8-K

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report:  February 17, 2015

(Date of Earliest Event Reported)

REALTY INCOME CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	1-13374	33-0580106
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

11995 El Camino Real, San Diego, California 92130

(Address of principal executive offices)

(858) 284-5000

(Registrant’s telephone number, including area code)

N/A

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition

On February 17, 2015, Realty Income Corporation (the “Company”) issued a press release setting forth its results of operations for the quarter and year ended December 31, 2014.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.  This information, including the information contained in the press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

Additionally, on February 17, 2015, the Company made available on its website a financial supplement containing operating and financial data of the Company (“Supplemental Operating and Financial Data”) for the quarter and year ended December 31, 2014 and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto.  The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 2.02 of Form 8-K and is also being furnished under Item 7.01—“Regulation FD Disclosure” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

Item 7.01Regulation FD Disclosure.

On February 17, 2015, the Company made available on its website a financial supplement containing operating and financial data of the Company (“Supplemental Operating and Financial Data”) for the quarter and year ended December 31, 2014 and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto.  The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 7.01 of Form 8-K and is also being furnished under Item 2.02—“Results of Operations and Financial Condition” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

Item 9.01Financial Statements and Exhibits

(d)  Exhibits

99.1   Press release dated February 17, 2015

99.2   Supplemental Operating and Financial Data for the quarter and year ended December 31, 2014

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 17, 2015	REALTY INCOME CORPORATION
	By:	/s/ MICHAEL R. PFEIFFER
		Michael R. Pfeiffer
		Executive Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit No.Description

99.1Press release dated February 17, 2015

99.2Supplemental Operating and Financial Data for the quarter and year ended December 31, 2014

EX-99.1

Exhibit 99.1

OPERATING RESULTS FOR FOURTH QUARTER

AND 2014 ANNOUNCED BY REALTY INCOME

SAN DIEGO, CALIFORNIA, February 17, 2015....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the fourth quarter ended December 31, 2014. Access to this document is available at www.realtyincome.com. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.

COMPANY HIGHLIGHTS:

For the quarter ended December 31, 2014 (as compared to the same quarterly period in 2013):

·Revenue increased 14.5% to $247.6 million as compared to $216.2 million

·Net income available to common stockholders per share was $0.32

·FFO available to common stockholders increased 15.3% to $143.7 million

·FFO per share increased 4.9% to $0.64

·AFFO available to common stockholders increased 15.7% to $145.4 million

·AFFO per share increased 4.8% to $0.65

·Same store rents increased 1.7%

·Portfolio occupancy increased to 98.4% from 98.2%

·Invested $158.0 million in 82 new properties and properties under development or expansion

·Increased the monthly dividend in December for the 78th time and for the 69th consecutive quarter

·Dividends paid per common share increased 0.5%

For the year ended December 31, 2014 (as compared to 2013):

·Revenue increased 19.6% to $933.5 million as compared to $780.2 million

·Net income available to common stockholders per share was $1.04

·FFO available to common stockholders increased 21.8% to $562.9 million

·FFO per share increased 7.1% to $2.58

·AFFO available to common stockholders increased 21.3% to $561.7 million

·AFFO per share increased 6.6% to $2.57

·Same store rents increased 1.5%

·Invested $1.4 billion in 506 new properties and properties under development or expansion

·Dividends paid per common share increased 2.1%

·Raised gross proceeds of $1.3 billion in permanent and long-term capital to fund real estate acquisitions

Event subsequent to December 31, 2014:

·Increased the annualized dividends paid per common share by 3.0% from $2.201 to $2.268 in January 2015

CEO Comments on Operating Results

“We are pleased to report excellent operating performance for the fourth quarter and for 2014 with AFFO per share increasing by 4.8% to $0.65 during the quarter, and 6.6% to $2.57 during the year,” said John P. Case, Realty Income’s Chief Executive Officer.  “This earnings growth allowed us to increase dividends paid per share by 2.1% in 2014, and another 3.0% this month.  Our company was recognized in January 2015 for its track record of outstanding, long-term dividend growth.  Realty Income was added to the exclusive S&P High Yield Dividend Aristocrats® index for increasing our dividend every year for 20 years.”

“During the year, we completed $1.4 billion in acquisitions, which makes this our second most acquisitive year in the company’s history.  These properties had an attractive initial average lease yield of 7.1% and weighted average remaining lease term of 12.8 years.  We continued to remain selective in our investment activity, acquiring 5.8% of the $24.3 billion of sourced acquisitions opportunities during the year.  We funded the 2014 investments by issuing $1.3 billion in permanent and long-term capital, of which more than half was equity. Additionally, as of February 13, 2015, we had approximately $1.12 billion available on our credit facility to fund future acquisitions. Given the healthy volume of acquisitions opportunities we are currently seeing, we are raising our acquisitions guidance for 2015 from $500 million - $800 million to $700 million - $1 billion.”

1

“Our existing portfolio of over 4,300 properties continues to perform well.  In 2014, we experienced one of our most active years for lease rollover.  We re-leased 203 properties with expiring leases to either existing or new tenants, recapturing 99.3% of expiring rent.  We realized same store rent increases of 1.7% for the fourth quarter and 1.5% for 2014.  We also sold 46 properties for $107 million realizing a 6.9% cap rate on the leased properties sold and an 11.6% unlevered internal rate of return on all properties sold.  Our proactive approach to portfolio management resulted in occupancy increasing to 98.4% at the end of 2014, the highest it’s been since 2007.”

Financial Results

Revenue

Revenue for the quarter ended December 31, 2014 increased 14.5% to $247.6 million, as compared to $216.2 million for the same quarter in 2013. Revenue for 2014 increased 19.6% to $933.5 million, as compared to $780.2 million for 2013.

Net Income Available to Common Stockholders

Net income available to common stockholders for the quarter ended December 31, 2014 was $71.0 million, as compared to $53.9 million for the same quarter in 2013. Net income per share for the quarter ended December 31, 2014 was $0.32, as compared to $0.26 for the same quarter in 2013.

Net income available to common stockholders for 2014 was $227.6 million, as compared to $203.6 million for 2013. Net income per share in 2014 was $1.04, as compared to $1.06 for 2013.

Net income available to common stockholders per share for 2014 was impacted by a $6.0 million non-cash redemption charge on the shares of the 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, that were redeemed in October 2014, which represents $0.03 net income per share.  This charge is for the excess in redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.  Net income available to common stockholders for 2013 was impacted by an an unusually large gain on sale of real estate, which represented $0.18 per share.

The calculation to determine net income for a real estate company includes impairments and/or gains on property sales. Impairments and/or gains on property sales vary from quarter to quarter. This variance can significantly impact net income and period to period comparisons.

Funds From Operations (FFO) Available to Common Stockholders

FFO for the quarter ended December 31, 2014 increased 15.3% to $143.7 million, as compared to $124.6 million for the same quarter in 2013. FFO per share for the quarter ended December 31, 2014 increased 4.9% to $0.64, as compared to $0.61 for the same quarter in 2013.

FFO for 2014 increased 21.8% to $562.9 million, as compared to $462.0 million for the same period in 2013. FFO per share in 2014 increased 7.1% to $2.58, as compared to $2.41 for 2013.

FFO per share for 2014 was impacted by a $6.0 million non-cash redemption charge on the Class E preferred shares that were redeemed in October 2014, which represents $0.03 per share.

Adjusted Funds From Operations (AFFO) Available to Common Stockholders

AFFO for the quarter ended December 31, 2014 increased 15.7% to $145.4 million, as compared to $125.7 million for the same quarter in 2013. AFFO per share for the quarter ended December 31, 2014 increased 4.8% to $0.65, as compared to $0.62 for the same quarter in 2013.

AFFO for 2014 increased 21.3% to $561.7 million, as compared to $463.1 million for 2013. AFFO per share for 2014 increased 6.6% to $2.57, as compared to $2.41 for 2013.

The company considers FFO and AFFO to be appropriate supplemental measures of a Real Estate Investment Trust’s (REIT’s) operating performance. Realty Income defines FFO consistent with the National Association of Real Estate Investment Trust’s (NAREIT’s) definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate, reduced by gains on sales of investment properties and extraordinary items. FFO for the quarter and year ended December 31, 2013 has also been normalized to add back merger-related costs for the acquisition of ARCT. AFFO further adjusts FFO for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company’s ongoing operating performance. See the reconciliation of net income available to common stockholders to FFO and AFFO on page six.

Dividend Information

In December 2014, Realty Income announced the 69th consecutive quarterly dividend increase, which is the 78th increase in the amount of the dividend since the company’s listing on the New York Stock Exchange in 1994. The annualized dividend amount as of December 31, 2014 was approximately $2.201 per share. The amount of monthly dividends paid per share increased 2.1% to $2.192 in 2014 compared to $2.147 per share in 2013. In addition, through December 31, 2014, the company has paid 533 consecutive monthly dividends and over $3.2 billion in total dividends since 1969. Realty Income has a dividend reinvestment and stock purchase program that can be accessed at www.realtyincome.com. The program is administered by Wells Fargo Shareowner Services.

2

Real Estate Portfolio Update

As of December 31, 2014, Realty Income’s portfolio of freestanding, single-tenant properties consisted of 4,327 properties located in 49 states and Puerto Rico, leased to 234 commercial tenants doing business in 47 industries. The properties are leased under long-term, net leases with a weighted average remaining lease term of approximately 10.2 years.

Portfolio Management Activities

The company’s portfolio of commercial real estate, owned primarily under 10- to 20-year net leases, continues to perform well and provide dependable lease revenue supporting the payment of monthly dividends. As of December 31, 2014, portfolio occupancy was 98.4% with 70 properties available for lease out of a total of 4,327 properties in the portfolio, as compared to 98.2% portfolio occupancy, or 70 properties available for lease, as of December 31, 2013.

Since September 30, 2014, when we reported 74 properties available for lease, we had 54 lease expirations, re-leased 50 properties and sold eight vacant properties.  Of the 50 properties re-leased during the fourth quarter of 2014, 40 properties were re-leased to existing tenants without vacancy, four were re-leased to new tenants without vacancy, and six were re-leased to a new tenant after a period of vacancy.  The annual new rent on these re-leases was $5.3 million, as compared to the previous rent of $5.4 million on these same properties.

Rent Increases

During the quarter ended December 31, 2014, same store rents on 2,728 properties under lease increased 1.7% to $129.9 million, as compared to $127.7 million for the same quarter in 2013. During 2014, same store rents on 2,728 properties under lease increased 1.5% to $513.4 million, as compared to $505.7 million for 2013.

Property Acquisitions

During the fourth quarter of 2014, Realty Income invested $158.0 million in 82 new properties and properties under development or expansion, located in 26 states. These properties are 100% leased with a weighted average lease term of approximately 14.6 years and an initial average lease yield of 7.1%. The tenants occupying the new properties operate in 19 industries, and the property types consist of 87.3% retail and 12.7% industrial and distribution, based on rental revenue.  Approximately 32% of the revenue generated from acquisitions during the fourth quarter of 2014 is from investment grade tenants.

During 2014, Realty Income invested approximately $1.4 billion in 506 new properties and properties under development or expansion. The new properties are located in 42 states and are 100% leased with a weighted average lease term of approximately 12.8 years and an initial average lease yield of 7.1%. The tenants occupying the new properties operate in 32 industries, and the property types consist of 85.7% retail, 6.6% industrial and distribution, 6.4% office, and 1.3% manufacturing, based on rental revenue. Approximately 66% of the revenue generated from the 2014 acquisitions is from investment grade tenants.

Realty Income maintains a $1.5 billion unsecured acquisition credit facility, which is used to fund property acquisitions in the near term. As of December 31, 2014, $1.28 billion was available on the credit facility to fund additional acquisitions.

Property Dispositions

During the quarter ended December 31, 2014, Realty Income sold 18 properties for $53.7 million, with a gain on sales of $25.3 million, as compared to 22 properties sold for $28.0 million, with a gain on sales of $14.3 million, during the same quarter in 2013.

During 2014, Realty Income sold 46 properties for $107.2 million, with a gain on sales of $42.1 million, as compared to 75 properties sold for $134.2 million, with a gain on sales of $64.7 million, during 2013.

Other Recent Activities

2015 Dividend Increase

In January 2015, Realty Income increased the amount of the annualized dividend by 3.0%.  The new dividend represents an annualized dividend of $2.268 per share, as compared to the prior annualized dividend amount of $2.201 per share.  The new monthly dividend amount of $0.189 was paid on February 17, 2015 to shareholders of record on February 2, 2015.

3

Redeemed All Outstanding Shares of 6.75% Monthly Income Class E Preferred Stock in October 2014

In October 2014, Realty Income redeemed all 8,800,000 outstanding shares of our Class E preferred stock.  The shares were redeemed at $25 per share (par), plus accrued and unpaid dividends to the redemption date of October 24, 2014.

Direct Stock Purchase and Dividend Reinvestment Plan Activities

During the fourth quarter of 2014, Realty Income issued 2,236,294 common shares via its Stock Plan, generating gross proceeds of approximately $101.9 million. For 2014, Realty Income issued 3,527,166 common shares via its Stock Plan, generating gross proceeds of approximately $158.5 million.

FFO and AFFO Commentary

Realty Income’s FFO and AFFO per share has historically tended to be stable and fairly predictable because of the long-term leases that are the primary source of the company’s revenue. There are, however, several factors that can cause FFO and AFFO per share to vary from levels that have been anticipated by the company. These factors include, but are not limited to, changes in interest rates and occupancy rates, periodically accessing the capital markets, the level and timing of property and entity acquisitions and dispositions, lease rollovers, the general real estate market, and the economy.

2015 Earnings Estimates

FFO per share for 2015 should range from $2.67 to $2.72 per share, an increase of 3.5% to 5.4% over 2014 FFO per share of $2.58. FFO per share for 2015 is based on a net income per share range of $0.97 to $1.02, plus estimated real estate depreciation of $1.77 per share, and reduced by potential estimated gains on sales of investment properties of $0.07 per share (in accordance with NAREIT’s definition of FFO).

AFFO per share for 2015 should range from $2.66 to $2.71 per share, an increase of 3.5% to 5.4% over the 2014 AFFO per share of $2.57. AFFO further adjusts FFO for unique revenue and expense items, which are not as pertinent to the measurement of the company’s ongoing operating performance.

Conference Call Information

In conjunction with Realty Income’s quarterly results, the company will host a conference call on February 18, 2015 at 11:30 a.m. PST to discuss the operating results.  To access the conference, dial (888) 505-4375.  When prompted, provide the access code: 1871553.  Shareholders may also access a telephone replay of the conference call by calling (888) 203-1112 and entering the access code: 1871553.  The telephone replay will be available through March 4, 2015.  A live webcast will be available in listen-only mode by clicking on the webcast link at www.realtyincome.com.  A replay of the conference call webcast will be available approximately two hours after the conclusion of the live broadcast.  The webcast replay will be available through March 4, 2015.  No access code is required for this replay.

About Realty Income

Realty Income is The Monthly Dividend Company®, a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. As of December 31, 2014, the company had paid 533 consecutive monthly dividends throughout its 46-year operating history. The monthly income is supported by the cash flows from over 4,300 properties owned under long-term lease agreements with 234 leading regional and national commercial tenants. The company is an active buyer of net-leased properties nationwide. Additional information about the company can be obtained from the corporate website at www.realtyincome.com or www.twitter.com/realtyincome.

Forward-Looking Statements

Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company’s filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Investor Contact:

Jonathan Pong, CFA, CPA

Associate Vice President,

Capital Markets

(858) 284-5177

4

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

	Three Months			Three Months			Twelve Months				Twelve Months
	Ended 12/31/14			Ended 12/31/13			Ended 12/31/14				Ended 12/31/13
REVENUE	(unaudited)
Rental	$	230,635		$	204,999		$		893,457		$		748,218
Tenant reimbursements	16,246			9,324			37,118				24,944
Other	692			1,840			2,930				7,047
Total revenue	247,573			216,163			933,505				780,209
EXPENSES
Depreciation and amortization	96,537			85,293			374,661				306,769
Interest	59,120			50,775			216,366				181,442
General and administrative	15,586			16,525			51,085				56,881
Property (including reimbursable)	20,397			13,059			53,871				38,851
Income taxes	1,103			579			3,461				2,350
Provisions for impairment	1,450			-			4,126				290
Merger-related costs	-			138			-				13,013
Total expenses	194,193			166,369			703,570				599,596
Gain on sales of real estate	24,994			-			39,205				-
Income from continuing operations	78,374			49,794			269,140				180,613
Income (loss) from discontinued operations	(297		)	14,840			2,800				65,670
Net income	78,077			64,634			271,940				246,283
Net income attributable to noncontrolling interests	(289		)	(298		)	(1,305			)	(719			)
Net income attributable to the Company	77,788			64,336			270,635				245,564
Preferred stock dividends	(6,770		)	(10,482		)	(37,062			)	(41,930			)
Excess of redemption value over carrying value of preferred shares redeemed	-			-				(6,015		)		-
Net income available to common stockholders	$	71,018		$	53,854		$		227,558		$		203,634
Funds from operations available to common stockholders (FFO)	$	143,706		$	124,630		$		562,889		$		462,030
Adjusted funds from operations available to common stockholders (AFFO)	$	145,394		$	125,700		$		561,661		$		463,139
Per share information for common stockholders:
Income from continuing operations, basic and diluted	$	0.32		$	0.19		$		1.03		$		0.72
Net income, basic and diluted	$	0.32		$	0.26		$		1.04		$		1.06
FFO, basic and diluted	$	0.64		$	0.61		$		2.58		$		2.41
AFFO:
Basic	$	0.65		$	0.62		$		2.57		$		2.42
Diluted	$	0.65		$	0.62		$		2.57		$		2.41
Cash dividends paid per common share	$	0.549		$	0.546		$		2.192		$		2.147

5

FUNDS FROM OPERATIONS (FFO)

(dollars in thousands, except per share amounts)

We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trust’s definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate assets, reduced by gains on sales of investment properties and extraordinary items. (1)

	Three Months			Three Months			Year			Year
	Ended 12/31/14			Ended 12/31/13			Ended 12/31/14			Ended 12/31/13
Net income available to common stockholders	$	71,018		$	53,854		$	227,558		$	203,634
Depreciation and amortization:
Continuing operations	96,537			85,293			374,661			306,769
Discontinued operations	-			36			-			1,626
Depreciation of furniture, fixtures and equipment	(161		)	(86		)	(482		)	(288		)
Provisions for impairment on investment properties:
Continuing operations	1,450			-			4,126			290
Discontinued operations	510			-			510			2,738
Gain on sale of investment properties:
Continuing operations	(24,994		)	-			(39,205		)	-
Discontinued operations	(276		)	(14,276		)	(2,883		)	(64,743		)
Merger-related costs (1)	-			138			-			13,013
FFO adjustments allocable to noncontrolling interests	(378		)	(329		)	(1,396		)	(1,009		)
FFO available to common stockholders	$	143,706		$	124,630		$	562,889		$	462,030
FFO per common share, basic and diluted	$	0.64		$	0.61		$	2.58		$	2.41
Distributions paid to common stockholders	$	122,521		$	110,678		$	479,256		$	409,222
FFO in excess of distributions paid to common stockholders	$	21,185		$	13,952		$	83,633		$	52,808
Weighted average number of common shares used for FFO:
Basic	223,034,266			203,303,124			218,390,885			191,754,857
Diluted	223,262,633			203,326,838			218,450,863			191,781,622

(1)FFO for the three and twelve months ended December 31, 2013, has been normalized to exclude ARCT merger-related costs.

ADJUSTED FUNDS FROM OPERATIONS (AFFO)

(dollars in thousands, except per share amounts)

We define AFFO as FFO adjusted for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company’s ongoing operating performance.  Most companies in our industry use a similar measurement to AFFO, but they may use the term “CAD” (for Cash Available for Distribution) or “FAD” (for Funds Available for Distribution).

	Three Months			Three Months			Year			Year
	Ended 12/31/14			Ended 12/31/13			Ended 12/31/14			Ended 12/31/13
Net income available to common stockholders	$	71,018		$	53,854		$	227,558		$	203,634
Cumulative adjustments to calculate FFO (1)	72,688			70,776			335,331			258,396
FFO available to common stockholders	143,706			124,630			562,889			462,030
Provisions for impairment on Crest properties	-			308			-			308
Excess of redemption value over carrying value of Class E preferred share redemption	-			-			6,015			-
Amortization of share-based compensation	4,306			6,550			11,959			20,785
Amortization of deferred financing costs (2)	1,328			1,219			4,804			4,436
Amortization of net mortgage premiums	(2,147		)	(2,522		)	(9,208		)	(9,481		)
(Gain) loss on early extinguishment of mortgage debt	99			-			(3,428		)	-
(Gain) loss on interest rate swaps	940			(188		)	1,349			(878		)
Capitalized leasing costs and commissions	(167		)	(137		)	(821		)	(1,280		)
Capitalized building improvements	(1,328		)	(2,468		)	(5,210		)	(7,227		)
Straight-line rent	(3,108		)	(3,631		)	(14,872		)	(13,742		)
Amortization of above and below-market leases	1,650			1,939			8,024			8,188
Other adjustments (3)	115			-			160			-
AFFO available to common stockholders	$	145,394		$	125,700		$	561,661		$	463,139
AFFO per common share:
Basic	$	0.65		$	0.62		$	2.57		$	2.42
Diluted	$	0.65		$	0.62		$	2.57		$	2.41
Distributions paid to common stockholders	$	122,521		$	110,678		$	479,256		$	409,222
AFFO in excess of distributions paid to common stockholders	$	22,873		$	15,022		$	82,405		$	53,917
Weighted average number of common shares used for AFFO:
Basic	223,034,266			203,303,124			218,390,885			191,754,857
Diluted	223,262,633			203,326,838			218,450,863			191,781,622

(1)See FFO calculation above for reconciling items.

(2)Includes the amortization of costs incurred and capitalized when our notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010, June 2011, October 2012, July 2013, June 2014 and September 2014. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of our mortgages payable and the issuance of our term loan. The deferred financing costs are being amortized over the lives of the respective mortgages and term loan. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

(3)Includes adjustments allocable to both non-controlling interests and capital lease obligations.

6

HISTORICAL FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

(dollars in thousands, except per share amounts)

For the three months ended December 31,	2014			2013			2012			2011			2010
Net income available to common stockholders	$	71,018		$	53,854		$	28,542		$	34,941		$	31,814
Depreciation and amortization	96,376			85,243			42,428			34,314			25,045
Provisions for impairment on investment properties	1,960			-			4,472			27			42
Gain on sales of investment properties	(25,270		)	(14,276		)	(3,863		)	(1,205		)	(4,392		)
Merger-related costs	-			138			2,404			-			-
FFO adjustments allocable to noncontrolling interests	(378		)	(329		)	-			-			-
FFO	$	143,706		$	124,630		$	73,983		$	68,077		$	52,509
FFO per diluted share	$	0.64		$	0.61		$	0.56		$	0.51		$	0.47
AFFO	$	145,394		$	125,700		$	72,892		$	68,524		$	53,327
AFFO per diluted share	$	0.65		$	0.62		$	0.55		$	0.52		$	0.48
Cash dividends paid per share	$	0.549		$	0.546		$	0.454		$	0.436		$	0.432
Weighted average diluted shares outstanding	223,262,633			203,326,838			132,979,552			132,609,319			112,067,874

For the year ended December 31,	2014			2013			2012			2011			2010
Net income available to common stockholders	$	227,558		$	203,634		$	114,538		$	132,779		$	106,531
Depreciation and amortization	374,179			308,107			151,058			121,941			95,858
Provisions for impairment on investment properties	4,636			3,028			5,139			405			213
Gain on sales of investment properties	(42,088		)	(64,743		)	(9,873		)	(5,733		)	(8,676		)
Merger-related costs	-			13,013			7,899			-			-
FFO adjustments allocable to noncontrolling interests	(1,396		)	(1,009		)	-			-			-
FFO	$	562,889		$	462,030		$	268,761		$	249,392		$	193,926
FFO per diluted share	$	2.58		$	2.41		$	2.02		$	1.98		$	1.83
AFFO	$	561,661		$	463,139		$	274,183		$	253,372		$	197,256
AFFO per diluted share	$	2.57		$	2.41		$	2.06		$	2.01		$	1.86
Cash dividends paid per share	$	2.192		$	2.147		$	1.772		$	1.737		$	1.722
Weighted average diluted shares outstanding	218,450,863			191,781,622			132,884,933			126,189,399			105,942,721

7

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2014 and 2013

(dollars in thousands, except per share data)

	2014			2013
ASSETS
Real estate, at cost:
Land	$	3,046,372		$	2,791,147
Buildings and improvements	8,107,199			7,108,328
Total real estate, at cost	11,153,571			9,899,475
Less accumulated depreciation and amortization	(1,386,871		)	(1,114,888		)
Net real estate held for investment	9,766,700			8,784,587
Real estate held for sale, net	14,840			12,022
Net real estate	9,781,540			8,796,609
Cash and cash equivalents	3,852			10,257
Accounts receivable, net	64,386			39,323
Acquired lease intangible assets, net	1,039,724			935,459
Goodwill	15,470			15,660
Other assets, net	107,650			127,133
Total assets	$	11,012,622		$	9,924,441
LIABILITIES AND EQUITY
Distributions payable	$	43,675		$	41,452
Accounts payable and accrued expenses	123,287			102,511
Acquired lease intangible liabilities, net	220,469			148,250
Other liabilities	53,145			44,030
Line of credit payable	223,000			128,000
Term loan	70,000			70,000
Mortgages payable, net	852,575			783,360
Notes payable, net	3,785,372			3,185,480
Total liabilities	5,371,523			4,503,083
Commitments and contingencies
Stockholders’ equity:
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and outstanding as of December 31, 2014 and 25,150,000 shares issued and outstanding as of December 31, 2013	395,378			609,363
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 224,881,192 shares issued and outstanding as of December 31, 2014 and 207,485,073 shares issued and outstanding at December 31, 2013	6,464,987			5,767,878
Distributions in excess of net income	(1,246,964		)	(991,794		)
Total stockholders’ equity	5,613,401			5,385,447
Noncontrolling interests	27,698			35,911
Total equity	5,641,099			5,421,358
Total liabilities and equity	$	11,012,622		$	9,924,441

8

Realty Income Performance vs. Major Stock Indices

					Equity												NASDAQ
	Realty Income				REIT Index (1)				DJIA				S&P 500				Composite
	Dividend		Total		Dividend		Total		Dividend		Total		Dividend		Total		Dividend		Total
	yield		return (2)		yield		return (3)		yield		return (3)		yield		return (3)		yield		return (4)
10/18 to 12/31/1994	10.5	%	10.8	%	7.7	%	0.0	%	2.9	%	(1.6	%)	2.9	%	(1.2	%)	0.5	%	(1.7	%)
1995	8.3	%	42.0	%	7.4	%	15.3	%	2.4	%	36.9	%	2.3	%	37.6	%	0.6	%	39.9	%
1996	7.9	%	15.4	%	6.1	%	35.3	%	2.2	%	28.9	%	2.0	%	23.0	%	0.2	%	22.7	%
1997	7.5	%	14.5	%	5.5	%	20.3	%	1.8	%	24.9	%	1.6	%	33.4	%	0.5	%	21.6	%
1998	8.2	%	5.5	%	7.5	%	(17.5	%)	1.7	%	18.1	%	1.3	%	28.6	%	0.3	%	39.6	%
1999	10.5	%	(8.7	%)	8.7	%	(4.6	%)	1.3	%	27.2	%	1.1	%	21.0	%	0.2	%	85.6	%
2000	8.9	%	31.2	%	7.5	%	26.4	%	1.5	%	(4.7	%)	1.2	%	(9.1	%)	0.3	%	(39.3	%)
2001	7.8	%	27.2	%	7.1	%	13.9	%	1.9	%	(5.5	%)	1.4	%	(11.9	%)	0.3	%	(21.1	%)
2002	6.7	%	26.9	%	7.1	%	3.8	%	2.6	%	(15.0	%)	1.9	%	(22.1	%)	0.5	%	(31.5	%)
2003	6.0	%	21.0	%	5.5	%	37.1	%	2.3	%	28.3	%	1.8	%	28.7	%	0.6	%	50.0	%
2004	5.2	%	32.7	%	4.7	%	31.6	%	2.2	%	5.6	%	1.8	%	10.9	%	0.6	%	8.6	%
2005	6.5	%	(9.2	%)	4.6	%	12.2	%	2.6	%	1.7	%	1.9	%	4.9	%	0.9	%	1.4	%
2006	5.5	%	34.8	%	3.7	%	35.1	%	2.5	%	19.0	%	1.9	%	15.8	%	0.8	%	9.5	%
2007	6.1	%	3.2	%	4.9	%	(15.7	%)	2.7	%	8.8	%	2.1	%	5.5	%	0.8	%	9.8	%
2008	7.3	%	(8.2	%)	7.6	%	(37.7	%)	3.6	%	(31.8	%)	3.2	%	(37.0	%)	1.3	%	(40.5	%)
2009	6.6	%	19.3	%	3.7	%	28.0	%	2.6	%	22.6	%	2.0	%	26.5	%	1.0	%	43.9	%
2010	5.1	%	38.6	%	3.5	%	27.9	%	2.6	%	14.0	%	1.9	%	15.1	%	1.2	%	16.9	%
2011	5.0	%	7.3	%	3.8	%	8.3	%	2.8	%	8.3	%	2.3	%	2.1	%	1.3	%	(1.8	%)
2012	4.5	%	20.1	%	3.5	%	19.7	%	3.0	%	10.2	%	2.5	%	16.0	%	2.6	%	15.9	%
2013	5.8	%	(1.8	%)	3.9	%	2.9	%	2.3	%	29.6	%	2.0	%	32.4	%	1.4	%	38.3	%
2014	4.6	%	33.7	%	3.6	%	28.0	%	2.3	%	10.0	%	2.0	%	13.7	%	1.3	%	13.4	%
Compounded Average Annual Total Return (5)			17.1	%			11.4	%			10.3	%			9.7	%			9.4	%

Note:   All of these dividend yields are calculated as annualized dividends based on the last dividend paid in applicable time period divided by the closing price as of period end.  Dividend yield sources: NAREIT website and Bloomberg, except for the 1994 NASDAQ dividend yield which was sourced from Datastream / Thomson Financial.

(1)FTSE NAREIT US Equity REIT Index, as per NAREIT website.

(2)Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period.  Does not include reinvestment of dividends for the annual percentages.

(3)Includes reinvestment of dividends.  Source:  NAREIT website and Factset.

(4)Price only index, does not include dividends.  Source:  Factset.

(5)All of these Compounded Average Annual Total Return rates are calculated in the same manner: from Realty Income’s NYSE listing on October 18, 1994 through December 31, 2014, and (except for NASDAQ) assuming reinvestment of dividends. Past performance does not guarantee future performance.  Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future.

9

Property Type Diversification

The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2014 (dollars in thousands):

		Approximate	Rental Revenue for			Percentage of
	Number of	Leasable	the Quarter Ended			Rental
Property Type	Properties	Square Feet	December 31, 2014		(1)	Revenue
Retail	4,172	47,122,600	$	180,529		78.5	%
Industrial and distribution	82	16,137,500	23,610			10.3
Office	44	3,414,900	15,081			6.5
Manufacturing	14	3,875,200	5,616			2.4
Agriculture	15	184,500	5,267			2.3
Totals	4,327	70,734,700	$	230,103		100.0	%

(1)Includes rental revenue for all properties owned by Realty Income at December 31, 2014.  Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations.

Tenant Diversification

The largest tenants based on percentage of total portfolio rental revenue at December 31, 2014 include the following:

Tenant	Number of Properties	% of Revenue
Walgreens	120	5.4%
FedEx	38	5.1%
Dollar General	502	4.9%
LA Fitness	46	4.6%
Family Dollar	454	4.5%
BJ’s Wholesale Clubs	15	2.8%
AMC Theatres	20	2.7%
Diageo	17	2.6%
Regal Cinemas	23	2.3%
Northern Tier Energy/Super America	134	2.2%
CVS Pharmacy	55	2.1%
Rite Aid	58	1.9%
TBC Corporation	149	1.9%
Circle K	168	1.8%
The Pantry	144	1.6%
Walmart/Sam’s Club	19	1.4%
NPC International	202	1.4%
GPM Investments/Fas Mart	136	1.4%
FreedomRoads/Camping World	18	1.2%
Smart & Final	36	1.2%

10

Industry Diversification

The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:

	Percentage of Rental Revenue(1)
	For the
	Quarter Ended		For the Years Ended
	December 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2014		2014		2013		2012		2011		2010		2009
Retail industries
Apparel stores	2.2	%	2.0	%	1.9	%	1.7	%	1.4	%	1.2	%	1.1	%
Automotive collision services	0.8		0.8		0.8		1.1		0.9		1.0		1.1
Automotive parts	1.4		1.3		1.2		1.0		1.2		1.4		1.5
Automotive service	1.8		1.8		2.1		3.1		3.7		4.7		4.8
Automotive tire services	3.1		3.2		3.6		4.7		5.6		6.4		6.9
Book stores	*		*		*		0.1		0.1		0.1		0.2
Child care	2.2		2.2		2.8		4.5		5.2		6.5		7.3
Consumer electronics	0.3		0.3		0.3		0.5		0.5		0.6		0.7
Convenience stores	9.8		10.1		11.2		16.3		18.5		17.1		16.9
Crafts and novelties	0.5		0.5		0.5		0.3		0.2		0.3		0.3
Dollar stores	9.5		9.6		6.2		2.2		-		-		-
Drug stores	9.5		9.5		8.1		3.5		3.8		4.1		4.3
Education	0.4		0.4		0.4		0.7		0.7		0.8		0.9
Entertainment	0.5		0.5		0.6		0.9		1.0		1.2		1.3
Equipment services	0.1		0.1		0.1		0.1		0.2		0.2		0.2
Financial services	1.4		1.4		1.5		0.2		0.2		0.2		0.2
General merchandise	1.4		1.2		1.1		0.6		0.6		0.8		0.8
Grocery stores	3.1		3.0		2.9		3.7		1.6		0.9		0.7
Health and fitness	7.0		7.0		6.3		6.8		6.4		6.9		5.9
Health care	1.0		1.1		1.1		-		-		-		-
Home furnishings	0.7		0.7		0.9		1.0		1.1		1.3		1.3
Home improvement	2.1		1.7		1.6		1.5		1.7		2.0		2.2
Jewelry	0.1		0.1		0.1		-		-		-		-
Motor vehicle dealerships	1.5		1.6		1.6		2.1		2.2		2.6		2.7
Office supplies	0.4		0.4		0.5		0.8		0.9		0.9		1.0
Pet supplies and services	0.7		0.7		0.8		0.6		0.7		0.9		0.9
Restaurants - casual dining	4.2		4.3		5.1		7.3		10.9		13.4		13.7
Restaurants - quick service	3.8		3.7		4.4		5.9		6.6		7.7		8.3
Shoe stores	0.1		0.1		0.1		0.1		0.2		0.1		-
Sporting goods	1.6		1.6		1.7		2.5		2.7		2.7		2.6
Theaters	5.3		5.3		6.2		9.4		8.8		8.9		9.2
Transportation services	0.1		0.1		0.1		0.2		0.2		0.2		0.2
Wholesale clubs	4.1		4.1		3.9		3.2		0.7		-		-
Other	*		*		0.1		0.1		0.1		0.3		1.1
Retail industries	80.7	%	80.4	%	79.8	%	86.7	%	88.6	%	95.4	%	98.3	%

11

Industry Diversification (continued)

	Percentage of Rental Revenue(1)
	For the
	Quarter Ended		For the Years Ended
	December 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
	2014		2014		2013		2012		2011		2010		2009
Non-retail industries
Aerospace	1.2		1.2		1.2		0.9		0.5		-		-
Beverages	2.7		2.8		3.3		5.1		5.6		3.0		-
Consumer appliances	0.5		0.5		0.6		0.1		-		-		-
Consumer goods	0.9		0.9		1.0		0.1		-		-		-
Crafts and novelties	0.1		0.1		0.1		-		-		-		-
Diversified industrial	0.6		0.5		0.2		0.1		-		-		-
Electric utilities	0.1		0.1		*		-		-		-		-
Equipment services	0.5		0.5		0.4		0.3		0.2		-		-
Financial services	0.4		0.4		0.5		0.4		0.3		-		-
Food processing	1.3		1.4		1.5		1.3		0.7		-		-
General merchandise	0.3		0.3		-		-		-		-		-
Government services	1.2		1.3		1.4		0.1		0.1		0.1		0.1
Health care	0.7		0.7		0.8		*		*		-		-
Home furnishings	0.2		0.2		0.2		-		-		-		-
Insurance	0.1		0.1		0.1		*		-		-		-
Machinery	0.2		0.2		0.2		0.1		-		-		-
Other manufacturing	0.7		0.7		0.6		-		-		-		-
Packaging	0.8		0.8		0.9		0.7		0.4		-		-
Paper	0.1		0.1		0.2		0.1		0.1		-		-
Shoe stores	0.7		0.8		0.9		-		-		-		-
Telecommunications	0.7		0.7		0.7		0.8		0.7		-		-
Transportation services	5.1		5.1		5.3		2.2		1.6		-		-
Other	0.2		0.2		0.1		1.0		1.2		1.5		1.6
Non-retail industries	19.3	%	19.6	%	20.2	%	13.3	%	11.4	%	4.6	%	1.7	%
Totals	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

*Less than 0.1%

(1)Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

12

Lease Expirations

The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 4,238 net leased, single-tenant properties as of December 31, 2014 (dollars in thousands):

Total Portfolio(1)								Initial Expirations(3)					Subsequent Expirations(4)
				Rental					Rental					Rental
				Revenue					Revenue					Revenue
				for the					for the					for the
	Number			Quarter		% of			Quarter		% of			Quarter		% of
	of Leases		Approx.	Ended		Total		Number	Ended		Total		Number	Ended		Total
	Expiring		Leasable	Dec 31,		Rental		of Leases	Dec 31,		Rental		of Leases	Dec 31,		Rental
Year	Retail	Non-Retail	Sq. Feet	2014 (2)		Revenue		Expiring	2014		Revenue		Expiring	2014		Revenue
2015	142	-	784,600	$	3,058	1.4	%	68	$	1,554	0.7	%	74	$	1,504	0.7	%
2016	203	1	1,236,800	4,719		2.1		121	2,823		1.3		83	1,896		0.8
2017	207	1	2,160,200	6,667		2.9		49	2,954		1.3		159	3,713		1.6
2018	286	10	4,024,800	11,913		5.3		169	8,347		3.7		127	3,566		1.6
2019	238	11	3,934,400	13,429		5.9		169	11,242		4.9		80	2,187		1.0
2020	133	12	3,818,800	10,473		4.6		105	9,256		4.1		40	1,217		0.5
2021	186	13	5,493,600	14,486		6.4		188	13,907		6.1		11	579		0.3
2022	225	18	7,441,700	15,136		6.7		221	14,480		6.4		22	656		0.3
2023	352	20	6,475,800	21,741		9.6		359	21,073		9.3		13	668		0.3
2024	179	10	3,280,000	9,552		4.2		184	9,390		4.1		5	162		0.1
2025	311	10	4,256,100	17,994		7.9		300	17,393		7.6		21	601		0.3
2026	234	4	3,214,500	12,354		5.4		234	12,252		5.4		4	102		*
2027	467	3	5,238,400	18,820		8.3		468	18,781		8.3		2	39		*
2028	284	5	6,037,700	16,178		7.1		287	16,122		7.1		2	56		*
2029	320	3	4,973,500	12,961		5.7		317	12,789		5.6		6	172		0.1
2030 - 2043	317	33	6,795,400	37,525		16.5		347	37,493		16.5		3	32		*
Totals	4,084	154	69,166,300	$	227,006	100.0	%	3,586	$	209,856	92.4	%	652	$	17,150	7.6	%

* Less than 0.1%

(1)Excludes 19 multi-tenant properties and 70 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties.

(2)Excludes revenue of $3,097 from 19 multi-tenant properties and from 70 vacant properties at December 31, 2014, $488 from sold properties included in continuing operations and $44 from properties owned by Crest.

(3)Represents leases to the initial tenant of the property that are expiring for the first time.

(4)Represents lease expirations on properties in the portfolio which have previously been renewed, extended or re-tenanted.

13

Geographic Diversification

The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2014 (dollars in thousands):

				Approximate	Rental Revenue for			Percentage of
	Number of	Percent		Leasable	the Quarter Ended			Rental
State	Properties	Leased		Square Feet	December 31, 2014		(1)	Revenue
Alabama	128	98	%	1,039,500	$	3,485		1.5	%
Alaska	3	100		275,900	503			0.2
Arizona	113	96		1,577,700	6,212			2.7
Arkansas	53	98		782,600	1,660			0.7
California	164	100		5,221,500	24,029			10.4
Colorado	72	97		1,045,400	3,929			1.7
Connecticut	25	96		536,900	2,564			1.1
Delaware	17	100		78,300	632			0.3
Florida	321	99		3,331,400	13,522			5.9
Georgia	237	98		3,362,200	10,085			4.4
Hawaii	--	--		--	--			--
Idaho	12	100		87,000	457			0.2
Illinois	163	99		4,590,800	12,933			5.6
Indiana	133	100		1,332,700	5,491			2.4
Iowa	35	94		2,751,700	3,400			1.5
Kansas	84	99		1,467,400	3,181			1.4
Kentucky	57	96		925,900	3,166			1.4
Louisiana	89	99		1,011,200	2,940			1.3
Maine	10	100		145,300	894			0.4
Maryland	34	100		791,100	4,404			1.9
Massachusetts	81	98		751,100	3,486			1.5
Michigan	114	98		1,118,000	3,673			1.6
Minnesota	155	100		1,209,600	7,421			3.2
Mississippi	122	98		1,566,100	3,882			1.7
Missouri	137	97		2,776,000	8,177			3.5
Montana	1	100		5,400	13			*
Nebraska	31	100		708,700	1,758			0.8
Nevada	22	95		413,000	1,289			0.6
New Hampshire	20	100		320,100	1,511			0.7
New Jersey	67	99		577,300	3,604			1.6
New Mexico	31	100		302,500	897			0.4
New York	86	98		2,198,700	10,938			4.7
North Carolina	148	99		1,524,600	5,711			2.5
North Dakota	7	100		66,000	118			*
Ohio	216	98		5,179,600	12,327			5.4
Oklahoma	123	99		1,450,600	3,660			1.6
Oregon	25	100		525,400	1,957			0.9
Pennsylvania	147	99		1,792,400	7,235			3.1
Rhode Island	4	100		157,200	808			0.3
South Carolina	132	99		970,100	4,413			1.9
South Dakota	11	100		133,500	244			0.1
Tennessee	197	96		2,584,600	6,423			2.8
Texas	439	98		8,136,900	22,309			9.7
Utah	15	100		760,000	1,398			0.6
Vermont	5	100		98,000	480			0.2
Virginia	141	99		2,872,700	7,139			3.1
Washington	38	97		415,300	1,768			0.8
West Virginia	12	100		261,200	984			0.4
Wisconsin	43	98		1,456,200	2,781			1.2
Wyoming	3	100		21,100	63			*
Puerto Rico	4	100		28,300	149			0.1
Totals\Average	4,327	98	%	70,734,700	$	230,103		100.0	%

*Less than 0.1%

(1)Includes rental revenue for all properties owned by Realty Income at December 31, 2014.  Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations.

14

EX-99.2

Q4 2014 SUPPLEMENTAL OPERATING & FINANCIAL DATA NYSE: O Exhibit 99.2

TABLE OF CONTENTS Q4 2014 Supplemental Operating & Financial Data 2 Corporate Overview 3 Financial Summary Consolidated Statements of Income 4 Funds from Operations (FFO) 5 Adjusted Funds from Operations (AFFO) 6 Consolidated Balance Sheets 7 Debt Summary 8 Debt Maturities 9 Capitalization & Financial Ratios 10 EBITDA & Coverage Ratios 11 Debt Covenants 12 Transaction Summary Investment Summary 13 Disposition Summary 14 Development Pipeline 15 Real Estate Portfolio Summary Tenant Diversification 16 Industry Diversification 17 Geographic Diversification 19 Property Type Diversification 20 Same Store Rental Revenue 21 Leasing Data Occupancy 23 Leasing Activity 24 Expirations 25 Analyst Coverage 26 This Supplemental Operating & Financial Data should be read in connection with the company's fourth quarter 2014 earnings press release (included as Exhibit 99.1 of the company's Current Report on 8-K, filed on February 17, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data.

CORPORATE OVERVIEW 3 Q4 2014 Supplemental Operating & Financial Data Senior Management John P. Case, Chief Executive Officer and President Richard G. Collins, Executive VP, Portfolio Management Paul M. Meurer, Executive VP, Chief Financial Officer and Treasurer Michael R. Pfeiffer, Executive VP, General Counsel and Secretary Sumit Roy, Executive VP, Chief Operating Officer and Chief Investment Officer Credit Ratings Standard & Poor’s BBB+ Stable Outlook Moody's Baa1 Stable Outlook Fitch BBB+ Stable Outlook Dividend Information as of February 2015 Current annualized dividend is $2.268 per share Compounded average annual dividend growth rate of approximately 4.7% 535 consecutive monthly dividends paid 69 consecutive quarterly dividend increases Corporate Headquarters 11995 El Camino Real San Diego, California 92130 Phone: (858) 284-5000 Website: www.realtyincome.com Transfer Agent Wells Fargo Shareowner Services Phone: (877) 218-2434 Email: stocktransfer@wellsfargo.com Website: www.shareowneronline.com Corporate Profile Realty Income, The Monthly Dividend Company®, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 46 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term, net lease agreements. Portfolio Overview At December 31, 2014, we owned a diversified portfolio of 4,327 properties located in 49 states and Puerto Rico, with over 70.7 million square feet of leasable space. Our properties are leased to 234 different commercial tenants doing business in 47 separate industries. Approximately 79% of our quarterly rental revenues were generated from retail properties, 10% from industrial and distribution properties, and the remaining 11% were from other property types. Our occupancy rate as of December 31, 2014 was 98.4%, with a weighted average remaining lease term of approximately 10.2 years. Common Stock Our Common Stock is traded on the New York Stock Exchange under the symbol "O" December 31, 2014 Closing price $ 47.71 Shares and units outstanding 225,697,760 Market value of common equity $ 10,768,040,000 Total market capitalization $ 16,105,801,000

CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) 4 Q4 2014 Supplemental Operating & Financial Data (unaudited) Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 REVENUE Rental $ 230,635 $ 204,999 $ 893,457 $ 748,218 Tenant reimbursements 16,246 9,324 37,118 24,944 Other 692 1,840 2,930 7,047 Total revenue 247,573 216,163 933,505 780,209 EXPENSES Depreciation and amortization 96,537 85,293 374,661 306,769 Interest 59,120 50,775 216,366 181,442 General and administrative 15,586 16,525 51,085 56,881 Property (including reimbursable) 20,397 13,059 53,871 38,851 Income taxes 1,103 579 3,461 2,350 Provisions for impairment 1,450 - 4,126 290 Merger-related costs - 138 - 13,013 Total expenses 194,193 166,369 703,570 599,596 Gain on sales of real estate 24,994 - 39,205 - Income from continuing operations 78,374 49,794 269,140 180,613 Income (loss) from discontinued operations (297 ) 14,840 2,800 65,670 Net income 78,077 64,634 271,940 246,283 Net income attributable to noncontrolling interests (289 ) (298 ) (1,305 ) (719 ) Net income attributable to the Company 77,788 64,336 270,635 245,564 Preferred stock dividends (6,770 ) (10,482 ) (37,062 ) (41,930 ) Excess of redemption value over carrying value of preferred shares redeemed - - (6,015 ) - Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Amounts available to common stockholders per common share, basic and diluted: Income from continuing operations $ 0.32 $ 0.19 $ 1.03 $ 0.72 Net income $ 0.32 $ 0.26 $ 1.04 $ 1.06

FUNDS FROM OPERATIONS (FFO) (dollars in thousands, except per share data) 5 Q4 2014 Supplemental Operating & Financial Data (1) FFO for the three months and year ended December 31, 2013 has been normalized to exclude merger-related costs related to our acquisition of American Realty Capital Trust, Inc., or ARCT. (2) FFO per share for the year ended December 31, 2014 was impacted by a $6.0 million non-cash redemption charge on the Class E preferred shares that were redeemed in October 2014, which represents FFO per share of $0.03. Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Depreciation and amortization: Continuing operations 96,537 85,293 374,661 306,769 Discontinued operations - 36 - 1,626 Depreciation of furniture, fixtures and equipment (161 ) (86 ) (482 ) (288 ) Provisions for impairment on investment properties: Continuing operations 1,450 - 4,126 290 Discontinued operations 510 - 510 2,738 Gain on sales of investment properties: Continuing operations (24,994 ) - (39,205 ) - Discontinued operations (276 ) (14,276 ) (2,883 ) (64,743 ) Merger-related costs (1) - 138 - 13,013 FFO adjustments allocable to noncontrolling interests (378 ) (329 ) (1,396 ) (1,009 ) FFO available to common stockholders $ 143,706 $ 124,630 $ 562,889 $ 462,030 FFO per common share, basic and diluted(2): $ 0.64 $ 0.61 $ 2.58 $ 2.41 Distributions paid to common stockholders $ 122,521 $ 110,678 $ 479,256 $ 409,222 FFO in excess of distributions paid to common stockholders $ 21,185 $ 13,952 $ 83,633 $ 52,808 Weighted average number of common shares used for computation per share: Basic 223,034,266 203,303,124 218,390,885 191,754,857 Diluted 223,262,633 203,326,838 218,450,863 191,781,622

ADJUSTED FUNDS FROM OPERATIONS (AFFO) (dollars in thousands, except per share data) 6 Q4 2014 Supplemental Operating & Financial Data (1) See reconciling items for FFO presented under "Funds from Operations (FFO).” Three months ended December 31, Year ended December 31, 2014 2013 2014 2013 Net income available to common stockholders $ 71,018 $ 53,854 $ 227,558 $ 203,634 Cumulative adjustments to calculate FFO (1) 72,688 70,776 335,331 258,396 FFO available to common stockholders 143,706 124,630 562,889 462,030 Provisions for impairment on Crest properties - 308 - 308 Excess of redemption value over carrying value of Class E preferred share redemption - - 6,015 - Amortization of share-based compensation 4,306 6,550 11,959 20,785 Amortization of deferred financing costs 1,328 1,219 4,804 4,436 Amortization of net mortgage premiums (2,147 ) (2,522 ) (9,208 ) (9,481 ) (Gain) loss on early extinguishment of mortgage debt 99 - (3,428 ) - (Gain) loss on interest rate swaps 940 (188 ) 1,349 (878 ) Capitalized leasing costs and commissions (167 ) (137 ) (821 ) (1,280 ) Capitalized building improvements (1,328 ) (2,468 ) (5,210 ) (7,227 ) Straight-line rent (3,108 ) (3,631 ) (14,872 ) (13,742 ) Amortization of above and below-market leases 1,650 1,939 8,024 8,188 Other adjustments 115 - 160 - Total AFFO available to common stockholders $ 145,394 $ 125,700 $ 561,661 $ 463,139 AFFO per common share: Basic $ 0.65 $ 0.62 $ 2.57 $ 2.42 Diluted $ 0.65 $ 0.62 $ 2.57 $ 2.41 Distributions paid to common stockholders $ 122,521 $ 110,678 $ 479,256 $ 409,222 AFFO in excess of distributions paid to common stockholders $ 22,873 $ 15,022 $ 82,405 $ 53,917 Weighted average number of common shares used for computation per share: Basic 223,034,266 203,303,124 218,390,885 191,754,857 Diluted 223,262,633 203,326,838 218,450,863 191,781,622

CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts) 7 Q4 2014 Supplemental Operating & Financial Data December 31, 2014 December 31, 2013 ASSETS Real estate, at cost: Land $ 3,046,372 $ 2,791,147 Buildings and improvements 8,107,199 7,108,328 Total real estate, at cost 11,153,571 9,899,475 Less accumulated depreciation and amortization (1,386,871 ) (1,114,888 ) Net real estate held for investment 9,766,700 8,784,587 Real estate held for sale, net 14,840 12,022 Net real estate 9,781,540 8,796,609 Cash and cash equivalents 3,852 10,257 Accounts receivable, net 64,386 39,323 Acquired lease intangible assets, net 1,039,724 935,459 Goodwill 15,470 15,660 Other assets, net 107,650 127,133 Total assets $ 11,012,622 $ 9,924,441 LIABILITIES AND EQUITY Distributions payable $ 43,675 $ 41,452 Accounts payable and accrued expenses 123,287 102,511 Acquired lease intangible liabilities, net 220,469 148,250 Other liabilities 53,145 44,030 Line of credit payable 223,000 128,000 Term loan 70,000 70,000 Mortgages payable, net 852,575 783,360 Notes payable, net 3,785,372 3,185,480 Total liabilities 5,371,523 4,503,083 Stockholders' equity: Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized and 16,350,000 shares issued and outstanding as of December 31, 2014 and 25,150,000 shares issued and outstanding as of December 31, 2013 395,378 609,363 Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 224,881,192 shares issued and outstanding as of December 31, 2014 and 207,485,073 shares issued and outstanding at December 31, 2013 6,464,987 5,767,878 Distributions in excess of net income (1,246,964 ) (991,794 ) Total stockholders' equity 5,613,401 5,385,447 Noncontrolling interests 27,698 35,911 Total equity 5,641,099 5,421,358 Total liabilities and equity $ 11,012,622 $ 9,924,441

DEBT SUMMARY (dollars in thousands) 8 Q4 2014 Supplemental Operating & Financial Data Principal Interest Weighted Balance as of Rate as of Average Years Maturity Date December 31, 2014 % of Debt December 31, 2014 until Maturity Credit Facility Credit Facility (1) May 9, 2017 $ 223,000 4.5% 1.24% 2.4 years Unsecured Term Loan Term Loan (2) January 21, 2018 70,000 1.4% 1.36% 3.1 years Senior Unsecured Notes and Bonds 5.50% Notes due 2015 November 15, 2015 150,000 3.0% 5.50% 5.95% Notes due 2016 September 15, 2016 275,000 5.6% 5.95% 5.375% Notes due 2017 September 15, 2017 175,000 3.6% 5.38% 2.00% Notes due 2018 January 31, 2018 350,000 7.1% 2.00% 6.75% Notes due 2019 August 15, 2019 550,000 11.2% 6.75% 5.75% Notes due 2021 January 15, 2021 250,000 5.1% 5.75% 3.25% Notes due 2022 October 15, 2022 450,000 9.1% 3.25% 4.65% Notes due 2023 August 1, 2023 750,000 15.2% 4.65% 3.875% Notes due 2024 July 15, 2024 350,000 7.1% 3.88% 4.125% Notes due 2026 October 15, 2026 250,000 5.1% 4.13% 5.875% Bonds due 2035 March 15, 2035 250,000 5.1% 5.88% Principal amount 3,800,000 Unamortized discounts (14,628) Carrying value 3,785,372 76.8% 4.75% 7.2 years Mortgages Payable 57 mortgages on 241 properties January 2015 - June 2032 836,011 (3) 17.0% 4.96% 3.7 years Unamortized premiums 16,564 Carrying value 852,575 17.3% TOTAL DEBT $ 4,929,011 (4) 4.58% Fixed Rate $ 4,666,902 95% Variable Rate $ 262,109 5% (1) We have a $1.5 billion unsecured acquisition credit facility with an initial term that expires in May 2016. It includes, at our election, a one-year extension option, at a cost of 0.2% of the facility commitment, or $3 million. As of December 31, 2014, approximately $1.28 billion was available on the credit facility. (2) Borrowing under the term loan bears interest at the current one-month LIBOR, plus 1.2%. We have an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%. (3) The mortgages payable are at fixed interest rates, except for variable rate mortgages totaling $39.1 million at December 31, 2014. (4) Excludes non-cash unamortized original issuance discounts recorded on the senior unsecured notes and bonds, as well as non-cash unamortized premiums recorded on the mortgages payable.

DEBT MATURITIES (dollars in millions) 9 Q4 2014 Supplemental Operating & Financial Data Debt Maturities Year of Credit Term Senior Unsecured Mortgages Average Maturity Facility Loan Notes and Bonds Payable Total Interest Rate (1) 2015 $ - $ - $ 150.0 $ 119.7 $ 269.7 5.32% 2016 - - 275.0 248.4 523.4 5.39% 2017 223.0 - 175.0 142.5 540.5 5.53% 2018 - 70.0 350.0 15.1 435.1 2.02% 2019 - - 550.0 26.0 576.0 6.56% Thereafter - - 2,300.0 284.3 2,584.3 4.50% Totals $ 223.0 $ 70.0 $ 3,800.0 $ 836.0 $ 4,929.0 (1) Average interest rate for 2017 excludes the credit facility. Mortgages Payable Maturities by Quarter Year of First Second Third Fourth Average Maturity Quarter Quarter Quarter Quarter Total Interest Rate 2015 $ 51.3 $ 1.8 $ 28.0 $ 38.6 $ 119.7 5.10% 2016 101.1 128.3 16.9 2.1 248.4 4.76% 2017 42.2 36.5 39.3 24.5 142.5 5.72% 2018 1.1 11.9 1.0 1.1 15.1 5.47% 2019 1.1 1.1 1.1 22.7 26.0 2.58% Thereafter 284.3 4.88% Totals $ 196.8 $ 179.6 $ 86.3 $ 89.0 $ 836.0

CAPITALIZATION & FINANCIAL RATIOS (dollars in thousands, except per share amounts) 10 3.9 Capital Structure as of December 31, 2014 Q4 2014 Supplemental Operating & Financial Data Capitalization as of December 31, 2014 Carrying Debt Value Credit Facility $ 223,000 Unsecured Term Loan 70,000 Senior Unsecured Notes and Bonds 3,800,000 Mortgages Payable 836,011 Total Debt $ 4,929,011 Stock Redemption Market Equity Shares/Units Price Price Value Common Stock (NYSE: O) 224,881,192 $ 47.71 $ 10,729,082 Common Units (1) 816,568 $ 47.71 38,958 Common Equity 10,768,040 Class F Preferred Stock 16,350,000 $ 25.00 408,750 Total Equity $ 11,176,790 Total Market Capitalization (2) $ 16,105,801 Debt/Total Market Capitalization (2) 30.6% Debt and Preferred Stock/Total Market Capitalization (2) 33.1% (1) Common units are exchangeable into cash or common stock, at our option, at a conversion ratio of 1:1. (2) Our enterprise value is $16,101,949 (total market capitalization less cash on hand). The percentages for both debt to enterprise value as well as debt and preferred stock to enterprise value are the same as the respective percentages presented for total market capitalization. Dividend Data YTD YTD Year-over-Year Q4 2014 Q4 2013 Growth Rate Common Dividend Paid per Share $ 2.192 $ 2.147 2.1% AFFO per Share (diluted) $ 2.57 $ 2.41 6.6% AFFO Payout Ratio 85.3% 89.1% Liquidity as of December 31, 2014 Cash on Hand $ 3,852 Availability under Credit Facility 1,277,000 $ 1,280,852

EBITDA & COVERAGE RATIOS (dollars in thousands) 11 Debt Service Coverage (2) Fixed Charge Coverage (3) 3.9 Q4 2014 Supplemental Operating & Financial Data Reconciliation of Net Income to EBITDA (1) Three months ended December 31, 2014 Net income $ 78,077 Interest 59,120 Taxes 1,103 Depreciation and amortization 96,537 Impairment loss 1,450 Loss on interest rate swaps 940 Gain on sales (24,994) Discontinued operations (EBITDA components) 234 Quarterly EBITDA $ 212,467 Annualized EBITDA $ 849,868 Debt/EBITDA 5.8 (1) EBITDA means, for the most recent quarter, annualized earnings (net income) before (i) interest expense, (ii) income and franchise taxes, (iii) real estate depreciation and amortization, (iv) impairment losses, (v) non-cash loss (gain) on swaps, and (vi) gain on sales (Realty Income properties). (2) Refer to footnote 1 on page 12 for a detailed description of the calculation of debt service coverage. (3) Fixed charge coverage is calculated in exactly the same manner as the debt service coverage (defined on page 12), except that preferred stock dividends are also added to the denominator.

DEBT COVENANTS 12 Q4 2014 Supplemental Operating & Financial Data As of December 31, 2014 The following is a summary of the key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. Required Actuals Limitation on incurrence of total debt < 60% of adjusted undepreciated assets 43.8% Limitation on incurrence of secured debt < 40% of adjusted undepreciated assets 7.6% Debt service coverage (trailing 12 months) (1) > 1.5 x 3.8x Maintenance of total unencumbered assets > 150% of unsecured debt 236.7% (1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumption that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four-quarters had in each case occurred on January 1, 2014, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of January 1, 2014, nor does it purport to reflect our debt service coverage ratio for any future period.

INVESTMENT SUMMARY (dollars in thousands) 13 Q4 2014 Supplemental Operating & Financial Data First Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 324 $ 643,326 $ 44,675 4,207,916 6.9% 14.2 Properties under Development (2) 13 13,350 1,125 380,858 8.4% 15.2 Total Real Estate Investments 337 $ 656,676 $ 45,800 4,588,774 7.0% 14.2 Approximately 84% of the annualized revenue generated by these investments is from investment grade-rated tenants. Second Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 57 $ 382,870 $ 27,680 2,247,813 7.2% 10.4 Properties under Development (2) 16 22,255 1,912 155,988 8.6% 13.2 Total Real Estate Investments 73 $ 405,125 $ 29,592 2,403,801 7.3% 10.6 Approximately 55% of the annualized revenue generated by these investments is from investment grade-rated tenants. Third Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 26 $ 148,695 $ 10,550 1,460,903 7.1% 10.6 Properties under Development (2) 23 33,439 2,853 461,347 8.5% 13.4 Total Real Estate Investments 49 $ 182,134 $ 13,403 1,922,250 7.4% 11.2 Approximately 53% of the annualized revenue generated by these investments is from investment grade-rated tenants. Year-to-Date 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 466 $ 1,320,033 $ 93,092 9,060,737 7.1% 12.7 Properties under Development (2) 40 81,925 6,917 766,525 8.4% 13.8 Total Real Estate Investments 506 $ 1,401,958 $ 100,009 9,827,262 7.1% 12.8 Approximately 66% of the annualized revenue generated by these investments is from investment grade-rated tenants. (1) Cash capitalization rates are computed as contractual cash net operating income for the first twelve months of each lease following the acquisition date, divided by the total cost of the property (including all expenses borne by Realty Income). (2) Includes investments during the period in new development, expansion of existing properties, and redevelopment of existing properties. Fourth Quarter 2014 Number of Properties Investment Cash Rents Leasable Square Feet Cash Capitalization Rate (1) Weighted Average Lease Term (Years) New Property Acquisitions 59 $ 145,142 $ 10,187 1,144,105 7.0% 14.6 Properties under Development (2) 23 12,881 1,027 590,198 8.0% 14.0 Total Real Estate Investments 82 $ 158,023 $ 11,214 1,734,303 7.1% 14.6 Approximately 32% of the annualized revenue generated by these investments is from investment grade-rated tenants.

DISPOSITION SUMMARY (dollars in thousands) 14 Q4 2014 Supplemental Operating & Financial Data First Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds Cash Capitalization Rate (1) Occupied 8 $ 9,899 $ 7,446 $ 10,649 8.3% Vacant 3 2,811 1,297 2,041 - Total Real Estate Dispositions 11 $ 12,710 $ 8,743 $ 12,690 The unlevered internal rate of return on properties sold during the first quarter was 10.2% Second Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds Cash Capitalization Rate (1) Occupied 4 $ 4,584 $ 3,232 $ 5,215 8.4% Vacant 2 3,942 1,795 1,818 - Total Real Estate Dispositions 6 $ 8,526 $ 5,027 $ 7,033 The unlevered internal rate of return on properties sold during the second quarter was 8.8% Year-to-date 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 29 $ 66,237 $ 55,149 $ 95,230 6.9% Vacant 17 24,727 9,763 11,373 - Total Real Estate Dispositions 46 $ 90,964 $ 64,912 $ 106,603 The unlevered internal rate of return on properties sold during the year was 11.6% Third Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 7 $ 26,115 $ 21,057 $ 32,150 8.0% Vacant 4 4,577 1,802 1,379 - Total Real Estate Dispositions 11 $ 30,692 $ 22,859 $ 33,529 The unlevered internal rate of return on properties sold during the third quarter was 12.2% (1) Cash capitalization rates are computed as annualized current month contractual cash net operating income, divided by the net proceeds received upon sale of the property (including all expenses borne by Realty Income). (2) Data excludes properties sold as a result of eminent domain activities. During the third quarter of 2014 we disposed of land in two eminent domain transactions, receiving net proceeds of $318,000. During the fourth quarter of 2014 we received net proceeds of $313,000 related to two eminent domain transactions. Fourth Quarter 2014 Number of Properties Original Investment Net Book Value Net Proceeds (2) Cash Capitalization Rate (1) Occupied 10 $ 25,639 $ 23,414 $ 47,216 5.7% Vacant 8 13,396 4,870 6,135 - Total Real Estate Dispositions 18 $ 39,035 $ 28,284 $ 53,351 The unlevered internal rate of return on properties sold during the fourth quarter was 12.1%

DEVELOPMENT PIPELINE (dollars in thousands) 15 Q4 2014 Supplemental Operating & Financial Data Non-Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 1 $ - $ 15,400 $ 15,400 100% Expansion of existing properties 2 6,576 2,893 9,469 100% Redevelopment of existing properties - - - - N/A 3 $ 6,576 $ 18,293 $ 24,869 Total Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 6 $ 3,456 $ 27,924 $ 31,380 100% Expansion of existing properties 2 6,576 2,893 9,469 100% Redevelopment of existing properties 6 2,001 1,922 3,923 100% 14 $ 12,033 $ 32,739 $ 44,772 Retail Number of Properties Investment to Date Remaining Investment Total Commitment Percent Leased (2) New Development (1) 5 $ 3,456 $ 12,524 $ 15,980 100% Expansion of existing properties - - - - N/A Redevelopment of existing properties 6 2,001 1,922 3,923 100% 11 $ 5,457 $ 14,446 $ 19,903 (1) Includes build-to-suit developments and forward take-out commitments on development properties with leases in place. (2) Rental revenue commencement dates on properties under development range between February 2015 and June 2015.

TENANT DIVERSIFICATION 16 Top 20 Tenants Our 20 largest tenants based on percentage of total portfolio annualized rental revenue at December 31, 2014 include the following: Investment Grade Tenants (1): Number of Properties 1,935 Percentage of Annualized Rents 46.4% Q4 2014 Supplemental Operating & Financial Data Tenant Number of Properties % of Revenue Investment Grade Ratings (Moody’s/S&P/Fitch) Walgreens 120 5.4 % Baa2/ BBB/ A- FedEx 38 5.1 % Baa1/ BBB/ BBB Dollar General 502 4.9 % Baa3/ BBB-/ - LA Fitness 46 4.6 % - Family Dollar 454 4.5 % Baa3/ BBB-/ - BJ's Wholesale Clubs 15 2.8 % - AMC Theatres 20 2.7 % - Diageo 17 2.6 % A3/ A-/ A- Regal Cinemas 23 2.3 % - Northern Tier Energy/Super America 134 2.2 % - CVS Pharmacy 55 2.1 % Baa1/ BBB+/ BBB+ Rite Aid 58 1.9 % - TBC Corporation 149 1.9 % A2/ A/ - Circle K 168 1.8 % Baa2/ BBB/ - The Pantry 144 1.6 % - Walmart/Sam's Club 19 1.4 % Aa2/ AA/ AA NPC International 202 1.4 % - GPM Investments/Fas Mart 136 1.4 % - FreedomRoads/Camping World 18 1.2 % - Smart & Final 36 1.2 % - Average EBITDAR/Rent Ratio on Retail Properties 2.6x (1) Median EBITDAR/Rent Ratio on Retail Properties 2.7x (1) (1) Based on most recently analyzed information from retail tenants providing this information. The information that we receive from our retail tenants is not independently verified by us. (1) Investment grade tenants are defined as tenants with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). 46.4% of our annualized rental revenue is generated from properties leased to investment grade tenants, including approximately 7% from properties leased to subsidiaries of investment grade companies.

 Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended December 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2014 2014 2013 2012 2011 2010 2009 Retail industries Apparel stores 2.2 % 2.0 % 1.9 % 1.7 % 1.4 % 1.2 % 1.1 % Automotive collision services 0.8 0.8 0.8 1.1 0.9 1.0 1.1 Automotive parts 1.4 1.3 1.2 1.0 1.2 1.4 1.5 Automotive service 1.8 1.8 2.1 3.1 3.7 4.7 4.8 Automotive tire services 3.1 3.2 3.6 4.7 5.6 6.4 6.9 Book stores * * * 0.1 0.1 0.1 0.2 Child care 2.2 2.2 2.8 4.5 5.2 6.5 7.3 Consumer electronics 0.3 0.3 0.3 0.5 0.5 0.6 0.7 Convenience stores 9.8 10.1 11.2 16.3 18.5 17.1 16.9 Crafts and novelties 0.5 0.5 0.5 0.3 0.2 0.3 0.3 Dollar stores 9.5 9.6 6.2 2.2 - - - Drug stores 9.5 9.5 8.1 3.5 3.8 4.1 4.3 Education 0.4 0.4 0.4 0.7 0.7 0.8 0.9 Entertainment 0.5 0.5 0.6 0.9 1.0 1.2 1.3 Equipment services 0.1 0.1 0.1 0.1 0.2 0.2 0.2 Financial services 1.4 1.4 1.5 0.2 0.2 0.2 0.2 General merchandise 1.4 1.2 1.1 0.6 0.6 0.8 0.8 Grocery stores 3.1 3.0 2.9 3.7 1.6 0.9 0.7 Health and fitness 7.0 7.0 6.3 6.8 6.4 6.9 5.9 Health care 1.0 1.1 1.1 - - - - Home furnishings 0.7 0.7 0.9 1.0 1.1 1.3 1.3 Home improvement 2.1 1.7 1.6 1.5 1.7 2.0 2.2 Jewelry 0.1 0.1 0.1 - - - - Motor vehicle dealerships 1.5 1.6 1.6 2.1 2.2 2.6 2.7 Office supplies 0.4 0.4 0.5 0.8 0.9 0.9 1.0 Pet supplies and services 0.7 0.7 0.8 0.6 0.7 0.9 0.9 Restaurants - casual dining 4.2 4.3 5.1 7.3 10.9 13.4 13.7 Restaurants - quick service 3.8 3.7 4.4 5.9 6.6 7.7 8.3 Shoe stores 0.1 0.1 0.1 0.1 0.2 0.1 - Sporting goods 1.6 1.6 1.7 2.5 2.7 2.7 2.6 Theaters 5.3 5.3 6.2 9.4 8.8 8.9 9.2 Transportation services 0.1 0.1 0.1 0.2 0.2 0.2 0.2 Wholesale clubs 4.1 4.1 3.9 3.2 0.7 - - Other * * 0.1 0.1 0.1 0.3 1.1 Retail industries 80.7 % 80.4 % 79.8 % 86.7 % 88.6 % 95.4 % 98.3 % INDUSTRY DIVERSIFICATION 17 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% (1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

INDUSTRY DIVERSIFICATION (CONT’D) 18 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% Percentage of Rental Revenue (1) For the Quarter Ended For the Year Ended December 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2014 2014 2013 2012 2011 2010 2009 Non-retail industries Aerospace 1.2 1.2 1.2 0.9 0.5 - - Beverages 2.7 2.8 3.3 5.1 5.6 3.0 - Consumer appliances 0.5 0.5 0.6 0.1 - - - Consumer goods 0.9 0.9 1.0 0.1 - - - Crafts and novelties 0.1 0.1 0.1 - - - - Diversified industrial 0.6 0.5 0.2 0.1 - - - Electric utilities 0.1 0.1 * - - - - Equipment services 0.5 0.5 0.4 0.3 0.2 - - Financial services 0.4 0.4 0.5 0.4 0.3 - - Food processing 1.3 1.4 1.5 1.3 0.7 - - General merchandise 0.3 0.3 - - - - - Government services 1.2 1.3 1.4 0.1 0.1 0.1 0.1 Health care 0.7 0.7 0.8 * * - - Home furnishings 0.2 0.2 0.2 - - - - Insurance 0.1 0.1 0.1 * - - - Machinery 0.2 0.2 0.2 0.1 - - - Other manufacturing 0.7 0.7 0.6 - - - - Packaging 0.8 0.8 0.9 0.7 0.4 - - Paper 0.1 0.1 0.2 0.1 0.1 - - Shoe stores 0.7 0.8 0.9 - - - - Telecommunications 0.7 0.7 0.7 0.8 0.7 - - Transportation services 5.1 5.1 5.3 2.2 1.6 - - Other 0.2 0.2 0.1 1.0 1.2 1.5 1.6 Non-retail industries 19.3 % 19.6 % 20.2 % 13.3 % 11.4 % 4.6 % 1.7 % Totals 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

GEOGRAPHIC DIVERSIFICATION (dollars in thousands) 19 (1) Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations. Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% Approximate Rental Revenue for Percentage of Number of Percent Leasable the Quarter Ended Rental State Properties Leased Square Feet December 31, 2014 (1) Revenue Alabama 128 98 % 1,039,500 $ 3,485 1.5 % Alaska 3 100 275,900 503 0.2 Arizona 113 96 1,577,700 6,212 2.7 Arkansas 53 98 782,600 1,660 0.7 California 164 100 5,221,500 24,029 10.4 Colorado 72 97 1,045,400 3,929 1.7 Connecticut 25 96 536,900 2,564 1.1 Delaware 17 100 78,300 632 0.3 Florida 321 99 3,331,400 13,522 5.9 Georgia 237 98 3,362,200 10,085 4.4 Hawaii -- -- -- -- -- Idaho 12 100 87,000 457 0.2 Illinois 163 99 4,590,800 12,933 5.6 Indiana 133 100 1,332,700 5,491 2.4 Iowa 35 94 2,751,700 3,400 1.5 Kansas 84 99 1,467,400 3,181 1.4 Kentucky 57 96 925,900 3,166 1.4 Louisiana 89 99 1,011,200 2,940 1.3 Maine 10 100 145,300 894 0.4 Maryland 34 100 791,100 4,404 1.9 Massachusetts 81 98 751,100 3,486 1.5 Michigan 114 98 1,118,000 3,673 1.6 Minnesota 155 100 1,209,600 7,421 3.2 Mississippi 122 98 1,566,100 3,882 1.7 Missouri 137 97 2,776,000 8,177 3.5 Montana 1 100 5,400 13 * Nebraska 31 100 708,700 1,758 0.8 Nevada 22 95 413,000 1,289 0.6 New Hampshire 20 100 320,100 1,511 0.7 New Jersey 67 99 577,300 3,604 1.6 New Mexico 31 100 302,500 897 0.4 New York 86 98 2,198,700 10,938 4.7 North Carolina 148 99 1,524,600 5,711 2.5 North Dakota 7 100 66,000 118 * Ohio 216 98 5,179,600 12,327 5.4 Oklahoma 123 99 1,450,600 3,660 1.6 Oregon 25 100 525,400 1,957 0.9 Pennsylvania 147 99 1,792,400 7,235 3.1 Rhode Island 4 100 157,200 808 0.3 South Carolina 132 99 970,100 4,413 1.9 South Dakota 11 100 133,500 244 0.1 Tennessee 197 96 2,584,600 6,423 2.8 Texas 439 98 8,136,900 22,309 9.7 Utah 15 100 760,000 1,398 0.6 Vermont 5 100 98,000 480 0.2 Virginia 141 99 2,872,700 7,139 3.1 Washington 38 97 415,300 1,768 0.8 West Virginia 12 100 261,200 984 0.4 Wisconsin 43 98 1,456,200 2,781 1.2 Wyoming 3 100 21,100 63 * Puerto Rico 4 100 28,300 149 0.1 Totals/Average 4,327 98 % 70,734,700 $ 230,103 100.0 %

PROPERTY TYPE DIVERSIFICATION (dollars in thousands) 20 Approximate Rental Revenue for the Percentage of Number of Leasable Quarter Ended Rental Property Type Properties Square Feet December 31, 2014 (1) Revenue Retail 4,172 47,122,600 $ 180,529 78.5 % Industrial and distribution 82 16,137,500 23,610 10.3 Office 44 3,414,900 15,081 6.5 Manufacturing 14 3,875,200 5,616 2.4 Agriculture 15 184,500 5,267 2.3 Totals 4,327 70,734,700 $ 230,103 100.0 % (1) Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations. Q4 2014 Supplemental Operating & Financial Data

SAME STORE RENTAL REVENUE (dollars in thousands) 21 Same Store Rental Revenue Number of Properties 2,728 Square Footage 33,692,540 Q4 2014 $ 129,872 Q4 2013 $ 127,732 Increase (in dollars) $ 2,140 Increase (percent) 1.7% Q4 2014 Supplemental Operating & Financial Data Top 3 Industries Contributing to the Change Quarter ended Quarter ended Net % Change Industry December 31, 2014 December 31, 2013 Change by Industry Convenience Stores $ 19,728 $ 19,314 $ 414 2.1 % Health and Fitness 9,646 9,274 372 4.0 % Restaurants - Quick Service 7,443 7,098 345 4.9 % Same Store Rental Revenue Number of Properties 2,728 Square Footage 33,692,540 YTD Q4 2014 $ 513,428 YTD Q4 2013 $ 505,703 Increase (in dollars) $ 7,725 Increase (percent) 1.5% Fourth Quarter 2014 Year-to-Date 2014 Top 3 Industries Contributing to the Change Year ended Year ended Net % Change Industry December 31, 2014 December 31, 2013 Change by Industry Convenience Stores $ 78,535 $ 76,719 $ 1,816 2.4 % Automotive Tire Services 23,811 22,725 1,086 4.8 % Health and Fitness 38,045 37,013 1,032 2.8 %

SAME STORE RENTAL REVENUE (CONT’D) (dollars in thousands) 22 Q4 2014 Supplemental Operating & Financial Data Same Store Pool Defined For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced. Fourth Quarter 2014 Quarter ended Quarter ended Net % Change by Contribution by Property Type December 31, 2014 December 31, 2013 Change Property Type Property Type Retail $ 112,306 110,408 1,898 1.7% 88.7% Industrial and distribution 5,804 5,735 69 1.2% 3.2% Agriculture 5,267 5,202 65 1.3% 3.0% Manufacturing 3,466 3,411 55 1.6% 2.6% Office 3,029 2,976 53 1.8% 2.5% Total $ 129,872 127,732 2,140 1.7% 100.0% Year-to-Date 2014 Year ended Year ended Net % Change by Contribution by Property Type December 31, 2014 December 31, 2013 Change Property Type Property Type Retail $ 443,540 436,673 6,867 1.6% 88.9% Industrial and distribution 23,063 22,894 169 0.7% 2.2% Agriculture 20,952 20,693 259 1.2% 3.4% Manufacturing 13,787 13,591 196 1.4% 2.5% Office 12,086 11,852 234 2.0% 3.0% Total $ 513,428 505,703 7,725 1.5% 100% Same Store Rental Revenue by Property Type

OCCUPANCY 23 Q4 2014 Supplemental Operating & Financial Data By Property Occupied Properties 4,257 Total Properties 4,327 Occupancy 98.4% By Square Footage Occupied Square Footage 70,150,800 Total Square Footage 70,734,800 Occupancy 99.2% By Rental Revenue Quarterly Rental Revenue $ 228,958,400 Quarterly Vacant Rental Revenue $ 1,751,500 (1) Occupancy 99.2% (1) Based on contractual monthly rents received immediately preceding the date of vacancy. Change in Occupancy Vacant Properties at 9/30/2014 74 Expiration Activity (1) + 54 Leasing Activity (2) - 50 Vacant Property Sales Activity - 8 Vacant Properties at 12/31/2014 70 (1) Includes scheduled and unscheduled expirations as well as future expirations resolved in the current quarter. (2) Includes 40 expirations that were re-leased to the same tenants without vacancy, four that were re-leased to new tenants without vacancy, and six that were re-leased after a period of vacancy. See page 24 for additional detail on re-leasing activity.

LEASING ACTIVITY (dollars in thousands) 24 Q4 2014 Supplemental Operating & Financial Data Allocation Based on Number of Leases Re-leased to New Tenant Q3 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 15,581 $ 73 $ 604 $ 16,258 New Cash Rents* $ 15,780 $ 59 $ 440 $ 16,279 Re-leasing spread 101.3 % 80.3 % 72.8 % 100.1 % Number of Leases 70 1 6 77 Average Months Vacant 0.0 0.0 16.2 1.3 Tenant Improvements $ - $ - $ 125 $ 125 *Percentage of Total Annualized Portfolio Rental Revenue 1.8 % Re-leased to New Tenant Q4 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 4,670 $ 431 $ 325 $ 5,426 New Cash Rents* $ 4,713 $ 276 $ 268 $ 5,257 Re-leasing spread 100.9 % 64.0 % 82.8 % 96.9 % Number of Leases 40 4 6 50 Average Months Vacant 0.0 0.0 37.4 4.5 Tenant Improvements $ - $ - $ - $ - *Percentage of Total Annualized Portfolio Rental Revenue 0.6 % Re-leased to New Tenant Year-to-Date 2014 Re-leased to Same Tenant Without Vacancy After a Period of Vacancy Re-leasing Totals Prior Cash Rents $ 31,393 $ 838 $ 1,960 $ 34,191 New Cash Rents* $ 31,681 $ 614 $ 1,643 $ 33,938 Re-leasing spread 100.9 % 73.4 % 83.8 % 99.3 % Number of Leases 173 9 21 203 Average Months Vacant 0.0 0.0 18.7 1.2 Tenant Improvements $ - $ - $ 769 $ 769 *Percentage of Total Annualized Portfolio Rental Revenue 3.7 %

EXPIRATIONS (dollars in thousands) 25 Q4 2014 Supplemental Operating & Financial Data * Less than 0.1% (1) This table sets forth the timing of remaining lease term expirations on our 4,238 net leased, single-tenant properties as of December 31, 2014. Excludes 19 multi-tenant properties and 70 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties. (2) Excludes revenue of $3,097 from 19 multi-tenant properties and from 70 vacant properties at December 31, 2014, $488 from sold properties included in continuing operations and $44 from properties owned by Crest. (3) Represents leases to the initial tenant of the property that are expiring for the first time. (4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted. Our leased, single-tenant properties have a weighted average remaining lease term of approximately 10.2 years Total Portfolio (1) Initial Expirations (3) Subsequent Expirations (4) Rental Rental Rental Revenue Revenue Revenue for the for the for the Quarter % of Quarter % of Quarter % of Number of Approx. Ended Total Number Ended Total Number Ended Total Leases Expiring Leasable Dec 31, Rental of Leases Dec 31, Rental of Leases Dec 31, Rental Year Retail Non-Retail Sq. Feet 2014 (2) Revenue Expiring 2014 Revenue Expiring 2014 Revenue 2015 142 - 784,600 $ 3,058 1.4 % 68 $ 1,554 0.7 % 74 $ 1,504 0.7 % 2016 203 1 1,236,800 4,719 2.1 121 2,823 1.2 83 1,896 0.8 2017 207 1 2,160,200 6,667 2.9 49 2,954 1.3 159 3,713 1.6 2018 286 10 4,024,800 11,913 5.3 169 8,347 3.7 127 3,566 1.6 2019 238 11 3,934,400 13,429 5.9 169 11,242 4.9 80 2,187 1.0 2020 133 12 3,818,800 10,473 4.6 105 9,256 4.1 40 1,217 0.5 2021 186 13 5,493,600 14,486 6.4 188 13,907 6.1 11 579 0.3 2022 225 18 7,441,700 15,136 6.7 221 14,480 6.4 22 656 0.3 2023 352 20 6,475,800 21,741 9.6 359 21,073 9.3 13 668 0.3 2024 179 10 3,280,000 9,552 4.2 184 9,390 4.1 5 162 0.1 2025 311 10 4,256,100 17,994 7.9 300 17,393 7.6 21 601 0.3 2026 234 4 3,214,500 12,354 5.4 234 12,252 5.4 4 102 * 2027 467 3 5,238,400 18,820 8.3 468 18,781 8.3 2 39 * 2028 284 5 6,037,700 16,178 7.1 287 16,122 7.1 2 56 * 2029 320 3 4,973,500 12,961 5.7 317 12,789 5.6 6 172 0.1 2030 - 2043 317 33 6,795,400 37,525 16.5 347 37,493 16.5 3 32 * Totals 4,084 154 69,166,300 $ 227,006 100.0 % 3,586 $ 209,856 92.4 % 652 $ 17,150 7.6 %

ANALYST COVERAGE 26 Q4 2014 Supplemental Operating & Financial Data Equity Research Bank of America Merrill Lynch Juan Sanabria juan.sanabria@baml.com (646) 855-1589 Capital One Chris Lucas christopher.lucas@capitalone.com (571) 633-8151 Vineet Khanna vineet.khanna@capitalone.com (571) 835-7013 Citigroup Michael Bilerman michael.bilerman@citi.com (212) 816-1383 Nicholas Joseph nicholas.joseph@citi.com (212) 816-1909 John Ellwanger john.ellwanger@citi.com (212) 816-5871 D.A. Davidson Dustin L. Brumbaugh dbrumbaugh@dadco.com (206) 389-4070 Edward Jones Roy Shepard royal.shepard@edwardjones.com (314) 515-3510 Goldman Sachs Andrew Rosivach andrew.rosivach@gs.com (212) 902-2796 Brad Burke brad.burke@gs.com (917) 343-2082 Caitlin Burrows caitlin.burrows@gs.com (212) 902-4736 Andrew Bonin andrew.bonin@gs.com (801) 741-5447 Green Street Cedrik Lachance clachance@greenstreetadvisors.com (949) 640-8780 Tyler Grant tgrant@greenstreetadvisors.com (949) 640-8780 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 Gene Nusinzon gene.nusinzon@jpmorgan.com (212) 622-1041 Ladenburg Thalmann Daniel Donlan ddonlan@ladenburg.com (212) 409-2056 John Massocca jmassocca@ladenburg.com (212) 409-2543 Morgan Stanley Vikram Malhotra vikram.malhotra@morganstanley.com (212) 761-7064 Landon Park landon.park@morganstanley.com (212) 761-6368 Morningstar Todd Lukasik todd.lukasik@morningstar.com (303) 688-7418 Oppenheimer Steve Manaker stephen.manaker@opco.com (212) 667-5950 Amit Nihalani amit.nihalani@opco.com (212) 667-8204 Raymond James Collin Mings collin.mings@raymondjames.com (727) 567-2585 Paul Puryear paul.puryear@raymondjames.com (727) 567-2253 Daniel Mannix daniel.mannix@raymondjames.com (727) 567-2619 RBC Capital Markets Rich Moore rich.moore@rbccm.com (440) 715-2646 Wes Golladay wes.golladay@rbccm.com (440) 715-2650 James Bambrick james.bambrick@rbccm.com (440) 715-2654 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 Joseph van Bemmelen vanbemmelenj@stifel.com (443) 224-1264 UBS Ross Nussbaum ross.nussbaum@ubs.com (212) 713-2484 Frank Lee frank-a.lee@ubs.com (415) 352-5679 Wells Fargo Todd Stender todd.stender@wellsfargo.com (562) 637-1371 Philip DeFelice philip.defelice@wellsfargo.com (443) 263-6442 Jason Belcher jason.belcher@wellsfargo.com (443) 462-7354