EX-99.2 3 a15-9862_1ex99d2.htm EX-99.2

| Q1 2015 Supplemental Operating & Financial Data NYSE: O Exhibit 99.2

| 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 22 Leasing Activity 23 Expirations 24 Earnings Guidance 25 Analyst Coverage 26 This Supplemental Operating & Financial Data should be read in connection with the company's first quarter 2015 earnings press release (included as Exhibit 99.1 of the company's Current Report on 8-K, filed on April 29, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data. TABLE OF CONTENTS 2 Q1 2015 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 March 2015 Current annualized dividend of $2.274 per share Compound average annual dividend growth rate of approximately 4.7% 536 consecutive monthly dividends paid 70 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 S&P 500 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 March 31, 2015, we owned a diversified portfolio of 4,378 properties located in 49 states and Puerto Rico, with over 71.6 million square feet of leasable space. Our properties are leased to 236 different commercial tenants doing business in 47 separate industries. Approximately 78% of our quarterly rental revenues were generated from retail properties, 11% from industrial and distribution properties, and the remaining 11% were from other property types. Our occupancy rate as of March 31, 2015 was 98.0%, with a weighted average remaining lease term of approximately 10.1 years. Common Stock Our Common Stock is traded on the New York Stock Exchange under the symbol "O" March 31, 2015 Closing price $ 51.60 Shares and units outstanding 227,767,672 Market value of common equity $ 11,752,812,000 Total market capitalization $ 17,186,277,000 CORPORATE OVERVIEW 3 Q1 2015 Supplemental Operating & Financial Data

| CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (unaudited) Three months ended March 31, 2015 2014 REVENUE Rental $ 235,122 $ 214,122 Tenant reimbursements 9,963 6,427 Other 1,782 1,023 Total revenue 246,867 221,572 EXPENSES Depreciation and amortization 98,037 89,970 Interest 58,468 51,720 General and administrative 12,862 12,886 Property (including reimbursable) 13,976 10,577 Income taxes 1,074 1,091 Provisions for impairment 2,087 1,683 Total expenses 186,504 167,927 Gain on sales of real estate 7,218 1,271 Income from continuing operations 67,581 54,916 Income from discontinued operations - 3,077 Net income 67,581 57,993 Net income attributable to noncontrolling interests (317 ) (332 ) Net income attributable to the Company 67,264 57,661 Preferred stock dividends (6,770 ) (10,482 ) Net income available to common stockholders $ 60,494 $ 47,179 Amounts available to common stockholders per common share, basic and diluted: Income from continuing operations $ 0.27 $ 0.21 Net income $ 0.27 $ 0.23 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share amounts) 4 Q1 2015 Supplemental Operating & Financial Data

| Three months ended March 31, 2015 2014 Net income available to common stockholders $ 60,494 $ 47,179 Depreciation and amortization, continuing operations 98,037 89,970 Depreciation of furniture, fixtures and equipment (185 ) (91 ) Provisions for impairment on investment properties, continuing operations 2,087 1,683 Gain on sales of investment properties: Continuing operations (7,218 ) (1,271 ) Discontinued operations - (2,607 ) FFO adjustments allocable to noncontrolling interests (315 ) (343 ) FFO available to common stockholders $ 152,900 $ 134,520 FFO per common share, basic and diluted $ 0.68 $ 0.65 Distributions paid to common stockholders $ 126,682 $ 113,414 FFO in excess of distributions paid to common stockholders $ 26,218 $ 21,106 Weighted average number of common shares used for computation per share: Basic 225,346,407 207,003,950 Diluted 225,508,832 207,007,341 FUNDS FROM OPERATIONS (FFO) (dollars in thousands, except per share amounts) 5 Q1 2015 Supplemental Operating & Financial Data

| (1) See reconciling items for FFO presented under "Funds from Operations (FFO).” Three months ended March 31, 2015 2014 Net income available to common stockholders $ 60,494 $ 47,179 Cumulative adjustments to calculate FFO (1) 92,406 87,341 FFO available to common stockholders 152,900 134,520 Amortization of share-based compensation 2,552 2,697 Amortization of deferred financing costs 1,293 1,076 Amortization of net mortgage premiums (1,884 ) (2,361 ) Gain on early extinguishment of mortgage debt (78 ) (24 ) Loss on interest rate swaps 1,058 57 Capitalized leasing costs and commissions (313 ) (192 ) Capitalized building improvements (1,032 ) (1,177 ) Straight-line rent (4,191 ) (3,936 ) Amortization of above and below-market leases 1,742 1,994 Other adjustments 74 6 Total AFFO available to common stockholders $ 152,121 $ 132,660 AFFO per common share: Basic $ 0.68 $ 0.64 Diluted $ 0.67 $ 0.64 Distributions paid to common stockholders $ 126,682 $ 113,414 AFFO in excess of distributions paid to common stockholders $ 25,439 $ 19,246 Weighted average number of common shares used for computation per share: Basic 225,346,407 207,003,950 Diluted 225,508,832 207,007,341 ADJUSTED FUNDS FROM OPERATIONS (AFFO) (dollars in thousands , except per share amounts) 6 Q1 2015 Supplemental Operating & Financial Data

| March 31, 2015 December 31, 2014 ASSETS (unaudited) Real estate, at cost: Land $ 3,081,468 $ 3,046,372 Buildings and improvements 8,221,599 8,107,199 Total real estate, at cost 11,303,067 11,153,571 Less accumulated depreciation and amortization (1,459,320 ) (1,386,871 ) Net real estate held for investment 9,843,747 9,766,700 Real estate held for sale, net 9,394 14,840 Net real estate 9,853,141 9,781,540 Cash and cash equivalents 12,190 3,852 Accounts receivable, net 66,831 64,386 Acquired lease intangible assets, net 1,056,845 1,039,724 Goodwill 15,425 15,470 Other assets, net 87,721 107,650 Total assets $ 11,092,153 $ 11,012,622 LIABILITIES AND EQUITY Distributions payable $ 45,466 $ 43,675 Accounts payable and accrued expenses 77,594 123,287 Acquired lease intangible liabilities, net 228,191 220,469 Other liabilities 41,404 53,145 Line of credit payable 370,000 223,000 Term loan 70,000 70,000 Mortgages payable, net 799,318 852,575 Notes payable, net 3,785,718 3,785,372 Total liabilities 5,417,691 5,371,523 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 March 31, 2015 and December 31, 2014 395,378 395,378 Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 227,031,104 shares issued and outstanding as of March 31, 2015 and 224,881,192 shares issued and outstanding at December 31, 2014 6,569,610 6,464,987 Distributions in excess of net income (1,314,952 ) (1,246,964 ) Total stockholders' equity 5,650,036 5,613,401 Noncontrolling interests 24,426 27,698 Total equity 5,674,462 5,641,099 Total liabilities and equity $ 11,092,153 $ 11,012,622 CONSOLIDATED BALANCE SHEETS (dollars in thousands , except per share amounts) 7 Q1 2015 Supplemental Operating & Financial Data

| Principal Interest Weighted Balance as of Rate as of Average Years Maturity Date March 31, 2015 % of Debt March 31, 2015 until Maturity Credit Facility Credit Facility (1) May 9, 2017 $ 370,000 7.4% 1.25% 2.1 years Unsecured Term Loan Term Loan (2) January 21, 2018 70,000 1.4% 1.37% 2.8 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 3.5% 5.38% 2.00% Notes due 2018 January 31, 2018 350,000 7.0% 2.00% 6.75% Notes due 2019 August 15, 2019 550,000 10.9% 6.75% 5.75% Notes due 2021 January 15, 2021 250,000 5.0% 5.75% 3.25% Notes due 2022 October 15, 2022 450,000 9.0% 3.25% 4.65% Notes due 2023 August 1, 2023 750,000 14.9% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 7.0% 3.88% 4.125% Notes due 2026 October 15, 2026 250,000 5.0% 4.13% 5.875% Bonds due 2035 March 15, 2035 250,000 5.0% 5.88% Principal amount 3,800,000 Unamortized discounts (14,282) Carrying value 3,785,718 75.3% 4.75% 7.0 years Mortgages Payable 54 mortgages on 238 properties September 2015 - June 2032 784,715 (3) 15.6% 4.95% 3.7 years Unamortized premiums 14,603 Carrying value 799,318 15.9% TOTAL DEBT $ 5,024,715 (4) 4.48% Fixed Rate $ 4,639,231 92% Variable Rate $ 385,484 8% (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 March 31, 2015, $1.13 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 $15.5 million at March 31, 2015. (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 SUMMARY (dollars in thousands) 8 Q1 2015 Supplemental Operating & Financial Data

| Debt Maturities Year of Credit Term Senior Unsecured Mortgages Weighted Average Maturity Facility Loan Notes and Bonds Payable Total Interest Rate (1) 2015 $ - $ - $ 150.0 $ 68.4 $ 218.4 5.38% 2016 - - 275.0 248.4 523.4 5.39% 2017 370.0 - 175.0 142.5 687.5 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 $ 370.0 $ 70.0 $ 3,800.0 $ 784.7 $ 5,024.7 (1) Weighted average interest rate for 2017 excludes the credit facility. Mortgages Payable Maturities by Quarter Year of First Second Third Fourth Weighted Average Maturity Quarter Quarter Quarter Quarter Total Interest Rate 2015 $ - $ 1.8 $ 28.0 $ 38.6 $ 68.4 5.13% 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 2.59% Thereafter 284.3 4.88% Totals $ 145.5 $ 179.6 $ 86.3 $ 89.0 $ 784.7 DEBT MATURITIES (dollars in millions) 9 Q1 2015 Supplemental Operating & Financial Data

| 3.9 Capital Structure as of March 31, 2015 Capitalization as of March 31, 2015 Principal Debt Amount Credit Facility $ 370,000 Unsecured Term Loan 70,000 Senior Unsecured Notes and Bonds 3,800,000 Mortgages Payable 784,715 Total Debt $ 5,024,715 Stock Redemption Market Equity Shares/Units Price Price Value Common Stock (NYSE: O) 227,031,104 $ 51.60 $ 11,714,805 Common Units (1) 736,568 $ 51.60 38,007 Common Equity 11,752,812 Class F Preferred Stock 16,350,000 $ 25.00 408,750 Total Equity $ 12,161,562 Total Market Capitalization (2) $ 17,186,277 Debt/Total Market Capitalization (2) 29.2% Debt and Preferred Stock/Total Market Capitalization (2) 31.6% (1) Common units are exchangeable, into cash or common stock at our option, at a conversion ratio of 1:1, subject to certain exceptions. (2) Our enterprise value was $17,174,087 (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 materially consistent with those presented for total market capitalization. Dividend Data Year-over-Year Q1 2015 Q1 2014 Growth Rate Common Dividend Paid per Share $ 0.561 $ 0.547 2.6% AFFO per Share (diluted) $ 0.67 $ 0.64 4.7% AFFO Payout Ratio 83.7 % 85.5 % Liquidity as of March 31, 2015 Cash on Hand $ 12,190 Availability under Credit Facility 1,130,000 $ 1,142,190 CAPITALIZATION & FINANCIAL RATIOS (dollars in thousands , except per share amounts) 10 Q1 2015 Supplemental Operating & Financial Data Debt 29% Preferred 2% Common 69%

| Debt Service Coverage (2) Fixed Charge Coverage (3) 3.9 Reconciliation of Net Income to EBITDA (1) Three months ended March 31, 2015 Net income $ 67,581 Interest 58,468 Taxes 1,074 Depreciation and amortization 98,037 Impairment loss 2,087 Loss on interest rate swaps 1,058 Gain on sales (7,218) Quarterly EBITDA $ 221,087 Annualized EBITDA $ 884,348 Debt/EBITDA 5.7 (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. EBITDA & COVERAGE RATIOS (dollars in thousands) 11 Q1 2015 Supplemental Operating & Financial Data 3.9 3.7 3.7 3.8 3.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 3.2 3.1 3.3 3.4 3.4 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 3.3

| As of March 31, 2015 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 43.6% Limitation on incurrence of secured debt < 40% of adjusted undepreciated assets 6.9% Debt service coverage (trailing 12 months) (1) > 1.5 x 3.9x Maintenance of total unencumbered assets > 150% of unsecured debt 237.2% (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 there from (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 April 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 April 1, 2014, nor does it purport to reflect our debt service coverage ratio for any future period. DEBT COVENANTS 12 Q1 2015 Supplemental Operating & Financial Data

| First Quarter 2015 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 58 $ 194,617 $ 13,101 951,490 6.7% 15.8 Properties under Development (3) 25 15,271 1,371 661,317 9.0% 12.8 Total Real Estate Investments 83 $ 209,888 $ 14,472 1,612,807 6.9% 15.5 Approximately 60% of the annualized revenue generated by these investments is from investment grade-rated tenants. Year Ended 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 466 $ 1,320,033 $ 93,092 9,060,737 7.1% 12.7 Properties under Development (3) 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) The new property acquisitions were completed through nine independent transactions during the first quarter of 2015 and 80 independent transactions during 2014. (3) Includes investments during the period in new development, expansion of existing properties, and redevelopment of existing properties. INVESTMENT SUMMARY (dollars in thousands) 13 Q1 2015 Supplemental Operating & Financial Data

| First Quarter 2015 Number of Properties Original Investment Net Book Value Net Proceeds (1) Cash Capitalization Rate (2) Occupied 4 $ 15,028 $ 12,487 $ 18,576 7.7% Vacant 5 4,468 2,362 3,534 - Total Real Estate Dispositions 9 $ 19,496 $ 14,849 $ 22,110 The unlevered internal rate of return on properties sold during the first quarter was 12.5% Year Ended 2014 Number of Properties Original Investment Net Book Value Net Proceeds (1) Cash Capitalization Rate (2) 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% (1) Data excludes properties sold as a result of eminent domain activities. During the first quarter of 2015 we received net proceeds of $164,000 related to two eminent domain transactions. During 2014, we received net proceeds of $631,000 related to four eminent domain transactions. (2) 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). DISPOSITION SUMMARY (dollars in thousands) 14 Q1 2015 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 4 7,589 12,345 19,934 100% Redevelopment of existing properties 1 - 226 226 100% 6 $ 7,589 $ 27,971 $ 35,560 Total Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 7 $ 8,600 $ 40,989 $ 49,589 100% Expansion of existing properties 4 7,589 12,345 19,934 100% Redevelopment of existing properties 5 1,689 1,088 2,777 100% 16 $ 17,878 $ 54,422 $ 72,300 Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 6 $ 8,600 $ 25,589 $ 34,189 100% Expansion of existing properties - - - - N/A Redevelopment of existing properties 4 1,689 862 2,551 100% 10 $ 10,289 $ 26,451 $ 36,740 (1) Includes build-to-suit developments and forward take-out commitments on development properties with leases in place. (2) Estimated rental revenue commencement dates on properties under development range between April 2015 and December 2015. DEVELOPMENT PIPELINE (dollars in thousands) 15 Q1 2015 Supplemental Operating & Financial Data

| Top 20 Tenants Our 20 largest tenants based on percentage of total portfolio annualized rental revenue at March 31, 2015 include the following: Investment Grade Tenants (1): Number of Properties 2,091 Percentage of Annualized Rents 48.2% Tenant Number of Properties % of Revenue Investment Grade Ratings (Moody’s/S&P/Fitch) Walgreens 124 5.5 % Baa2/ BBB/ A- FedEx 38 5.2 % Baa1/ BBB/ BBB Dollar General 502 4.8 % Baa3/ BBB-/ - LA Fitness 46 4.5 % - Family Dollar 454 4.4 % Baa3/ BBB-/ - Circle K / The Pantry 312 3.3 % Baa2/ BBB/ - BJ's Wholesale Clubs 15 2.8 % - AMC Theatres 20 2.7 % - Diageo 17 2.6 % A3/ A-/ A- Regal Cinemas 23 2.2 % - Northern Tier Energy/Super America 134 2.2 % - CVS Pharmacy 55 2.1 % Baa1/ BBB+/ - Rite Aid 58 1.9 % - TBC Corporation 149 1.9 % A2/ A-/ - GPM Investments/Fas Mart 136 1.5 % - Walmart/Sam's Club 19 1.4 % Aa2/ AA/ AA NPC International 202 1.4 % - FreedomRoads/Camping World 18 1.2 % - Smart & Final 36 1.2 % - U.S. Government 15 1.2 % Aaa/AA+/AAA Average EBITDAR/Rent Ratio on Retail Properties 2.6x (1) Median EBITDAR/Rent Ratio on Retail Properties 2.6x (1) (1) Based on most recently analyzed information from retail tenants providing this information. We do not independently verify the information that we receive from our retail tenants. (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). 48.2% of our annualized rental revenue is generated from properties leased to investment grade tenants, including approximately 8.7% from properties leased to subsidiaries of investment grade companies. TENANT DIVERSIFICATION 16 Q1 2015 Supplemental Operating & Financial Data 29.9% 18.3% 3.1% 48.7% Investment Grade, Retail Investment Grade, Non-Retail Non-Investment Grade or Non-Rated, Non-Retail Non-Investment Grade or Non-Rated, Retail

| Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended March 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2015 2014 2013 2012 2011 2010 2009 Retail industries Apparel stores 2.1 % 2.0 % 1.9 % 1.7 % 1.4 % 1.2 % 1.1 % Automotive collision services 0.9 0.8 0.8 1.1 0.9 1.0 1.1 Automotive parts 1.3 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 3.0 3.2 3.6 4.7 5.6 6.4 6.9 Book stores * * * 0.1 0.1 0.1 0.2 Child care 2.1 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 9.6 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 9.3 9.6 6.2 2.2 - - - Drug stores 9.6 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 6.8 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 2.2 1.7 1.6 1.5 1.7 2.0 2.2 Jewelry 0.1 0.1 0.1 - - - - Motor vehicle dealerships 1.6 1.6 1.6 2.1 2.2 2.6 2.7 Office supplies 0.3 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 4.0 4.3 5.1 7.3 10.9 13.4 13.7 Restaurants - quick service 4.4 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 5.2 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 4.0 4.1 3.9 3.2 0.7 - - Other * * 0.1 0.1 0.1 0.3 1.1 Retail industries 80.2 % 80.4 % 79.8 % 86.7 % 88.6 % 95.4 % 98.3 % * Less than 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. INDUSTRY DIVERSIFICATION 17 Q1 2015 Supplemental Operating & Financial Data

| * Less than 0.1% Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended March 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2015 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 0.7 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 0.9 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 5.4 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 19.8 % 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 % 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. INDUSTRY DIVERSIFICATION (CONT’D) 18 Q1 2015 Supplemental Operating & Financial Data

| (1) Includes rental revenue for all properties owned by Realty Income at March 31, 2015. Excludes revenue of $41 from properties owned by Crest and $114 from sold properties that were included in continuing operations. * Less than 0.1% Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental State Properties Leased Square Feet March 31, 2015 (1) Revenue Alabama 129 98 % 1,117,500 $ 3,487 1.5 % Alaska 3 100 275,900 541 0.2 Arizona 112 97 1,527,000 6,000 2.6 Arkansas 53 100 782,600 1,660 0.7 California 164 100 5,221,400 24,052 10.2 Colorado 71 96 1,013,000 3,814 1.6 Connecticut 25 96 536,900 2,460 1.0 Delaware 17 100 78,300 633 0.3 Florida 322 99 3,842,000 13,684 5.8 Georgia 237 98 3,362,400 10,178 4.3 Hawaii -- -- -- -- -- Idaho 12 100 87,000 853 0.4 Illinois 163 99 4,590,800 13,078 5.6 Indiana 142 100 1,413,600 6,491 2.8 Iowa 35 91 2,751,700 3,390 1.4 Kansas 84 95 1,467,400 3,437 1.5 Kentucky 56 98 915,700 3,193 1.4 Louisiana 90 99 1,025,900 3,097 1.3 Maine 10 90 145,300 889 0.4 Maryland 34 100 791,100 4,709 2.0 Massachusetts 81 95 751,100 3,337 1.4 Michigan 137 99 1,254,300 4,125 1.8 Minnesota 155 98 1,209,600 8,106 3.4 Mississippi 121 98 1,560,700 3,895 1.7 Missouri 137 97 2,776,000 8,342 3.6 Montana 1 100 5,400 13 * Nebraska 31 100 708,700 1,815 0.8 Nevada 22 100 413,000 1,291 0.5 New Hampshire 20 100 320,100 1,507 0.6 New Jersey 67 96 577,300 3,588 1.5 New Mexico 31 97 302,500 870 0.4 New York 85 98 2,184,600 11,039 4.7 North Carolina 152 99 1,534,400 5,949 2.5 North Dakota 7 86 66,000 123 0.1 Ohio 218 98 5,258,100 12,634 5.4 Oklahoma 125 99 1,492,600 3,745 1.6 Oregon 25 100 525,400 1,844 0.8 Pennsylvania 147 99 1,792,400 7,261 3.1 Rhode Island 4 100 157,200 808 0.3 South Carolina 133 99 971,900 4,517 1.9 South Dakota 11 100 133,500 244 0.1 Tennessee 210 96 2,634,100 6,312 2.7 Texas 438 97 8,136,100 23,026 9.8 Utah 15 100 760,000 1,482 0.6 Vermont 5 100 98,000 480 0.2 Virginia 141 98 2,872,700 7,368 3.1 Washington 38 97 415,300 1,583 0.7 West Virginia 12 100 261,200 984 0.4 Wisconsin 43 98 1,456,200 2,827 1.2 Wyoming 3 67 21,100 57 * Puerto Rico 4 100 28,300 149 0.1 Totals\Average 4,378 98 % 71,623,300 $ 234,967 100.0 % EXPIRATIONS (dollars in thousands) GEOGRAPHIC DIVERSIFICATION (dollars in thousands) 19 Q1 2015 Supplemental Operating & Financial Data

| Approximate Rental Revenue for the Percentage of Number of Leasable Quarter Ended Rental Property Type Properties Square Feet March 31, 2015 (1) Revenue Retail 4,222 47,512,200 $ 183,804 78.2 % Industrial and distribution 83 16,648,200 25,229 10.7 Office 44 3,403,200 15,044 6.4 Manufacturing 14 3,875,200 5,616 2.4 Agriculture 15 184,500 5,274 2.3 Totals 4,378 71,623,300 $ 234,967 100.0 % (1) Includes rental revenue for all properties owned by Realty Income at March 31, 2015. Excludes revenue of $41 from properties owned by Crest and $114 from sold properties that were included in continuing operations. PROPERTY TYPE DIVERSIFICATION (dollars in thousands) 20 Q1 2015 Supplemental Operating & Financial Data Retail 78.2% Industrial and distribution 10.7% Office 6.4% Agriculture 2.3% Manufacturing 2.4%

| Same Store Rental Revenue Number of Properties 3,695 Square Footage 58,956,495 Q1 2015 $ 201,066 Q1 2014 $ 198,386 Increase (in dollars) $ 2,680 Increase (percent) 1.4% Top 3 Industries Contributing to the Change Quarter ended Quarter ended Net % Change Industry March 31, 2015 March 31, 2014 Change by Industry Convenience Stores $ 22,167 $ 21,741 $ 426 2.0 % Health and Fitness 13,874 13,499 375 2.8 % Restaurants - Quick Service 8,755 8,603 152 1.8 % First Quarter 2015 SAME STORE RENTAL REVENUE (dollars in thousands) 21 Q1 2015 Supplemental Operating & Financial Data Same Store Rental Revenue by Property Type Quarter ended Quarter ended Net % Change by Contribution by Property Type March 31, 2015 March 31, 2014 Change Property Type Property Type Retail $ 158,114 $ 156,109 $ 2,005 1.3% 74.8% Industrial and distribution 19,906 19,579 327 1.7% 12.2% Office 12,642 12,406 236 1.9% 8.8% Agriculture 5,274 5,209 65 1.3% 2.4% Manufacturing 5,129 5,082 47 0.9% 1.8% Total $ 201,065 $ 198,385 $ 2,680 1.4% 100.0% 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.

| By Property Occupied Properties 4,292 Total Properties 4,378 Occupancy 98.0% By Square Footage Occupied Square Footage 70,660,179 Total Square Footage 71,623,391 Occupancy 98.7% By Rental Revenue (Economic Occupancy) Quarterly Rental Revenue $ 232,214,145 Quarterly Vacant Rental Revenue $ 2,064,507 (1) Occupancy 99.1% (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Change in Occupancy Vacant Properties at 12/31/2014 70 Expiration Activity (1) + 64 Leasing Activity (2) - 43 Vacant Property Sales Activity (3) - 5 Vacant Properties at 3/31/2015 86 (1) Includes scheduled and unscheduled expirations as well as future expirations resolved in the current quarter. (2) Includes 30 expirations that were re-leased to the same tenants without vacancy, two that were re-leased to new tenants without vacancy, and 11 that were re-leased after a period of vacancy. See page 24 for additional detail on re-leasing activity. (3) Includes three properties that were vacant at the beginning of the quarter. OCCUPANCY 22 Q1 2015 Supplemental Operating & Financial Data 97.7% 98.2% 98.1% 98.2% 98.3% 98.3% 98.3% 98.4% 98.0% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Occupancy by Number of Properties

| Allocation Based on Number of Leases Re-leased to New Tenant Q1 2015 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 10,546 $ 319 $ 911 $ 11,776 New Cash Rents* $ 10,835 $ 200 $ 644 $ 11,679 Re-leasing spread 102.7 % 62.7 % 70.7 % 99.2 % Number of Leases 30 2 11 43 Average Months Vacant 0.0 0.0 10.5 2.7 Tenant Improvements $ - $ - $ - $ - *Percentage of Total Annualized Portfolio Rental Revenue: 1.3 % Re-leased to New Tenant Year Ended 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 % LEASING ACTIVITY(dollars in thousands) 23 Q1 2015 Supplemental Operating & Financial Data 85% 15% Same Tenant New Tenant 70% 30% Same Tenant New Tenant

| 24 * Less than 0.1% (1) This table sets forth the timing of remaining lease term expirations on our 4,273 net leased, single-tenant properties as of March 31, 2015. Excludes 19 multi-tenant properties and 86 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties. (2) Excludes revenue of $3,358 from 19 multi-tenant properties and from 86 vacant properties at March 31, 2015, $114 from sold properties included in continuing operations and $41 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 10.1 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 March 31, Rental of Leases March 31, Rental of Leases March 31, Rental Year Retail Non-Retail Sq. Feet 2015 (2) Revenue Expiring 2015 Revenue Expiring 2015 Revenue 2015 108 - 577,300 $ 2,359 1.0 % 57 $ 1,282 0.6 % 51 $ 1,077 0.4 % 2016 206 1 1,257,100 5,039 2.2 123 2,860 1.2 84 2,179 1.0 2017 214 1 2,185,300 6,557 2.8 49 2,954 1.3 166 3,603 1.5 2018 279 9 3,787,200 11,803 5.1 157 8,297 3.6 131 3,506 1.5 2019 240 11 3,954,400 13,515 5.8 170 11,321 4.9 81 2,194 0.9 2020 151 12 4,004,300 11,238 4.9 107 9,392 4.1 56 1,846 0.8 2021 176 12 5,166,300 14,238 6.1 177 13,660 5.9 11 578 0.2 2022 225 18 7,441,700 15,181 6.6 221 14,517 6.3 22 664 0.3 2023 350 20 6,409,700 22,186 9.6 357 21,518 9.3 13 668 0.3 2024 183 10 3,384,000 10,138 4.4 188 9,975 4.3 5 163 0.1 2025 314 12 4,420,600 18,166 7.8 302 17,492 7.5 24 674 0.3 2026 233 3 2,959,000 11,233 4.8 231 11,031 4.7 5 202 0.1 2027 468 3 5,301,700 19,362 8.3 468 18,865 8.1 3 497 0.2 2028 285 5 6,051,200 16,327 7.1 288 16,273 7.1 2 54 * 2029 323 4 5,538,700 14,040 6.1 321 13,431 5.8 6 609 0.3 2030 - 2043 363 34 7,237,200 40,227 17.4 393 40,078 17.3 4 149 0.1 Totals 4,118 155 69,675,700 $ 231,609 100.0 % 3,609 $ 212,946 92.0 % 664 $ 18,663 8.0 % EXPIRATIONS (dollars in thousands) Q1 2015 Supplemental Operating & Financial Data

| 25 Key components of the company’s 2015 earnings guidance are summarized below. 2015 FFO per share should range from $2.67 to $2.72, an increase of 3.5% to 5.4% over 2014 FFO per share of $2.58. 2015 AFFO per share should range from $2.66 to $2.71, also an increase of 3.5% to 5.4% over 2014 AFFO per share of $2.57. EARNINGS GUIDANCE Q1 2015 Supplemental Operating & Financial Data 2015 Guidance Current Prior Net income per share $0.99 to $1.04 $0.97 to $1.02 Real estate depreciation per share $1.77 $1.77 Gains on sales of properties per share $(0.09) $(0.07) FFO per share $2.67 to $2.72 $2.67 to $2.72 AFFO per share $2.66 to $2.71 $2.66 to $2.71 Same store rent growth 1.4% 1.4% Occupancy 98.0% 98.0% G&A expenses $55 million $55 million Property expenses (unreimbursed) $20 million $20 million Acquisition volume approximately $1 billion $700 million to $1 billion Disposition volume $50 million $50 million Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company’s filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

| 26 Q1 2015 Supplemental Operating & Financial Data ANALYST COVERAGE Equity Research Baird RJ Milligan rjmilligan@rwbaird.com (813) 273-8252 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 Realty Income Corporation is covered by the analysts at the firms listed below. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Realty Income Corporation's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Realty Income Corporation or its management. Realty Income Corporation does not by its reference below or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts.