🟢 New in Current Filing Our historical and unaudited pro forma condensed combined financial statements may not be representative of our results after the Merger and the transactions contemplated by the Merger Agreement. 🔒

🟢 New in Current Filing Our common stockholders will be diluted by the Merger. 🔒

🟢 New in Current Filing Cybersecurity Governance 🔒

🟢 New in Current Filing Market Information 🔒

🟢 New in Current Filing Repurchases of Equity Securities 🔒

🟢 New in Current Filing Closing of Spirit Realty Capital Merger 🔒

🟢 New in Current Filing Increases in Monthly Dividends to Common Stockholders 🔒

🟢 New in Current Filing 2024 Dividend increase 🔒

🟢 New in Current Filing Investments During 2023 🔒

🟢 New in Current Filing Equity Capital Raising 🔒

🟢 New in Current Filing Appointment of New Chief Financial Officer and Treasurer ("CFO") 🔒

🟢 New in Current Filing Portfolio Discussion 🔒

🟢 New in Current Filing Pan European Sale and Leaseback with Decathlon SE ("Decathlon") 🔒

🟢 New in Current Filing Investments in Unconsolidated Joint Ventures 🔒

🟢 New in Current Filing Impact of Real Estate and Credit Markets 🔒

🟢 New in Current Filing Capitalization 🔒

🟢 New in Current Filing ATM Program 🔒

🟢 New in Current Filing Debt and Financing Activities 🔒

🟢 New in Current Filing Material Cash Requirements 🔒

🟢 New in Current Filing Investments in Unconsolidated Entities 🔒

🟢 New in Current Filing DIVIDEND POLICY 🔒

🟢 New in Current Filing Depreciation and Amortization 🔒

🟢 New in Current Filing Credit facility, commercial paper, term loans, mortgages and senior unsecured notes and bonds 🔒

🟢 New in Current Filing CRITICAL ACCOUNTING POLICIES 🔒

🟢 New in Current Filing Provisions for Impairment - Real Estate Assets 🔒

🟢 New in Current Filing Recent Accounting Standards Not Yet Adopted. 🔒

🟢 New in Current Filing amortization 🔒

🟢 New in Current Filing 5. Investments in Unconsolidated Entities 🔒

🟢 New in Current Filing As of December 31, 2023 🔒

🟢 New in Current Filing Equity in income and impairment of investment in unconsolidated entities 🔒

🟢 New in Current Filing 6. Investments in Loans 🔒

🟢 New in Current Filing Carrying Amount (1) 🔒

🟢 New in Current Filing As OfNumber ofProperties (1)WeightedAverageStatedInterestRate (2)WeightedAverageEffectiveInterestRate (3)WeightedAverageRemainingYears UntilMaturityRemainingPrincipalBalanceUnamortizedPremium (Discount)and DeferredFinancing CostsBalance, netMortgagePayableBalanceDecember 31, 20231314.8 %3.3 %0.4$822.4 $(0.8)$821.6 December 31, 20221364.8 %3.3 %1.4$842.3 $11.6 $853.9 🔒

🟢 New in Current Filing Year of Maturity 🔒

🟢 New in Current Filing 10. Notes Payable 🔒

🟢 New in Current Filing 12. Noncontrolling Interests 🔒

🟢 New in Current Filing Realty Income, L.P. units (1) 🔒

🟢 New in Current Filing 13. Fair Value Measurements 🔒

🟢 New in Current Filing Carrying value 🔒

🟢 New in Current Filing 14. Derivative Instruments 🔒

🟢 New in Current Filing Fair Value - asset (liability) as of 🔒

🟢 New in Current Filing Total unrealized (loss) gain on derivatives, net 🔒

🟢 New in Current Filing Location of Gain (Loss) Recognized in Income 🔒

🟢 New in Current Filing Net increase (decrease) to net income 🔒

🟢 New in Current Filing 15. Lessor Operating Leases 🔒

🟢 New in Current Filing Future Minimum Direct Financing and Sale-Type Lease Payments (1) 🔒

🟢 New in Current Filing 16. Distributions Paid and Payable 🔒

🔴 No Match in Current Filing The COVID-19 pandemic has disrupted our operations and the effects of the pandemic are expected to continue to have an adverse effect on our business, results of operations, financial condition and liquidity. 🔒

🔴 No Match in Current Filing Distributions Declared (1) 🔒

🔴 No Match in Current Filing Conservative Capital Structure 🔒

🔴 No Match in Current Filing Revolving Credit Facility 🔒

🔴 No Match in Current Filing Commercial Paper Programs 🔒

🔴 No Match in Current Filing Mortgage Debt 🔒

🔴 No Match in Current Filing Notes Outstanding 🔒

🔴 No Match in Current Filing Table of Obligations 🔒

🔴 No Match in Current Filing Unconsolidated Investments 🔒

🔴 No Match in Current Filing Rental Revenue (excluding reimbursable) 🔒

🔴 No Match in Current Filing Square Footage (1) 🔒

🔴 No Match in Current Filing Depreciation and Amortization 🔒

🔴 No Match in Current Filing Credit facility, commercial paper, $250.0 million term loan, mortgages and notes 🔒

🔴 No Match in Current Filing Gain (loss) on extinguishment of debt 🔒

🔴 No Match in Current Filing Net Income Available to Common Stockholders 🔒

🔴 No Match in Current Filing IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS 🔒

🔴 No Match in Current Filing 1.Organization and Operation 🔒

🔴 No Match in Current Filing Year ended December 31, 2022 (2) 🔒

🔴 No Match in Current Filing Acquisitions - USD (1) 🔒

🔴 No Match in Current Filing Year ended December 31, 2021 (2) 🔒

🔴 No Match in Current Filing amortization 🔒

🔴 No Match in Current Filing December 31, 2022 🔒

🟡 Modified Property taxes may increase without notice. 🔒

🟡 Modified 7. Revolving Credit Facility and Commercial Paper Programs 🔒

🟡 Modified FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS ("FFO") AND NORMALIZED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS ("Normalized FFO") 🔒

🟡 Modified 1. Summary of Significant Accounting Policies 🔒

🟡 Modified ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS ("AFFO") 🔒

🟡 Modified The accompanying notes to consolidated financial statements are an integral part of these statements. 🔒

🟡 Modified Orion Divestiture 🔒

🟡 Modified Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations. 🔒

🟡 Modified The accompanying notes to consolidated financial statements are an integral part of these statements. 🔒

🟡 Modified General and Administrative Expenses 🔒

🟡 Modified Foreign Currency Exchange Rates 🔒

🟡 Modified Merger and Integration-Related Costs 🔒

🟡 Modified Foreign Currency and Derivative (Loss) Gain, Net 🔒

🟡 Modified Rental Revenue (reimbursable) 🔒

🟡 Modified Principal Amount (1) 🔒

🟡 Modified Property Expenses (excluding reimbursable) 🔒

🟡 Modified Lease Yield (1) 🔒

🟡 Modified Balance, net 🔒

🟡 Modified 3. Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands): 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF CASH FLOWS 🔒

🟡 Modified Equity in Income and Impairment of Investment in Unconsolidated Entities 🔒

🟡 Modified Years ended December 31, 2023, 2022 and 2021 🔒

🟡 Modified 9. Mortgages Payable 🔒

🟡 Modified Rental Revenue (excluding reimbursable) 🔒

🟡 Modified Merger with VEREIT 🔒

🟡 Modified Property Expenses (reimbursable) 🔒

🟡 Modified on variable rate debt 🔒

🟡 Modified Allocation of the Purchase Price of Real Estate Acquisitions 🔒

🟡 Modified Long-Term Liquidity Requirements 🔒

🟡 Modified Gain on Sales of Real Estate 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 🔒

🟡 Modified 11. Issuances of Common Stock 🔒

🟡 Modified Total Expenses 🔒

🟡 Modified Our Clients (6) 🔒

🟡 Modified Inflation (including prolonged inflationary periods) may adversely affect our results of operations, financial condition and liquidity. 🔒

🟡 Modified Other Income, Net 🔒

🟡 Modified Total Revenue 🔒

🟡 Modified Other Revenue 🔒

🟡 Modified 8. Term Loans 🔒

🟡 Modified Note Issuances 🔒

🟡 Modified Following the Merger, we may be unable to integrate the operations of Spirit successfully, or realize the anticipated synergies and related benefits of the Merger and the transactions contemplated by the Merger Agreement or do so within the anticipated time frame. 🔒

🟡 Modified CONSOLIDATED BALANCE SHEETS 🔒

🟡 Modified Expected Maturity Data 🔒

🟡 Modified Provisions for Impairment 🔒

🟡 Modified The following discussion and analysis reflect our financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022. For a discussion of the year ended December 31, 2022 compared to the year ended December 31, 2021, please refer to Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022. 🔒

🟡 Modified Year of Maturity 🔒

🟡 Modified Interest Expense 🔒

🟡 Modified 4. Investments in Real Estate 🔒

🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒