EX-99.2 3 a15-4527_1ex99d2.htm EX-99.2

| Q4 2014 SUPPLEMENTAL OPERATING & FINANCIAL DATA NYSE: O Exhibit 99.2

| TABLE OF CONTENTS Q4 2014 Supplemental Operating & Financial Data 2 Corporate Overview 3 Financial Summary Consolidated Statements of Income 4 Funds from Operations (FFO) 5 Adjusted Funds from Operations (AFFO) 6 Consolidated Balance Sheets 7 Debt Summary 8 Debt Maturities 9 Capitalization & Financial Ratios 10 EBITDA & Coverage Ratios 11 Debt Covenants 12 Transaction Summary Investment Summary 13 Disposition Summary 14 Development Pipeline 15 Real Estate Portfolio Summary Tenant Diversification 16 Industry Diversification 17 Geographic Diversification 19 Property Type Diversification 20 Same Store Rental Revenue 21 Leasing Data Occupancy 23 Leasing Activity 24 Expirations 25 Analyst Coverage 26 This Supplemental Operating & Financial Data should be read in connection with the company's fourth quarter 2014 earnings press release (included as Exhibit 99.1 of the company's Current Report on 8-K, filed on February 17, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data.

| CORPORATE OVERVIEW 3 Q4 2014 Supplemental Operating & Financial Data Senior Management John P. Case, Chief Executive Officer and President Richard G. Collins, Executive VP, Portfolio Management Paul M. Meurer, Executive VP, Chief Financial Officer and Treasurer Michael R. Pfeiffer, Executive VP, General Counsel and Secretary Sumit Roy, Executive VP, Chief Operating Officer and Chief Investment Officer Credit Ratings Standard & Poor’s BBB+ Stable Outlook Moody's Baa1 Stable Outlook Fitch BBB+ Stable Outlook Dividend Information as of February 2015 Current annualized dividend is $2.268 per share Compounded average annual dividend growth rate of approximately 4.7% 535 consecutive monthly dividends paid 69 consecutive quarterly dividend increases Corporate Headquarters 11995 El Camino Real San Diego, California 92130 Phone: (858) 284-5000 Website: www.realtyincome.com Transfer Agent Wells Fargo Shareowner Services Phone: (877) 218-2434 Email: stocktransfer@wellsfargo.com Website: www.shareowneronline.com Corporate Profile Realty Income, The Monthly Dividend Company®, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 46 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term, net lease agreements. Portfolio Overview At December 31, 2014, we owned a diversified portfolio of 4,327 properties located in 49 states and Puerto Rico, with over 70.7 million square feet of leasable space. Our properties are leased to 234 different commercial tenants doing business in 47 separate industries. Approximately 79% of our quarterly rental revenues were generated from retail properties, 10% from industrial and distribution properties, and the remaining 11% were from other property types. Our occupancy rate as of December 31, 2014 was 98.4%, with a weighted average remaining lease term of approximately 10.2 years. Common Stock Our Common Stock is traded on the New York Stock Exchange under the symbol "O" December 31, 2014 Closing price $ 47.71 Shares and units outstanding 225,697,760 Market value of common equity $ 10,768,040,000 Total market capitalization $ 16,105,801,000

| CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) 4 Q4 2014 Supplemental Operating & Financial Data (unaudited) Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 REVENUE Rental $ 230,635 $ 204,999 $ 893,457 $ 748,218 Tenant reimbursements 16,246 9,324 37,118 24,944 Other 692 1,840 2,930 7,047 Total revenue 247,573 216,163 933,505 780,209 EXPENSES Depreciation and amortization 96,537 85,293 374,661 306,769 Interest 59,120 50,775 216,366 181,442 General and administrative 15,586 16,525 51,085 56,881 Property (including reimbursable) 20,397 13,059 53,871 38,851 Income taxes 1,103 579 3,461 2,350 Provisions for impairment 1,450 - 4,126 290 Merger-related costs - 138 - 13,013 Total expenses 194,193 166,369 703,570 599,596 Gain on sales of real estate 24,994 - 39,205 - Income from continuing operations 78,374 49,794 269,140 180,613 Income (loss) from discontinued operations (297 ) 14,840 2,800 65,670 Net income 78,077 64,634 271,940 246,283 Net income attributable to noncontrolling interests (289 ) (298 ) (1,305 ) (719 ) Net income attributable to the Company 77,788 64,336 270,635 245,564 Preferred stock dividends (6,770 ) (10,482 ) (37,062 ) (41,930 ) Excess of redemption value over carrying value of preferred shares redeemed - - (6,015 ) - Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Amounts available to common stockholders per common share, basic and diluted: Income from continuing operations $ 0.32 $ 0.19 $ 1.03 $ 0.72 Net income $ 0.32 $ 0.26 $ 1.04 $ 1.06

| FUNDS FROM OPERATIONS (FFO) (dollars in thousands, except per share data) 5 Q4 2014 Supplemental Operating & Financial Data (1) FFO for the three months and year ended December 31, 2013 has been normalized to exclude merger-related costs related to our acquisition of American Realty Capital Trust, Inc., or ARCT. (2) FFO per share for the year ended December 31, 2014 was impacted by a $6.0 million non-cash redemption charge on the Class E preferred shares that were redeemed in October 2014, which represents FFO per share of $0.03. Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Depreciation and amortization: Continuing operations 96,537 85,293 374,661 306,769 Discontinued operations - 36 - 1,626 Depreciation of furniture, fixtures and equipment (161 ) (86 ) (482 ) (288 ) Provisions for impairment on investment properties: Continuing operations 1,450 - 4,126 290 Discontinued operations 510 - 510 2,738 Gain on sales of investment properties: Continuing operations (24,994 ) - (39,205 ) - Discontinued operations (276 ) (14,276 ) (2,883 ) (64,743 ) Merger-related costs (1) - 138 - 13,013 FFO adjustments allocable to noncontrolling interests (378 ) (329 ) (1,396 ) (1,009 ) FFO available to common stockholders $ 143,706 $ 124,630 $ 562,889 $ 462,030 FFO per common share, basic and diluted(2): $ 0.64 $ 0.61 $ 2.58 $ 2.41 Distributions paid to common stockholders $ 122,521 $ 110,678 $ 479,256 $ 409,222 FFO in excess of distributions paid to common stockholders $ 21,185 $ 13,952 $ 83,633 $ 52,808 Weighted average number of common shares used for computation per share: Basic 223,034,266 203,303,124 218,390,885 191,754,857 Diluted 223,262,633 203,326,838 218,450,863 191,781,622

| ADJUSTED FUNDS FROM OPERATIONS (AFFO) (dollars in thousands, except per share data) 6 Q4 2014 Supplemental Operating & Financial Data (1) See reconciling items for FFO presented under "Funds from Operations (FFO).” Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Cumulative adjustments to calculate FFO (1) 72,688 70,776 335,331 258,396 FFO available to common stockholders 143,706 124,630 562,889 462,030 Provisions for impairment on Crest properties - 308 - 308 Excess of redemption value over carrying value of Class E preferred share redemption - - 6,015 - Amortization of share-based compensation 4,306 6,550 11,959 20,785 Amortization of deferred financing costs 1,328 1,219 4,804 4,436 Amortization of net mortgage premiums (2,147 ) (2,522 ) (9,208 ) (9,481 ) (Gain) loss on early extinguishment of mortgage debt 99 - (3,428 ) - (Gain) loss on interest rate swaps 940 (188 ) 1,349 (878 ) Capitalized leasing costs and commissions (167 ) (137 ) (821 ) (1,280 ) Capitalized building improvements (1,328 ) (2,468 ) (5,210 ) (7,227 ) Straight-line rent (3,108 ) (3,631 ) (14,872 ) (13,742 ) Amortization of above and below-market leases 1,650 1,939 8,024 8,188 Other adjustments 115 - 160 - Total AFFO available to common stockholders $ 145,394 $ 125,700 $ 561,661 $ 463,139 AFFO per common share: Basic $ 0.65 $ 0.62 $ 2.57 $ 2.42 Diluted $ 0.65 $ 0.62 $ 2.57 $ 2.41 Distributions paid to common stockholders $ 122,521 $ 110,678 $ 479,256 $ 409,222 AFFO in excess of distributions paid to common stockholders $ 22,873 $ 15,022 $ 82,405 $ 53,917 Weighted average number of common shares used for computation per share: Basic 223,034,266 203,303,124 218,390,885 191,754,857 Diluted 223,262,633 203,326,838 218,450,863 191,781,622

| CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts) 7 Q4 2014 Supplemental Operating & Financial Data December 31, 2014 December 31, 2013 ASSETS Real estate, at cost: Land $ 3,046,372 $ 2,791,147 Buildings and improvements 8,107,199 7,108,328 Total real estate, at cost 11,153,571 9,899,475 Less accumulated depreciation and amortization (1,386,871 ) (1,114,888 ) Net real estate held for investment 9,766,700 8,784,587 Real estate held for sale, net 14,840 12,022 Net real estate 9,781,540 8,796,609 Cash and cash equivalents 3,852 10,257 Accounts receivable, net 64,386 39,323 Acquired lease intangible assets, net 1,039,724 935,459 Goodwill 15,470 15,660 Other assets, net 107,650 127,133 Total assets $ 11,012,622 $ 9,924,441 LIABILITIES AND EQUITY Distributions payable $ 43,675 $ 41,452 Accounts payable and accrued expenses 123,287 102,511 Acquired lease intangible liabilities, net 220,469 148,250 Other liabilities 53,145 44,030 Line of credit payable 223,000 128,000 Term loan 70,000 70,000 Mortgages payable, net 852,575 783,360 Notes payable, net 3,785,372 3,185,480 Total liabilities 5,371,523 4,503,083 Stockholders' equity: Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized and 16,350,000 shares issued and outstanding as of December 31, 2014 and 25,150,000 shares issued and outstanding as of December 31, 2013 395,378 609,363 Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 224,881,192 shares issued and outstanding as of December 31, 2014 and 207,485,073 shares issued and outstanding at December 31, 2013 6,464,987 5,767,878 Distributions in excess of net income (1,246,964 ) (991,794 ) Total stockholders' equity 5,613,401 5,385,447 Noncontrolling interests 27,698 35,911 Total equity 5,641,099 5,421,358 Total liabilities and equity $ 11,012,622 $ 9,924,441

| DEBT SUMMARY (dollars in thousands) 8 Q4 2014 Supplemental Operating & Financial Data Principal Interest Weighted Balance as of Rate as of Average Years Maturity Date December 31, 2014 % of Debt December 31, 2014 until Maturity Credit Facility Credit Facility (1) May 9, 2017 $ 223,000 4.5% 1.24% 2.4 years Unsecured Term Loan Term Loan (2) January 21, 2018 70,000 1.4% 1.36% 3.1 years Senior Unsecured Notes and Bonds 5.50% Notes due 2015 November 15, 2015 150,000 3.0% 5.50% 5.95% Notes due 2016 September 15, 2016 275,000 5.6% 5.95% 5.375% Notes due 2017 September 15, 2017 175,000 3.6% 5.38% 2.00% Notes due 2018 January 31, 2018 350,000 7.1% 2.00% 6.75% Notes due 2019 August 15, 2019 550,000 11.2% 6.75% 5.75% Notes due 2021 January 15, 2021 250,000 5.1% 5.75% 3.25% Notes due 2022 October 15, 2022 450,000 9.1% 3.25% 4.65% Notes due 2023 August 1, 2023 750,000 15.2% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 7.1% 3.88% 4.125% Notes due 2026 October 15, 2026 250,000 5.1% 4.13% 5.875% Bonds due 2035 March 15, 2035 250,000 5.1% 5.88% Principal amount 3,800,000 Unamortized discounts (14,628) Carrying value 3,785,372 76.8% 4.75% 7.2 years Mortgages Payable 57 mortgages on 241 properties January 2015 - June 2032 836,011 (3) 17.0% 4.96% 3.7 years Unamortized premiums 16,564 Carrying value 852,575 17.3% TOTAL DEBT $ 4,929,011 (4) 4.58% Fixed Rate $ 4,666,902 95% Variable Rate $ 262,109 5% (1) We have a $1.5 billion unsecured acquisition credit facility with an initial term that expires in May 2016. It includes, at our election, a one-year extension option, at a cost of 0.2% of the facility commitment, or $3 million. As of December 31, 2014, approximately $1.28 billion was available on the credit facility. (2) Borrowing under the term loan bears interest at the current one-month LIBOR, plus 1.2%. We have an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%. (3) The mortgages payable are at fixed interest rates, except for variable rate mortgages totaling $39.1 million at December 31, 2014. (4) Excludes non-cash unamortized original issuance discounts recorded on the senior unsecured notes and bonds, as well as non-cash unamortized premiums recorded on the mortgages payable.

| DEBT MATURITIES (dollars in millions) 9 Q4 2014 Supplemental Operating & Financial Data Debt Maturities Year of Credit Term Senior Unsecured Mortgages Average Maturity Facility Loan Notes and Bonds Payable Total Interest Rate (1) 2015 $ - $ - $ 150.0 $ 119.7 $ 269.7 5.32% 2016 - - 275.0 248.4 523.4 5.39% 2017 223.0 - 175.0 142.5 540.5 5.53% 2018 - 70.0 350.0 15.1 435.1 2.02% 2019 - - 550.0 26.0 576.0 6.56% Thereafter - - 2,300.0 284.3 2,584.3 4.50% Totals $ 223.0 $ 70.0 $ 3,800.0 $ 836.0 $ 4,929.0 (1) Average interest rate for 2017 excludes the credit facility. Mortgages Payable Maturities by Quarter Year of First Second Third Fourth Average Maturity Quarter Quarter Quarter Quarter Total Interest Rate 2015 $ 51.3 $ 1.8 $ 28.0 $ 38.6 $ 119.7 5.10% 2016 101.1 128.3 16.9 2.1 248.4 4.76% 2017 42.2 36.5 39.3 24.5 142.5 5.72% 2018 1.1 11.9 1.0 1.1 15.1 5.47% 2019 1.1 1.1 1.1 22.7 26.0 2.58% Thereafter 284.3 4.88% Totals $ 196.8 $ 179.6 $ 86.3 $ 89.0 $ 836.0

| CAPITALIZATION & FINANCIAL RATIOS (dollars in thousands, except per share amounts) 10 3.9 Capital Structure as of December 31, 2014 Q4 2014 Supplemental Operating & Financial Data Capitalization as of December 31, 2014 Carrying Debt Value Credit Facility $ 223,000 Unsecured Term Loan 70,000 Senior Unsecured Notes and Bonds 3,800,000 Mortgages Payable 836,011 Total Debt $ 4,929,011 Stock Redemption Market Equity Shares/Units Price Price Value Common Stock (NYSE: O) 224,881,192 $ 47.71 $ 10,729,082 Common Units (1) 816,568 $ 47.71 38,958 Common Equity 10,768,040 Class F Preferred Stock 16,350,000 $ 25.00 408,750 Total Equity $ 11,176,790 Total Market Capitalization (2) $ 16,105,801 Debt/Total Market Capitalization (2) 30.6% Debt and Preferred Stock/Total Market Capitalization (2) 33.1% (1) Common units are exchangeable into cash or common stock, at our option, at a conversion ratio of 1:1. (2) Our enterprise value is $16,101,949 (total market capitalization less cash on hand). The percentages for both debt to enterprise value as well as debt and preferred stock to enterprise value are the same as the respective percentages presented for total market capitalization. Dividend Data YTD YTD Year-over-Year Q4 2014 Q4 2013 Growth Rate Common Dividend Paid per Share $ 2.192 $ 2.147 2.1% AFFO per Share (diluted) $ 2.57 $ 2.41 6.6% AFFO Payout Ratio 85.3% 89.1% Liquidity as of December 31, 2014 Cash on Hand $ 3,852 Availability under Credit Facility 1,277,000 $ 1,280,852

| EBITDA & COVERAGE RATIOS (dollars in thousands) 11 Debt Service Coverage (2) Fixed Charge Coverage (3) 3.9 Q4 2014 Supplemental Operating & Financial Data Reconciliation of Net Income to EBITDA (1) Three months ended December 31, 2014 Net income $ 78,077 Interest 59,120 Taxes 1,103 Depreciation and amortization 96,537 Impairment loss 1,450 Loss on interest rate swaps 940 Gain on sales (24,994) Discontinued operations (EBITDA components) 234 Quarterly EBITDA $ 212,467 Annualized EBITDA $ 849,868 Debt/EBITDA 5.8 (1) EBITDA means, for the most recent quarter, annualized earnings (net income) before (i) interest expense, (ii) income and franchise taxes, (iii) real estate depreciation and amortization, (iv) impairment losses, (v) non-cash loss (gain) on swaps, and (vi) gain on sales (Realty Income properties). (2) Refer to footnote 1 on page 12 for a detailed description of the calculation of debt service coverage. (3) Fixed charge coverage is calculated in exactly the same manner as the debt service coverage (defined on page 12), except that preferred stock dividends are also added to the denominator.

| DEBT COVENANTS 12 Q4 2014 Supplemental Operating & Financial Data As of December 31, 2014 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 notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. Required Actuals Limitation on incurrence of total debt < 60% of adjusted undepreciated assets 43.8% Limitation on incurrence of secured debt < 40% of adjusted undepreciated assets 7.6% Debt service coverage (trailing 12 months) (1) > 1.5 x 3.8x Maintenance of total unencumbered assets > 150% of unsecured debt 236.7% (1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumption 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 January 1, 2014, 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 January 1, 2014, nor does it purport to reflect our debt service coverage ratio for any future period.

| INVESTMENT SUMMARY (dollars in thousands) 13 Q4 2014 Supplemental Operating & Financial Data First Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 324 $ 643,326 $ 44,675 4,207,916 6.9% 14.2 Properties under Development (2) 13 13,350 1,125 380,858 8.4% 15.2 Total Real Estate Investments 337 $ 656,676 $ 45,800 4,588,774 7.0% 14.2 Approximately 84% of the annualized revenue generated by these investments is from investment grade-rated tenants. Second Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 57 $ 382,870 $ 27,680 2,247,813 7.2% 10.4 Properties under Development (2) 16 22,255 1,912 155,988 8.6% 13.2 Total Real Estate Investments 73 $ 405,125 $ 29,592 2,403,801 7.3% 10.6 Approximately 55% of the annualized revenue generated by these investments is from investment grade-rated tenants. Third Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 26 $ 148,695 $ 10,550 1,460,903 7.1% 10.6 Properties under Development (2) 23 33,439 2,853 461,347 8.5% 13.4 Total Real Estate Investments 49 $ 182,134 $ 13,403 1,922,250 7.4% 11.2 Approximately 53% of the annualized revenue generated by these investments is from investment grade-rated tenants. Year-to-Date 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 466 $ 1,320,033 $ 93,092 9,060,737 7.1% 12.7 Properties under Development (2) 40 81,925 6,917 766,525 8.4% 13.8 Total Real Estate Investments 506 $ 1,401,958 $ 100,009 9,827,262 7.1% 12.8 Approximately 66% of the annualized revenue generated by these investments is from investment grade-rated tenants. (1) Cash capitalization rates are computed as contractual cash net operating income for the first twelve months of each lease following the acquisition date, divided by the total cost of the property (including all expenses borne by Realty Income). (2) Includes investments during the period in new development, expansion of existing properties, and redevelopment of existing properties. Fourth Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 59 $ 145,142 $ 10,187 1,144,105 7.0% 14.6 Properties under Development (2) 23 12,881 1,027 590,198 8.0% 14.0 Total Real Estate Investments 82 $ 158,023 $ 11,214 1,734,303 7.1% 14.6 Approximately 32% of the annualized revenue generated by these investments is from investment grade-rated tenants.

| DISPOSITION SUMMARY (dollars in thousands) 14 Q4 2014 Supplemental Operating & Financial Data First Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds Cash Capitalization Rate (1) Occupied 8 $ 9,899 $ 7,446 $ 10,649 8.3% Vacant 3 2,811 1,297 2,041 - Total Real Estate Dispositions 11 $ 12,710 $ 8,743 $ 12,690 The unlevered internal rate of return on properties sold during the first quarter was 10.2% Second Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds Cash Capitalization Rate (1) Occupied 4 $ 4,584 $ 3,232 $ 5,215 8.4% Vacant 2 3,942 1,795 1,818 - Total Real Estate Dispositions 6 $ 8,526 $ 5,027 $ 7,033 The unlevered internal rate of return on properties sold during the second quarter was 8.8% Year-to-date 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 29 $ 66,237 $ 55,149 $ 95,230 6.9% Vacant 17 24,727 9,763 11,373 - Total Real Estate Dispositions 46 $ 90,964 $ 64,912 $ 106,603 The unlevered internal rate of return on properties sold during the year was 11.6% Third Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 7 $ 26,115 $ 21,057 $ 32,150 8.0% Vacant 4 4,577 1,802 1,379 - Total Real Estate Dispositions 11 $ 30,692 $ 22,859 $ 33,529 The unlevered internal rate of return on properties sold during the third quarter was 12.2% (1) Cash capitalization rates 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 Realty Income). (2) Data excludes properties sold as a result of eminent domain activities. During the third quarter of 2014 we disposed of land in two eminent domain transactions, receiving net proceeds of $318,000. During the fourth quarter of 2014 we received net proceeds of $313,000 related to two eminent domain transactions. Fourth Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 10 $ 25,639 $ 23,414 $ 47,216 5.7% Vacant 8 13,396 4,870 6,135 - Total Real Estate Dispositions 18 $ 39,035 $ 28,284 $ 53,351 The unlevered internal rate of return on properties sold during the fourth quarter was 12.1%

| DEVELOPMENT PIPELINE (dollars in thousands) 15 Q4 2014 Supplemental Operating & Financial Data Non-Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 1 $ - $ 15,400 $ 15,400 100% Expansion of existing properties 2 6,576 2,893 9,469 100% Redevelopment of existing properties - - - - N/A 3 $ 6,576 $ 18,293 $ 24,869 Total Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 6 $ 3,456 $ 27,924 $ 31,380 100% Expansion of existing properties 2 6,576 2,893 9,469 100% Redevelopment of existing properties 6 2,001 1,922 3,923 100% 14 $ 12,033 $ 32,739 $ 44,772 Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 5 $ 3,456 $ 12,524 $ 15,980 100% Expansion of existing properties - - - - N/A Redevelopment of existing properties 6 2,001 1,922 3,923 100% 11 $ 5,457 $ 14,446 $ 19,903 (1) Includes build-to-suit developments and forward take-out commitments on development properties with leases in place. (2) Rental revenue commencement dates on properties under development range between February 2015 and June 2015.

| TENANT DIVERSIFICATION 16 Top 20 Tenants Our 20 largest tenants based on percentage of total portfolio annualized rental revenue at December 31, 2014 include the following: Investment Grade Tenants (1): Number of Properties 1,935 Percentage of Annualized Rents 46.4% Q4 2014 Supplemental Operating & Financial Data Tenant Number of Properties % of Revenue Investment Grade Ratings (Moody’s/S&P/Fitch) Walgreens 120 5.4 % Baa2/ BBB/ A- FedEx 38 5.1 % Baa1/ BBB/ BBB Dollar General 502 4.9 % Baa3/ BBB-/ - LA Fitness 46 4.6 % - Family Dollar 454 4.5 % Baa3/ BBB-/ - BJ's Wholesale Clubs 15 2.8 % - AMC Theatres 20 2.7 % - Diageo 17 2.6 % A3/ A-/ A- Regal Cinemas 23 2.3 % - Northern Tier Energy/Super America 134 2.2 % - CVS Pharmacy 55 2.1 % Baa1/ BBB+/ BBB+ Rite Aid 58 1.9 % - TBC Corporation 149 1.9 % A2/ A/ - Circle K 168 1.8 % Baa2/ BBB/ - The Pantry 144 1.6 % - Walmart/Sam's Club 19 1.4 % Aa2/ AA/ AA NPC International 202 1.4 % - GPM Investments/Fas Mart 136 1.4 % - FreedomRoads/Camping World 18 1.2 % - Smart & Final 36 1.2 % - Average EBITDAR/Rent Ratio on Retail Properties 2.6x (1) Median EBITDAR/Rent Ratio on Retail Properties 2.7x (1) (1) Based on most recently analyzed information from retail tenants providing this information. The information that we receive from our retail tenants is not independently verified by us. (1) Investment grade tenants are defined as tenants with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 46.4% of our annualized rental revenue is generated from properties leased to investment grade tenants, including approximately 7% from properties leased to subsidiaries of investment grade companies.

| Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended December 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2014 2014 2013 2012 2011 2010 2009 Retail industries Apparel stores 2.2 % 2.0 % 1.9 % 1.7 % 1.4 % 1.2 % 1.1 % Automotive collision services 0.8 0.8 0.8 1.1 0.9 1.0 1.1 Automotive parts 1.4 1.3 1.2 1.0 1.2 1.4 1.5 Automotive service 1.8 1.8 2.1 3.1 3.7 4.7 4.8 Automotive tire services 3.1 3.2 3.6 4.7 5.6 6.4 6.9 Book stores * * * 0.1 0.1 0.1 0.2 Child care 2.2 2.2 2.8 4.5 5.2 6.5 7.3 Consumer electronics 0.3 0.3 0.3 0.5 0.5 0.6 0.7 Convenience stores 9.8 10.1 11.2 16.3 18.5 17.1 16.9 Crafts and novelties 0.5 0.5 0.5 0.3 0.2 0.3 0.3 Dollar stores 9.5 9.6 6.2 2.2 - - - Drug stores 9.5 9.5 8.1 3.5 3.8 4.1 4.3 Education 0.4 0.4 0.4 0.7 0.7 0.8 0.9 Entertainment 0.5 0.5 0.6 0.9 1.0 1.2 1.3 Equipment services 0.1 0.1 0.1 0.1 0.2 0.2 0.2 Financial services 1.4 1.4 1.5 0.2 0.2 0.2 0.2 General merchandise 1.4 1.2 1.1 0.6 0.6 0.8 0.8 Grocery stores 3.1 3.0 2.9 3.7 1.6 0.9 0.7 Health and fitness 7.0 7.0 6.3 6.8 6.4 6.9 5.9 Health care 1.0 1.1 1.1 - - - - Home furnishings 0.7 0.7 0.9 1.0 1.1 1.3 1.3 Home improvement 2.1 1.7 1.6 1.5 1.7 2.0 2.2 Jewelry 0.1 0.1 0.1 - - - - Motor vehicle dealerships 1.5 1.6 1.6 2.1 2.2 2.6 2.7 Office supplies 0.4 0.4 0.5 0.8 0.9 0.9 1.0 Pet supplies and services 0.7 0.7 0.8 0.6 0.7 0.9 0.9 Restaurants - casual dining 4.2 4.3 5.1 7.3 10.9 13.4 13.7 Restaurants - quick service 3.8 3.7 4.4 5.9 6.6 7.7 8.3 Shoe stores 0.1 0.1 0.1 0.1 0.2 0.1 - Sporting goods 1.6 1.6 1.7 2.5 2.7 2.7 2.6 Theaters 5.3 5.3 6.2 9.4 8.8 8.9 9.2 Transportation services 0.1 0.1 0.1 0.2 0.2 0.2 0.2 Wholesale clubs 4.1 4.1 3.9 3.2 0.7 - - Other * * 0.1 0.1 0.1 0.3 1.1 Retail industries 80.7 % 80.4 % 79.8 % 86.7 % 88.6 % 95.4 % 98.3 % INDUSTRY DIVERSIFICATION 17 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% (1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

| INDUSTRY DIVERSIFICATION (CONT’D) 18 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended December 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2014 2014 2013 2012 2011 2010 2009 Non-retail industries Aerospace 1.2 1.2 1.2 0.9 0.5 - - Beverages 2.7 2.8 3.3 5.1 5.6 3.0 - Consumer appliances 0.5 0.5 0.6 0.1 - - - Consumer goods 0.9 0.9 1.0 0.1 - - - Crafts and novelties 0.1 0.1 0.1 - - - - Diversified industrial 0.6 0.5 0.2 0.1 - - - Electric utilities 0.1 0.1 * - - - - Equipment services 0.5 0.5 0.4 0.3 0.2 - - Financial services 0.4 0.4 0.5 0.4 0.3 - - Food processing 1.3 1.4 1.5 1.3 0.7 - - General merchandise 0.3 0.3 - - - - - Government services 1.2 1.3 1.4 0.1 0.1 0.1 0.1 Health care 0.7 0.7 0.8 * * - - Home furnishings 0.2 0.2 0.2 - - - - Insurance 0.1 0.1 0.1 * - - - Machinery 0.2 0.2 0.2 0.1 - - - Other manufacturing 0.7 0.7 0.6 - - - - Packaging 0.8 0.8 0.9 0.7 0.4 - - Paper 0.1 0.1 0.2 0.1 0.1 - - Shoe stores 0.7 0.8 0.9 - - - - Telecommunications 0.7 0.7 0.7 0.8 0.7 - - Transportation services 5.1 5.1 5.3 2.2 1.6 - - Other 0.2 0.2 0.1 1.0 1.2 1.5 1.6 Non-retail industries 19.3 % 19.6 % 20.2 % 13.3 % 11.4 % 4.6 % 1.7 % Totals 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

| GEOGRAPHIC DIVERSIFICATION (dollars in thousands) 19 (1) Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations. Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental State Properties Leased Square Feet December 31, 2014 (1) Revenue Alabama 128 98 % 1,039,500 $ 3,485 1.5 % Alaska 3 100 275,900 503 0.2 Arizona 113 96 1,577,700 6,212 2.7 Arkansas 53 98 782,600 1,660 0.7 California 164 100 5,221,500 24,029 10.4 Colorado 72 97 1,045,400 3,929 1.7 Connecticut 25 96 536,900 2,564 1.1 Delaware 17 100 78,300 632 0.3 Florida 321 99 3,331,400 13,522 5.9 Georgia 237 98 3,362,200 10,085 4.4 Hawaii -- -- -- -- -- Idaho 12 100 87,000 457 0.2 Illinois 163 99 4,590,800 12,933 5.6 Indiana 133 100 1,332,700 5,491 2.4 Iowa 35 94 2,751,700 3,400 1.5 Kansas 84 99 1,467,400 3,181 1.4 Kentucky 57 96 925,900 3,166 1.4 Louisiana 89 99 1,011,200 2,940 1.3 Maine 10 100 145,300 894 0.4 Maryland 34 100 791,100 4,404 1.9 Massachusetts 81 98 751,100 3,486 1.5 Michigan 114 98 1,118,000 3,673 1.6 Minnesota 155 100 1,209,600 7,421 3.2 Mississippi 122 98 1,566,100 3,882 1.7 Missouri 137 97 2,776,000 8,177 3.5 Montana 1 100 5,400 13 * Nebraska 31 100 708,700 1,758 0.8 Nevada 22 95 413,000 1,289 0.6 New Hampshire 20 100 320,100 1,511 0.7 New Jersey 67 99 577,300 3,604 1.6 New Mexico 31 100 302,500 897 0.4 New York 86 98 2,198,700 10,938 4.7 North Carolina 148 99 1,524,600 5,711 2.5 North Dakota 7 100 66,000 118 * Ohio 216 98 5,179,600 12,327 5.4 Oklahoma 123 99 1,450,600 3,660 1.6 Oregon 25 100 525,400 1,957 0.9 Pennsylvania 147 99 1,792,400 7,235 3.1 Rhode Island 4 100 157,200 808 0.3 South Carolina 132 99 970,100 4,413 1.9 South Dakota 11 100 133,500 244 0.1 Tennessee 197 96 2,584,600 6,423 2.8 Texas 439 98 8,136,900 22,309 9.7 Utah 15 100 760,000 1,398 0.6 Vermont 5 100 98,000 480 0.2 Virginia 141 99 2,872,700 7,139 3.1 Washington 38 97 415,300 1,768 0.8 West Virginia 12 100 261,200 984 0.4 Wisconsin 43 98 1,456,200 2,781 1.2 Wyoming 3 100 21,100 63 * Puerto Rico 4 100 28,300 149 0.1 Totals/Average 4,327 98 % 70,734,700 $ 230,103 100.0 %

| PROPERTY TYPE DIVERSIFICATION (dollars in thousands) 20 Approximate Rental Revenue for the Percentage of Number of Leasable Quarter Ended Rental Property Type Properties Square Feet December 31, 2014 (1) Revenue Retail 4,172 47,122,600 $ 180,529 78.5 % Industrial and distribution 82 16,137,500 23,610 10.3 Office 44 3,414,900 15,081 6.5 Manufacturing 14 3,875,200 5,616 2.4 Agriculture 15 184,500 5,267 2.3 Totals 4,327 70,734,700 $ 230,103 100.0 % (1) Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations. Q4 2014 Supplemental Operating & Financial Data

| SAME STORE RENTAL REVENUE (dollars in thousands) 21 Same Store Rental Revenue Number of Properties 2,728 Square Footage 33,692,540 Q4 2014 $ 129,872 Q4 2013 $ 127,732 Increase (in dollars) $ 2,140 Increase (percent) 1.7% Q4 2014 Supplemental Operating & Financial Data Top 3 Industries Contributing to the Change Quarter ended Quarter ended Net % Change Industry December 31, 2014 December 31, 2013 Change by Industry Convenience Stores $ 19,728 $ 19,314 $ 414 2.1 % Health and Fitness 9,646 9,274 372 4.0 % Restaurants - Quick Service 7,443 7,098 345 4.9 % Same Store Rental Revenue Number of Properties 2,728 Square Footage 33,692,540 YTD Q4 2014 $ 513,428 YTD Q4 2013 $ 505,703 Increase (in dollars) $ 7,725 Increase (percent) 1.5% Fourth Quarter 2014 Year-to-Date 2014 Top 3 Industries Contributing to the Change Year ended Year ended Net % Change Industry December 31, 2014 December 31, 2013 Change by Industry Convenience Stores $ 78,535 $ 76,719 $ 1,816 2.4 % Automotive Tire Services 23,811 22,725 1,086 4.8 % Health and Fitness 38,045 37,013 1,032 2.8 %

| SAME STORE RENTAL REVENUE (CONT’D) (dollars in thousands) 22 Q4 2014 Supplemental Operating & Financial Data Same Store Pool Defined For purposes of determining the same store rent property pool, we include all properties that were 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. Fourth Quarter 2014 Quarter ended Quarter ended Net % Change by Contribution by Property Type December 31, 2014 December 31, 2013 Change Property Type Property Type Retail $ 112,306 110,408 1,898 1.7% 88.7% Industrial and distribution 5,804 5,735 69 1.2% 3.2% Agriculture 5,267 5,202 65 1.3% 3.0% Manufacturing 3,466 3,411 55 1.6% 2.6% Office 3,029 2,976 53 1.8% 2.5% Total $ 129,872 127,732 2,140 1.7% 100.0% Year-to-Date 2014 Year ended Year ended Net % Change by Contribution by Property Type December 31, 2014 December 31, 2013 Change Property Type Property Type Retail $ 443,540 436,673 6,867 1.6% 88.9% Industrial and distribution 23,063 22,894 169 0.7% 2.2% Agriculture 20,952 20,693 259 1.2% 3.4% Manufacturing 13,787 13,591 196 1.4% 2.5% Office 12,086 11,852 234 2.0% 3.0% Total $ 513,428 505,703 7,725 1.5% 100% Same Store Rental Revenue by Property Type

| OCCUPANCY 23 Q4 2014 Supplemental Operating & Financial Data By Property Occupied Properties 4,257 Total Properties 4,327 Occupancy 98.4% By Square Footage Occupied Square Footage 70,150,800 Total Square Footage 70,734,800 Occupancy 99.2% By Rental Revenue Quarterly Rental Revenue $ 228,958,400 Quarterly Vacant Rental Revenue $ 1,751,500 (1) Occupancy 99.2% (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Change in Occupancy Vacant Properties at 9/30/2014 74 Expiration Activity (1) + 54 Leasing Activity (2) - 50 Vacant Property Sales Activity - 8 Vacant Properties at 12/31/2014 70 (1) Includes scheduled and unscheduled expirations as well as future expirations resolved in the current quarter. (2) Includes 40 expirations that were re-leased to the same tenants without vacancy, four that were re-leased to new tenants without vacancy, and six that were re-leased after a period of vacancy. See page 24 for additional detail on re-leasing activity.

| LEASING ACTIVITY (dollars in thousands) 24 Q4 2014 Supplemental Operating & Financial Data Allocation Based on Number of Leases Re-leased to New Tenant Q3 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 15,581 $ 73 $ 604 $ 16,258 New Cash Rents* $ 15,780 $ 59 $ 440 $ 16,279 Re-leasing spread 101.3 % 80.3 % 72.8 % 100.1 % Number of Leases 70 1 6 77 Average Months Vacant 0.0 0.0 16.2 1.3 Tenant Improvements $ - $ - $ 125 $ 125 *Percentage of Total Annualized Portfolio Rental Revenue 1.8 % Re-leased to New Tenant Q4 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 4,670 $ 431 $ 325 $ 5,426 New Cash Rents* $ 4,713 $ 276 $ 268 $ 5,257 Re-leasing spread 100.9 % 64.0 % 82.8 % 96.9 % Number of Leases 40 4 6 50 Average Months Vacant 0.0 0.0 37.4 4.5 Tenant Improvements $ - $ - $ - $ - *Percentage of Total Annualized Portfolio Rental Revenue 0.6 % Re-leased to New Tenant Year-to-Date 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 31,393 $ 838 $ 1,960 $ 34,191 New Cash Rents* $ 31,681 $ 614 $ 1,643 $ 33,938 Re-leasing spread 100.9 % 73.4 % 83.8 % 99.3 % Number of Leases 173 9 21 203 Average Months Vacant 0.0 0.0 18.7 1.2 Tenant Improvements $ - $ - $ 769 $ 769 *Percentage of Total Annualized Portfolio Rental Revenue 3.7 %

| EXPIRATIONS (dollars in thousands) 25 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% (1) This table sets forth the timing of remaining lease term expirations on our 4,238 net leased, single-tenant properties as of December 31, 2014. Excludes 19 multi-tenant properties and 70 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties. (2) Excludes revenue of $3,097 from 19 multi-tenant properties and from 70 vacant properties at December 31, 2014, $488 from sold properties included in continuing operations and $44 from properties owned by Crest. (3) Represents leases to the initial tenant of the property that are expiring for the first time. (4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted. Our leased, single-tenant properties have a weighted average remaining lease term of approximately 10.2 years Total Portfolio (1) Initial Expirations (3) Subsequent Expirations (4) Rental Rental Rental Revenue Revenue Revenue for the for the for the Quarter % of Quarter % of Quarter % of Number of Approx. Ended Total Number Ended Total Number Ended Total Leases Expiring Leasable Dec 31, Rental of Leases Dec 31, Rental of Leases Dec 31, Rental Year Retail Non-Retail Sq. Feet 2014 (2) Revenue Expiring 2014 Revenue Expiring 2014 Revenue 2015 142 - 784,600 $ 3,058 1.4 % 68 $ 1,554 0.7 % 74 $ 1,504 0.7 % 2016 203 1 1,236,800 4,719 2.1 121 2,823 1.2 83 1,896 0.8 2017 207 1 2,160,200 6,667 2.9 49 2,954 1.3 159 3,713 1.6 2018 286 10 4,024,800 11,913 5.3 169 8,347 3.7 127 3,566 1.6 2019 238 11 3,934,400 13,429 5.9 169 11,242 4.9 80 2,187 1.0 2020 133 12 3,818,800 10,473 4.6 105 9,256 4.1 40 1,217 0.5 2021 186 13 5,493,600 14,486 6.4 188 13,907 6.1 11 579 0.3 2022 225 18 7,441,700 15,136 6.7 221 14,480 6.4 22 656 0.3 2023 352 20 6,475,800 21,741 9.6 359 21,073 9.3 13 668 0.3 2024 179 10 3,280,000 9,552 4.2 184 9,390 4.1 5 162 0.1 2025 311 10 4,256,100 17,994 7.9 300 17,393 7.6 21 601 0.3 2026 234 4 3,214,500 12,354 5.4 234 12,252 5.4 4 102 * 2027 467 3 5,238,400 18,820 8.3 468 18,781 8.3 2 39 * 2028 284 5 6,037,700 16,178 7.1 287 16,122 7.1 2 56 * 2029 320 3 4,973,500 12,961 5.7 317 12,789 5.6 6 172 0.1 2030 - 2043 317 33 6,795,400 37,525 16.5 347 37,493 16.5 3 32 * Totals 4,084 154 69,166,300 $ 227,006 100.0 % 3,586 $ 209,856 92.4 % 652 $ 17,150 7.6 %

| ANALYST COVERAGE 26 Q4 2014 Supplemental Operating & Financial Data Equity Research Bank of America Merrill Lynch Juan Sanabria juan.sanabria@baml.com (646) 855-1589 Capital One Chris Lucas christopher.lucas@capitalone.com (571) 633-8151 Vineet Khanna vineet.khanna@capitalone.com (571) 835-7013 Citigroup Michael Bilerman michael.bilerman@citi.com (212) 816-1383 Nicholas Joseph nicholas.joseph@citi.com (212) 816-1909 John Ellwanger john.ellwanger@citi.com (212) 816-5871 D.A. Davidson Dustin L. Brumbaugh dbrumbaugh@dadco.com (206) 389-4070 Edward Jones Roy Shepard royal.shepard@edwardjones.com (314) 515-3510 Goldman Sachs Andrew Rosivach andrew.rosivach@gs.com (212) 902-2796 Brad Burke brad.burke@gs.com (917) 343-2082 Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Andrew Bonin andrew.bonin@gs.com (801) 741-5447 Green Street Cedrik Lachance clachance@greenstreetadvisors.com (949) 640-8780 Tyler Grant tgrant@greenstreetadvisors.com (949) 640-8780 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 Gene Nusinzon gene.nusinzon@jpmorgan.com (212) 622-1041 Ladenburg Thalmann Daniel Donlan ddonlan@ladenburg.com (212) 409-2056 John Massocca jmassocca@ladenburg.com (212) 409-2543 Morgan Stanley Vikram Malhotra vikram.malhotra@morganstanley.com (212) 761-7064 Landon Park landon.park@morganstanley.com (212) 761-6368 Morningstar Todd Lukasik todd.lukasik@morningstar.com (303) 688-7418 Oppenheimer Steve Manaker stephen.manaker@opco.com (212) 667-5950 Amit Nihalani amit.nihalani@opco.com (212) 667-8204 Raymond James Collin Mings collin.mings@raymondjames.com (727) 567-2585 Paul Puryear paul.puryear@raymondjames.com (727) 567-2253 Daniel Mannix daniel.mannix@raymondjames.com (727) 567-2619 RBC Capital Markets Rich Moore rich.moore@rbccm.com (440) 715-2646 Wes Golladay wes.golladay@rbccm.com (440) 715-2650 James Bambrick james.bambrick@rbccm.com (440) 715-2654 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 Joseph van Bemmelen vanbemmelenj@stifel.com (443) 224-1264 UBS Ross Nussbaum ross.nussbaum@ubs.com (212) 713-2484 Frank Lee frank-a.lee@ubs.com (415) 352-5679 Wells Fargo Todd Stender todd.stender@wellsfargo.com (562) 637-1371 Philip DeFelice philip.defelice@wellsfargo.com (443) 263-6442 Jason Belcher jason.belcher@wellsfargo.com (443) 462-7354