EX-99.2 3 realtyincomeq32019supple.htm EXHIBIT 99.2
Exhibit 99.2 An S&P 500 SUPPLEMENTAL OPERATING company S&P High Yield & FINANCIAL DATA Dividend Aristocrats® Q3 2019 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 Top 10 Industries 17 Industry Diversification 18 Geographic Diversification 20 Property Type Composition 22 Same Store Rental Revenue 23 Leasing Data Occupancy 25 Leasing Activity 26 Lease Expirations 27 Earnings Guidance 28 Analyst Coverage 29 This Supplemental Operating & Financial Data should be read in connection with the company's third quarter 2019 earnings press release (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on November 4, 2019) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data. Q3 2019 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, EVP, 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, EVP, Chief Administrative Officer, General Counsel and Secretary agreements with commercial tenants. For over 50 years, Realty Income has been acquiring and managing freestanding commercial properties that Neil M. Abraham, EVP, Chief Strategy Officer generate rental revenue under long-term, net lease agreements. Mark E. Hagan, EVP, Chief Investment Officer Benjamin N. Fox, EVP, Asset Management & Real Estate Operations Portfolio Overview Credit Ratings At September 30, 2019, we owned a diversified portfolio of 5,964 properties located in 49 U.S. states, Puerto Rico and the United Kingdom Moody’s A3 Stable Outlook (U.K.), with over 100.5 million square feet of leasable space. Our Standard & Poor’s A- Stable Outlook properties are leased to 274 different commercial tenants doing business Fitch BBB+ Stable Outlook in 49 separate industries. Approximately 83% of our quarterly rental revenue was generated from retail properties, 12% from industrial properties, and the remaining was from other property types. Our physical Dividend Information as of October 2019 occupancy as of September 30, 2019 was 98.3%, with a weighted average ▪ Current annualized dividend of $2.724 per share remaining lease term of approximately 9.3 years. Annualized base rent on ▪ Compound average annual dividend growth rate of approximately 4.5% our leases as of September 30, 2019 is approximately $1.437 billion. ▪ 592 consecutive monthly dividends declared Common Stock ▪ 88 consecutive quarterly dividend increases Our Common Stock is traded on the New York Stock Exchange under Corporate Headquarters the symbol "O“. 11995 El Camino Real San Diego, California 92130 Phone: (858) 284-5000 September 30, 2019 Website: www.realtyincome.com Closing price $ 76.68 Shares and units outstanding 326,373,400 Transfer Agent Market value of common equity $ 25,026,312,000 Computershare Total market capitalization $ 32,092,298,000 Phone: (877) 218-2434 Website: www.computershare.com Q3 2019 Supplemental Operating & Financial Data 3

Consolidated Statements Of Income (dollars in thousands, except per share amounts (1)) (unaudited) (unaudited) Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 REVENUE Rental (including reimbursable) (2) $ 372,312 $ 337,252 $ 1,090,601 $ 980,365 Other 1,935 829 3,461 4,897 Total revenue 374,247 338,081 1,094,062 985,262 EXPENSES Depreciation and amortization 149,424 136,967 437,367 402,069 Interest 73,410 69,342 215,918 195,385 General and administrative 16,460 16,332 50,153 49,970 Property (including reimbursable) 20,354 15,806 63,332 48,594 Income taxes 1,822 1,302 4,422 3,733 Provisions for impairment 13,503 6,862 31,236 25,034 Total expenses 274,973 246,611 802,428 724,785 Gain on sales of real estate 1,674 7,813 15,828 18,818 Foreign currency and derivative gains, net 327 — 463 — Net income 101,275 99,283 307,925 279,295 Net income attributable to noncontrolling interests (226) (284) (740) (753) Net income available to common stockholders $ 101,049 $ 98,999 $ 307,185 $ 278,542 Net income available to common stockholders per common share: Basic $ 0.32 $ 0.34 $ 0.99 $ 0.97 Diluted $ 0.32 $ 0.34 $ 0.98 $ 0.97 (1) Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. (2) Includes rental revenue (reimbursable) of $15,523 and $12,479 for the three months ended September 30, 2019 and September 30, 2018, respectively, and $49,274 and $35,174 for the nine months ended September 30, 2019 and September 30, 2018, respectively. Unless otherwise specified, references to rental revenue in this document are exclusive of reimbursements from tenants for recoverable real estate taxes and operating expenses. Q3 2019 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income available to common stockholders $ 101,049 $ 98,999 $ 307,185 $ 278,542 Depreciation and amortization 149,424 136,967 437,367 402,069 Depreciation of furniture, fixtures and equipment (136) (166) (438) (493) Provisions for impairment 13,503 6,862 31,236 25,034 Gain on sales of real estate (1,674) (7,813) (15,828) (18,818) FFO adjustments allocable to noncontrolling interests (135) (299) (327) (820) FFO available to common stockholders $ 262,031 $ 234,550 $ 759,195 $ 685,514 FFO allocable to dilutive noncontrolling interests 362 217 1,032 667 Diluted FFO $ 262,393 $ 234,767 $ 760,227 $ 686,181 FFO per common share: Basic $ 0.82 $ 0.81 $ 2.44 $ 2.39 Diluted $ 0.82 $ 0.81 $ 2.43 $ 2.39 Distributions paid to common stockholders $ 216,248 $ 191,703 $ 629,658 $ 564,747 FFO available to common stockholders in excess of distributions paid to common stockholders $ 45,783 $ 42,847 $ 129,537 $ 120,767 Weighted average number of common shares used for FFO per share computations: Basic 319,945,932 290,664,368 311,556,279 286,599,191 Diluted 320,726,136 291,207,186 312,300,391 287,105,285 Q3 2019 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income available to common stockholders $ 101,049 $ 98,999 $ 307,185 $ 278,542 Cumulative adjustments to calculate FFO (1) 160,982 135,551 452,010 406,972 FFO available to common stockholders 262,031 234,550 759,195 685,514 Amortization of share-based compensation 3,187 3,870 10,478 12,527 Amortization of deferred financing costs 1,299 1,014 3,471 2,872 Amortization of net mortgage premiums (354) (354) (1,061) (1,167) Loss (gain) on interest rate swaps 694 (265) 2,058 (3,064) Straight-line income from cross-currency swaps 1,754 — 2,553 — Leasing costs and commissions (851) (379) (1,880) (2,831) Recurring capital expenditures (406) (382) (577) (529) Straight-line rent (7,642) (6,575) (19,735) (18,207) Amortization of above and below-market leases 5,486 4,655 13,227 12,426 Other adjustments 157 61 297 203 Total AFFO available to common stockholders $ 265,355 $ 236,195 $ 768,026 $ 687,744 AFFO allocable to dilutive noncontrolling interests 368 227 1,064 692 Diluted AFFO $ 265,723 $ 236,422 $ 769,090 $ 688,436 AFFO per common share: Basic $ 0.83 $ 0.81 $ 2.47 $ 2.40 Diluted $ 0.83 $ 0.81 $ 2.46 $ 2.40 Distributions paid to common stockholders $ 216,248 $ 191,703 $ 629,658 $ 564,747 AFFO available to common stockholders in excess of distributions paid to common stockholders $ 49,107 $ 44,492 $ 138,368 $ 122,997 Weighted average number of common shares used for AFFO per share computations: Basic 319,945,932 290,664,368 311,556,279 286,599,191 Diluted 320,726,136 291,207,186 312,300,391 287,105,285 (1) See reconciling items for FFO presented under "Funds from Operations (FFO).” Q3 2019 Supplemental Operating & Financial Data 6

Consolidated Balance Sheets (dollars in thousands , except per share amounts) September 30, 2019 December 31, 2018 ASSETS (unaudited) Real estate, at cost: Land $ 5,085,951 $ 4,682,660 Buildings and improvements 13,062,209 11,858,806 Total real estate, at cost 18,148,160 16,541,466 Less accumulated depreciation and amortization (3,017,204) (2,714,534) Net real estate held for investment 15,130,956 13,826,932 Real estate held for sale, net 15,770 16,585 Net real estate 15,146,726 13,843,517 Cash and cash equivalents 236,064 10,387 Accounts receivable 163,444 144,991 Lease intangible assets, net 1,313,798 1,199,597 Goodwill 14,503 14,630 Other assets, net 305,369 47,361 Total assets $ 17,179,904 $ 15,260,483 LIABILITIES AND EQUITY Distributions payable $ 74,735 $ 67,789 Accounts payable and accrued expenses 163,154 133,765 Lease intangible liabilities, net 326,172 310,866 Other liabilities 260,357 127,109 Line of credit payable — 252,000 Term loans, net 498,936 568,610 Mortgages payable, net 282,053 302,569 Notes payable, net 6,256,400 5,376,797 Total liabilities 7,861,807 7,139,505 Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 325,910,281 shares issued and outstanding as of September 30, 2019 and 370,100,000 shares authorized, 303,742,090 shares issued and outstanding as of December 31, 2018 12,294,138 10,754,495 Distributions in excess of net income (2,987,120) (2,657,655) Accumulated other comprehensive loss (13,599) (8,098) Total stockholders’ equity 9,293,419 8,088,742 Noncontrolling interests 24,678 32,236 Total equity 9,318,097 8,120,978 Total liabilities and equity $ 17,179,904 $ 15,260,483 Q3 2019 Supplemental Operating & Financial Data 7

Debt Summary (dollars in thousands) Maturity Date as of Principal Balance as of Interest Rate as of Weighted Average September 30, 2019 September 30, 2019 % of Debt September 30, 2019 Years until Maturity Credit Facility Credit Facility (1) March 24, 2023 $ — —% 2.88% 3.5 years Unsecured Term Loans Term Loan - Realty Income 2020 (2) June 30, 2020 250,000 3.5% 2.62% 0.8 years Term Loan - Realty Income 2024 (3) March 24, 2024 250,000 3.5% 3.89% 4.5 years (7) Principal amount 500,000 7.0% 3.25% 2.6 years Deferred financing costs (1,064) Carrying value 498,936 Senior Unsecured Notes and Bonds 5.750% Notes due 2021 January 15, 2021 250,000 3.5% 5.75% 3.250% Notes due 2022 October 15, 2022 950,000 13.5% 3.25% 4.650% Notes due 2023 August 1, 2023 750,000 10.6% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 5.0% 3.88% 3.875% Notes due 2025 April 15, 2025 500,000 7.1% 3.88% 4.125% Notes due 2026 October 15, 2026 650,000 9.2% 4.13% 3.000% Notes due 2027 January 15, 2027 600,000 8.5% 3.00% 3.650% Notes due 2028 January 15, 2028 550,000 7.8% 3.65% 3.250% Notes due 2029 June 15, 2029 500,000 7.1% 3.25% 2.730% Notes due 2034 (4) May 20, 2034 387,104 5.5% 2.73% 5.875% Bonds due 2035 March 15, 2035 250,000 3.5% 5.88% 4.650% Notes due 2047 March 15, 2047 550,000 7.8% 4.65% (7) Principal amount 6,287,104 89.1% 3.90% 8.5 years Unamortized net premiums and deferred financing costs (30,704) Carrying value 6,256,400 Mortgages Payable 25 mortgages on 59 properties July 2020 - June 2032 278,882 (5) 3.9% 5.16% 2.6 years Unamortized net premiums and deferred financing costs 3,171 Carrying value 282,053 (6) (7) Total Fixed Rate Debt $ 7,065,986 100.0% 3.90% 7.9 years (1) We have a $3.0 billion unsecured revolving credit facility bearing interest at LIBOR plus 0.775% 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. (2) Borrowing under the term loan has been swapped to fixed and bears interest at an all-in rate of 2.62%. (3) Borrowing under the term loan has been swapped to fixed and bears interest at an all-in rate of 3.89%. (4) Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million, which approximates $387.1 million based on the applicable exchange rate on September 30, 2019. (5) The mortgages payable are at fixed interest rates as of September 30, 2019. (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 September 30, 2019 for each respective category. Q3 2019 Supplemental Operating & Financial Data 8

Debt Maturities as of September 30, 2019 (dollars in millions) Debt Maturities Year of Credit Term Mortgages Senior Unsecured Weighted Average Maturity Facility Loans Payable Notes and Bonds Total Interest Rate 2019 $ — $ — $ 1.2 $ — $ 1.2 5.61% 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 — — 6.7 750.0 756.7 4.65% Thereafter — 250.0 11.9 4,337.1 4,599.0 3.81% Totals $ — $ 500.0 $ 278.9 $ 6,287.1 $ 7,066.0 Mortgages Payable Maturities by Quarter Year of First Second Third Fourth Weighted Average Maturity Quarter Quarter Quarter Quarter Total Interest Rate 2019 $ — $ — $ — $ 1.2 $ 1.2 5.61% 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 $ 20.1 $ 34.8 $ 105.2 $ 118.8 $ 278.9 Q3 2019 Supplemental Operating & Financial Data 9

Capitalization & Financial Ratios (dollars in thousands, except per share amounts) Capitalization as of September 30, 2019 Capital Structure as of September 30, 2019 Principal Debt Balance Credit Facility $ — Unsecured Term Loans 500,000 Senior Unsecured Notes and Bonds 6,287,104 Mortgages Payable 278,882 Total Debt $ 7,065,986 Shares / Equity Units Stock Price Market Value Common Stock (NYSE: "O") 325,910,281 $ 76.68 $ 24,990,800 Common Units 463,119 $ 76.68 $ 35,512 Total Equity $ 25,026,312 Total Market Capitalization (1) $ 32,092,298 Debt/Total Market Capitalization (1) 22.0% (1) Our enterprise value was $31,856,234 (total market capitalization less cash on hand). The percentage for debt to enterprise value is materially consistent with that presented for total market capitalization. Dividend Data Liquidity as of September 30, 2019 Year-over-Year Cash on Hand $ 236,064 YTD 2019 YTD 2018 Growth Rate Availability under Credit Facility 3,000,000 Common Dividend Paid per Share $ 2.030 $ 1.969 3.1% $ 3,236,064 AFFO per Share (diluted) $ 2.46 $ 2.40 2.5% AFFO Payout Ratio 82.5% 82.0% Q3 2019 Supplemental Operating & Financial Data 10

Adjusted EBITDAre & Coverage Ratios (dollars in thousands) Reconciliation of Net Income to Adjusted EBITDAre (1) Three months ended September 30, 2019 Debt Service & Fixed Charge Coverage (4) Net income $ 101,275 Interest 73,410 Income taxes 1,822 Depreciation and amortization 149,424 Provisions for impairment 13,503 Gain on sales of real estate (1,674) Foreign currency and derivative gains, net (2) (327) Quarterly Adjusted EBITDAre $ 337,433 Annualized Adjusted EBITDAre $ 1,349,732 Net Debt/Adjusted EBITDAre (3) 5.0 (1) The National Association of Real Estate Investment Trusts (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. Our definition of "Adjusted EBITDAre" is generally consistent with the NAREIT definition, other than our adjustment to remove foreign currency and derivative gains and losses, as described below (which is consistent with our previous calculations of "Adjusted EBITDA"). 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 loss (gain) on swaps, (ii) income and franchise taxes, (iii) real estate depreciation and amortization, (iv) provisions for impairment losses, (v) gain on sales of real estate, and (vi) foreign currency and derivative gains, net. 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 net debt. Net debt is total debt per the consolidated balance sheet, less cash and cash equivalents. (2) Includes foreign currency gains and losses as a result of intercompany debt and certain remeasurement transactions. (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 net debt. Net debt is total debt per the consolidated balance sheet, less cash and cash equivalents. (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. Q3 2019 Supplemental Operating & Financial Data 11

Debt Covenants As of September 30, 2019 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 37.7% Limitation on incurrence of secured debt ≤ 40% of adjusted undepreciated assets 1.5% Debt service and fixed charge coverage (trailing 12 months) (1) ≥ 1.5x 4.7x Maintenance of total unencumbered assets ≥ 150% of unsecured debt 268.4% (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 October 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 October 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. Q3 2019 Supplemental Operating & Financial Data 12

Investment Summary (dollars in thousands) Weighted Number of Leasable Initial Average Cash (1) Average Lease First Quarter 2019 Properties Investment Cash Rents Square Feet Lease Yield Term (Years) Acquisitions - U.S. 97 $ 508,573 $ 33,905 1,908,385 6.7% 17.0 Properties under Development (2) 8 10,919 785 349,752 7.2% 17.3 Total Real Estate Investments 105 $ 519,492 $ 34,690 2,258,137 6.7% 17.0 Approximately 31% of the annualized revenue generated by these investments is from investment grade tenants (3) Weighted Number of Leasable Initial Average Cash (1) Average Lease Second Quarter 2019 Properties Investment Cash Rents Square Feet Lease Yield Term (Years) Acquisitions - U.S. 78 $ 532,297 $ 36,841 2,244,414 6.9% 14.8 Acquisitions - U.K. 12 549,192 28,833 1,131,283 5.3% 14.8 Total Acquisitions 90 $ 1,081,489 $ 65,674 3,375,697 6.1% 14.8 Properties under Development (2) 12 13,243 965 417,428 7.3% 15.9 Total Real Estate Investments 102 $ 1,094,732 $ 66,639 3,793,125 6.1% 14.8 Approximately 12% of the annualized revenue generated by these investments is from investment grade tenants (3) Weighted Number of Leasable Initial Average Cash (1) Average Lease Third Quarter 2019 Properties Investment Cash Rents Square Feet Lease Yield Term (Years) Acquisitions - U.S. 39 $ 372,019 $ 21,320 2,041,723 5.7% 15.1 Acquisitions - U.K. 1 27,622 1,319 37,737 4.8% 20.6 Total Acquisitions 40 $ 399,641 $ 22,639 2,079,460 5.7% 15.4 Properties under Development (2) 11 11,865 910 446,670 7.7% 15.0 Total Real Estate Investments 51 $ 411,506 $ 23,549 2,526,130 5.7% 15.4 Approximately 56% of the annualized revenue generated by these investments is from investment grade tenants (3) Weighted Number of Leasable Initial Average Cash (1) Average Lease Year-to-Date 2019 Properties Investment Cash Rents Square Feet Lease Yield Term (Years) Acquisitions - U.S. 214 $ 1,412,889 $ 92,066 6,194,522 6.5% 15.7 Acquisitions - U.K. 13 576,814 30,152 1,169,020 5.2% 15.0 Total Acquisitions 227 $ 1,989,703 $ 122,218 7,363,542 6.1% 15.5 Properties under Development (2) 14 36,027 2,660 446,670 7.4% 16.0 Total Real Estate Investments 241 $ 2,025,730 $ 124,878 7,810,212 6.2% 15.5 Approximately 25% 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. Q3 2019 Supplemental Operating & Financial Data 13

Disposition Summary (dollars in thousands) Cash Capitalization First Quarter 2019 Number of Properties Original Investment Net Book Value Net Proceeds (1) Rate (2) Occupied 4 $ 7,309 $ 5,550 $ 11,542 9.5% Vacant 14 22,654 8,764 9,813 — Total Real Estate Dispositions 18 $ 29,963 $ 14,314 $ 21,355 The unlevered internal rate of return on properties sold during the first quarter was 5.4% Cash Capitalization Second Quarter 2019 Number of Properties Original Investment Net Book Value Net Proceeds Rate (2) Occupied 2 $ 16,637 $ 13,122 $ 15,572 7.9% Vacant 16 19,561 8,134 13,024 — Total Real Estate Dispositions 18 $ 36,198 $ 21,256 $ 28,596 The unlevered internal rate of return on properties sold during the second quarter was 7.9% Cash Capitalization Third Quarter 2019 Number of Properties Original Investment Net Book Value Net Proceeds Rate (2) Occupied 6 $ 6,256 $ 5,098 $ 6,469 8.4% Vacant 21 35,005 14,673 15,080 — Total Real Estate Dispositions 27 $ 41,261 $ 19,771 $ 21,549 The unlevered internal rate of return on properties sold during the third quarter was 7.6% Cash Capitalization Year-to-Date 2019 Number of Properties Original Investment Net Book Value Net Proceeds (1) Rate (2) Occupied 12 $ 30,202 $ 23,770 $ 33,583 8.6% Vacant 51 77,220 31,571 37,917 — Total Real Estate Dispositions 63 $ 107,422 $ 55,341 $ 71,500 The unlevered internal rate of return on properties sold during the first nine months was 7.1% (1) Data excludes properties sold as a result of eminent domain activities. During the first quarter of 2019 we were awarded net proceeds of $1,101,000 related to one eminent domain transaction. (2) Cash capitalization rates are computed as annualized current month contractual cash net operating income, divided by the net proceeds received upon sale of the property (including all expenses borne by Realty Income). Q3 2019 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) 8 $ 11,480 $ 19,013 $ 30,493 100% Development of existing properties 2 2,461 4,517 6,977 83% 10 $ 13,941 $ 23,530 $ 37,470 Investment Non-Retail Number of Properties to Date Remaining Investment Total Commitment Percent Leased (2) New development (1) — $ — $ — $ — —% Development of existing properties — — — — —% — $ — $ — $ — Investment Total Number of Properties to Date Remaining Investment Total Commitment Percent Leased (2) New development (1) 8 $ 11,480 $ 19,013 $ 30,493 100% Development of existing properties 2 2,461 4,517 6,977 83% 10 $ 13,941 $ 23,530 $ 37,470 For the nine months ended September 30, 2019, the Company had ten development properties under construction (noted above) and nine development properties completed during the year. Estimated total costs are approximately $87.1 million. (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 October 2019 and January 2020. Q3 2019 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 September 30, 2019 include the following: Number of Leases 3,125 Percentage of Annualized Rents 49% Investment Grade Weighted Average Annual Growth Rate on Leases (3) 1.2% Number of Ratings Tenant Leases % of Revenue (S&P/Moody's/Fitch) Walgreens 215 5.7% BBB/Baa2/BBB 7-Eleven 398 5.1% AA-/Baa1/- FedEx 42 4.4% BBB/Baa2/- Dollar General 609 3.8% BBB/Baa2/- LA Fitness 55 3.6% — AMC Theatres 34 3.2% — Dollar Tree / Family Dollar 469 3.1% BBB-/Baa3/- Regal Cinemas 41 3.1% — Wal-Mart / Sam's Club 54 2.8% AA/Aa2/AA Lifetime Fitness 14 2.3% — Circle K (Couche-Tard) 287 2.1% BBB/Baa2/- Sainsbury's 13 2.0% — BJ's Wholesale Clubs 15 1.9% — Treasury Wine Estates 17 1.8% — CVS Pharmacy 84 1.7% BBB/Baa2/- Kroger 22 1.7% BBB/Baa1/- Super America (Marathon) 137 1.5% BBB/Baa2/BBB GPM Investments / Fas Mart 208 1.5% — TBC Corp 159 1.4% A-/Baa1/- Home Depot 17 1.3% A/A2/A Total 2,890 54.0% (2) We define investment grade tenants as tenants with a credit rating of Weighted Average EBITDAR/Rent Ratio on Retail Properties 2.8x (1) Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 49% of our annualized rental revenue is Median EBITDAR/Rent Ratio on Retail Properties 2.6x (1) generated from properties leased to investment grade tenants, including approximately 8% from properties leased to subsidiaries of (1) investment grade companies. Refer to page 22 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. Q3 2019 Supplemental Operating & Financial Data 16

Top 10 Industries Percentage of Rental Revenue (excluding reimbursable) For the Quarter Ended For the Year Ended September 30, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2019 2018 2017 2016 2015 2014 Convenience stores 11.6% 11.2% 9.6% 8.7% 9.2% 10.1% Drug stores 8.9 10.2 10.9 11.2 10.6 9.5 Health and fitness 7.4 7.4 7.5 8.1 7.7 7.0 Dollar stores 7.1 7.5 7.9 8.6 8.9 9.6 Grocery stores (1) 6.9 5.0 4.4 3.1 3.0 3.0 Theaters 6.7 5.5 5.0 4.9 5.1 5.3 Restaurants - quick service 6.1 5.7 5.1 4.9 4.2 3.7 Transportation services 4.6 5.0 5.4 5.5 5.4 5.2 Home improvement 3.1 3.0 2.6 2.5 2.4 1.7 Restaurants - casual dining 3.1 3.2 3.8 3.9 3.8 4.3 (1) Beginning in 2019, includes grocery stores in the U.S. and the U.K, which represent 5.0% and 1.9% of rental revenue for the quarter ended September 30, 2019, respectively. Q3 2019 Supplemental Operating & Financial Data 17

Industry Diversification Percentage of Rental Revenue (excluding reimbursable) For the Quarter Ended For the Year Ended September 30, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2019 2018 2017 2016 2015 2014 U.S. Aerospace 0.8% 0.8% 0.9% 1.0% 1.1% 1.2% Apparel stores 1.1 1.3 1.6 1.9 2.0 2.0 Automotive collision services 1.2 0.9 1.0 1.0 1.0 0.8 Automotive parts 1.5 1.7 1.3 1.3 1.4 1.3 Automotive service 2.4 2.2 2.2 1.9 1.9 1.8 Automotive tire services 2.2 2.4 2.6 2.7 2.9 3.2 Beverages 2.2 2.5 2.7 2.6 2.7 2.8 Child care 2.2 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 0.6 0.7 0.8 0.9 0.9 0.9 Convenience stores 11.6 11.2 9.6 8.7 9.2 10.1 Crafts and novelties 0.6 0.7 0.6 0.6 0.6 0.6 Diversified industrial 0.7 0.8 0.9 0.9 0.8 0.5 Dollar stores 7.1 7.5 7.9 8.6 8.9 9.6 Drug stores 8.9 10.2 10.9 11.2 10.6 9.5 Education 0.2 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 2.1 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 2.7 2.3 2.0 1.8 1.7 1.5 Government services 0.7 0.9 1.0 1.1 1.2 1.3 Grocery stores 5.0 5.0 4.4 3.1 3.0 3.0 Health and beauty 0.3 0.2 * * * * * Less than 0.1% Q3 2019 Supplemental Operating & Financial Data 18

Industry Diversification (Cont'd) Percentage of Rental Revenue (excluding reimbursable) For the Quarter Ended For the Year Ended September 30, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2019 2018 2017 2016 2015 2014 Health and fitness 7.4 7.4 7.5 8.1 7.7 7.0 Health care 1.4 1.5 1.4 1.5 1.7 1.8 Home furnishings 0.7 0.8 0.9 0.8 0.9 0.9 Home improvement 3.1 3.0 2.6 2.5 2.4 1.7 Insurance * 0.1 0.1 0.1 0.1 0.1 Jewelry * 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 0.6 0.7 0.8 0.8 0.7 0.7 Packaging 1.0 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 0.6 0.5 0.6 0.6 0.7 0.7 Restaurants - casual dining 3.1 3.2 3.8 3.9 3.8 4.3 Restaurants - quick service 6.1 5.7 5.1 4.9 4.2 3.7 Shoe stores 0.3 0.5 0.6 0.7 0.7 0.9 Sporting goods 0.8 1.1 1.4 1.6 1.8 1.6 Telecommunications 0.5 0.6 0.6 0.6 0.7 0.7 Theaters 6.7 5.5 5.0 4.9 5.1 5.3 Transportation services 4.6 5.0 5.4 5.5 5.4 5.2 Wholesale clubs 2.7 3.0 3.3 3.6 3.8 4.1 Other 0.1 0.1 0.1 0.2 0.2 0.2 Total U.S. 98.1% 100% 100% 100% 100% 100% U.K. Grocery Stores 1.9 — — — — — Total U.K. 1.9% — — — — — Totals 100.0% 100% 100% 100% 100% 100% * Less than 0.1% Q3 2019 Supplemental Operating & Financial Data 19

Geographic Diversification (dollars in thousands) Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental Location Properties Leased Square Feet September 30, 2019 (1) Revenue Alabama 170 97% 1,594,400 $ 5,973 1.7% Alaska 3 100 274,600 535 0.1 Arizona 119 100 1,823,200 7,296 2.1 Arkansas 86 100 919,900 2,460 0.7 California 200 99 6,394,800 31,428 8.8 Colorado 97 95 1,554,800 5,894 1.7 Connecticut 21 95 1,378,200 3,279 0.9 Delaware 18 100 93,000 661 0.2 Florida 399 98 4,360,300 19,362 5.4 Georgia 285 97 4,402,200 13,881 3.9 Idaho 12 100 87,000 398 0.1 Illinois 280 99 6,227,600 21,898 6.1 Indiana 192 99 2,353,400 9,409 2.6 Iowa 39 95 3,028,500 4,400 1.2 Kansas 112 96 2,097,500 5,883 1.6 Kentucky 84 99 1,721,700 4,885 1.4 Louisiana 120 97 1,682,700 5,410 1.6 Maine 18 100 203,700 1,225 0.3 Maryland 38 100 1,494,000 5,236 1.5 Massachusetts 58 91 782,100 3,851 1.1 Michigan 195 99 2,224,200 7,819 2.2 Minnesota 166 98 2,261,100 10,613 3.0 Mississippi 172 98 1,892,900 5,509 1.5 Missouri 176 95 2,837,900 9,136 2.6 (1) Includes rental revenue for all properties owned at September 30, 2019. Excludes revenue of $66 from sold properties and rental revenue (reimbursable) of $15,523. Q3 2019 Supplemental Operating & Financial Data 20

Geographic Diversification (Cont'd) (dollars in thousands) Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental Location Properties Leased Square Feet September 30, 2019 (1) Revenue Montana 12 100% 89,100 $ 552 0.2% Nebraska 46 100 708,800 1,763 0.5 Nevada 24 96 1,196,900 2,147 0.6 New Hampshire 13 100 313,100 1,404 0.4 New Jersey 75 99 1,051,300 5,866 1.6 New Mexico 36 100 375,100 1,277 0.4 New York 127 99 2,868,800 15,736 4.4 North Carolina 191 99 3,183,200 10,773 3.0 North Dakota 5 100 95,700 178 * Ohio 312 98 7,649,200 17,414 4.9 Oklahoma 183 99 2,247,000 7,655 2.1 Oregon 28 100 591,500 2,338 0.7 Pennsylvania 222 98 2,226,900 10,962 3.1 Rhode Island 3 100 158,000 815 0.2 South Carolina 179 96 1,791,200 8,181 2.3 South Dakota 18 100 203,700 476 0.1 Tennessee 249 99 3,676,800 11,497 3.2 Texas 720 99 10,815,700 39,237 11.0 Utah 22 100 933,000 2,267 0.6 Vermont 2 100 88,000 365 0.1 Virginia 212 99 3,134,900 10,242 2.9 Washington 49 98 896,800 3,106 0.9 West Virginia 26 100 427,300 1,463 0.4 Wisconsin 125 98 2,834,400 7,484 2.1 Wyoming 8 100 60,800 317 0.1 Puerto Rico 4 100 28,300 149 * U.K. 13 100 1,169,000 6,618 1.9 Totals\Average 5,964 98% 100,504,200 $ 356,723 100% * Less than 0.1% (1) Includes rental revenue for all properties owned at September 30, 2019. Excludes revenue of $66 from sold properties and rental revenue (reimbursable) of $15,523. Q3 2019 Supplemental Operating & Financial Data 21

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 (1) September 30, 2019 (2) September 30, 2019 Grade Tenants (3) Retail 5,787 68,708,100 $ 295,202 82.7% 43.9% Industrial 120 28,520,100 41,395 11.6 80.0 Office 42 3,091,500 13,418 3.8 86.0 Agriculture 15 184,500 6,708 1.9 — Totals 5,964 100,504,200 $ 356,723 100% (1) Includes leasable building square footage. Excludes 3,300 acres of leased land categorized as agriculture at September 30, 2019. (2) Includes rental revenue for all properties owned at September 30, 2019. Excludes revenue of $66 from sold properties and rental revenue (reimbursable) of $15,523. (3) Refer to footnote 2 on page 16 for our definition of investment grade tenants. Q3 2019 Supplemental Operating & Financial Data 22

Same Store Rental Revenue (dollars in thousands) Third Quarter 2019 Same Store Rental Revenue Top 3 Industries Contributing to the Change Number of Properties 4,836 Quarter ended Quarter ended Net % Change Square Footage 83,571,762 Industry September 30, 2019 September 30, 2018 Change by Industry Q3 2019 $ 293,728 Convenience Stores $ 28,168 $ 27,706 $ 462 1.7% Q3 2018 $ 290,176 Automotive Tire Services 8,056 7,713 343 4.4% Increase (in dollars) $ 3,552 Health and Fitness 23,183 22,851 332 1.5% Increase (percent) 1.2% Year-to-Date 2019 Same Store Rental Revenue Top 3 Industries Contributing to the Change Number of Properties 4,836 Nine months ended Nine months ended Net % Change Square Footage 83,571,762 Industry September 30, 2019 September 30, 2018 Change by Industry YTD Q3 2019 $ 882,527 Dollar Stores $ 70,279 $ 68,847 $ 1,432 2.1% YTD Q3 2018 $ 870,157 Convenience Stores 84,168 82,815 1,353 1.6% Increase (in dollars) $ 12,370 Automotive Tire Services 24,319 23,358 961 4.1% Increase (percent) 1.4% 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, the amortization of above and below-market leases and reimbursements from tenants for recoverable real estate taxes and operating expenses. Q3 2019 Supplemental Operating & Financial Data 23

Same Store Rental Revenue (Cont'd) (dollars in thousands) Same Store Rental Revenue by Property Type Third Quarter 2019 Quarter ended Quarter ended Net % Change by Property Type September 30, 2019 September 30, 2018 Change Property Type Retail $ 238,830 $ 235,824 $ 3,006 1.3 % Industrial 36,112 35,534 578 1.6 % Agriculture 5,604 5,535 69 1.2 % Office 13,182 13,283 (101) (0.8)% Total $ 293,728 $ 290,176 $ 3,552 1.2 % Year-to-Date 2019 Nine months ended Nine months ended Net % Change by Property Type September 30, 2019 September 30, 2018 Change Property Type Retail $ 718,602 $ 707,522 $ 11,080 1.6 % Industrial 108,095 106,411 1,684 1.6 % Agriculture 16,690 16,484 206 1.2 % Office 39,140 39,740 (600) (1.5)% Total $ 882,527 $ 870,157 $ 12,370 1.4 % Q3 2019 Supplemental Operating & Financial Data 24

Occupancy By Property Change in Occupancy Occupied Properties 5,862 Vacant Properties at 6/30/2019 102 Total Properties 5,964 Occupancy 98.3% Expiration Activity (1) + 50 Leasing Activity (2) - 29 By Square Footage Vacant Disposition Activity (3) - 21 Occupied Square Footage 98,640,023 Total Square Footage 100,504,215 Vacant Properties at 9/30/2019 102 Occupancy 98.1% (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 26 expirations that were re-leased to the same tenants without Quarterly Rental Revenue $ 353,270,309 vacancy, two that were re-leased to new tenants without a period of vacancy and one that re-leased to a new tenant after a period of vacancy. See page Quarterly Vacant Rental Revenue (1) $ 8,109,469 26 for additional detail on re-leasing activity. Occupancy 97.8% (3) Includes 12 properties that were vacant at the beginning of the quarter. (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Occupancy by Number of Properties Q3 2019 Supplemental Operating & Financial Data 25

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 Q3 2019 Same Tenant Vacancy of Vacancy Totals Prior Cash Rents $ 6,499 $ 150 $ 208 $ 6,857 New Cash Rents* $ 6,377 $ 154 $ 426 $ 6,957 Recapture Rate 98.1% 102.7% 204.9% 101.5% Number of Leases 26 2 1 29 Average Months Vacant — — 11.9 0.4 Lease Incentives(1) $ — $ — $ — $ — *Percentage of Total Annualized Portfolio Rental Revenue: 0.5% Re-leased to New Tenant Re-leased to Without After a Period Re-leasing Year-to-Date Same Tenant Vacancy of Vacancy Totals Prior Cash Rents $ 46,073 $ 639 $ 813 $ 47,525 New Cash Rents* $ 47,071 $ 488 $ 962 $ 48,521 Recapture Rate 102.2% 76.5% 118.2% 102.1% Number of Leases 174 6 6 186 Average Months Vacant — — 11.8 0.4 Lease Incentives (1) $ — $ — $ — $ — *Percentage of Total Annualized Portfolio Rental Revenue: 3.4% (1) Lease incentives are defined as capital outlays made on behalf of a tenant that are specific to the tenant’s use and benefit, and are not capitalized as improvements to the property. Q3 2019 Supplemental Operating & Financial Data 26

Lease Expirations (dollars in thousands) Our leases have a weighted average remaining lease term of approximately 9.3 years. Total Portfolio (1) Approx. Rental Revenue for % of Expiring Leases Leasable the Quarter Ended Rental Year Retail Non-Retail Sq. Feet September 30, 2019 Revenue 2019 49 4 383,400 $ 1,729 0.5% 2020 216 10 2,962,500 10,424 2.9 2021 327 16 5,288,900 15,297 4.3 2022 410 22 9,332,000 21,145 5.9 2023 541 23 9,973,300 30,687 8.6 2024 389 16 6,632,100 21,267 6.0 2025 365 16 6,582,500 23,736 6.7 2026 310 4 4,861,900 15,747 4.4 2027 523 5 6,318,000 21,977 6.1 2028 340 14 9,330,300 22,924 6.4 2029 422 7 8,413,100 23,832 6.7 2030 176 14 3,822,700 19,064 5.4 2031 313 25 6,176,200 28,141 7.9 2032 109 4 3,369,900 13,204 3.7 2033 275 1 3,239,600 16,955 4.8 2034 - 2044 987 6 11,902,800 70,008 19.7 Totals 5,752 187 98,589,200 $ 356,137 100.0% (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 September 30, 2019. The lease expirations for leases under construction are based on the estimated date of completion of those projects. Excludes revenue of $586 from 120 expired leases, $66 from sold properties, and rental revenue (reimbursable) of $15,523 at September 30, 2019. Leases on our multi-tenant properties are counted separately in the table above. Q3 2019 Supplemental Operating & Financial Data 27

Earnings Guidance We estimate FFO per share for 2019 of $3.26 to $3.31. We estimate AFFO per share for 2019 of $3.29 to $3.34, an increase of 3% to 5% 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 $1.32 to $1.37 Real estate depreciation and impairments per share $2.00 Gains on sales of properties per share ($0.06) FFO per share $3.26 to $3.31 AFFO per share $3.29 to $3.34 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 $3.25 to $3.50 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 and foreign 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,changes in foreign currency exchange rates, 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. Q3 2019 Supplemental Operating & Financial Data 28

Analyst Coverage Equity Research Baird RJ Milligan rjmilligan@rwbaird.com (813) 273-8252 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 Deutsche Bank Shivani Sood shivani.sood@db.com (212) 250-4617 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Goldman Sachs 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 Jefferies Jonathan Petersen jpetersen@jefferies.com (212) 284-1705 Brandon Travis btravis@jefferies.com (212) 778-8743 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 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 Brian Hawthorne brian.hawthorne@rbccm.com (440) 715-2653 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 Moshe Levin levinm@stifel.com (443) 224-1264 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. Q3 2019 Supplemental Operating & Financial Data 29