# EDGAR Filing Document

**Accession Number:** 0000726728
**File Stem:** 0000726728-25-000146
**Filing Date:** 2025-11
**Character Count:** 174733
**Document Hash:** f46d39cd20135d33f1258fac5349be5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000726728-25-000146.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0000726728-25-000146

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20251103

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**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:** 251444200

**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-20251103

**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: **November 3, 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 November 3, 2025, Realty Income Corporation (the "Company") issued a press release setting forth its results of operations for the three and nine months ended September 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 November 3, 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 nine months ended September 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 November 3, 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 nine months ended September 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 November 3, 2025](o-991q32025.htm)</u>

99.2 <u>[Supplemental Operating and Financial Data for the Three and Nine Months Ended September 30, 2025](realtyincomeq32025supple.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: November 3, 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 NINE MONTHS ENDED SEPTEMBER 30, 2025** 

SAN DIEGO, CALIFORNIA, November 3, 2025....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company<sup>®</sup>, today announced operating results for the three and nine months ended September 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 September 30, 2025:**

• Net income available to common stockholders was $315.8 million, or $0.35 per share

• Adjusted Funds from Operations ("AFFO") was $1.08 per share

• Invested $1.4 billion at an initial weighted average cash yield of 7.7%

• Net Debt to Annualized Pro Forma Adjusted EBITDA*re* was 5.4x

• Settled 5.6 million shares of outstanding forward sale agreements through our At-The-Market ("ATM") program for gross proceeds of $319.7 million

• ATM forward agreements for a total of 17.7 million shares remain unsettled with total expected net proceeds of approximately $1.0 billion, of which 2.6 million shares were sold in October 2025

• Achieved a rent recapture rate of 103.5% on properties re-leased

**Events subsequent to September 30, 2025:**

• In October 2025, issued $400.0 million of 3.950% senior unsecured notes due 2029, and $400.0 million of 4.500% senior unsecured notes due 2033

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

"Realty Income has built a durable and diversified engine for income, which is illustrated in our third quarter results," said Sumit Roy, Realty Income's President and Chief Executive Officer. "With expanded access to diverse sources of equity and favorable investment yields across geographies, our platform continues to demonstrate differentiation in the industry. European investments remain a significant portion of our executed volume, with approximately $1.0 billion closed internationally and $380.0 million invested domestically during the quarter. Furthermore, internal portfolio growth remains steady. A 103.5% rent recapture rate on re-leased properties is a testament to Realty Income's data-driven asset management process and the stability of our well-diversified real estate portfolio."

"Given the momentum in our business, we are updating our 2025 AFFO per share guidance to $4.25 - $4.27 and our 2025 investment volume guidance to approximately $5.5 billion. As we wrap up 2025 and look forward, flexibility remains a competitive advantage for Realty Income, poised for expansion across location, property type, industry or capital source."

![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>September 30,** | **Three months ended <br>September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total revenue | $1470.6 | $1330.9 | $4261.4 | $3930.8 |
| Net income available to common stockholders <sup>(1) (2)</sup> | $315.8 | $261.8 | $762.5 | $648.3 |
| Net income per share  | $0.35 | $0.30 | $0.84 | $0.75 |
| Funds from operations available to common stockholders (FFO) <sup>(3)</sup> | $981.1 | $854.9 | $2874.5 | $2569.7 |
| FFO per share  | $1.07 | $0.98 | $3.18 | $2.99 |
| Normalized funds from operations available to common stockholders (Normalized FFO) <sup>(3)</sup> | $994.4 | $863.5 | $2888.4 | $2675.2 |
| Normalized FFO per share | $1.09 | $0.99 | $3.19 | $3.11 |
| Adjusted funds from operations available to common stockholders (AFFO) <sup>(3)</sup> | $992.0 | $915.6 | $2889.2 | $2699.5 |
| AFFO per share | $1.08 | $1.05 | $3.19 | $3.14 |

---

<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 nine months ended September 30, 2025 and 2024 were impacted by (i) provisions for impairment of $87.0 million and $346.9 million for the three and nine months ended September 30, 2025, respectively, and $96.9 million and $282.9 million for the corresponding periods in 2024; and (ii) merger, transaction, and other costs, net, of $13.3 million and $14.0 million for the three and nine months ended September 30, 2025, respectively, and $8.6 million and $105.5 million for the corresponding periods in 2024.

<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](#i36fd530b3a904b8697c0c55fa55c49f6_13)</u> and <u>[11](#i36fd530b3a904b8697c0c55fa55c49f6_16)</u> herein for reconciliations to the most directly comparable GAAP measure.

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

In September 2025, we announced the 112<sup>th</sup> consecutive quarterly dividend increase, which is the 132<sup>nd</sup> increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of September 30, 2025 was $3.234 per share. The amount of monthly dividends paid per share increased 2.3% to $0.807 in the three months ended September 30, 2025, as compared to $0.789 for the same period in 2024, representing 74.7% of our diluted AFFO per share of $1.08 during the three months ended September 30, 2025.

------

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

As of September 30, 2025, we owned or held interests in 15,542 properties, which were leased to 1,647 clients doing business in 92 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 8.9 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2025, portfolio occupancy was 98.7% with 204 properties available for lease or sale, as compared to 98.6% as of June 30, 2025, and 98.7% as of September 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 September 30, 2025** | |
| Properties available for lease as of June 30, 2025 | 212 |
| Lease expirations <sup>(1)</sup> | 340 |
| Re-leases to same client | (225) |
| Re-leases to new client | (17) |
| Vacant dispositions | (106) |
| Properties available for lease as of September 30, 2025 | 204 |
| **Nine months ended September 30, 2025** |  |
| Properties available for lease as of December 31, 2024 | 205 |
| Lease expirations <sup>(1)</sup> | 939 |
| Re-leases to same client | (678) |
| Re-leases to new client | (43) |
| Vacant dispositions | (219) |
| Properties available for lease as of September 30, 2025 | 204 |

---

<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 September 30, 2025, the new annualized base rent on re-leased units was $70.65 million, as compared to the previous annual rent of $68.29 million on the same units, representing a rent recapture rate of 103.5% on the re-leased units. Please see the Glossary for our definition of annualized base rent.

During the nine months ended September 30, 2025, the new annualized base rent on re-leased units was $213.70 million, as compared to the previous annual rent of $206.40 million on the same units, representing a rent recapture rate of 103.5% on the re-leased units.

------

***Investment Summary***

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** <br>**September 30, 2025** | **Three months ended** <br>**September 30, 2025** | **Three months ended** <br>**September 30, 2025** | **Three months ended** <br>**September 30, 2025** | **Nine months ended <br>September 30, 2025** | **Nine months ended <br>September 30, 2025** | **Nine months ended <br>September 30, 2025** | **Nine months ended <br>September 30, 2025** |
| | **Investment** | **Pro-Rata**<br>**Share** <sup>(1)</sup> | **Weighted Average Term (Years)** | **Number of<br>Properties** | **Investment** | **Pro-Rata**<br>**Share** <sup>(1)</sup> | **Weighted Average Term (Years)** | **Number of<br>Properties** |
| | **Investment** | **Pro-Rata**<br>**Share** <sup>(1)</sup> | **Weighted Average Term (Years)** | **Number of<br>Properties** | **Investment** | **Pro-Rata**<br>**Share** <sup>(1)</sup> | **Weighted Average Term (Years)** | **Number of<br>Properties** |
| **Acquisitions** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. wholly-owned | $200.0 | $200.0 | 12.2 | 47 | $623.2 | $623.2 | 15.3 | 105 |
| &nbsp;&nbsp;&nbsp;U.S. Private Fund Business | 80.1 | 80.1 | 16.2 | 3 | 80.1 | 80.1 | 16.2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe wholly-owned | 550.2 | 550.2 | 10.0 | 15 | 2024.0 | 2024.0 | 8.6 | 46 |
| **Total real estate acquisitions**<sup>(2)</sup> | $830.3 | $830.3 | 11.1 | 65 | $2727.3 | $2727.3 | 10.3 | 154 |
| **Initial weighted average cash yield**<sup>(3)</sup> |  | 7.1% |  |  |  | 7.1% |  |  |
| **Real estate properties under development** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. wholly-owned | $86.1 | $86.1 | 15.8 | 44 | $213.7 | $213.7 | 16.6 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe wholly-owned | 19.3 | 19.3 | 15.0 | 4 | 32.8 | 32.8 | 15.5 | 7 |
| &nbsp;&nbsp;&nbsp;Non-wholly owned<sup>(4)</sup> | 43.6 | 42.9 | 14.0 | 10 | 126.1 | 123.8 | 11.9 | 10 |
| **Total real estate properties under development**<sup>(2)</sup>  | $149.0 | $148.3 | 15.2 | 58 | $372.6 | $370.3 | 14.9 | 98 |
| **Initial weighted average cash yield**<sup>(3)</sup> |  | 7.4% |  |  |  | 7.4% |  |  |
| **Other investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. wholly-owned<sup>(5)</sup> | $— | $— |  |  | $200.9 | $200.9 | 3.8 |  |
| &nbsp;&nbsp;&nbsp;Europe wholly-owned<sup>(6)</sup> | 384.2 | 384.2 | 3.9 |  | 606.5 | 606.5 | 4.1 |  |
| **Total other investments** | $384.2 | $384.2 | 3.9 |  | $807.4 | $807.4 | 4.0 |  |
| **Initial weighted average cash yield**<sup>(3)</sup> |  | 9.0% |  |  |  | 8.9% |  |  |
| **Total investments** | $1363.5 | $1362.8 | 9.2 | 123 | $3907.3 | $3905.0 | 9.2 | 252 |
| **Initial weighted average cash yield**<sup>(3)</sup> |  | 7.7% |  |  |  | 7.5% |  |  |
| **Supplementary Information:** |  |  |  |  |  |  |  |  |
| Total U.S. volume |  | $380.0 |  |  |  | $1141.5 |  |  |
| Initial weighted average cash yield<sup>(3)</sup> |  | 7.0% |  |  |  | 7.6% |  |  |
| Total Europe volume |  | $982.8 |  |  |  | $2763.5 |  |  |
| Initial weighted average cash yield<sup>(3)</sup> |  | 8.0% |  |  |  | 7.4% |  |  |
| Investment Grade Clients<sup>(7)</sup> |  | 27% |  |  |  | 26% |  |  |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> For the three months ended September 30, 2025, our clients occupying the new properties are 78.6% retail and 21.4% industrial property types based on Cash Income. For the nine months ended September 30, 2025, our clients occupying the new properties are 76.8% retail and 23.2% industrial property types based on Cash Income. Please see the Glossary for our definition of Cash Income.

<sup>(3)</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 nine months ended September 30, 2025 includes $0.1 million and $3.6 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>(4)</sup> Non-wholly owned represents investments not 100% owned by Realty Income.

<sup>(5)</sup> For the nine months ended September 30, 2025, includes an investment in a loan for a development project.

<sup>(6)</sup> For the three months ended September 30, 2025, includes investments in senior secured notes issued by existing clients. For the nine months ended September 30, 2025, includes two mortgage loans in addition to those senior secured notes.

<sup>(7)</sup> 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.

------

***Same Store Rental Revenue***

The following summarizes our same store rental revenue for 14,482 properties under lease for the three and nine months ended September 30, 2025, respectively (dollars in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br>September 30,** | **Three months ended <br>September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **% Increase** | **% Increase** |
| | **2025** | **2024** | **2025** | **2024** | **Three Months** | **Nine Months** |
| Same Store Rental Revenue | $1162.3 | $1146.9 | $3477.3 | $3432.7 | 1.3% | 1.3% |

---

For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 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 Realty Capital, Inc. ("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 September 30, 2025** | **Nine months ended September 30, 2025** |
| Properties sold | 140 | 268 |
| Net sales proceeds | $214.8 | $424.2 |
| Gain on sales of real estate | $49.1 | $110.2 |

---

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

***Liquidity***

As of September 30, 2025, we had $3.5 billion of liquidity, which consists of cash and cash equivalents of $417.2 million, unsettled ATM forward equity of $864.2 million, and $2.2 billion of availability under our $4.0 billion revolving credit facilities (excluding availability under our $1.38 billion fund credit facility), net of $1.3 billion of borrowing on the revolving credit facilities and after deducting $469.4 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 September 30, 2025, we raised $322.7 million of proceeds from the sale of common stock at a weighted average price of $57.54 per share, primarily through the sale of approximately 5.6 million shares of common stock pursuant to forward sale agreements through our ATM program. As of November 3, 2025, there were approximately 17.7 million shares of unsettled common stock subject to forward sale agreements through our ATM program, representing approximately $1.0 billion in expected net proceeds and a weighted average initial gross price of $58.27 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 October 2025, we issued $400.0 million of 3.950% senior unsecured notes due February 2029, and $400.0 million of 4.500% senior unsecured notes due February 2033. Combined, the notes have a weighted average tenor of approximately 5.3 years and a weighted average yield to maturity of 4.414%.

------

**<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>**September 30, 2025** |
| Net income per share<sup>(2)</sup> | $1.27 - $1.29 | $1.29 - $1.33 | $0.84 |
| Real estate depreciation per share | $2.71 | $2.72 | $2.09 |
| Other adjustments per share<sup>(3)</sup> | $0.27 | $0.23 | $0.26 |
| AFFO per share<sup>(4)</sup> | $4.25 - $4.27 | $4.24 - $4.28 | $3.19 |
| Same store rent growth | Approx 1.0% | Approx 1.0% | 1.3% |
| Occupancy | Approx 98.5% | Over 98% | 98.7% |
| Cash G&A expenses (% of total revenue)<sup>(5)(6)</sup> | 3.1% - 3.3% | Approx 3.0% | 3.2% |
| Property expenses (non-reimbursements) (% of total revenue)<sup>(5)</sup> | Approx 1.5% | 1.4% - 1.7% | 1.6% |
| Income tax expenses | $80 - $90 million | $80 - $90 million | $64 million |
| Investment volume | Approx $5.5 billion | Approx $5.0 billion | $3.9 billion |
| <sup>(1)</sup> As issued on August 6, 2025. | <sup>(1)</sup> As issued on August 6, 2025. | <sup>(1)</sup> As issued on August 6, 2025. | <sup>(1)</sup> As issued on August 6, 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 3.5% - 3.8% 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 3.5% - 3.8% 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 3.5% - 3.8% 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 3.5% - 3.8% 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 November 3, 2025 at 2:00 p.m. PST 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 8824762. The telephone replay will be available through November 10, 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 nine months ended September 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 September 30, 2025, we have a portfolio of over 15,500 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 664 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 (including rights of first refusal or rights of first offer), 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; and 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:**

Jonathan Pong

Executive Vice President, CFO and Treasurer

+1 858 284 5177

jpong@realtyincome.com

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**CONSOLIDATED STATEMENTS OF INCOME**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** **September 30,** | **Three months ended** **September 30,** | **Nine months ended** **September 30,** | **Nine months ended** **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental (including reimbursements) <sup>(1)</sup> | $1386502 | $1271153 | $4037747 | $3764050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other  | 84050 | 59762 | 223688 | 166793 |
| Total revenue | 1470552 | 1330915 | 4261435 | 3930843 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 631981 | 602339 | 1888765 | 1788973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 294482 | 261261 | 846680 | 748806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property (including reimbursements) | 106621 | 92154 | 320724 | 281366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 55039 | 41869 | 148412 | 127781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 86972 | 96920 | 346924 | 282867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger, transaction, and other costs, net | 13343 | 8610 | 13953 | 105468 |
| Total expenses | 1188438 | 1103153 | 3565458 | 3335261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate | 49107 | 50563 | 110210 | 92290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and derivative (loss) gain, net | (2818) | (1672) | (9751) | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | 3080 | 5087 | 10706 | 5440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 10015 | 4739 | 24551 | 16293 |
| Income before income taxes | 341498 | 286479 | 831693 | 712490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (23824) | (15355) | (63546) | (46499) |
| Net income | 317674 | 271124 | 768147 | 665991 |
| Net income attributable to noncontrolling interests | (1903) | (1639) | (5642) | (4831) |
| Net income attributable to the Company | 315771 | 269485 | 762505 | 661160 |
| Preferred stock dividends |  | (2588) |  | (7763) |
| Excess of redemption value over carrying value of preferred shares redeemed |  | (5116) |  | (5116) |
| Net income available to common stockholders | $315771 | $261781 | $762505 | $648281 |
| Funds from operations available to common stockholders (FFO) | $981050 | $854926 | $2874453 | $2569742 |
| Normalized funds from operations available to common stockholders (Normalized FFO) | $994393 | $863536 | $2888406 | $2675210 |
| Adjusted funds from operations available to common stockholders (AFFO) | $991988 | $915572 | $2889195 | $2699517 |
| Amounts available to common stockholders per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per common share, basic and diluted | $0.35 | $0.30 | $0.84 | $0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO per common share, basic and diluted | $1.07 | $0.98 | $3.18 | $2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.09 | $0.99 | $3.20 | $3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.09 | $0.99 | $3.19 | $3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFFO per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.09 | $1.05 | $3.20 | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.08 | $1.05 | $3.19 | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid per common share | $0.8070 | $0.7890 | $2.4085 | $2.3350 |

---

<sup>(1)</sup> Includes client reimbursements of $82.5 million and $74.3 million for the three months ended September 30, 2025 and 2024, respectively, and $257.3 million and $227.6 million for the nine months ended September 30, 2025 and 2024, respectively; reserves to rental revenue, exclusive of non-cash reserves, of $4.0 million and $7.0 million for the three months ended September 30, 2025 and 2024, respectively, and $21.1 million and $16.2 million for the nine months ended September 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>September 30,** | **Three months ended <br>September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income available to common stockholders | $315771 | $261781 | $762505 | $648281 |
| Depreciation and amortization | 631981 | 602339 | 1888765 | 1788973 |
| Depreciation of furniture, fixtures and equipment | (711) | (672) | (1853) | (1905) |
| Provisions for impairment of real estate | 75391 | 33151 | 315063 | 208552 |
| Gain on sales of real estate | (49107) | (50563) | (110210) | (92290) |
| Proportionate share of adjustments for unconsolidated entities | 9003 | 9652 | 24343 | 20706 |
| FFO adjustments allocable to noncontrolling interests | (1278) | (762) | (4160) | (2575) |
| FFO available to common stockholders | $981050 | $854926 | $2874453 | $2569742 |
| FFO allocable to dilutive noncontrolling interests | 2346 | 1467 | 7188 | 4402 |
| Diluted FFO | $983396 | $856393 | $2881641 | $2574144 |
| FFO available to common stockholders | $981050 | $854926 | $2874453 | $2569742 |
| Merger, transaction, and other costs, net <sup>(1)</sup> | 13343 | 8610 | 13953 | 105468 |
| Normalized FFO available to common stockholders | $994393 | $863536 | $2888406 | $2675210 |
| Normalized FFO allocable to dilutive noncontrolling interests | 2346 | 1467 | 7188 | 4402 |
| Diluted Normalized FFO | $996739 | $865003 | $2895594 | $2679612 |
| FFO per common share, basic and diluted | $1.07 | $0.98 | $3.18 | $2.99 |
| Normalized FFO per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.09 | $0.99 | $3.20 | $3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.09 | $0.99 | $3.19 | $3.11 |
| Distributions paid to common stockholders | $737859 | $687144 | $2177133 | $1999858 |
| FFO after distributions | $243191 | $167782 | $697320 | $569884 |
| Normalized FFO after distributions | $256534 | $176392 | $711273 | $675352 |
| Weighted average number of common shares used for FFO and Normalized FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 913949 | 870665 | 902935 | 858679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 917869 | 873974 | 906692 | 861300 |

---

<sup>(1)</sup> During the three and nine months ended September 30, 2025, we incurred $13.3 million and $14.0 million, respectively, of merger, transaction, and other costs, consisting primarily of placement fees incurred in fundraising for the U.S. Private Fund Business.

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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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>September 30,** | **Three months ended <br>September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income available to common stockholders | $315771 | $261781 | $762505 | $648281 |
| Cumulative adjustments to calculate Normalized FFO <sup>(1)</sup> | 678622 | 601755 | 2125901 | 2026929 |
| Normalized FFO available to common stockholders | 994393 | 863536 | 2888406 | 2675210 |
| Debt-related non-cash items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net debt discounts and deferred financing costs | 9138 | 4861 | 24028 | 9861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired interest rate swap value <sup>(2)</sup> | 2251 | 3711 | 9517 | 10225 |
| Capital expenditures from operating properties: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing costs and commissions | (1754) | (2841) | (4619) | (5897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures | (42) | (151) | (282) | (203) |
| Other non-cash items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in allowance for credit losses | 11581 | 63769 | 31861 | 74315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation | 7719 | 6401 | 21728 | 22920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent and expenses, net | (43474) | (43930) | (117512) | (136377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below-market leases, net | 10462 | 12973 | 32075 | 41053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 3829 |  | 4138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for unconsolidated entities | (650) | (2152) | (2291) | (1770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess of redemption value over carrying value of preferred shares redeemed |  | 5116 |  | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments <sup>(3)</sup> | (1465) | 4279 | 2146 | 5064 |
| AFFO available to common stockholders | $991988 | $915572 | $2889195 | $2699517 |
| AFFO allocable to dilutive noncontrolling interests | 2331 | 1467 | 7133 | 4413 |
| Diluted AFFO | $994319 | $917039 | $2896328 | $2703930 |
| AFFO per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.09 | $1.05 | $3.20 | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.08 | $1.05 | $3.19 | $3.14 |
| Distributions paid to common stockholders | $737859 | $687144 | $2177133 | $1999858 |
| AFFO after distributions | $254129 | $228428 | $712062 | $699659 |
| Weighted average number of common shares used for AFFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 913949 | 870665 | 902935 | 858679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 917869 | 873974 | 906692 | 861300 |

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<sup>(1)</sup> See Normalized FFO calculations on page <u>[10](#i36fd530b3a904b8697c0c55fa55c49f6_13)</u> 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> 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 September 30,</u>** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net income available to common stockholders | $315771 | $261781 | $233473 | $219567 | $134996 |
| Depreciation and amortization, net of furniture, fixtures and equipment | 631270 | 601667 | 494749 | 418505 | 198602 |
| Provisions for impairment of real estate | 75391 | 33151 | 16808 | 1650 | 11011 |
| Gain on sales of real estate | (49107) | (50563) | (7572) | (42883) | (12094) |
| Proportionate share of adjustments for unconsolidated entities | 9003 | 9652 |  | 717 |  |
| FFO adjustments allocable to noncontrolling interests | (1278) | (762) | (1312) | (402) | (180) |
| FFO available to common stockholders | $981050 | $854926 | $736146 | $597154 | $332335 |
| Merger, transaction, and other costs, net | 13343 | 8610 | 2884 | 3746 | 16783 |
| Normalized FFO available to common stockholders | $994393 | $863536 | $739030 | $600900 | $349118 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per diluted share | $1.07 | $0.98 | $1.04 | $0.97 | $0.85 |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $1.09 | $0.99 | $1.04 | $0.97 | $0.89 |
| AFFO available to common stockholders | $991988 | $915572 | $721370 | $603566 | $356837 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO per diluted share | $1.08 | $1.05 | $1.02 | $0.98 | $0.91 |
| Cash dividends paid per common share | $0.8070 | $0.7890 | $0.7665 | $0.7425 | $0.7065 |
| Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO | 917869 | 873974 | 711338 | 619201 | 392514 |
| **<u>For the nine months ended September 30,</u>** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net income available to common stockholders | $762505 | $648281 | $653904 | $642143 | $355415 |
| Depreciation and amortization, net of furniture, fixtures and equipment | 1886912 | 1787068 | 1417665 | 1230737 | 563932 |
| Provisions for impairment of real estate | 315063 | 208552 | 59801 | 16379 | 30977 |
| Gain on sales of real estate | (110210) | (92290) | (19675) | (93611) | (35396) |
| Proportionate share of adjustments for unconsolidated entities | 24343 | 20706 | (465) | 12812 |  |
| FFO adjustments allocable to noncontrolling interests | (4160) | (2575) | (2808) | (1075) | (511) |
| FFO available to common stockholders | $2874453 | $2569742 | $2108422 | $1807385 | $914417 |
| Merger, transaction, and other costs, net | 13953 | 105468 | 4532 | 12994 | 30081 |
| Normalized FFO available to common stockholders | $2888406 | $2675210 | $2112954 | $1820379 | $944498 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per diluted share | $3.18 | $2.99 | $3.09 | $2.99 | $2.41 |
| &nbsp;&nbsp;&nbsp;Normalized FFO per diluted share | $3.19 | $3.11 | $3.10 | $3.01 | $2.49 |
| AFFO available to common stockholders | $2889195 | $2699517 | $2043836 | $1767392 | $1002706 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO per diluted share | $3.19 | $3.14 | $2.99 | $2.92 | $2.64 |
| Cash dividends paid per common share | $2.4085 | $2.3350 | $2.2830 | $2.2230 | $2.1150 |
| Weighted average diluted shares outstanding - FFO, Normalized FFO and AFFO | 906692 | 861300 | 683925 | 605958 | 379873 |

---

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**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,* and Net Debt/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>September 30,** | **Three months ended <br>September 30,** | **Three months ended <br>September 30,** | **Three months ended <br>September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| Net income | $317674 |  | $271124 |  |
| Interest | 294482 |  | 261261 |  |
| Income taxes | 23824 |  | 15355 |  |
| Depreciation and amortization | 631981 |  | 602339 |  |
| Provisions for impairment | 86972 |  | 96920 |  |
| Merger, transaction, and other costs, net | 13343 |  | 8610 |  |
| Gain on sales of real estate | (49107) |  | (50563) |  |
| Foreign currency and derivative loss, net | 2818 |  | 1672 |  |
| Proportionate share of adjustments from unconsolidated entities | 19692 |  | 20340 |  |
| Quarterly Adjusted EBITDA*re* | $1341679 |  | $1227058 |  |
| Annualized Adjusted EBITDA*re* <sup>(1)</sup> | $5366716 |  | $4908232 |  |
| Annualized Pro Forma Adjustments | $17724 |  | $29347 |  |
| Annualized Pro Forma Adjusted EBITDA*re* | $5384440 |  | $4937579 |  |
| Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts | $28678459 |  | $26437045 |  |
| Proportionate share of unconsolidated entities debt, excluding deferred financing costs | 659190 |  | 659190 |  |
| Less: Cash and cash equivalents | (417173) |  | (396956) |  |
| Net Debt <sup>(2)</sup> | $28920476 |  | $26699279 |  |
| Net Debt/Annualized Adjusted EBITDA*re* | 5.4 | x | 5.4 | x |
| Net Debt/Annualized Pro Forma Adjusted EBITDA*re* | 5.4 | x | 5.4 | 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>September 30,** | **Three months ended <br>September 30,** |
| | **2025** | **2024** |
| Annualized pro forma adjustments from investments acquired or stabilized | $56951 | $32378 |
| Annualized pro forma adjustments from investments disposed | (39227) | (3031) |
| Annualized Pro Forma Adjustments | $17724 | $29347 |

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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.

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| | | |
|:---|:---|:---|
| | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| | **2025** | **2024** |
| Net cash provided by operating activities | $2791320 | $2601313 |
| Changes in net working capital | 62233 | (3867) |
| Capital expenditures <sup>(1)</sup> | (57716) | (56135) |
| Distributions paid to common stockholders | (2177133) | (1999858) |
| Distributions paid to preferred stockholders |  | (7763) |
| Merger, transaction, and other costs, net <sup>(2)</sup> | 13953 | 80717 |
| Adjusted Free Cash Flow | $632657 | $614407 |
| Annualized Adjusted Free Cash Flow | $843543 | $819209 |

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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 nine months ended September 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>September 30,** | **Three months ended <br>September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Rental revenue (including reimbursements) | $1386502 | $1271153 | $4037747 | $3764050 |
| Constant currency adjustment <sup>(1)</sup> | 241 | 7019 | 27152 | 29354 |
| Straight-line rent and other non-cash adjustments | (8754) | (7507) | (19199) | (18201) |
| Contractually obligated reimbursements by our clients | (85980) | (77136) | (266386) | (235307) |
| Revenue from excluded properties <sup>(2)</sup> | (128281) | (74186) | (342323) | (196784) |
| Other excluded revenue <sup>(3)</sup> | (28516) | 170 | (38494) | (15890) |
| Add: Spirit rental revenue <sup>(4)</sup> |  |  |  | 48560 |
| Revenue from unconsolidated entities <sup>(5)</sup> | 28707 | 28961 | 83577 | 61714 |
| Revenue attributable to noncontrolling interests <sup>(6)</sup> | (1593) | (1582) | (4806) | (4814) |
| Same Store Rental Revenue | $1162326 | $1146892 | $3477268 | $3432682 |

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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 September 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 nine months ended September 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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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Real estate held for investment, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $18126781 | $17320520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 42921102 | 40974535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate held for investment, at cost | 61047883 | 58295055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (8460230) | (7381083) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate held for investment, net | 52587653 | 50913972 |
| Real estate and lease intangibles held for sale, net | 174996 | 94979 |
| Cash and cash equivalents | 417173 | 444962 |
| Accounts receivable, net | 1006716 | 877668 |
| Lease intangible assets, net | 5858799 | 6322992 |
| Goodwill | 4932199 | 4932199 |
| Investment in unconsolidated entities | 1234092 | 1229699 |
| Other assets, net | 5067354 | 4018568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $71278982 | $68835039 |
| LIABILITIES AND EQUITY |  |  |
| Distributions payable | $250611 | $238045 |
| Accounts payable and accrued expenses | 930260 | 759416 |
| Lease intangible liabilities, net | 1528256 | 1635770 |
| Other liabilities | 937877 | 923128 |
| Revolving credit facilities and commercial paper | 1915492 | 1130201 |
| Term loans, net | 1636711 | 2358417 |
| Mortgages payable, net | 38091 | 80784 |
| Notes payable, net | 24781463 | 22657592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $32018761 | $29783353 |
| Stockholders' equity: |  |  |
| Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 919,893 and 891,511 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | $49034023 | $47451068 |
| Distributions in excess of net income | (10075749) | (8648559) |
| Accumulated other comprehensive income | 92323 | 38229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $39050597 | $38840738 |
| Noncontrolling interests | 209624 | 210948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | $39260221 | $39051686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $71278982 | $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, adjusted 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*.

**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 September 30, 2025 to same store rental revenue throughout the three and nine month periods in both 2024 and 2025.

## Exhibit 99.2

![](realtyincomeq32025supple001.jpg)

Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q3 2025 Exhibit 99.2

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Q3 2025 Supplemental Operating & Financial Data 2 Forward-Looking Statements September 30, 2025 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 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 (including rights of first refusal or rights of first offer), 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; and 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 nine months ended September 30, 2025 (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on November 3, 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 27 Disposition Summary 28 Development Activity Real Estate Portfolio Summary 29 Client Diversification 30 Investment Grade Clients 31 Top 20 Industries 32 Geographic Diversification 33 Property Type Composition Operations 34 Same Store Rental Revenue 36 Leasing Activity 37 Lease Expirations Earnings Guidance 38 Earnings Guidance Analyst Coverage 39 Analyst Coverage Glossary 40 Glossary Appendix 43 Appendix Q3 2025 Supplemental Operating & Financial Data 3

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![](realtyincomeq32025supple004.jpg)

Q3 2025 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full- service real estate capital provider. As of September 30, 2025, we have a portfolio of over 15,500 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 664 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 3 St James's Square London, United Kingdom SW1Y 4JU 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 OCTOBER 2025 $3.234 current annualized dividend per share 664 consecutive monthly dividends declared 112 consecutive quarterly dividend increases 4.2% compound annual growth rate of dividend since NYSE listing **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 5 98.7%(4) occupancy Corporate Overview As of September 30, 2025 (1) Based on Annualized Base Rent. 2.4% of Annualized Base Rent is from other property types. Annualized Base Rent is a supplemental operating measure. Please see the Glossary for our 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. 15,542 properties 349 million square feet leasable space 1,647 clients 92 industries $5.2B(2) Annualized Base Rent $85B(3) enterprise value 8.9 years weighted average remaining lease term 79.8% retail 14.7% industrial 3.1% gaming Geographies Included in Realty Income's Portfolio Property Type(1) **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.30 $0.23 $0.28 $0.22 $0.35 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4x 5.4x 5.4x 5.5x 5.4x Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 AFFO per Share (Diluted) $1.05 $1.05 $1.06 $1.05 $1.08 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) AFFO, Net Debt 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% 7.6% 5.9% 9.2% 2.0% 4.8% 1.6% 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 (1) Current year Current year dividend yield AFFO/share growth

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Q3 2025 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in millions) Number of Properties 11,136 12,237 13,458 15,621 15,542 10,963 11,966 13,007 15,099 14,970 Domestic International Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Occupancy (by number of properties) 98.5% 99.0% 98.6% 98.7% 98.7% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Number of Clients 1,040 1,240 1,326 1,565 1,647 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 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** ↪ Gross Asset Value $47,087 $54,577 $63,851 $76,216 $79,739 $42,641 $48,155 $53,673 $64,355 $63,994 $4,056 $5,684 $8,415 $9,917 $12,475 Domestic U.K. Europe Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 (1) International Current quarter Domestic Continental Europe U.K. Current quarter DomesticDomestic Current quarter International Domestic Current quarter Continental Europe Current quarter U.K. $3,270 572522 $390 $738 $1,763 $1,944 173 271 451

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Q3 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.7% 2021 2022 2023 2024 YTD 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.2% 2021 2022 2023 2024 YTD 2025 Property Expenses Margin (non-reimbursements) (as % of total revenue) 1.5% 1.3% 1.1% 1.5% 1.6% 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% 103.5% 2021 2022 2023 2024 YTD 2025

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Q3 2025 Supplemental Operating & Financial Data 9 Highlights (Continued) Company Metrics (in USD) Annualized Dividends Declared Per Share $2.958 $2.982 $3.078 $3.168 $3.234 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Annualized Dividend Yield 4.1% 4.7% 5.4% 5.9% 5.3% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 **Table of Contents** ↪ Same Store Rental Revenue Growth 2.8% 1.8% 1.9% 0.5% 1.3% 2021 2022 2023 2024 YTD 2025 Net Debt to Total Enterprise Value 26.1% 29.7% 33.6% 35.9% 34.0% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (1)

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Q3 2025 Supplemental Operating & Financial Data 10 Highlights (Continued) Capital Deployment – Investment Activity (USD in millions) Real Estate Acquisitions $6,168 $8,187 $7,184 $2,475 $2,727 2021 2022 2023 2024 YTD 2025 Development Investments $243 $808 $1,497 $757 $373 Domestic International 2021 2022 2023 2024 YTD 2025 Other Investments $3,000 $— $858 $2,132 $807 Domestic International M&A 2021 2022 2023 2024 YTD 2025 (1) **Table of Contents** ↪ International Domestic Current Year International Current Year Domestic Mergers Total Investments $8,995 $9,539 $11,864 $3,907 Domestic International U.S. Core Fund M&A 2021 2022 2023 2024 YTD 2025 (2) (2) $17,876 $10,600 $24,287 International Domestic Current Year U.S. Private Current Year International Current Year Domestic Fund Business International Domestic Current Year International Current Year Domestic 3, 32 (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"). International Domestic Current Year International Current Year Domestic Mergers Current Year U.S. Private Fund Business

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Q3 2025 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% —% 8.7% 8.9% 8.9% 2021 2022 2023 2024 YTD 2025 Real Estate Acquisitions 5.5% 6.0% 7.0% 7.0% 7.1% 2021 2022 2023 2024 YTD 2025 Development Investments 6.0% 5.3% 6.8% 7.4% 7.4% 2021 2022 2023 2024 YTD 2025 Total Investments 5.5% 5.9% 7.1% 7.4% 7.5% 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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Q3 2025 Supplemental Operating & Financial Data 12 Summary Financial Information (USD in millions) Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Capital Deployment Investment Activity Real estate acquisitions $830 $871 $1,026 $1,316 $594 $246 $319 $1,284 $1,703 Development investments $149 $78 $146 $150 $146 $182 $279 $587 $340 Other investments(1) $384 $222 $201 $254 $— $378 $9,968 $858 $— Total investment activity $1,363 $1,171 $1,373 $1,720 $740 $806 $10,566 $2,729 $2,043 Initial Weighted Average Cash Yields(2) Real estate acquisitions 7.1 % 7.1 % 7.0 % 6.5 % 7.4 % 7.9 % 8.2 % 7.1 % 6.9 % Development investments 7.4 % 7.3 % 7.3 % 7.6 % 7.5 % 7.3 % 7.3 % 6.9 % 6.9 % Other investments(3) 9.0 % 7.5 % 10.2 % 10.1 % N/A 8.1 % N/A 8.7 % N/A Total investments 7.7 % 7.2 % 7.5 % 7.1 % 7.4 % 7.9 % 7.8 % 7.6 % 6.9 % Operations Overview Adjusted EBITDA margin (Adjusted EBITDA as % of total revenue)(4) 94.3 % 94.8 % 95.1 % 94.5 % 95.2 % 94.9 % 95.2 % 94.6 % 95.4 % Cash G&A margin (Cash G&A as % of total revenue)(4)(5) 3.4 % 3.1 % 2.9 % 3.1 % 2.8 % 3.0 % 2.7 % 3.2 % 3.0 % Property expenses (non-reimbursements)(% of total revenue)(4) 1.7 % 1.5 % 1.5 % 1.6 % 1.4 % 1.5 % 1.4 % 1.6 % 1.0 % Leasing recapture rates 103.5 % 103.4 % 103.9 % 107.4 % 105.0 % 105.7 % 104.3 % 103.6 % 106.9 % Same Store Rental Revenue growth (percent)(6) 1.3 % 1.1 % 1.3 % 0.8 % 0.2 % 0.2 % 0.8 % 2.6 % 2.2 % Cash basis bad debt reserves (reversals)(7) $4.0 $10.9 $6.2 $8.1 $7.0 $8.0 $1.2 $2.5 $(2.6) Lease termination income $27.3 $1.8 $0.9 $2.8 $0.3 $13.0 $0.1 $0.5 $0.1 **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) 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. (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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Q3 2025 Supplemental Operating & Financial Data 13 Summary Financial Information (Continued) (USD in millions) As of September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Portfolio Highlights Gross Asset Value(8) Domestic $63,994 $64,396 $64,339 $64,355 $63,571 $63,778 $64,357 $53,673 $52,318 U.K. $12,475 $11,978 $10,846 $9,917 $10,057 $9,174 $8,684 $8,415 $7,903 Continental Europe $3,270 $3,194 $2,331 $1,944 $1,907 $1,803 $1,680 $1,763 $897 Total Gross Asset Value $79,739 $79,568 $77,516 $76,216 $75,535 $74,755 $74,721 $63,851 $61,118 Number of properties 15,542 15,606 15,627 15,621 15,457 15,450 15,485 13,458 13,282 Occupancy - by number of properties(9) 98.7 % 98.6 % 98.5 % 98.7 % 98.7 % 98.8 % 98.6 % 98.6 % 98.8 % Number of clients 1,647 1,630 1,598 1,565 1,552 1,551 1,552 1,326 1,324 Leverage Metrics Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre(10) 5.4x 5.5x 5.4x 5.4x 5.4x 5.3x 5.5x 5.5x 5.2x Net Debt to Total Enterprise Value 34.0 % 35.1 % 34.5 % 35.9 % 32.4 % 35.9 % 35.1 % 33.6 % 35.6 % Debt Covenant Metrics Pro-rata debt to Gross Asset Value 36.8 % 36.9 % 36.1 % 35.6 % 35.9 % 35.3 % 35.1 % 34.7 % 33.4 % Limitation on incurrence of total debt(11) 41.9 % 42.0 % 41.4 % 41.1 % 41.5 % 41.0 % 41.0 % 39.7 % 39.7 % Limitation on incurrence of secured debt(11) 0.2 % 0.2 % 0.2 % 0.3 % 0.4 % 0.4 % 0.4 % 1.6 % 1.7 % Debt service and fixed charge coverage (trailing 12 months)(11)(12) 4.6x 4.5x 4.7x 4.7x 4.6x 4.7x 4.5x 4.7x 4.5x Maintenance of total unencumbered assets(11) 239.5 % 238.7 % 242.2 % 244.5 % 239.9 % 242.9 % 242.5 % 257.9 % 257.6 % (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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Q3 2025 Supplemental Operating & Financial Data 14 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) REVENUE Rental (including reimbursements) 1,386,502 1,271,153 4,037,747 3,764,050 Other 84,050 59,762 223,688 166,793 Total revenue 1,470,552 1,330,915 4,261,435 3,930,843 EXPENSES Depreciation and amortization 631,981 602,339 1,888,765 1,788,973 Interest 294,482 261,261 846,680 748,806 Property (including reimbursements) 106,621 92,154 320,724 281,366 General and administrative 55,039 41,869 148,412 127,781 Provisions for impairment 86,972 96,920 346,924 282,867 Merger, transaction, and other costs, net 13,343 8,610 13,953 105,468 Total expenses 1,188,438 1,103,153 3,565,458 3,335,261 Gain on sales of real estate 49,107 50,563 110,210 92,290 Foreign currency and derivative (loss) gain, net (2,818) (1,672) (9,751) 2,885 Equity in earnings of unconsolidated entities 3,080 5,087 10,706 5,440 Other income, net 10,015 4,739 24,551 16,293 Income before income taxes 341,498 286,479 831,693 712,490 Income taxes (23,824) (15,355) (63,546) (46,499) Net income 317,674 271,124 768,147 665,991 Net income attributable to noncontrolling interests (1,903) (1,639) (5,642) (4,831) Net income attributable to the Company 315,771 269,485 762,505 661,160 Preferred stock dividends — (2,588) — (7,763) Excess of redemption value over carrying value of preferred shares redeemed — (5,116) — (5,116) Net income available to common stockholders 315,771 261,781 762,505 648,281 Net income available to common stockholders per common share, basic and diluted 0.35 0.30 0.84 0.75 Consolidated Statements of Income (USD in thousands, except per share amounts) (unaudited) Supplementary Information Three months ended September 30, Nine months ended September 30, 2025 ($) 2024 ($) 2025 ($) 2024 ($) Total revenue (excluding reimbursements) 1,388,035 1,256,567 4,004,116 3,703,213 Reserves to rental revenue (excluding non-cash reserves) 4,005 6,966 21,063 16,182 Lease termination income 27,266 338 30,034 13,469 Property expenses (excluding reimbursements) 24,104 17,806 63,405 53,736 **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 15 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted FFO and Normalized FFO per share computations. Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 315,771 261,781 762,505 648,281 Depreciation and amortization 631,981 602,339 1,888,765 1,788,973 Depreciation of furniture, fixtures and equipment (711) (672) (1,853) (1,905) Provisions for impairment of real estate 75,391 33,151 315,063 208,552 Gain on sales of real estate (49,107) (50,563) (110,210) (92,290) Proportionate share of adjustments for unconsolidated entities 9,003 9,652 24,343 20,706 FFO adjustments allocable to noncontrolling interests (1,278) (762) (4,160) (2,575) FFO available to common stockholders 981,050 854,926 2,874,453 2,569,742 FFO allocable to dilutive noncontrolling interests 2,346 1,467 7,188 4,402 Diluted FFO 983,396 856,393 2,881,641 2,574,144 FFO available to common stockholders 981,050 854,926 2,874,453 2,569,742 Merger, transaction, and other costs, net(2) 13,343 8,610 13,953 105,468 Normalized FFO available to common stockholders 994,393 863,536 2,888,406 2,675,210 Normalized FFO allocable to dilutive noncontrolling interests 2,346 1,467 7,188 4,402 Diluted Normalized FFO 996,739 865,003 2,895,594 2,679,612 FFO per common share, basic and diluted 1.07 0.98 3.18 2.99 Normalized FFO per common share: Basic 1.09 0.99 3.20 3.12 Diluted 1.09 0.99 3.19 3.11 Distributions paid to common stockholders 737,859 687,144 2,177,133 1,999,858 FFO after distributions 243,191 167,782 697,320 569,884 Normalized FFO after distributions 256,534 176,392 711,273 675,352 Weighted average number of common shares used for FFO and Normalized FFO: Basic 913,949 870,665 902,935 858,679 Diluted 917,869 873,974 906,692 861,300 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. (2) During the three and nine months ended September 30, 2025, we incurred $13.3 million and $14.0 million, respectively, of merger, transaction, and other costs, consisting primarily of placement fees incurred in fundraising for the U.S. Private Fund Business (the "Fund"). **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 16 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted AFFO per share computations. Refer to the next page for footnotes. Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 315,771 261,781 762,505 648,281 Cumulative adjustments to calculate Normalized FFO(2) 678,622 601,755 2,125,901 2,026,929 Normalized FFO available to common stockholders 994,393 863,536 2,888,406 2,675,210 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 9,138 4,861 24,028 9,861 Amortization of acquired interest rate swap value(3) 2,251 3,711 9,517 10,225 Capital expenditures from operating properties: Leasing costs and commissions (1,754) (2,841) (4,619) (5,897) Recurring capital expenditures (42) (151) (282) (203) Other non-cash items: Non-cash change in allowance for credit losses 11,581 63,769 31,861 74,315 Amortization of share-based compensation 7,719 6,401 21,728 22,920 Straight-line rent and expenses, net (43,474) (43,930) (117,512) (136,377) Amortization of above and below-market leases, net 10,462 12,973 32,075 41,053 Deferred tax expense 3,829 — 4,138 — Proportionate share of adjustments for unconsolidated entities (650) (2,152) (2,291) (1,770) Excess of redemption value over carrying value of preferred shares redeemed — 5,116 — 5,116 Other adjustments(4) (1,465) 4,279 2,146 5,064 AFFO available to common stockholders 991,988 915,572 2,889,195 2,699,517 AFFO allocable to dilutive noncontrolling interests 2,331 1,467 7,133 4,413 Diluted AFFO 994,319 917,039 2,896,328 2,703,930 AFFO per common share: Basic 1.09 1.05 3.20 3.14 Diluted 1.08 1.05 3.19 3.14 Distributions paid to common stockholders 737,859 687,144 2,177,133 1,999,858 AFFO after distributions 254,129 228,428 712,062 699,659 Weighted average number of common shares used for AFFO: Basic 913,949 870,665 902,935 858,679 Diluted 917,869 873,974 906,692 861,300 AFFO(1) (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 17 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the "FFO and Normalized FFO" page. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) 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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Q3 2025 Supplemental Operating & Financial Data 18 September 30, 2025 December 31, 2024 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,126,781 17,320,520 Buildings and improvements 42,921,102 40,974,535 Total real estate held for investment, at cost 61,047,883 58,295,055 Less accumulated depreciation and amortization (8,460,230) (7,381,083) Real estate held for investment, net 52,587,653 50,913,972 Real estate and lease intangibles held for sale, net 174,996 94,979 Cash and cash equivalents 417,173 444,962 Accounts receivable, net 1,006,716 877,668 Lease intangible assets, net 5,858,799 6,322,992 Goodwill 4,932,199 4,932,199 Investment in unconsolidated entities 1,234,092 1,229,699 Other assets, net 5,067,354 4,018,568 Total assets 71,278,982 68,835,039 LIABILITIES AND EQUITY Distributions payable 250,611 238,045 Accounts payable and accrued expenses 930,260 759,416 Lease intangible liabilities, net 1,528,256 1,635,770 Other liabilities 937,877 923,128 Revolving credit facilities and commercial paper 1,915,492 1,130,201 Term loans, net 1,636,711 2,358,417 Mortgages payable, net 38,091 80,784 Notes payable, net 24,781,463 22,657,592 Total liabilities 32,018,761 29,783,353 Stockholders' equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 919,893 and 891,511 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 49,034,023 47,451,068 Distributions in excess of net income (10,075,749) (8,648,559) Accumulated other comprehensive income 92,323 38,229 Total stockholders' equity 39,050,597 38,840,738 Noncontrolling interests 209,624 210,948 Total equity 39,260,221 39,051,686 Total liabilities and equity 71,278,982 68,835,039 Consolidated Balance Sheets (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 19 Capitalization & Financial Ratios as of September 30, 2025 (USD in millions and shares in thousands, except per share data) Debt Consolidated Principal ($) Total at Pro-Rata Share(1) ($) Senior Unsecured Notes and Bonds 25,087.2 25,087.2 Unsecured Term Loans 1,637.4 1,637.4 Revolvers and Commercial Paper 1,915.5 1,915.5 Mortgages Payable 38.3 697.5 Subtotal 28,678.4 29,337.6 Equity Shares/Units Stock Price ($) Market Value ($) Common Stock(2) 919,893 60.79 55,920.3 Common Units(3) 2,682 60.79 163.0 Subtotal 56,083.3 Total Market Value 85,420.9 Capitalization Dividend Data YTD 2025 YTD 2024 Year-Over-Year Growth Rate (%) Common Dividend Paid per Share $2.4085 $2.3350 3.1 AFFO per Share (diluted) $3.19 $3.14 1.6 AFFO Payout Ratio 75.5 % 74.4 % Liquidity(4) Cash and Cash Equivalents $417.2 Availability under credit facilities(5) 2,675.9 Unsettled ATM Forwards 864.2 Less: Commercial Paper Borrowings (469.4) Total $3,487.9 Foreign Currency Exposure Total Market Value Pro-Rata Debt Equity $85,421 $29,338 $56,083 Non-USD, 37.0%Non-USD, 12.7% USD, 63.0% USD, 87.3% USD, 100% Equity $56,083 Pro-Rata Debt $29,338 Cash and Cash Equivalents $(417) Enterprise Value(6) Total Market Value: $85,421 Total Enterprise Value: $85,004 (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 November 3, 2025, ATM forward agreements for a total of 17.7 million shares remain unsettled with total expected net proceeds of approximately $1.0 billion (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 September 30, 2025, our availability under the credit facilities is provided through the Realty Income revolving credit facilities ("RI Credit Facilities") with a total capacity of $4.0 billion. (6) Total enterprise value is total market value less cash and cash equivalents. **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 20 Debt Summary as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 49 series of senior unsecured notes and bonds 2025 - 2054 25,087.2 25,087.2 3.85 6.2 Unsecured Term Loans Term Loans 2026 - 2027 1,637.4 1,637.4 4.36 0.8 Revolvers and Commercial Paper RI Credit Facilities (3) 2027 - 2029 1,324.1 1,324.1 4.64 2.1 Fund Credit Facilities (3) 2029 122.0 122.0 5.54 3.6 Commercial Paper (4) 2025 469.4 469.4 3.13 0.1 Mortgages Payable 9 mortgages on 15 properties (5) 2026 - 2030 38.3 697.5 3.73 4.1 Total Debt Principal 28,678.4 29,337.6 3.91 5.5 Unamortized net discounts and deferred financing costs (306.6) (384.3) Total Debt, Net 28,371.8 28,953.3 Total Fixed Rate Debt Principal 26,762.9 27,422.1 Total Variable Rate Debt Principal 1,915.5 1,915.5 Total Fixed Rate Debt Percentage 93.3 % 93.5 % Total Variable Rate Debt Percentage 6.7 % 6.5 % (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 September 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 September 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 Credit Facilities, which included a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan. (4) As of September 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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Q3 2025 Supplemental Operating & Financial Data 21 Debt Summary by Currency as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Currency Revolvers and Commercial Paper ($) Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Proportionate Share of Joint Venture Debt(1) ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) USD 332.0 590.0 38.3 16,873.5 659.2 18,493.0 3.93 EUR 295.8 99.8 — 2,816.8 — 3,212.4 4.05 GBP 1,287.7 947.6 — 5,396.9 — 7,632.2 3.80 Total 1,915.5 1,637.4 38.3 25,087.2 659.2 29,337.6 3.91 (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 September 30, 2025. The weighted average interest rates reflect the effective fixed rate debt for floating rate debt that is fixed through interest rate swaps. 11.0% EUR 26.0% GBP 63.0% USD Pro-Rata Debt by Currency as of September 30, 2025 **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 22 Debt Maturities as of September 30, 2025 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt Proportionate Share of Joint Venture Fixed Rate Debt(1) End of Period Interest Rate(2) Year Principal Due 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 — 0.4 550.0 550.4 — — 469.4 1,019.8 — 1,019.8 4.63 3.13 2026 1,137.4 12.0 2,375.0 3,524.4 — — — 3,524.4 — 3,524.4 4.33 — 2027 500.0 22.3 2,373.6 2,895.9 978.6 — — 3,874.5 — 3,874.5 2.80 4.69 2028 — 1.3 2,499.8 2,501.1 — — — 2,501.1 — 2,501.1 3.19 — 2029 — 1.3 2,419.8 2,421.1 345.5 122.0 — 2,888.6 659.2 3,547.8 3.89 4.75 Thereafter — 1.0 14,869.0 14,870.0 — — — 14,870.0 — 14,870.0 4.07 — Total 1,637.4 38.3 25,087.2 26,762.9 1,324.1 122.0 469.4 28,678.4 659.2 29,337.6 3.88 4.32 (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 September 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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Q3 2025 Supplemental Operating & Financial Data 23 Adjusted EBITDAre & Coverage Ratios (USD in thousands) (unaudited) Three months ended September 30, 2025 Net income $317,674 Interest 294,482 Income taxes 23,824 Depreciation and amortization 631,981 Provisions for impairment 86,972 Merger, transaction, and other costs, net 13,343 Gain on sales of real estate (49,107) Foreign currency and derivative loss, net 2,818 Proportionate share of adjustments from unconsolidated entities 19,692 Quarterly Adjusted EBITDAre $1,341,679 Annualized Adjusted EBITDAre $5,366,716 Annualized Pro Forma Adjustments(2) 17,724 Annualized Pro Forma Adjusted EBITDAre $5,384,440 Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts $28,678,459 Proportionate share of unconsolidated entities debt, excluding deferred financing costs 659,190 Less: Cash and cash equivalents (417,173) Net Debt $28,920,476 Net Debt/Annualized Adjusted EBITDAre 5.4x Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4x (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 $57 million from investments we acquired or stabilized during the quarter and removes $39 million from investments we disposed of during the quarter. 4.6x 4.7x 4.7x 4.5x 4.6x Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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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Q3 2025 Supplemental Operating & Financial Data 24 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.9% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.2% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.6x ✓ Maintenance of total unencumbered assets ≥ 150% of unsecured debt 239.5% ✓ (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 September 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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Q3 2025 Supplemental Operating & Financial Data 25 Q3 2025 YTD 2025 Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Acquisitions U.S. wholly-owned 200.0 200.0 12.2 47 623.2 623.2 15.3 105 U.S. Private Fund Business 80.1 80.1 16.2 3 80.1 80.1 16.2 3 Europe wholly-owned 550.2 550.2 10.0 15 2,024.0 2,024.0 8.6 46 Total real estate acquisitions 830.3 830.3 11.1 65 2,727.3 2,727.3 10.3 154 Initial weighted average cash yield(2) 7.1 % 7.1 % Real estate properties under development U.S. wholly-owned 86.1 86.1 15.8 44 213.7 213.7 16.6 81 Europe wholly-owned 19.3 19.3 15.0 4 32.8 32.8 15.5 7 Non-wholly owned(3) 43.6 42.9 14.0 10 126.1 123.8 11.9 10 Total real estate properties under development 149.0 148.3 15.2 58 372.6 370.3 14.9 98 Initial weighted average cash yield(2) 7.4 % 7.4 % Other investments U.S. wholly-owned(4) — — — — 200.9 200.9 3.8 — Europe wholly-owned(5) 384.2 384.2 3.9 — 606.5 606.5 4.1 — Total other investments 384.2 384.2 3.9 — 807.4 807.4 4.0 — Initial weighted average cash yield(2) 9.0 % 8.9 % Total investments 1,363.5 1,362.8 9.2 123 3,907.3 3,905.0 9.2 252 Initial weighted average cash yield(2) 7.7 % 7.5 % Supplementary Information Total U.S. volume 380.0 1,141.5 Initial weighted average cash yield(2) 7.0 % 7.6 % Total Europe volume 982.8 2,763.5 Initial weighted average cash yield(2) 8.0 % 7.4 % Investment Grade Clients(6) 27 % 26 % Investment Summary (USD in millions) Refer to the next page for footnotes. **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 26 Investment Summary (Continued) (USD in millions) **Table of Contents** ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures. Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Initial Weighted Average Cash Yield is a supplemental operating measure. Total cash income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and nine months ended September 30, 2025 includes $0.1 million and $3.6 million, respectively, received as settlement credits as reimbursement of free rent periods. Please see the Glossary for our definition of Initial Weighted Average Cash Yield and Cash Income. (3) Non-wholly owned represents investments not 100% owned by Realty Income. (4) For the nine months ended September 30, 2025, includes an investment in a loan for a development project. (5) For the three months ended September 30, 2025, includes investments in senior secured notes issued by existing clients. For the nine months ended September 30, 2025, includes two mortgage loans in addition to those senior secured notes. (6) 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.

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Q3 2025 Supplemental Operating & Financial Data 27 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (2) (%) Q3 2025 Occupied 34 72,123 88,703 6.3 Vacant 106 93,562 126,089 Total real estate dispositions 140 165,685 214,792 YTD 2025 Occupied 49 112,260 134,445 6.9 Vacant 219 201,736 289,761 Total real estate dispositions 268 313,996 424,206 Disposition Summary (USD in thousands) Net Sales Proceeds from Dispositions $249,461 $138,085 $92,573 $116,841 $214,792 Occupied Vacant Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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** ↪ 59% 41%86% 14% 69% 31% 36% 64% 35% 65% Vacant Occupied Current quarter V cant Current quarter Occupied

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Q3 2025 Supplemental Operating & Financial Data 28 Development Activity (USD in thousands) Retail Q3 2025 Investment(1) Q3 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 9/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $68,627 $106,500 $176,601 $276,834 $14,620 $108,423 $123,043 Development of existing properties 1,883 6,537 7,972 13,153 1,646 25,291 26,937 Total $70,510 $113,037 $184,573 $289,987 $16,266 $133,714 $149,980 Estimated Weighted Average Cash Yield 7.4 % 7.4 % 7.4 % 7.6 % Estimated Weighted Average Completion Date Q4 2025 Q2 2026 Non-Retail Q3 2025 Investment(1) Q3 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 9/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $78,498 $172,651 $188,024 $317,137 $155,681 $662,793 $818,474 Development of existing properties — — — — — — — Total $78,498 $172,651 $188,024 $317,137 $155,681 $662,793 $818,474 Estimated Weighted Average Cash Yield 7.4 % 7.5 % 7.5 % 7.1 % Estimated Weighted Average Completion Date Q2 2026 Q3 2026 Total Q3 2025 Investment(1) Q3 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 9/30/2025 Forecasted Remaining Investment Total Commitment New development(3) $147,125 $279,151 $364,625 $593,971 $170,301 $771,216 $941,517 Development of existing properties 1,883 6,537 7,972 13,153 1,646 25,291 26,937 Total $149,008 $285,688 $372,597 $607,124 $171,947 $796,507 $968,454 Estimated Weighted Average Cash Yield 7.4 % 7.5 % 7.5 % 7.2 % Estimated Weighted Average Completion Date Q2 2026 Q2 2026 (1) Capitalized interest was $3.7 million and $12.4 million for the three and nine months ended September 30, 2025, respectively. (2) CIP is defined as construction in progress. (3) Includes build-to-suit developments and take-outs on development properties. **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 29 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 7-Eleven 807 3.3 A- / Baa2 / - 2 Dollar General 1,788 3.2 BBB / Baa3 / - 3 Walgreens 402 3.1 — 4 Family Dollar 1,258 2.7 — 5 Life Time Fitness 42 2.2 — 6 EG Group 414 2.0 — 7 Wynn Resorts 1 2.0 — 8 (B&Q) Kingfisher 69 2.0 BBB / - / BBB 9 FedEx 81 1.8 BBB/ Baa2/ - 10 Asda 41 1.7 — 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, as of September 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) Represents our Pro-Rata 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 1.5 BBB / Baa3 / - 12 BJ's Wholesale Club 45 1.5 — 13 Tesco 28 1.4 BBB / Baa3 / BBB 14 Tractor Supply 242 1.4 BBB / Baa1 / - 15 CVS Pharmacy 209 1.2 BBB / Baa3 / BBB 16 MGM (Bellagio) 1 1.1 — 17 LA Fitness 63 1.1 — 18 Home Depot 41 1.1 A / A2 / A 19 AMC Theatres 39 1.0 — 20 Walmart / Sam's Club 62 1.0 AA / Aa2 / AA 5,672 36.2 (2)

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Q3 2025 Supplemental Operating & Financial Data 30 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Number of Investment Grade Leases 5,255 6,464 6,499 6,355 6,384 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 31.5 % 33.9 % 34.3 % 32.4 % 32.1 % Investment Grade Clients(1) 24.7% Investment Grade, Retail 55.1% Non-Investment Grade or Non-Rated, Retail 13.4% Non-Investment Grade or Non-Rated, Non-Retail 6.8% 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 September 30, 2025

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Q3 2025 Supplemental Operating & Financial Data 31 As of September 30, 2025 December 31, 2024 (%) (%) Grocery 10.8 10.1 Convenience Stores 9.7 10.2 Home Improvement 6.4 6.0 Dollar Stores 6.2 6.4 Restaurants-Quick Service 4.8 4.9 Health and Fitness 4.5 4.3 Drug Stores 4.4 4.7 Automotive Service 4.3 4.5 Restaurants-Casual Dining 3.7 4.0 General Merchandise 3.5 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 2.3 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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Q3 2025 Supplemental Operating & Financial Data 32 Geographic Diversification(1) As of September 30, 2025 (1) Based on Annualized Base Rent ("ABR"). Please see the Glossary for our definition of Annualized Base Rent. PRESENCE IN ALL 50 U.S. STATES, THE U.K., AND SEVEN OTHER COUNTRIES IN EUROPE MIDWEST 4,031 Properties 21.0% Total ABR MID-ATLANTIC SOUTHWEST 2,920 Properties 13.6% Total ABR 1,475 Properties SOUTHEAST 4,092 Properties 18.1% Total ABR CONTINENTAL EUROPE 205 Properties 3.8% Total ABR NORTHEAST 1,038 Properties 9.5% Total ABR 7.6% Total ABR PACIFIC SOUTHWEST 1,180 Properties 10.9% Total ABR PACIFIC NORTHWEST 234 Properties 1.6% Total ABR UNITED KINGDOM 367 Properties 13.9% Total ABR **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 33 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of September 30, 2025(2) ($) Percentage of Annualized Base Rent as of September 30, 2025(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%) Retail 14,899 218,413 4,161,768 79.8 30.9 Industrial 573 121,516 767,750 14.7 41.4 Gaming 2 5,053 162,635 3.1 — Other(4) 68 4,177 124,447 2.4 31.4 Total 15,542 349,159 5,216,600 100.0 31.5 (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 as of September 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 $35.3 million in Annualized Base Rent, 14 properties classified as office with $33.3 million in Annualized Base Rent, 21 properties classified as country clubs with $27.2 million in Annualized Base Rent, and three properties classified as data centers with $24.6 million in Annualized Base Rent, as well as one land parcel under development. Property Type Composition (USD and square footage in thousands) 14.7% Industrial 79.8% Retail 3.1% Gaming 2.4% Other **Table of Contents** ↪ Annualized Base Rent(2) as of September 30, 2025

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Q3 2025 Supplemental Operating & Financial Data 34 Q3 2025 Same Store Rental Revenue Number of properties 14,482 Q3 2025 $1,162,326 Q3 2024 $1,146,892 $ change $15,434 % change 1.3 % YTD 2025 Same Store Rental Revenue Number of properties 14,482 YTD 2025 $3,477,268 YTD 2024 $3,432,682 $ change $44,586 % change 1.3 % Top 3 Industries Contributing to the Change(3) Three months ended September 30, Industry 2025 2024 $ Change % Change($) ($) Grocery $126,663 $124,348 2,315 1.9 Theaters 27,592 26,213 1,379 5.3 Convenience Stores 107,648 106,402 1,246 1.2 Nine months ended September 30, Industry 2025 2024 $ Change % Change($) ($) Grocery $378,343 $371,088 7,255 2.0 Convenience Stores 321,759 317,161 4,598 1.4 Theaters 81,801 77,732 4,069 5.2 For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 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 and Netherlands 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 us 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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Q3 2025 Supplemental Operating & Financial Data 35 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 ($) ($) ($) ($) Rental revenue (including reimbursements) 1,386,502 1,271,153 4,037,747 3,764,050 Constant currency adjustment(3) 241 7,019 27,152 29,354 Straight-line rent and other non-cash adjustments (8,754) (7,507) (19,199) (18,201) Contractually obligated reimbursements by our clients (85,980) (77,136) (266,386) (235,307) Revenue from excluded properties(1) (128,281) (74,186) (342,323) (196,784) Other excluded revenue(4) (28,516) 170 (38,494) (15,890) Add: Spirit rental revenue(5) — — — 48,560 Revenue from unconsolidated entities(6) 28,707 28,961 83,577 61,714 Revenue attributable to noncontrolling interests(7) (1,593) (1,582) (4,806) (4,814) Same Store Rental Revenue 1,162,326 1,146,892 3,477,268 3,432,682 (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 us 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 September 30, 2025. (4) "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income. (5) Amounts for the nine months ended September 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 September 30, Nine months ended September 30, 2025 2024 2025 2024 Property Type ($) ($) $ Change % Change ($) ($) $ Change % Change Retail 925,973 915,383 10,590 1.2 2,771,121 2,740,288 30,833 1.1 Industrial 177,892 173,948 3,944 2.3 530,551 520,314 10,237 2.0 Gaming 40,659 39,924 735 1.8 121,976 119,771 2,205 1.8 Other (2) 17,802 17,637 165 0.9 53,620 52,309 1,311 2.5 Total 1,162,326 1,146,892 15,434 1.3 3,477,268 3,432,682 44,586 1.3 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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Q3 2025 Supplemental Operating & Financial Data 36 Q3 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $61,211 $7,077 $68,288 New cash rents\* $63,672 $6,973 $70,645 Recapture rate 104.0 % 98.5 % 103.5 % Number of leases 248 36 284 Average months vacant — 5.7 0.7 Lease incentives(1) $676 $342 $1,018 \* Percentage of Total Portfolio Annualized Base Rent(2) 1.4% YTD 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $191,957 $14,446 $206,403 New cash rents\* $195,372 $18,325 $213,697 Recapture rate 101.8 % 126.9 % 103.5 % Number of leases 749 75 824 Average months vacant — 5.5 0.5 Lease incentives (1) $3,144 $716 $3,860 \* Percentage of Total Portfolio Annualized Base Rent(2) 4.1 % Leasing Activity (dollars in thousands) Allocation Based on Number of Leases 87% Same Client 13% New Client Allocation Based on Number of Leases 9% New Client 91% 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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Q3 2025 Supplemental Operating & Financial Data 37 (1) This table sets forth the timing of remaining lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contributions to Annualized Base Rent as of September 30, 2025. Leases on our multi-client properties are counted separately in the table above. (2) Of the 17,009 in-place leases in the portfolio, 13,760, or 80.9% 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 8.9 YEARS (ASSUMING NO EXERCISE OF LEASE OPTIONS). Lease Expirations (USD in thousands) Total Portfolio(1)(2) Annualized Base Rent as of September 30, 2025(3) ($) Percentage of Annualized Base Rent(3) (%) Expiring Leases Year Retail Non-Retail 2025 234 5 42,930 0.8 2026 856 41 197,360 3.8 2027 1,627 56 375,876 7.2 2028 1,776 73 421,071 8.2 2029 1,881 48 456,032 8.7 2030 1,278 48 375,726 7.2 2031 881 61 378,108 7.2 2032 1,136 49 324,484 6.2 2033 1,033 27 325,811 6.2 2034 806 34 353,148 6.9 2035 653 24 205,688 3.9 2036 624 25 208,698 4.0 2037 543 23 157,454 3.0 2038 391 24 151,226 2.9 2039 519 7 148,225 2.8 2040-2143 2,098 128 1,094,763 21.0 Total 16,336 673 5,216,600 100.0 **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 38 Earnings Guidance Revised 2025 Guidance Prior 2025 Guidance(1) YTD Actuals at September 30, 2025 Net income per share(2) $1.27 - $1.29 $1.29 - $1.33 $0.84 Real estate depreciation per share $2.71 $2.72 $2.09 Other adjustments per share(3) $0.27 $0.23 $0.26 AFFO per share(4) $4.25 - $4.27 $4.24 - $4.28 $3.19 Same store rent growth Approx 1.0% Approx 1.0% 1.3% Occupancy Approx 98.5% Over 98% 98.7% Cash G&A expenses (% of total revenue)(5)(6) 3.1% - 3.3% Approx 3.0% 3.2% Property expenses (non-reimburseable) (% of total revenue)(5) Approx 1.5% 1.4% - 1.7% 1.6% Income tax expenses $80 - $90 million $80 - $90 million $64 million Investment volume Approx $5.5 billion Approx $5.0 billion $3.9 billion (1) As issued on August 6, 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 3.5% - 3.8% in 2025. Summarized below are approximate estimates of the key components of our 2025 earnings guidance: **Table of Contents** ↪

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Q3 2025 Supplemental Operating & Financial Data 39 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-5042 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo.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 Cantor Richard Anderson richard.anderson@cantor.com (920) 441-6927 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 Evercore ISI James Kammert james.kammert@evercoreisi.com (312) 705-4233 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 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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Q3 2025 Supplemental Operating & Financial Data 40 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to 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, adjusted 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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Q3 2025 Supplemental Operating & Financial Data 41 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities, this represents our pro rata share of the cash income. For loans 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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Q3 2025 Supplemental Operating & Financial Data 42 Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint 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 September 30, 2025 to same store rental revenue throughout the three and nine 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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Q3 2025 Supplemental Operating & Financial Data 43 Appendix (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) ($) Net income 317,674 199,011 251,462 201,350 271,124 Interest 294,482 283,824 268,374 268,149 261,261 Income taxes 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 631,981 647,849 608,935 606,671 602,339 Provisions for impairment 86,972 143,363 116,589 142,966 96,920 Merger, transaction, and other costs, net 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss (gain), net 2,818 4,388 2,545 (535) 1,672 Proportionate share of adjustments from unconsolidated entities 19,692 19,774 19,488 18,991 20,340 Quarterly Adjusted EBITDAre 1,341,679 1,284,039 1,260,792 1,223,533 1,227,058 Annualized Adjusted EBITDAre 5,366,716 5,136,156 5,043,168 4,894,132 4,908,232 Annualized Pro Forma Adjustments(2) 17,724 56,842 78,683 79,143 29,347 Annualized Pro Forma Adjusted EBITDAre 5,384,440 5,192,998 5,121,851 4,973,275 4,937,579 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 28,678,459 28,665,619 27,296,346 26,510,798 26,437,045 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 (417,173) (800,447) (319,007) (444,962) (396,956) Net Debt 28,920,476 28,524,362 27,636,529 26,725,026 26,699,279 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4 x 5.5 x 5.4 x 5.4 x 5.4 x RECONCILIATION OF NET DEBT TO ANNUALIZED PRO FORMA ADJUSTED EBITDAre(1) (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, and 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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Q3 2025 Supplemental Operating & Financial Data 44 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) ($) Net income available to common stockholders 315,771 196,919 249,815 199,612 261,781 Cumulative adjustments to calculate Normalized FFO(2) 678,622 759,160 688,119 689,129 601,755 Normalized FFO available to common stockholders 994,393 956,079 937,934 888,741 863,536 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 9,138 8,257 6,633 5,500 4,861 Amortization of acquired interest rate swap value(3) 2,251 3,555 3,711 3,710 3,711 Capital expenditures from operating properties: Leasing costs and commissions (1,754) (1,985) (880) (2,661) (2,841) Recurring capital expenditures (42) (221) (19) (199) (151) Other non-cash items: Non-cash change in allowance for credit losses 11,581 1,109 19,171 32,486 63,769 Amortization of share-based compensation 7,719 8,110 5,899 9,821 6,401 Straight-line rent and expenses, net (43,474) (30,226) (43,812) (35,510) (43,930) Amortization of above and below-market leases, net 10,462 6,287 15,326 14,817 12,973 Deferred tax expense (benefit) 3,829 413 (104) 3,552 — Proportionate share of adjustments for unconsolidated entities (650) (1,678) 37 (308) (2,152) Excess of redemption value over carrying value of preferred shares redeemed — — — — 5,116 Other adjustments(4) (1,465) (2,209) 5,820 1,971 4,279 AFFO available to common stockholders 991,988 947,491 949,716 921,920 915,572 AFFO allocable to dilutive noncontrolling interests 2,331 2,401 2,401 2,186 1,467 Diluted AFFO 994,319 949,892 952,117 924,106 917,039 AFFO per common share (Diluted) 1.08 1.05 1.06 1.05 1.05 Weighted average number of common shares used for Diluted AFFO 917,869 906,398 895,033 879,649 873,974 (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 September 30, 2025 and September 30, 2024. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) 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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Q3 2025 Supplemental Operating & Financial Data 45 Appendix (Continued)\* (USD and shares in thousands, except per share amounts) (unaudited) **Table of Contents** ↪ Years ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 ($) ($) ($) ($) ($) Net income 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 106,801 4,874 — — — 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 Excess of redemption value over carrying value of preferred shares redeemed 5,116 — — — — Other adjustments(4) 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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Q3 2025 Supplemental Operating & Financial Data 46 **Table of Contents** ↪ Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this 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) 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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Q3 2025 Supplemental Operating & Financial Data 47 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Nine months ended Years ended September 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income 768,147 867,341 876,914 872,416 360,747 Interest 846,680 1,016,955 730,423 465,223 323,644 Income taxes 63,546 66,601 52,021 45,183 31,657 Depreciation and amortization 1,888,765 2,395,644 1,895,177 1,670,389 897,835 Provisions for impairment 346,924 425,833 87,082 25,860 38,967 Merger, transaction, and other costs, net 13,953 96,292 14,464 13,897 167,413 Gain on sales of real estate (110,210) (117,275) (25,667) (102,957) (55,798) Foreign currency and derivative loss (gain), net 9,751 (3,420) 13,414 13,311 (710) (Gain) loss on extinguishment of debt — — — (367) 97,178 Other income, net (24,551) (23,606) (23,789) (30,511) (9,949) Equity in (earnings) losses of unconsolidated entities (10,706) (7,793) (2,546) 6,448 (1,106) Adjusted EBITDA 3,792,299 4,716,572 3,617,493 2,978,892 1,849,878 Total Revenue Rental revenue (including reimbursements) 4,037,747 5,043,748 3,958,150 3,299,657 2,064,958 Rental revenue (reimbursements) 257,319 303,088 274,201 184,685 104,851 Rental revenue (excluding reimbursements) 3,780,428 4,740,660 3,683,949 3,114,972 1,960,107 Other revenue 223,688 227,394 120,843 44,024 15,505 Total revenue (excluding reimbursements) 4,004,116 4,968,054 3,804,792 3,158,996 1,975,612 Adjusted EBITDA Margin 94.7 % 94.9 % 95.1 % 94.3 % 93.6 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the Glossary for definitions and an explanation of how we utilize these metrics.

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Q3 2025 Supplemental Operating & Financial Data 48 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($) ($) ($) ($) ($) Net income 317,674 199,011 251,462 201,350 271,124 Interest 294,482 283,824 268,374 268,149 261,261 Income taxes 23,824 24,065 15,657 20,102 15,355 Depreciation and amortization 631,981 647,849 608,935 606,671 602,339 Provisions for impairment 86,972 143,363 116,589 142,966 96,920 Merger, transaction, and other costs, net 13,343 331 279 (9,176) 8,610 Gain on sales of real estate (49,107) (38,566) (22,537) (24,985) (50,563) Foreign currency and derivative loss (gain), net 2,818 4,388 2,545 (535) 1,672 Other income, net (10,015) (7,369) (7,167) (7,313) (4,739) Equity in earnings of unconsolidated entities (3,080) (3,269) (4,357) (2,353) (5,087) Adjusted EBITDA 1,308,892 1,253,627 1,229,780 1,194,876 1,196,892 Total Revenue Rental revenue (including reimbursements) 1,386,502 1,338,188 1,313,057 1,279,698 1,271,153 Rental revenue (reimbursements) 82,517 87,424 87,378 75,505 74,300 Rental revenue (excluding reimbursements) 1,303,985 1,250,764 1,225,679 1,204,193 1,196,853 Other revenue 84,050 72,190 67,448 60,601 59,762 Total revenue (excluding reimbursements) 1,388,035 1,322,954 1,293,127 1,264,794 1,256,615 Adjusted EBITDA Margin 94.3 % 94.8 % 95.1 % 94.5 % 95.2 % 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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Q3 2025 Supplemental Operating & Financial Data 49 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Three months ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ($) ($) ($) ($) Net income 260,968 133,899 219,762 233,877 Interest 246,931 240,614 208,313 184,121 Income taxes 15,642 15,502 15,803 11,336 Depreciation and amortization 605,570 581,064 475,856 495,566 Provisions for impairment 96,458 89,489 27,281 16,808 Merger, transaction, and other costs, net 2,754 94,104 9,932 2,884 Gain on sales of real estate (25,153) (16,574) (5,992) (7,572) Foreign currency and derivative loss (gain), net (511) (4,046) 18,371 2,813 Other income, net (6,108) (5,446) (10,804) (7,235) Equity in (earnings) losses of unconsolidated entities (2,029) 1,676 (2,135) — Adjusted EBITDA 1,194,522 1,130,282 956,387 932,598 Total Revenue Rental revenue (including reimbursements) 1,284,728 1,208,169 1,028,710 1,008,862 Rental revenue (reimbursements) 80,568 72,715 65,570 61,313 Rental revenue (excluding reimbursements) 1,204,160 1,135,454 963,140 947,549 Other revenue 54,715 52,316 47,575 30,242 Total revenue (excluding reimbursements) 1,258,875 1,187,770 1,010,715 977,791 Adjusted EBITDA Margin 94.9 % 95.2 % 94.6 % 95.4 % 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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Q3 2025 Supplemental Operating & Financial Data 50 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ Nine months ended Years ended September 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) General and administrative 148,412 176,895 144,536 138,459 96,980 Share-based compensation 21,728 32,741 26,227 21,617 16,234 Cash G&A(1) expenses 126,684 144,154 118,309 116,842 80,746 Total revenue (excluding reimbursements) 4,004,116 4,968,054 3,804,792 3,158,996 1,979,129 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.2 % 2.9 % 3.1 % 3.7 % 4.1 % RECONCILIATION OF CASH G&A(1) MARGIN (1) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (2) Total revenue excluding client reimbursements. Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) General and administrative 55,039 49,329 44,044 49,114 Share-based compensation 7,719 8,110 5,899 9,821 Cash G&A(1) expenses 47,320 41,219 38,145 39,293 Total revenue (excluding reimbursements) 1,388,035 1,322,954 1,293,127 1,264,794 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.4 % 3.1 % 2.9 % 3.1 % Three months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ($) ($) ($) ($) ($) General and administrative 41,869 45,070 40,842 38,015 35,525 Share-based compensation 6,401 7,267 9,252 6,073 6,231 Cash G&A(1) expenses 35,468 37,803 31,590 31,942 29,294 Total revenue (excluding reimbursements) 1,256,615 1,258,875 1,187,770 1,010,715 977,791 Cash G&A(1) margin (G&A as % of total revenue)(2) 2.8 % 3.0 % 2.7 % 3.2 % 3.0 %

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Q3 2025 Supplemental Operating & Financial Data 51 Appendix (Continued) (USD in thousands) (unaudited) **Table of Contents** ↪ RECONCILIATION OF PROPERTY EXPENSES (NON-REIMBURSEMENTS)(% OF TOTAL REVENUE)(1) (1) Total revenue excluding client reimbursements. Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) Property (including reimbursements) 106,621 107,422 106,681 96,309 Tenant reimbursements 82,517 87,424 87,378 75,457 Property (excluding reimbursements) 24,104 19,998 19,303 20,852 Total revenue (excluding reimbursements) 1,388,035 1,322,954 1,293,127 1,264,794 Property expenses (non-reimbursements)(% of total revenue)(1) 1.7 % 1.5 % 1.5 % 1.6 % Three months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ($) ($) ($) ($) ($) Property (including reimbursements) 92,154 99,851 89,361 81,883 70,981 Tenant reimbursements 74,348 80,568 72,715 65,570 61,313 Property (excluding reimbursements) 17,806 19,283 16,646 16,313 9,668 Total revenue (excluding reimbursements) 1,256,615 1,258,875 1,187,770 1,010,715 977,791 Property expenses (non-reimbursements)(% of total revenue)(1) 1.4 % 1.5 % 1.4 % 1.6 % 1.0 % Nine months ended Years ended September 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Property (including reimbursements) 320,724 377,675 316,964 226,330 133,605 Tenant reimbursements 257,319 303,088 274,201 184,685 104,851 Property (excluding reimbursements) 63,405 74,587 42,763 41,645 28,754 Total revenue (excluding reimbursements) 4,004,116 4,968,054 3,804,792 3,158,996 1,979,129 Property expenses (non-reimbursements)(% of total revenue)(1) 1.6 % 1.5 % 1.1 % 1.3 % 1.5 %

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