EX-99.2 3 realtyincomeq42018supple.htm EXHIBIT 99.2
Exhibit 99.2 an S&P 500 company SUPPLEMENTAL OPERATING S&P High Yield & FINANCIAL DATA Dividend Aristocrats® Q4 2018 index member

Table Of Contents 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 Adjusted EBITDAre & 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 18 Property Type Composition 19 Same Store Rental Revenue 20 Leasing Data Occupancy 22 Leasing Activity 23 Lease Expirations 24 Earnings Guidance 25 Analyst Coverage 26 This Supplemental Operating & Financial Data should be read in connection with the company's fourth quarter 2018 earnings press release (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on February 20, 2019) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data. Q4 2018 Supplemental Operating & Financial Data 2

Corporate Overview Corporate Profile Senior Management Realty Income, The Monthly Dividend Company®, is an S&P 500 company Sumit Roy, President & Chief Executive Officer dedicated to providing stockholders with dependable monthly dividends Paul M. Meurer, Executive VP, Chief Financial Officer and Treasurer that increase over time. The monthly dividends are supported by the cash flow generated from real estate owned under long-term, net lease Michael R. Pfeiffer, Executive VP, General Counsel and Secretary agreements with regional and national commercial tenants. Over the past Neil M. Abraham, Executive VP, Chief Strategy Officer 50 years, Realty Income has been acquiring and managing freestanding Mark E. Hagan, Executive VP, Chief Investment Officer commercial properties that generate rental revenue under long-term, net Benjamin N. Fox, Executive VP, Asset Management & Real Estate Operations lease agreements. Credit Ratings Portfolio Overview Moody’s A3 Stable Outlook At December 31, 2018, we owned a diversified portfolio of 5,797 properties Standard & Poor’s A- Stable Outlook located in 49 states and Puerto Rico, with over 93.3 million square feet of leasable space. Our properties are leased to 262 different commercial Fitch BBB+ Stable Outlook tenants doing business in 48 separate industries. Approximately 82% of our quarterly rental revenues were generated from retail properties, 12% Dividend Information as of February 2019 from industrial properties, and the remaining were from other property ▪ Current annualized dividend of $2.706 per share types. Our physical occupancy rate as of December 31, 2018 was 98.6%, ▪ Compound average annual dividend growth rate of approximately 4.6% with a weighted average remaining lease term of approximately 9.2 years. Our minimum contractual annual rent expected to be received on our ▪ 584 consecutive monthly dividends declared leases for the next twelve months (excluding percentage rent) is ▪ 85 consecutive quarterly dividend increases $1.299 billion at December 31, 2018. Corporate Headquarters Common Stock 11995 El Camino Real Our Common Stock is traded on the New York Stock Exchange under San Diego, California 92130 the symbol "O“. Phone: (858) 284-5000 December 31, 2018 Website: www.realtyincome.com Closing price $ 63.04 Transfer Agent Shares and units outstanding 304,432,909 Computershare Market value of common equity $ 19,191,451,000 Phone: (877) 218-2434 Total market capitalization $ 25,711,828,000 Website: www.computershare.com Q4 2018 Supplemental Operating & Financial Data 3

Consolidated Statements Of Income (dollars in thousands, except per share amounts) (unaudited) (unaudited) Three months ended Year ended December 31, December 31, 2018 2017 2018 2017 REVENUE Rental $ 329,405 $ 298,899 $ 1,274,596 $ 1,166,224 Tenant reimbursements 11,776 11,165 46,950 46,082 Other 1,395 590 6,292 3,462 Total revenue 342,576 310,654 1,327,838 1,215,768 EXPENSES Depreciation and amortization 137,711 127,033 539,780 498,788 Interest 70,635 61,477 266,020 247,413 General and administrative 34,178 15,219 84,148 58,446 Property (including reimbursable) 17,732 16,652 66,326 69,480 Income taxes 1,607 3,424 5,340 6,044 Provisions for impairment 1,235 6,679 26,269 14,751 Total expenses 263,098 230,484 987,883 894,922 Gain of sales of real estate 5,825 23,208 24,643 40,898 Loss on extinguishment of debt — (42,426) — (42,426) Net income 85,303 60,952 364,598 319,318 Net income attributable to noncontrolling interests (231) (100) (984) (520) Net income attributable to the Company 85,072 60,852 363,614 318,798 Preferred stock dividends — — — (3,911) Excess of redemption value over carrying value of preferred shares subject to redemption — — — (13,373) Net income available to common stockholders $ 85,072 $ 60,852 $ 363,614 $ 301,514 Net income available to common stockholders per common share: Basic and diluted $ 0.29 $ 0.22 $ 1.26 $ 1.10 Q4 2018 Supplemental Operating & Financial Data 4

Funds From Operations (FFO) (dollars in thousands, except per share amounts) 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 depreciable 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, 2018 2017 2018 2017 Net income available to common stockholders $ 85,072 $ 60,852 $ 363,614 $ 301,514 Depreciation and amortization 137,711 127,033 539,780 498,788 Depreciation of furniture, fixtures and equipment (158) (118) (650) (557) Provisions for impairment 1,235 6,679 26,269 14,751 Gain on sales of real estate (5,825) (23,208) (24,643) (40,898) FFO adjustments allocable to noncontrolling interests (292) (250) (1,113) (933) FFO available to common stockholders $ 217,743 $ 170,988 $ 903,257 $ 772,665 FFO allocable to dilutive noncontrolling interests 473 — 867 877 Diluted FFO $ 218,216 $ 170,988 $ 904,124 $ 773,542 FFO per common share: Basic $ 0.73 $ 0.61 $ 3.12 $ 2.83 Diluted $ 0.73 $ 0.61 $ 3.12 $ 2.82 Distributions paid to common stockholders $ 196,835 $ 179,306 $ 761,582 $ 689,294 FFO available to common stockholders in excess of (less than) distributions paid to common stockholders $ 20,908 $ (8,318) $ 141,675 $ 83,371 Weighted average number of common shares used for FFO per share computations: Basic 297,730,206 281,923,090 289,427,430 273,465,680 Diluted 298,609,734 282,023,488 289,923,984 273,936,752 Q4 2018 Supplemental Operating & Financial Data 5

Adjusted Funds From Operations (AFFO) (dollars in thousands, except per share amounts) 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, 2018 2017 2018 2017 Net income available to common stockholders $ 85,072 $ 60,852 $ 363,614 $ 301,514 Cumulative adjustments to calculate FFO (1) 132,671 110,136 539,643 471,151 FFO available to common stockholders 217,743 170,988 903,257 772,665 Executive severance charge 18,651 — 18,651 — Loss on extinguishment of debt — 42,426 — 42,426 Excess of redemption value over carrying value of Class F preferred share redemption — — — 13,373 Amortization of share-based compensation 2,943 3,305 15,470 13,946 Amortization of deferred financing costs 1,119 1,193 3,991 5,326 Amortization of net mortgage (premiums) discounts (354) 1,114 (1,520) (466) Loss (gain) on interest rate swaps 331 (2,022) (2,733) (3,250) Leasing costs and commissions (1,076) (326) (3,907) (1,575) Recurring capital expenditures (555) (376) (1,084) (912) Straight-line rent (6,480) (4,859) (24,687) (17,191) Amortization of above and below-market leases 4,427 3,800 16,852 14,013 Other adjustments 64 69 268 283 Total AFFO available to common stockholders $ 236,813 $ 215,312 $ 924,558 $ 838,638 AFFO allocable to dilutive noncontrolling interests 487 293 901 1,178 Diluted AFFO $ 237,300 $ 215,605 $ 925,459 $ 839,816 AFFO per common share: Basic $ 0.80 $ 0.76 $ 3.19 $ 3.07 Diluted $ 0.79 $ 0.76 $ 3.19 $ 3.06 Distributions paid to common stockholders $ 196,835 $ 179,306 $ 761,582 $ 689,294 AFFO available to common stockholders in excess of distributions paid to common stockholders $ 39,978 $ 36,006 $ 162,976 $ 149,344 Weighted average number of common shares used for AFFO per share computations: Basic 297,730,206 281,923,090 289,427,430 273,465,680 Diluted 298,609,734 282,428,692 289,923,984 274,024,934 (1) See reconciling items for FFO presented under "Funds from Operations (FFO).” Q4 2018 Supplemental Operating & Financial Data 6

Consolidated Balance Sheets (dollars in thousands , except per share amounts) December 31, 2018 December 31, 2017 ASSETS (unaudited) Real estate, at cost: Land $ 4,682,660 $ 4,080,400 Buildings and improvements 11,858,806 10,936,069 Total real estate, at cost 16,541,466 15,016,469 Less accumulated depreciation and amortization (2,714,534) (2,346,644) Net real estate held for investment 13,826,932 12,669,825 Real estate held for sale, net 16,585 6,674 Net real estate 13,843,517 12,676,499 Cash and cash equivalents 10,387 6,898 Accounts receivable, net 144,991 119,533 Lease intangible assets, net 1,199,597 1,194,930 Goodwill 14,630 14,970 Other assets, net 47,361 45,336 Total assets $ 15,260,483 $ 14,058,166 LIABILITIES AND EQUITY Distributions payable $ 67,789 $ 60,799 Accounts payable and accrued expenses 133,765 109,523 Lease intangible liabilities, net 310,866 268,796 Other liabilities 127,109 116,869 Line of credit payable 252,000 110,000 Term loans, net 568,610 445,286 Mortgages payable, net 302,569 325,941 Notes payable, net 5,376,797 5,230,244 Total liabilities 7,139,505 6,667,458 Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 303,742,090 shares issued and outstanding as of December 31, 2018 and 284,213,685 shares issued and outstanding as of December 31, 2017 10,754,495 9,624,264 Distributions in excess of net income (2,657,655) (2,252,763) Accumulated other comprehensive loss (8,098) — Total stockholders’ equity 8,088,742 7,371,501 Noncontrolling interests 32,236 19,207 Total equity 8,120,978 7,390,708 Total liabilities and equity $ 15,260,483 $ 14,058,166 Q4 2018 Supplemental Operating & Financial Data 7

Debt Summary (dollars in thousands) Maturity Date as of Principal Balance as of Interest Rate as of Weighted Average December 31, 2018 December 31, 2018 % of Debt December 31, 2018 Years until Maturity Credit Facility Credit Facility (1) March 24, 2023 $ 252,000 3.9% 3.25% 4.2 years Unsecured Term Loans Term Loan - Tau (2) January 4, 2019 70,000 1.1% 3.25% 0.0 years Term Loan - Realty Income 2020 (3) June 30, 2020 250,000 3.8% 2.62% 1.5 years Term Loan - Realty Income 2024 (4) March 24, 2024 250,000 3.8% 3.89% 5.2 years (7) Principal amount 570,000 8.7% 3.25% 3.0 years Deferred financing costs (1,390) Carrying value 568,610 Senior Unsecured Notes and Bonds 5.750% Notes due 2021 January 15, 2021 250,000 3.8% 5.75% 3.250% Notes due 2022 October 15, 2022 950,000 14.6% 3.25% 4.650% Notes due 2023 August 1, 2023 750,000 11.5% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 5.4% 3.88% 3.875% Notes due 2025 April 15, 2025 500,000 7.7% 3.88% 4.125% Notes due 2026 October 15, 2026 650,000 10.0% 4.13% 3.000% Notes due 2027 January 15, 2027 600,000 9.2% 3.00% 3.650% Notes due 2028 January 15, 2028 550,000 8.4% 3.65% 5.875% Bonds due 2035 March 15, 2035 250,000 3.8% 5.88% 4.650% Notes due 2047 March 15, 2047 550,000 8.4% 4.65% (7) Principal amount 5,400,000 82.8% 4.04% 8.7 years Unamortized net premiums and deferred financing costs (23,203) Carrying value 5,376,797 Mortgages Payable (5) 26 mortgages on 60 properties September 2019 - June 2032 298,377 4.6% 5.12% 3.2 years Unamortized net premiums and deferred financing costs 4,192 Carrying value 302,569 (6) (7) TOTAL DEBT $ 6,520,377 3.99% 7.8 years Fixed Rate $ 6,182,383 95% Variable Rate $ 337,995 5% (1) We have a $3.0 billion unsecured revolving credit facility with an initial term that expires in March 2023. It includes, at our election, two six-month extension options, at a cost of 0.0625% of the facility commitment, or $1.875 million per option. The credit facility also has a $1.0 billion expansion option. As of December 31, 2018, approximately $2.75 billion was available on the credit facility. (2) Borrowing under the term loan bears interest at all-in drawn pricing of 90 basis points over LIBOR. In January 2018, we entered into a six-month extension of this loan, which included, at our option, two additional six- month extensions. In June 2018, we exercised our first six-month extension option of this loan. In January 2019, we paid all of the outstanding principal and interest on this loan. (3) Borrowing under the term loan has been swapped to fixed and bears interest at an all-in rate of 2.62%. (4) Borrowing under the term loan has been swapped to fixed and bears interest at an all-in rate of 3.89%. (5) The mortgages payable are at fixed interest rates, except for mortgages totaling $16.0 million as of December 31, 2018. (6) Excludes non-cash unamortized net original issuance premiums recorded on the senior unsecured notes and bonds, non-cash unamortized net premiums recorded on the mortgages payable, and deferred financing costs on the term loans, notes and bonds, and mortgages payable. (7) The totals are calculated as the weighted average interest rate as of December 31, 2018 for each respective category. Q4 2018 Supplemental Operating & Financial Data 8

Debt Maturities as of December 31, 2018 (dollars in millions) Debt Maturities Year of Credit Term Mortgages Senior Unsecured Weighted Average Maturity Facility Loans (1) Payable Notes and Bonds Total Interest Rate (2) 2019 $ — $ 70.0 $ 20.7 $ — $ 90.7 3.69% 2020 — 250.0 82.4 — 332.4 3.21% 2021 — — 67.0 250.0 317.0 5.73% 2022 — — 109.7 950.0 1,059.7 3.43% 2023 252.0 — 6.7 750.0 1,008.7 4.65% Thereafter — 250.0 11.9 3,450.0 3,711.9 4.00% Totals $ 252.0 $ 570.0 $ 298.4 $ 5,400.0 $ 6,520.4 (1) In January 2019, we paid all outstanding principal and interest on the $70.0 million term loan. (2) Weighted average interest rate for 2023 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 2019 $ 1.2 $ 1.3 $ 17.0 $ 1.2 $ 20.7 4.78% 2020 1.2 1.2 12.6 67.4 82.4 4.99% 2021 18.2 17.7 30.7 0.4 67.0 5.65% 2022 0.4 10.0 61.6 37.7 109.7 4.98% 2023 0.3 5.9 0.3 0.2 6.7 4.11% Thereafter — — — 11.9 11.9 5.69% Totals $ 21.3 $ 36.1 $ 122.2 $ 118.8 $ 298.4 Q4 2018 Supplemental Operating & Financial Data 9

Capitalization & Financial Ratios (dollars in thousands, except per share amounts) Capitalization as of December 31, 2018 Capital Structure as of December 31, 2018 Principal Debt Balance Credit Facility $ 252,000 Unsecured Term Loans 570,000 Senior Unsecured Notes and Bonds 5,400,000 Mortgages Payable 298,377 Total Debt $ 6,520,377 Shares / Equity Units Stock Price Market Value Common Stock (NYSE: "O") 303,742,090 $ 63.04 $ 19,147,902 Common Units (1) 690,819 $ 63.04 $ 43,549 Total Equity $ 19,191,451 Total Market Capitalization (2) $ 25,711,828 Debt/Total Market Capitalization (2) 25.4% (1) In January 2019, we redeemed all remaining 317,022 common partnership units of Tau Operating Partnership, L.P. (2) Our enterprise value was $25,701,441 (total market capitalization less cash on hand). The percentage for Liquidity as of December 31, 2018 debt to enterprise value is materially consistent with that presented for total market capitalization. Cash on Hand $ 10,387 Dividend Data Availability under Credit Facility 2,748,000 $ 2,758,387 Year-over-Year 2018 2017 Growth Rate Common Dividend Paid per Share $ 2.631 $ 2.527 4.1% AFFO per Share (diluted) $ 3.19 $ 3.06 4.2% AFFO Payout Ratio 82.5% 82.6% Q4 2018 Supplemental Operating & Financial Data 10

Adjusted EBITDAre & Coverage Ratios (dollars in thousands) Reconciliation of Net Income to Adjusted EBITDAre (1) Three months ended December 31, 2018 Debt Service & Fixed Charge Coverage (4) Net income $ 85,303 Interest 70,635 Income taxes 1,607 Depreciation and amortization 137,711 Executive severance charge (2) 18,651 Impairment loss 1,235 Gain on sales of real estate (5,825) Quarterly Adjusted EBITDAre $ 309,317 Annualized Adjusted EBITDAre $ 1,237,268 Debt/Adjusted EBITDAre (3) 5.3 (1) The National Association of Real Estate Investment Trust (NAREIT) came to the conclusion that a NAREIT-defined EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) would provide investors with a consistent measure to help make investment decisions among REITs. We have re-labeled our Adjusted EBITDA to “Adjusted EBITDAre” in order to be consistent with the NAREIT definition, other than the one-time executive severance charge described below. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter, as earnings (net income) before (i) interest expense, including non-cash gain on swaps, (ii) income and franchise taxes, (iii) real estate depreciation and amortization, (iv) impairment losses, (v) gain on sales of real estate, and (vi) executive severance charge (as described in the Adjusted Funds from Operations section). Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by NAREIT, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it is widely followed by industry analysts, lenders and investors. Management also believes the use of an annualized quarterly Adjusted EBITDAre metric is meaningful because it represents the company’s current earnings run rate for the period presented. The ratio of our total debt to our annualized quarterly Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDAre should be considered along with, but not as an alternative to net income as a measure of our operating performance. Our ratio of debt to Adjusted EBITDAre, which is used by management as a measure of leverage, is calculated by annualizing quarterly Adjusted EBITDAre and then dividing by our total debt per the consolidated balance sheet. (2) Reflects an $18.7 million severance charge for our former CEO upon his departure in October 2018. (3) Our ratio of debt to adjusted EBITDAre, which is used by management as a measure of leverage, is calculated by annualizing quarterly adjusted EBITDAre and then dividing by our total debt per the consolidated balance sheet. (4) Fixed charge coverage is calculated in the same manner as the debt service coverage, except that preferred stock dividends are also added to the denominator. Since we redeemed our Class F preferred stock in April 2017, our fixed charge coverage is equivalent to our debt service coverage. Refer to footnote 1 on page 12 for a detailed description of the calculation of debt service and fixed charge coverage. Q4 2018 Supplemental Operating & Financial Data 11

Debt Covenants As of December 31, 2018 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 39.2% Limitation on incurrence of secured debt ≤ 40% of adjusted undepreciated assets 1.9% Debt service and fixed charge coverage (trailing 12 months) (1) ≥ 1.5x 4.4x Maintenance of total unencumbered assets ≥ 150% of unsecured debt 258.4% (1) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on January 1, 2018, 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, 2018, nor does it purport to reflect our debt service coverage ratio for any future period. Our fixed charge coverage is calculated in the same manner as our debt service coverage, except that preferred stock dividends are also added to the denominator; since we redeemed our Class F preferred dividends in April 2017, our fixed charge coverage ratio is equivalent to our debt service coverage. Q4 2018 Supplemental Operating & Financial Data 12

Investment Summary (dollars in thousands) Cash Weighted Number of Leasable Capitalization Average Lease First Quarter 2018 Properties Investment Cash Rents Square Feet Rate (1) Term (Years) New Property Acquisitions 168 $ 506,040 $ 31,268 851,528 6.2% 14.0 Properties under Development (2) 6 3,767 254 102,728 6.7% 12.7 Total Real Estate Investments 174 $ 509,807 $ 31,522 954,256 6.2% 14.0 Approximately 85% of the annualized revenue generated by these investments is from investment grade tenants (3) Cash Weighted Number of Leasable Capitalization Average Lease Second Quarter 2018 Properties Investment Cash Rents Square Feet Rate (1) Term (Years) New Property Acquisitions 180 $ 286,473 $ 18,491 989,707 6.5% 14.2 Properties under Development (2) 10 60,551 4,028 894,339 6.7% 10.7 Total Real Estate Investments 190 $ 347,024 $ 22,519 1,884,046 6.5% 13.6 Approximately 52% of the annualized revenue generated by these investments is from investment grade tenants (3) Cash Weighted Number of Leasable Capitalization Average Lease Third Quarter 2018 Properties Investment Cash Rents Square Feet Rate (1) Term (Years) New Property Acquisitions 232 $ 603,141 $ 38,176 1,355,269 6.3% 15.3 Properties under Development (2) 6 5,392 433 86,812 8.0% 12.0 Total Real Estate Investments 238 $ 608,533 $ 38,609 1,442,081 6.3% 15.3 Approximately 62% of the annualized revenue generated by these investments is from investment grade tenants (3) Cash Weighted Number of Leasable Capitalization Average Lease Fourth Quarter 2018 Properties Investment Cash Rents Square Feet Rate (1) Term (Years) New Property Acquisitions 170 $ 321,478 $ 20,819 903,834 6.5% 16.2 Properties under Development (2) 10 10,616 830 17,650 7.8% 16.6 Total Real Estate Investments 180 $ 332,094 $ 21,649 921,484 6.5% 16.2 Approximately 24% of the annualized revenue generated by these investments is from investment grade tenants (3) Cash Weighted Number of Leasable Capitalization Average Lease 2018 Properties Investment Cash Rents Square Feet Rate (1) Term (Years) New Property Acquisitions 750 $ 1,717,132 $ 108,754 4,100,338 6.3% 14.9 Properties under Development (2) 14 80,326 5,545 1,101,529 6.9% 12.3 Total Real Estate Investments 764 $ 1,797,458 $ 114,299 5,201,867 6.4% 14.8 Approximately 59% of the annualized revenue generated by these investments is from investment grade tenants (3) (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) Includes investments during the period in new development and development of existing properties. Cash rents noted reflect total cash rents to be received on this investment amount upon completion of the properties under development. (3) Refer to footnote 2 on page 16 for our definition of investment grade tenants. Q4 2018 Supplemental Operating & Financial Data 13

Disposition Summary (dollars in thousands) Cash Capitalization First Quarter 2018 Number of Properties Original Investment Net Book Value Net Proceeds Rate (1) Occupied 3 $ 6,635 $ 5,651 $ 8,448 6.6% Vacant 11 $ 15,405 $ 4,875 $ 5,331 — Total Real Estate Dispositions 14 $ 22,040 $ 10,526 $ 13,779 The unlevered internal rate of return on properties sold during the first quarter was 7.3% Cash Capitalization Second Quarter 2018 Number of Properties Original Investment Net Book Value Net Proceeds Rate (1) Occupied 10 $ 16,576 $ 14,305 $ 19,522 7.1% Vacant 16 $ 26,936 $ 11,379 $ 14,225 — Total Real Estate Dispositions 26 $ 43,512 $ 25,684 $ 33,747 The unlevered internal rate of return on properties sold during the second quarter was 8.3% Cash Capitalization Third Quarter 2018 Number of Properties Original Investment Net Book Value Net Proceeds Rate (1) Occupied 10 $ 18,899 $ 16,167 $ 23,297 8.3% Vacant 10 $ 29,295 $ 11,438 $ 12,201 — Total Real Estate Dispositions 20 $ 48,194 $ 27,605 $ 35,498 The unlevered internal rate of return on properties sold during the third quarter was 7.8% Cash Capitalization Fourth Quarter 2018 Number of Properties Original Investment Net Book Value Net Proceeds (2) Rate (1) Occupied 63 $ 82,486 $ 50,671 $ 54,115 15.2% Vacant 4 $ 4,500 $ 1,422 $ 2,358 — Total Real Estate Dispositions 67 $ 86,986 $ 52,093 $ 56,473 The unlevered internal rate of return on properties sold during the fourth quarter was 8.3% Cash Capitalization 2018 Number of Properties Original Investment Net Book Value Net Proceeds (2) Rate (1) Occupied 86 $ 124,596 $ 86,794 $ 105,382 11.5% Vacant 41 $ 76,136 $ 29,114 $ 34,115 — Total Real Estate Dispositions 127 $ 200,732 $ 115,908 $ 139,497 The unlevered internal rate of return on properties sold during 2018 was 8.1% (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 fourth quarter of 2018 we were awarded net proceeds of $2,790,000 related to one eminent domain transaction. Q4 2018 Supplemental Operating & Financial Data 14

Development Pipeline (dollars in thousands) Investment Retail Number of Properties to Date Remaining Investment Total Commitment Percent Leased (2) New development (1) 4 $ 18,558 $ 7,144 $ 25,702 100% Development of existing properties 1 $ 1,056 $ 1,088 $ 2,144 100% 5 $ 19,614 $ 8,232 $ 27,846 Investment Non-Retail Number of Properties to Date Remaining Investment Total Commitment Percent Leased (2) New development (1) — $ — $ — $ — — Development of existing properties 2 $ 6,948 $ 15,399 $ 22,347 100% 2 $ 6,948 $ 15,399 $ 22,347 Investment Total Number of Properties to Date Remaining Investment Total Commitment Percent Leased (2) New development (1) 4 $ 18,558 $ 7,144 $ 25,702 100% Development of existing properties 3 $ 8,004 $ 16,487 $ 24,491 100% 7 $ 26,562 $ 23,631 $ 50,193 (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 are between February 2019 and September 2019. Q4 2018 Supplemental Operating & Financial Data 15

Tenant Diversification Top 20 Tenants Investment Grade Tenants(2): Our 20 largest tenants based on percentage of total portfolio annualized rental revenue at December 31, 2018 include the following: Number of Leases 3,100 Percentage of Annualized Rents 51% Investment Grade Weighted Average Annual Growth Rate on 1.1% Number of Ratings Leases (3) Tenant Leases % of Revenue (S&P/Moody's/Fitch) Walgreens 219 6.3% BBB/Baa2/BBB 7-Eleven 398 5.5% AA-/Baa1/- FedEx 42 4.8% BBB/Baa2/- Dollar General 576 3.9% BBB/Baa2/- LA Fitness 54 3.7% - Dollar Tree / Family Dollar 468 3.4% BBB-/Baa3/- AMC Theatres 32 3.3% - Walmart / Sam’s Club 51 2.8% AA/Aa2/AA Circle K (Couche-Tard) 297 2.3% BBB/Baa2/- BJ’s Wholesale Clubs 15 2.0% - Treasury Wine Estates 17 1.9% - CVS Pharmacy 85 1.9% BBB/Baa2/- Life Time Fitness 11 1.9% - Regal Cinemas 24 1.7% - GPM Investments / Fas Mart 210 1.6% - Super America (Marathon) 132 1.6% BBB/Baa2/BBB TBC Corporation (Sumitomo) 159 1.4% A-/Baa1/- Kroger 17 1.4% BBB/Baa1/- Rite Aid 51 1.2% - Home Depot 15 1.2% A/A2/A Total 2,873 53.8% (2) We define investment grade tenants as tenants with a credit rating of Weighted Average EBITDAR/Rent Ratio on Retail Properties 2.9x (1) Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 51% of our annualized rental revenue is Median EBITDAR/Rent Ratio on Retail Properties 2.7x (1) generated from properties leased to investment grade tenants, including approximately 9% from properties leased to subsidiaries of (1) investment grade companies. Refer to page 19 for investment grade Based on an analysis of the most recently provided information from all retail tenants that provide such information. We do not independently verify the information we receive from our retail tenants. composition by property type. (3) Excludes leases with percentage rent. For leases with increases that are based on the growth of the consumer price index ("CPI"), we assume CPI grows at 1.5% annually. Q4 2018 Supplemental Operating & Financial Data 16

Industry Diversification Percentage of Rental Revenue For the Quarter Ended For the Year Ended December 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2018 2018 2017 2016 2015 2014 Aerospace 0.8% 0.8% 0.9% 1.0% 1.1% 1.2% Apparel stores 1.2 1.3 1.6 1.9 2.0 2.0 Automotive collision services 0.9 0.9 1.0 1.0 1.0 0.8 Automotive parts 1.7 1.7 1.3 1.3 1.4 1.3 Automotive service 2.2 2.2 2.2 1.9 1.9 1.8 Automotive tire services 2.3 2.4 2.6 2.7 2.9 3.2 Beverages 2.4 2.5 2.7 2.6 2.7 2.8 Child care 1.7 1.7 1.8 1.9 2.0 2.2 Consumer appliances 0.5 0.5 0.5 0.5 0.6 0.5 Consumer electronics 0.3 0.3 0.3 0.3 0.3 0.3 Consumer goods 0.7 0.7 0.8 0.9 0.9 0.9 Convenience stores 12.4 11.2 9.6 8.7 9.2 10.1 Crafts and novelties 0.7 0.7 0.6 0.6 0.6 0.6 Diversified industrial 0.8 0.8 0.9 0.9 0.8 0.5 Dollar stores 7.4 7.5 7.9 8.6 8.9 9.6 Drug stores 9.8 10.2 10.9 11.2 10.6 9.5 Education 0.3 0.3 0.3 0.3 0.3 0.4 Electric utilities 0.1 0.1 0.1 0.1 0.1 0.1 Entertainment 0.4 0.4 0.4 0.5 0.5 0.5 Equipment services 0.4 0.4 0.4 0.6 0.5 0.6 Financial services 2.3 2.3 2.4 1.8 1.7 1.8 Food processing 0.5 0.5 0.6 1.1 1.2 1.4 General merchandise 2.3 2.3 2.0 1.8 1.7 1.5 Government services 0.9 0.9 1.0 1.1 1.2 1.3 Grocery stores 4.9 5.0 4.4 3.1 3.0 3.0 Health and beauty 0.3 0.2 * * * * Health and fitness 7.2 7.4 7.5 8.1 7.7 7.0 Health care 1.5 1.5 1.4 1.5 1.7 1.8 Home furnishings 0.8 0.8 0.9 0.8 0.9 0.9 Home improvement 2.9 3.0 2.6 2.5 2.4 1.7 Insurance 0.1 0.1 0.1 0.1 0.1 0.1 Jewelry 0.1 0.1 0.1 0.1 0.1 0.1 Machinery 0.1 0.1 0.1 0.1 0.1 0.2 Motor vehicle dealerships 1.7 1.9 2.1 1.9 1.6 1.6 Office supplies 0.2 0.2 0.2 0.3 0.3 0.4 Other manufacturing 0.7 0.7 0.8 0.8 0.7 0.7 Packaging 1.1 1.1 1.0 0.8 0.8 0.8 Paper 0.1 0.1 0.1 0.1 0.1 0.1 Pet supplies and services 0.5 0.5 0.6 0.6 0.7 0.7 Restaurants - casual dining 3.4 3.2 3.8 3.9 3.8 4.3 Restaurants - quick service 6.2 5.7 5.1 4.9 4.2 3.7 Shoe stores 0.5 0.5 0.6 0.7 0.7 0.9 Sporting goods 1.0 1.1 1.4 1.6 1.8 1.6 Telecommunications 0.6 0.6 0.6 0.6 0.7 0.7 Theaters 5.4 5.5 5.0 4.9 5.1 5.3 Transportation services 4.8 5.0 5.4 5.5 5.4 5.2 Wholesale clubs 2.8 3.0 3.3 3.6 3.8 4.1 Other 0.1 0.1 0.1 0.2 0.2 0.2 Totals 100% 100% 100% 100% 100% 100% * Less than 0.1% Q4 2018 Supplemental Operating & Financial Data 17

Geographic Diversification (dollars in thousands) Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental State Properties Leased Square Feet December 31, 2018 (1) Revenue Alabama 169 98% 1,589,700 $ 5,958 1.8% Alaska 3 100 274,600 523 0.2 Arizona 117 100 1,821,000 6,848 2.1 Arkansas 86 100 922,300 2,288 0.7 California 193 100 6,031,800 28,977 8.8 Colorado 95 97 1,530,600 5,300 1.6 Connecticut 19 95 508,500 2,022 0.6 Delaware 18 100 93,000 750 0.2 Florida 398 98 4,196,800 18,672 5.7 Georgia 268 99 4,299,800 13,397 4.1 Idaho 12 100 87,000 418 0.1 Illinois 265 99 5,933,500 19,674 6.0 Indiana 189 98 2,220,400 9,087 2.8 Iowa 40 95 3,034,800 4,403 1.3 Kansas 110 96 1,931,800 5,042 1.5 Kentucky 80 100 1,695,300 4,689 1.4 Louisiana 115 97 1,588,000 5,144 1.6 Maine 18 100 203,700 1,225 0.4 Maryland 37 97 1,017,500 4,891 1.5 Massachusetts 58 91 656,500 2,833 0.9 Michigan 184 99 1,961,400 7,082 2.2 Minnesota 164 100 2,134,500 10,374 3.2 Mississippi 154 95 1,720,600 4,864 1.5 Missouri 176 97 2,775,500 8,719 2.7 Montana 11 100 87,000 498 0.2 Nebraska 43 98 780,100 1,981 0.6 Nevada 24 100 1,196,900 2,218 0.7 New Hampshire 13 100 296,400 1,372 0.4 New Jersey 73 97 998,400 5,731 1.7 New Mexico 34 100 366,400 1,105 0.3 New York 125 100 2,838,400 15,670 4.8 North Carolina 186 99 2,812,200 8,861 2.7 North Dakota 6 100 117,700 212 0.1 Ohio 304 100 6,962,500 17,416 5.3 Oklahoma 168 100 1,775,300 4,990 1.5 Oregon 28 96 593,300 2,291 0.7 Pennsylvania 223 99 2,295,500 10,766 3.3 Rhode Island 3 100 158,000 814 0.2 South Carolina 175 99 1,683,100 7,651 2.3 South Dakota 15 100 195,200 472 0.1 Tennessee 251 98 3,589,800 10,930 3.3 Texas 712 99 10,614,100 37,695 11.5 Utah 22 100 933,000 2,264 0.7 Vermont 2 100 88,000 365 0.1 Virginia 212 98 3,129,000 10,057 3.1 Washington 47 98 755,700 2,987 0.9 West Virginia 25 100 418,100 1,471 0.4 Wisconsin 117 99 2,383,700 7,029 2.1 Wyoming 6 100 54,700 296 0.1 Puerto Rico 4 100 28,300 149 * Totals\Average 5797 99% 93,379,400 $ 328,471 100% * Less than 0.1% (1) Includes rental revenue for all properties owned at December 31, 2018. Excludes rental revenue of $934 from sold properties. Q4 2018 Supplemental Operating & Financial Data 18

Property Type Composition (dollars in thousands) Percentage of Rental Percentage of Rental Revenue for Revenue for the Annualized Revenue Approximate Leasable the Quarter Ended Quarter Ended from Investment Property Type Number of Properties Square Feet December 31, 2018 (1) December 31, 2018 Grade Tenants (2) Retail 5,623 63,297,600 $ 268,258 81.7% 46.5% Industrial 117 26,793,100 39,922 12.1 78.9 Office 42 3,104,200 13,652 4.2 85.4 Agriculture 15 184,500 6,639 2.0 — Totals 5,797 93,379,400 $ 328,471 100% (1) Includes rental revenue for all properties owned at December 31, 2018. Excludes rental revenue of $934 from sold properties. (2) Refer to footnote 2 on page 16 for our definition of investment grade tenants. Q4 2018 Supplemental Operating & Financial Data 19

Same Store Rental Revenue (dollars in thousands) Fourth Quarter 2018 Same Store Rental Revenue Top 3 Industries Contributing to the Change Number of Properties 4,629 Quarter ended Quarter ended Net % Change Square Footage 78,078,942 Industry December 31, 2018 December 31, 2017 Change by Industry Q4 2018 $ 272,100 Health and Fitness $ 21,095 $ 20,794 $ 301 1.4% Q4 2017 $ 270,006 Convenience Stores 27,846 27,578 268 1.0% Increase (in dollars) $ 2,094 Drug Stores 30,214 29,979 235 0.8% Increase (percent) 0.8% 2018 Same Store Rental Revenue Top 3 Industries Contributing to the Change Number of Properties 4,629 Year ended Year ended Net % Change Square Footage 78,078,942 Industry December 31, 2018 December 31, 2017 Change by Industry 2018 $ 1,084,183 Health and Fitness $ 84,005 $ 82,761 $ 1,244 1.5% 2017 $ 1,074,641 Convenience Stores 110,983 110,085 898 0.8% Increase (in dollars) $ 9,542 Grocery Stores 40,080 39,184 896 2.3% Increase (percent) 0.9% 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 for All Properties Owned (1) Number of Properties 4,757 2018 $ 1,107,838 2017 $ 1,102,277 Increase (in dollars) $ 5,561 Increase (percent) 0.5% (1) Includes revenue generated from all properties owned continuously from January 1, 2017 through December 31, 2018. Q4 2018 Supplemental Operating & Financial Data 20

Same Store Rental Revenue (dollars in thousands) Same Store Rental Revenue by Property Type Fourth Quarter 2018 Quarter ended Quarter ended Net % Change by Property Type December 31, 2018 December 31, 2017 Change Property Type Retail $ 217,046 $ 215,633 $ 1,413 0.7% Industrial 36,082 35,614 468 1.3% Office 13,437 13,292 145 1.1% Agriculture 5,535 5,467 68 1.3% Total $ 272,100 $ 270,006 $ 2,094 0.8% 2018 Year ended Year ended Net % Change by Property Type December 31, 2018 December 31, 2017 Change Property Type Retail $ 863,688 $ 855,980 $ 7,708 0.9% Industrial 143,813 142,741 1,072 0.8% Office 53,559 53,069 490 0.9% Agriculture 23,123 22,851 272 1.2% Total $ 1,084,183 $ 1,074,641 $ 9,542 0.9% Q4 2018 Supplemental Operating & Financial Data 21

Occupancy By Property Change in Occupancy Occupied Properties 5,717 Vacant Properties at 9/30/18 71 Total Properties 5,797 Occupancy 98.6% Expiration Activity (1) + 76 Leasing Activity (2) - 62 By Square Footage Vacant Property Sales Activity (3) - 5 Occupied Square Footage 92,290,878 Total Square Footage 93,379,426 Vacant Properties at 12/31/18 80 Occupancy 98.8% (1) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the current quarter. By Rental Revenue (Economic Occupancy) (2) Includes 60 expirations that were re-leased to the same tenants without Quarterly Rental Revenue $ 323,217,738 vacancy and two that were re-leased to new tenants after a period of vacancy. See page 23 for additional detail on re-leasing activity. Quarterly Vacant Rental Revenue(1) $ 3,256,500 (3) Includes three properties that were vacant at the beginning of the quarter. Occupancy 99.0% (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Occupancy by Number of Properties Q4 2018 Supplemental Operating & Financial Data 22

Leasing Activity (dollars in thousands) Re-leased to New Tenant Allocation Based on Number of Leases Re-leased to Without After a Period Re-leasing Q4 2018 Same Tenant Vacancy of Vacancy Totals Prior Cash Rents $ 7,934 $ — $ 612 $ 8,546 New Cash Rents* $ 7,784 $ — $ 225 $ 8,009 Recapture Rate 98.1% — 36.8% 93.7% Number of Leases 60 — 2 62 Average Months Vacant — — 13.2 0.4 Lease Incentives(1) $ — $ — $ — $ — *Percentage of Total Annualized Portfolio Rental Revenue: 0.8% Re-leased to New Tenant Re-leased to Without After a Period Re-leasing 2018 Same Tenant Vacancy of Vacancy Totals Prior Cash Rents $ 39,584 $ 160 $ 4,917 $ 44,661 New Cash Rents* $ 41,980 $ 187 $ 3,987 $ 46,154 Recapture Rate 106.1% 116.6% 81.1% 103.3% Number of Leases 215 3 10 228 Average Months Vacant — — 17.4 0.8 Lease Incentives(1) $ — $ — $ 175 $ 175 *Percentage of Total Annualized Portfolio Rental Revenue: 3.5% (1) Lease incentives are defined as capital outlays made on behalf of a tenant which are specific to the tenant’s use and benefit, and are not capitalized as improvements to the property. Q4 2018 Supplemental Operating & Financial Data 23

Lease Expirations (dollars in thousands) Our leases have a weighted average remaining lease term of approximately 9.2 years. Total Portfolio (1) Approx. % of Expiring Leases Leasable Rental Rental Year Retail Non-Retail Sq. Feet Revenue Revenue 2019 244 10 3,012,700 $ 11,279 3.4% 2020 224 13 4,192,100 12,848 3.9 2021 328 15 5,494,400 15,395 4.7 2022 396 22 10,023,900 21,563 6.6 2023 544 23 9,590,100 29,642 9.0 2024 284 13 5,194,300 15,863 4.8 2025 338 13 5,246,500 20,499 6.2 2026 313 4 4,631,100 15,664 4.8 2027 536 5 6,224,300 22,581 6.9 2028 336 13 8,825,300 21,835 6.6 2029 413 7 7,596,400 22,226 6.8 2030 164 14 3,512,900 16,909 5.2 2031 304 25 5,973,600 27,582 8.4 2032 92 4 3,113,500 11,987 3.7 2033 260 — 2,161,100 14,842 4.5 2034 - 2043 828 4 7,422,400 47,688 14.5 Totals 5,604 185 92,214,600 $ 328,403 100.0% (1) This table sets forth the timing of remaining lease term expirations in our portfolio and their contribution to rental revenue for the quarter ended December 31, 2018. The lease expirations for leases under construction are based on the estimated date of completion of those projects. Excludes revenue of $68 from 99 expired leases, and $934 from sold properties at December 31, 2018. Leases on our multi-tenant properties are counted separately in the table above. Q4 2018 Supplemental Operating & Financial Data 24

Earnings Guidance We estimate FFO per share for 2019 of $3.23 to $3.29. We estimate AFFO per share for 2019 of $3.25 to $3.31, an increase of 2% to 4% over 2018 AFFO per share of $3.19. Summarized below are approximate estimates of the key components of the company’s 2019 earnings guidance: 2019 Guidance Net income per share $1.36 to $1.42 Real estate depreciation and impairments per share $1.92 Gains on sales of properties per share ($0.05) FFO per share $3.23 to $3.29 AFFO per share $3.25 to $3.31 Same store rent growth 1.0% Occupancy 98% G&A expenses (% of revenues) (1) <5.0% Property expenses (non-reimbursable) (% of revenues) (1) 1.50% to 1.75% Acquisition volume $1.5 to $2.0 billion Disposition volume $75 to $100 million (1) Excludes tenant reimbursement revenue. 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. Q4 2018 Supplemental Operating & Financial Data 25

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 Citigroup Michael Bilerman michael.bilerman@citi.com (212) 816-1383 Christy McElroy christy.mcelroy@citi.com (212) 816-6981 D.A. Davidson Barry Oxford boxford@dadco.com (212) 240-9871 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Goldman Sachs Andrew Rosivach andrew.rosivach@gs.com (212) 902-2796 Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Green Street Spenser Allaway sallaway@greenstreetadvisors.com (949) 640-8780 Janney Montgomery Scott Robert Stevenson robstevenson@janney.com (646) 840-3217 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 Nikita Bely nikita.bely@jpmorgan.com (212) 622-0695 Ladenburg Thalmann John Massocca jmassocca@ladenburg.com (212) 409-2543 Mitsubishi UFG Securities (USA), Inc. Karin Ford karin.ford@mufgsecurities.com (212) 405-7249 Ryan Cybart ryan.cybart@mufgsecurities.com (212) 405-6591 Mizuho Securities USA, Inc. Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Morgan Stanley Vikram Malhotra vikram.malhotra@morganstanley.com (212) 761-7064 Kevin Egan kevin.egan@morganstanley.com (212) 761-5028 Raymond James Collin Mings collin.mings@raymondjames.com (727) 567-2585 Paul Puryear paul.puryear@raymondjames.com (727) 567-2253 Marnie Georges marnie.georges@raymondjames.com (727) 567-2638 RBC Capital Markets Wes Golladay wes.golladay@rbccm.com (440) 715-2650 Scotiabank Nicholas Yulico nicholas.yulico@scotiabank.com (212) 225-6904 Greg McGinniss greg.mcginniss@scotiabank.com (212) 225-6906 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 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 is covered by the analysts at the firms listed above. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Realty Income's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Realty Income or its management. Realty Income does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts. Q4 2018 Supplemental Operating & Financial Data 26