Realty Income (O) Economic Moat Analysis50

Evidence

This competition may result in a higher cost for properties we wish to purchase.

2025 Form 10-K / acquisition competition risk · Filed 25/02/2026

Debt Financing Activities As of December 31, 2025, our total outstanding borrowings of credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds were $29.1 billion, with a weighted average maturity of 5.5 years and a weighted average interest rate of 3.9%.

2025 Form 10-K / Debt Financing Activities · Filed 25/02/2026

Under a net lease structure, clients are typically responsible for most or all property-level operating expenses, including real estate taxes, insurance, and maintenance, while we are entitled to receive contractually defined rental payments, many of which include embedded contractual rent escalations.

2025 Form 10-K / net lease contractual structure · Filed 25/02/2026

The bankruptcy or insolvency of a client, borrower or guarantor could result in the termination of the lease agreement, loan agreement, or guarantee, as applicable.

2025 Form 10-K / client bankruptcy risk · Filed 25/02/2026

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

2025 Form 10-K / auditor opinion on internal control · Filed 25/02/2026

The Company faces competition from other REITs, businesses and other entities in the acquisition, development and operation of freestanding commercial properties.

2025 Form 10-K / competition · Filed 25/02/2026

Six months ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income $691,448 $450,473 Adjustments to net income: Depreciation and amortization 1,274,952 1,256,784 Amortization of share-based compensation 20,651 14,009 Non-cash revenue adjustments (48,283) (52,425) Amortization of net discounts on mortgages payable 151 137 Amortization of net discounts on notes payable 14,563 1,561 Amortization of deferred financing costs 17,945 13,082 Foreign currency and unrealized derivative gain, net (34,223) (46,060) Non-cash interest rate swaps (3,097) 1,606 Payment-in-kind interest (6,491) — Gain on sales of real estate (73,902) (61,103) Equity in earnings of unconsolidated entities (4,873) (7,626) Distributions on common equity from unconsolidated entities 11,833 21,689 Provisions for impairment of real estate 144,350 239,673 Provisions for credit losses on loans and financing receivables 46,361 20,279 Deferred income tax expense 1,718 309 Change in assets and liabilities Accounts receivable and other assets (124,270) (57,102) Accounts payable, accrued expenses and other liabilities 90,752 52,899 Net cash provided by operating activities 2,019,585 1,848,185 CASH FLOWS FROM INVESTING ACTIVITIES Investment in real estate (3,549,763) (2,214,524) Improvements to real estate, including leasing costs (83,506) (49,176) Investment in unconsolidated entities (97,366) (9,819) Investment in loans and preferred equity (1,660,249) (423,157) Proceeds from sales of real estate 348,634 209,414 Proceeds from note receivable 17,656 14,802 Insurance proceeds received 845 2,079 Non-refundable escrow deposits (3,621) — Net cash used in investing activities (5,027,370) (2,470,381) CASH FLOWS FROM FINANCING ACTIVITIES

June 2026 Form 10-Q / consolidated cash flows · Filed 06/08/2026

Cash distributions to common stockholders (1,514,811) (1,439,274) Borrowings on revolving credit facilities and commercial paper programs 43,382,744 10,628,935 Payments on revolving credit facilities and commercial paper programs (42,616,939) (10,464,748) Proceeds from term loan 1,073,900 — Principal payment on term loan — (500,000) Proceeds from notes payable issued 1,662,500 2,091,750 Principal payment on notes payable (1,424,997) (500,000) Principal payments on mortgages payable (858) (43,788) Repurchases of common stock (101,915) — Proceeds from common stock offerings, net 824,136 1,247,019 Proceeds from dividend reinvestment and stock purchase plan 6,145 5,917 Distributions to noncontrolling interests (17,750) (5,976) Contributions from noncontrolling interests, net of costs 1,875,349 — Debt issuance costs (44,957) (64,882) Other financing activities, net 5,403 (9,507) Net cash provided by financing activities 3,107,950 945,446 Effect of exchange rate changes on cash and cash equivalents (5,559) 22,980 Net increase in cash, cash equivalents and restricted cash 94,606 346,230 Cash, cash equivalents and restricted cash, beginning of period 520,756 495,506 Cash, cash equivalents and restricted cash, end of period $615,362 $841,736

June 2026 Form 10-Q / financing cash flows · Filed 06/08/2026

Note Covenants Required Actual Limitation on incurrence of total debt < 60% of adjusted assets 41.5% Limitation on incurrence of secured debt < 40% of adjusted assets 0.2% Debt service and fixed charge coverage (trailing 12 months) (1) > 1.5x 4.7x Maintenance of total unencumbered assets > 150% of unsecured debt 242.2%

June 2026 Form 10-Q / note covenants · Filed 06/08/2026

Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change AFFO available to common stockholders $1,022.1 $947.5 7.9% $2,079.7 $1,897.2 9.6% AFFO per common share (1) $1.09 $1.05 3.8% $2.22 $2.11 5.2%

June 2026 Form 10-Q / AFFO results · Filed 06/08/2026

Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income available to common stockholders $343,955 $196,919 $655,721 $446,734 Depreciation and amortization 644,677 647,849 1,274,952 1,256,784 Depreciation of furniture, fixtures and equipment (802) (604) (1,589) (1,142) Provisions for impairment of real estate 54,185 142,254 144,350 239,672 Gain on sales of real estate (38,260) (38,566) (73,902) (61,103) Proportionate share of adjustments for unconsolidated entities 9,021 9,085 18,499 15,340 FFO adjustments allocable to noncontrolling interests (16,176) (1,189) (27,830) (2,882) FFO available to common stockholders $996,600 $955,748 $1,990,201 $1,893,403 FFO allocable to dilutive noncontrolling interests 2,344 2,417 4,377 4,842 Diluted FFO $998,944 $958,165 $1,994,578 $1,898,245 FFO available to common stockholders $996,600 $955,748 $1,990,201 $1,893,403 Merger, transaction, and other costs, net 2,058 331 12,845 610 Normalized FFO available to common stockholders $998,658 $956,079 $2,003,046 $1,894,013 Normalized FFO allocable to dilutive noncontrolling interests 2,344 2,417 4,377 4,842 Diluted Normalized FFO $1,001,002 $958,496 $2,007,423 $1,898,855 FFO per common share： Basic $1.07 $1.06 $2.14 $2.11 Diluted $1.07 $1.06 $2.13 $2.11 Normalized FFO per common share: Basic $1.07 $1.06 $2.15 $2.11 Diluted $1.07 $1.06 $2.14 $2.11 Distributions paid to common stockholders $756,779 $727,450 $1,514,811 $1,439,274 FFO after distributions $239,821 $228,298 $475,390 $454,129 Normalized FFO after distributions $241,879 $228,629 $488,235 $454,739 Weighted average number of common shares used for FFO and Normalized FFO: Basic 932,307 902,966 932,133 897,338 Diluted 937,344 906,398 937,117 900,797

June 2026 Form 10-Q / GAAP net income to FFO and Normalized FFO reconciliation · Filed 06/08/2026

June 30, 2026 December 31, 2025 ASSETS Real estate held for investment, at cost: Land $18,906,217 $18,368,029 Buildings and improvements 45,672,483 43,824,410 Total real estate held for investment, at cost 64,578,700 62,192,439 Less accumulated depreciation and amortization (9,466,261) (8,778,536) Real estate held for investment, net 55,112,439 53,413,903 Real estate and lease intangibles held for sale, net 153,134 91,784 Cash and cash equivalents 552,648 434,842 Accounts receivable, net 1,134,987 1,053,487 Lease intangible assets, net 5,616,706 5,717,241 Goodwill 4,932,199 4,932,199 Investment in loans and financing receivables, net 4,888,860 3,271,002 Investment in unconsolidated entities 1,348,453 1,256,456 Other assets, net 2,702,049 2,624,698 Total assets $76,441,475 $72,795,612 LIABILITIES AND EQUITY Distributions payable $259,252 $255,171 Accounts payable and accrued expenses 1,119,132 1,060,969 Lease intangible liabilities, net 1,457,071 1,493,958 Other liabilities 1,020,290 1,066,809 Revolving credit facilities and commercial paper 2,762,585 2,023,414 Term loans, net 2,760,395 1,701,615 Mortgages payable, net 37,085 37,761 Notes payable, net 25,091,588 25,031,947 Total liabilities $34,507,398 $32,671,644 Commitments and contingencies (Note 18) Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares

June 2026 Form 10-Q / consolidated balance sheet · Filed 06/08/2026

Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income available to common stockholders $343,955 $196,919 $655,721 $446,734 Cumulative adjustments to calculate Normalized FFO (1) 654,703 759,160 1,347,325 1,447,279 Normalized FFO available to common stockholders 998,658 956,079 2,003,046 1,894,013 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 17,696 8,257 33,074 14,890 Amortization of acquired interest rate swap value (2) 1,530 3,555 3,061 7,266 Capital expenditures from operating properties: Leasing costs and commissions (1,944) (1,985) (3,298) (2,865) Recurring capital expenditures — (221) (170) (240) Other non-cash items: Provisions for credit losses on loans and financing receivables 7,258 1,109 46,361 20,280 Amortization of share-based compensation 9,268 8,110 20,651 14,009 Straight-line rent and expenses, net (39,536) (30,226) (79,046) (74,038) Amortization of above and below-market leases, net 16,883 6,287 30,763 21,613 Deferred tax expense 281 413 1,718 309 Proportionate share of adjustments for unconsolidated entities (320) (1,678) (774) (1,641) Executive severance charge (3) 255 — 1,846 — Other adjustments (4) 12,091 (2,209) 22,441 3,611 AFFO available to common stockholders $1,022,120 $947,491 $2,079,673 $1,897,207 AFFO allocable to dilutive noncontrolling interests 2,338 2,401 4,772 4,802 Diluted AFFO $1,024,458 $949,892 $2,084,445 $1,902,009 AFFO per common share: Basic $1.10 $1.05 $2.23 $2.11 Diluted $1.09 $1.05 $2.22 $2.11 Distributions paid to common stockholders $756,779 $727,450 $1,514,811 $1,439,274 AFFO after distributions $265,341 $220,041 $564,862 $457,933 Weighted average number of common shares used for AFFO: Basic 932,307 902,966 932,133 897,338 Diluted 937,344 906,398 937,117 900,797

June 2026 Form 10-Q / Normalized FFO to AFFO reconciliation · Filed 06/08/2026

As of June 30, 2026, approximately 91% of our total debt was fixed

June 2026 Form 10-Q / fixed-rate debt proportion · Filed 06/08/2026

Pursuant to the terms of the revolving credit facility, the credit ratings at the time of the amendment provided for a borrowing rate of 67.5 basis points over the SOFR for USD borrowings, with a facility commitment fee of 12.5 basis points, for all-in drawn pricing of 80 basis points over SOFR, a reduction of 5.0 basis points from the prior revolving credit facilities.

June 2026 Form 10-Q / revolving-credit amendment pricing · Filed 06/08/2026

We received $1.0 billion for Apollo’s initial capital contribution.

June 2026 Form 10-Q / Apollo capital contribution received · Filed 06/08/2026

Debt Financing Activities As of June 30, 2026, our total outstanding borrowings of credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds were $31.0 billion, with a weighted average maturity of 5.1 years and a weighted average interest rate of 3.9%.

June 2026 Form 10-Q / Debt Financing Activities · Filed 06/08/2026

Prior to Apollo achieving the Target IRR (as defined in the JV Agreement), the Class B Member will receive a default allocation of 55% of available cash flow, which may decrease to 49% if the Apollo JV’s NOI outperforms an upper level of certain performance metric, or increase to 60% if the Apollo JV’s NOI underperforms a lower level of certain performance metric.

June 2026 Form 10-Q / Apollo joint-venture cash allocation · Filed 06/08/2026

-46- Table of Contents Expenses The following summarizes our total expenses (in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 Change 2026 2025 Change Depreciation and amortization $644,677 $647,849 $(3,172) $1,274,952 $1,256,784 $18,168 Interest 312,083 283,824 28,259 604,023 552,198 51,825 Property (excluding reimbursements) 21,306 19,998 1,308 40,664 39,301 1,363 Property (reimbursements) 91,133 87,424 3,709 188,618 174,802 13,816 General and administrative 57,605 49,329 8,276 116,490 93,373 23,117 Provisions for impairment of real estate 54,185 142,255 (88,070) 144,350 239,673 (95,323) Provisions for credit losses on loans and financing receivables 7,258 1,108 6,150 46,361 20,279 26,082 Merger, transaction, and other costs, net 2,058 331 1,727 12,845 610 12,235 Total expenses $1,190,305 $1,232,118 $(41,813) $2,428,303 $2,377,020 $51,283 Total revenue (1) $1,456,578 $1,322,954 $2,907,820 $2,616,081 General and administrative expenses as a percentage of total revenue (1) 4.0% 3.7% 4.0% 3.6% Property expenses (excluding reimbursements) as a percentage of total revenue (1) 1.5% 1.5% 1.4% 1.5% (1) Excludes client reimbursements.

June 2026 Form 10-Q / expense analysis · Filed 06/08/2026

-57- Table of Contents Lease Expirations The following table sets forth certain information regarding the timing of the lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contribution to total portfolio annualized base rent as of June 30, 2026 (dollars in thousands): Total Portfolio (1) Expiring Leases Annualized Base Rent Percentage of Annualized Base Rent Year Retail Non-Retail 2026 386 13 $78,172 1.5% 2027 1,370 50 308,889 5.8 2028 1,766 73 407,284 7.7 2029 1,916 52 452,829 8.6 2030 1,345 52 371,413 7.0 2031 1,292 78 458,310 8.7 2032 1,462 55 382,140 7.2 2033 1,074 37 326,834 6.2 2034 819 41 361,023 6.8 2035 740 32 240,747 4.6 2036 701 40 276,869 5.2 2037 564 25 153,170 2.9 2038 425 24 149,872 2.8 2039 543 9 148,326 2.8 2040 415 8 163,006 3.1 2041-2143 1,897 127 1,001,516 19.1 Total 16,715 716 $5,280,400 100.0% (1)Leases on our multi-tenant properties are counted separately in the table above.

June 2026 Form 10-Q / lease expiration schedule · Filed 06/08/2026

B.Performance Shares During the six months ended June 30, 2026, we granted 246,900 performance shares, as well as dividend equivalent rights, to our executive officers.

June 2026 Form 10-Q / executive performance-share grants · Filed 06/08/2026

The performance shares are earned based on our Total Shareholder Return (“TSR”) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% as of the date of which the plan administrator determines the achievement of the applicable goals during the applicable three-year performance period and the remaining 50% on January 1 of the following year, subject to continued service.

June 2026 Form 10-Q / performance-share conditions and vesting · Filed 06/08/2026

Further, we raised approximately $2.4 billion of equity capital over the course of the year, and we issued $2.9 billion of fixed-rate unsecured bonds during 2025.

2026 proxy / completed 2025 capital raising · Filed 25/03/2026

Total Investments Occupancy by Property $6.3B 98.9% Over a three-year period from 2023 to 2025, we saw net income per share on a fully diluted basis decrease from $1.26 per share to $1.17 per share, primarily as a result of an increase in equity capital issued over the three-year period, as well as an increase in impairments on real estate properties and credit losses recognized on financing receivables.

2026 proxy / three-year diluted net income per-share deterioration · Filed 25/03/2026

Our 2025 AFFO per share was an annual record at $4.28 per share, representing our 15th consecutive year of AFFO per share growth.

2026 proxy / historical AFFO per-share growth · Filed 25/03/2026

We believe our industry‑leading balance sheet and lower cost of capital enable us to pursue attractive investment opportunities and execute larger, more complex transactions than many peers.

2026 proxy / management assertion of comparative funding advantage · Filed 25/03/2026

Since 1997, the positions of Non-Executive Chairman of the Board of Directors and CEO have been separate in recognition of the differences between the two roles.

2026 proxy / separation of chairman and CEO roles · Filed 25/03/2026

The majority of the compensation awarded under the STIP and LTIP is at-risk, is not guaranteed, and is based on the following performance metrics: Short-Term Incentive Plan Performance Goals Long-Term Incentive Plan Performance Goals Metric Weight Metric Weight AFFO per Share 40% TSR Ranking within MSCI US REIT Index 50% Fixed Charge Coverage Ratio 20% Dividend per Share Growth Rate 25% Portfolio Occupancy 10% Net Debt-to-Pro Forma Adjusted EBITDAre Ratio 25% Individual Objectives 30% 20 Realty Income 2026 Proxy Statement Table of Contents Proposal Three The performance hurdles and weightings for each program are determined by the Compensation and Talent Committee in consultation with our independent compensation consultant, Ferguson Partners Consulting L.P.

2026 proxy / actual incentive-program metrics and weights · Filed 25/03/2026

In the event that an executive officer retires (employing the same definitions described above), the named executive officer is entitled to receive accelerated vesting of 100% of any equity awards granted and restricted stock awards granted will become fully vested.

2026 proxy / retirement acceleration of equity awards · Filed 25/03/2026

Additionally, under the terms of the performance share award agreements as in effect as of December 31, 2025, in the event that a named executive officer retires during an outstanding performance period, the number of performance shares will vest based on the executive’s achievement of the performance goals through the retirement date, and pro-rated based on the amount of time the executive was employed during the performance period.

2026 proxy / performance-share treatment on retirement · Filed 25/03/2026

McLaughlin INDEPENDENT All MEETINGS IN 2025 6 2026 Proxy Statement Realty Income 25 Corporate Governance Table of Contents Compensation and Talent Committee RESPONSIBILITIES •Periodically review our programs and strategies related to human capital and talent management, including compensation and benefits, recruiting and retention, management succession, and engagement •Establish and administer our executive compensation programs •Conduct an annual review of our compensation philosophy and incentive programs, including to ensure they reflect our risk management philosophies, policies and processes •Conduct an annual review of and approve the goals and objectives relating to the compensation of the CEO, including a performance evaluation based on such goals and objectives to help determine and approve his compensation •Review and approve all executive officers’ severance arrangements, as applicable •Manage and annually review executive officer short-term and long-term incentive compensation •Set performance metrics under all short-term and long-term incentive compensation plans as appropriate •Review the compensation of members of our Board of Directors; and •Periodically review our stockholder engagement results and feedback received with respect to executive compensation matters •Administer and oversee clawback policy providing for the recoupment of compensation received by executive officers and other covered employees Our Board of Directors has determined that all of the members of the Compensation and Talent Committee are “independent” within the meaning of our director independence standards and the NYSE director independence standards (including those applicable to Compensation and Talent Committee members) and are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act.

2026 proxy / compensation committee independence and clawback oversight · Filed 25/03/2026

If a director’s offer to resign is not accepted by the Board of Directors (or properly constituted committee) or such director does not otherwise submit his or her resignation to the Board, such director shall continue to serve until his or her successor is duly elected and qualified, or until his or her earlier resignation or removal.

2026 proxy / director resignation policy · Filed 25/03/2026

closing of its previously announced private offering of $1.0 billion aggregate principal amount of 3.750% convertible senior notes

August 14, 2026 offering release / completed convertible issuance and coupon · Filed 14/08/2026

due 2031 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified

August 14, 2026 offering release / convertible maturity · Filed 14/08/2026

$188.7 million of the net proceeds from the offering to repurchase approximately 3.0 million shares of its common stock concurrently

August 14, 2026 offering release / concurrent common-share repurchase · Filed 14/08/2026

•In July 2026, amended and restated our unsecured revolving credit facility to $5.5 billion and commercial paper programs to $5.5 billion

August 2026 earnings release / July credit-facility expansion · Filed 05/08/2026

Three months ended June 30, 2026 Six months ended June 30, 2026 Properties sold 80 177 Net sales proceeds $ 160.7 $ 348.6 Gain on sales of real estate $ 38.3 $ 73.9 Liquidity and Capital Markets Liquidity As of June 30, 2026, we had $3.5 billion total available liquidity at our Pro-Rata Share(1), comprised of the components summarized below (dollars in millions): Cash and cash equivalents (2) $ 534.6 Availability under credit facilities (3) 3,152.7 Unsettled At-the-Market ("ATM") forwards (4) 1,228.3 Less: commercial paper borrowings (1,441.4) Total available liquidity at our Pro-Rata Share $ 3,474.2 (1) Please see the Glossary for our definition of Pro-Rata Share for more information.

August 2026 earnings release / June liquidity components and property dispositions · Filed 05/08/2026

Calculated as cash and cash equivalents per the consolidated balance sheet of $552.6 million, plus our Pro-Rata Share of unconsolidated entities cash of $23.4 million, less adjustments allocable to noncontrolling interests of $41.4 million.

August 2026 earnings release / pro-rata cash reconciliation · Filed 05/08/2026

(3) Represents our availability under the $4.0 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of June 30, 2026.

August 2026 earnings release / corporate and fund credit-facility scope · Filed 05/08/2026

15,588 properties 353M square feet leasable space 1,798 clients 92 industries $5.3B(3) Annualized Base Rent $89B(5) enterprise value 8.6 years weighted average remaining lease term 78.3% retail 16.2% industrial 3.1% gaming Geographies Included in Realty Income's Annualized Base Rent Property Type(2) Table of Contents ↪ 98.8%(1) occupancy United States 79.5% Total ABR United Kingdom 15.0% Total ABR Continental Europe 5.5% Total ABR $3.5B(4) Realty Income Investment Management Third-Party AUM

Q2 2026 supplemental / portfolio scope, occupancy and lease duration · Filed 05/08/2026

Q2 2026 Supplemental Operating & Financial Data 6 Summary Financial Information (USD in millions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Capital Deployment Investment Activity(1) Real estate acquisitions $ 1,311 $ 1,433 $ 1,350 $ 830 $ 871 $ 1,026 $ 1,316 $ 594 $ 246 Development investments $ 135 $ 155 $ 163 $ 148 $ 78 $ 145 $ 150 $ 146 $ 182 Other investments $ 629 $ 1,032 $ 801 $ 384 $ 222 $ 201 $ 254 $ — $ 378 Total investment activity $ 2,075 $ 2,620 $ 2,314 $ 1,362 $ 1,171 $ 1,372 $ 1,720 $ 740 $ 806 Initial Weighted Average Cash Yields(1) Real estate acquisitions 6.4 % 6.7 % 6.9 % 7.1 % 7.1 % 7.0 % 6.5 % 7.4 % 7.9 % Development investments 7.6 % 7.4 % 7.4 % 7.4 % 7.3 % 7.3 % 7.6 % 7.5 % 7.3 % Other investments 9.2 % 7.8 % 7.4 % 9.0 % 7.5 % 10.2 % 10.1 % N/A 8.1 % Total investments 7.3 % 7.1 % 7.1 % 7.7 % 7.2 % 7.5 % 7.1 % 7.4 % 7.9 % Operations Overview Adjusted EBITDA margin (as % of total revenue)(2) 94.6 % 94.7 % 94.4 % 94.3 % 94.8 % 95.1 % 94.5 % 95.2 % 94.9 % Cash G&A expenses (% of GAV)(3)(4) 6 bps 6 bps 6 bps 6 bps 5 bps 5 bps 5 bps 5 bps 5 bps Property expenses (non-reimbursements)(% of total revenue)(2) 1.5 % 1.3 % 1.8 % 1.7 % 1.5 % 1.5 % 1.6 % 1.4 % 1.5 % Leasing recapture rates 102.7 % 103.4 % 104.9 % 103.5 % 103.4 % 103.9 % 107.4 % 105.0 % 105.7 % Same Store Rental Revenue growth(5) 1.2 % 0.8 % 1.1 % 1.3 % 1.1 % 1.3 % 0.8 % 0.2 % 0.2 % Cash basis bad debt reserves(6) $ 4.6 $ 6.4 $ 5.1 $ 4.0 $ 10.9 $ 6.2 $ 8.1 $ 7.0 $ 8.0 Lease termination income $ 1.0 $ 40.2 $ 18.9 $ 27.3 $ 1.8 $ 0.9 $ 2.8 $ 0.3 $ 13.0 Table of Contents ↪ (1) Investment amounts and Initial Weighted Average Cash Yields reflect adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests).

Q2 2026 supplemental / investment yields, leasing recapture and operating trends · Filed 05/08/2026

Q2 2026 Supplemental Operating & Financial Data 15 Portfolio Highlights (USD in millions) Number of Properties 12,237 13,458 15,621 15,511 15,588 11,966 13,007 15,099 14,893 14,917 Domestic International Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q2 2026 Same Store Rental Revenue Growth 1.8% 1.9% 0.5% 1.3% 1.0% 2022 2023 2024 2025 YTD 2026 Leasing Recapture Rates 105.9% 104.1% 105.6% 103.9% 103.0% 2022 2023 2024 2025 YTD 2026 (1) Please see the Glossary for our definition of Gross Asset Value.

Q2 2026 supplemental / historical same-store growth and leasing recapture · Filed 05/08/2026

Portfolio Diversification By Property Type and Top 20 Industries TOP 20 INDUSTRIES % OF TOTAL ANNUALIZED BASE RENT Table of Contents ↪ 16.2% Industrial 3.1% Gaming 2.4% Other(2) 78.3% Retail Property Type Number of Properties Leasable Square Feet(1) ABR as of Q2 2026 Percentage of ABR as of Q2 2026 Percentage of ABR from IG Clients Retail 14,913 216,919 $ 4,132,195 78.3 % 33.5 % Industrial 604 127,032 856,311 16.2 44.9 Gaming 2 5,053 165,629 3.1 — Other(2) 69 4,216 126,265 2.4 31.9 Total 15,588 353,220 $ 5,280,400 100.0 % 34.3 % (1) Represents leasable building square footage, which includes our portfolio of unconsolidated joint ventures based on ownership percentage and deducts noncontrolling interests.

Q2 2026 supplemental / property composition and investment-grade rent exposure · Filed 05/08/2026

Q2 2026 Supplemental Operating & Financial Data 17 Ranking Client Number of Leases Percentage of Annualized Base Rent(1)(2) Investment Grade Ratings (S&P/ Moody's/Fitch)(3) 1 Dollar General 1,855 3.3% BBB / Baa3 / - 2 7-Eleven 802 3.1 A- / Baa2 / - 3 Walgreens 391 3.0 — 4 Family Dollar 1,253 2.6 — 5 Life Time Group 43 2.1 — 6 (B&Q) Kingfisher 72 2.0 BBB / - / BBB 7 Wynn Resorts 1 2.0 — 8 EG Group 414 2.0 — 9 Asda 41 1.6 — 10 Sainsbury's 42 1.6 BBB / Baa3 / - 11 Tesco 30 1.5 BBB / Baa2 / BBB 12 BJ's Wholesale Club 45 1.5 - / - / BBB 13 Tractor Supply 258 1.4 BBB / Baa1 / - 14 FedEx 60 1.3 BBB / Baa2 / - 15 MGM (Bellagio) 1 1.1 — 16 CVS Pharmacy 206 1.1 BBB / Baa3 / BBB 17 Carrefour 43 1.0 BBB / - / - 18 Home Depot 41 0.9 A / A2 / A 19 Walmart / Sam's Club 62 0.9 AA / Aa2 / AA 20 Decathlon 85 0.9 A-2 / - / - 5,745 34.8% Client Diversification Top 20 and Client Credit Rating TOP 20 CLIENTS (1) Our 20 largest clients are based on percentage of Annualized Base Rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of June 30, 2026.

Q2 2026 supplemental / largest clients and rent concentration · Filed 05/08/2026

Q2 2026 Supplemental Operating & Financial Data 18 TOP 3 INDUSTRIES CONTRIBUTING TO THE CHANGE(4) Industry Q2 2026 Q2 2025 $ Change % Change Industry YTD 2026 YTD 2025 $ Change % Change Grocery $ 134,887 $ 132,401 $ 2,486 1.9 % Grocery $ 270,006 $ 264,941 $ 5,065 1.9 % Restaurants-Casual Dining 47,073 45,247 1,826 4.0 % Theaters 49,202 52,651 (3,449) (6.6) % Convenience Stores 118,656 117,016 1,640 1.4 % Convenience Stores 236,913 233,560 3,353 1.4 % (1) Same Store Pool and Same Store Rental Revenue are non-GAAP financial measures.

Q2 2026 supplemental / industry contributions to same-store rental change · Filed 05/08/2026

Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance.

May 2026 earnings release / issuer AFFO definition · Filed 06/05/2026

Q1 2026 Supplemental Operating & Financial Data 42 Q1 2026 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 58,482 $ 12,374 $ 70,856 New cash rents* $ 59,991 $ 13,298 $ 73,289 Recapture rate 102.6% 107.5% 103.4% Number of leases 264 37 301 Average months vacant — 10.5 1.3 *Percentage of Total Annualized Base Rent(1) 1.4% (1) Please see the Glossary for our definition of Annualized Base Rent.

Q1 2026 supplemental / cash rents, repeat leasing and vacancy periods · Filed 06/05/2026

(2) Of the 17,426 in-place leases in the portfolio, 13,972, or 80.2%, were under leases that provide for increases in rents through: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients’ gross sales, fixed increases, or a combination of two or more of the aforementioned rent provisions.

Q1 2026 supplemental / contractual rent escalation provisions · Filed 06/05/2026

Publication history

Sources

• filing-1 · Filed 25/02/2026
• filing-2 · Filed 06/08/2026
• filing-3 · Filed 25/03/2026
• filing-4 · Filed 25/02/2025
• filing-5 · Filed 21/02/2024
• filing-6 · Filed 07/05/2026
• filing-7 · Filed 14/08/2026
• filing-8 · Filed 05/08/2026
• filing-9 · Filed 05/08/2026
• filing-10 · Filed 06/05/2026
• filing-11 · Filed 06/05/2026
• filing-12 · Filed 22/05/2026
• filing-13 · Filed 02/03/2026