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, 2025, as our business, financial condition and results of operations

could be adversely affected by any of the risks and uncertainties described therein. 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, 2025.

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

The following table presents the number and average price of shares purchased during the three months ended

June 30, 2026:


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program (2)	Average Price Paid per Share	Maximum Dollar Value of Shares that May be Repurchased Under the Program
April 1, 2026 — April 30, 2026	204	$61.88	—	$—	$1,898,091,440
May 1, 2026 — May 31, 2026	448	$62.85	—	$—	$1,898,091,440
June 1, 2026 — June 30, 2026	351	$61.99	—	$—	$1,898,091,440
Total	1,003	$62.35	—	$—

(1)All 1,003 shares of common stock purchased during the three months ended June 30, 2026 were withheld for state and federal payroll taxes

on the vesting of employee stock awards, as permitted under the Realty Income 2021 Incentive Award Plan. The withholding of common stock

by us could be deemed a purchase of such common stock.

(2)We are authorized to repurchase up to $2.0 billion in shares of our common stock under our share repurchase program, which will expire in

January 2028.

-62-