Realty Income — May 5, 2025 release

Earnings Guidance Summarized below are approximate estimates of the key components of our 2025 earnings guidance: Revised 2025 Guidance Prior 2025 Guidance (1) YTD Actuals at March 31, 2025 Net income per share (2) $1.40 - $1.46 $1.52 - $1.58 $0.28 Real estate depreciation per share $2.70 $2.68 $0.68 Other adjustments per share (3) $0.12 $0.02 $0.10 AFFO per share (4) $4.22 - $4.28 $4.22 - $4.28 $1.06 Same store rent growth Approx 1.0% Approx 1.0% 1.3% Occupancy Over 98% Over 98% 98.5% Cash G&A expenses (% of total revenue) (5)(6) Approx 3.0% Approx 3.0% 2.9% Property expenses (non-reimbursements) (% of total revenue) (5) 1.4% - 1.7% 1.4% - 1.7% 1.5% Income tax expenses $80 - $90 million $80 - $90 million $15.7 million Investment volume Approx $4.0 billion Approx $4.0 billion $1.4 billion (1) As issued on February 24, 2025. (2) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (3) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. (4) AFFO per share excludes merger, transaction, and other costs, net. (5) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. Total revenue excludes client reimbursements. (6) 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 May 5, 2025 at 2:00 p.m. PDT to discuss the operating results. To access the conference call, di