Realty Income — May 6, 2026 release

Guidance Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2026 actual results for comparison): Revised 2026 Guidance Prior 2026 Guidance (1) YTD Actuals at March 31, 2026 Net income per share (2) $1.60 - $1.63 $1.65 - $1.69 $0.33 Real estate depreciation per share $2.65 $2.68 $0.67 Other adjustments per share (3) $0.16 $0.05 $0.13 AFFO per share $4.41 - $4.44 $4.38 - $4.42 $1.13 Same store rent growth 1.0% - 1.3% 1.0% - 1.3% 0.8% Occupancy Approx 98.5% Approx 98.5% 98.9% Cash G&A expenses (% of total gross asset value) (4)(5) 20 - 23 bps 20 - 23 bps 6 bps Property expenses (non-reimbursable) (% of total revenue) (6) Approx 1.5% Approx 1.5% 1.3% Income tax expenses $100 - $110 million $100 - $110 million $26 million Investment volume (at 100%) $9.5 billion $8.0 billion $2.8 billion Lease termination income $45 - $50 million $30 - $40 million $40 million (1) As issued on February 24, 2026. (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) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. (5) Please see the Glossary for our definition of Gross Asset Value. (6) Total revenue excludes client reimbursements. - 5 - Conference Call Information In conjunction with the release of our operating results, we will host a conference call on May 6, 2026 at 2:00 p.m. PDT to discuss the op