Realty Income (O) investor relations material

Strategic initiatives and partnerships

• Achieved a 6.5% earnings increase in Q1 and raised earnings guidance by 60 basis points at the midpoint.

• Closed a $1.7 billion cornerstone round for an open-ended perpetual Life Core Plus Fund, with most capital to be deployed by early July.

• Formed a $2 billion joint venture with Apollo, targeting investments aligned with insurance liabilities.

• Announced a $1.5 billion build-to-suit partnership with GIC, including the first investment in Mexico.

• Expanded alternative equity channels to reduce reliance on public markets and support $10–$15 billion annual investment capacity.

Investment strategy and market outlook

• Increased annual investment guidance from $8 billion to $9.5 billion, with 94% of Q1 investments relationship-driven.

• Investment pipeline is geographically diverse, with momentum balanced between U.S. and international markets.

• Europe offers significant opportunities due to market fragmentation and early-stage sale-leaseback products.

• Data centers and industrial assets are growing focus areas, especially in the U.S.

• Competition is steeper in the U.S., but scale enables pursuit of larger, structured transactions.

Capital structure and financing

• Maintains $3.9 billion in liquidity and low leverage, with creative financing strategies including prepaid muni trades.

• Capital recycling expected to contribute $600–$800 million, with $900–$950 million in free cash flow.

• Financing mix remains two-thirds equity and one-third debt, supported by new equity channels and management fees.