Realty Income Provides Business Update

SAN DIEGO, Dec. 2, 2021 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^® (the "company"), today announced that from October 1, 2021 through December 1, 2021, the company had acquired properties with an aggregate purchase price of approximately $1.1 billion and has entered into agreements or letters of intent to purchase additional properties with an aggregate estimated purchase price of over $1.1 billion which are expected to close in the 4^th quarter of 2021. "We are pleased with the momentum of our global acquisitions pipeline, which is illustrated by our continued execution in sourcing, underwriting, and closing on high-quality real estate investments. Between the acquisitions that have closed this quarter, the properties we currently have under agreements and letters of intent, and the $3.8 billion of 2021 acquisitions closed through September 30, 2021, our 2021 investment pipeline represents approximately $6.0 billion of volume and we have raised approximately $1.55 billion of capital in the 4^th quarter," said Sumit Roy, Realty Income's President and Chief Executive Officer.

From October 1, 2021 through December 1, 2021, the company raised approximately $1.55 billion in capital, consisting of approximately $950 million in net proceeds from the sale of approximately 13.6 million shares of common stock through its At-The-Market (ATM) Program, and approximately $595 million through the receipt of a cash distribution from Orion Office REIT Inc. ("Orion") to the company in connection with the recently completed spin-off of Orion (the "Realty Income Distribution"). The Realty Income Distribution included approximately $170 million as reimbursement to the company for the repayment of mortgages payable (and a portion of the associated prepayment costs) previously collateralized by properties that the company contributed unencumbered to Orion, and that were repaid by the company prior to the completion of the spin-off.

The acquisition of properties is subject to numerous risks and uncertainties, including various closing conditions and potential purchase price adjustments, and there can be no assurance that the properties for which the company has entered into letters of intent (which are non-binding and therefore can be terminated by the buyer or the seller) or acquisition agreements as described above will be acquired at the prices or on the timetable or other terms currently contemplated, or at all, or that the company will enter into binding agreements to acquire properties as to which the company has entered into letters of intent. The foregoing historical acquisition totals include investments in properties under development or expansion.

About Realty Income

Realty Income, The Monthly Dividend Company^®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats^® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from almost 11,000 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 617 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 113 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at www.realtyincome.com.

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 our actual future results to differ materially from expected results. These risks include, among others, general economic conditions, domestic and foreign real estate conditions, client financial health, the availability of capital to finance planned growth, volatility and uncertainty in the credit markets and broader financial markets, changes in foreign currency exchange rates, property acquisitions and the timing, terms or completion of these acquisitions, the spin-off of the office properties of Realty Income, Inc., and any effects thereof, including the anticipated benefits therefrom, the anticipated benefits of the completed merger with VEREIT, charges for property impairments, the effects of the COVID-19 pandemic and the measures taken to limit its impact, the effects of pandemics or global outbreaks of contagious diseases or fear of such outbreaks, the ability of clients to adequately manage their properties and fulfill their respective lease obligations to Realty Income, and the outcome of any legal proceedings to which Realty Income is a party. Consequently, forward-looking statements should be regarded solely as reflections of Realty Income's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. Realty Income does not undertake any 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.

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