🟢 New in Current Filing We are subject to risks and liabilities in connection with forming and attracting third-party investment in our anticipated fund business, investing in new or existing co-investment ventures or funds, and managing properties through our anticipated fund business or other co-investment ventures. 🔒

🟢 New in Current Filing Increased scrutiny and changing expectations from regulators and other stakeholders regarding sustainability practices and reporting could impact our business practices, cause us to incur additional costs and expose us to new risks. 🔒

🟢 New in Current Filing We are subject to complex and changing laws, regulations, policies, and executive orders, which exposes us to potential liabilities, increased costs and other adverse effects on our business. 🔒

🟢 New in Current Filing Dispositions 🔒

🟢 New in Current Filing Redemption of Preferred Stock 🔒

🟢 New in Current Filing Portfolio Discussion 🔒

🟢 New in Current Filing Three months ended December 31, 2024 🔒

🟢 New in Current Filing Impact of Current Macroeconomic Conditions 🔒

🟢 New in Current Filing Material Cash Requirements 🔒

🟢 New in Current Filing Other Revenue 🔒

🟢 New in Current Filing Merger, Transaction, and Other Costs, Net 🔒

🟢 New in Current Filing Equity in Earnings of Unconsolidated Entities 🔒

🟢 New in Current Filing Preferred Stock Dividends 🔒

🟢 New in Current Filing Excess of Redemption Value over Carrying Value of Preferred Shares Redeemed 🔒

🟢 New in Current Filing Recently Adopted Accounting Standards. 🔒

🟢 New in Current Filing 2. Merger with Spirit Realty Capital, Inc. 🔒

🟢 New in Current Filing December 31, 2024 🔒

🟢 New in Current Filing 6. Investments in Loans and Financing Receivables 🔒

🔴 No Match in Current Filing 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. 🔒

🔴 No Match 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. 🔒

🔴 No Match in Current Filing Our common stockholders will be diluted by the Merger. 🔒

🔴 No Match in Current Filing Appointment of New Chief Financial Officer and Treasurer ("CFO") 🔒

🔴 No Match in Current Filing Pan European Sale and Leaseback with Decathlon SE ("Decathlon") 🔒

🔴 No Match in Current Filing Investments in Unconsolidated Joint Ventures 🔒

🔴 No Match in Current Filing Material Cash Requirements 🔒

🔴 No Match in Current Filing Other Revenue 🔒

🔴 No Match in Current Filing Merger and Integration-Related Costs 🔒

🔴 No Match in Current Filing Equity in Income and Impairment of Investment in Unconsolidated Entities 🔒

🔴 No Match in Current Filing Merger with VEREIT 🔒

🔴 No Match in Current Filing Orion Divestiture 🔒

🔴 No Match in Current Filing 6. Investments in Loans 🔒

🔴 No Match in Current Filing Year of Maturity 🔒

🔴 No Match in Current Filing Principal Amount (1) 🔒

🔴 No Match in Current Filing 11. Issuances of Common Stock 🔒

🔴 No Match in Current Filing Total unrealized (loss) gain on derivatives, net 🔒

🔴 No Match in Current Filing 15. Lessor Operating Leases 🔒

🔴 No Match in Current Filing Future Minimum Direct Financing and Sale-Type Lease Payments (1) 🔒

🔴 No Match in Current Filing 16. Distributions Paid and Payable 🔒

🟡 Modified Real estate property investments are illiquid. We may not be able to acquire or dispose of properties when desired or on favorable terms. 🔒

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

🟡 Modified Property taxes may increase without notice. 🔒

🟡 Modified The market value of our capital stock and debt securities could be substantially affected by various factors. 🔒

🟡 Modified Impact of Real Estate and Capital Markets 🔒

🟡 Modified Foreign Currency Exchange Rates 🔒

🟡 Modified As a property owner, we may be subject to unknown environmental liabilities. 🔒

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

🟡 Modified 13. Derivative Instruments 🔒

🟡 Modified Rental Revenue (excluding reimbursable) 🔒

🟡 Modified Lease Yield (1) 🔒

🟡 Modified 12. Fair Value Measurements 🔒

🟡 Modified Carrying value 🔒

🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒

🟡 Modified Investments in Unconsolidated Entities 🔒

🟡 Modified ATM Program 🔒

🟡 Modified Property Expenses (reimbursable) 🔒

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

🟡 Modified on variable rate debt 🔒

🟡 Modified Property Expenses (excluding reimbursable) 🔒

🟡 Modified The following discussion and analysis reflect our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022, 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, 2023. 🔒

🟡 Modified We may engage in development, speculative development, or expansion projects or invest in new asset classes, which would subject us to additional risks that could negatively impact our operations. 🔒

🟡 Modified Location of Gain Recognized in Income 🔒

🟡 Modified 11. Noncontrolling Interests 🔒

🟡 Modified Market Information 🔒

🟡 Modified Gain on Sales of Real Estate 🔒

🟡 Modified Note Issuances 🔒

🟡 Modified Fair Value - asset (liability) 🔒

🟡 Modified Equity in earnings in unconsolidated entities 🔒

🟡 Modified Capitalization 🔒

🟡 Modified 5. Investments in Unconsolidated Entities 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF CASH FLOWS 🔒

🟡 Modified Increases in Monthly Dividends to Common Stockholders 🔒

🟡 Modified Rental Revenue (reimbursable) 🔒

🟡 Modified Investments 🔒

🟡 Modified 2025 Dividend increases 🔒

🟡 Modified Credit facility, commercial paper, term loans, mortgages and senior unsecured notes and bonds 🔒

🟡 Modified 9. Mortgages Payable 🔒

🟡 Modified Other Income, Net 🔒

🟡 Modified Repurchases of Equity Securities 🔒

🟡 Modified Changes in U.S. or Non-U.S. tax laws and regulations, including changes to tax rates, and legislative or other actions may adversely affect us or our investors. 🔒

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

🟡 Modified Total Expenses 🔒

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

🟡 Modified Balance, net 🔒

🟡 Modified Interest Expense 🔒

🟡 Modified General and Administrative Expenses 🔒

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

🟡 Modified Newly Issued Accounting Standards. 🔒

🟡 Modified 8. Term Loans 🔒

🟡 Modified Equity Capital Raising 🔒

🟡 Modified Our Clients (4) 🔒

🟡 Modified Year ended December 31, 2024 🔒

🟡 Modified Years ended December 31, 2024, 2023, and 2022 🔒

🟡 Modified Realty Income, L.P. units (1) 🔒

🟡 Modified Year of Maturity 🔒

🟡 Modified As OfNumber ofProperties (1)WeightedAverageStatedInterestRate WeightedAverageEffectiveInterestRate WeightedAverageRemainingYears UntilMaturityRemainingPrincipalBalanceUnamortizedDiscountand DeferredFinancing CostsBalance, netMortgagePayableBalanceDecember 31, 2024174.0 %4.5 %1.4$81.3 $(0.5)$80.8 December 31, 20231314.8 %3.3 %0.4$822.4 $(0.8)$821.6 🔒

🟡 Modified Our business is subject to risks associated with climate change. 🔒

🟡 Modified Depreciation and Amortization 🔒

🟡 Modified Total Revenue 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 🔒

🟡 Modified Provisions for Impairment 🔒

🟡 Modified amortization 🔒

🟡 Modified Debt Financing Activities 🔒

🟡 Modified Carrying Amount (1) 🔒

🟡 Modified CONSOLIDATED BALANCE SHEETS 🔒

🟡 Modified December 31, 2023 🔒

🟡 Modified Net increase (decrease) to net income 🔒

🟡 Modified Expected Maturity Data 🔒

🟡 Modified Closing of Spirit Merger 🔒

🟡 Modified 4. Investments in Real Estate 🔒