Commentary & Deal Flow

Final Books: Above €1.2bn. Peak book > €1.45bn.

Launched: 6yr: €600m @ MS+95bp - Books > €1.45bn
IPTs: 6yr: MS+120/125bp

• Issuer: Realty Income Corporation (Ticker: “O”, Country: US)
• Issuer LEI: 549300CUWDAUZSH43859
• Issuer Ratings: A3 (Stable) / A- (Stable) by Moody’s / S&P
• Expected Notes Ratings: A3 / A- by Moody’s / S&P
• Format: SEC Registered
• Ranking: Senior Unsecured
• Size: €600m
• Settle: 07-Jul-26 (T+8)
• Maturity: 30-Jul-32
• Coupon: Fixed, annual, Act/Act (ICMA), (short first)
• Reference Benchmark: DBR 0% 15-Feb-32 / HR 112%
• Hedge Deadline: 14:00 UKT / 15:00 CET
• MWC: Yes
• Optional Redemption: 2-mo par call, MWC, Tax call
• Covenants:
• • Total Debt / Adjusted Total Assets ≤60%
  • Secured Debt / Adjusted Total Assets ≤40%
  • Debt Service Coverage ≥1.5x
  • Unencumbered Assets / Unsecured Debt ≥150%
• Use of Proceeds: General corporate purposes, which may include, among other things, the repayment or repurchase of Realty Income’s indebtedness (including borrowings under the Company’s revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in the Company’s portfolio
• Documentation: SEC Registered / New York Stock Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream, Luxembourg
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per the Company’s Preliminary Prospectus Supplement dated 29-Jun-26 (the “Preliminary Prospectus Supplement”)
• Sales into Canada: Yes, via exemption (as per the Preliminary Prospectus Supplement)
• Bookrunners: Barclays (B&D), BNP Paribas, RBC Capital Markets, Santander, Wells Fargo Securities
• Timing: Books open, today’s business
• Books Subject: 12.40 UKT / 13.40 CET / 7.40 ET
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market / PRIIPs: MiFID II and UK MiFIR professionals/ECPs-only / No PRIIPs KID or UK PRIIPs KID – Manufacturer target market (MiFID II and U.K. MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) has been prepared as not available to retail in the EEA