COMPANY OVERVIEW. S&P 500 Real Estate Investment Trust (NYSE O ) The Monthly Dividend Company

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2 COMPANY OVERVIEW S&P 500 Real Estate Investment Trust (NYSE O ) The Monthly Dividend Company Acquire and manage freestanding, single tenant, commercial, netlease properties Seasoned senior management team 5,326 properties diversified by tenant, industry, geography, and to a certain extent, property type

3 COMPANY OVERVIEW PORTFOLIO GROWTH 6,000 5,326 Number of Properties 5,000 4,000 3,000 2,000 1,

4 $3.50 $3.00 $3.06 AFFO per share $2.50 $2.00 $1.50 $1.00 $0.98 $0.50 $-

5 TENANT DIVERSIFICATION No tenant represents more than 6.7% of revenue 254 commercial tenants 51% investment-grade rated, including 11 of our top 20 tenants 6.7% 5.0% 3.8% 3.5% 3.5% 3.0% 2.0% 2.0% 2.0% 1.7% 1.5% 1.4% 3.8% 2.4% 1.9% 1.3% 3.6% 2.2% 1.8% 1.2% Investment-grade credit rating As of 03/31/18

6 INDUSTRY DIVERSIFICATION 47 industries No industry represents more than 11% of revenue Drug Stores 11% Convenience Stores 9% Health and Fitness Dollar Stores 8% 8% Theaters Quick-Service Restaurants Transportation Services Grocery Stores 6% 5% 5% 5% Casual Dining Restaurants Wholesale Clubs 3% 4% As of 03/31/18

7 GEOGRAPHIC DIVERSIFICATION 5,326 Properties located in 49 states and Puerto Rico % of Rental Revenue Texas 9.4% California 9.0% Illinois 6.3% Florida 5.7% Ohio 5.2% New York 4.8% % Represents percentage of rental revenue PUERTO RICO As of 03/31/18

8 PROPERTY TYPE COMPOSITION 4 property types Non-retail 2% in % in 2018 Industrial 12.6% Office 4.4% Agriculture 2.1% Retail and industrial properties remain our principal focus Retail 80.9% As of 03/31/18

9 COMPANY PHILOSOPHY Execute long-term, net-lease agreements Hold properties for long-term income production Manage the portfolio actively Target well-located, freestanding, single-tenant, commercial properties Support and grow monthly dividends for shareholders Maintain a conservative balance sheet

10 CONSERVATIVE CAPITAL STRUCTURE 31% 31% Common Stock: $14.8 billion Debt: $6.6 billion 69% 61% 8% Total Capitalization: $21.4 billion Investment Grade Ratings: A3 / BBB+ Interest Coverage 4.6x Fixed Charge Coverage 4.6x

11 INVESTMENT STRATEGY Tenants: Reliable cash flow from multiple sources Attractive industries relative to the economic environment Retail: Businesses with service, non-discretionary, and/or low price point orientation Non-Retail: Fortune 1000, primarily investment-grade rated companies Health & Fitness Los Angeles, CA

12 INVESTMENT STRATEGY Real estate: Locations in significant markets and strategic locations critical to generating revenue Property valuations near replacement cost Rental or lease payments at or below market rents Attractive spread over our cost of capital Favorable risk-adjusted returns Industrial Cincinnati, OH

13 INVESTMENT STRATEGY Drug Stores Columbus, OH Convenience Stores Fort Worth, TX

14 2017 PERFORMANCE 6.3% AFFO per share growth $166 million dispositions $1.52 billion acquisitions 98.4% occupancy $3.4 billion capital raised 5.6% dividend per share increase

15 2017 PERFORMANCE $1.52 billion acquisitions 303 properties 40 states 61 commercial tenants 23 industries 95% retail properties 48% investment-grade rated tenants $166 million selective dispositions 58 properties Redeploy capital into properties that better meet our investment strategy 98.4% occupancy rate

16 HISTORICAL DIVIDEND INCREASES 96 Dividend Increases Since 1994 NYSE Listing 574 Consecutive Monthly Dividends Paid 4.7% Compound Average Annual Growth Rate $2.634 Member of S&P High Yield Dividend Aristocrats index $2.19 $2.20 $2.29 $2.43 $2.55 $0.90 $0.93 $0.95 $0.96 $1.02 $1.08 $1.11 $1.14 $1.17 $1.20 $1.32 $1.40 $1.52 $1.64 $1.70 $1.72 $1.73 $1.75 $ Q 2018 Dividend amounts reflects the December declared dividend rate per share annualized, except for 2018, which reflects the May 2018 dividend annualized

17 SHAREHOLDER RESULTS Shareholder Total Return versus Market since public listing in 1994 Realty Income Equity REITs DOW S&P 500 NASDAQ Compound Average Annual Total Return (1) 15.7% 10.3% 10.6% 9.8% 9.9% (1) Since Realty Income s public listing on 10/18/94 through 03/31/18, assuming reinvestment of dividends

18 CORPORATE RESPONSIBILITY Social Health & Wellness Benefits Competitive Compensation Team Member Development and Training Community Partnerships & Charitable Giving Environmental Green Team Sustainable Practices at our Headquarters Tenant Engagement

19 1Q 2018 RESULTS Acquisitions $510 million acquisitions 174 properties 27 states 14 years average lease term 6.2% initial yield 100% retail 85% investment-grade rated tenants Capital Raising Raised $500 million of favorably priced capital Portfolio & Asset Management 98.6% occupancy $14 million dispositions AFFO per share grew 3.9% to 79 Dividend per share growth 4%

20 2018 OUTLOOK Approximately $1 billion to $1.5 billion in acquisitions at attractive investment spreads Approximately $200 million dispositions Approximately 1.0% same store rent growth Earnings growth: AFFO per share: $3.14 to $3.20 % Growth: 3% to 5% Pay monthly dividends that grow over time

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