EX-99.2 3 a17-4204_1ex99d2.htm EX-99.2

SUPPLEMENTAL OPERATING & FINANCIAL DATA Q4 2016 an S&P 500 company S&P High Yield Dividend Aristocrats® index member 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 Composition 20 Same Store Rental Revenue 21 Leasing Data Occupancy 23 Leasing Activity 24 Expirations 25 Earnings Guidance 26 Analyst Coverage 27 Table Of Contents 2 Q4 2016 Supplemental Operating & Financial Data This Supplemental Operating & Financial Data should be read in connection with the company's fourth quarter 2016 earnings press release (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on February 22, 2017) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data.

Senior Management John P. Case, Chief Executive Officer Sumit Roy, President and Chief Operating Officer Paul M. Meurer, Executive VP, Chief Financial Officer and Treasurer Michael R. Pfeiffer, Executive VP, General Counsel and Secretary Neil M. Abraham, Executive VP, Chief Investment Officer Credit Ratings Standard & Poor’s BBB+ Positive Outlook Moody's Baa1 Positive Outlook Fitch BBB+ Stable Outlook Dividend Information as of February 2017 Current annualized dividend of $2.526 per share Compound average annual dividend growth rate of approximately 4.7% 560 consecutive monthly dividends declared 77 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 an S&P 500 company dedicated to providing stockholders with dependable monthly dividends that increase over time. The monthly dividends are supported by the cash flow generated from real estate owned under long-term, net lease agreements with regional and national commercial tenants. The company has in-house acquisition, portfolio management, asset management, real estate research, credit research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 48 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, 2016, we owned a diversified portfolio of 4,944 properties located in 49 states and Puerto Rico, with over 83 million square feet of leasable space. Our properties are leased to 248 different commercial tenants doing business in 47 separate industries. Approximately 79% of our quarterly rental revenues were generated from retail properties, 13% from industrial properties, and the remaining 8% were from other property types. Our physical occupancy rate as of December 31, 2016 was 98.3%, with a weighted average remaining lease term of 9.8 years. Common Stock Our Common Stock is traded on the New York Stock Exchange under the symbol "O" Corporate Overview 3 Q4 2016 Supplemental Operating & Financial Data December 31, 2016 Closing price $ 57.48 Shares and units outstanding 260,573,463 Market value of common equity $ 14,977,763,000 Total market capitalization $ 21,261,521,000

Consolidated Statements Of Income (dollars in thousands, except per share amounts) 4 Q4 2016 Supplemental Operating & Financial Data (unaudited) (unaudited) Three months ended Year ended December 31, December 31, 2016 2015 2016 2015 REVENUE Rental $ 275,224 $ 252,733 $ 1,057,413 $ 976,865 Tenant reimbursements 11,363 10,259 43,104 42,015 Other 1,256 676 2,655 4,405 Total revenue 287,843 263,668 1,103,172 1,023,285 EXPENSES Depreciation and amortization 117,752 105,739 449,943 409,215 Interest 48,935 51,982 219,974 233,079 General and administrative 13,559 12,966 51,966 49,298 Property (including reimbursable) 17,411 12,897 62,865 55,352 Income taxes 449 721 3,262 3,169 Provisions for impairment 3,709 1,378 20,664 10,560 Total expenses 201,815 185,683 808,674 760,673 Gain on sales of real estate 6,696 5,126 21,979 22,243 Net income 92,724 83,111 316,477 284,855 Net income attributable to noncontrolling interests (283 ) (170 ) (906 ) (1,089 ) Net income attributable to the Company 92,441 82,941 315,571 283,766 Preferred stock dividends (6,770 ) (6,770 ) (27,080 ) (27,080 ) Net income available to common stockholders $ 85,671 $ 76,171 $ 288,491 $ 256,686 Net income available to common stockholders per common share: Basic and diluted $ 0.33 $ 0.31 $ 1.13 $ 1.09

Funds From Operations (FFO) (dollars in thousands, except per share amounts) 5 Q4 2016 Supplemental Operating & Financial Data The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to 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 per share computations. We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trusts’ (NAREIT’s) definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate assets, and reduced by gains on property sales. Presentation of the information regarding FFO and AFFO (described on page 6) 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 as alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered as measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. Three months ended Year ended December 31, December 31, 2016 2015 2016 2015 Net income available to common stockholders $ 85,671 $ 76,171 $ 288,491 $ 256,686 Depreciation and amortization 117,752 105,739 449,943 409,215 Depreciation of furniture, fixtures and equipment (172 ) (202 ) (747 ) (811 ) Provisions for impairment 3,709 1,378 20,664 10,560 Gain on sales of real estate (6,696 ) (5,126 ) (21,979 ) (22,243 ) FFO adjustments allocable to noncontrolling interests (431 ) (52 ) (977 ) (970 ) FFO available to common stockholders $ 199,833 $ 177,908 $ 735,395 $ 652,437 FFO per common share: Basic $ 0.77 $ 0.72 $ 2.88 $ 2.77 Diluted $ 0.77 $ 0.71 $ 2.88 $ 2.77 Distributions paid to common stockholders $ 156,741 $ 140,471 $ 610,516 $ 533,238 FFO available to common stockholders in excess of distributions paid to common stockholders $ 43,092 $ 37,437 $ 124,879 $ 119,199 Weighted average number of common shares used for FFO per share computations: Basic 258,373,179 248,515,893 255,066,500 235,767,932 Diluted 259,010,432 249,508,956 255,822,679 235,891,368

Adjusted Funds From Operations (AFFO) (dollars in thousands, except per share amounts) 6 Q4 2016 Supplemental Operating & Financial Data The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to 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. We define AFFO as FFO adjusted for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company’s 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). Three months ended Year ended December 31, December 31, 2016 2015 2016 2015 Net income available to common stockholders $ 85,671 $ 76,171 $ 288,491 $ 256,686 Cumulative adjustments to calculate FFO (1) 114,162 101,737 446,904 395,751 FFO available to common stockholders 199,833 177,908 735,395 652,437 Amortization of share-based compensation 2,803 2,793 12,007 10,391 Amortization of deferred financing costs 1,492 1,334 5,352 5,294 Amortization of net mortgage premiums (745 ) (1,725 ) (3,414 ) (6,978 ) Gain on early extinguishment of debt - (148 ) - (504 ) (Gain) loss on interest rate swaps (7,474 ) (4,094 ) (1,639 ) 3,043 Leasing costs and commissions (233 ) (193 ) (797 ) (748 ) Recurring capital expenditures (193 ) (3,786 ) (679 ) (7,606 ) Straight-line rent (5,239 ) (4,185 ) (19,451 ) (16,468 ) Amortization of above and below-market leases 2,627 2,040 9,297 7,861 Other adjustments 93 79 303 306 AFFO available to common stockholders $ 192,964 $ 170,023 $ 736,374 $ 647,028 AFFO per common share: Basic $ 0.75 $ 0.68 $ 2.89 $ 2.74 Diluted $ 0.75 $ 0.68 $ 2.88 $ 2.74 Distributions paid to common stockholders $ 156,741 $ 140,471 $ 610,516 $ 533,238 AFFO available to common stockholders in excess of distributions paid to common stockholders $ 36,223 $ 29,552 $ 125,858 $ 113,790 Weighted average number of common shares used for AFFO per share computations: Basic 258,373,179 248,515,893 255,066,500 235,767,932 Diluted 259,010,432 249,508,956 255,822,679 235,891,368 (1) See reconciling items for FFO presented under "Funds from Operations (FFO).”

Consolidated Balance Sheets (dollars in thousands , except per share amounts) 7 Q4 2016 Supplemental Operating & Financial Data December 31, 2016 December 31, 2015 ASSETS (unaudited) Real estate, at cost: Land $ 3,752,204 $ 3,286,004 Buildings and improvements 10,112,212 9,010,778 Total real estate, at cost 13,864,416 12,296,782 Less accumulated depreciation and amortization (1,987,200 ) (1,687,665 ) Net real estate held for investment 11,877,216 10,609,117 Real estate held for sale, net 26,575 9,767 Net real estate 11,903,791 10,618,884 Cash and cash equivalents 9,420 40,294 Accounts receivable, net 104,584 81,678 Acquired lease intangible assets, net 1,082,320 1,034,417 Goodwill 15,067 15,321 Other assets, net 37,689 54,785 Total assets $ 13,152,871 $ 11,845,379 LIABILITIES AND EQUITY Distributions payable $ 55,235 $ 50,344 Accounts payable and accrued expenses 121,156 115,826 Acquired lease intangible liabilities, net 264,206 250,916 Other liabilities 85,616 53,965 Line of credit payable 1,120,000 238,000 Term loans, net 319,127 318,835 Mortgages payable, net 466,045 646,187 Notes payable, net 3,934,433 3,617,973 Total liabilities $ 6,365,818 $ 5,292,046 Stockholders' equity: Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and $ 395,378 $ 395,378 outstanding as of December 31, 2016 and December 31, 2015, liquidation preference $25.00 per share Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 260,168,259 shares issued and outstanding as of December 31, 2016 and 250,416,757 shares issued and outstanding as of December 31, 2015 8,228,594 7,666,428 Distributions in excess of net income (1,857,168 ) (1,530,210 ) Total stockholders' equity 6,766,804 6,531,596 Noncontrolling interests 20,249 21,737 Total equity 6,787,053 6,553,333 Total liabilities and equity $ 13,152,871 $ 11,845,379

Debt Summary (dollars in thousands) 8 Q4 2016 Supplemental Operating & Financial Data Principal Interest Weighted Balance as of Rate as of Average Years Maturity Date December 31, 2016 % of Debt December 31, 2016 until Maturity Credit Facility Credit Facility (1) June 30, 2019 $ 1,120,000 19.1% 1.67% 2.5 years Unsecured Term Loans Term Loan - Tau (2) January 21, 2018 70,000 1.2% 1.82% 1.1 years Term Loan - Realty Income (3) June 30, 2020 250,000 4.2% 1.72% 3.5 years Principal amount 320,000 5.4% 1.74% 3.0 years Deferred financing costs (873) Carrying value 319,127 Senior Unsecured Notes and Bonds 5.375% Notes due 2017 September 15, 2017 175,000 3.0% 5.38% 2.000% Notes due 2018 January 31, 2018 350,000 6.0% 2.00% 6.750% Notes due 2019 August 15, 2019 550,000 9.4% 6.75% 5.750% Notes due 2021 January 15, 2021 250,000 4.2% 5.75% 3.250% Notes due 2022 October 15, 2022 450,000 7.7% 3.25% 4.650% Notes due 2023 August 1, 2023 750,000 12.8% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 6.0% 3.88% 4.125% Notes due 2026 October 15, 2026 250,000 4.2% 4.13% 3.000% Notes due 2027 January 15, 2027 600,000 10.2% 3.00% 5.875% Bonds due 2035 March 15, 2035 250,000 4.2% 5.88% Principal amount 3,975,000 67.7% 4.38% 6.6 years Unamortized discounts and deferred financing costs (40,567) Carrying value 3,934,433 Mortgages Payable 36 mortgages on 127 properties April 2017 - June 2032 460,008 (4) 7.8% 4.86% 4.0 years Unamortized premiums and deferred financing costs 6,037 Carrying value 466,045 TOTAL DEBT $ 5,875,008 (5) 3.76% 5.4 years Fixed Rate $ 4,716,771 80% Variable Rate $ 1,158,237 20% (1) We have a $2.0 billion unsecured acquisition credit facility with an initial term that expires in June 2019. It includes, at our election, two six-month extension options, at a cost of 0.075% of the facility commitment, or $1.5 million per option. The credit facility also has a $1.0 billion expansion option. As of December 31, 2016, $880 million was available on the credit facility. (2) Borrowing under the term loan bears interest at the current one month LIBOR, plus 1.20%. We have an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%. (3) Borrowing under the term loan bears interest at the current one month LIBOR, plus 0.95%. We have an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.67%. (4) The mortgages payable are at fixed interest rates, except for mortgages totaling $38.2 million at December 31, 2016. (5) 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, and deferred financing costs on the term loans, notes and bonds, and mortgages payable.

Debt Maturities (dollars in millions) 9 Q4 2016 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) 2017 $ - $ - $ 175.0 $ 103.2 $ 278.2 5.41% 2018 - 70.0 350.0 21.9 441.9 2.11% 2019 1,120.0 - 550.0 42.3 1,712.3 6.47% 2020 - 250.0 - 82.4 332.4 2.53% 2021 - - 250.0 66.9 316.9 5.66% Thereafter - - 2,650.0 143.3 2,793.3 4.04% Totals $ 1,120.0 $ 320.0 $ 3,975.0 $ 460.0 $ 5,875.0 (1) Weighted average interest rate for 2019 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 2017 $ 2.1 $ 36.9 $ 39.5 $ 24.7 $ 103.2 5.46% 2018 1.3 12.1 1.2 7.3 21.9 4.85% 2019 1.3 1.3 17.0 22.7 42.3 2.78% 2020 1.2 1.2 12.6 67.4 82.4 4.98% 2021 18.2 17.7 30.7 0.3 66.9 5.33% Thereafter - - - - 143.3 4.76% Totals $ 24.1 $ 69.2 $ 101.0 $ 122.4 $ 460.0

Capital Structure as of December 31, 2016 Capitalization & Financial Ratios (dollars in thousands , except per share amounts) 10 Q4 2016 Supplemental Operating & Financial Data Liquidity as of December 31, 2016 Cash on Hand $ 9,420 Availability under Credit Facility 880,000 $ 889,420 Capitalization as of December 31, 2016 Carrying Debt Value Credit Facility $ 1,120,000 Unsecured Term Loans 320,000 Senior Unsecured Notes and Bonds 3,975,000 Mortgages Payable 460,008 Total Debt $ 5,875,008 Equity Shares / Units Stock Price Redemption Price Market Value Common Stock (NYSE: O) 260,168,259 $ 57.48 $ 14,954,472 Common Units (1) 405,204 $ 57.48 23,291 Common Equity 14,977,763 Class F Preferred Stock (2) 16,350,000 $ 25.00 408,750 Total Equity $ 15,386,513 Total Market Capitalization (3) $ 21,261,521 Debt/Total Market Capitalization (3) 27.6% Debt and Preferred Stock/Total Market Capitalization (3) 29.6% (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) Market value presented is the aggregate liquidation value based on the stated redemption price. (3) Our enterprise value was $21,252,101 (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 2016 2015 Growth Rate Common Dividend Paid per Share $ 2.392 $ 2.271 5.3% AFFO per Share (diluted) $ 2.88 $ 2.74 5.1% AFFO Payout Ratio 83.1% 82.9% Debt 28% Preferred Stock 2% Common Stock 70%

Debt Service Coverage (2) Fixed Charge Coverage (3) EBITDA & Coverage Ratios (dollars in thousands) 11 Q4 2016 Supplemental Operating & Financial Data Reconciliation of Net Income to EBITDA (1) Three months ended December 31, 2016 Net income $ 92,724 Interest 48,935 Income taxes 449 Depreciation and amortization 117,752 Impairment loss 3,709 Gain on sales of real estate (6,696) Quarterly EBITDA $ 256,873 Annualized EBITDA $ 1,027,492 Debt/EBITDA 5.7 Debt and Preferred/EBITDA 6.1 (1) EBITDA, a non-GAAP measure, means, for the most recent quarter, annualized earnings (net income) before (i) interest expense, including non-cash loss (gain) on swaps, (ii) income and franchise taxes, (iii) real estate depreciation and amortization, (iv) impairment losses, and (v) gain on sales. Our EBITDA may not be comparable to EBITDA reported by other companies that interpret the definitions of EBITDA differently than we do. Management believes EBITDA to be a meaningful measure of a REIT’s performance because it is widely followed by industry analysts, lenders and investors. The ratio of our total debt to EBITDA is also used to determine vesting of performance share awards granted to our executive officers. EBITDA should be considered along with, but not as an alternative to, net income as a measure of our operating performance. Our ratio of debt to EBITDA, which is used by management as a measure of leverage, is calculated by annualizing quarterly EBITDA and then dividing by our total debt per the consolidated balance sheet. (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 (which is calculated on page 12), except that preferred stock dividends are also added to the denominator. 4.5 4.6 4.7 5.0 4.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 4.0 4.1 4.2 4.4 4.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Debt Covenants 12 Q4 2016 Supplemental Operating & Financial Data As of December 31, 2016 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. Required Actuals Limitation on incurrence of total debt < 60% of adjusted undepreciated assets 41.9% Limitation on incurrence of secured debt < 40% of adjusted undepreciated assets 3.4% Debt service coverage (trailing 12 months) (1) > 1.5 x 4.8x Maintenance of total unencumbered assets > 150% of unsecured debt 243.7% (1) This covenant 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 January 1, 2016, 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, 2016, nor does it purport to reflect our debt service coverage ratio for any future period.

First Quarter 2016 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 80 $ 300,523 $ 19,708 877,997 6.6% 16.3 Properties under Development (3) 23 52,118 3,547 853,273 6.8% 13.1 Total Real Estate Investments 103 $ 352,641 $ 23,255 1,731,270 6.6% 15.8 Approximately 23% of the annualized revenue generated by these investments is from investment grade tenants(4) (1) Cash capitalization rates are computed as contractual cash net operating income for the first twelve months 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 19 independent transactions during the first quarter of 2016, 22 independent transactions during the second quarter of 2016, 20 independent transactions during the third quarter of 2016, and 24 independent transactions during the fourth quarter of 2016. (3) Includes investments during the period in new development, expansion of existing properties, and redevelopment of existing properties. Cash rents noted reflect total cash rents to be received on this investment amount upon completion of the properties under development. (4) Refer to footnote 2 on page 16 for our definition of investment grade tenants. Investment Summary (dollars in thousands) 13 Q4 2016 Supplemental Operating & Financial Data Second Quarter 2016 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 46 $ 300,715 $ 18,804 1,662,248 6.3% 13.5 Properties under Development (3) 11 9,574 840 69,508 8.8% 13.4 Total Real Estate Investments 57 $ 310,289 $ 19,644 1,731,756 6.3% 13.5 Approximately 58% of the annualized revenue generated by these investments is from investment grade tenants(4) 2016 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 472 $ 1,754,940 $ 109,200 6,542,873 6.2% 14.8 Properties under Development (3) 33 103,770 7,379 1,675,190 7.1% 13.5 Total Real Estate Investments 505 $ 1,858,710 $ 116,579 8,218,063 6.3% 14.7 Approximately 64% of the annualized revenue generated by these investments is from investment grade tenants(4) Third Quarter 2016 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 80 $ 384,182 $ 23,794 1,369,642 6.2% 15.5 Properties under Development (3) 13 26,032 1,867 416,446 7.2% 14.4 Total Real Estate Investments 93 $ 410,214 $ 25,661 1,786,088 6.3% 15.4 Approximately 69% of the annualized revenue generated by these investments is from investment grade tenants(4) Fourth Quarter 2016 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions (2) 266 $ 769,520 $ 46,894 2,632,986 6.1% 14.3 Properties under Development (3) 13 16,046 1,125 335,963 7.0% 12.8 Total Real Estate Investments 279 $ 785,566 $ 48,019 2,968,949 6.1% 14.3 Approximately 84% of the annualized revenue generated by these investments is from investment grade tenants(4)

First Quarter 2016 Number of Properties Original Investment Net Book Value Net Proceeds Cash Capitalization Rate (1) Occupied 2 $ 3,455 $ 2,535 $ 3,377 6.9% Vacant 9 12,511 6,148 7,661 - Total Real Estate Dispositions 11 $ 15,966 $ 8,683 $ 11,038 The unlevered internal rate of return on properties sold during the first quarter was 6.6% Disposition Summary (dollars in thousands) 14 Q4 2016 Supplemental Operating & Financial Data Second Quarter 2016 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 3 $ 9,652 $ 6,929 $ 13,672 7.5% Vacant 12 16,337 8,256 10,310 - Total Real Estate Dispositions 15 $ 25,989 $ 15,185 $ 23,982 The unlevered internal rate of return on properties sold during the second quarter was 10.5% 2016 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 18 $ 34,064 $ 27,345 $ 39,586 7.3% Vacant 57 85,542 39,420 48,008 - Total Real Estate Dispositions 75 $ 119,606 $ 66,765 $ 87,594 The unlevered internal rate of return on properties sold during 2016 was 8.5% (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 second, third, and fourth quarters of 2016, we were awarded net proceeds of $517,000, $1,500,000, and $926,734, respectively, related to two eminent domain transactions. Net proceeds of $8.6 million received in connection with the sale of our former corporate headquarters were not included in net proceeds figures for the fourth quarter of 2016. Third Quarter 2016 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 3 $ 3,054 $ 1,938 $ 3,108 9.5% Vacant 20 31,693 12,517 15,031 - Total Real Estate Dispositions 23 $ 34,747 $ 14,455 $ 18,139 The unlevered internal rate of return on properties sold during the third quarter was 7.4% Fourth Quarter 2016 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 10 $ 17,903 $ 15,943 $ 19,429 7.0% Vacant 16 25,001 12,499 15,006 - Total Real Estate Dispositions 26 $ 42,904 $ 28,442 $ 34,435 The unlevered internal rate of return on properties sold during the fourth quarter was 8.5%

(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 is between January 2017 and June 2017. Development Pipeline (dollars in thousands) 15 Q4 2016 Supplemental Operating & Financial Data Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 2 $ 7,098 $ 10,159 $ 17,257 100% Expansion of existing properties - - - - - Redevelopment of existing properties 3 1,802 843 2,645 100% 5 $ 8,900 $ 11,002 $ 19,902 Non-Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) - $ - $ - $ - - Expansion of existing properties 2 1,332 2,638 3,970 100% Redevelopment of existing properties 1 9,258 8,242 17,500 100% 3 $ 10,590 $ 10,880 $ 21,470 Total Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 2 $ 7,098 $ 10,159 $ 17,257 100% Expansion of existing properties 2 1,332 2,638 3,970 100% Redevelopment of existing properties 4 11,060 9,085 20,145 100% 8 $ 19,490 $ 21,882 $ 41,372

Top 20 Tenants Our 20 largest tenants based on percentage of total portfolio annualized rental revenue at December 31, 2016 include the following: Investment Grade Tenants (2) : Number of Properties 1,990 Percentage of Annualized Rents 47% Percentage of Leases with Rental Increases, Based on Revenue 75% Average EBITDAR/Rent Ratio on Retail Properties 2.8x (1) Median EBITDAR/Rent Ratio on Retail Properties 2.7x (1) (1) Based on the analysis of the most recently provided information from retail tenants that provide such information. We do not independently verify the information we receive from our retail tenants. (2) We define investment grade tenants as tenants with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 47% of our annualized rental revenue is generated from properties leased to investment grade tenants, including approximately 9% from properties leased to subsidiaries of investment grade companies. Refer to page 20 for investment grade composition by property type. Tenant Diversification 16 Q4 2016 Supplemental Operating & Financial Data Tenant Number of Properties % of Revenue Investment Grade Ratings (Moody’s/S&P/Fitch) Walgreens 203 7.0 % Baa2/ BBB/ BBB FedEx 43 5.5 % Baa2/ BBB/ - Dollar General 524 4.2 % Baa2/ BBB/ - LA Fitness 48 4.0 % - Dollar Tree / Family Dollar 457 3.8 % - Circle K (Couche-Tard) 299 2.6 % Baa2/ BBB/ - AMC Theatres 22 2.6 % - BJ’s Wholesale Clubs 15 2.4 % - Diageo 17 2.2 % A3/ A-/ A- CVS Pharmacy 70 2.0 % Baa1/ BBB+/ - Super America / Western Refining 134 2.0 % - Walmart / Sam's Club 31 1.9 % Aa2/ AA/ AA Regal Cinemas 22 1.9 % - GPM Investments / Fas Mart 216 1.9 % - Rite Aid 69 1.9 % - 7-Eleven 111 1.8 % Baa1/ AA-/ - Life Time Fitness 9 1.8 % - TBC Corporation (Sumitomo) 149 1.6 % Baa1/ A-/ - FreedomRoads / Camping World 18 1.2 % - Home Depot 10 1.1 % A2/ A/ A 29% 50% 18% 3% Investment Grade, Retail Non-Investment Grade or Non-Rated, Retail Investment Grade, Non-Retail Non-Investment Grade or Non-Rated, Non-Retail

* Less than 0.1% Industry Diversification 17 Q4 2016 Supplemental Operating & Financial Data (1) Includes rental revenue for all properties owned at the end of each period presented, including revenue from properties reclassified as discontinued operations. 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, 2016 2016 2015 2014 2013 2012 Retail industries Apparel stores 1.8 % 1.9 % 2.0 % 2.0 % 1.9 % 1.7 % Automotive collision services 1.0 1.0 1.0 0.8 0.8 1.1 Automotive parts 1.4 1.3 1.4 1.3 1.2 1.0 Automotive service 1.9 1.9 1.9 1.8 2.1 3.1 Automotive tire services 2.6 2.7 2.9 3.2 3.6 4.7 Book stores * * * * * 0.1 Child care 1.8 1.9 2.0 2.2 2.8 4.5 Consumer electronics 0.3 0.3 0.3 0.3 0.3 0.5 Convenience stores 8.5 8.7 9.2 10.1 11.2 16.3 Crafts and novelties 0.5 0.5 0.5 0.5 0.5 0.3 Dollar stores 8.3 8.6 8.9 9.6 6.2 2.2 Drug stores 11.4 11.2 10.6 9.5 8.1 3.5 Education 0.3 0.3 0.3 0.4 0.4 0.7 Entertainment 0.5 0.5 0.5 0.5 0.6 0.9 Equipment services * 0.1 0.1 0.1 0.1 0.1 Financial services 1.8 1.4 1.3 1.4 1.5 0.2 General merchandise 1.7 1.5 1.4 1.2 1.1 0.6 Grocery stores 3.4 3.1 3.0 3.0 2.9 3.7 Health and fitness 7.9 8.1 7.7 7.0 6.3 6.8 Health care 0.9 0.9 1.0 1.1 1.1 - Home furnishings 0.8 0.7 0.7 0.7 0.9 1.0 Home improvement 2.5 2.5 2.4 1.7 1.6 1.5 Jewelry 0.1 0.1 0.1 0.1 0.1 - Motor vehicle dealerships 1.9 1.9 1.6 1.6 1.6 2.1 Office supplies 0.3 0.3 0.3 0.4 0.5 0.8 Pet supplies and services 0.6 0.6 0.7 0.7 0.8 0.6 Restaurants - casual dining 3.9 3.9 3.8 4.3 5.1 7.3 Restaurants - quick service 5.2 4.9 4.2 3.7 4.4 5.9 Shoe stores 0.5 0.5 0.5 0.1 0.1 0.1 Sporting goods 1.3 1.6 1.8 1.6 1.7 2.5 Telecommunications * * - - - - Theaters 4.7 4.9 5.1 5.3 6.2 9.4 Transportation services 0.1 0.1 0.1 0.1 0.1 0.2 Wholesale clubs 3.4 3.6 3.8 4.1 3.9 3.2 Other * * * * 0.1 0.1 Retail industries 81.3% 81.5% 81.1% 80.4% 79.8% 86.7%

Industry Diversification (Cont’d) 18 Q4 2016 Supplemental Operating & Financial Data * Less than 0.1% (1) Includes rental revenue for all properties owned at the end of each period presented, including revenue from properties reclassified as discontinued operations. 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, 2016 2016 2015 2014 2013 2012 Non-retail industries Aerospace 1.0 1.0 1.1 1.2 1.2 0.9 Beverages 2.8 2.6 2.7 2.8 3.3 5.1 Consumer appliances 0.4 0.5 0.6 0.5 0.6 0.1 Consumer goods 0.9 0.9 0.9 0.9 1.0 0.1 Crafts and novelties 0.1 0.1 0.1 0.1 0.1 - Diversified industrial 0.9 0.9 0.8 0.5 0.2 0.1 Electric utilities 0.1 0.1 0.1 0.1 * - Equipment services 0.4 0.5 0.4 0.5 0.4 0.3 Financial services 0.4 0.4 0.4 0.4 0.5 0.4 Food processing 1.1 1.1 1.2 1.4 1.5 1.3 General merchandise 0.3 0.3 0.3 0.3 - - Government services 1.0 1.1 1.2 1.3 1.4 0.1 Health care 0.6 0.6 0.7 0.7 0.8 * Home furnishings 0.1 0.1 0.2 0.2 0.2 - Insurance 0.1 0.1 0.1 0.1 0.1 * Machinery 0.1 0.1 0.1 0.2 0.2 0.1 Other manufacturing 0.7 0.8 0.7 0.7 0.6 - Packaging 0.9 0.8 0.8 0.8 0.9 0.7 Paper 0.1 0.1 0.1 0.1 0.2 0.1 Shoe stores 0.2 0.2 0.2 0.8 0.9 - Telecommunications 0.7 0.6 0.7 0.7 0.7 0.8 Transportation services 5.6 5.4 5.3 5.1 5.3 2.2 Other 0.2 0.2 0.2 0.2 0.1 1.0 Non-retail industries 18.7 % 18.5 % 18.9 % 19.6 % 20.2 % 13.3 % Totals 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

* Less than 0.1% (1) Includes rental revenue for all properties owned at December 31, 2016. Excludes rental revenue of $323 from sold properties. EXPIRATIONS (dollars in thousands) Geographic Diversification (dollars in thousands) 19 Q4 2016 Supplemental Operating & Financial Data Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental State Properties Leased Square Feet December 31, 2016 (1) Revenue Alabama 159 97 % 1,367,700 $ 5,112 1.9 % Alaska 3 67 275,900 475 0.2 Arizona 109 99 1,626,300 6,422 2.3 Arkansas 55 100 816,500 1,828 0.7 California 178 99 5,292,400 26,423 9.6 Colorado 81 100 1,097,400 4,375 1.6 Connecticut 24 92 535,300 2,571 0.9 Delaware 18 100 93,000 717 0.3 Florida 367 99 4,039,500 14,950 5.4 Georgia 250 98 4,154,400 12,150 4.4 Hawaii -- -- -- -- -- Idaho 12 100 87,000 419 0.1 Illinois 229 99 5,144,000 14,597 5.3 Indiana 171 99 2,105,400 8,406 3.1 Iowa 40 95 2,970,600 4,089 1.5 Kansas 93 98 1,846,400 4,834 1.8 Kentucky 62 98 1,368,400 4,026 1.5 Louisiana 99 97 1,353,200 3,863 1.4 Maine 16 94 178,500 928 0.3 Maryland 36 94 864,400 4,412 1.6 Massachusetts 80 98 751,600 3,498 1.3 Michigan 163 98 1,651,900 6,398 2.3 Minnesota 158 99 1,951,100 9,772 3.5 Mississippi 134 95 1,623,600 4,552 1.7 Missouri 140 97 2,851,300 8,846 3.2 Montana 11 100 87,000 483 0.2 Nebraska 38 100 806,500 2,255 0.8 Nevada 22 100 413,000 1,309 0.5 New Hampshire 19 100 315,800 1,481 0.5 New Jersey 71 99 834,400 4,388 1.6 New Mexico 30 100 293,200 887 0.3 New York 94 100 2,505,300 12,331 4.5 North Carolina 173 98 2,258,100 7,387 2.7 North Dakota 8 88 123,000 206 0.1 Ohio 247 98 6,247,100 14,936 5.4 Oklahoma 133 99 1,652,200 4,549 1.6 Oregon 28 100 593,300 2,378 0.9 Pennsylvania 148 99 1,855,000 7,528 2.7 Rhode Island 3 100 153,300 809 0.3 South Carolina 148 99 1,105,100 5,157 1.9 South Dakota 14 100 170,700 416 0.1 Tennessee 224 97 3,174,400 8,781 3.2 Texas 490 99 9,176,400 25,756 9.4 Utah 22 100 956,400 2,170 0.8 Vermont 5 100 98,000 484 0.2 Virginia 153 97 2,991,200 7,597 2.8 Washington 43 98 687,200 2,941 1.1 West Virginia 15 100 284,300 1,098 0.4 Wisconsin 118 100 2,136,000 5,473 2.0 Wyoming 6 100 54,700 289 0.1 Puerto Rico 4 100 28,300 149 * Totals\Average 4,944 98 % 83,045,700 $ 274,901 100.0 %

Property Type Composition (dollars in thousands) 20 Q4 2016 Supplemental Operating & Financial Data (1) Includes rental revenue for all properties owned at December 31, 2016. Excludes rental revenue of $323 from sold properties. (2) Refer to footnote 2 on page 16 for our definition of investment grade tenants. Number of Properties Approximate Leasable Square Feet Rental Revenue for the Quarter Ended Percentage of Rental Revenue for the Quarter Ended Percentage of Annualized Revenue from Investment Grade Tenants Property Type December 31, 2016 (1) December 31, 2016 (2) Retail 4,774 55,005,900 $ 216,904 78.9 % 36.6 % Industrial 111 24,452,100 36,383 13.2 82.3 Office 44 3,403,200 15,111 5.5 91.2 Agriculture 15 184,500 6,503 2.4 100.0 Totals 4,944 83,045,700 $ 274,901 100.0 % Retail 78.9% Industrial 13.2% Office 5.5% Agriculture 2.4%

Top 3 Industries Contributing to the Change Quarter ended Quarter ended Net % Change Industry December 31, 2016 December 31, 2015 Change by Industry Convenience Stores $ 22,757 $ 22,241 $ 516 2.3 % Grocery Stores 7,578 7,254 324 4.5 % Health and Fitness 14,951 14,738 213 1.4 % Fourth Quarter 2016 Same Store Rental Revenue (dollars in thousands) 21 Q4 2016 Supplemental Operating & Financial Data Same Store Pool Defined For purposes of determining the properties used to calculate our same store rental revenue pool, we include 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. Rental revenue amounts presented in our same store rent calculation exclude straight-line rent and the amortization of above and below-market leases. Same Store Rental Revenue Number of Properties 4,045 Square Footage 66,526,790 Q4 2016 $223,668 Q4 2015 $221,659 Increase (in dollars) $2,009 Increase (percent) 0.9% Top 3 Industries Contributing to the Change Year ended Year ended Net % Change Industry December 31, 2016 December 31, 2015 Change by Industry Convenience Stores $ 91,080 $ 88,728 $ 2,352 2.7 % Theaters 49,393 47,817 1,576 3.3 % Motor Vehicle Dealerships 15,350 14,589 761 5.2 % 2016 Same Store Rental Revenue Number of Properties 4,045 Square Footage 66,526,790 YTD Q4 2016 $888,507 YTD Q4 2015 $878,361 Increase (in dollars) $10,146 Increase (percent) 1.2%

Same Store Rental Revenue (Cont’d)(dollars in thousands) 22 Q4 2016 Supplemental Operating & Financial Data Same Store Rental Revenue by Property Type Fourth Quarter 2016 Quarter ended Quarter ended Net % Change by Contribution by Property Type December 31, 2016 December 31, 2015 Change Property Type Property Type Retail $ 176,858 $ 175,386 $ 1,472 0.8% 73.3% Industrial 26,834 26,510 324 1.2% 16.1% Office 14,577 14,431 146 1.0% 7.3% Agriculture 5,399 5,332 67 1.2% 3.3% Total $ 223,668 $ 221,659 $ 2,009 0.9% 100% 2016 Year ended Year ended Net % Change by Contribution by Property Type December 31, 2016 December 31, 2015 Change Property Type Property Type Retail $ 702,099 $ 694,024 $ 8,075 1.2% 79.6% Industrial 107,111 105,720 1,391 1.3% 13.7% Office 57,818 57,403 415 0.7% 4.1% Agriculture 21,479 21,214 265 1.2% 2.6% Total $ 888,507 $ 878,361 $ 10,146 1.2% 100%

By Property Occupied Properties 4,860 Total Properties 4,944 Occupancy 98.3% By Square Footage Occupied Square Footage 82,121,833 Total Square Footage 83,045,677 Occupancy 98.9% By Rental Revenue (Economic Occupancy) Quarterly Rental Revenue $ 269,361,645 Quarterly Vacant Rental Revenue $ 3,078,938 (1) Occupancy 98.9% (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Change in Occupancy Vacant Properties at 9/30/16 82 Expiration Activity (1) + 82 Leasing Activity (2) - 64 Vacant Property Sales Activity (3) - 16 Vacant Properties at 12/31/16 84 (1) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the current quarter. (2) Includes 48 expirations that were re-leased to the same tenants without vacancy, ten 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. (3) Includes 11 properties that were vacant at the beginning of the quarter. Occupancy 23 Q4 2016 Supplemental Operating & Financial Data Occupancy by Number of Properties 98.4% 98.0% 98.2% 98.3% 98.4% 97.8% 98.0% 98.3% 98.3% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Allocation Based on Number of Leases Leasing Activity (dollars in thousands) 24 Q4 2016 Supplemental Operating & Financial Data Re-leased to New Tenant Q4 2016 Re-leased to Without After a Period Re-leasing Totals Same Tenant Vacancy of Vacancy Prior Cash Rents $ 9,560 $ 941 $ 511 $ 11,012 New Cash Rents* $ 10,321 $ 891 $ 382 $ 11,594 Recapture Rate 108.0 % 94.6 % 74.7 % 105.3 % Number of Leases 48 10 6 64 Average Months Vacant - - 21.7 2.0 Additional Invested Capital $ 3,720 $ 1,138 $ 454 $ 5,312 Incremental Yield(1) 10.3 % 9.6 % 19.2 % 10.7 % *Percentage of Total Annualized Portfolio Rental Revenue: 1.0 % 2016 Re-leased to New Tenant Re-leased to Without After a Period Re-leasing Totals Same Tenant Vacancy of Vacancy Prior Cash Rents $ 20,915 $ 4,063 $ 2,354 $ 27,332 New Cash Rents* $ 21,908 $ 5,084 $ 1,580 $ 28,572 Recapture Rate 104.7 % 125.1 % 67.1 % 104.5 % Number of Leases 144 21 21 186 Average Months Vacant - - 13.0 1.5 Additional Invested Capital(2) $ 3,720 $ 16,363 $ 2,954 $ 23,037 Incremental Yield(1) 10.3 % 14.5 % 9.1 % 13.0 % *Percentage of Total Annualized Portfolio Rental Revenue: 2.6 % (1) Incremental yield reflects the yield generated by capital commitments made at the time of re-lease, and is calculated as the incremental cash rents divided by additional invested capital. Incremental cash rents are calculated by subtracting prior rents, or management’s estimate of rents to be paid for unimproved space, from the contractual cash rents for the first twelve months following rent commencement. (2) Invested capital figures include an estimated $2,100 of tenant improvements for the year ended December 31, 2016. 75% 25% Same Tenant New Tenant 77% 23% Same Tenant New Tenant

25 * Less than 0.1% (1) This table sets forth the timing of remaining lease term expirations on our 4,836 net leased, single-tenant properties as of December 31, 2016 and their contribution to rental revenue for the quarter ended December 31, 2016. Excludes 24 multi-tenant properties and 84 vacant properties. The lease expirations for properties under construction are based on the estimated completion date of those properties. (2) Excludes revenue of $4,205 from 24 multi-tenant properties and from 84 vacant properties at December 31, 2016, and $323 from sold properties. Our leased, single-tenant properties have a weighted average remaining lease term of 9.8 years. Expirations (dollars in thousands) Q4 2016 Supplemental Operating & Financial Data Total Portfolio (1) Approx. % of Expiring Leases Leasable Rental Rental Year Retail Non-Retail Sq. Feet Revenue (2) Revenue 2017 156 2 1,752,600 $ 4,239 1.6 % 2018 279 9 3,661,200 11,542 4.3 2019 264 10 3,912,700 13,556 5.0 2020 198 11 4,345,800 12,688 4.7 2021 295 13 5,355,200 15,227 5.6 2022 280 17 7,843,300 16,939 6.3 2023 378 20 6,640,300 22,434 8.3 2024 198 12 4,360,000 12,533 4.6 2025 326 14 5,227,100 20,452 7.5 2026 317 5 4,451,500 14,598 5.4 2027 504 3 5,698,000 20,861 7.7 2028 289 6 6,296,600 16,426 6.1 2029 400 5 6,986,800 20,650 7.7 2030 80 13 2,439,100 14,568 5.3 2031 269 25 5,110,000 18,527 6.8 2032-2043 434 4 6,869,300 35,456 13.1 Totals 4,667 169 80,949,500 $ 270,696 100 %

26 We estimate FFO per share for 2017 of $3.00 to $3.06. We estimate AFFO per share for 2017 of $3.00 to $3.06, an increase of 4.2% to 6.3% over 2016 AFFO per share of $2.88. Summarized below are approximate estimates of the key components of the company’s 2017 earnings guidance: Earnings Guidance Q4 2016 Supplemental Operating & Financial Data 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 Supplemental Operating & Financial Data. 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. (1) Excludes tenant reimbursement revenue. 2017 Guidance Net income per share $1.27 to $1.33 Real estate depreciation per share $1.80 Gains on sales of properties per share ($0.07) FFO per share $3.00 to $3.06 AFFO per share $3.00 to $3.06 Same store rent growth 1.0% to 1.2% Occupancy 98% G&A expenses (% of revenues) (1) 5.0% Property expenses (non-reimbursable) (% of revenues) (1) 1.5% to 2.0% Acquisition volume $1.0 billion Disposition volume $75 to $100 million

27 Q4 2016 Supplemental Operating & Financial Data Realty Income Corporation 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 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 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 Baird RJ Milligan rjmilligan@rwbaird.com (813) 273-8252 William Harman wharman@rwbaird.com (414) 298-2337 Bank of America Merrill Lynch Joshua Dennerlein joshua.dennerlein@baml.com (646) 855-1681 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 James Sullivan jsullivan@btig.com (212) 738-6139 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 Barry Oxford boxford@dadco.com (212) 240-9871 James O. Lykins jlykins@dadco.com (212) 576-1845 Edward Jones Roy Shepard royal.shepard@edwardjones.com (314) 515-3510 Goldman Sachs Andrew Rosivach andrew.rosivach@gs.com (212) 902-2796 Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Brad Burke brad.burke@gs.com (917) 343-2082 Jeffrey Pehl jeffrey.pehl@gs.com (212) 357-4474 Green Street Cedrik Lachance clachance@greenstreetadvisors.com (949) 640-8780 Tyler Grant tgrant@greenstreetadvisors.com (949) 640-8780 Janney Montgomery Scott Robert Stevenson robstevenson@janney.com (646) 840-3217 Venkat Kommineni vkommineni@janney.com (646) 840-3219 Hersh Shintre hshintre@janney.com (646) 840-3201 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 Mitsubishi UFJ Securities (USA), Inc. Karin Ford kford@us.sc.mufg.jp (212) 405-7349 Mizuho Securities USA, Inc. Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Jieren Huang jieren.huang@us.mizuho-sc.com (212) 205-7862 Morgan Stanley Vikram Malhotra vikram.malhotra@morganstanley.com (212) 761-7064 Landon Park landon.park@morganstanley.com (212) 761-6368 Morningstar Edward Mui edward.mui@morningstar.com (312) 348-2379 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 Michael Carroll michael.carroll@rbccm.com (440) 715-2649 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 UBS Jeremy Metz jeremy-metz@ubs.com (212) 713-2429 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 Wunderlich Craig Kucera ckucera@wundernet.com (540) 277-3366