S&P 500 Real Estate Investment Trust (NYSE O ) Acquire and manage freestanding, single tenant, commercial, net-lease properties

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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, net-lease properties Seasoned senior management team 4,980 properties diversified by tenant, industry, geography, and to a certain extent, property type

3 COMPANY OVERVIEW PORTFOLIO GROWTH 5,000 4,980 Number of Properties 4,000 3,000 2,000 1, Q

4 TENANT DIVERSIFICATION No tenant represents more than 6.8% of revenue 250 commercial tenants 45% investment-grade rated, including 9 of our top 20 tenants * 6.8% 2.6% 1.9% * 1.8% * 5.4% * 2.6% * 1.9% 1.8% * 4.1% * 2.3% 1.9% * 1.6% 3.8% 2.3% 1.9% * 1.2% 3.7% 2.2% 1.8% 1.2% *Investment-grade credit rating As of 03/31/17

5 INDUSTRY DIVERSIFICATION 47 industries No industry represents more than 11% of revenue Drug Stores 11% Convenience Stores 10% Dollar Stores Health and Fitness 8% 8% Transportation Services Quick-Service Restaurants Theaters 5% 5% 5% Casual Dining Restaurants Grocery Stores 4% 4% Wholesale Clubs 3% As of 03/31/17

6 4,980 Properties located in 49 states and Puerto Rico % of Rental Revenue Texas 9.7% California 9.4% Florida 5.9% Illinois 5.5% Ohio 5.2% Georgia 4.5% % Represents percentage of rental revenue PUERTO RICO As of 03/31/17

7 PROPERTY TYPE COMPOSITION 4 property types Non-retail 2% in % in 2017 Retail and industrial properties remain our principal focus Industrial 12.9% Office 5.3% Agriculture 2.3% Retail 79.5% As of 03/31/17

8 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

9 CAPITAL STRUCTURE CONSERVATIVE BALANCE SHEET 28% 31% Common Stock: $15 billion Debt: $6 billion 72% 61% 8% Total Capitalization: $21 billion Investment Grade Ratings: Baa1 / BBB+ Interest Coverage 4.5x Fixed Charge Coverage 4.5x

10 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 Quick Service Restaurants Boise, ID

11 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 Consumer Goods Chicago, IL Favorable risk-adjusted returns

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

13 2016 PERFORMANCE $1 billion in annual rental revenue $91 million dispositions 5.1% AFFO per share growth 98.3% occupancy $1.86 billion acquisitions 5.3% dividend per share increase

14 2016 PERFORMANCE $1.86 billion acquisitions 505 properties 40 states 51 commercial tenants 28 industries 86% retail properties 64% investment-grade rated tenants $91 million selective dispositions 77 properties Redeploy capital into properties that better meet our investment strategy 98.3% occupancy rate

15 HISTORICAL DIVIDEND INCREASES 91 Dividend Increases Since 1994 NYSE Listing 561 Consecutive Monthly Dividends Paid 4.7% Compound Average Annual Growth Rate Member of S&P High Yield Dividend Aristocrats index $2.186 $2.201$2.292 $2.532 $2.532 $2.430 $0.90 $0.93 $0.945 $0.96 $1.02 $1.08 $1.11 $1.14 $1.17 $1.20 $1.641 $1.701 $1.716$1.731$1.746 $1.821 $1.518 $1.32 $ YTD 2017 Dividend amounts reflects the December declared dividend rate per share annualized, except for 2017, which reflects the April 2017 declared dividend annualized

16 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) 16.9% 10.9% 10.2% 9.6% 9.5% (1) Since Realty Income s public listing on 10/18/94 through 03/31/17, assuming reinvestment of dividends

17 1Q 2017 RESULTS Acquisitions $370.7 million acquisitions 60 properties 18 states 16.4 years average lease term 6.1% initial yield 98% retail 68% investment-grade rated tenants Capital Raising Raised $1.5 billion of favorably priced permanent and long-term capital Portfolio 98.3% occupancy 9.7 years weighted average lease term AFFO per share grew 8.6% to 76 Dividend per share growth 6.1%

18 2017 OUTLOOK Approximately $1 billion in acquisitions at attractive investment spreads $75-$100 million dispositions 1.0%-1.2% same store rent growth Earnings growth: AFFO per share: $3.00 to $3.06 % Growth: 4.2% to 6.3% Pay monthly dividends that grow over time

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