COMPANY OVERVIEW

• S&P 500 Real Estate Investment Trust (NYSE “O”)

• The Monthly Dividend Company®

• Acquire and manage freestanding, single tenant, commercial, net-lease properties

• Seasoned senior management team

• 4,980 properties diversified by tenant, industry, geography, and to a certain extent, property type

COMPANY OVERVIEW – PORTFOLIO GROWTH

0

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1994

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1Q 2

017

Num

ber

of P

rope

rtie

s

4,980

630

• No tenant represents more than 6.8% of revenue

• 250 commercial tenants

• 45% investment-grade rated, including 9 of our top 20 tenants

TENANT DIVERSIFICATION

6.8%

5.4%

4.1%

3.7%

3.8%

2.6%

2.6%

2.3%

2.3%

2.2%

1.9%

1.9%

1.9%

1.9%

1.8%

*

*

*

1.8%

1.8%

1.6%

1.2%

1.2%

*Investment-grade credit rating

*

*

*

*

*

*

As of 03/31/17

INDUSTRY DIVERSIFICATION

3%

4%

4%

5%

5%

5%

8%

8%

10%

11%

Wholesale Clubs

Grocery Stores

Casual Dining Restaurants

Theaters

Quick-Service Restaurants

Transportation Services

Health and Fitness

Dollar Stores

Convenience Stores

Drug Stores

• 47 industries

• No industry represents more than 11% of revenue

As of 03/31/17

• 4,980 Properties located in 49 states and Puerto Rico

1.0

<1

<1

<1

<1 <1

<1

<1

<1

<1

9.4

1.6 1.7

<12.3

9.7

1.6

3.1

3.5

1.4

<1

1.41.6

3.1

5.5

2.3

3.05.2

2.2

1.4

1.9 4.5

5.9

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2.8

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2.6

4.4

<1<1

1.4

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1.7

1.4 <1

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Represents percentage of rental revenue%

<1

PUERTO RICO

% of Rental Revenue

Texas 9.7%

California 9.4%

Florida 5.9%

Illinois 5.5%

Ohio 5.2%

Georgia 4.5%

As of 03/31/17

• 4 property types

• Non-retail – 2% in 2009 20% in 2017

• Retail and industrial properties remain our principal focus

PROPERTY TYPE COMPOSITION

Retail 79.5%

Industrial 12.9%

Office 5.3%

Agriculture2.3%

As of 03/31/17

COMPANY PHILOSOPHY

Support and grow monthly dividends for shareholders

Target well-located,freestanding,single-tenant,

commercialproperties

Execute long-term, net-lease

agreements

Hold properties for long-term income

production

Manage theportfolio actively

Maintain a conservative

balance sheet

CAPITAL STRUCTURE – CONSERVATIVE BALANCE SHEET

31%

8%

61%

28%

72%

Common Stock: $15 billion

Debt: $6 billion

Total Capitalization: $21 billion

Investment Grade Ratings: Baa1 / BBB+

Interest Coverage 4.5x

Fixed Charge Coverage 4.5x

• Tenants:– Reliable cash flow from multiple sources

– Attractive industries relative to the economic environment

– Retail: Businesses with service, non-discretionary, and/or low price point orientation

– Non-Retail: Fortune 1000, primarily investment-grade rated companies

INVESTMENT STRATEGY

Quick Service Restaurants – Boise, ID

INVESTMENT STRATEGY

• Real estate:– Locations in significant markets and strategic locations critical to

generating revenue

– Property valuations near replacement cost

– Rental or lease payments at or below market rents

• Attractive spread over our cost of capital

• Favorable risk-adjusted returns

Consumer Goods – Chicago, IL

INVESTMENT STRATEGYDrug Stores – Columbus, OH

Convenience Stores – Fort Worth, TX

2016 PERFORMANCE

$1 billion in annual rental

revenue

5.1% AFFO per share growth

$1.86 billion acquisitions

5.3% dividend per share increase

98.3% occupancy

$91 million dispositions

2016 PERFORMANCE

• $1.86 billion acquisitions– 505 properties– 40 states– 51 commercial tenants– 28 industries– 86% retail properties– 64% investment-grade rated tenants

• $91 million selective dispositions– 77 properties– Redeploy capital into properties that better meet our investment

strategy

• 98.3% occupancy rate

Dividend amounts reflects the December declared dividend rate per share annualized, except for 2017, which reflects the April 2017 declared dividend annualized

HISTORICAL DIVIDEND INCREASES

$0.90 $0.93 $0.945 $0.96 $1.02 $1.08 $1.11 $1.14 $1.17 $1.20$1.32

$1.395$1.518

$1.641$1.701$1.716$1.731$1.746$1.821

$2.186 $2.201$2.292

$2.430$2.532

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

• 91 Dividend Increases Since 1994 NYSE Listing

• 561 Consecutive Monthly Dividends Paid

• 4.7% Compound Average Annual Growth Rate

• Member of S&P High Yield Dividend Aristocrats® index $2.532

• Shareholder Total Return versus Market since public listing in 1994

(1) Since Realty Income’s public listing on 10/18/94 through 03/31/17, assuming reinvestment of dividends

SHAREHOLDER RESULTS

Realty Income

EquityREITs DOW S&P 500 NASDAQ

Compound Average Annual

Total Return(1) 16.9% 10.9% 10.2% 9.6% 9.5%

1Q 2017 RESULTS

• $370.7 million acquisitions– 60 properties– 18 states – 16.4 years average lease term– 6.1% initial yield– 98% retail– 68% investment-grade rated tenants

• Raised $1.5 billion of favorably priced permanent and long-term capital

• 98.3% occupancy• 9.7 years weighted average lease term

AFFO per share grew 8.6% to 76¢

Dividend per share growth

6.1%

Acquisitions

Capital Raising

Portfolio

2017 OUTLOOK

• Approximately $1 billion in acquisitions at attractive investment spreads

• $75-$100 million dispositions

• 1.0%-1.2% same store rent growth

• Earnings growth:• AFFO per share: $3.00 to $3.06

% Growth: 4.2% to 6.3%

• Pay monthly dividends that grow over time