Item 1A. Risk Factors

You should carefully consider the risks described in "Item 1A, Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following shares of stock were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the 2021 Incentive Award Plan of Realty Income Corporation:

• 176 shares of stock, at a weighted average price of $71.80, in April, 2022;

• 1,926 shares of stock, at a weighted average price of $68.25, in May 2022; and

• 197 shares of stock, at a weighted average price of $68.30, in June 2022.

-67-

Table of Contents