INVESTOR PRESENTATION3Q 2016

1

ContentsCompany Overview & Stock Performance 3

Investment Thesis 8

Portfolio Diversification 13

Asset and Portfolio Management 18

Investment Strategy 21

Capital Structure and Scalability 28

Dependable Dividends 32

Guidance 36

Summary 37

All data as of September 30, 2016 unless otherwise specified

2

Safe Harbor For Forward-Looking Statement

Statements in this investor presentation that are not strictly historical are "forward-looking" statements.Forward-looking statements involve known and unknown risks, which may cause the company‘s actual futureresults to differ materially from expected results. These risks include, among others, general economicconditions, local real estate conditions, tenant financial health, the availability of capital to finance plannedgrowth, continued volatility and uncertainty in the credit markets and broader financial markets, propertyacquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of anylegal proceedings to which the company is a party, as described in the company's filings with the Securitiesand Exchange Commission. Consequently, forward-looking statements should be regarded solely asreflections of the company's current operating plans and estimates. Actual operating results may differmaterially from what is expressed or forecast in this investor presentation. The company undertakes noobligation to publicly release the results of any revisions to these forward-looking statements that may bemade to reflect events or circumstances after the date these statements were made.

3

S&P 500 Real Estate Investment Trust with Proven Track Record of Strong Total Returns Company Overview & Stock Performance

Leading real estate company: Equity market cap of $17.3 billion and EV of $23.0 billion Largest net lease REIT by equity market cap and enterprise value Member of S&P 500 index Member of S&P High-Yield Dividend Aristocrats® index 1

Strong returns with low volatility: 17.9% compound average annual return since NYSE listing in 1994 3.6% dividend yield, paid monthly 76 consecutive quarters of dividend increases

Conservative capital structure: Investment grade credit ratings

Moody’s: Baa1 / Positive S&P: BBB+ / Positive Fitch: BBB+ / Stable

22.9% debt to total market capitalization 5.3x debt to EBITDA 6.8-year weighted average duration of unsecured notes and bonds 2

1 The S&P High Yield Dividend Aristocrats® index is designed to measure the performance of companies within the S&P Composite 1500® that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 years.

2 As of October 12, 2016

4

Our Approach as “The Monthly Dividend Company®”Generate lease revenue to support the payment of growing monthly dividends

Support and grow monthly dividends for shareholders

Target well-located,Freestanding,single-tenant,

commercialproperties

Remain disciplinedin our acquisition

underwriting

Execute long-termnet lease

agreementsActively manage the portfolio to maintain

high occupancy

Maintain a conservative

balance sheet

5

Attractive Risk/Reward vs. S&P 500 Companies

-20%

0%

20%

40%

60%

80%

100%

0.00.20.40.60.81.01.21.41.61.82.0

Tota

l Ret

urn C

AGR

Sinc

e 10/

18/9

4 (N

YSE

Listin

g)

(1) n=346 / Excludes companies without trading histories dating to 1994

Beta measured using monthly frequencySource: FactSet

Higher returns and lower volatility than majority of S&P 500 companies since 1994 NYSE listing

Beta vs. S&P 500 Since 10/18/1994 (NYSE Listing)

Realty Income return per unit of market risk in the 98th percentile

of all S&P 500 companies(1):

Beta: 0.39Return: 17.9%

Current S&P 500 Companies

Lower volatility correlated with higher returns over the long-term

6

Attractive Risk/Reward vs. Blue Chip S&P 500 Equities

GE

WFC

T

PG

JNJ

XOM

AAPL

WMTREITs

MSFT

S&P 500

JPM

0%

5%

10%

15%

20%

25%

30%

0.00.51.01.52.0

Greater return per unit of market risk than

each of top 10 largest S&P constituents(1)

since 1994 NYSE listing

O

Proven long-term investment provides an attractive risk/reward

(1) Excludes companies without trading histories since 10/18/1994Beta measured using monthly frequencySource: FactSet

Tota

l Ret

urn C

AGR

Sinc

e 10/

18/9

4

Beta vs. S&P 500 Since 10/18/1994 7%

8%

9%

11%

12%

13%

14%

18%

18%

21%

24%

28%

46%

GE

JPM

S&P 500

T

MSFT

WFC

REITs

AAPL

WMT

XOM

JNJ

PG

O

Average Annual Compound Growth per Unit of Market Risk

O

7

Attractive Risk/Reward vs. Blue Chip REITsTo

tal R

etur

n CAG

R Si

nce 1

0/18

/94

AIVGGP

WYHST

PSA

HCN

ESS

FRT

SPGAVB

VTRHCP

EQRVNO

KIM

MAC

0%

5%

10%

15%

20%

25%

30%

0.00.51.01.52.0

Greater return per unit of market risk than each of the other 16 REITs in S&P 500 with comparable trading

histories(1)

O

4%

5%

9%

12%

13%

13%

17%

19%

20%

21%

22%

24%

28%

31%

32%

39%

46%

HST

WY

GGP

MAC

AIV

KIM

VNO

EQR

VTR

HCP

AVB

SPG

FRT

ESS

HCN

PSA

O

Average Annual Compound Growth per Unit of Market Risk

O

Proven long-term investment vs. Blue Chip S&P 500 REITs

Beta vs. S&P 500 Since 10/18/1994

(1) Excludes REITs without trading history since 10/18/1994Beta measured using monthly frequencySource: FactSet

8

INVESTMENT THESIS:Earnings Growth OutperformanceConsistency

9

356670

500337

9 140 228 254

800 909

65

-670

1,649

12712

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Realty Income Annual FFO/sh Growth Outperformance vs. REIT Median (in bps)

Consistent Earnings Growth Outperformance vs. REITs

5.4% 5.4% 5.4% 5.5% 5.5% 5.4% 4.9%6.1% 7.1%

8.6% 8.8%

12.2%

1.0% 1.3% 1.2%

-0.1%

1.0%

-0.1% -0.2%

0.5%3.5%

6.1% 6.6% 7.1%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Realty Income FFO/sh CAGR1 Outpaces REIT Median Throughout All CyclesRealty Income FFO/sh CAGR REIT Median FFO/sh CAGR

Annual FFO/sh growth has exceeded REIT median in 14 of the last 15 years

FFO/sh CAGR since:

1 Reflects FFO/sh growth CAGR through 2015Source: SNL, FactSet

10

$0.34

$0.43

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

1Q00

3Q00

1Q01

3Q01

1Q02

3Q02

1Q03

3Q03

1Q04

3Q04

1Q05

3Q05

1Q06

3Q06

1Q07

Realty Income FFO/sh

Spread investing dynamics persistthroughout the cycle

• During prior cycle era of rising rates (Q2 2003 trough through Q2 2006 peak), Realty Income earnings grew faster than most REITs

• Realty Income FFO/sh CAGR: 8.1%• REIT Median FFO/sh CAGR: 4.4%

• Acquisition cap rates adjust to rising interest rates, preserving attractive investment spreads

• Acquisition spreads vs. WACC did moderate (from ~250bps in 2003 to ~150bps in 2006), but less than the increase in interest rates (~170bps in comparable time period)

• Nominal cost of equity declined despite rising interest rates, offsetting increase in debt costs

• Dividend CAGR during this period was 5.9%

• Success of business objective (growing dividend payments to shareholders) can persevere throughout all interest rate environments

Interest Rate Sensitivity: Earnings Growth Undeterred by Rising Rates

Source: SNL

• Realty Income FFO/sh CAGR: 8.1%• REIT Median FFO/sh CAGR: 4.4%

3.5%

5.1%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

Dec

-99

Jul-0

0

Feb-

01

Sep-

01

Apr-

02

Nov

-02

Jun-

03

Jan-

04

Aug-

04

Mar

-05

Oct

-05

May

-06

Dec

-06

Jul-0

7

10-year US Treasu r y Y ie ld

During the prior cycle period of steadilyrising interest rates,

Realty Income FFO/sh CAGR was in the 63rd percentile of all REITs

Realty Income earnings growth outperformed other REITs during last rising rate era

10-year US Treasury Yield

8.1% FFO/sh CAGR during

period of rising rates

11

99.1% 99.2% 99.5% 98.4% 97.7% 98.2% 97.7% 98.1% 97.9% 98.5% 98.7% 97.9% 97.0% 96.8% 96.6% 96.7% 97.2% 98.2% 98.4% 98.4% 98.3%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16

Based on % of properties occupied

Consistency: Steady Portfolio, Solid Fundamentals

• Careful underwriting at acquisition

• Solid retail store performance

• Strong underlying real estate quality

• Favorable tenant industries

• Prudent disposition activity• Proactive management of rollover

Steady Same-Store Rent Growth

Consistent occupancy, same-store rent growth reflect limited operational volatility

Consistent Occupancy Levels, Never Below 96%

1.1%1.3%

1.8%1.5% 1.4% 1.4%

1.7%1.4% 1.5%

1.1%1.3% 1.3% 1.4%1.1%

Annual same-store rent growth run rate of 1.3% Long lease terms limit annual volatility

Sustained High Occupancy Rates

12

Safety: Lowest Volatility, Highest Return Relative to Market IndicesLong-term performance exceeds widely followed benchmark indices

Since 1994 NYSE listing, Realty

Income shares have outperformed

benchmark indices while exhibiting lower volatility

O Equity REIT Index DJIA S&P 500 Nasdaq

Annualized Total Return Since '94

Standard Deviation of Total Returns Since '94

OStandard deviation of total returns measures deviation from average annual total returns since 1994

13

PORTFOLIODIVERSIFICATION

14

Portfolio Diversification: Tenant

12different industries

54%of total rental revenue

Eightinvestment-grade rated tenants

7.3%

5.7%

4.3%

4.0%

4.0%

2.8%

2.7%

2.5%

2.3%

2.1%

2.0%

2.0%

2.0%

1.9%

1.9%

1.8%

1.6%

1.2%

1.1%

1.1%

(1) Investment grade tenants are defined astenants with a credit rating of Baa3/BBB- orhigher from one of the three major ratingagencies (Moody’s/S&P/Fitch). 45% of ourannualized rental revenue is generatedfrom properties leased to investment gradetenants, including approximately 9% fromproperties leased to subsidiaries ofinvestment grade companies.

Top 20 Tenants represent:

Diverse tenant roster, investment grade concentration reduces overall portfolio risk

Investment-grade rated (1)

15

Portfolio Diversification: Industry

2.9%

3.5%

4.2%

4.8%

4.8%

5.7%

8.1%

8.6%

8.6%

11.0%

Grocery Stores

Wholesale Clubs

Casual Dining Restaurants

Quick-Service Restaurants

Theaters

Transportation Services

Health and Fitness

Dollar Stores

Convenience Stores

Drug Stores

Exposure to defensive industries:Top 10 industries represent strong diversification, significant exposure to non-discretionary, low price-point, service-oriented industries

No industry represents more than 11% of rent

Non-Discretionary

Service-Oriented

Non-Discretionary, Low Price Point

Non-Discretionary, Service-Oriented

Low Price Point, Service-Oriented

N/A (Non-Retail Exposure)

Low Price Point, Service-Oriented

Service-Oriented

Low Price Point

Non-Discretionary

Industry Retail Characteristics

16

Portfolio Diversification: GeographyBalanced presence in 49 states and Puerto Rico

PUERTO RICO

Represents percentage of rental revenue %

California 9.6%

Texas 9.3%

Florida 5.5%

Ohio 5.5%

Illinois 5.2%

New York 4.7%

% of Rental Revenue

1.0

<1

<1

<1

<1<1

<1

<1

<1

<19.6 1.5 1.8

<12.4

9.3

1.6

3.2

3.7

1.5

<1

1.41.7

3.2

5.2

1.5

2.9 5.5

2.3

1.4

1.9 4.3

5.5

1.9

2.8

2.8

<1

2.8

4.7

<1<1

1.3

<1

1.0

1.7

1.7<1

<1

<1

<1

17

Portfolio Diversification: Property TypeRoots in retail with growing exposure to mission-critical industrial properties

78.7% 13.4% 5.7% 2.2%

Number of Properties

Percentage of Rental Revenue

RETAIL INDUSTRIAL OFFICE AGRICULTURE

4,536 108 44 15

Average Leasable Square Feet11,671 222,633 77,345 12,300

Percentage of Rental Revenue from Investment Grade Tenants33.7% 83.3% 91.3% 100%

18

ASSET ANDPORTFOLIO MANAGEMENT

19

Strong Track Record of Leasing Results

Active Management: Significant Re-leasing ExperienceSince 1996, Realty Income has achieved 98% recapture of prior rent on leases re-leased to the same or new tenants

102.0%

100.4%

100.3%

2013 - Present

2006 - 2012

1996 - 2005

1 Includes re-lease to same or new tenant spreads vs. prior rent

Since 1996:

• Re-leased 1,964 out of 2,243 lease expirations (88%), recapturing 98% of expiring rent

• Sold the remaining 279 properties and recycled capital into properties that better fit our investment strategy

Reflects “net” leasing spreads:

• Associated tenant improvement costs have been immaterial ($2.9mm on $88.4mm of new cash rents signed since end of 2013)

• Protection of cash flow is paramount (properties do not require ongoing maintenance capex; leasing efforts focus on maximizing net effective leasing spreads and return on invested capital)

• Recurring maintenance capex and leasing costs can represent 10%+ of net operating income for strip centers and malls, < 1% for Realty Income historically

Recapture vs. Prior Rent: (Renewal Activity)(101.3% Since 1996)

Recapture vs. Prior Rent: (All Re-Leasing Activity)(98.1% Since 1996)

100.3%

95.6%

95.9%

2013 - Present

2006 - 2012

1996 - 2005

20

Active Management: Leasing and DispositionsProven track record of value creation, cash flow preservation and risk mitigation

Portfolio Management Largest department in the company Distinct management verticals

Retail Non-Retail

Leasing & dispositions

Healthy Leasing Results~98% recapture of expiring rents since 1996

• Over 2,200 rollovers• Includes renewals and re-leases to new tenants

YTD 2016 lease rollover activity • Re-leased 122 properties with expiring leases

– 96 re-leased to same tenant (79%)– 26 re-leased to new tenant (21%)– Recaptured 104% of expiring rent

Asset Management Maximizing value of real estate Strategic and opportunistic dispositions Value-creating development Risk mitigation

Favorable Returns, Lower Portfolio Risk$464 million of dispositions since 2010• 2014: 6.9% cap rate / 11.6% unlevered IRR• 2015: 7.6% cap rate / 12.1% unlevered IRR• YTD 2016: 7.7% cap rate / 8.6% unlevered IRR

21

INVESTMENT STRATEGY

22

Investment Strategy: Underwriting ApproachGranular, asset-by-asset approach, focus on risk-adjusted returns

• Property attributes – Quality of real estate, age, size, fungibility

• Market review – Strategic locations critical to generating revenue

• Demographic analysis – Five-mile population density, household income, unemployment trends

• Valuation – Replacement cost, market rents, initial cash yield, IRR over initial lease term

• Property due diligence – Site visits, vehicle traffic, industry, property type, title, environmental, etc.

REAL ESTATE ANALYSIS

CREDIT ANALYSIS

• Financial review and analysis

• Tenant research – Reliable, sustainable cash flow

• Industry research – Defensive, resilient to macroeconomic volatility

• Discussion with key management representatives

Strong unit-level cash flow coverage (specific to each industry)

Tenants with service, non-discretionary, and/or low pricepoint component to their business

Favorable sales and demographic trends

Significant markets (generally MSAsof ≥350,000 people) and/or mission critical locations

Primarily industrial and distribution properties leased to Fortune 1000, investment-grade rated tenants

Long lease duration

Retail Non-Retail(principally Industrial)

23

Investment Strategy: Key ConsiderationsCost of capital advantage, size, track record: Supports investment selectivity, strong risk-adjusted spreads

Lowest cost of capital among net lease peers• Lower cost of capital supports investment selectivity • Minimizes need for investment volume to drive earnings growth• Realty Income has traded at median NAV premium of 20%+ since

2009

Size and track record

• Ability to buy in “bulk” without creating tenant concentration issues• $1+ billion annualized cash rent

• Portfolios currently trade at discount to single-asset transactions• Certainty of close ($2 billion revolving line of credit)• Track record and relationships developed since 1969

Focus on credit and real estate quality• Rely on more than just credit rating as part of underwriting• IG ratings more important for non-retail than retail properties

• 34% of retail rent from IG-rated tenants• 87% of non-retail rent from IG-rated tenants

• In-house research team independently evaluates tenant creditMarket for quality net lease assets is efficient• Very little relationship “discount” – reputable sellers have

fiduciary responsibility to extract competitive pricing• Higher yields reflect greater investment risk

Other considerations• Rents vs. market, pricing vs. replacement cost, cash flow

coverage volatility, age, size, lease term, operator track record

Competitive Advantages

Investment Approach is Holistic (More than simply the pursuit of investment grade credits)

24

Investment Strategy: Results of Conservative Underwriting

Over 91% of retail portfolio:Has service, non-discretionary and/or low price point component

Top non-retail tenants:Comprised primarily of investment-grade tenants such as FedEx, Boeing, GE, Diageo, Walgreens

CONSUMER RESILIENT

• Dollar Stores

• Wholesale Clubs

• Quick Service Restaurants

E-COMMERCE RESILIENT

• Health & Fitness

• Theaters

• Convenience Stores

DEFENSIVE

• Drug Stores

• Grocery Stores

• Automotive Services

Industry exposure reflects defensive, cycle-resilient business models

Service-Oriented Non-Discretionary Low Price Point

25

Investment Strategy: Disciplined ExecutionConsistent, selective underwriting philosophy on strong sourced volume

2010 2011 2012 2013 (Ex-ARCT) 2014 2015 2016 YTD

Investment Volume $714 mil $1.02 bil $1.16 bil $1.51 bil $1.40 bil $1.26 bil $1.07 bil

# of Properties 186 164 423 459 507 286 236

Initial Avg. Cap Rate 7.9% 7.8% 7.2% 7.1% 7.1% 6.6% 6.4%

Initial Avg. Lease Term (yrs) 15.7 13.4 14.6 14.0 12.8 16.5 15.0

% Investment Grade 46% 40% 64% 65% 66% 46% 51%

% Retail 57% 60% 78% 84% 86% 87% 81%

Sourced Volume $6 bil $13 bil $17 bil $39 bil $24 bil $32 bil $23 bil

Selectivity 12% 8% 7% 4% 6% 4% 5%

Relationship Driven 76% 96% 78% 66% 86% 94% 81%

$8.1 billionin property-level acquisition volume

$3.3 billionin non-investment grade retail acquisitions

78%of volume associated withretail properties

55%of volume leased to investment-grade tenants

Broad blendof one-off, portfolio and entity-level deals

Relationship-driven>80% of closed volume since 2010

Key Metrics Since 2010 (Excluding $3.2 billion ARCT transaction):

26

73%64%

19%

34%

Investment Strategy: ARCT Example (M&A Activity)Cost of capital advantage drives ability to source, fund, close on accretive M&A deals

Historical M&A activity represented both financially accretive and strategic benefits

Wtd. Avg. Lease Term Investment Grade %

ARCT Transaction (2013)Increased Quality

Decreased Concentration Risks

Before Acquisition After Acquisition

SIZE, QUALITY, DIVERSIFICATION

$3.2billion

515properties

75%investment grade

54%retail properties

100%Occupied

12.8 year weighted average

lease term

IMMEDIATE ACCRETION

~5x AFFOmultiple spread

~7-9%AFFO/shaccretion

LeverageNeutral

5.9%initial cash yield

Catalyst of 7.1% dividend increase

11.1 11.4

49%42%

Rental Revenue From Top 10 Industries

Rental Revenue From Top 15 Tenants

27

SIZE, QUALITY, DIVERSIFICATIONImproved portfolio diversification, credit

quality, occupancy, lease term

$503million

84properties

68%investment grade

70%retail properties

100% occupied

STRONG RISK-ADJUSTED RETURNS

Highly accretive Leverage neutral

6.9%initial cash yield

Investment Strategy: Inland Diversified Example (Portfolio Activity)

Portfolio-level acquisition flow supplements“organic” acquisition activity

Large, diversified portfolio offers capacity to absorb co-mingled portfolio opportunities

Inland Diversified was a non-traded REIT seeking a liquidity event in 2H13 – motivation to minimize counter-party risk on single-tenant liquidation accrued to Realty Income’s benefit

In addition to the sale of its single-tenant portfolio to Realty Income, Inland divested its multi-tenant portfolio to Kite Realty

Disciplined growth -- Portfolio acquisitions must be financially accretive and qualitatively additive

Realty Income’s property diversification, cost of capital, and willingness to acquire $250mm+ transactions with diverse property types provides unique growth opportunities in addition to traditional single-asset or retail sale-leaseback pipeline

1Q2014

$274mm (Tranche I)

$383mm

2Q2014

$229mm (Tranche II)

$176mm

Inland Acquisition Volume

Non-Inland Acquisition Volume

Inland Transaction (1H 2014)

28

CAPITAL STRUCTURE AND SCALABILITY

29

Conservative Capital Structure

Common Stock: $17.3 billion – 75%

• Shares/Units outstanding – 259.0 million

Debt: $5.3 billion – 23%

• Unsecured Notes/Bonds - $4.0 billion 1

• Unsecured Term Loans - $320 million• Unsecured Ratings - BBB+/Baa1/BBB+ • Mortgages - $496 million• Revolving Credit Facility - $470 million 1

Preferred Stock: $409 million – 2%

• Series F - 6.625%, Callable Feb 2017

Modest leverage, low cost of capital, ample liquidity provides financial flexibility

Debt 23%

Preferred Stock2%

CommonStock 75%

Total Capitalization: $23.0 billion

1 As of October 12, 2016

30

Well-Laddered Debt Maturity Schedule

Key Metrics 1

•90% fixed rate debt

• Weighted average rate of 4.1% on debt

• Staggered, 6.8-year weighted average term for notes/bonds

• Ample liquidity with ~$1.5B available on revolver (L+90bps)

• Free cash flow of ~$110mm/yr

Limited re-financing and variable interest rate risk throughout debt maturity schedule

5.7%

5.4%

2.1%

4.2%

3.2% 5.7%

3.6%

4.6%

3.9%

5.8%

4.1%

3.9%

$0

$200

$400

$600

$800

$1,000

$1,200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+

Unsecured Notes Mortgages Revolver Term Loan

Weighted average interest rate

Laddered Maturity Schedule with Primarily Unsecured Investment-Grade Rated Debt

Debt

Mat

uriti

es ($

mm

)

Weighted average interest rates reflect variable-to-fixed interest rate swaps on term loans

1 As of October 12, 2016

31

5.8%4.9%

G&A as % of Rental Revenue1

$2,211

$7,199Adjusted EBITDA per Employee ($000s)

59 bps22 bps

G&A as % of EV (bps)

Scalability of Costs Contributes to Higher Relative Valuation

• Efficiency and scalability of business model leads net lease industry

• G&A expense should be treated the same as dollar of property-level cash flow

• Consensus NAV estimates generally exclude impact of G&A expenses, thus no explicit “credit” for G&A efficiencies is recognized

• Capping G&A with real estate multiple degrades NAV/sh more for smaller portfolios with less scalability

Relative NAV valuation comparisons should consider G&A efficiencies

Source: FactSet

103 bps29 bps

G&A as % of Equity Mkt Cap

~94% EBITDA margins, never below 90% since 2000

1 G&A includes acquisition transaction costs; percentage of rental revenue calculation excludes tenant reimbursements from denominator YTD figures represent MRQ annualized, where applicable

64 bps39 bps

G&A as % of Gross RE Book Value (bps)

32

DEPENDABLEDIVIDENDS

33

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

$0.90 $0.93 $0.945 $0.96 $1.02

$1.08 $1.11 $1.14 $1.17 $1.20 $1.32

$1.40

$1.52 $1.64

$1.70 $1.72 $1.73 $1.75 $1.82

$2.19 $2.20

$2.29

$2.424

Consistent Dividends That Grow Over Time Steady dividend track record supported by inherently stable business model, disciplined execution

Strong Dividend Track Record76 consecutive quarterly increases

88 total increases since 1994 NYSE listing

~84% AFFO payout (midpoint of 2016 guidance)

4.6% compound average annualized growth rate since NYSE listing

One of only six REITs included in S&P High Yield Dividend Aristocrats® index

As of October 2016 dividend declarationAnnualized dividend amount reflects the December declared dividend per share annualized, with the exception of 2016, which reflects the October 2016 declared dividend annualized

34

2.1%1.6%

3.8%

6.1%

4.7%

2.7% 2.7% 2.6%

5.1%

8.5%

6.8%

8.6%

6.5%

2.7%

0.9% 0.9%

2.0%

21.2%

2.1%

3.6%

6.0%

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

Dividend Track Record: Growth Through Variety of Economic CyclesZero dividend cuts in 22 years as public company

$3.2B ARCT acquisition supports 20%+ dividend increase

Realty Income increased dividend in 2009 as median REIT cut eclipsed 25%

Growth rates based on payment dateYTD 2016 growth based on Oct 2016 dividend paid vs. Oct 2015 dividend paid

35

404%374%

277%252%

229% 226%263%

209%169%

136%113%

84% 92%67% 63% 66% 53% 35% 29% 21% 17% 9% 3%

Reflects percentage of original investment made at each corresponding year-end period paid back through dividends (as of 9/30/2016)

Dividend Payback

30.3%28.3%

21.5% 20.3% 19.1% 19.5%23.5%

19.5%16.5%

13.9%12.1%

9.6% 11.2%8.8% 9.0%

10.5% 9.4%7.1% 6.9% 6.0% 6.5% 5.1% 4.7%

Reflects yield on cost as of 9/30/2016 assuming shareholder bought shares at end of each corresponding year

Yield on Cost

The “Magic” of Rising Dividends: Yield on Cost, Dividend PaybackLong-term, yield-oriented investors have been rewarded with consistent income

36

2016

Consistent earnings growth while maintaining conservative leverage metrics

Guidance

Key Assumptions

FFO/sh $2.83 - $2.88(2.2% - 4.0% growth)

AFFO/sh (proxy for cash earnings) $2.87 - $2.89(4.7% - 5.5% growth)

Acquisitions ~$1.5 billion

Dispositions $75 million - $100 million

Occupancy ~98%

Same-store revenue growth ~1.3%

Target capital structure 65% common equity 35% debt & preferred equity

Earnings

37

Summary• Long term-focused business strategy• Diversified and actively managed portfolio• Proven and disciplined relationship-driven acquisition strategy• Conservative capital structure able to withstand economic volatility• Precedent of outperforming S&P 500 and REITs since 1994 listing• Attractive risk/reward vs. other REITs and blue chip equities• Dependable monthly dividends with long track record of growth