Realty Income (O) official guidance

| AFFO per share | $4.44 - $4.45 | $4.41 - $4.44 | $2.22 |

Given our strong start to the year, we are increasing full-year investment volume guidance to $9.5 billion at 100% ownership and raising the AFFO per share guidance range to between $4.41 and $4.44.

| AFFO per share | $4.41 - $4.44 | $4.38 - $4.42 | $1.13 |

Turning to 2026 guidance, we are introducing AFFO per share guidance of $4.38-$4.42, representing an acceleration in AFFO per share growth versus 2025.

“2025 represented another year of consistent returns and deliberate execution of strategic initiatives that will amplify our competitive strengths,” said Sumit Roy, Realty Income's President and Chief Executive Officer. “The momentum in our business is palpable. Our fourth quarter investment volume of $2.4 billion represents a meaningful acceleration in activity, and our active pipeline for 2026 is reflected in our initial investment volume guidance of approximately $8.0 billion. In concert with healthy portfolio occupancy and underlying tenant credit, we are introducing 2026 AFFO per share guidance of $4.38 - $4.42, representing annual growth of approximately 2.8% at the midpoint and approximately 9% total operational return.”

Lastly, we are lowering our credit loss outlook to approximately 40 basis points of rental revenue, reflecting improved visibility and performance across the portfolio.

In addition to the $8 billion investment guidance for the year, key assumptions in our model reflects healthy underlying portfolio fundamentals and, in particular, includes credit-related loss of 40-50 basis points of revenue, a meaningful decline versus the 70 basis points we experienced in 2025.

| Investment volume (at 100%) | $10.0 billion | $9.5 billion | $5.3 billion |

Given our strong start to the year, we are increasing full-year investment volume guidance to $9.5 billion at 100% ownership and raising the AFFO per share guidance range to between $4.41 and $4.44.

| Investment volume (at 100%) | $9.5 billion | $8.0 billion | $2.8 billion |

In addition to the $8 billion investment guidance for the year, key assumptions in our model reflects healthy underlying portfolio fundamentals and, in particular, includes credit-related loss of 40-50 basis points of revenue, a meaningful decline versus the 70 basis points we experienced in 2025.

| Investment volume (at 100%) | $8.0 billion | $6.3 billion |

| Lease termination income | $45 - $50 million | $45 - $50 million | $41 million |

As Sumit noted, we are also increasing the expected lease termination income guidance range to between $45 million and $50 million.

| Lease termination income | $45 - $50 million | $30 - $40 million | $40 million |

We expect lease termination income to once again be a meaningful contributor to earnings in 2026, as we forecast $30 million-$40 million based on our current visibility.

| Lease termination income | $30 - $40 million | $49 million |

| Cash G&A expenses (% of total gross asset value)(4)(5) | 20 - 23 bps | 20 - 23 bps | 6 bps |

We expect cash G&A expenses to be just 20-23 basis points of gross asset value.

| Cash G&A expenses (% of total gross asset value)(3)(4) | 20 - 23 bps | 21 bps |

| Net income per share(2) | $1.60 - $1.63 | $1.65 - $1.69 | $0.33 |

| Net income per share(1) | $1.65 - $1.69 | $1.17 |

| Income tax expenses | $100 - $110 million | $100 - $110 million | $26 million |

| Income tax expenses | $100 - $110 million | $85 million |

| Occupancy | Approx 98.5% | Approx 98.5% | 98.9% |

Look, we feel pretty confident about the 98.5. We... And it is largely going to be a function of the type of the type of expirations that we see, the size of these assets that are going to be expiring in 2026, which tend to be a lot more, you know, smaller assets with fewer rents.

| Occupancy | Approx 98.5% | 98.9% |

| Other adjustments per share(3) | $0.16 | $0.05 | $0.13 |

| Other adjustments per share(2) | $0.05 | $0.33 |

| Property expenses (non-reimbursable) (% of total revenue)(6) | Approx 1.5% | Approx 1.5% | 1.3% |

For 2026, we are guiding to unreimbursed property expense margin to approximately 1.5% of revenue.

| Property expenses (non-reimbursable) (% of total revenue)(5) | Approx 1.5% | 1.6% |

| Real estate depreciation per share | $2.65 | $2.68 | $0.67 |

| Real estate depreciation per share | $2.68 | $2.78 |

| Same store rent growth | 1.0% - 1.3% | 1.0% - 1.3% | 0.8% |

| Same store rent growth | 1.0% - 1.3% | 1.3% |

The dispositions, as you know, we were right around $740 million in 2025. You should expect a similar number in 2026.

“2025 represented another year of consistent returns and deliberate execution of strategic initiatives that will amplify our competitive strengths,” said Sumit Roy, Realty Income's President and Chief Executive Officer. “The momentum in our business is palpable. Our fourth quarter investment volume of $2.4 billion represents a meaningful acceleration in activity, and our active pipeline for 2026 is reflected in our initial investment volume guidance of approximately $8.0 billion. In concert with healthy portfolio occupancy and underlying tenant credit, we are introducing 2026 AFFO per share guidance of $4.38 - $4.42, representing annual growth of approximately 2.8% at the midpoint and approximately 9% total operational return.”

Now, moving to our outlook for 2025, given the continued momentum in our acquisitions pipeline and our progress year-to-date, we are increasing our 2025 investment volume guidance from $5 billion to approximately $5.5 billion.

| Investment volume | Approx $5.5 billion | Approx $5.0 billion | $3.9 billion |