rated, Non-Retail 6.6% Investment Grade, Non-Retail (1) Please see the Glossary for our definition of Investment Grade Clients. (2) Please see the Glossary for our definition of Annualized Base Rent. **Table of Contents** ↪ Annualized Base Rent(2) as of June 30, 2025

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Q2 2025 Supplemental Operating & Financial Data 30 As of June 30, 2025 December 31, 2024 (%) (%) Grocery 10.7 10.1 Convenience Stores 9.8 10.2 Home Improvement 6.4 6.0 Dollar Stores 6.2 6.4 Restaurants-Quick Service 4.9 4.9 Drug Stores 4.6 4.7 Health and Fitness 4.4 4.3 Automotive Service 4.3 4.5 Restaurants-Casual Dining 3.8 4.0 General Merchandise 3.3 3.2 Gaming 3.1 3.2 Home Furnishings 3.0 2.8 Health Care 2.7 2.7 Sporting Goods 2.4 2.3 Apparel Stores 2.4 2.2 Transportation Services 2.3 2.3 Wholesale Clubs 2.2 2.3 Theaters 2.0 2.1 Entertainment 1.9 1.8 Motor Vehicle Dealerships 1.8 1.8 (1) Please see the Glossary for our definition of Annualized Base Rent. Top 20 Industries PERCENTAGE OF TOTAL PORTFOLIO ANNUALIZED BASE RENT(1) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 31 Geographic Diversification(1) As of June 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 MIDWEST 4,056 Properties 20.9% Total ABR MID-ATLANTIC SOUTHWEST 2,958 Properties 13.7% Total ABR 1,472 Properties SOUTHEAST 4,103 Properties 18.1% Total ABR CONTINENTAL EUROPE 202 Properties 3.7% Total ABR NORTHEAST 1,045 Properties 9.5% Total ABR 7.7% Total ABR PACIFIC SOUTHWEST 1,182 Properties 11.1% Total ABR PACIFIC NORTHWEST 234 Properties 1.7% Total ABR UNITED KINGDOM 354 Properties 13.6% Total ABR **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 32 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of June 30, 2025(2) ($) Percentage of Annualized Base Rent as of June 30, 2025(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%) Retail 14,967 217,102 4,129,062 79.9 34.2 Industrial 569 119,989 755,608 14.6 39.9 Gaming 2 5,053 162,635 3.1 — Other(4) 68 4,190 122,403 2.4 31.6 Total 15,606 346,334 5,169,708 100.0 33.9 (1) Represents leasable building square footage and includes our portfolio of unconsolidated joint ventures based on ownership percentage. Excludes 2,962 acres of leased land categorized as agriculture at June 30, 2025. (2) Please see the Glossary for our definition of Annualized Base Rent. (3) Please see the Glossary for our definition of Investment Grade Clients. (4) "Other" primarily includes 27 properties classified as agriculture with $35.1 million in Annualized Base Rent, 14 properties classified as office with $32.8 million in Annualized Base Rent, 21 properties classified as country clubs with $25.9 million in Annualized Base Rent, and three properties classified as data centers with $24.5 million in Annualized Base Rent, as well as one land parcel under development. Property Type Composition (USD and square footage in thousands) 14.6% Industrial 79.9% Retail 3.1% Gaming 2.4% Other **Table of Contents** ↪ Annualized Base Rent(2) as of June 30, 2025

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Q2 2025 Supplemental Operating & Financial Data 33 Q2 2025 Same Store Rental Revenue Number of properties 14,622 Q2 2025 $1,166,683 Q2 2024 $1,154,028 $ change $12,655 % change 1.1 % YTD 2025 Same Store Rental Revenue Number of properties 14,622 YTD 2025 $2,333,674 YTD 2024 $2,305,213 $ change $28,461 % change 1.2 % Top 3 Industries Contributing to the Change(3) Three months ended June 30, Industry 2025 2024 $ Change % Change($) ($) Grocery $128,366 $126,255 2,111 1.7 Health and Fitness 49,963 51,737 (1,774) (3.4) Convenience Stores 108,551 106,878 1,673 1.6 Six months ended June 30, Industry 2025 2024 $ Change % Change($) ($) Grocery $256,608 $251,614 4,994 2.0 Convenience Stores 216,612 213,229 3,383 1.6 Theaters 54,280 51,585 2,695 5.2 For purposes of comparability, same store rental revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2025. (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. None of the properties in Poland met our same store pool definition for the period presented. Beginning with the second quarter of 2024, properties acquired through the merger with Spirit were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or Realty for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) Same Store Rental Revenue includes our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures, as well as amounts attributable to noncontrolling interest based on their respective ownership percentages. (3) Top 3 industry contributors are based on absolute value of net change period over period. Same Store Rental Revenue(1)(2) (USD in thousands) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 34 Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 ($) ($) ($) ($) Rental revenue (including reimbursements) 1,338,188 1,284,728 2,651,245 2,492,897 Constant currency adjustment(3) 6,758 14,995 33,702 28,063 Straight-line rent and other non-cash adjustments 6,251 (4,640) 943 (10,492) Contractually obligated reimbursements by our clients (87,951) (81,703) (176,906) (156,746) Revenue from excluded properties(1) (105,665) (58,527) (201,931) (108,750) Other excluded revenue(4) (8,956) (15,867) (9,990) (16,060) Add: Spirit rental revenue(5) — — — 48,560 Revenue from unconsolidated entities(6) 19,875 16,838 40,243 31,324 Revenue attributable to noncontrolling interests(7) (1,817) (1,796) (3,632) (3,583) Same Store Rental Revenue 1,166,683 1,154,028 2,333,674 2,305,213 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. Beginning with the second quarter of 2024, properties acquired through the merger with Spirit were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or Realty for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) "Other" includes properties classified as agriculture, office, and data center. (3) For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2025. (4) "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income. (5) Amounts for the six months ended June 30, 2024 represent rental revenue from Spirit properties, which were not included in our financial statements prior to the close of the merger with Spirit on January 23, 2024. (6) Represents our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures. (7) Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Property Type ($) ($) $ Change % Change ($) ($) $ Change % Change Retail 930,698 922,995 7,703 0.8 1,863,030 1,843,592 19,438 1.1 Industrial 177,183 173,760 3,423 2.0 353,411 347,101 6,310 1.8 Gaming 40,659 39,924 735 1.8 81,414 79,847 1,567 2.0 Other (2) 18,143 17,349 794 4.6 35,819 34,673 1,146 3.3 Total 1,166,683 1,154,028 12,655 1.1 2,333,674 2,305,213 28,461 1.2 Same Store Rental Revenue(1) (Continued) (USD in thousands) SAME STORE RENTAL REVENUE BY PROPERTY TYPE RECONCILIATION OF SAME STORE RENTAL REVENUE TO RENTAL REVENUE (INCLUDING REIMBURSEMENTS) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 35 Q2 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $88,418 $5,215 $93,633 New cash rents\* $89,586 $7,250 $96,836 Recapture rate 101.3 % 139.0 % 103.4 % Number of leases 323 23 346 Average months vacant — 7.6 0.5 Lease incentives(1) $2,063 $93 $2,156 \* Percentage of Total Portfolio Annualized Base Rent(2) 1.9% YTD 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $130,746 $7,369 $138,115 New cash rents\* $131,700 $11,352 $143,052 Recapture rate 100.7 % 154.1 % 103.6 % Number of leases 501 39 540 Average months vacant — 5.3 0.4 Lease incentives (1) $2,468 $374 $2,842 \* Percentage of Total Portfolio Annualized Base Rent(2) 2.8 % Leasing Activity (dollars in thousands) Allocation Based on Number of Leases 93% Same Client 7% New Client Allocation Based on Number of Leases 7% New Client 93% Same Client (1) Lease incentives are defined as capital outlays made on behalf of a client that are specific to the client's use and benefit, and are not capitalized as improvements to the property. (2) Please see the Glossary for our definition of Annualized Base Rent. **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 36 (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 June 30, 2025. Leases on our multi-client properties are counted separately in the table above. (2) Of the 16,952 in-place leases in the portfolio, 13,825, or 81.6% were under leases that provide for increases in rents through: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients' gross sales, fixed increases, or a combination of two or more of the aforementioned rent provisions. (3) Please see the Glossary for our definition of Annualized Base Rent. OUR LEASES HAVE A WEIGHTED AVERAGE REMAINING LEASE TERM OF APPROXIMATELY 9.0 YEARS (ASSUMING NO EXERCISE OF LEASE OPTIONS). Lease Expirations (USD in thousands) Total Portfolio(1)(2) Annualized Base Rent as of June 30, 2025(3) ($) Percentage of Annualized Base Rent(3) (%) Expiring Leases Year Retail Non-Retail 2025 387 9 73,158 1.4 2026 925 50 226,163 4.5 2027 1,628 51 372,462 7.2 2028 1,781 72 421,044 8.1 2029 1,874 49 456,693 8.8 2030 1,224 47 365,375 7.2 2031 755 56 346,748 6.7 2032 1,154 48 321,814 6.2 2033 1,041 27 327,337 6.3 2034 807 32 347,686 6.7 2035 610 23 191,069 3.7 2036 611 24 203,999 3.9 2037 544 23 157,676 3.0 2038 381 24 148,904 2.9 2039 501 7 143,475 2.8 2040-2143 2,060 127 1,066,105 20.6 Total 16,283 669 5,169,708 100.0 **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 37 Earnings Guidance Revised 2025 Guidance Prior 2025 Guidance(1) YTD Actuals at June 30, 2025 Net income per share(2) $1.29 - $1.33 $1.40 - $1.46 $0.50 Real estate depreciation per share $2.72 $2.70 $1.40 Other adjustments per share(3) $0.23 $0.12 $0.21 AFFO per share(4) $4.24 - $4.28 $4.22 - $4.28 $2.11 Same store rent growth Approx 1.0% Approx 1.0% 1.2% Occupancy Over 98% Over 98% 98.6% Cash G&A expenses (% of total revenue)(5)(6) Approx 3.0% Approx 3.0% 3.0% Property expenses (non-reimburseable) (% of total revenue)(5) 1.4% - 1.7% 1.4% - 1.7% 1.5% Income tax expenses $80 - $90 million $80 - $90 million $40 million Investment volume Approx $5.0 billion Approx $4.0 billion $2.5 billion (1) As issued on May 5, 2025. (2) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (3) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. (4) AFFO per share excludes merger, transaction, and other costs, net. (5) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements. (6) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. Summarized below are approximate estimates of the key components of our 2025 earnings guidance: **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 38 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-5042 BMO Capital Markets Eric Borden eric.borden@bmo.com (347) 213-9706 BNP Paribas Exane Nate Crossett nate.crossett@exanebnpparibas.com (646) 725-3716 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 Citigroup Smedes Rose smedes.rose@citi.com (212) 816-6243 Deutsche Bank Omotayo Okusanya omotayo.okusanya@db.com (212) 250-9284 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Goldman Sachs Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Green Street Spenser Glimcher sglimcher@greenstreetadvisors.com (949) 640-8780 Janney Montgomery Scott Robert Stevenson robstevenson@janney.com (646) 840-3217 Jefferies Linda Tsai ltsai@jefferies.com (212) 778-8011 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 KeyBanc Upal Rana upal.rana@key.com (917) 368-2316 Mizuho Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Morgan Stanley Ronald Kamdem ronald.kamdem@morganstanley.com (212) 296-8319 Raymond James RJ Milligan rjmilligan@raymondjames.com (727) 567-2585 RBC Capital Markets Brad Heffern brad.heffern@rbccm.com (512) 708-6311 Scotiabank Greg McGinniss greg.mcginniss@scotiabank.com (212) 225-6906 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 UBS Michael Goldsmith michael.goldsmith@ubs.com (212) 713-2951 Wedbush Jay Kornreich jay.kornreich@wedbush.com (212) 938-9942 Wells Fargo John Kilichowski john.kilichowski@wellsfargo.com (212) 214-5311 Wolfe Research Andrew Rosivach arosivach@wolferesearch.com (646) 582-9250 Realty Income is covered by the analysts at the firms listed above. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Realty Income's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Realty Income or its management. Realty Income does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts. Analyst Coverage EQUITY RESEARCH **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 39 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 help make investment decisions among certain REITs. Our definition of "Adjusted EBITDAre" is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) provisions for impairment, (v) merger, transaction, and other costs, net, (vi) gain on sales of real estate, (vii) foreign currency and derivative gain and loss, net, and (viii) our proportionate share of adjustments from unconsolidated entities. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT's performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operational cash generating capacity of a company prior to servicing debt obligations. Management also believes the use of an annualized quarterly Adjusted EBITDAre metric is meaningful because it represents our current earnings run rate for the period presented. The ratio of our total debt to our annualized quarterly Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance. Adjusted EBITDA Margin, a non-GAAP financial measure, is defined as Adjusted EBITDAre before (i) our proportionate share of adjustments and equity in earnings from unconsolidated entities, (ii) gains and losses on extinguishment of debt, and (iii) other income, net, expressed as a percentage of total revenue (excluding reimbursements). We believe Adjusted EBITDA Margin provides useful information to investors on the effectiveness of our operations and underlying business trends. Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company's ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders. Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by annualizing Adjusted EBITDAre. Annualized Base Rent of our acquisitions and properties under development is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent, interest income on loans and preferred equity investments, and including our pro rata share of such revenues from properties owned by unconsolidated joint ventures. We believe total annualized base rent is a useful supplemental operating measure, as it excludes entities that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, consists of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized pro forma adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes and bonds. See "Adjusted EBITDAre & Coverage Ratios" page for further information regarding our debt covenants. Glossary **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 40 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 receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively. Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO (described on the "FFO and Normalized FFO" and "AFFO" pages) is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT's operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility. Gross Asset Value is total assets before accumulated depreciation and amortization. Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as cash income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our pro-rata share of cash income from unconsolidated joint ventures. Initial weighted average cash yield for loans receivable is computed using the cash income for the first twelve months following the acquisition date, divided by the total cost of the investment. Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant, that as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). Net Cash Capitalization Rates (dispositions) are computed as annualized current month contractual cash net operating income, divided by the net proceeds received upon sale of the property (including all expenses borne by us). Net Debt/Annualized Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Adjusted EBITDAre. Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. Net Debt and Preferred Stock/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share of debt from unconsolidated entities, plus preferred stock, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. We utilize net debt plus preferred stock in certain periods, as applicable. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A Preferred Stock outstanding. Glossary (Continued) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 41 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 ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented as of the end of the applicable period being presented, and aggregating that information for all such joint ventures. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items. The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced. Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our pro rata share using our ownership percentage as of June 30, 2025 to same store rental revenue throughout the three and six month periods in both 2024 and 2025. Total Operational Return is defined as the sum of AFFO per share growth and dividend yield for the period (using the prior year ending stock price). Glossary (Continued) **Table of Contents** ↪

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Q2 2025 Supplemental Operating & Financial Data 42 Appendix (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ($) ($) ($) ($) ($) Net income 199,011 251,462 201,350 271,124 260,968 Interest 283,824 268,374 268,149 261,261 246,931 Income taxes 24,065 15,657 20,102 15,355 15,642 Depreciation and amortization 647,849 608,935 606,671 602,339 605,570 Provisions for impairment 143,363 116,589 142,966 96,920 96,458 Merger, transaction, and other costs, net 331 279 (9,176) 8,610 2,754 Gain on sales of real estate (38,566) (22,537) (24,985) (50,563) (25,153) Foreign currency and derivative loss (gain), net 4,388 2,545 (535) 1,672 (511) Proportionate share of adjustments from unconsolidated entities 19,774 19,488 18,991 20,340 16,911 Quarterly Adjusted EBITDAre 1,284,039 1,260,792 1,223,533 1,227,058 1,219,570 Annualized Adjusted EBITDAre 5,136,156 5,043,168 4,894,132 4,908,232 4,878,280 Annualized Pro Forma Adjustments(2) 56,842 78,683 79,143 29,347 33,813 Annualized Pro Forma Adjusted EBITDAre 5,192,998 5,121,851 4,973,275 4,937,579 4,912,093 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 28,665,619 27,296,346 26,510,798 26,437,045 25,712,293 Proportionate share of unconsolidated entities debt, excluding deferred financing costs 659,190 659,190 659,190 659,190 659,190 Less: Cash and cash equivalents (800,447) (319,007) (444,962) (396,956) (442,820) Net Debt 28,524,362 27,636,529 26,725,026 26,699,279 25,928,663 Preferred Stock — — — — 167,394 Net Debt and Preferred Stock 28,524,362 27,636,529 26,725,026 26,699,279 26,096,057 Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre 5.5 x 5.4 x 5.4 x 5.4 x 5.3 x RECONCILIATION OF NET DEBT AND PREFERRED STOCK TO ANNUALIZED PRO FORMA ADJUSTED EBITDAre(1) (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, and Net Debt and Preferred Stock/Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes.

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Q2 2025 Supplemental Operating & Financial Data 43 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 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ($) ($) ($) ($) ($) Net income available to common stockholders 196,919 249,815 199,612 261,781 256,804 Cumulative adjustments to calculate Normalized FFO(2) 759,160 688,119 689,129 601,755 675,083 Normalized FFO available to common stockholders 956,079 937,934 888,741 863,536 931,887 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 8,257 6,633 5,500 4,861 799 Amortization of acquired interest rate swap value(3) 3,555 3,711 3,710 3,711 3,710 Capital expenditures from operating properties: Leasing costs and commissions (1,985) (880) (2,661) (2,841) (2,129) Recurring capital expenditures (221) (19) (199) (151) (52) Other non-cash items: Non-cash change in allowance for credit losses(4) 1,109 19,171 32,486 63,769 9,254 Excess of redemption value over carrying value of preferred shares redeemed — — — 5,116 — Amortization of share-based compensation 8,110 5,899 9,821 6,401 7,267 Straight-line rent and expenses, net (30,226) (43,812) (35,510) (43,930) (47,587) Amortization of above and below-market leases, net 6,287 15,326 14,817 12,973 13,806 Deferred tax expense (benefit) 413 (104) 3,552 — — Proportionate share of adjustments for unconsolidated entities (1,678) 37 (308) (2,152) (538) Other adjustments(5) (2,209) 5,820 1,971 4,279 4,657 AFFO available to common stockholders 947,491 949,716 921,920 915,572 921,074 AFFO allocable to dilutive noncontrolling interests 2,401 2,401 2,186 1,467 1,587 Diluted AFFO 949,892 952,117 924,106 917,039 922,661 AFFO per common share (Diluted) 1.05 1.06 1.05 1.05 1.06 Weighted average number of common shares used for Diluted AFFO 906,398 895,033 879,649 873,974 872,520 (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 "FFO and Normalized FFO" page for the reconciling items for Normalized FFO for the three months ended June 30, 2025 and June 30, 2024. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Credit losses primarily relate to the impairment of financing receivables. (5) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO.

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Q2 2025 Supplemental Operating & Financial Data 44 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 available to common stockholders 847,893 872,309 869,408 359,456 395,486 Cumulative adjustments to calculate Normalized FFO(2) 2,716,058 1,964,293 1,616,382 1,048,537 746,633 Normalized FFO available to common stockholders 3,563,951 2,836,602 2,485,790 1,407,993 1,142,119 Debt-related non-cash items: Amortization of net debt discounts (premiums) and deferred financing costs 15,361 (44,568) (67,150) (6,182) 3,710 Amortization of acquired interest rate swap value(3) 13,935 — — — — (Gain) loss on extinguishment of debt — — (367) 97,178 9,819 Capital expenditures from operating properties: Leasing costs and commissions (8,558) (9,878) (5,236) (6,201) (1,859) Recurring capital expenditures (402) (331) (587) (1,202) (198) Other non-cash items: Non-cash change in allowance for credit losses(4) 106,801 4,874 — — — Excess of redemption value over carrying value of preferred shares redeemed 5,116 — — — — Amortization of share-based compensation 32,741 26,227 21,617 16,234 14,727 Straight-line rent and expenses, net (171,887) (141,130) (120,252) (61,350) (26,502) Amortization of above and below-market leases, net 55,870 79,101 63,243 37,970 22,940 Deferred tax expense 3,552 — — — — Proportionate share of adjustments for unconsolidated entities (2,078) 932 (4,239) (1,948) — Executive severance charge — — — — 3,463 Other adjustments(5) 7,035 23,041 28,540 6,261 4,407 AFFO available to common stockholders 3,621,437 2,774,870 2,401,359 1,488,753 1,172,626 AFFO allocable to dilutive noncontrolling interests 6,599 5,540 4,033 1,619 1,438 Diluted AFFO 3,628,036 2,780,410 2,405,392 1,490,372 1,174,064 AFFO per common share (Diluted) 4.19 4.00 3.92 3.59 3.39 Weighted average number of common shares used for Diluted AFFO 865,842 694,819 613,473 415,270 345,878 Year-Over-Year Growth Rate 4.8 % 2.0 % 9.2 % 5.9 % N/A RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE \* Refer to the next page for footnotes.

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Q2 2025 Supplemental Operating & Financial Data 45 **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 metric. (2) Refer to the reconciling items for Normalized FFO presented on the "FFO and Normalized FFO" page. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Credit losses primarily relate to the impairment of financing receivables. (5) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests.

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Q2 2025 Supplemental Operating & Financial Data 46 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Six months ended Years ended June 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income 450,473 867,341 876,914 872,416 360,747 Interest 552,198 1,016,955 730,423 465,223 323,644 Income taxes 39,722 66,601 52,021 45,183 31,657 Depreciation and amortization 1,256,784 2,395,644 1,895,177 1,670,389 897,835 Provisions for impairment 259,952 425,833 87,082 25,860 38,967 Merger, transaction, and other costs, net 610 96,292 14,464 13,897 167,413 Gain on sales of real estate (61,103) (117,275) (25,667) (102,957) (55,798) Foreign currency and derivative loss (gain), net 6,933 (3,420) 13,414 13,311 (710) (Gain) loss on extinguishment of debt — — — (367) 97,178 Other income, net (14,536) (23,606) (23,789) (30,511) (9,949) Equity in (earnings) losses of unconsolidated entities (7,626) (7,793) (2,546) 6,448 (1,106) Adjusted EBITDA 2,483,407 4,716,572 3,617,493 2,978,892 1,849,878 Total Revenue Rental revenue (including reimbursements) 2,651,245 5,043,748 3,958,150 3,299,657 2,064,958 Rental revenue (reimbursements) 174,802 303,088 274,201 184,685 104,851 Rental revenue (excluding reimbursements) 2,476,443 4,740,660 3,683,949 3,114,972 1,960,107 Other revenue 139,638 227,394 120,843 44,024 15,505 Total revenue (excluding reimbursements) 2,616,081 4,968,054 3,804,792 3,158,996 1,975,612 Adjusted EBITDA Margin 94.9 % 94.9 % 95.1 % 94.3 % 93.6 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA Margin 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.

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Q2 2025 Supplemental Operating & Financial Data 47 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ($) ($) ($) ($) ($) Net income 199,011 251,462 201,350 271,124 260,968 Interest 283,824 268,374 268,149 261,261 246,931 Income taxes 24,065 15,657 20,102 15,355 15,642 Depreciation and amortization 647,849 608,935 606,671 602,339 605,570 Provisions for impairment 143,363 116,589 142,966 96,920 96,458 Merger, transaction, and other costs, net 331 279 (9,176) 8,610 2,754 Gain on sales of real estate (38,566) (22,537) (24,985) (50,563) (25,153) Foreign currency and derivative loss (gain), net 4,388 2,545 (535) 1,672 (511) Other income, net (7,369) (7,167) (7,313) (4,739) (6,108) Equity in earnings of unconsolidated entities (3,269) (4,357) (2,353) (5,087) (2,029) Adjusted EBITDA 1,253,627 1,229,780 1,194,876 1,196,892 1,194,522 Total Revenue Rental revenue (including reimbursements) 1,338,188 1,313,057 1,279,698 1,271,153 1,284,728 Rental revenue (reimbursements) 87,424 87,378 75,505 74,300 80,568 Rental revenue (excluding reimbursements) 1,250,764 1,225,679 1,204,193 1,196,853 1,204,160 Other revenue 72,190 67,448 60,601 59,762 54,715 Total revenue (excluding reimbursements) 1,322,954 1,293,127 1,264,794 1,256,615 1,258,875 Adjusted EBITDA Margin 94.8 % 95.1 % 94.5 % 95.2 % 94.9 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA Margin 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.

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Q2 2025 Supplemental Operating & Financial Data 48 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 ($) ($) ($) ($) Net income 133,899 219,762 233,877 197,153 Interest 240,614 208,313 184,121 183,857 Income taxes 15,502 15,803 11,336 12,932 Depreciation and amortization 581,064 475,856 495,566 472,278 Provisions for impairment 89,489 27,281 16,808 29,815 Merger, transaction, and other costs, net 94,104 9,932 2,884 341 Gain on sales of real estate (16,574) (5,992) (7,572) (7,824) Foreign currency and derivative loss (gain), net (4,046) 18,371 2,813 2,552 Other income, net (5,446) (10,804) (7,235) (3,020) Equity in (earnings) losses of unconsolidated entities 1,676 (2,135) — (411) Adjusted EBITDA 1,130,282 956,387 932,598 887,673 Total Revenue Rental revenue (including reimbursements) 1,208,169 1,028,710 1,008,862 995,289 Rental revenue (reimbursements) 72,715 65,570 61,313 87,738 Rental revenue (excluding reimbursements) 1,135,454 963,140 947,549 907,551 Other revenue 52,316 47,575 30,242 23,916 Total revenue (excluding reimbursements) 1,187,770 1,010,715 977,791 931,467 Adjusted EBITDA Margin 95.2 % 94.6 % 95.4 % 95.3 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA Margin 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.

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Q2 2025 Supplemental Operating & Financial Data 49 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Six months ended Years ended June 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) General and administrative 93,373 176,895 144,536 138,459 96,980 Share-based compensation 14,009 32,741 26,227 21,617 16,234 Cash G&A(1) expenses 79,364 144,154 118,309 116,842 80,746 Total revenue (excluding reimbursements) 2,616,081 4,968,054 3,804,792 3,158,996 1,979,129 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.0 % 2.9 % 3.1 % 3.7 % 4.1 % RECONCILIATION OF CASH G&A(1) MARGIN (1) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (2) Total revenue excluding client reimbursements. Three months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) General and administrative 49,329 44,044 49,114 41,869 Share-based compensation 8,110 5,899 9,821 6,401 Cash G&A(1) expenses 41,219 38,145 39,293 35,468 Total revenue (excluding reimbursements) 1,322,954 1,293,127 1,264,794 1,256,615 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.1 % 2.9 % 3.1 % 2.8 % Three months ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 ($) ($) ($) ($) ($) General and administrative 45,070 40,842 38,015 35,525 36,829 Share-based compensation 7,267 9,252 6,073 6,231 7,623 Cash G&A(1) expenses 37,803 31,590 31,942 29,294 29,206 Total revenue (excluding reimbursements) 1,258,875 1,187,770 1,010,715 977,791 931,467 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.0 % 2.7 % 3.2 % 3.0 % 3.1 %

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Q2 2025 Supplemental Operating & Financial Data 50 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 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) Property (including reimbursements) 107,422 106,681 96,309 92,154 Tenant reimbursements 87,424 87,378 75,457 74,348 Property (excluding reimbursements) 19,998 19,303 20,852 17,806 Total revenue (excluding reimbursements) 1,322,954 1,293,127 1,264,794 1,256,615 Property expenses (non-reimbursements)(% of total revenue)(1) 1.5 % 1.5 % 1.6 % 1.4 % Three months ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 ($) ($) ($) ($) ($) Property (including reimbursements) 99,851 89,361 81,883 70,981 94,703 Tenant reimbursements 80,568 72,715 65,570 61,313 87,738 Property (excluding reimbursements) 19,283 16,646 16,313 9,668 6,965 Total revenue (excluding reimbursements) 1,258,875 1,187,770 1,010,715 977,791 931,467 Property expenses (non-reimbursements)(% of total revenue)(1) 1.5 % 1.4 % 1.6 % 1.0 % 0.7 % Six months ended Years ended June 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Property (including reimbursements) 214,103 377,675 316,964 226,330 133,605 Tenant reimbursements 174,802 303,088 274,201 184,685 104,851 Property (excluding reimbursements) 39,301 74,587 42,763 41,645 28,754 Total revenue (excluding reimbursements) 2,616,081 4,968,054 3,804,792 3,158,996 1,979,129 Property expenses (non-reimbursements)(% of total revenue)(1) 1.5 % 1.5 % 1.1 % 1.3 % 1.5 %

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