Issuer:

Realty Income Corporation (the “Company”)

Trade Date:

March 27, 2018

Expected Settlement Date:

April 4, 2018 (T+5)

Anticipated Ratings(1):

A3 by Moody’s Investors Services, Inc. (stable outlook)

BBB+ by S&P Global Ratings (positive outlook)

BBB+ by Fitch Ratings (stable outlook)

Net Proceeds:

Approximately $494.4 million after deducting the underwriting discount but before deducting other estimated expenses payable by the Company

Use of Proceeds:

The Company intends to use the net proceeds from this offering to repay a portion of the borrowings outstanding under its $2.0 billion revolving credit facility and, to the extent not used for that purpose, to fund potential investment opportunities and/or for other general corporate purposes. At March 23, 2018, the Company had approximately $672.0 million of outstanding borrowings under its revolving credit facility. Borrowings under the revolving credit facility were generally used to acquire properties. For additional information, see “Use of Proceeds” in the Preliminary Prospectus Supplement.

Security:

3.875% Notes due 2025 (the “notes”)

Principal Amount:

$500,000,000

Maturity Date:

April 15, 2025

Interest Rate:

3.875% per annum, accruing from April 4, 2018

Interest Payment Dates:

April 15 and October 15, commencing October 15, 2018

Price to Public:

99.500%, plus accrued interest, if any

Spread to Benchmark Treasury:

+ 125 basis points

Benchmark Treasury:

2.750% due February 28, 2025

Benchmark Treasury Price/Yield:

100-08+ / 2.707%

Reoffer Yield:

3.957%

Optional Redemption:

Prior to February 15, 2025 (the “Par Call Date”), the notes will be redeemable at any time in whole or from time to time in part at the option of the Company at a redemption price equal to the greater of: (a) 100% of the principal amount of the notes to be redeemed, and (b) the sum of the present values of the remaining scheduled payments of principal of and interest on the notes to be redeemed (exclusive of interest accrued to the applicable redemption date), assuming that the notes matured and that accrued and unpaid interest on the notes was payable on the Par Call Date, discounted to such redemption date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate (as such term is defined under the caption “Description of Notes—Optional Redemption” in the Preliminary Prospectus Supplement) plus 20 basis points, plus, in the case of both clauses (a) and (b) above, accrued and unpaid interest on the principal amount of the notes being redeemed to such redemption date.

On or after the Par Call Date, the notes will be redeemable at any time in whole or from time to time in part at the option of the Company at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest on the principal amount of the notes being redeemed to the applicable redemption date.

See the information under the caption “Description of Notes—Optional Redemption” in the Preliminary Prospectus Supplement for further terms and provisions applicable to optional redemption of the notes.

CUSIP/ISIN:

756109AV6 / US756109AV67

Underwriters

Joint Book-Running Managers:

Citigroup Global Markets Inc.

Barclays Capital Inc.

BNY Mellon Capital Markets, LLC

Mizuho Securities USA LLC

RBC Capital Markets, LLC

U.S. Bancorp Investments, Inc.

Credit Suisse Securities (USA) LLC

Goldman Sachs & Co. LLC

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

Morgan Stanley & Co. LLC

Regions Securities LLC

UBS Securities LLC

Wells Fargo Securities, LLC

Co-Lead Managers:

BB&T Capital Markets, a division of BB&T Securities, LLC

MUFG Securities Americas Inc.

PNC Capital Markets LLC

Stifel, Nicolaus & Company, Incorporated

Senior Co-Managers:

Comerica Securities, Inc.

Raymond James & Associates, Inc.

Samuel A. Ramirez & Company, Inc.

Co-Managers:

Academy Securities, Inc.

Evercore Group L.L.C.

Moelis & Company LLC