Realty Income — Feb 24, 2026 release

Guidance Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2025 Actuals for comparison): 2026 Guidance 2025 Actuals Net income per share (1) $1.65 - $1.69 $1.17 Real estate depreciation per share $2.68 $2.78 Other adjustments per share (2) $0.05 $0.33 AFFO per share $4.38 - $4.42 $4.28 Same store rent growth 1.0% - 1.3% 1.3% Occupancy Approx 98.5% 98.9% Cash G&A expenses (% of total gross asset value) (3)(4) 20 - 23 bps 21 bps Property expenses (non-reimbursable) (% of total revenue) (5) Approx 1.5% 1.6% Income tax expenses $100 - $110 million $85 million Investment volume (at 100%) $8.0 billion $6.3 billion Lease termination income $30 - $40 million $49 million (1) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (2) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. (3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. Total gross asset value is total assets before accumulated depreciation and amortization. (4) G&A expenses inclusive of stock-based compensation expense as a percentage of total gross asset value is expected to be approximately 24 - 27 bps in 2026. (5) Total revenue excludes client reimbursements. - 6 - Conference Call Information In conjunction with the release of our operating results, we will host a conferen