Dear Fellow Stockholders,

In 2025, Realty Income continued to execute a clear and consistent strategy: allocate capital prudently, protect the durability of our cash flows, and deliver reliable, long-term value to our shareholders. We measure success not by growth alone, but by the consistency of that growth and its ability to perform across market cycles.

Our commitment to dependable, growing monthly dividends is part of our heritage and is central to everything we do. We partner with leading global companies whose real estate is mission critical to their operations. Every investment decision begins with disciplined underwriting, which is fundamental to our assessment of long-term risk adjusted returns.

We apply this same discipline across both capital sources and geographies, viewing global diversification—particularly in Europe—as a strategic advantage that enhances durability, flexibility, and long-term returns. Our approach to capital allocation is anchored by an information advantage stemming from our proprietary predictive analytics platform, coupled with sound judgement. By combining decades of portfolio data with current market signals, we are better able to evaluate client performance, pricing, and downside risk.

These capabilities are essential to sustaining returns and preserving flexibility across market cycles.

In 2025, this discipline translated into outcomes, including a 103.9% rent recapture rate on re leased properties and 98.9% occupancy at year end. We view these disciplines as essential to sustaining returns, managing downside risk, and preserving flexibility across market cycles.

In 2025, we deployed $6.3 billion of capital into real estate investments, or $6.2 billion pro rata for our ownership interest, at an initial weighted average cash yield of 7.3%, supported by broad sourcing

channels and an expanding opportunity set. Our capital allocation approach is built to generate consistent returns by combining disciplined underwriting with the ability to scale where long-term value creation is most compelling.

Europe continued to provide attractive risk adjusted opportunities supported by longer lease terms, favorable transaction structures, and compelling relative value. Our European platform also enhances capital flexibility, providing additional optionality across currencies, markets, and funding environments while maintaining underwriting discipline. We allocate capital where we believe relative value is most compelling and returns can be sustained through changing conditions. Our investments in markets such as Poland and the Netherlands expanded our footprint while reinforcing the durability and resilience of our cash flows across economic cycles.

Our dividend record reflects this consistency, including a 4.2% compound annual growth rate since our 1994 NYSE listing, 133 dividend increases, and more than 660 consecutive monthly dividends declared as of December 2025. Demonstrating the same disciplined approach that drives our dividend performance, Realty Income delivered a 12.2% total shareholder return in 2025, significantly outperforming the FTSE Nareit Equity REITs Index, which returned 2.3%. (4)

Private Capital as a Catalyst for Sustained Growth

Our balance sheet is a strategic asset. We ended the year with $4.1 billion of liquidity on a pro rata basis and continue to demonstrate strong access to global public capital markets, preserving flexibility in a variety of economic environments. Importantly, our private capital initiatives complement our global investment strategy, allowing us to pair capital flexibility with geographic diversification.

A key strategic objective is to continue diversifying our sources of capital, and our team executed this initiative diligently in 2025. Central to our private capital strategy was the launch of our inaugural U.S. core plus fund, which leveraged our vertically integrated platform to raise over $1.5 billion of third party equity commitments. Through this effort, we expanded our addressable investment universe while maintaining conservative leverage and financial strength.

Strategic partnerships are an increasingly important extension of our capital allocation strategy. In late 2025, we announced an $800 million preferred equity investment in CityCenter Las Vegas in partnership with Blackstone Real Estate, following our joint venture investment in the Bellagio Resort and Casino in 2023. In early 2026, we established a strategic joint venture with GIC to pursue build to suit logistics developments leased to high quality tenants. These partnerships allow us to grow at scale with well-respected real estate investors to create mutually beneficial outcomes for our respective stakeholders.

Looking Ahead

We believe Realty Income is exceptionally well positioned to navigate a wide range of economic environments. A strong balance sheet, ample liquidity, and differentiated access to both public

and private capital allow us to remain creative, selective, and opportunistic in our capital deployment. Our business model—defined by long duration leases, diversified and high quality clients, and predictable cash flows—provides resilience through periods of volatility while preserving the flexibility to act decisively when conditions are favorable.

Realty Income was founded on a simple mission to provide monthly income to retirees. Today, the need for this product is as relevant as ever. Long-term demographic trends provide a powerful tailwind for income-oriented investment strategies. By 2030, more than one-fifth of the U.S. population will be age 65 or older, with the fastest growth occurring among retirees and near-retirees. Globally, the population aged 60 and over is expected to exceed 1.4 billion by the end of the decade. As longevity increases and retirement systems place greater responsibility on individuals and institutions to generate dependable income, demand for long-duration, predictable cash flows continues to grow.

Aging global demographics are driving a structural surge in demand for yield, and we believe Realty Income is positioned to lead it. We believe our global net lease platform, data driven underwriting capabilities, and disciplined expansion of capital sources position us to meet this demand while maintaining the durability of our cash flows and supporting dependable, growing monthly dividends.

Thank you for your continued confidence in Realty Income.

Sumit Roy
President & Chief Executive Officer