Realty Income — Feb 24, 2025 release

The share repurchase program does not obligate us to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion. Earnings Guidance Summarized below are approximate estimates of the key components of our 2025 earnings guidance: Net income per share (1) $1.52 - $1.58 Real estate depreciation per share $2.68 Other adjustments per share (2) $0.02 AFFO per share (3) $4.22 - $4.28 Same store rent growth Approx 1.0% Occupancy Over 98% Cash G&A expenses (% of revenues) (4)(5) Approx 3.0% Property expenses (non-reimbursable) (% of revenues) (4) 1.4% - 1.7% Income tax expenses $80 - $90 million Investment volume Approx $4.0 billion (1) Net income per share excludes impairments and future foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (2) Includes gain on sales of properties and merger, transaction, and other costs, net. (3) AFFO per share excludes merger, transaction, and other costs, net. (4) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A expenses exclude stock-based compensation expense. (5) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 3.4% - 3.7% in 2025. - 5 - Conference Call Information In conjunction with the release of our operating results, we will host a conference call on February 25, 2025 at 11:00 a.m. PDT to discuss the operating results. To access the conference call, dial (83