Realty Income — Feb 24, 2026 release

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.” “Our growth outlook is supported by an ever-expanding global addressable market. Our unique platform now benefits from additional sources of private capital, including our U.S. Core Plus fund and GIC partnership. We are honored by the trust we have established with these investors and are energized by the opportunity to deliver reliable long-term value for all stakeholders.” Select Financial Results The following summarizes our select financial results (dollars in millions, except per share data): Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 Total revenue $ 1,487.9 $ 1,340.3 $ 5,749.4 $ 5,271.1 Net income available to common stockholders (1) $ 296.1 $ 199.6 $ 1,058.6 $ 847.9 Net income per share $ 0.32 $ 0.23 $ 1.17 $ 0.98 Funds from operations available to common stockholders (FFO) (2) $ 985.9 $ 897.9 $ 3,860.3 $ 3,467.7 FFO per share $ 1.07 $ 1.02 $ 4.25 $ 4.01 Normalized funds from operations available to common stockholders (Normalized FFO) (2) $ 996.1 $ 888.7 $ 3,884.5 $ 3,564.0 Normalized FFO per share $ 1.08 $ 1.01 $ 4.27 $ 4.12 Adjusted funds from operations available to common stockholders (AFFO) (2) $ 996.7 $ 921