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Filed Pursuant to Rule 424(b)(5)Registration Statement No. 333-228157

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities to be Registered

Amount To be Registered

Proposed Maximum Offering Price Per Security

Proposed Maximum Aggregate

Offering Price Amount of

Registration Fee 1.625%Notesdue2030 $513,840,000 99.191 $ 509,683,034.40 $ 66,156.86

£400,000,000aggregateprincipalamountofthe1.625%Notesdue2030willbeissued.TheAmounttobeRegisteredandtheMaximumAggregateOfferingPricearebasedontheSeptember21,2020GBP/U.S.dollarexchangerateof£1.00=U.S.$1.2846,asannouncedbytheU.S.FederalReserveBoard.CalculatedinaccordancewithRules456(b)and457(r)oftheSecuritiesAct

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PROSPECTUS SUPPLEMENT (To prospectus dated November 5, 2018)

£400,000,000

1.625% Notes due 2030

Weareoffering£400,000,000aggregateprincipalamountofour1.625%Notesdue2030(the“notes”).ThenoteswillmatureonDecember15,2030.WewillpayinterestonthenotesonDecember15ofeachyear,commencingDecember15,2020.InterestonthenoteswillaccruefromandincludingOctober1,2020.Wemayredeemthenotesatouroption,anytimeinwholeorfromtimetotimeinpart,attheredemptionpricesdescribedinthisprospectussupplementunderthecaption“DescriptionofNotes—OptionalRedemption.”Inaddition,wemayalsoredeemthenotesatouroption,inwholebutnotinpart,attheredemptionpricedescribedinthisprospectussupplementunderthecaption“DescriptionofNotes—RedemptionforChangesinTaxes”intheeventofcertainchangesinUnitedStatestaxation.Thenoteswillbeissuedinminimumdenominationsof£100,000andintegralmultiplesof£1,000inexcessthereof.Thenoteswillbeourseniorunsecuredobligations.

WeintendtoapplytolistthenotesontheNewYorkStockExchange(the“NYSE”).ThelistingapplicationwillbesubjecttoapprovalbytheNYSE.WecurrentlyexpecttradinginthenotesontheNYSEtobeginwithin30daysafterthedateonwhichthenotesareoriginallyissued.Ifsuchalistingisobtained,wehavenoobligationtomaintainsuchlisting,andwemaydelistthenotesatanytime.Currentlythereisnoestablishedtradingmarketforthenotes.

RealtyIncomeCorporation,TheMonthlyDividendCompany®,isanS&P500companydedicatedtoprovidingstockholderswithdependablemonthlydividendsthatincreaseovertime.Wearestructuredasarealestateinvestmenttrust,orREIT,requiringusannuallytodistributeatleast90%ofourtaxableincome(excludingnetcapitalgains)intheformofdividendstoourstockholders.Ourmonthlydividendsaresupportedbythecashflowgeneratedfromrealestateownedunderlong-term,netleaseagreementswithcommercialtenants.AsofJune30,2020,weownedadiversifiedportfolioof6,541propertieslocatedin49U.S.states,PuertoRicoandtheUnitedKingdom,withapproximately106.4millionsquarefeetofleasablespaceleasedtotenantsdoingbusinessin50separateindustries.

Investing in the notes involves risks. See “Risk Factors” beginning on page S-10 of this prospectussupplement.

Per Note Total Publicofferingprice 99.191 £396,764,000 Underwritingdiscount 0.625 £ 2,500,000 Proceeds,beforeexpenses,toRealtyIncomeCorporation 98.566 £394,264,000

Plusaccruedinterest,ifany,fromOctober1,2020,ifsettlementoccursafterthatdate.Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of

these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Anyrepresentation to the contrary is a criminal offense.

Deliveryofthenoteswillbemadeonlyinbook-entryformthroughthefacilitiesofClearstreamBankingS.A.andEuroclearBankSA/NV,againstpaymentonoraboutOctober1,2020.

Joint Book-Running Managers

Barclays Credit Suisse Goldman Sachs & Co. LLCWells Fargo Securities BofA Securities Citigroup J.P. MorganMizuho Securities RBC Capital Markets Regions Securities LLC TD Securities

Lead ManagerUS Bancorp

Senior Co-ManagersBMO Capital Markets Morgan Stanley Scotiabank

Co-ManagersBNY Mellon Capital Markets, LLC PNC Capital Markets LLC StifelTruist Securities UBS Investment Bank BNP PARIBAS

ThedateofthisprospectussupplementisSeptember23,2020.

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Page

Prospectus Supplement ProspectusSupplementSummary S-1 RiskFactors S-10 Forward-LookingStatements S-21 CurrencyConversion S-23 UseofProceeds S-24 DescriptionofNotes S-26 SupplementalU.S.FederalIncomeTaxConsiderations S-40 Underwriting(ConflictsofInterest) S-43 LegalMatters S-49 Experts S-49 IncorporationbyReference S-49

Prospectus AboutThisProspectus 1 TheCompany 3 RiskFactors 4 Forward-LookingStatements 5 UseofProceeds 7 DescriptionofDebtSecurities 8 DescriptionofCommonStock 19 GeneralDescriptionofPreferredStock 21 DescriptionofOtherSecurities 24 RestrictionsonOwnershipandTransfersofStock 25 CertainProvisionsofMarylandLawandofourCharterandBylaws 28 UnitedStatesFederalIncomeTaxConsiderations 32 PlanofDistribution 57 LegalMatters 58 Experts 58 WhereYouCanFindMoreInformation 59 IncorporationbyReference 59

Youshouldrelyonlyontheinformationcontainedorincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectusand,ifapplicable,anyfreewritingprospectuswemayprovideyouinconnectionwiththisoffering.Wehavenot,andtheunderwritershavenot,authorizedanypersontoprovideyouwithdifferentinformation.Ifanyoneprovidesyouwithdifferentorinconsistentinformation,youshouldnotrelyonit.Wearenot,andtheunderwritersarenot,makinganoffertosellthesesecuritiesorsolicitinganoffertobuythesesecuritiesinanyjurisdictionwhere,ortoanypersontowhom,theofferorsaleofthesesecuritiesisnotpermitted.Youshouldassumethattheinformationappearinginthisprospectussupplement,theaccompanyingprospectus,thedocumentsincorporatedbyreferencehereinorthereinand,ifapplicable,anyfreewritingprospectuswemayprovideyouinconnectionwiththisofferingisaccurateonlyasofthosedocuments’respectivedatesor,inthecaseofdocumentsincorporatedordeemedtobeincorporatedbyreferencehereinortherein,asoftherespectivedatesthosedocumentswerefiledwiththeU.S.SecuritiesandExchangeCommission,ortheSEC.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincethosedates.

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Thisdocumentisintwoparts.Thefirstpartisthisprospectussupplement,whichaddstoandupdatesinformationcontainedintheaccompanyingprospectus.Thesecondpart,theprospectus,providesmoregeneralinformation,someofwhichmaynotapplytothisoffering.Unlessotherwiseexpresslystatedorthecontextotherwiserequires,whenwerefertothisprospectus,wearereferringtobothpartsofthisdocumentcombined.Totheextentthereisaconflictbetweentheinformationcontainedinthisprospectussupplementandtheinformationcontainedintheaccompanyingprospectus,youshouldrelyontheinformationinthisprospectussupplement.

Beforepurchasinganysecurities,youshouldcarefullyreadboththisprospectussupplementandtheaccompanyingprospectus,togetherwiththeincorporateddocumentsdescribedundertheheadings“SupplementalU.S.FederalIncomeTaxConsiderations”inthisprospectussupplementand“IncorporationbyReference”inthisprospectussupplementandtheaccompanyingprospectus,andanyfreewritingprospectuswemayprovidetoyouinconnectionwiththisoffering.Thedescriptionsofcertainprovisionsofanyinstrument,agreementorotherdocumentappearinginthisprospectussupplement,theaccompanyingprospectusoranydocumentincorporatedordeemedtobeincorporatedbyreferencetherein(including,withoutlimitation,thedescriptionsofcertainprovisionsofour$3.0billionrevolvingcreditfacilityandtermloanfacilityandour$1.0billioncommercialpaperprogramandtheindenturepursuanttowhichthenoteswillbeissued)arenotcompleteandaresubjectto,andqualifiedintheirentiretybyreferenceto,thetermsandprovisionsofthoseinstruments,agreementsandotherdocuments.Youshouldcarefullyreviewsuchinstruments,agreementsandotherdocumentsintheirentiretyforcompleteinformationonthetermsandprovisionsthereof.See“WhereYouCanFindMoreInformation”intheaccompanyingprospectusforinformationonhowyoucanobtaincopiesofsuchinstruments,agreementsandotherdocuments.

Noactionhasbeenorwillbetakeninanyjurisdictionbyusorbyanyunderwriterthatwouldpermitapublicofferingofthesesecuritiesorpossessionordistributionofthisprospectussupplement,theaccompanyingprospectusoranyrelatedfreewritingprospectuswhereactionforthatpurposeisrequired,otherthanintheUnitedStates.Unlessotherwiseexpresslystatedorthecontextotherwiserequires,referencesto“U.S.dollars,”“USD”and“$”inthisprospectussupplement,theaccompanyingprospectusandanyrelatedfreewritingprospectusaretoUnitedStatesdollars,andreferencesto“sterling,”“£”and“GBP”inthisprospectussupplement,theaccompanyingprospectusandanyrelatedfreewritingprospectusaretothelawfulcurrencyoftheUnitedKingdom.

Noneofthisprospectussupplement,theaccompanyingprospectusnoranyrelatedfreewritingprospectusisaprospectusforthepurposesoftheEuropeanUnion’sRegulation(EU)2017/1129,asamended(the“ProspectusRegulation”).

Prohibition of sales to European Economic Area (“EEA”) and United Kingdom retail investors—Thenotesarenotintendedtobeoffered,soldorotherwisemadeavailabletoandshouldnotbeoffered,soldorotherwisemadeavailabletoanyretailinvestorintheEEAorintheUnitedKingdom.Forthesepurposes,aretailinvestormeansapersonwhoisone(ormore)of:

aretailclientasdefinedinpoint(11)ofArticle4(1)ofDirective2014/65/EU,asamended(“MiFIDII”);or

acustomerwithinthemeaningofDirective(EU)2016/97,asamended(the“InsuranceDistributionDirective”),wherethatcustomerwouldnotqualifyasaprofessionalclientasdefinedinpoint(10)ofArticle4(1)ofMiFIDII.

ConsequentlynokeyinformationdocumentrequiredbyRegulation(EU)No1286/2014,asamended(the“PRIIPsRegulation”)forofferingorsellingthenotesorotherwisemakingthemavailabletoretailinvestorsintheEEAorintheUnitedKingdomhasbeenpreparedandthereforeofferingorsellingthenotesorotherwisemakingthemavailabletoanyretailinvestorintheEEAorintheUnitedKingdommaybeunlawfulunderthePRIIPsRegulation.

MiFID II product governance / Professional investors and ECPs only target market—Solelyforthepurposesofeachmanufacturer’sproductapprovalprocess,thetargetmarketassessmentinrespectofthenoteshasledtotheconclusionthat:(i)thetargetmarketforthenotesiseligiblecounterpartiesandprofessionalclientsonly,eachasdefinedinMiFIDII;and(ii)allchannelsfordistributionofthenotestoeligiblecounterpartiesandprofessionalclientsareappropriate.Anypersonsubsequentlyoffering,sellingor

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recommendingthenotes(a“distributor”)shouldtakeintoconsiderationthemanufacturers’targetmarketassessment;however,adistributorsubjecttoMiFIDIIisresponsibleforundertakingitsowntargetmarketassessmentinrespectofthenotes(byeitheradoptingorrefiningthemanufacturers’targetmarketassessment)anddeterminingappropriatedistributionchannels.

Thecommunicationofthisprospectussupplement,theaccompanyingprospectus,anyrelatedfreewritingprospectusandanyotherdocumentormaterialsrelatingtotheissueofthenotesofferedherebyisnotbeingmade,andsuchdocumentsand/ormaterialshavenotbeenapproved,byanauthorizedpersonforthepurposesofsection21oftheUnitedKingdom’sFinancialServicesandMarketsAct2000,asamended(the“FSMA”).Accordingly,suchdocumentsand/ormaterialsarenotbeingdistributedto,andmustnotbepassedonto,thegeneralpublicintheUnitedKingdom.Thecommunicationofsuchdocumentsand/ormaterialsasafinancialpromotionisonlybeingmadetothosepersonsintheUnitedKingdomwhohaveprofessionalexperienceinmattersrelatingtoinvestmentsandwhofallwithinthedefinitionofinvestmentprofessionals(asdefinedinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,asamended(the“FinancialPromotionOrder”)),orwhofallwithinArticle49(2)(a)to(d)oftheFinancialPromotionOrder,orwhoareanyotherpersonstowhomitmayotherwiselawfullybemadeundertheFinancialPromotionOrder(allsuchpersonstogetherbeingreferredtoas“relevantpersons”).IntheUnitedKingdom,thenotesofferedherebyareonlyavailableto,andanyinvestmentorinvestmentactivitytowhichthisprospectussupplement,theaccompanyingprospectusandanyrelatedfreewritingprospectusrelatewillbeengagedinonlywith,relevantpersons.AnypersonintheUnitedKingdomthatisnotarelevantpersonshouldnotactorrelyonthisprospectussupplement,theaccompanyingprospectusoranyrelatedfreewritingprospectusoranyoftheircontents.

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PROSPECTUS SUPPLEMENT SUMMARY

This summary does not contain all the information that may be important to you. You should read this entireprospectus supplement and the accompanying prospectus and the documents incorporated and deemed to beincorporated by reference herein and therein, including the financial statements and related notes, and, ifapplicable, any free writing prospectus we may provide you in connection with this offering before making aninvestment decision. Unless this prospectus supplement otherwise indicates or the context otherwise requires,(a) the terms “Realty Income,” “our,” “us” and “we” as used in this prospectus supplement refer to Realty IncomeCorporation, a Maryland corporation, and its subsidiaries on a consolidated basis, (b) references to our“$3.0 billion revolving credit facility,” our “revolving credit facility” and similar references mean our $3.0 billionunsecured revolving credit facility, references to our “$250.0 million term loan facility,” our “term loan facility”and similar references mean our $250.0 million unsecured term loan facility due in March 2024 and references toour “commercial paper program” mean our $1.0 billion unsecured commercial paper program, (c) references toour “top 20 tenants” mean, for any period, our 20 largest tenants based on percentage of total portfolio annualizedrental revenue as of the last day of such period, (d) the term “annualized rental revenue” at any date meansmonthly contractual rent in effect at such date, multiplied by 12, (e) the term “contractual rent” for any periodmeans the aggregate cash amount charged to tenants, inclusive of monthly base rent receivables, for such period,and (f) “investment grade tenants” means tenants with a credit rating, and tenants that are subsidiaries or affiliatesof companies with a credit rating, of Baa3/BBB- or higher from one of the three major rating agencies(Moody’s/S&P/Fitch). For purposes of determining the aggregate amount of borrowings outstanding under ourrevolving credit facility as of any specified date, borrowings denominated in GBP are translated into U.S. dollarsusing the applicable exchange rates as in effect from time to time.

Realty Income

RealtyIncomeCorporation,TheMonthlyDividendCompany®,isanS&P500companydedicatedtoprovidingstockholderswithdependablemonthlydividendsthatincreaseovertime.Wearestructuredasarealestateinvestmenttrust,orREIT,requiringusannuallytodistributeatleast90%ofourtaxableincome(excludingnetcapitalgains)intheformofdividendstoourstockholders.Ourmonthlydividendsaresupportedbythecashflowgeneratedfromrealestateownedunderlong-term,netleaseagreementswithcommercialtenants.

AsofJune302020,weownedadiversifiedportfolioof6,541propertieslocatedin49U.S.states,PuertoRicoandtheUnitedKingdomwithapproximately106.4millionsquarefeetofleasablespaceleasedtoapproximately600differenttenantsdoingbusinessin50separateindustries.Ofthe6,541propertiesintheportfolio,6,505,or99.4%,weresingle-tenantproperties,ofwhich6,407wereleased,andtheremainingweremulti-tenantproperties.Ourtotalportfolioof6,541propertiesatJune30,2020hadaweightedaverageremainingleaseterm(excludingrightstoextendaleaseattheoptionofthetenant)ofapproximately9.0years.Ourprincipalexecutiveofficesarelocatedat11995ElCaminoReal,SanDiego,California92130andourtelephonenumberis(858)284-5000.

Recent Developments

COVID-19 Pandemic

TheCOVID-19pandemicandthemeasurestakentolimititsspreadarenegativelyimpactingglobal,nationalandregionaleconomiesacrossmanyindustries,includingtheindustriesinwhichsomeofourtenantsoperate,andhavedisruptedthebusinessesandoperationsofsomeofourtenants,eachofwhichhashadandmaycontinuetohaveanadverseimpactonourbusiness,resultsofoperations,financialcondition,andliquidity.Theseimpactsmayincreaseinseverityasthedurationofthepandemiclengthens.See“RiskFactors—TheCOVID-19pandemichasdisruptedouroperationsandisexpectedtocontinuetohaveanadverseeffectonourbusiness,resultsofoperations,financialconditionandliquidity”inthisprospectussupplementformoreinformationregardingsomeoftheactualandpotentialfutureimpactsoftheCOVID-19pandemicandthemeasurestakentolimititsspreadonourtenantsandourbusiness,resultsofoperations,financialconditionandliquidity.

Asaresultofthischallengingenvironment,weareworkingdiligentlywithourtenantsmostaffectedbythepandemictounderstandtheirfinancialliquidityandtheirabilitytosatisfytheircontractualobligations

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tous.Aswecarefullynavigatethisdifficulteconomicperiodwithourtenants,ourfocusisonfindingresolutionsthatpreservethelong-termrelationshipswehavebuiltwithmanyofourtenants.

Themajorityofleaseconcessionsgrantedtoourtenantsduring2020asaresultoftheCOVID-19pandemichavebeenrentdeferralswiththeoriginalleasetermunchanged.Inthesecases,wehavedeterminedthatthecollectionofdeferredrentisprobable(withinthemeaningofapplicableU.S.accountingstandards),althoughwecannotassureyouthatthisdeterminationwillnotchangeinthefuture.Inaddition,aswebelievetobethecasewithmanyretaillandlords,wehavereceivedmanyshort-termrentreliefrequests,mostoftenintheformofrentdeferralrequests,orrequestsforfurtherdiscussionfromtenants.Webelievethatnotalltenantrequestswillultimatelyresultinleasemodificationagreements,norhavewerelinquishedourcontractualrightsunderleasesinwhichrentconcessionshavenotyetbeengranted.RentcollectionsforthequarterendedJune30,2020andrentreliefrequestsreceivedto-datemaynotbeindicativeofcollections,concessionsorrequestsinanyfutureperiod.

AsofSeptember1,2020,wehadcollectedthefollowingpercentagesofrentfortheperiodssetforthbelow:

For the Quarter Ended June 30, 2020

For the Month Ended July 31, 2020

For the Month Ended

August 31, 2020Contractualrentcollectedacrosstotalportfolio 87.8 92.3 93.5 Contractualrentcollectedfromtop20tenants 82.6 90.9 92.2 Contractualrentcollectedfrominvestmentgradetenants 99.1 100.0 99.9

Forinformationonhowwedefineour“contractualrent”,“top20tenants”and“investmentgradetenants,”pleaseseethefirstparagraphunderthiscaption“ProspectusSupplementSummary.”Forpurposesofcalculatingcontractualrent,U.K.rent(whichispayableinpoundssterling)wasconvertedattheexchangerateineffectonthefirstdayofthemonthfollowingeachmonthlyperiodinthetableabove.

WehaveeitherexecuteddeferralagreementsormaintainongoingdeferraldiscussionswithtenantsthataccountforamajorityoftheunpaidcontractualrentforthequarterendedJune30,2020,andforeachofthemonthsofJulyandAugust2020.WearestillinthepreliminarystagesofcollectingrentforthemonthofSeptember2020.Asaresult,wecannotpredictthenumberoftenantsthatwillnotpayrentforthemonthofSeptember2020,norcanwepredictwhethertenantswhomadecontractualrentpaymentsduringthequarterendedJune30,2020orthemonthsofJulyorAugust2020willpayrentorrequestrentdeferralsthereafter.Inaddition,astheadverseimpactsoftheCOVID-19pandemicandthemeasurestakentolimititsspreadcontinuetoevolve,theabilityofourtenantstocontinuetopayrenttousmayfurtherdiminish,andthereforewecannotassureyouthatourrentalcollectionsforthequarterendedJune30,2020orthemonthsofJulyorAugust2020areindicativeofourrentalcollectionsinSeptember2020orthereafter.Inaddition,theforegoinginformationdoesnotpurporttoreflectourresultsofoperationsorfinancialconditionforthethirdquarterof2020orforanyfutureperiod.AsaresultoftheimpactsoftheCOVID-19pandemicandthemeasurestakentolimititsspread,ourrevenuesinthethirdquarterof2020maydeclinerelativetothesecondquarterof2020,andthatdeclinemaycontinueorincreaseinsubsequentperiodsaslongassuchimpactscontinuetoexist.OnApril9,2020,asaresultoftheseuncertainties,wewithdrewourpreviouslyissuedearningsguidancefortheyearendingDecember31,2020.However,onAugust3,2020,aspartoftheannouncementofouroperatingresultsforthesecondquarterandfirstsixmonthsof2020,wereinstatedguidancerelatingtoouracquisitionvolume.WecontinuetoevaluatetheimpactsoftheCOVID-19pandemiconourbusinessasthesituationcontinuestoevolve.

Capital Raising

InJuly2020,weissuedanadditional$350millionof3.250%seniorunsecurednotesdueinJanuary2031,whichconstitutedafurtherissuanceof,andformedasingleserieswith,the$600millionof3.250%seniorunsecurednotesweissuedinMay2020.ThepublicofferingpriceforthenotesissuedinJuly2020was108.241%oftheprincipalamount,foraneffectiveyieldtomaturityof2.341%.Afterdeductingtheunderwritingdiscountbutbeforedeductingexpensespaidbyus,thenetproceedsofapproximately

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$376.6millionfromthisofferingwereusedtorepayborrowingsunderourcreditfacility,tofundinvestmentopportunitiesandforothergeneralcorporatepurposes.

Commercial Paper Program

InAugust2020,weestablishedanunsecuredcommercialpapernoteprogramwithamaximumaggregateamountoutstandingatanytimeof$1.0billion.WemayofferandsellcommercialpaperfromtimetotimeintheUnitedStatescommercialpapermarketunderthisprogram.Thecommercialpaperwillrankonaparityinrightofpaymentwithallofourotherseniorunsecuredindebtednessoutstandingfromtimetotime,includingborrowingsunderourrevolvingcreditfacilityandourtermloanfacilityandouroutstandingseniorunsecurednotes.Thecommercialpapernoteproceedswillbeusedforgeneralcorporatepurposes.AsofSeptember15,2020,therewere$300.0millionofcommercialpapernotesoutstanding.Weuseour$3.0billionrevolvingcreditfacilityasaliquiditybackstopfortherepaymentofthenotesissuedunderthecommercialpaperprogram.

Revolving Credit Facility and Credit Agency Ratings

InAugust2019,weamendedandrestatedourunsecuredcreditfacilityinordertoallowborrowingsinmultiplecurrencies.Ourcreditfacilityincludesa$3.0billionunsecuredrevolvingcreditfacilityanda$250.0millionunsecuredtermloandueMarch24,2024.Ourcreditfacilitypreviouslyincludedasecond$250.0millionunsecuredtermloanthatwasrepaidinfullonJune30,2020.OurrevolvingcreditfacilitymaturesinMarch2023andincludestwosix-monthextensionsthat,subjecttocertaintermsandconditions,canbeexercisedatouroption.Ourrevolvingcreditfacilityalsohasa$1.0billionexpansionfeature,whichissubjecttoobtaininglendercommitmentsandothercustomaryconditions.

Theinterestratesunderourrevolvingcreditfacilityareequaltoabaseinterestrate(whichisvariable)plusaspreadthatisbasedontheratingsassignedtoourseniorunsecureddebtsecuritiesbycreditratingagencies.AsofSeptember15,2020,Standard&Poor’sRatingsGrouphadassignedaratingofA-witha“stable”outlookandMoody’sInvestorsServicehadassignedaratingofA3witha“stable”outlook.AsofSeptember15,2020,ourinvestmentgradecreditratingsprovidedforfinancingofrevolvingcreditborrowingsataninterestrateequaltotheLondonInterbankOfferedRate(“LIBOR”)plus0.775%withafacilitycommitmentfeeof0.125%,forall-indrawnpricingof0.90%overLIBOR.Ourrevolvingcreditfacilityprovidesthattheinterestratecanrangefrom:(i)LIBORplus1.45%ifourcreditratingislowerthanBBB-/Baa3orifourseniorunsecureddebtisunratedto(ii)LIBORplus0.75%ifourcreditratingisA/A2orhigher.Inaddition,ourrevolvingcreditfacilityprovidesforafacilitycommitmentfeebasedonourcreditratings,whichrangesfrom:(i)0.30%foraratinglowerthanBBB-/Baa3orifourseniorunsecureddebtisunrated,to(ii)0.10%foracreditratingofA/A2orhigher.Creditratingsarenotarecommendationtobuy,sellorholdourdebtsecurities(includingthenotesofferedhereby)andaresubjecttorevisionorwithdrawalatanytime.Foradditionalinformationregardingourcreditratingsandtheirimpactonourborrowingcosts,see“UseofProceeds”inthisprospectussupplement.ForinformationconcerningtheimpactoftheCOVID-19pandemiconourcreditratings,see“RiskFactors—TheCOVID-19pandemichasdisruptedouroperationsandisexpectedtocontinuetohaveanadverseeffectonourbusiness,resultsofoperations,financialconditionandliquidity.”

Key Financial Covenants

Thenoteswillrequirethatwecomplywithcertainfinancialcovenantsdescribedinthisprospectussupplementunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome.”Ingeneralandsubjecttoexceptions,thesecovenantsprovide:(i)thatwemaynotincuranyDebt(asdefinedbelowunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome”)if,onaproformabasis,ourtotalDebtwouldexceed60%ofourAdjustedTotalAssets(asdefinedbelowunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome”),(ii)thatwemaynotincuranyDebtif,onaproformabasis,ourdebtservicecoverageratio(calculatedasdescribedbelowunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome—DebtServiceCoverage”)wouldbelessthan1.5to1.0,(iii)thatwemaynotincuranySecuredDebt(asdefinedbelowunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome”)if,onaproformabasis,ourtotalSecuredDebtwouldexceed40%ofourAdjustedTotalAssets,and(iv)thatwemustmaintainatalltimesTotalUnencumberedAssets(asdefinedbelowunder“DescriptionofNotes—

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AdditionalCovenantsofRealtyIncome”)ofnotlessthan150%ofourtotaloutstandingUnsecuredDebt(asdefinedbelowunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome”).Thefollowingtableshowstheforegoingpercentagesandratioasrequiredbythosecovenantsaswellasouractualpercentagesandratiocalculatedasprovidedinthosecovenantsasof,or,inthecaseofthedebtservicecoverageratio,for,thefourquartersendedJune30,2020.Thesecalculations,whicharenotbasedongenerallyacceptedaccountingprinciples,arepresentedtoshowourabilitytoincuradditionaldebtunderthosecovenantsanddonotpurporttoreflectourliquidity,actualabilitytoincurorservicedebtorourfutureperformance.Thesecalculationsdonotreflecttheimpactof,amongotherthings,theissuanceandsaleofthenotesofferedhereby,theadditional$350millionof3.250%seniorunsecurednotesdue2031weissuedinJuly2020orthe$300millionofcommercialpapernotesweissuedinSeptember2020ortheapplicationofthenetproceedstherefromand,asaresult,ouractualpercentagesandratiosaftergivingeffecttothisofferingandtheissuanceandsaleoftheadditional$350millionof3.250%seniornotesdue2031weissuedinJuly2020and$300millionofcommercialpapernotesweissuedinSeptember2020andtheapplicationofthoseproceedswilldiffer,perhapssignificantly,fromthosesetforthbelow.Moreover,theforegoingisaverygeneraloverviewofsomeofthetermsofthosecovenantsandthosecovenantsaresubjecttoanumberofimportantexceptionsandlimitationsandyoushouldcarefullyreviewtheinformation,includingthedefinitionsofsomeofthecapitalizedtermsusedabove,appearingunder“DescriptionofNotes—AdditionalCovenantsofRealtyIncome,”aswellastheindentureandtheapplicableofficers’certificateunderwhichthenoteswillbeissued,formoreinformation.Inaddition,asrequiredbythedebtservicecoveragecovenantreferredtoabove,ourdebtservicecoverageratioforthefourquartersendedJune30,2020assetforthunderthecaption“Actual”inthefollowingtablehasbeencalculatedonaproformabasisontheassumptionthat(1)theincurrenceofanyDebtincurredbyussincethefirstdayofsuchfour-quarterperiodandtheapplicationoftheproceedstherefrom(includingtorefinanceotherDebtsincethefirstdayofsuchfour-quarterperiod)hadoccurredonthefirstdayofsuchperiod,(2)therepaymentorretirementofanyofourotherDebtsincethefirstdayofsuchfour-quarterperiodhadoccurredonthefirstdayofsuchperiod(exceptthat,inmakingsuchcomputation,theamountofDebtunderanyrevolvingcreditfacility,lineofcreditorsimilarfacilityshallbecomputedbasedupontheaveragedailybalanceofsuchDebtduringsuchperiod),and(3)anyacquisitionordispositionbyusofanyassetorgroupofassetssincethefirstdayofsuchfour-quarterperiod(includingbymerger,stockpurchaseorsaleorassetpurchaseorsale),hadoccurredonthefirstdayofsuchperiod.Suchproformaratiohasbeenpreparedonthebasisrequiredbythatdebtservicecoveragecovenant,reflectsvariousestimatesandassumptionsandissubjecttootheruncertaintiesandthereforedoesnotpurporttoreflectwhatouractualdebtservicecoverageratiowouldhavebeenhadtransactionsreferredtoinclauses(1),(2)and(3)oftheprecedingsentenceoccurredasofJuly1,2019nordoesitpurporttoreflectourdebtservicecoverageratioforanyfutureperiod.Inaddition,asnotedabove,thedebtservicecoverageratiosetforthunderthecaption“Actual”inthefollowingtabledoesnotgiveeffecttotheissuanceofthenotesofferedbythisprospectussupplement,theissuanceandsaleoftheadditional$350millionof3.250%seniorunsecurednotesdue2031weissuedinJuly2020orthe$300millionofcommercialpapernotesweissuedinSeptember2020ortheapplicationoftheproceedstherefrom.See“DescriptionofNotes—AdditionalCovenantsofRealtyIncome—DebtServiceCoverage”foradditionalinformationonhowthisproformaratiowascomputed.

Note Covenants Required Actual LimitationonincurrenceoftotalDebt ≤60%ofAdjustedTotalAssets 38.1LimitationonincurrenceofSecuredDebt ≤40%ofAdjustedTotalAssets 1.9Debtservicecoverageratio ≥1.5x 5.4xMaintenanceofTotalUnencumberedAssets ≥150%ofUnsecuredDebt 267.3

Thenoteswillrequirethatthedebtservicecoverageratiobecomputedforaperiodoffourconsecutivefiscalquarters.Thedebtservicecoverageratiosetforthunderthecaption“Actual”isforthefourquartersendedJune30,2020.Thisratiohasbeencalculatedonaproformabasisasdescribedintheparagraphimmediatelyprecedingthistableandissubjecttotheassumptionsanduncertaintiesdescribedinsuchparagraph.Foradditionalinformation,see“DescriptionofNotes—AdditionalCovenantsofRealtyIncome—DebtServiceCoverage.”

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The Offering

For a more complete description of the terms of the notes specified in the following summary, see “Descriptionof Notes” in this prospectus supplement and “Description of Debt Securities” in the accompanying prospectus. Asused under this caption “—The Offering,” references to “Realty Income,” “our,” “we” and “us” mean RealtyIncome Corporation, a Maryland Corporation, excluding its subsidiaries.

Issuer RealtyIncomeCorporation

SecuritiesWeAreOffering £400,000,000aggregateprincipalamountofour1.625%Notesdue2030(the“notes”)

MaturityDate December15,2030

InterestRate 1.625%perannum,accruingfromOctober1,2020

InterestPaymentDates AnnuallyinarrearsonDecember15,commencingDecember15,2020

Ranking Thenoteswillbeourseniorunsecuredobligations.Thenotesarenotobligationsofanyofoursubsidiariesandnoneofoursubsidiarieshasguaranteedthenotes.Thenoteswillbeeffectivelysubordinatedinrightofpaymenttoallindebtedness,guaranteesandotherliabilitiesofoursubsidiariesfromtimetotimeoutstandingandwillbesubordinatedinrightofpaymenttooursecuredindebtednesstotheextentofthevalueoftheassetssecuringthatindebtedness.Noneofoursubsidiariescurrentlyguaranteesour$3.0billionrevolvingcreditfacility,$250.0milliontermloanfacilityor$1.0billioncommercialpaperprogram,andthereforethenotescurrentlyrankequallyinrightofpaymentwithborrowingsunderthesefacilitiesandthatprogram.See“RiskFactors—Althoughthesenotesarereferredtoas‘senior’notes,theywillbeeffectivelysubordinatedtoallliabilitiesofoursubsidiaries,includinganyguaranteesofourindebtednessbyanyofoursubsidiaries,andwillbesubordinatedtooursecuredindebtednesstotheextentoftheassetssecuringthatindebtedness.”

UseofProceeds WeintendtousethenetproceedswereceivefromthisofferingtorepayGBP-denominatedborrowingsoutstandingunderour$3.0billionrevolvingcreditfacility,tosettleanoutstandingGBP/USDforeignexchangeswaparrangement,and,totheextentnotusedforthosepurposes,tofundpotentialinvestmentopportunitiesandforothergeneralcorporatepurposes.OnSeptember15,2020,wehadapproximately$225.0millionofoutstandingborrowingsunderourrevolvingcreditfacility(consistingentirelyof£174.7millionofGBP-denominatedborrowings).AsofSeptember15,2020,wehadatotalofapproximately$532.5millionincashandcashequivalents.UponsettlementoftheGBP/USDforeignexchangeswaparrangement,weexpecttoreceive$300.1millioninU.S.dollarsuponourpaymentof£224.9million,whichweintendtousetorepayborrowingsunderour$1.0billioncommercialpaperprogram.Theoutstandingcommercialpapernotesunderour$1.0billioncommercialpaperprogrammatureonOctober1,2020andhaveaninterestrateonsuchborrowingsof0.265%perannum.

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LimitationsonIncurrenceofDebt;TotalUnencumberedAssets Thenoteswillrequirethatwecomplywithvariouscovenantsthat,

amongotherthings,will:

limittheabilityofusandourSubsidiariestoincuradditionalDebtgenerally,

limittheabilityofusandourSubsidiariestoincuradditionalDebtiftheratioofourConsolidatedIncomeAvailableforDebtServicetoourAnnualDebtServiceChargeforthethenmostrecentlyendedperiodconsistingoffourconsecutivefiscalquartersislessthan1.5to1.0,calculatedonaproformabasisandonthebasisofcertainassumptions,

limittheabilityofusandourSubsidiariestoincuradditionalSecuredDebt,and

requirethatwemaintainTotalUnencumberedAssetsofnotlessthan150%oftheaggregateoutstandingprincipalamountofourUnsecuredDebt.

Thecovenantsreferredtoabovearesubjecttoanumberofimportantexceptionsandlimitationsandyoushouldcarefullyreviewtheinformation,includingthedefinitionsofthecapitalizedtermsusedabove,appearinginthisprospectussupplementunder“DescriptionofNotes”andintheaccompanyingprospectusunder“DescriptionofDebtSecurities,”aswellastheindenture(the“Indenture”)underwhichthenotesofferedherebywillbeissued,formoreinformationconcerningsuchcovenantsandsuchexceptionsandlimitations.

SinkingFund Thenoteswillnotbeentitledtothebenefitofanysinkingfundpayments.

OptionalRedemption PriortoSeptember15,2030(the“ParCallDate”),thenoteswillberedeemableatanytimeinwholeorfromtimetotimeinpartatouroptionataredemptionpriceequaltothegreaterof:

(a)100%oftheprincipalamountofthenotestoberedeemed,and

(b)thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalofandinterestonthenotestoberedeemed(exclusiveofinterestaccruedtotheapplicableredemptiondate),assumingthatthenotesmaturedandthataccruedandunpaidinterestonthenoteswaspayableontheParCallDate,discountedtosuchredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheComparableGovernmentBondRate(asdefined)plus25basispoints,

plus,inthecaseofbothclauses(a)and(b)above,accruedandunpaidinterestontheprincipalamountofthenotesbeingredeemedtosuchredemptiondate.

OnandaftertheParCallDate,thenoteswillberedeemableatanytimeinwholeorfromtimetotimeinpartatouroptionataredemptionpriceequalto100%oftheprincipalamountofthenotestoberedeemed,plusaccruedandunpaidinterest

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ontheprincipalamountofthenotesbeingredeemedtotheapplicableredemptiondate.

Foradditionalinformationandthedefinitionof“ComparableGovernmentBondRate”andotherrelevantdefinitions,see“DescriptionofNotes—OptionalRedemption”inthisprospectussupplement.

AdditionalAmounts IntheeventthatanywithholdingordeductionfromoronpaymentsonorinrespectofthenotesfororonaccountofanyTaxes(asdefinedherein)isrequiredbytheUnitedStates(asdefinedherein)oranypoliticalsubdivisionortaxingauthoritythereoforthereinhavingpowertotax(each,a“RelevantTaxingJurisdiction”),RealtyIncomewill,subjecttocertainexceptionsandlimitations,pay,asadditionalinterestonthenotes,suchadditionalamounts(“AdditionalAmounts”)aswillresultinreceiptbyeachholderofanotethatisnotaUnitedStatesPerson(asdefinedherein)ofsuchamountsaswouldhavebeenreceivedbysuchholderhadnosuchwithholdingordeductionbeenrequired.Foradditionalinformation,includingadescriptionoftheexceptionsandlimitationsreferredtoaboveandthedefinitionsof“Taxes,”“UnitedStates”and“UnitedStatesPerson”,see“DescriptionofNotes—PaymentofAdditionalAmounts”inthisprospectussupplement.

TaxRedemption If,duetocertainchangesin,amongotherthings,thelawsofanyRelevantTaxingJurisdictionintheUnitedStates(ortheofficialpositionregardingtheapplicationofsuchlaws),RealtyIncomebecomesorwillbecomeobligatedtopayAdditionalAmountsoranyactistakenbyaRelevantTaxingJurisdictionthatresultsinasubstantialprobabilitythatRealtyIncomewillormayberequiredtopayAdditionalAmounts,andRealtyIncomedeterminesthattheobligationtopayAdditionalAmountscannotbeavoidedbytakingreasonablemeasuresavailabletoit,then,RealtyIncomemay,atitsoption,redeemthenotes,inwholebutnotinpart,ataredemptionpriceequalto100%oftheprincipalamountofthenotes,plusaccruedandunpaidinterestonthenotestotheapplicableredemptiondate.Foradditionalinformation,includingthedefinitionof“UnitedStates,”see“DescriptionofNotes—RedemptionforChangesinTaxes”and“DescriptionofNotes—PaymentofAdditionalAmounts”inthisprospectussupplement.

CurrencyofPayment InvestorspurchasingnotesinthisofferingwillberequiredtopayforthosenotesinGBP.Allpaymentsofprincipalof,andpremium,ifany,andintereston,andAdditionalAmounts,ifany,inrespectof,thenoteswillbemadeinGBP;providedthat,ifGBPisunavailabletousduetotheimpositionofexchangecontrolsorothercircumstancesbeyondourcontrol,thenallpaymentsinrespectofthenoteswillbemadeinU.S.dollarsuntilGBPisagainavailabletous;andprovided,further,thatpaymentsonthenotesmayalsobemadeinacurrencyotherthanGBPundercertainothercircumstanceswhichwouldapplyonlyafterwehadeffecteddefeasanceorcovenantdefeasanceofthenotes.See“DescriptionofNotes—

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IssuanceinGBP”and‘‘DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes’’inthisprospectussupplementand“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectus.See,also,“RiskFactors—AninvestmentinthenotesbyapurchaserwhosehomecurrencyisnotGBPentailssignificantrisks”,“RiskFactors—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances”and“CurrencyConversion”inthisprospectussupplementforadditionalinformation.

Listing WeintendtoapplytolistthenotesontheNYSE.ThelistingapplicationwillbesubjecttoapprovalbytheNYSE.WecurrentlyexpecttradinginthenotesontheNYSEtobeginwithin30daysafterthedateonwhichthenotesareoriginallyissued.Ifsuchalistingisobtained,wehavenoobligationtomaintainsuchlistingandmaydelistthenotesatanytime.Currentlythereisnoestablishedtradingmarketforthenotesandtherecanbenoassurancethatatradingmarketwilldevelop.See“RiskFactors—Anactivetradingmarketmaynotdeveloporbemaintainedforthenotes”inthisprospectussupplement.

FormandDenominations Thenoteswillbeissuedintheminimumdenominationof£100,000andintegralmultiplesof£1,000inexcessthereof.Thenoteswillbeissuedinfullyregisteredform,withoutinterestcoupons,andevidencedbyoneormoreglobalnotes(collectively,the“GlobalNote”)inbook-entryform.TheGlobalNotewillberegisteredinthenameofanomineeof,anddepositedwithoronbehalfof,acommondepositary(the“commondepositary”)forEuroclearBankSA/NV(“Euroclear”)andClearstreamBankingS.A.(“Clearstream”).Exceptinthelimitedcircumstancesdescribedunder“DescriptionofNotes—CertificatedNotes”inthisprospectussupplement,ownersofbeneficialinterestsintheGlobalNotewillnotbeentitledtohavenotesregisteredintheirnamesandwillnotreceiveorbeentitledtoreceivenotesindefinitivecertificatedform.InvestorsmayholdtheirbeneficialinterestsintheGlobalNotedirectlythroughEuroclearorClearstreamiftheyhaveanaccountwithEuroclearorClearstreamorindirectlythroughorganizationswhichhaveaccountswithEuroclearorClearstream.See“DescriptionofNotes—Book-EntrySystem.”

GoverningLaw TheIndentureisandthenoteswillbegovernedbythelawsofthestateofNewYork.

Trustee TheBankofNewYorkMellonTrustCompany,N.A.(successortrusteetoTheBankofNewYork)

PayingAgent;TransferAgent TheBankofNewYorkMellon,LondonBranchwillbethepayingagentforthenotes.TheBankofNewYorkMellonTrustCompany,N.A.willbethetransferagentforthenotes.

CertainU.S.FederalIncomeTaxConsiderations ForadiscussionofcertainmaterialUnitedStatesfederalincome

taxconsiderationsregardingourcompanyandan

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investmentinthenotesofferedbythisprospectussupplement,pleasesee“SupplementalU.S.FederalIncomeTaxConsiderations”inthisprospectussupplementandExhibit99.1toourCurrentReportonForm8-KthatwefiledwiththeSecuritiesandExchangeCommission(“SEC”)onAugust5,2020(pursuanttoItem8.01ofForm8-K)(the“August2020Form8-K”).

RiskFactors Aninvestmentinthenotesinvolvesvariousrisksandprospectiveinvestorsshouldcarefullyconsiderthemattersdiscussedunder“RiskFactors”inthisprospectussupplement,aswellastheotherrisksdescribedinthisprospectussupplement,theaccompanyingprospectusandthedocumentsincorporatedanddeemedtobeincorporatedbyreferencetherein,beforemakingadecisiontoinvestinthenotes.

ConflictsofInterest Asdescribedaboveunder“UseofProceeds,”weintendtousenetproceedsfromthisofferingto,amongotherthings,repayborrowingsoutstandingunderourrevolvingcreditfacilityandtosettleanoutstandingforeignexchangeswapagreementandusetheproceedstherefromtorepaycommercialpaper.Affiliatesofmostoftheunderwritersparticipatinginthisofferingarelendersunderourrevolvingcreditfacilityandsomeoftheunderwritersortheiraffiliatesaredealersunderourcommercialpaperprogramormayholdpositionsinourcommercialpaper.Totheextentweusenetproceedsfromthisofferingtorepaybankborrowings,commercialpaperorotherindebtednessofoursheldbyanyoftheunderwritersortheiraffiliates,morethan5%ofthenetproceedsofthisoffering(notincludingunderwritingdiscountsandcommissions)maybereceivedbysuchunderwritersandsuchaffiliates.Nonetheless,inaccordancewiththeFinancialIndustryRegulatoryAuthority,Inc.Rule5121,theappointmentofaqualifiedindependentunderwriterisnotnecessaryinconnectionwiththisofferingbecausewe,theissuerofthesecuritiesinthisoffering,arearealestateinvestmenttrust.Foradditionalinformation,see“Underwriting(ConflictsofInterest)—OtherRelationships”and“Underwriting(ConflictsofInterest)—ConflictsofInterest”inthisprospectussupplement.

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RISK FACTORS

In evaluating an investment in the notes, you should carefully consider the following risk factors and the riskfactors described under the captions “Forward-Looking Statements” in this prospectus supplement and “RiskFactors” in the accompanying prospectus and in our Quarterly Reports on Form 10-Q for the quarters endedMarch 31, 2020 and June 30, 2020 and Annual Report on Form 10-K for the year ended December 31, 2019, whichare incorporated by reference in the accompanying prospectus, in addition to the other risks and uncertaintiesdescribed in this prospectus supplement, the accompanying prospectus, the documents incorporated and deemed tobe incorporated by reference therein and, if applicable, any free writing prospectus we may provide you inconnection with this offering. As used under the captions “Risk Factors” in this prospectus supplement, in ourQuarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and in our AnnualReport on Form 10-K for the year ended December 31, 2019, references to our capital stock include both ourcommon stock and any class or series of our preferred stock that we may issue, references to our stockholdersinclude holders of our common stock and holders of any class or series of our preferred stock that we may issue,and references to our debt securities include the notes offered hereby and references to holders of our debtsecurities include holders of the notes offered hereby, in each case unless otherwise expressly stated or the contextotherwise requires.

The COVID-19 pandemic has disrupted our operations and is expected to continue to have an adverse effect onour business, results of operations, financial condition and liquidity.

Inlate2019,COVID-19wasfirstreportedinWuhan,China,andonMarch11,2020,theWorldHealthOrganizationdeclaredCOVID-19apandemic.Theoutbreakhasspreadgloballyandhasledgovernmentsandotherauthoritiesaroundtheworld,includingfederal,stateandlocalauthoritiesintheUnitedStatesandelsewhere,toimposemeasuresintendedtocontrolitsspread,includingrestrictionsonfreedomofmovementandbusinessoperationssuchastravelbans,borderclosings,businessclosures,quarantinesandshelter-in-placeorders.

TheCOVID-19pandemichashad,andotherpandemicsinthefuturecouldhave,repercussionsacrossglobaleconomiesandfinancialmarkets.TheCOVID-19pandemicandthemeasurestakentolimititsspreadhaveadverselyimpactedregional,nationalandglobaleconomicactivityandhavecontributedtosignificantvolatilityandnegativepressureinfinancialmarkets.TheimpactoftheCOVID-19pandemichasbeenrapidlyevolvingand,ascasesofCOVID-19havecontinuedtoincreaseandbeidentified,manycountries,includingtheUnitedStatesandUnitedKingdom,havereactedby,amongotherthings,institutingquarantinesandrestrictingtravel.Manynational,stateandlocalgovernments,includinginareaswhereweownproperties,havealsoreactedbyinstitutingquarantines,restrictionsontravel,shelter-in-placeorders,restrictionsontypesofbusinessthatmaycontinuetooperate,schoolclosures,limitationsonattendanceateventsorothergatherings,andsocialdistancingrequirements,andadditionalnational,stateandlocalgovernmentsmayimplementsimilarrestrictions.

Asaresult,theCOVID-19pandemicandthemeasurestakentolimititsspreadarenegativelyimpactingtheglobal,nationalandregionaleconomiesgenerallyandmanyindustries,directlyorindirectly,andthoseimpactsarelikelytocontinueandmayincreaseinseverity,includingpotentiallytriggeringaprolongedperiodofnegativeorlimitedeconomicgrowth.FactorsthathavecontributedormaycontributetotheadverseimpactoftheCOVID-19pandemicandthemeasurestakentolimititsspreadonthebusiness,resultsofoperations,financialconditionandliquidityofusandourtenantsinclude,withoutlimitation,thefollowing:

Acompleteorpartialclosureof,orotheroperationallimitationsorissuesat,propertiesoperatedbyourtenantsresultingfromgovernmentaction(includingquarantine,shelter-in-placeorsimilarordersrequiringthatpeopleremainintheirhomes)ortenantaction;

Reducedeconomicactivity,thedeteriorationinourorourtenants’abilitytooperateinaffectedareasandanydelaysinthesupplyofproductsorservicestoourtenantsmayimpactcertainofourtenants’businesses,resultsofoperations,financialconditionandliquidityandmaycausecertainofourtenantstobeunabletomeettheirobligationstousinfull,oratall,andtoseek,whetherthroughnegotiation,restructuringorbankruptcy,reductionsordeferralsintheirrentpaymentsandotherobligationstousorearlyterminationoftheirleases;

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Wemayexperiencedifficultiesinleasing,sellingorredevelopingvacantpropertiesorrenewingexpiringorterminatedleasesontermsweconsideracceptable,oratall;

Wemayexperiencedifficultyaccessingthebanklending,capitalmarketsandotherfinancialmarketsonattractiveterms,oratall,andaseveredisruptionorinstabilityinthenationalorglobalfinancialmarketsordeteriorationincreditandfinancingconditionsmayadverselyaffectourcostofcapital,ouraccesstocapitaltoacquireadditionalpropertiesnecessarytogrowourbusinessandtofundourbusinessoperations,ourabilitytopaydividendsonourcommonstock,ourabilitytopaytheprincipalofandinterestonourindebtedness,includingthenotesofferedbythisprospectussupplement,andourotherliabilitiesonatimelybasis,andourtenants’abilitytofundtheirbusinessoperationsandmeettheirobligationstousandothers;

ThefinancialimpactoftheCOVID-19pandemiccouldnegativelyimpactourcreditratings,theinterestratesonourborrowings,and,iftheCOVID-19pandemiccontinuesforanextendedperiodoftime,ourfuturecompliancewithfinancialcovenantsunderourcreditfacilityandotherdebtinstruments,whichcouldresultinadefaultandpotentiallyanaccelerationofindebtedness,anyofwhichcouldnegativelyimpactourabilitytomakeadditionalborrowingsunderourrevolvingcreditfacility,tosellcommercialpapernotesunderourcommercialpaperprogramorincurotherindebtedness,andpaydividendsonourcommonstockandtopaytheprincipalofandinterestonourindebtedness,includingthenotesofferedbythisprospectussupplement,andourotherobligationswhendue;

TheimpactoftheCOVID-19pandemiconthemarketvalueofourpropertiesmayrequirethatweincurimpairmentcharges,assetwrite-downsorsimilarcharges;

Theimpactontheabilityofouremployees,includingmembersofourmanagementteamorboardofdirectors,tofulfilltheirdutiestousasaresultoftheCOVID-19pandemic,eitherasaresultofmeasurestakentolimititsspreadorasaresultofinfection;and

Ageneraldeclineinbusinessactivityanddemandforrealestatetransactionscouldadverselyaffectourabilitytogrowourportfolioofproperties.

TheextenttowhichtheCOVID-19pandemiccontinuestoimpactouroperationsandthoseofourtenantswilldependonfuturedevelopments,whicharehighlyuncertainandcannotbepredictedwithconfidence,includingthescope,severityanddurationofthepandemic,theactionstakentocontainthepandemicorlimititsimpact,andthedirectandindirecteconomiceffectsofthepandemicandcontainmentmeasures.Todate,theCOVID-19pandemicandthemeasurestakentolimititsspreadhaveadverselyimpactedandmaycontinuetoadverselyimpact,amongotherthings,theabilityofanumberofourtenants’togenerateadequate,orincertaincases,anyrevenuefromtheirbusinesses,theabilityorwillingnessofmanyofourtenantstopayrentinfull,oratall,oronatimelybasis,andourabilitytocollectrentfromourtenants.Itmayalsoadverselyimpactourabilitytoenforceremediesforthefailuretopayrent,ouroccupancylevels,ourabilitytoacquirepropertiesorcompleteconstructionprojects,andmayotherwisenegativelyaffectourbusiness.

Inaddition,mostofourtenantsoperateretailbusinessesthatdependoncustomertraffic.Asaresult,conditionsthatleadtoadeclineincustomertraffic(includingquarantine,shelter-in-placeorsimilarordersrequiringthatpeopleremainintheirhomesorordersrequiringbusinessclosures)havehadandsolongasthoseconditionscontinuetoexistwillcontinuetohaveanadverseeffectonthebusiness,resultsofoperations,financialconditionandliquidityofanumberofourtenants,andtheirwillingnessorabilitytopayrent,torenewexpiringleasesortoenterintonewleasesontermsfavorabletous,oratall.

Asaresultoftheforegoing,wecannotpredictthenumberoftenantsthatwillnotpayrentinthefuture,norcanwepredictwhethertenantswhohavepaidrentinthepastwillcontinuetodosoorwhethertenantswhohavedeferredrentwillpaysuchrentinthefuture.AstheCOVID-19pandemiccontinues,tenantsmayceasetopaytheirrentobligationstousinfulloratall,andtenantsmayelectnottorenewtheirleases,seektoterminatetheirleases,seekrelieffromtheirleases(includingthroughnegotiation,restructuringorbankruptcy),ordeclinetorenewexpiringleasesorenterintonewleases,allofwhichmayadverselyimpactourrentalrevenueandoccupancyrates,generateadditionalexpenses,resultinimpairmentchargesorotherwrite-downsofassets,andadverselyimpactourresultsofoperations,financialconditionand

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liquidity.Inaddition,aswebelievetobethecasewithmanyretaillandlords,wehavereceivedmanyshort-termrentreliefrequests,mostoftenintheformofrentdeferralrequests,orrequestsforfurtherdiscussionfromtenants.Collectionsandrentreliefrequeststo-datemaynotbeindicativeofcollectionsorrequestsinanyfutureperiod.

Likewise,thedeteriorationofglobaleconomicconditionsasaresultofthepandemicmayultimatelyleadtoafurtherdecreaseinoccupancylevelsandrentalratesacrossourportfolioastenantsreduceordefertheirspending,instituterestructuringplansorfileforbankruptcy.SomeofourmajortenantshaveexperiencedtemporaryclosuresofsomeoralloftheirpropertiesorhavesubstantiallyreducedtheiroperationsinresponsetotheCOVID-19pandemic,andadditionaltenantsmaydosointhefuture.Inaddition,themeasurestakentopreventthespreadofCOVID-19(includingquarantine,shelter-in-placeorsimilarordersrequiringthatpeopleremainintheirhomes)haveledandmayleadtofurtherclosures,orotheroperationalissuesatourproperties,ordelaysinacquisitionactivities,constructionprojects,andothercorporateactions,allofwhichmaymateriallyadverselyimpactouroperations.

Inaddition,inlightoftheuncertainandrapidlyevolvingsituationrelatingtotheCOVID-19pandemic,wehavetakencertainprecautionarymeasureswithinourorganizationintendedtohelpreducetheriskofthevirustoouremployees,ourtenants,andthecommunitiesinwhichweoperate,includingthefollowing:

Wehaveinstructedallofouremployeestoworkremotely;

Wehavesuspendedallnon-essentialtravelworldwideforouremployees;and

Wehavesuspendedemployeeattendanceatindustryeventsandin-personwork-relatedmeetings.

Whileweanticipatethattheforegoingmeasuresaretemporary,wecannotpredictthespecificdurationforwhichtheseprecautionarymeasureswillstayineffect,andwemayelecttotakeadditionalmeasuresastheinformationavailabletouscontinuestodevelop.Theseactions,andanyfutureactionswemaytakeinresponsetotheCOVID-19pandemic,couldfurthernegativelyimpactourbusiness,financialcondition,resultsofoperationsandliquidity.

Fortheforegoingreasons,weexpectthattheimpactoftheCOVID-19pandemicandrelatedcontainmentmeasures,includingtheimpactonregional,nationalandglobaleconomies,willlikelyadverselyaffectourbusiness,resultsofoperations,financialconditionandliquidity,and,givenunpredictabilityofthescope,severityanddurationofthepandemic,suchimpactsmaybematerial.

TotheextenttheCOVID-19pandemicandrelatedcontainmentmeasurescontinuetoadverselyaffectregional,nationalandglobaleconomicconditionsandfinancialmarkets,aswellasthebusiness,resultsofoperations,financialconditionsandliquidityofusandourtenants,itmayalsohavetheeffectofheighteningmanyoftherisksdescribedelsewhereinthis“RiskFactors”sectionandmanyoftherisksdescribedunderthecaption“RiskFactors”andelsewhereinourAnnualReportonForm10-KfortheyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthequartersendedMarch31,2020andJune30,2020,includingtherisksresultingfromoursignificantindebtedness;ourneedtogeneratesufficientcashflowstoserviceourindebtedness,topaydividendsonourcommonstock,topaytheprincipalofandinterestonourindebtedness,includingthenotesofferedhereby,andprovideforourothercashneeds;ourongoingneedforexternalfinancing;ourabilitytoaccessborrowingsunderourcreditfacilityandtosellnotesunderourcommercialpaperprogram;ourabilitytocomplywiththecovenantscontainedintheagreementsthatgovernourindebtedness;ourdependencyonkeypersonnel;andtheimpactofnegativemarketconditionsoradverseeventsonourtenants.Inaddition,inlightoftheCOVID-19pandemicandthemeasurestakentolimititsspread,ourhistoricalinformationregardingourbusiness,properties,resultsofoperations,financialconditionorliquiditymaynotberepresentativeofthefutureresultsofoperations,financialcondition,liquidityorotherfinancialoroperatingresultsofus,ourpropertiesorourbusiness.

We are subject to risks associated with debt and capital stock financing.

Weintendtoincuradditionalindebtednessinthefuture,includingborrowingsunderour$3.0billionunsecuredrevolvingcreditfacilityandour$1.0billioncommercialpaperprogram.Thecreditagreementgoverningourrevolvingcreditfacilityalsogovernsour$250.0millionunsecuredtermloanfacilitydueMarch2024.AtJune30,2020,wehad$628.6millionofoutstandingborrowingsunderourrevolvingcredit

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facility(including£329.5millionofGBP-denominatedborrowings),atotalof$6.64billionofoutstandingunsecuredseniordebtsecurities(excludingunamortizednetoriginalissuancepremiumsof$3,000anddeferredfinancingcostsof$38.5million),$250.0millionofborrowingsoutstandingunderourtermloanfacility(excludingdeferredfinancingcostsof$742,000)and$393.7millionofoutstandingmortgagedebt(excludingnetmortgagepremiumsof$2.3millionanddeferredfinancingcostsof$1.1milliononthismortgagedebt),andweissuedanadditional$350millionaggregateprincipalamountofseniorunsecurednotesinJuly2020.AtSeptember15,2020,wehadapproximately$225.0millionofoutstandingborrowingsunderourrevolvingcreditfacility(consistingentirelyof£174.7millionofGBP-denominatedborrowings)and$300.0millioncommercialpaperborrowingsoutstanding.Ourrevolvingcreditfacilitygrantsustheoption,subjecttoobtaininglendercommitmentsandothercustomaryconditions,toexpandtheborrowinglimitsthereundertoupto$4.0billion.Inaddition,inAugust2020,weestablishedanunsecuredcommercialpapernoteprogramunderwhichwemayofferandsellupto$1.0billionofcommercialpaperatanytime.Weuseour$3.0billionrevolvingcreditfacilityasaliquiditybackstopfortherepaymentofnotesissuedunderthecommercialpaperprogram.Specifically,weintendtomaintainunusedborrowingcapacityunderourrevolvingcreditfacilityequaltotheaggregateprincipalamountofborrowingsoutstandingunderourcommercialpaperprogramfromtimetotime.Wealsomayinthefutureenterintoamendmentsandrestatementsofourcurrentrevolvingcreditfacilityandtermloanfacility,orenterintonewrevolvingcreditfacilitiesortermloanfacilities,andanysuchamended,restatedorreplacementrevolvingcreditfacilitiesortermloanfacilitiesmayincreasetheamountsweareentitledtoborrow,subjecttocustomaryconditions,comparedtoourcurrentrevolvingcreditfacilityandtermloanfacility,orwemayincurotherindebtedness.Wemayalsointhefutureincreasethesizeofourcommercialpaperprogram.Totheextentthatnewindebtednessisaddedtoourcurrentdebtlevels,therelatedrisksthatwenowfacewouldincrease.Asaresult,weareandwillbesubjecttorisksassociatedwithdebtfinancing,includingtheriskthatourcashflowcouldbeinsufficienttomakerequiredpaymentsonourdebt,includingthenotesofferedhereby.Wealsofacevariableinterestrateriskastheinterestratesonourrevolvingcreditfacility,ourtermloanandsomeofourmortgagedebtarevariableandcouldthereforeincreaseovertime.Inaddition,commercialpaperborrowingsareshort-termobligationsandtheinterestrateonnewlyissuedcommercialpapervariesaccordingtomarketconditionsatthetimeofissuance.Wealsofacetheriskthatwemaybeunabletorefinanceorrepayourdebt,includingthenotesofferedhereby,asitcomesdue.Givenpastdisruptionsinthefinancialmarketsandongoingglobalfinancialuncertainties,includingtheimpactofCOVID-19andoftheUnitedKingdom’swithdrawalfromtheEuropeanUnion(“Brexit”),wealsofacetheriskthatoneormoreoftheparticipantsinourrevolvingcreditfacilitymaynotbeabletolendusmoney.

Inaddition,ourrevolvingcreditfacility,ourtermloanfacilityandourmortgageloandocumentscontainprovisionsthatcouldlimitor,incertaincases,prohibitthepaymentofdividendsandotherdistributionstoholdersofourcommonstockandanyoutstandingpreferredstock.Inparticular,ourrevolvingcreditfacilityandour$250.0milliontermloanfacility,whicharegovernedbythesamecreditagreement,providethat,ifaneventofdefault(asdefinedinthecreditagreement)exists,wemaynotpayanydividendsormakeotherdistributionson(exceptdistributionspayableinsharesofagivenclassofourstocktothestockholdersofthatclass),orrepurchaseorredeem,amongotherthings,anysharesofourcommonstockoranyoutstandingpreferredstock,duringanyperiodoffourconsecutivefiscalquartersinanaggregateamountinexcessofthegreaterof:

thesumof(a)95%ofouradjustedfundsfromoperations(asdefinedinthecreditagreement)forthatperiodplus(b)theaggregateamountofcashdistributionsmadetoholdersofouroutstandingpreferredstock,ifany,forthatperiod,and

theminimumamountofcashdistributionsrequiredtobemadetoourstockholdersinordertomaintainourstatusasaREITforfederalincometaxpurposesandtoavoidthepaymentofanyincomeorexcisetaxesthatwouldotherwisebeimposedunderspecifiedsectionsoftheInternalRevenueCodeof1986,asamended,ortheCode,onincomewedonotdistributetoourstockholders,

exceptthatwemayrepurchaseorredeemsharesofouroutstandingpreferredstock,ifany,withnetproceedsfromtheissuanceofsharesofourcommonstockorpreferredstock.Thecreditagreementfurtherprovidesthat,intheeventofafailuretopayprincipal,interestoranyotheramountpayablethereunderwhendueorupontheoccurrenceofcertaineventsofbankruptcy,insolvencyorreorganizationwithrespecttousorwithrespecttooneormoreofoursubsidiariesthatintheaggregatemeetasignificancetestsetforthinthecreditagreement,weandoursubsidiaries(otherthanourwholly-ownedsubsidiaries)maynot

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payanydividendsormakeotherdistributionson(exceptfor(a)distributionspayableinsharesofagivenclassofourstocktothestockholdersofthatclassand(b)dividendsanddistributionsdescribedinthesecondbulletpointabove),orrepurchaseorredeem,amongotherthings,anysharesofourcommonstockorpreferredstock.Ifanysucheventofdefaultunderthecreditagreementweretooccur,itwouldlikelyhaveamaterialadverseeffectonthemarketpriceofouroutstandingcommonstockandanyoutstandingpreferredstockandonthemarketvalueofourdebtsecurities,includingthenotesofferedhereby,couldlimittheamountofdividendsorotherdistributionspayabletoholdersofourcommonstockandanyoutstandingpreferredstockortheamountofinterestandprincipalweareabletopayonourindebtedness,includingthenotesofferedhereby,orpreventusfrompayingthosedividends,otherdistributions,interestorprincipalaltogether,andmayadverselyaffectourabilitytoqualify,orpreventusfromqualifying,asaREIT.

Ourindebtednesscouldalsohaveotherimportantconsequencestoholdersofourcommonstock,anyoutstandingpreferredstockandourdebtsecurities,includingthenotesofferedhereby,including:

Increasingourvulnerabilitytogeneraladverseeconomicandindustryconditions;

Limitingourabilitytoobtainadditionalfinancingtofundfutureworkingcapital,acquisitions,capitalexpendituresandothergeneralcorporaterequirements;

Requiringtheuseofasubstantialportionofourcashflowfromoperationsforthepaymentofprincipalandinterestonourindebtedness,therebyreducingourabilitytouseourcashflowtofundworkingcapital,acquisitions,capitalexpendituresandgeneralcorporaterequirements;

Limitingourflexibilityinplanningfor,orreactingto,changesinourbusinessandourindustry;and

Puttingusatadisadvantagecomparedtoourcompetitorswithlessindebtedness.

Ifwedefaultunderacreditfacility,loanagreementorotherdebtinstrument,thelenderswillgenerallyhavetherighttodemandimmediaterepaymentoftheprincipalandinterestonalloftheirloansand,inthecaseofsecuredindebtedness,toexercisetheirrightstoseizeandsellthecollateral.Moreover,adefaultunderasingleloanordebtinstrumentmaytriggercross-defaultorcross-accelerationprovisionsinotherindebtednessanddebtinstruments,givingtheholdersofsuchotherindebtednessanddebtinstrumentssimilarrightstodemandimmediaterepaymentandtoseizeandsellanycollateral.

Although these notes are referred to as “senior” notes, they will be effectively subordinated to all liabilities of oursubsidiaries, including any guarantees of our indebtedness by any of our subsidiaries, and will be subordinated toour secured indebtedness to the extent of the assets securing that indebtedness.

Thenotesofferedherebywillbeourobligationsexclusivelyandwillnotbetheobligationsof,orguaranteedby,anyofoursubsidiaries,norareanyofoursubsidiariesrequiredtoprovidefundstous,whetherbydividend,loanorotherwise,tomakepaymentsonthenotes.Asaresult,thenoteswillbeeffectivelysubordinatedinrightofpaymenttoallexistingandfutureindebtednessandotherliabilitiesofoursubsidiariesfromtimetotimeoutstanding,includinganyguaranteesofourindebtednessbyanyofoursubsidiaries.Intheeventofabankruptcy,liquidationorsimilarproceedingsinvolvinganyofoursubsidiaries,thecreditorsofthatsubsidiary(including,inthecaseofanysubsidiarythatmayinthefutureguaranteeanyindebtednessoutstandingunderourrevolvingcreditfacilityor$250.0milliontermloanfacility,thelendersunderthosefacilities)willgenerallybeentitledtopaymentoftheirclaimsfromtheassetsofthatsubsidiarybeforeanyofthoseassetsaremadeavailablefordistributiontous,excepttotheextentthatwemayalsohaveaclaimasacreditorofthatsubsidiary,inwhichcaseourclaimswouldstillbeeffectivelysubordinatedinrightofpaymenttoallexistingandfuturesecureddebtofthatsubsidiary(totheextentofthevalueofthecollateralpledgedassecuritytherefor)andwouldbesubordinatedinrightofpaymenttoanyexistingandfutureindebtednessofthesubsidiaryseniortothatheldbyus.AsofJune30,2020,oursubsidiarieshadapproximately$443.2millionoftotalindebtednessandotherliabilitiesoutstanding(excludingliabilitiesowedtousandotherintercompanyliabilities,below-marketleaseliabilities,andoperatingleaseliabilities)andwe(includingoursubsidiaries)hadapproximately$393.7millionofsecuredindebtednessoutstanding(excludingunamortizedpremiumsanddeferredfinancingcosts).Noneofoursubsidiariescurrentlyguaranteesourborrowingsoutstandingunderourrevolvingcreditfacilityorunderour$250.0milliontermloanfacilityorborrowingsunderour$1.0billioncommercialpaperprogram.

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However,underourrevolvingcreditfacilityandour$250.0milliontermloanfacility,ifanyofoursubsidiariesguaranteesorotherwisebecomesobligatedwithrespecttoanyofouroranyofoursubsidiaries’otherexistingorfutureindebtedness(subjecttolimitedexceptions),thenanysuchsubsidiarywouldberequiredtobecomeaguarantorunderthosefacilities.Furthermore,wemayvoluntarilycauseanyofoursubsidiariestobecomeaguarantorunderourrevolvingcreditfacilityandour$250.0milliontermloanfacilitytotheextentweconsiderappropriatetoremainincompliancewithcertaincovenantsunderthesefacilities.AlthoughtheIndentureunderwhichthenoteswillbeissuedandotherdebtinstrumentstowhichweareapartylimitourabilityandtheabilityofoursubsidiariestoincuradditionalindebtedness,bothweandoursubsidiarieshavetherighttoincursubstantialadditionalsecuredandunsecuredindebtedness.

Thenotesareunsecuredandthereforewillbesubordinatedinrightofpaymenttoallexistingandfuturesecuredindebtednessofusandoursubsidiariestotheextentofthevalueoftheassetssecuringsuchindebtedness.Intheeventofabankruptcy,liquidationorsimilarproceedinginvolvingus,ourassetswhichserveascollateralforoursecuredindebtednessmustfirstbeappliedtorepayoursecuredindebtednessbeforebeingappliedtopayanyofourotherindebtednessorliabilities,includingthenotesofferedhereby.Likewise,intheeventofabankruptcy,liquidationorsimilarproceedinginvolvinganyofoursubsidiaries,anyassetsofthatsubsidiarythatserveascollateralforitssecuredindebtednessmustfirstbeappliedtorepaysuchsecuredindebtednessbeforebeingappliedtopayanyofitsotherindebtednessorliabilitiesor,ifapplicable,beingprovidedtous.AsofSeptember15,2020,we(includingoursubsidiaries)hadapproximately$357.4millionofsecuredindebtednessoutstanding(excludingunamortizedpremiumsanddeferredfinancingcosts).Further,wemayberequired,undercertainlimitedcircumstances,topostcashcollateralunderourrevolvingcreditfacility.Ourrevolvingcreditfacilityincludesafacilityfortheissuanceofstandbylettersofcreditforouraccount,whichlettersofcreditaretobeissuedbytwoofthelendersthatarepartytotherevolvingcreditfacility.Eachotherlenderthatisapartytotherevolvingcreditfacilityisobligatedtoreimbursesuchlendersiflettersofcreditaredrawnupon,inanamount(the“L/CReimbursementAmount”)thatisproportionatetoitscommitmenttomakeloansundertherevolvingcreditfacility.Ifanylenderdefaultsinanyfundingobligationithasundertherevolvingcreditfacilityorbecomessubjecttoabankruptcyorinsolvencyproceeding,thenwearerequiredtoimmediatelyputupcashcollateralinanamountequaltotheL/CReimbursementAmountofthatlender.Inaddition,wemayberequiredtoputupcashcollateralifweextendthetermoflettersofcreditavailableunderourrevolvingcreditfacilitybeyondthefacility’sexpirationdate.

An active trading market may not develop or be maintained for the notes.

Thenotesareanewissueofsecuritieswithnoestablishedtradingmarket.AlthoughweintendtoapplyforlistingofthenotesfortradingonNYSE,noassurancecanbegiventhatthenoteswillbecomeorwillremainlisted.ThelistingapplicationwillbesubjecttoapprovalbytheNYSE.Suchlistingmaynotbeobtained,andthefailuretoobtainsuchlistingwillnotbeaneventofdefaultunderthenotesortheIndenture.Ifsuchalistingisobtained,wehavenoobligationtomaintainsuchlisting,andwemaydelistthenotesatanytime.Inaddition,althoughtheunderwritersmaymakeamarketforthenotesafterwecompletethisoffering,theyhavenoobligationtodoso.Therecanbenoassurancethattheunderwriterswillmakeamarketforthenotesor,iftheydo,thatanysuchmarketwillnotbediscontinuedatanytimewithoutnotice.

Theliquidityofanymarketforthenotesthatmaydevelop,andthepriceatwhichyoumaybeabletosellyournotesshouldanysuchmarketdevelop,willdependonanumberoffactors,includingprevailinginterestrates,ourfinancialconditionandoperatingresults,thenumberofholdersofthenotes,ourcreditratings,ourfinancialconditionandresultsofoperations,theprospectsforusandothercompaniesinourindustrygenerally,themarketforsimilarsecurities,theinterestofsecuritiesdealersinmakingamarketinthenotesandotherfactors.Wecannotassureyouthatanytradingmarketforthenoteswilldevelopor,ifdeveloped,willcontinue,orastotheliquidityofanytradingmarketforthenotesthatmaydeveloporastothepriceyoumayreceiveshouldyouwishtoresellanynotesyouacquireinthisoffering.Ifanactivetradingmarketdoesnotdevelop,themarketpriceandliquidityofthenotesmaybeadverselyaffected.Asaresult,wecannotassureyouthatyouwillbeabletosellanyofthenotesyoumaypurchaseinthisofferingataparticulartime,whetheratapriceyouconsideracceptable,oratall.Thus,youmayberequiredtobearthefinancialriskofyourinvestmentinthenotesindefinitely.

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Negative market conditions or adverse events affecting our existing or potential tenants or the industries in whichthey operate could have an adverse impact on our ability to attract new tenants, re-lease space, collect rent orrenew leases, which could adversely affect our cash flow from operations and inhibit growth.

Cashflowfromoperationsdependsinpartonourabilitytoleasespacetotenantsoneconomicallyfavorabletermsandtocollectrentfromtenantsonatimelybasis.Wecouldbeadverselyaffectedbyvariousfactsandeventsoverwhichwehavelimitedornocontrol,suchas:

Lackofdemandinareaswhereourpropertiesarelocated;

Inabilitytoretainexistingtenantsandattractnewtenants;

Oversupplyofspaceandchangesinmarketrentalrates;

Declinesinourtenants’creditworthinessandabilitytopayrent,whichmaybeaffectedbytheiroperations,economicdownturnsandcompetitionwithintheirindustriesfromotheroperators;

Defaultsbyandbankruptciesoftenants,failureoftenantstopayrentonatimelybasis,orfailureoftenantstocomplywiththeircontractualobligations;

ThecurrentCOVID-19pandemic(see“RiskFactors—TheCOVID-19pandemichasdisruptedouroperationsandisexpectedtocontinuetohaveanadverseeffectonourbusiness,resultsofoperations,financialconditionandliquidity.”above)orotherpandemicsoroutbreaksofillness,diseaseorvirusthataffectcountriesorregionsinwhichourtenantsandtheirparentcompaniesoperateorinwhichourpropertiesorcorporateheadquartersarelocated;

Economicorphysicaldeclineoftheareaswherethepropertiesarelocated;and

Deteriorationofphysicalconditionofourproperties.

Atanytime,anytenantmayexperienceadownturninitsbusinessthatmayweakenitsoperatingresultsoroverallfinancialcondition.Asaresult,atenantmaydelayleasecommencement,failtomakerentalpaymentswhendue,declinetoextendaleaseuponitsexpiration,becomeinsolventordeclarebankruptcy.Anytenantbankruptcyorinsolvency,leasingdelayorfailuretomakerentalpaymentswhenduecouldresultintheterminationofthetenant’sleaseandmateriallossestous.

Iftenantsdonotrenewtheirleasesastheyexpire,wemaynotbeabletorentorselltheproperties.Furthermore,leasesthatarerenewed,andsomenewleasesforpropertiesthatarere-leased,mayhavetermsthatarelesseconomicallyfavorablethanexpiringleaseterms,ormayrequireustoincursignificantcosts,suchasrenovations,tenantimprovementsorleasetransactioncosts.Negativemarketconditionsmaycauseustosellvacantpropertiesforlessthantheircarryingvalue,whichcouldresultinimpairments.Anyoftheseeventscouldadverselyaffectourcashflowfromoperationsandourabilitytomakedistributionstoourstockholdersandserviceourindebtedness,includingthenotesofferedhereby.Asignificantportionofthecostsofowningproperty,suchasrealestatetaxes,insuranceandmaintenance,arenotnecessarilyreducedwhencircumstancescauseadecreaseinrentalrevenuefromtheproperties.Inaweakenedfinancialcondition,tenantsmaynotbeabletopaythesecostsofownershipandwemaybeunabletorecovertheseoperatingexpensesfromthem.

Further,theoccurrenceofatenantbankruptcyorinsolvencycoulddiminishtheincomewereceivefromthetenant’sleaseorleases.Inaddition,abankruptcycourtmightauthorizethetenanttoterminateitsleaseswithus.Ifthathappens,ourclaimagainstthebankrupttenantforunpaidfuturerentwouldbesubjecttostatutorylimitationsthatmostlikelywouldresultinrentpaymentsthatwouldbesubstantiallylessthantheremainingrentweareowedundertheleasesorwemayelectnottopursueclaimsagainstatenantforterminatedleases.Inaddition,anyclaimwehaveforunpaidpastrent,ifany,maynotbepaidinfull,oratall.Moreover,inthecaseofatenant’sleasesthatarenotterminatedastheresultofitsbankruptcy,wemayberequiredorelecttoreducetherentpayableunderthoseleasesorprovideotherconcessions,reducingamountswereceiveunderthoseleases.Asaresult,tenantbankruptciesmayhaveamaterialadverseeffectonourresultsofoperationsandfinancialcondition.Anyoftheseeventscouldadverselyaffectourcashflowfromoperationsandourabilitytomakedistributionstostockholdersandserviceourindebtedness,includingthenotesofferedhereby.

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AtJune30,2020,101ofourpropertieswereavailableforleaseorsale.AtJune30,2020,126ofourpropertiesunderleasewereunoccupiedandavailableforsubleasebythetenants,allofwhichwerecurrentwiththeirrentandotherobligations.ForthequarterendedJune30,2020,nosingletenant,orgroupoftenantsinthesameindustry,accountedformorethan10.0%ofourrentalrevenue,exceptasdescribedinthenextparagraph.

AsofJune30,2020,ourtenantsinthe“conveniencestore”industryaccountedforapproximately12.0%ofourrentalrevenue.Adownturninthisindustrycouldhaveamaterialadverseeffectonourfinancialposition,resultsofoperations,ourabilitytopaytheprincipalofandinterestonourdebtsecuritiesandotherindebtedness,includingthenotesofferedhereby,andtomakedistributionsonourcommonstockandanyoutstandingpreferredstock.

Individually,eachoftheotherindustriesinourpropertyportfolioaccountedforlessthan10%ofourrentalrevenueforthequarterendedJune30,2020.Nevertheless,downturnsintheseindustriescouldalsoadverselyaffectourtenants,whichinturncouldalsohaveamaterialadverseeffectonourfinancialposition,resultsofoperationsandourabilitytopaytheprincipalofandinterestonourdebtsecuritiesandotherindebtedness,includingthenotesofferedhereby,andtomakedistributionsonourcommonstockandanyoutstandingpreferredstock.

Inaddition,someofourpropertiesareleasedtotenantsthatmayhavelimitedfinancialandotherresources,andtherefore,theyaremorelikelytobeadverselyaffectedbyadownturnintheirrespectivebusinesses,includinganydownturnsthathaveresultedormayresultfromtheCOVID-19pandemic,orintheregional,national,orinternationaleconomy.

Furthermore,wehavemadeandmaycontinuetomakeselectedacquisitionsofpropertiesthatfalloutsideourhistoricalfocusonfreestanding,single-tenant,net-leaseretaillocationsintheUnitedStates.Wemaybeexposedtoavarietyofnewrisksbyexpandingintonewpropertytypesand/ornewjurisdictionsoutsidetheUnitedStatesandpropertiesleasedtotenantsengagedinnon-retailbusinesses.Theserisksmayincludelimitedexperienceinmanagingcertaintypesofnewproperties,newtypesofrealestatelocationsandleasestructures,andthelawsandcultureofnon-UnitedStatesjurisdictions.

The notes are subject to early redemption.

Asdescribedunder“DescriptionofNotes—OptionalRedemption,”wemayatouroptionredeemthenotesanytimeinwhole,orfromtimetotimeinpart,attheredemptionpricesdescribedundersuchcaption.Inaddition,asdescribedunder“DescriptionofNotes—RedemptionforChangesinTaxes,”wemayalsoredeemthenotesatouroption,inwholebutnotinpart,attheredemptionpricedescribedundersuchcaptionintheeventofcertainchangesinUnitedStatestaxation.

Consequently,yournotesmayberedeemedattimeswhenprevailinginterestratesarelowerthantheeffectiveinterestratepaidonyournotes.Asaresult,wecannotassureyouthatyouwillbeabletoreinvestyourredemptionproceedsinaninvestmentwithareturnthatisashighasthereturnyouwouldhaveearnedonthenotesiftheyhadnotbeenredeemedandthathasasimilarlevelofinvestmentrisk.

We are subject to risks related to recent proposals for reform regarding LIBOR.

Certainofourexistingdebtinstrumentsandotherfinancialarrangements,includingour$3.0billionrevolvingcreditfacilityandour$250.0milliontermloanfacility,provideforborrowingstobemadeatvariableinterestratesthatusetheLondonInterbankOfferedRate,orLIBOR(ormetricsderivedfromorrelatedtoLIBOR),asabenchmarkforestablishingtheinterestrateapplicabletooutstandingborrowingsthereunder,andwemayincuradditionalindebtednessorenterintonewfinancialarrangementsthatuseLIBORasabenchmarkforestablishingtheinterestrateforborrowingthereunder.In2017,theUnitedKingdom’sFinancialConductAuthorityannouncedthatitintendstostoppersuadingorcompellingbankstosubmitLIBORratesafter2021.ThesereformsareexpectedtocauseLIBORtoceasetoexistandtheadoptionofalternativereferencerates.WhileourrevolvingcreditfacilityandourtermloanfacilityincludeprovisionsforestablishingalternativereferenceratesintheeventLIBORshallnolongerbeavailable,theconsequencesoftheadoptionofanysuchalternativereferenceratescannotbepredictedandcouldhaveanadverseimpactonthemarketvaluefororvalueofLIBOR-linkedsecurities,loans,andotherfinancial

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obligationsorextensionsofcreditheldbyorduetousandcouldalsoaffectinterestratesandotherfinancingcostsunderourdebtinstrumentsandotherfinancialarrangements,anyofwhichcouldadverselyaffectourresultsofoperationsandfinancialcondition.

An investment in the notes by a purchaser whose home currency is not GBP entails significant risks.

InvestorspurchasingnotesinthisofferingwillberequiredtopayforthosenotesinGBPandallpaymentsonthenoteswillbemadeinGBP,subjecttocertainlimitedexceptionsasdescribedbelowundertheriskfactorcaptioned“—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances”andunderthecaptions“DescriptionofNotes—IssuanceinGBP”and‘‘DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes’’inthisprospectussupplementand“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectus.Aninvestmentinthenotesbyaninvestorwhosehomecurrency(whichtermincludesthecurrencyofthecountryinwhichsuchinvestorisaresidentandthecurrencyinwhichsuchinvestorconductsitsbusinessandaffairs)isnotGBPentailssignificantrisks.Theserisksincludethepossibilityofsignificantchangesinratesofexchangebetweentheholder’shomecurrencyandGBPandthepossibilityoftheimpositionorsubsequentmodificationofforeignexchangecontrolsandtaxconsequencesasaresultofanyforeignexchangegainsresultingfromaninvestmentinthenotes.Theserisksgenerallydependonfactorsoverwhichwehavenocontrol,suchaseconomic,financialandpoliticaleventsandthesupplyofanddemandfortherelevantcurrencies.Inthepast,ratesofexchangebetweenGBPandcertainothercurrencieshavebeenhighlyvolatileandinvestorsshouldbeawarethatvolatilitymayoccurinthefuture.Inparticular,BrexithascreateduncertaintyregardingthepoliticalandeconomicoutlookoftheUnitedKingdomandtheEuropeanUnion,andcouldleadtoasustainedincreaseinvolatilityinexchangeratesbetweenGBPandothercurrenciesinthenearterm.Fluctuationsinanyparticularexchangeratethathaveoccurredinthepast,however,arenotnecessarilyindicativeoffluctuationsintheratethatmayoccurduringthetermofthenotes.DepreciationoftheGBPagainstaninvestor’shomecurrencywouldresultinadecreaseintheeffectiveyieldofthenotesand,incertaincircumstances,couldresultinalosstotheinvestor.Investmentinthenotesmayalsohaveimportanttaxconsequencesasaresultofanyforeigncurrencyexchangegainsorlossesandprospectiveinvestorsshouldcarefullyreviewtheinformationappearingunderthecaption‘‘SupplementalU.S.FederalIncomeTaxConsequences’’inthisprospectussupplement.

Asnotedintheimmediatelyprecedingparagraph,thenotesmaybecomepayableinacurrencyotherthanGBPincertainlimitedcircumstances.Ifthatweretooccur,aninvestorwhosehomecurrencyisnotthecurrencyinwhichthenotesarepayablewouldbesubjecttoriskssimilartothosedescribedintheimmediatelyprecedingparagraph,aswellastheadditionalrisksdescribedbelowunder“—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances.”

Thedescriptionofforeigncurrencyrisksinthisriskfactorandelsewhereinthisprospectussupplementdoesnotdescribealltherisksofaninvestmentinsecuritiesdenominatedinacurrencyotherthananinvestor’shomecurrency.Investorsshouldconsulttheirownfinancialandlegaladvisorsastotherisksinvolvedinaninvestmentinthenotes.

Trading in Clearstream and Euroclear is subject to minimum denomination requirements.

Thetermsofthenotesprovidethatnoteswillbeissuedinminimumdenominationsof£100,000andintegralmultiplesof£1,000inexcessthereof.ItispossiblethatClearstreamandEuroclearmayprocesstradeswhichcouldresultininvestorsowningbeneficialinterestsintheGlobalNoteindenominationssmallerthantheminimumdenominationorindenominationswhich,althoughinexcessoftheminimumdenominationof£100,000,arenotintegralmultiplesof£1,000.IfdefinitivenotesarerequiredtobeissuedinexchangeforbeneficialinterestsintheGlobalNoteunderthelimitedcircumstancesdescribedunder“DescriptionofNotes—CertificatedNotes”inthisprospectussupplement,abeneficialownerwhodoesnotownnotesintheminimumdenominationof£100,000oranyintegralmultipleof£1,000inexcessthereofinitsaccountwiththerelevantclearingsystemattherelevanttimemaynotreceiveallofitsentitlementintheformofdefinitivenotesunlessanduntilsuchtimeasitsholdingsatisfiestheminimumdenominationrequirement,andthenwillonlyreceivedefinitivenotesforthatportionofitsholdingsthatis£100,000oranintegralmultipleof£1,000inexcessthereof.

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The notes permit us to make payments in U.S. dollars if we are unable to obtain GBP and in certain othercircumstances.

ThenoteswillbedenominatedandpayableinGBP.However,iftheGBPisunavailabletousduetotheimpositionofexchangecontrolsorothercircumstancesbeyondourcontrol,thenallpaymentsinrespectofthenoteswillbemadeinU.S.dollarsuntiltheGBPisagainavailabletous.Insuchcircumstances,theamountpayableonanydateinGBPwillbeconvertedintoU.S.dollarsatanexchangeratedeterminedasdescribedunderthecaption“DescriptionofNotes—IssuanceofGBP”inthisprospectussupplement.SuchexchangeratewillgenerallybedeterminedonthesecondBusinessDay(asdefinedunder“DescriptionofNotes—General”inthisprospectussupplement)priortotherelevantpaymentdate.However,iftheapplicableU.S.dollar/GBPexchangerateisnotavailableasofanysuchday,thethenmostrecentlyavailableexchangeratewillbeused.Foradditionalinformation,see“DescriptionofNotes—IssuanceinGBP”inthisprospectussupplement.

Similarly,ifweweretodepositfundsand/orGovernmentObligations(asdefined)denominatedinGBPtoeffectdefeasanceorcovenantdefeasanceofthenotesasdescribedunder“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectusand,thereafter,thenotesbecomepayableinacurrencyotherthanGBPastheresultofaConversionEvent(asdefined)asdescribedundersuchcaption,thentheindebtednessrepresentedbythenoteswillbedeemedtohavebeen,andwillbe,fullydischargedandsatisfiedthroughthepaymentofprincipalof,andpremium,ifany,andintereston,thenotesastheybecomedueoutoftheproceedsyieldedbyconvertingthefundsorGovernmentObligationssodepositedintothecurrencyinwhichthenotesshallhavebecomepayablebasedontheapplicablemarketexchangerateforsuchcurrencyineffectonthesecondbusinessday(asdefinedintheIndenture)priortoeachpaymentdate.Forpurposesofthenotes,aConversionEventmeans,ingeneral,thecessationofuseofGBPbothbythegovernmentofthecountrywhichissuedGBPandforthesettlementoftransactionsbyacentralbankorotherpublicinstitutionsoforwithintheinternationalbankingcommunity.Foradditionalinformation,includingthedefinitionof“ConversionEvent”and“GovernmentObligations,”see“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectusand‘‘DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes”inthisprospectussupplement.

TheexchangerateusedtoconvertGBPintotheapplicablecurrencyunderthethecircumstancesdescribedinthetwoimmediatelyprecedingparagraphsmaybemateriallylessfavorabletoinvestorsthantheexchangerateineffectatthetimethenoteswerefirstissued.Moreover,ifanexchangerateforconversionofGBPintotherelevantcurrencyisnotavailableatthetimeanypaymentisdueonthenotes,thenthemostrecentlyavailableexchangeratemaybeusedandremainineffectuntilsuchtime,ifever,thatsuchexchangerateagainbecomesavailable.

AnycircumstancesthatresultinourmakingpaymentsonthenotesinacurrencyotherthanGBP,ormarketperceptionsconcerningtheseandrelatedissues,couldmateriallyadverselyaffectthevalueofthenotesandyoumayloseasignificantamountofyourinvestmentinthenotes.Additionally,anycircumstancethatresultsinourmakingpaymentsonthenotesinacurrencyotherthanGBPwouldexposeinvestorswhosehomecurrencyisnotthatcurrencytoriskssimilartothosediscussedaboveunder“—AninvestmentinthenotesbyapurchaserwhosehomecurrencyisnotGBPentailssignificantrisks.”

In a lawsuit for payment on the notes, an investor may bear currency exchange risk.

TheIndentureis,andthenoteswillbe,governedbyandconstruedinaccordancewiththelawsoftheStateofNewYork.UnderNewYorklaw,aNewYorkstatecourtrenderingajudgmentonthenoteswouldberequiredtorenderthejudgmentinGBP.However,thejudgmentwouldbeconvertedintoU.S.dollarsattheexchangerateprevailingonthedateofentryofthejudgment.Consequently,inalawsuitforpaymentonthenotes,investorswouldbearcurrencyexchangeriskuntilaNewYorkstatecourtjudgmentisentered,whichcouldbealongtime.AU.S.federalcourtinNewYorkpresidingoveradisputearisinginconnectionwiththenotesmayapplytheforegoingNewYorklaworincertaincircumstancesmayrenderthejudgmentinU.S.dollars.

IncourtsoutsideofNewYork,investorsmaynotbeabletoobtainajudgmentinacurrencyotherthanU.S.dollars.Forexample,ajudgmentformoneyinanactionbasedonthenotesinmanyotherU.S.

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federalorstatecourtsordinarilywouldbeenforcedintheUnitedStatesonlyinU.S.dollars.ThedateusedtodeterminetherateofconversionofGBPintoU.S.dollarswoulddependuponvariousfactors,includingwhichcourtrendersthejudgmentandwhenthejudgmentisrendered.

Asaresult,investorswillbesubjecttotheriskthattherateofexchangeatthetimeajudgmentisrenderedwillbelessfavorablethantheratesofexchangeineffectpriortothattime.Inaddition,ifthenotesweretobecomepayableinacurrencyotherthanGBPorU.S.dollarsunderthecircumstancesdescribedunder“DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes”inthisprospectussupplement,investorswouldgenerallybesubjecttoriskssimilartothosedescribedabovewithrespecttothecurrencyinwhichthenotesbecomepayable.

Because ownership interests in the Global Note will be held through Euroclear and Clearstream, investors willhave to rely on their procedures for transfer, payment and communication with us.

Thenoteswillbeissuedinbook-entryformandrepresentedbytheGlobalNoteexceptincertainlimitedcircumstancesdescribedunder“DescriptionofNotes—CertificatedNotes”inthisprospectussupplement.TheGlobalNotewillbedepositedwithacommondepositaryforEuroclearandClearstream.Exceptinlimitedcircumstancesdescribedherein,investorswillnotbeentitledtoreceivedefinitivenotesinexchangefortheirinterestsintheGlobalNote.EuroclearandClearstreamwillmaintainrecordsofthebeneficialinterestsintheGlobalNoteand,whilethenotesareinglobalform,investorswillbeabletotradetheirbeneficialinterestsonlythroughEuroclearandClearstream,iftheyhaveanaccountwithEuroclearorClearstream,orindirectlythroughorganizationswhichhaveaccountswithEuroclearorClearstream.

WhilethenotesarerepresentedbytheGlobalNote,wewilldischargeourpaymentobligationsunderthenotesbymakingpaymentstoortotheorderofanomineeofacommondepositaryforEuroclearandClearstreamfordistributiontotheiraccountholders.AholderofabeneficialinterestintheGlobalNotemustrelyontheproceduresofEuroclearandClearstreamand,iftheydonothaveanaccountwithEuroclearorClearstream,ontheproceduresoftheorganizationsthroughwhichsuchholderownsitsbeneficialinterestinthenotestoreceivepaymentsunderthenotes.Wehavenoresponsibilityorliabilityfortherecordsrelatingto,orpaymentsmadeinrespectof,beneficialinterestsintheGlobalNote.

HoldersofbeneficialinterestsintheGlobalNotewillnothaveadirectrighttovoteinrespectofthenotes.Instead,suchholderswillbepermittedtoactdirectlyonlytotheextentthattheyarepermittedtodosopursuanttothetermsoftheIndentureandenabledinaccordancewiththeapplicableproceduresofEuroclearandClearstreamtoappointappropriateproxies.

Uncertainty regarding the effects of Brexit could adversely affect the price of the notes.

TheongoingnegotiationssurroundingtheUnitedKingdom’sexitfromtheEuropeanUnionhaveyettoprovideclarityonwhattheoutcomewillbefortheUnitedKingdomorEurope.TheunavoidableuncertaintiesandeventsrelatedtoBrexitcouldnegativelyaffecttaxesandcostsofbusiness,causevolatilityincurrencyexchangerates,interestrates,andEuropean,UnitedKingdomorworldwidepolitical,regulatory,economicormarketconditions,andcontributetoinstabilityinpoliticalinstitutions,regulatoryagencies,andfinancialmarkets.BrexitcouldalsoleadtolegaluncertaintyandpoliticallydivergentnationallawsandregulationsasanewrelationshipbetweentheUnitedKingdomandtheEuropeanUnionisdefinedandtheUnitedKingdomdetermineswhichEuropeanUnionlawstoreplaceorreplicate.AnyoftheseeffectsofBrexit,andothersthatcannotbeanticipated,couldadverselyaffecttheprice,thevalueortheapplicableexchangeratesofthenotes.

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FORWARD-LOOKING STATEMENTS

Thisprospectussupplement,theaccompanyingprospectusandthedocumentsincorporatedordeemedtobeincorporatedbyreferencethereincontain,andanyfreewritingprospectuswemayprovideyouinconnectionwiththisofferingcontainsormaycontain,forward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995,Section27AoftheSecuritiesActof1933,asamended,ortheSecuritiesAct,andSection21EoftheSecuritiesExchangeActof1934,asamended,ortheExchangeAct.Whenusedinthisprospectussupplement,theaccompanyingprospectus,thedocumentsincorporatedordeemedtobeincorporatedbyreferencethereinandanyfreewritingprospectuswemayprovideyouinconnectionwiththisoffering,thewords“estimated,”“anticipated,”“expect,”“believe,”“intend”andsimilarexpressionsareintendedtoidentifyforward-lookingstatements.Forward-lookingstatementsinclude,withoutlimitation,discussionsofstrategy,plansandintentionsandstatementsregardingestimatedorfutureresultsofoperations,financialconditionorprospects(including,withoutlimitation,estimatedandfuturefundsfromoperationsandnormalizedandadjustedfundsfromoperationsandnetincome,estimatedinitialcashleaseyieldsandinitialweightedaveragecashleaseyields,estimatedsquarefootageofpropertiesunderdevelopmentorexpansion,thetimingandtermsofpotentialorplannedacquisitions,statementsregardingthepayment,dependabilityandamountofandpotentialincreasesinfuturecommonstockdividends,statementsregardingfuturecashfloworcashgenerationandstatementsregardingourabilitytomeetourliquidityneeds).Forward-lookingstatementsaresubjecttorisks,uncertaintiesandassumptionsaboutus,including,amongotherthings:

ouraccesstocapitalandothersourcesoffunding;

ouranticipatedgrowthstrategies;

ourintentiontoacquireadditionalpropertiesandthetimingoftheseacquisitions;

ourintentiontosellpropertiesandthetimingofthesepropertysales;

ourintentiontore-leasevacantproperties;

anticipatedtrendsinourbusiness,includingtrendsinthemarketforlong-termnetleasesoffreestanding,single-tenantproperties;

futureexpendituresfordevelopmentprojects;and

theimpactoftheCOVID-19pandemic,orfuturepandemics,onus,ourbusiness,ourtenants,ortheeconomygenerally.

Futureeventsandactualresults,financialandotherwise,maydiffermateriallyfromtheresultsdiscussedinorimpliedbytheforward-lookingstatements.Inparticular,forward-lookingstatementsregardingestimatedorfutureresultsofoperationsarebaseduponnumerousassumptionsandestimatesandareinherentlysubjecttosubstantialuncertaintiesandactualresultsofoperationsmaydiffermateriallyfromthoseexpressedorimpliedintheforward-lookingstatements,particularlyifactualeventsdifferfromthosereflectedintheestimatesandassumptionsuponwhichsuchforward-lookingstatementsarebased.Someofthefactorsthatcouldcauseactualresultstodiffermateriallyare:

ourcontinuedqualificationasarealestateinvestmenttrust;

generaldomesticandforeignbusinessandeconomicconditions;

competition;

fluctuatinginterestandcurrencyrates;

accesstodebtandequitycapitalmarkets;

continuedvolatilityanduncertaintyinthecreditmarketsandbroaderfinancialmarkets;

otherrisksinherentintherealestatebusiness,includingtenantdefaults,potentialliabilityrelatingtoenvironmentalmatters,illiquidityofrealestateinvestmentsandpotentialdamagesfromnaturaldisasters;

impairmentsinthevalueofourrealestateassets;

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changesinincometaxlawsandrates;

thecontinuedevolutionoftheCOVID-19pandemicandthemeasurestakentolimititsspread,anditsimpactsonus,ourbusiness,ourtenants,ortheeconomygenerally;

thetimingandpaceofreopeningeffortsatthelocal,stateandnationallevelinresponsetotheCOVID-19pandemic;

theoutcomeofanylegalproceedingstowhichweareapartyorwhichmayoccurinthefuture;and

actsofterrorismandwar.

Additionalfactorsthatmaycausefutureeventsandactualresults,financialorotherwise,todiffer,potentiallymaterially,fromthosediscussedinorimpliedbytheforward-lookingstatementsincludetherisksanduncertaintiesdiscussedinthesection“RiskFactors”inthisprospectussupplement,thesectionsentitled“Business,”“RiskFactors”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”inourmostrecentAnnualReportonForm10-Kandthesectionsentitled“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”and“RiskFactors”inoursubsequentQuarterlyReportsonForm10-Q,andalsoincluderisksandotherinformationdiscussedinthoseandotherdocumentsthatareincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectusandthatmaybediscussedinanyfreewritingprospectuswemayprovideyouinconnectionwiththisoffering.

Youarecautionednottoplaceunduerelianceonforward-lookingstatementscontainedinthisprospectussupplement,theaccompanyingprospectus,thedocumentsincorporatedbyreferencethereinandanyfreewritingprospectuswemayprovideyouinconnectionwiththisoffering.Thoseforward-lookingstatementsarenotguaranteesoffutureperformanceandspeakonlyasoftherespectivedatesofthosedocumentsor,inthecaseofdocumentsincorporatedbyreferenceintheaccompanyingprospectus,asoftherespectivedatesthosedocumentswerefiledwiththeSEC,andweundertakenoobligationtoupdateanyinformationcontainedinthisprospectussupplement,theaccompanyingprospectus,thedocumentsincorporatedbyreferencethereinandanyfreewritingprospectuswemayprovideyouinconnectionwiththisofferingortopubliclyreleasetheresultsofanyrevisionstotheseforward-lookingstatementsthatmaybemadetoreflecteventsorcircumstancesaftertherespectivedatesorfilingdates,asthecasemaybe,ofthosedocumentsortoreflecttheoccurrenceofunanticipatedevents.Inlightoftheserisksanduncertainties,theforward-lookingeventsdiscussedinthisprospectussupplement,theaccompanyingprospectus,thedocumentsincorporatedbyreferencethereinandanyfreewritingprospectuswemayprovideyouinconnectionwiththisofferingmightnotoccur.

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CURRENCY CONVERSION

Exceptunderthelimitedcircumstancesdescribedbelowinthisparagraph,allpaymentsofprincipalof,andpremium,ifany,andintereston,andAdditionalAmounts(asdefinedunder“DescriptionofNotes—PaymentsofAdditionalAmounts”inthisprospectussupplement),ifany,inrespectof,thenoteswillbemadeinGBP;providedthatifGBPisunavailabletousduetotheimpositionofexchangecontrolsorothercircumstancesbeyondourcontrol,thenallpaymentsinrespectofthenoteswillbemadeinU.S.dollarsuntilGBPisagainavailabletous.Insuchcircumstances,theamountpayableonanydateinGBPwillbeconvertedintoU.S.dollarsattheexchangeratedeterminedasdescribedunder“DescriptionofNotes—IssuanceinGBP”.Inaddition,paymentsinrespectofthenotesmayalsobemadeinacurrencyotherthanGBPundercertainothercircumstances(whichwouldapplyonlyafterweeffecteddefeasanceorcovenantdefeasanceofthenotes)asdescribedinthisprospectussupplementunder“DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes”andintheaccompanyingprospectusunder“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance.”IfthenotesweretobecomepayableinacurrencyotherthanGBP,theexchangerateusedtoconvertGBPintotheapplicablecurrencymaybemateriallylessfavorablethantherateineffectatthetimethenoteswereoriginallyissuedorasmightbedeterminedbyapplicablelaw.Inaddition,anypaymentinrespectofthenotesmadeinacurrencyotherthanGBPundersuchcircumstanceswillnotconstituteaneventofdefault(asdefined;see“DescriptionofNotes—EventsofDefault”inthisprospectussupplement)withrespecttothenotesundertheIndenture.

Accordingly,investorswillbesubjecttoforeignexchangerisksastopaymentsofprincipalof,premium,ifany,andintereston,andAdditionalAmounts,ifany,inrespectof,thenotesthatmayhaveimportanteconomicandtaxconsequencestothem.See“RiskFactors—AninvestmentinthenotesbyapurchaserwhosehomecurrencyisnotGBPentailssignificantrisks”,“RiskFactors—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances”,“DescriptionofNotes—IssuanceinGBP”,“DescriptionofNotes—Discharge,DefeasanceandCovenantDefeasanceoftheNotes”and“SupplementalU.S.FederalIncomeTaxConsiderations”inthisprospectussupplementand“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectus.Youshouldconsultyourownfinancialandlegaladvisorsastotherisksinvolvedinaninvestmentinthenotes.

OnSeptember21,2020,theGBPtoU.S.dollarexchangeratewas£1.00=U.S.$1.2846,asannouncedasthenoonbuyingratebytheBoardofGovernorsoftheU.S.FederalReserveSystem.

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USE OF PROCEEDS

Weestimatethatthenetproceedsfromthesaleofthenotesofferedbythisprospectussupplement,afterdeductingtheunderwritingdiscountbutbeforedeductingestimatedexpensespayablebyus,willbeapproximately£394.3million.

WeintendtousethenetproceedswereceivefromthisofferingtorepayGBP-denominatedborrowingsoutstandingunderour$3.0billionrevolvingcreditfacility,tosettleanoutstandingGBP/USDforeignexchangeswaparrangementand,totheextentnotusedforthosepurposes,tofundpotentialinvestmentopportunitiesandforothergeneralcorporatepurposes.OnSeptember15,2020,wehad$225.0millionofoutstandingborrowingsunderourrevolvingcreditfacility(consistingentirelyof£174.7millionofGBP-denominatedborrowings).AsofSeptember15,2020,wehadatotalof$532.5millionincashandcashequivalents.Borrowingsunderourrevolvingcreditfacilityweregenerallyusedtoacquireproperties.OurrevolvingcreditfacilitymaturesinMarch2023,butmay,atouroption,beextendedbyuptotwosix-monthextensions,subjecttocertaintermsandconditions.AsofSeptember15,2020,theweightedaverageinterestrateonborrowingsundertherevolvingcreditfacilitywasapproximately0.84%perannum.Borrowingsunderourrevolvingcreditfacilitythatwerepaywithnetproceedsfromthisofferingmaybereborrowed,subjecttocustomaryconditions.UponsettlementoftheGBP/USDforeignexchangeswaparrangement,weexpecttoreceive$300.1millioninU.S.dollarsuponourpaymentof£224.9million,whichweintendtousetorepayborrowingsunderour$1.0billioncommercialpaperprogram.AsofSeptember15,2020,wehad$300.0millionofcommercialpaperoutstanding.TheoutstandingcommercialpaperborrowingsmatureonOctober1,2020andtheinterestrateonsuchborrowingsis0.265%perannum.

Pendingapplicationofthenetproceedsforthepurposesdescribedabove,wemaytemporarilyinvestthenetproceedsinshort-termgovernmentsecurities,short-termmoneymarketfundsand/orbankcertificatesofdeposit.

Our$3.0billionrevolvingcreditfacilityallowsustomakeandrepayborrowingsthereunderfromtimetotime,subjecttocustomaryconditions,andweexpecttomakefurtherborrowingsunderourrevolvingcreditfacilityinthefuture.Ourrevolvingcreditfacilitygrantsustheoptiontoincreasetheamountofborrowingsavailablethereunderbyupto$1.0billion,subjecttoobtaininglendercommitmentsandcertaintermsandconditions.Theinterestratesunderourrevolvingcreditfacilityareequaltoabaseinterestrate(whichisvariable)plusaspreadthatisdeterminedonthebasisoftheratingsassignedtoourseniorunsecureddebtsecuritiesbycreditratingagencies.AsofSeptember15,2020,theinterestrateunderourrevolvingcreditfacilitywasequaltoLIBORplusaspreadof0.775%withafacilitycommitmentfeeof0.125%,forallindrawnpricingof0.90%overLIBOR.Therevolvingcreditfacilityprovidesthattheinterestraterangesfrom:(i)LIBORplusaspreadof1.45%ifourcreditratingislowerthanBBB/Baa3orifourseniorunsecureddebtisunratedto(ii)LIBORplusaspreadof0.75%ifourcreditratingisA/A2orhigher.Theinterestrateonborrowingsunderour$250.0milliontermloanfacilityisalsosubjecttoadjustmentbasedonchangesinourcreditratings.Inaddition,ourrevolvingcreditfacilityprovidesforafacilitycommitmentfeebasedonourcreditratings,whichrangesfrom:(i)0.30%ifourcreditratingislowerthanBBB-/Baa3orifourseniorunsecureddebtisunrated,to(ii)0.10%ifourcreditratingisA/A2orhigher.AsofSeptember15,2020,wewereassignedthefollowinginvestmentgradecorporatecreditratingsonourseniorunsecurednotes:Moody’sInvestorsServicehadassignedaratingofA3witha“stable”outlookandStandard&Poor’sRatingsGrouphadassignedaratingofA-witha“stable”outlook.Basedontheseratings,ourinterestratesunderourrevolvingcreditfacilityandour$250.0milliontermloanfacilityarebasedonanA−/A3creditrating.Wealsoissueseniordebtsecuritiesandmayissuecommercialpapernotesfromtimetotimeandourcreditratingscanimpacttheinterestratesonthesedebtsecurities.

Ifourcreditratingschange,theinterestratesunderourcreditfacilitiesandanyotherdebtfinancingofoursthatprovidesforchangesininterestratesifourcreditratingschange,andthecommitmentfeesunderourrevolvingcreditfacility,couldincreaseordecrease.Likewise,theinterestratesandcommitmentfeesunderourrevolvingcreditfacilityandtheinterestrateonour$250.0milliontermloanfacilityandsomeofourmortgageindebtednessarevariableandchangesinprevailinginterestrateswillresultinchangesintheinterestratesunderthoseborrowingsand,inthecaseofourrevolvingcreditfacility,commitmentfees,aswellastheinterestratesoncommercialpaperanddebtsecuritieswemayissueandotherborrowingswemaymakefromtimetotime.

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Creditratingsarenotarecommendationtobuy,sellorholdourdebtsecurities(includingthenotesofferedhereby)andaresubjecttorevisionorwithdrawalatanytime.Thecreditratingsassignedtouscouldchangebasedupon,amongotherthings,ourresultsofoperationsandfinancialcondition.Theseratingsaresubjecttoongoingevaluationbycreditratingagenciesandwecannotassureyouthatourratingswillnotbechangedorwithdrawnbyaratingagencyinthefutureif,initsjudgment,circumstanceswarrant.Moreover,aratingisnotarecommendationtobuy,sellorholdourdebtsecurities,includingthenotesofferedherebyorourcommonstock.ForinformationconcerningthepotentialimpactofCOVID-19onourcreditratings,see“RiskFactors—TheCOVID-19pandemichasdisruptedouroperationsandisexpectedtocontinuetohaveanadverseeffectonourbusiness,resultsofoperations,financialconditionandliquidity.”

Affiliatesofmostoftheunderwritersparticipatinginthisofferingarelendersunderourrevolvingcreditfacilityandsomeoftheunderwritersortheiraffiliatesaredealersunderourcommercialpaperprogramormayholdpositionsinourcommercialpaper.Totheextentweusenetproceedsfromthisofferingtorepaybankborrowings,commercialpaperorotherindebtednessofoursheldbytheunderwritersoranyoftheiraffiliates,thoseunderwritersandaffiliateswillreceivenetproceedsfromthisofferingthroughtherepaymentofthatindebtedness.See“Underwriting(ConflictsofInterest)—OtherRelationships”and“Underwriting(ConflictsofInterest)—ConflictsofInterest.”

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DESCRIPTION OF NOTES

A general description of some of the terms of the notes offered hereby appears in the accompanyingprospectus. The following description of some of the particular terms of the notes offered by this prospectussupplement supplements and, to the extent inconsistent with the accompanying prospectus, replaces the descriptionof the general terms and provisions of the debt securities and the Indenture (as defined below) set forth in theaccompanying prospectus. The following statements relating to the notes and the Indenture describe certain termsand provisions of the notes and the Indenture and are not complete. These statements are qualified in their entiretyby reference to the provisions of the notes, the officers’ certificate establishing the form and terms of the notes andthe Indenture, including the definitions in the notes and Indenture of certain terms, and which have been or will befiled as exhibits to the registration statement of which this prospectus supplement forms a part or as exhibits to thedocuments incorporated therein by reference and may be obtained as described under “Where You Can Find MoreInformation” in the accompanying prospectus. Unless otherwise expressly stated or the context otherwise requires,all references to the “Company,” “Realty Income,” “our,” “we,” and “us” appearing under this caption“Description of Notes” and under the caption “Description of Debt Securities” in the accompanying prospectusmean Realty Income Corporation, a Maryland corporation, excluding its subsidiaries. Other capitalized terms usedunder this caption, but not otherwise defined, shall have the meanings given to them in the accompanyingprospectus or, if not defined in the accompanying prospectus, in the Indenture.

The notes will constitute a new series of our debt securities (which are more fully described in theaccompanying prospectus) to be issued pursuant to an indenture dated as of October 28, 1998 (the “Indenture”)between Realty Income and The Bank of New York Mellon Trust Company, N.A. (successor trustee to The Bank ofNew York), as trustee (the “Trustee”). The terms of the notes include those provisions contained in the Indentureand the officers’ certificate establishing the form and terms of the notes and those made part of the Indenture byreference to the Trust Indenture Act of 1939, as amended (the “TIA”). The notes are subject to all those terms, andinvestors are referred to the Indenture, such officers' certificate and the TIA for a statement of those terms.

General

WearepermittedbytheIndenturetoissueourdebtsecuritiesthereunderfromtimetotimeinoneormoreseries.Thenoteswillbeanew,separateseriesofourdebtsecuritiesundertheIndenture,limitedinitiallyinaggregateprincipalamountto£400,000,000.TheIndenturedoesnotlimittheamountofdebtsecuritiesthatwemayissueundertheIndenture,andwemayfromtimetotimeissuedebtsecuritiesinoneormoreseriesuptotheaggregateamountauthorizedbyusforeachseries.Wemay,withouttheconsentoftheholdersofthenotes,re-openthisseriesofnotesandissueadditionalnotesofthisseriesundertheIndentureinadditiontothenotesofferedpursuanttothisprospectussupplement,andanysuchadditionalnotesshallbepartofthesameseriesofdebtsecuritiesundertheIndentureasthenotesofferedbythisprospectussupplement.

Thenoteswillbeissuedinfullyregisteredform,withoutinterestcoupons,indenominationsof£100,000andintegralmultiplesof£1,000inexcessthereof.ThenoteswillbedenominatedinGBP(asdefinedbelow).Theprincipalof,andpremium,ifany,andintereston,andAdditionalAmounts(asdefinedbelow),ifany,inrespectof,thenoteswillbepayableinGBP,exceptunderthecircumstancesdescribedbelowunder“—IssuanceinGBP”and“—Discharge,DefeasanceandCovenantDefeasanceoftheNotes.”Thenoteswillbeevidencedbyoneormoreglobalnotes(collectively,the“GlobalNote”)inbook-entryform,exceptunderthelimitedcircumstancesdescribedbelowunder“—CertificatedNotes.”TheGlobalNotewillberegisteredinthenameofanomineeof,anddepositedwithoronbehalfof,acommondepositary(the“commondepositary”)forEuroclearBankSA/NV(“Euroclear”,whichtermincludesanysuccessorsecuritiesclearingagencythereto)andClearstreamBankingS.A.(“Clearstream”,whichtermincludesanysuccessorsecuritiesclearingagencythereto).Exceptinthelimitedcircumstancesdescribedbelowunder“—CertificatedNotes”,ownersofbeneficialinterestsintheGlobalNotewillnotbeentitledtohavenotesregisteredintheirnamesandwillnotreceiveorbeentitledtoreceivenotesindefinitivecertificatedform.

Forpurposesofthenotes,unlessotherwiseexpresslystatedunderthiscaption“DescriptionofNotes,”(i)a“BusinessDay”meansanyday,otherthanaSaturdayoraSunday,thatisnotadayonwhichbankinginstitutionsinTheCityofNewYorkorinLondon,Englandareauthorizedorrequiredbylaw,regulation

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orexecutiveordertoclose,(ii)“sterling,”“£”and“GBP”meanthelawfulcurrencyoftheUnitedKingdomand(iii)“U.S.dollars,”“USD”and“$”meanUnitedStatesdollars.

Referenceismadetothesectiontitled“DescriptionofDebtSecurities—CertainCovenants”intheaccompanyingprospectusand“—AdditionalCovenantsofRealtyIncome”belowforadescriptionofcertaincovenantsapplicabletothenotes.Compliancewiththesecovenantsgenerallymaybewaived,insofarasconcernsthenotes,iftheholdersofamajorityinprincipalamountoftheoutstandingnotesconsenttosuchwaiver.

Excepttothelimitedextentdescribedunder“DescriptionofDebtSecurities—Merger,ConsolidationorSaleofAssets”intheaccompanyingprospectusor“—AdditionalCovenantsofRealtyIncome”below,theIndenturedoesnotcontainanyprovisionsthatwouldaffordholdersofthenotesprotectionintheeventof(1)ahighlyleveragedorsimilartransactioninvolvingRealtyIncome,(2)achangeofcontrolormanagementofRealtyIncome,or(3)areorganization,restructuring,mergerorsimilartransactioninvolvingRealtyIncomethatmayadverselyaffecttheholdersofthenotes.Inaddition,subjecttocompliancewiththecovenantssetforthunder“—AdditionalCovenantsofRealtyIncome”belowand,ifapplicable,covenantsinotherdebtinstrumentsandthecovenantsetforthunder“DescriptionofDebtSecurities—Merger,ConsolidationorSaleofAssets”intheaccompanyingprospectus,RealtyIncomemay,inthefuture,enterintocertaintransactionssuchasthesaleofallorsubstantiallyallofitsassetsorthemergerorconsolidationofRealtyIncomewithanotherentitythatcouldsubstantiallyincreasetheamountofRealtyIncome’sindebtednessorsubstantiallyreduceRealtyIncome’sassets,whichmayhaveanadverseeffectonRealtyIncome’sabilitytoserviceitsindebtedness,includingthenotes.

Paying Agent and Transfer Agent

TheBankofNewYorkMellon,LondonBranch,willactasthepayingagentforthenotes.TheBankofNewYorkMellonTrustCompany,N.A.willactasthetrusteeandthetransferagentforthenotes.Wemaychangeanypayingagentortransferagentandappointadditionalpayingagentsandtransferagents,solongasweatalltimesmaintainapayingagentforthenotesinLondon,EnglandandatransferagentforthenotesinChicago,Illinois.

Issuance in GBP

InvestorspurchasingnotesinthisofferingwillberequiredtopayforthosenotesinGBP.

Exceptasdescribedinthenextparagraphandintheprovisotothissentence,allpaymentsofprincipalof,andpremium,ifany,andintereston,andAdditionalAmounts,ifany,inrespectof,thenoteswillbemadeinGBP;providedthatifGBPisunavailabletousduetotheimpositionofexchangecontrolsorothercircumstancesbeyondourcontrol,thenallpaymentsinrespectofthenoteswillbemadeinU.S.dollarsuntilGBPisagainavailabletous.Insuchcircumstances,theamountpayableonanydateinGBPwillbeconvertedintoU.S.dollarsattheratemandatedbytheBoardofGovernorsoftheU.S.FederalReserveSystem(oranysuccessorthereto)asofthecloseofbusinessonthesecondBusinessDaypriortotherelevantpaymentdateor,iftheBoardofGovernorsoftheU.S.FederalReserveSystem(oranysuccessorthereto)hasnotmandatedarateofconversion,onthebasisofthemostrecentU.S.dollar/GBPexchangeratepublishedinTheWallStreetJournal(oranysuccessorthereto)onorpriortothesecondBusinessDay,priortotherelevantpaymentdate.AnypaymentinrespectofthenotessomadeinU.S.dollarsundersuchcircumstanceswillnotconstituteaneventofdefault(asdefined;see“—EventsofDefault”belowinthisprospectussupplement)withrespecttothenotesundertheIndenture.NeithertheTrusteenorthepayingagentshallhaveanyresponsibilityforanycalculationorconversioninconnectionwiththeforegoing.See“CurrencyConversion”aboveinthisprospectussupplementforinformationregardingarecentGBP/U.S.dollarexchangerate.

See“—Discharge,DefeasanceandCovenantDefeasanceoftheNotes”inthisprospectussupplementand“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectusforadiscussionofcertainothercircumstances(whichwouldapplyonlyafterweeffecteddefeasanceorcovenantdefeasanceofthenotes)underwhichthenotescouldbepayableinacurrencyotherthanGBP.

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Investorswillbesubjecttoforeignexchangeriskswithrespecttopaymentsonthenotesthatmayhaveimportanteconomicandtaxconsequencestothem.See“RiskFactors—AninvestmentinthenotesbyapurchaserwhosehomecurrencyisnotGBPentailssignificantrisks,”“RiskFactors—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances”and“CurrencyConversion”inthisprospectussupplement.

Ranking

Thenoteswillbeourseniorunsecuredobligationsandwillrankequallyinrightofpaymentwithallofourotherexistingandfutureseniorunsecuredindebtedness.Thenoteswillbeourobligationsexclusively,however,andwillnotbetheobligationsof,orguaranteedby,anyofoursubsidiaries,norareanyofoursubsidiariesrequiredtoprovidefundstous,whetherbydividend,loanorotherwise,tomakepaymentsonthenotes.Thenoteswillthereforebeeffectivelysubordinatedinrightofpaymenttoallexistingandfutureindebtednessandotherliabilitiesofoursubsidiariesfromtimetotimeoutstanding,includinganyguaranteesofourindebtednessbyanyofoursubsidiaries,andwillalsobesubordinatedinrightofpaymenttoallexistingandfuturesecuredindebtednessofusandoursubsidiariestotheextentofthevalueofthecollateralpledgedassecuritytherefor.AsofJune30,2020andSeptember15,2020,we(includingoursubsidiaries)hadapproximately$393.7millionand$357.4millionofsecuredindebtednessoutstanding(excludingunamortizedpremiumsanddeferredfinancingcosts),respectively,and,asofJune30,2020,oursubsidiarieshadapproximately$443.2millionoftotalindebtednessandotherliabilitiesoutstanding(excludingliabilitiesowedtousandotherintercompanyliabilities,below-marketleaseliabilities,andoperatingleaseliabilities).Also,noneofoursubsidiariescurrentlyguaranteesourborrowingsunderourrevolvingcreditfacilityorour$250.0milliontermloanfacilityorourcommercialpaperprogram.Asaresult,thenotescurrentlyrankequallyinrightofpaymentwithborrowingsunderthesefacilitiesandthatprogram.However,underthosefacilities,ifanyofoursubsidiariesguaranteesorotherwisebecomesobligatedwithrespecttoanyofouroranyofoursubsidiaries’otherexistingorfutureindebtedness(subjecttolimitedexceptions),thenanysuchsubsidiarywouldberequiredtobecomeaguarantorunderourrevolvingcreditfacilityandour$250.0milliontermloanfacility.Additionally,wemayvoluntarilycauseanyofoursubsidiariestobecomeaguarantorunderthesefacilitiestotheextentweconsiderappropriatetoremainincompliancewithcertaincovenantsunderthesefacilities.See“RiskFactors—Althoughthesenotesarereferredtoas‘senior’notes,theywillbeeffectivelysubordinatedtoallliabilitiesofoursubsidiaries,includinganyguaranteesofourindebtednessbyanyofoursubsidiaries,andwillbesubordinatedtooursecuredindebtednesstotheextentoftheassetssecuringthatindebtedness.”AlthoughtheIndentureandotherdebtinstrumentstowhichweareapartylimitourabilityandtheabilityofoursubsidiariestoincuradditionalindebtedness,bothweandoursubsidiarieshavetherighttoincursubstantialadditionalsecuredandunsecuredindebtedness.

Interest and Maturity

ThenoteswillmatureonDecember15,2030.Thenotesarenotentitledtothebenefitofanysinkingfundpayments.ThenoteswillbesubjecttoredemptionatRealtyIncome’soptionandarenotsubjecttorepaymentorrepurchasebyRealtyIncomeattheoptionoftheHolders(asdefinedbelow).See“—OptionalRedemption”and“—RedemptionforChangesinTaxes”below.Asusedherein,“Holder”meansthepersoninwhosenameanoteisregisteredinthesecurityregistermaintainedbytheregistrarforthenotes.

Thenoteswillbearinterestattherateof1.625%perannum,accruingfromOctober1,2020orfromthemostrecentinterestpaymentdate(asdefinedbelow)towhichinteresthasbeenpaidonthenotes,payableannuallyinarrearsonDecember15ofeachyear(each,an“interestpaymentdate”),commencingDecember15,2020,tothepersonsinwhosenamesthenotesareregisteredinthesecurityregisterapplicabletothenotesatthecloseofbusinesson(i)inthecaseofnotesrepresentedbytheGlobalNote,onthebusinessday(forthispurpose,adayonwhichClearstreamandEuroclearareopenforbusiness)immediatelyprecedingtheapplicableinterestpaymentdateand(ii)inallothercases,the15thdaypriortotheapplicableinterestpaymentdate(each,a“regularrecorddate”).Interestonthenoteswillbecomputedonthebasisoftheactualnumberofdaysintheperiodforwhichinterestisbeingcalculatedandtheactualnumberofdaysfromandincludingthelastdateonwhichinterestwaspaidonthenotes(orfromandincludingOctober1,2020ifnointeresthasbeenpaidonthenotes)tobutexcludingthenextscheduledinterestpaymentdate.This

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paymentconventionisreferredtoasACTUAL/ACTUAL(ICMA)asdefinedintherulebookoftheInternationalCapitalMarketAssociation.

Ifanyinterestpaymentdate,thematuritydate,anydatefixedforredemptionoranyotherdayonwhichtheprincipalof,orpremium,ifany,orintereston,orAdditionalAmounts,ifany,inrespectof,anotebecomesdueandpayablefallsonadaythatisnotaBusinessDay,therequiredpaymentmaybemadeonthenextBusinessDayasifitweremadeonthedatethepaymentwasdueandnointerestwillaccrueontheamountsopayablefortheperiodfromandaftersuchinterestpaymentdate,maturitydate,redemptiondateorotherdate,asthecasemaybe.

Additional Covenants of Realty Income

Referenceismadetothesectiontitled“DescriptionofDebtSecurities—CertainCovenants”intheaccompanyingprospectusforadescriptionofcertaincovenantsapplicabletothenotes.Inadditiontotheforegoing,thefollowingcovenantsofRealtyIncomewillapplytothenotesforthebenefitoftheHoldersofthenotes:

Limitation on Incurrence of Total Debt.RealtyIncomewillnot,andwillnotpermitanySubsidiaryto,incuranyDebt,otherthanIntercompanyDebt,if,immediatelyaftergivingeffecttotheincurrenceofsuchadditionalDebtandtheapplicationoftheproceedstherefromonaproformabasis,theaggregateprincipalamountofalloutstandingDebtofRealtyIncomeanditsSubsidiariesonaconsolidatedbasisdeterminedinaccordancewithGAAPisgreaterthan60%ofthesumof(1)RealtyIncome’sTotalAssetsasoftheendofthelatestfiscalquartercoveredinRealtyIncome’sAnnualReportonForm10-KorQuarterlyReportonForm10-Q,asthecasemaybe,mostrecentlyfiledwiththeSecuritiesandExchangeCommission(the“SEC”)(or,ifsuchfilingisnotrequiredundertheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),withtheTrustee)priortotheincurrenceofsuchadditionalDebtand(2)theincrease,ifany,inTotalAssetsfromtheendofsuchquarterincluding,withoutlimitation,anyincreaseinTotalAssetscausedbytheapplicationoftheproceedsofsuchadditionalDebt(suchincreasetogetherwithRealtyIncome’sTotalAssetsarereferredtoasthe“AdjustedTotalAssets”).

Limitation on Incurrence of Secured Debt.RealtyIncomewillnot,andwillnotpermitanySubsidiaryto,incuranySecuredDebt,otherthanIntercompanyDebt,if,immediatelyaftergivingeffecttotheincurrenceofsuchadditionalSecuredDebtandtheapplicationoftheproceedstherefromonaproformabasis,theaggregateprincipalamountofalloutstandingSecuredDebtofRealtyIncomeanditsSubsidiariesonaconsolidatedbasisdeterminedinaccordancewithGAAPisgreaterthan40%ofRealtyIncome’sAdjustedTotalAssets.

Debt Service Coverage.RealtyIncomewillnot,andwillnotpermitanySubsidiaryto,incuranyDebt,otherthanIntercompanyDebt,iftheratioofConsolidatedIncomeAvailableforDebtServicetotheAnnualDebtServiceChargefortheperiodconsistingofthefourconsecutivefiscalquartersmostrecentlyendedpriortothedateonwhichsuchadditionalDebtistobeincurredislessthan1.5to1.0,onaproformabasisaftergivingeffecttotheincurrenceofsuchDebtandtheapplicationoftheproceedstherefrom,andcalculatedontheassumptionthat(1)suchDebtandanyotherDebtincurredbyRealtyIncomeoranyofitsSubsidiariessincethefirstdayofsuchfour-quarterperiodandtheapplicationoftheproceedstherefrom(includingtorefinanceotherDebtsincethefirstdayofsuchfour-quarterperiod)hadoccurredonthefirstdayofsuchperiod,(2)therepaymentorretirementofanyotherDebtofRealtyIncomeoranyofitsSubsidiariessincethefirstdayofsuchfour-quarterperiodhadoccurredonthefirstdayofsuchperiod(exceptthat,inmakingsuchcomputation,theamountofDebtunderanyrevolvingcreditfacility,lineofcreditorsimilarfacilityshallbecomputedbasedupontheaveragedailybalanceofsuchDebtduringsuchperiod),and(3)inthecaseofanyacquisitionordispositionbyRealtyIncomeoranySubsidiaryofanyassetorgroupofassetssincethefirstdayofsuchfour-quarterperiod,including,withoutlimitation,bymerger,stockpurchaseorsale,orassetpurchaseorsale,suchacquisitionordispositionhadoccurredonthefirstdayofsuchperiodwiththeappropriateadjustmentswithrespecttosuchacquisitionordispositionbeingincludedinsuchproformacalculation.IftheDebtgivingrisetotheneedtomaketheforegoingcalculationoranyotherDebtincurredafterthefirstdayoftherelevantfour-quarterperiodbearsinterestatafloatingratethen,forpurposesofcalculatingtheAnnualDebtServiceCharge,theinterestrateonsuchDebtshallbecomputedonaproformabasisasiftheaverageinterestratewhichwouldhavebeenineffectduringtheentiresuchfour-quarterperiodhadbeentheapplicableratefortheentiresuchperiod.

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Maintenance of Total Unencumbered Assets.RealtyIncomewillmaintainatalltimesTotalUnencumberedAssetsofnotlessthan150%oftheaggregateoutstandingprincipalamountoftheUnsecuredDebtofRealtyIncomeanditsSubsidiaries,computedonaconsolidatedbasisinaccordancewithGAAP.

Asusedherein:

“AnnualDebtServiceCharge”asofanydatemeanstheamountwhichisexpensedinany12-monthperiodforinterestonDebtofRealtyIncomeanditsSubsidiaries.

“ConsolidatedIncomeAvailableforDebtService”foranyperiodmeansConsolidatedNetIncomeplus,withoutduplication,amountswhichhavebeendeductedindeterminingConsolidatedNetIncomeduringsuchperiodfor(1)ConsolidatedInterestExpense,(2)provisionsfortaxesofRealtyIncomeanditsSubsidiariesbasedonincome,(3)amortization(otherthanamortizationofdebtdiscount)anddepreciation,(4)provisionsforlossesfromsalesorjointventures,(5)provisionsforimpairmentlosses,(6)increasesindeferredtaxesandothernon-cashcharges,(7)chargesresultingfromachangeinaccountingprinciples,and(8)chargesforearlyextinguishmentofdebt,andless,withoutduplication,amountswhichhavebeenaddedindeterminingConsolidatedNetIncomeduringsuchperiodfor(a)provisionsforgainsfromsalesorjointventures,and(b)decreasesindeferredtaxesandothernon-cashitems.

“ConsolidatedInterestExpense”foranyperiod,andwithoutduplication,meansallinterest(includingtheinterestcomponentofrentalsonfinanceleases,letterofcreditfees,commitmentfeesandotherlikefinancialcharges)andallamortizationofdebtdiscountonallDebt(including,withoutlimitation,payment-in-kind,zerocouponandotherlikesecurities)butexcludinglegalfees,titleinsurancecharges,otherout-of-pocketfeesandexpensesincurredinconnectionwiththeissuanceofDebtandtheamortizationofanysuchdebtissuancecoststhatarecapitalized,alldeterminedforRealtyIncomeanditsSubsidiariesonaconsolidatedbasisinaccordancewithGAAP.

“ConsolidatedNetIncome”foranyperiodmeanstheamountofconsolidatednetincome(orloss)ofRealtyIncomeanditsSubsidiariesforsuchperioddeterminedonaconsolidatedbasisinaccordancewithGAAP.

“Debt”meansanyindebtednessofRealtyIncomeoranySubsidiary,whetherornotcontingent,inrespectof(1)moneyborrowedorevidencedbybonds,notes,debenturesorsimilarinstruments,(2)indebtednesssecuredbyanymortgage,pledge,lien,charge,encumbrance,trustdeed,deedoftrust,deedtosecuredebt,securityagreementoranysecurityinterestexistingonpropertyownedbyRealtyIncomeoranySubsidiary,(3)lettersofcreditoramountsrepresentingthebalancedeferredandunpaidofthepurchasepriceofanypropertyexceptanysuchbalancethatconstitutesanaccruedexpenseortradepayableor(4)anyleaseofpropertybyRealtyIncomeoranySubsidiaryaslesseethatisreflectedonRealtyIncome’sconsolidatedbalancesheetasafinanceleaseorasindebtednessinaccordancewithGAAP,inthecaseofitemsofindebtednessunder(1)through(3)abovetotheextentthatanysuchitems(otherthanlettersofcredit)wouldappearasliabilitiesonRealtyIncome’sconsolidatedbalancesheetinaccordancewithGAAP,andalsoincludes,totheextentnototherwiseincluded,anyobligationofRealtyIncomeoranySubsidiarytobeliablefor,ortopay,asobligor,guarantororotherwise(otherthanforpurposesofcollectionintheordinarycourseofbusiness),indebtednessofanotherperson(otherthanRealtyIncomeoranySubsidiary)ofthetypereferredtoin(1),(2),(3)or(4)above(itbeingunderstoodthatDebtshallbedeemedtobeincurredbyRealtyIncomeoranySubsidiarywheneverRealtyIncomeorsuchSubsidiaryshallcreate,assume,guaranteeorotherwisebecomeliableinrespectthereof).

“ExecutiveGroup”means,collectively,thoseindividualsholdingtheofficesofChairman,ViceChairman,ChiefExecutiveOfficer,President,ChiefOperatingOfficer,oranyVicePresidentofRealtyIncome.

“GAAP”meansgenerallyacceptedaccountingprinciples,asineffectfromtimetotime,asusedintheUnitedStatesappliedonaconsistentbasis.

“IntercompanyDebt”meansindebtednessowedbyRealtyIncomeoranySubsidiarysolelytoRealtyIncomeoranySubsidiary.

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“SecuredDebt”meansDebtsecuredbyanymortgage,lien,charge,encumbrance,trustdeed,deedoftrust,deedtosecuredebt,securityagreement,pledge,conditionalsaleorothertitleretentionagreement,financelease,orothersecurityinterestoragreementgrantingorconveyingsecuritytitletoorasecurityinterestinrealpropertyorothertangibleassets.

“Subsidiary”means(1)anycorporation,partnership,jointventure,limitedliabilitycompanyorotherentitythemajorityoftheshares,ifany,ofthenon-votingcapitalstockorotherequivalentownershipinterestsofwhich(exceptdirectors’qualifyingshares)areatthetimedirectlyorindirectlyownedbyRealtyIncome,andthemajorityofthesharesofthevotingcapitalstockorotherequivalentownershipinterestsofwhich(exceptfordirectors’qualifyingshares)areatthetimedirectlyorindirectlyownedbyRealtyIncome,anyotherSubsidiaryorSubsidiaries,and/oroneormoreindividualsoftheExecutiveGroup(or,intheeventofdeathordisabilityofanyofsuchindividuals,his/herrespectivelegalrepresentative(s),orsuchindividuals’successorsinofficeasanofficerofRealtyIncome),and(2)anyotherentitytheaccountsofwhichareconsolidatedwiththeaccountsofRealtyIncome.Theforegoingdefinitionof“Subsidiary”shallonlybeapplicablewithrespecttothisdefinitionandthecovenantsandotherdefinitionssetforthhereinunderthiscaption“—AdditionalCovenantsofRealtyIncome”and,insofarastheprovisionsdescribedintheaccompanyingprospectusunder“DescriptionofDebtSecurities—Merger,ConsolidationorSaleofAssets”applytothenotes,theterm“Subsidiary,”asthattermisusedunderthecaption“DescriptionofDebtSecurities—Merger,ConsolidationorSaleofAssets,”shallhavethemeaningsetforthinthisdefinition(insteadofthemeaningsetforthintheaccompanyingprospectus).

“TotalAssets”asofanydatemeansthesumof(1)UndepreciatedRealEstateAssetsand(2)allotherassetsofRealtyIncomeanditsSubsidiariesdeterminedonaconsolidatedbasisinaccordancewithGAAP(butexcludingaccountsreceivableandintangibles).

“TotalUnencumberedAssets”asofanydatemeansTotalAssetsminusthevalueofanypropertiesofRealtyIncomeanditsSubsidiariesthatareencumberedbyanymortgage,charge,pledge,lien,securityinterest,trustdeed,deedoftrust,deedtosecuredebt,securityagreement,orotherencumbranceofanykind(otherthanthoserelatingtoIntercompanyDebt),includingthevalueofanystockofanySubsidiarythatissoencumbered,determinedonaconsolidatedbasisinaccordancewithGAAP;provided,however,that,indeterminingTotalUnencumberedAssetsasapercentageofoutstandingUnsecuredDebtforpurposesofthecovenantsetforthaboveunder“—MaintenanceofTotalUnencumberedAssets,”allinvestmentsinanypersonthatisnotconsolidatedwithRealtyIncomeforfinancialreportingpurposesinaccordancewithGAAPshallbeexcludedfromTotalUnencumberedAssetstotheextentthatsuchinvestmentwouldotherwisehavebeenincluded.Forpurposesofthisdefinition,thevalueofeachpropertyshallbeequaltothepurchasepriceorcostofeachsuchpropertyandthevalueofanystocksubjecttoanyencumbranceshallbedeterminedbyreferencetothevalueofthepropertiesownedbytheissuerofsuchstockasaforesaid.

“UndepreciatedRealEstateAssets”asofanydatemeanstheamountofrealestateassetsofRealtyIncomeanditsSubsidiariesonsuchdate,beforedepreciationandamortization,determinedonaconsolidatedbasisinaccordancewithGAAP.

“UnsecuredDebt”meansDebtofRealtyIncomeoranySubsidiarythatisnotSecuredDebt.

Optional Redemption

PriortoSeptember15,2030(the“ParCallDate”),thenoteswillberedeemableatanytimeinwholeorfromtimetotimeinpartattheoptionofRealtyIncomeataredemptionpriceequaltothegreaterof:

100%oftheprincipalamountofthenotestoberedeemed,and

thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalofandinterestonthenotestoberedeemed(exclusiveofinterestaccruedtotheapplicableredemptiondate),assumingthatthenotesmaturedandthataccruedandunpaidinterestonthenoteswaspayableontheParCallDate,discountedtosuchredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheComparableGovernmentBondRateplus25basispoints,

plus,inthecaseofbothclauses(a)and(b)above,accruedandunpaidinterestontheprincipalamountofthenotesbeingredeemedtosuchredemptiondate.

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OnandaftertheParCallDate,thenoteswillberedeemableatanytimeinwholeorfromtimetotimeinpartattheoptionofRealtyIncomeataredemptionpriceequalto100%oftheprincipalamountofthenotestoberedeemed,plusaccruedandunpaidinterestontheprincipalamountofthenotesbeingredeemedtotheapplicableredemptiondate.

Notwithstandingtheforegoing,installmentsofinterestonnotesthataredueandpayableonaninterestpaymentdatefallingonorpriortoaredemptiondateforthenoteswillbepayabletothepersonswhoweretheHoldersofthenotes(oroneormorepredecessornotes)registeredassuchatthecloseofbusinessontherelevantregularrecorddateaccordingtotheirtermsandtheprovisionsoftheIndenture.

“ComparableGovernmentBondRate”means,withrespecttoanyredemptiondateforthenotes,theprice,expressedasapercentage(roundedtothreedecimalplaces,with0.0005beingroundedupwards),atwhichthegrossredemptionyieldonthenotestoberedeemed,iftheyweretobepurchasedatsuchpriceonthethirdBusinessDaypriortothedatefixedforredemption,wouldbeequaltothegrossredemptionyieldonsuchBusinessDayoftheComparableGovernmentBondonthebasisofthemiddlemarketpriceoftheComparableGovernmentBondprevailingat11:00a.m.(Londontime)onsuchBusinessDayasdeterminedbyanindependentinvestmentbankselectedbyRealtyIncome.

“ComparableGovernmentBond”means,inrelationtoanyComparableGovernmentBondRatecalculation,atthediscretionofanindependentinvestmentbankselectedbyRealtyIncome,aUnitedKingdomgovernmentbondwhosematurityisclosesttotheParCallDateor,ifsuchindependentinvestmentbankinitsdiscretiondeterminesthatsuchsimilarbondisnotinissue,suchotherUnitedKingdomgovernmentbondassuchindependentinvestmentbankmay,withtheadviceofthethreebrokersof,and/ormarketmakersin,UnitedKingdomgovernmentbondsselectedbyRealtyIncome,determinetobeappropriatefordeterminingtheComparableGovernmentBondRate.

NoticeofanysuchredemptionshallbegiventotheHoldersofthenotescalledforredemption,and,iflessthanalltheoutstandingnotesaretoberedeemed,thenotestoberedeemedshallbeselected,asdescribedbelowunder“—NoticeofRedemption.”

UnlessRealtyIncomedefaultsinpaymentoftheredemptionprice,onandafteranyredemptiondateinterestwillceasetoaccrueonthenotesorportionsthereofcalledforredemption.

Redemption for Changes in Taxes

If(1)(a)asaresultofanychangein,oramendmentto,thelaws(oranyregulationsorrulingspromulgatedthereunder)ortreatiesoftheUnitedStates(asdefinedbelow)oranypoliticalsubdivisionortaxingauthoritythereoforthereinhavingpowertotax(each,a“RelevantTaxingJurisdiction”),oranychangein,oramendmentto,anyofficialpositionregardingtheapplication,administrationorinterpretationofsuchlaws,treaties,regulationsorrulings(includingbyvirtueofaholding,judgmentororderbyacourtofcompetentjurisdictionorachangeinpublishedadministrativepractice),whichchangeoramendmentbecomeseffectiveonorafterthedateofthisprospectussupplement,RealtyIncomebecomesorwillbecomeobligatedtopayanyAdditionalAmounts(asdefinedunder“—PaymentofAdditionalAmounts”below)or(b)anyactistakenbyaRelevantTaxingJurisdictiononorafterthedateofthisprospectussupplement,whetherornotsuchactistakenwithrespecttoRealtyIncomeoranyaffiliateofRealtyIncome,thatresultsinasubstantialprobabilitythatRealtyIncomewillormayberequiredtopayanyAdditionalAmounts,and(2)RealtyIncomedetermines,initsbusinessjudgment,thattheobligationtopayAdditionalAmountscannotbeavoidedbytakingreasonablemeasuresavailabletoit,includingbymakingpaymentsthroughadifferentpayingagent(providedthatsuchreasonablemeasuresdonotincludesubstitutionofanotherentityastheobligorunderthenotes),thenRealtyIncomemay,atitsoption,redeemthenotes,inwholebutnotinpart,ataredemptionpriceequalto100%oftheprincipalamountofthenotes,plusaccruedandunpaidinterestonthenotestotheapplicableredemptiondate.Notwithstandingtheforgoingprovisionsofthisparagraph,installmentsofinterestonnotesthataredueandpayableonaninterestpaymentdatefallingonorpriortoaredemptiondateforthenoteswillbepayabletothepersonswhoweretheHoldersofthenotes(oroneormorepredecessornotes)registeredassuchatthecloseofbusinessontherelevantregularrecorddateaccordingtotheirtermsandtheprovisionsoftheIndenture.NoredemptionpursuanttothisparagraphmaybemadeunlessRealtyIncomehasreceivedawrittenopinionofindependentcounseltotheeffectthat,asaresultofsuchchangeoramendmentRealtyIncomehasbecomeorwillbecomeobligated

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topay,orthatsuchacttakenbyaRelevantTaxingJurisdictionhasresultedinasubstantialprobabilitythatRealtyIncomewillormayberequiredtopay,anyAdditionalAmounts,andRealtyIncomeshallhavedeliveredtotheTrusteesuchlegalopiniontogetherwithanofficers’certificatestatingthat,basedonsuchopinion,RealtyIncomeisentitledtoredeemthenotespursuanttotheprovisionsdescribedinthisparagraphandtheotherprovisionsofthenotesandtheIndenture.

TheTrusteeshallbeentitledtorelyonsuchofficers’certificateandopinionofcounselassufficientevidenceoftheexistenceandsatisfactionoftheconditionsprecedentasdescribedabove,inwhicheventitwillbeconclusiveandbindingontheHoldersofthenotes.

NoticeofanysuchredemptionwillbegiventotheHoldersofthenotesasdescribedbelowunder“—NoticeofRedemption.”

UnlessRealtyIncomedefaultsinpaymentoftheredemptionprice,onandaftertheredemptiondateinterestwillceasetoaccrueonthenotescalledforredemption.

Asusedinunderthiscaption“—RedemptionforChangesInTaxes”andunderthecaption“—PaymentofAdditionalAmounts”belowtheterm“UnitedStates”meanstheUnitedStatesofAmerica(includingthestatesandtheDistrictofColumbia),itsterritories,itspossessionsandotherareassubjecttoitsjurisdiction.

Notice of Redemption

NoticeofanyredemptionofthenotesbyRealtyIncomewillbemailedatleast15daysbutnotmorethan60daysbeforetheapplicableredemptiondatetoeachHolderofnotestoberedeemed.Iflessthanalloftheoutstandingnotesaretoberedeemed,thenotestoberedeemedshallbeselected,solongasthenotesareinbook-entryform,inaccordancewiththeapplicableproceduresofClearstream,Euroclearorthecommondepositary,asapplicable,orifthenotesareissuedindefinitivecertificatedformunderthelimitedcircumstancesdescribedbelowunder“—CertificatedNotes,”bysuchmethodastheTrusteeshalldeemfairandappropriate;providedthatnonoteshallberedeemedinpartunlesstheremainingprincipalamountofsuchnoteis£100,000oranintegralmultipleof£1,000inexcessthereof.

Payment of Additional Amounts

Allpaymentsofprincipalofandpremium,ifany,andinterestonthenoteswillbemadefreeandclearofandwithoutwithholdingordeductionfororonaccountofanypresentorfuturetax,duty,assessmentorothergovernmentalchargeofwhatsoevernature(collectively,“Taxes”)imposedbyanyRelevantTaxingJurisdiction,unlessthewithholdingordeductionofsuchTaxesisrequiredbylawortheofficialinterpretationoradministrationthereof.

IntheeventthatanywithholdingordeductionfromoronanypaymentsonorinrespectofthenotesfororonaccountofanyTaxesisrequiredbyaRelevantTaxingJurisdiction,RealtyIncomewill,subjecttotheexceptionsandlimitationssetforthbelow,pay,asadditionalinterestonthenotes,suchadditionalamounts(“AdditionalAmounts”)aswillresultinreceiptbyeachholderofanotethatisnotaUnitedStatesPerson(asdefinedbelow)ofsuchamounts(afterallsuchwithholdingordeduction,includingfromoronanyAdditionalAmounts)aswouldhavebeenreceivedbysuchholderhadnosuchwithholdingordeductionbeenrequired.RealtyIncomewillnotberequired,however,tomakeanypaymentofAdditionalAmountsfororonaccountof:

anyTaxesthatareimposedorwithheldbyreasonofaholderofthenotes(orthebeneficialownerforwhosebenefitsuchholderholdssuchnote)(orafiduciary,settlor,beneficiary,memberorshareholderoftheholderiftheholderisanestate,trust,partnershiporcorporation,orapersonholdingapoweroveranestateortrustadministeredbyafiduciaryholder)beingconsideredas:

beingorhavingbeenpresentorengagedinatradeorbusinessintheUnitedStatesorhavingorhavinghadapermanentestablishmentintheUnitedStates;

havingacurrentorformerrelationshipwiththeUnitedStates,includingarelationshipasacitizenorresidentthereof;

beingorhavingbeenaforeignordomesticpersonalholdingcompany,apassiveforeign

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(2)

(3)

(4)

(5)

(6)

(7)

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investmentcompanyoracontrolledforeigncorporationwithrespecttotheUnitedStatesoracorporationthathasaccumulatedearningstoavoidUnitedStatesfederalincometax;

beingorhavingbeena“10percentshareholder”ofRealtyIncomewithinthemeaningofsection871(h)(3)oftheUnitedStatesInternalRevenueCodeof1986,asamended(the“Code”),oranysuccessorprovision;

beingacontrolledforeigncorporationthatisrelatedtouswithinthemeaningofSection864(d)(4)oftheCodeoranysuccessorprovision;or

beingorhavingbeenabankreceivinginterestdescribedinsection881(c)(3)(A)oftheCodeoranysuccessorprovision;

anyholderthatisnotthesolebeneficialownerofthenote,oraportionthereof,orthatisafiduciary,limitedliabilitycompanyorpartnership,butonlytotheextentthatabeneficiaryorsettlorwithrespecttothefiduciaryorabeneficialownerormemberofthepartnershiporlimitedliabilitycompanywouldnothavebeenentitledtothepaymentofanAdditionalAmounthadthebeneficiary,settlor,beneficialownerormemberreceiveddirectlyitsbeneficialordistributiveshareofthepayment;

anyTaxesthatareimposedorwithheldbyreasonofthefailureto(a)complywithcertification,identificationorinformationreportingrequirementsconcerningthenationality,residence,identityorconnectionwithaRelevantTaxingJurisdictionoftheholderorbeneficialownerofsuchnote,ifcomplianceisrequiredbystatuteorbyregulationoftheRelevantTaxingJurisdictionasapreconditiontorelieforexemptionfromsuchTaxes(includingthesubmission,ifapplicable,ofaUnitedStatesInternalRevenueService(“IRS”)FormW-8(withanyrequiredattachments))or(b)complywithanyinformationgatheringandreportingrequirementsortotakeanysimilaraction(includingenteringintoanyagreementwiththeIRS),ineachcase,thatarerequiredtoobtainthemaximumavailableexemptionfromwithholdingbyaRelevantTaxingJurisdictionthatisavailabletopaymentsreceivedbyoronbehalfoftheholderorbeneficialowner;

anyTaxesthatareimposedotherwisethanbywithholdingfromthepayment;

anyTaxesthatareimposedorwithheldbyreasonofachangeinlaw,regulation,oradministrativeorjudicialinterpretationthatbecomeseffectivemorethan15daysafterthepaymentbecomesdueorisdulyprovidedfor,whicheveroccurslater;

anyestate,inheritance,gift,sales,excise,transfer,wealthorpersonalpropertytaxorasimilartax,assessmentorgovernmentalcharge;

anyTaxesrequiredtobewithheldbyanypayingagentfromanypaymentofprincipalof,orpremium,ifany,orintereston,anynote,ifsuchpaymentcanbemadewithoutsuchwithholdingbyanyotherpayingagent;

anyTaxesthatareimposedorleviedbyreasonofthepresentation(wherepresentationisrequiredinordertoreceivepayment)ofsuchnotesforpaymentonadatemorethan30daysafterthedateonwhichsuchpaymentbecamedueandpayable,excepttotheextentthattheholderorbeneficialownerthereofwouldhavebeenentitledtoAdditionalAmountshadthenotesbeenpresentedforpaymentonanydateduringsuch30-dayperiod;

anybackupwithholdingoranyTaxesimposedunderSections1471through1474oftheCode(oranysuccessorprovisionsthereto),anycurrentorfutureregulationsorofficialinterpretationsthereof,anyagreementsenteredintopursuanttoSection1471(b)(1)oftheCode(oranysuccessorprovisionthereto),oranyfiscalorregulatorylegislation,rulesorpracticesadoptedpursuanttoanyintergovernmentalagreemententeredintoinconnectionwiththeimplementationofsuchsectionsoftheCode(oranysuccessorthereto);or

anycombinationofanyitems(1)through(9).

Thenotesaresubjectinallcasestoanytax,fiscalorotherlaworregulationoradministrativeorjudicialinterpretationapplicablethereto.Exceptasspecificallyprovidedunderthisheading“—Paymentof

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AdditionalAmounts,”RealtyIncomeshallnotberequiredtomakeanypaymentwithrespecttoanytax,assessmentorgovernmentalchargeimposedbyanygovernmentorapoliticalsubdivisionortaxingauthoritythereoforthereinonanypaymentofprincipalof,premium,ifany,orintereston,orAdditionalAmountsinrespectof,thenotes.

IfRealtyIncomebecomesawarethatitwillbeobligatedtopayAdditionalAmountswithrespecttoanypaymentunderorwithrespecttothenotes,RealtyIncomewilldelivertotheTrusteeandeachpayingagentonadatethatisatleast30dayspriortothedateofthatpayment(unlesstheobligationtopayAdditionalAmountsariseslessthan30dayspriortothatpaymentdate,inwhichcaseRealtyIncomeshallnotifytheTrusteeandeachpayingagentpromptlyafterRealtyIncomebecomesawarethatsuchobligationhasarisen)anofficers’certificatestatingthefactthatAdditionalAmountswillbepayableandtheamounttobesopayable.Theofficers’certificatemustalsosetforthanyotherinformationreasonablynecessarytoenablethepayingagentstopaysuchAdditionalAmountstoHoldersontherelevantpaymentdate.TheTrusteeandeachpayingagentshallbeentitledtorelysolelyonsuchofficers’certificateasconclusiveproofthatsuchpaymentsarenecessary.

Asusedunderthiscaption“—PaymentofAdditionalAmounts,”theterm“UnitedStatesPerson”meansanyindividualwhoisacitizenorresidentoftheUnitedStatesforU.S.federalincometaxpurposes,acorporation,partnershiporotherentitycreatedororganizedinorunderthelawsoftheUnitedStates,anystateoftheUnitedStatesortheDistrictofColumbia(otherthanapartnershipthatisnottreatedasaUnitedStatesPersonunderanyapplicableU.S.TreasuryRegulations),anyestatetheincomeofwhichissubjecttoUnitedStatesfederalincometaxationregardlessofitssource,oranytrustifacourtwithintheUnitedStatesisabletoexerciseprimarysupervisionovertheadministrationofthetrustoroneormoreUnitedStatesfiduciarieshavetheauthoritytocontrolallsubstantialdecisionsofthetrust;andtheterm“UnitedStates”shallhavethemeaningsetforthaboveunder“—RedemptionforChangesinTaxes.”

Wheneverthereismentioned,inanycontext(exceptasotherwiseprovidedintheprovisotothissentence),underthiscaption“DescriptionofNotes”andunderthecaption“DescriptionofDebtSecurities”intheaccompanyingprospectus,thepaymentofprincipalof,orpremium,ifany,orintereston,orinrespectof,anynote,suchmentionshallbedeemedtoincludementionofthepaymentofAdditionalAmountstotheextentthat,insuchcontext,AdditionalAmountsare,wereorwouldbepayableinrespectthereofpursuanttothetermsofthenotesortheIndenture,andexpressmentionofthepaymentofAdditionalAmountsanywhereundersuchcaptionsshallnotbeconstruedasexcludingAdditionalAmountselsewhereundersuchcaptionswheresuchexpressmentionisnotmade;providedthat,notwithstandingtheforegoingandalsonotwithstandinganythingintheIndenturetothecontrary,thereferencesto“principal”and“premium”appearinginclause(2)ofthefirstparagraphunderthecaption“DescriptionofDebtSecurities—EventsofDefault,NoticeandWaiver”intheaccompanyingprospectusshallnotincludeanyAdditionalAmountsthatmaybepayableinrespectoftheprincipaloforpremium,ifany,onthenotes.Because,asdescribedabove,allAdditionalAmounts,ifany,payableinrespectofthenoteswillbetreatedasadditionalinterest,theprovisototheforegoingsentencemeansthat,forpurposesofdeterminingwhetheraneventofdefaulthasoccurredwithrespecttothenotes,anyfailurebyustopayanyAdditionalAmountsthatarepayableinrespectofthenoteswhenduewillbeentitledtothesame30daygraceperiodtowhichafailuretopayinterestonthenoteswhenduewouldbeentitledasdescribedinclause(1)ofthefirstparagraphunderthecaption“DescriptionofDebtSecurities—EventsofDefault,NoticeandWaiver”intheaccompanyingprospectus.Asaresult,anyfailurebyustopayAdditionalAmounts(including,withoutlimitation,AdditionalAmountspayableinrespectofprincipaloforpremium,ifany,onthenotes)whenduewillnotbeaneventofdefaultwithrespecttothenotesundertheIndentureunlessthatdefaultcontinutesfor30days.

Notwithstandinganydischarge,defeasanceorcovenantdefeasanceofthenotesortheIndentureasdescribedunder“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectus,theprovisionsdescribedunderthiscaption“—PaymentofAdditionalAmounts”shallsurviveanysuchdischarge,defeasanceorcovenantdefeasance,asthecasemaybe,andremaininfullforceandeffectandshallalsosurviveanytransferbyaHolderorbeneficialownerofitsnotesoritsbeneficialinterestintheGlobalNote.

Discharge, Defeasance and Covenant Defeasance of the Notes

Thedischarge,defeasanceandcovenantdefeasanceprovisionsoftheIndenturedescribedunder“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanying

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prospectuswillapplytothenotes;providedthat,anythinginthenotesortheIndenturetothecontrarynotwithstanding,ourobligationtopayAdditionalAmountsonthenotespursuanttotheprovisionsdescribedaboveunder“—PaymentofAdditionalAmounts”shallsurviveanysuchdischarge,defeasanceorcovenantdefeasanceandremaininfullforceandeffect.Covenantdefeasancewillbeapplicable,insofarasconcernsthenotes,withrespecttothecovenantsdescribedintheaccompanyingprospectusunder“DescriptionofDebtSecurities—CertainCovenants”(exceptthecovenantrequiringRealtyIncometopreserveandkeepinfullforceandeffectitscorporateexistence)andthecovenantsdescribedaboveunder“—AdditionalCovenantsofRealtyIncome.”

See“DescriptionofDebtSecurities—Discharge,DefeasanceandCovenantDefeasance”intheaccompanyingprospectusforadiscussionofcertaincircumstances(whichwouldapplyonlyafterweeffecteddefeasanceorcovenantdefeasanceofthenotes)inwhichthenotescouldbepayableinacurrencyotherthanGBP.ForinformationconcerningcertainforeignexchangeriskstowhichinvestorswouldbesubjectifthenotesweretobecomepayableinacurrencyotherthanGBP,see“RiskFactors—AninvestmentinthenotesbyapurchaserwhosehomecurrencyisnotGBPentailssignificantrisks,”“RiskFactors—ThenotespermitustomakepaymentsinU.S.dollarsifweareunabletoobtainGBPandincertainothercircumstances”and“CurrencyConversion”inthisprospectussupplement.

Events of Default

Theterm“eventsofdefault”isdefinedintheaccompanyingprospectusunderthecaption“DescriptionofDebtSecurities—EventsofDefault,NoticeandWaiver.”Asdescribedaboveunder“—PaymentsofAdditionalAmounts,”becauseallAdditionalAmounts,ifany,payableinrespecttothenoteswillbetreatedasadditionalinterestonthenotes,anyfailurebyustopayAdditionalAmountsinrespecttothenoteswhenduewillbeentitledtothesame30daygraceperiodtowhichafailuretopayinterestonthenoteswhenduewouldbeentitledasdescribedinclause(1)ofthefirstparagraphunderthecaption“DescriptionofDebtSecurities—EventsofDefault,NoticeandWaiver”intheaccompanyingprospectus.Asaresult,anyfailurebyustopayAdditionalAmounts(including,withoutlimitation,AdditionalAmountspayableinrespectofprincipaloforpremium,ifany,onthenotes)whenduewillnotbeaneventofdefaultwithrespecttothenotesundertheIndentureunlessthatdefaultcontinuesfor30days.Foradditionalinformation,see“—PaymentofAdditionalAmounts”aboveand“DescriptionofDebtSecurities—EventsofDefault,NoticeandWaiver”intheaccompanyingprospectus.

Modifications of the Accompanying Prospectus

Thefollowinglanguagesupersedesandreplaces,insofarasrelatestothenotes,thelanguageinthesecondbulletpointofthefourthparagraphunderthecaption“DescriptionofDebtSecurities—ModificationoftheIndenture”intheaccompanyingprospectus:“theprincipalamountofanydebtsecuritydenominatedinaforeigncurrencythatshallbedeemedoutstandingshallbetheU.S.dollarequivalentoftheprincipalamountofsuchdebtsecurity,determinedasofthesecondbusinessdaypriortothedateofdeterminingwhethertherequisiteprincipalamountoftheoutstandingdebtsecuritiesoftheapplicableserieshavegivensuchrequest,demand,authorization,direction,notice,consentorwaiverorwhethersuchaquorumispresent.”

Payment

Allpaymentsofprincipalof,premium,ifany,intereston,andAdditionalAmounts,ifany,inrespectof,theGlobalNotewillbemadebythepayingagentonbehalfofRealtyIncomebywiretransferofimmediatelyavailablefundstoanaccountmaintainedbythepayee.

Ifnotesareissuedindefinitivecertificatedformunderthelimitedcircumstancesdescribedbelow,under“—CertificatedNotes,”paymentsofinterestonthecertificatednotesmaybemade,atouroption,bycheckmailedtotheaddressesofthepersonsentitledthereto,assuchaddressesappearintheregisterforthenotes,orbywiretransfertoaccountsmaintainedbythepayees;provided,however,thataHolderof£4millionormoreinaggregateprincipalamountofnotesindefinitivecertificatedformwillbeentitledtoreceivepaymentsofinterestdueonanyinterestpaymentdatebywiretransferofimmediatelyavailablefundstoanaccountspecifiedbysuchHoldersolongassuchHolderhasgivenappropriatewiretransferinstructionstotheTrusteeorapayingagentatleast10calendardayspriortotheapplicableinterestpaymentdate.

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AnysuchwiretransferinstructionswillremainineffectuntilrevokedbysuchHolderoruntilsuchpersonceasestobeaHolderof£4millionormoreinaggregateprincipalamountofnotesindefinitivecertificatedform.

Paymentsofprincipalof,andpremium,ifany,andintereston,andAdditionalAmounts,ifany,inrespectof,thenotesindefinitivecertificatedformthataredueandpayableonthematuritydateofthenotes,anyredemptiondateoranyotherdateonwhichprincipalofthenotesisdueandpayablewillbemadebywiretransferofimmediatelyavailablefundstoaccountsspecifiedbytheHoldersthereof,solongassuchHoldershavegivenappropriatewiretransferinstructionstotheTrusteeorapayingagent,againstsurrenderofsuchnotestotheTrusteeorapayingagent;providedthatinstallmentsofinterestonnotesindefinitivecertificatedformthataredueandpayableonanyinterestpaymentdatefallingonorpriortosuchmaturitydate,redemptiondateorotherdateonwhichprincipalofthenotesispayablewillbepaidinthemannerdescribedintheprecedingparagraphtothepersonswhoweretheHoldersofthenotes(oroneormorepredecessornotes)registeredassuchatthecloseofbusinessontherelevantregularrecorddatesaccordingtothetermsandprovisionsofthenotesandtheIndenture.

Book-Entry System

Thenoteswillbeofferedandsoldonlyindenominationsof£100,000andintegralmultiplesof£1,000inexcessthereof.ThenoteswillinitiallyberepresentedbytheGlobalNote.Uponissuance,theGlobalNotewillbedepositedwith,oronbehalfof,acommondepositaryandregisteredinthenameofthenomineeofthecommondepositaryfortheaccountsofEuroclearandClearstream.Exceptassetforthbelow,theGlobalNotemaybetransferred,inwholeandnotinpart,onlytothecommondepositaryoritsnomineeortoasuccessorcommondepositaryoritsnominee.YoumayholdyourinterestsintheGlobalNoteinEuropethroughEuroclearorClearstream,eitherasaparticipantinsuchsystemsorindirectlythroughorganizationsthatareparticipantsinsuchsystems.EuroclearandClearstreamwillholdinterestsintheGlobalNoteonbehalfoftheirrespectiveparticipatingorganizationsorcustomersthroughcustomers’securitiesaccountsinEuroclear’sorClearstream’snamesonthebooksoftheirrespectivedepositaries.Book-entryinterestsinthenotesandalltransfersrelatingtothenoteswillbereflectedinthebook-entryrecordsofEuroclearandClearstream.

ThedistributionofthenoteswillbeclearedthroughEuroclearandClearstream.Anysecondarymarkettradingofbook-entryinterestsinthenoteswilltakeplacethroughEuroclearandClearstreamparticipantsandwillsettleinsame-dayfunds.Ownersofbook-entryinterestsinthenoteswillreceivepaymentsrelatingtotheirnotesinGBP,exceptasdescribedaboveunder“—IssuanceinGBP”and“—Discharge,DefeasanceandCovenantDefeasanceoftheNotes.”.

EuroclearandClearstreamhaveestablishedelectronicsecuritiesandpaymenttransfer,processing,depositaryandcustodiallinksamongthemselvesandothers,eitherdirectlyorthroughcustodiansanddepositaries.Theselinksallowthenotestobeissued,heldandtransferredamongtheclearingsystemswithoutthephysicaltransferofcertificates.Specialprocedurestofacilitateclearanceandsettlementhavebeenestablishedamongtheseclearingsystemstotradesecuritiesacrossbordersinthesecondarymarket.

ThepoliciesofEuroclearandClearstreamwillgovernpayments,transfers,exchangesandothermattersrelatingtotheinvestors’interestinthenotesheldbythem.NoneofRealtyIncomeortheTrusteehaveanyresponsibilityforanyaspectoftherecordskeptbyEuroclearandClearstreamoranyoftheirdirectorindirectparticipants.RealtyIncomeandtheTrusteealsodonotsupervisethesesystemsinanyway.

EuroclearandClearstreamandtheirparticipantsperformtheseclearanceandsettlementfunctionsunderagreementstheyhavemadewithoneanotherorwiththeircustomers.Youshouldbeawarethattheyarenotobligatedtoperformorcontinuetoperformtheseproceduresandmaymodifythemordiscontinuethematanytime.

Exceptasprovidedbelow,ownersofbeneficialinterestsinthenoteswillnotbeentitledtohavethenotesregisteredintheirnames,willnotreceiveorbeentitledtoreceivephysicaldeliveryofthenotesindefinitivecertificatedformandwillnotbeconsideredtheownersorHoldersofthenotesundertheIndenture,includingforpurposesofreceivinganyreportsdeliveredbyRealtyIncomeortheTrusteepursuanttotheIndenture.Accordingly,eachpersonowningabeneficialinterestinaGlobalNotemustrelyontheprocedures

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ofEuroclearandClearstream,asapplicable,and,ifsuchpersonisnotaparticipant,ontheproceduresoftheparticipantthroughwhichsuchpersonownsitsinterest,inordertoexerciseanyrightsofaHolder.

Euroclear.Euroclearwascreatedin1968toholdsecuritiesforitsparticipants(“EuroclearParticipants”)andtoclearandsettletransactionsbetweenEuroclearParticipantsthroughsimultaneouselectronicbook-entrydeliveryagainstpayment,therebyeliminatingtheneedforphysicalmovementofcertificatesandeliminatingriskfromlackofsimultaneoustransfersofsecuritiesandcash.Euroclearprovidesvariousotherservices,includingsecuritieslendingandborrowingandinterfaceswithdomesticmarketsinseveralcountries.

EuroclearisoperatedbyEuroclearBankSA/NV(the“EuroclearOperator”).AlloperationsareconductedbytheEuroclearOperator,andallEuroclearsecuritiesclearanceaccountsandEuroclearcashaccountsareaccountswiththeEuroclearOperator.EuroclearParticipantsincludebanks(includingcentralbanks),securitiesbrokersanddealersandotherprofessionalfinancialintermediariesandmayincludetheunderwriters.IndirectaccesstoEuroclearisalsoavailabletootherfirmsthatclearthroughormaintainacustodialrelationshipwithaEuroclearParticipant,eitherdirectlyorindirectly.

TheTermsandConditionsGoverningUseofEuroclearandtherelatedOperatingProceduresoftheEuroclearSystem,ortheEuroclearTermsandConditions,andapplicableBelgianlawgovernsecuritiesclearanceaccountsandcashaccountswiththeEuroclearOperator.Specifically,thesetermsandconditionsgoverntransfersofsecuritiesandcashwithinEuroclear,withdrawalsofsecuritiesandcashfromEuroclear,andreceiptofpaymentswithrespecttosecuritiesinEuroclear.AllsecuritiesinEuroclearareheldonafungiblebasiswithoutattributionofspecificcertificatestospecificsecuritiesclearanceaccounts.TheEuroclearOperatoractsunderthetermsandconditionsonlyonbehalfofEuroclearParticipants,andhasnorecordoforrelationshipwithpersonsholdingsecuritiesthroughEuroclearParticipants.

DistributionswithrespecttointerestsintheGlobalNoteheldbeneficiallythroughEuroclearwillbecreditedtothecashaccountsofEuroclearParticipantsinaccordancewiththeEuroclearTermsandConditions.

Clearstream.ClearstreamisincorporatedunderthelawsofLuxembourgasaprofessionaldepositary.Clearstreamholdssecuritiesforitsparticipatingorganizations(“ClearstreamParticipants”).ClearstreamfacilitatestheclearanceandsettlementofsecuritiestransactionsbetweenClearstreamParticipantsthroughelectronicbook-entrychangesinaccountsofClearstreamParticipants,therebyeliminatingtheneedforphysicalmovementofcertificates.ClearstreamprovidestoClearstreamParticipants,amongotherthings,servicesforsafekeeping,administration,clearanceandsettlementofinternationallytradedsecuritiesandsecuritieslendingandborrowing.Clearstreaminterfaceswithdomesticmarketsinseveralcountries.Asaprofessionaldepositary,ClearstreamissubjecttoregulationbytheLuxembourgCommissionfortheSupervisionoftheFinancialSector(Commission deSurveillance du Secteur Financier).ClearstreamParticipantsarerecognizedfinancialinstitutionsaroundtheworld,includingunderwriters,securitiesbrokersanddealers,banks,trustcompanies,clearingcorporationsandcertainotherorganizationsandmayincludetheunderwriters.IndirectaccesstoClearstreamisalsoavailabletoothers,suchasbanks,brokers,dealersandtrustcompanies,thatclearthroughormaintainacustodialrelationshipwithaClearstreamParticipant,eitherdirectlyorindirectly.

DistributionswithrespecttointerestsintheGlobalNoteheldbeneficiallythroughClearstreamwillbecreditedtocashaccountsofClearstreamParticipantsinaccordancewithitsrulesandprocedures.

Global Clearance and Settlement Procedures

RealtyIncomeunderstandsthatinvestorsthatholdtheirnotesthroughEuroclearandClearstreamaccountswillfollowthesettlementproceduresthatareapplicabletoconventionalsterling-denominatedbondsinregisteredform.NoteswillbecreditedtothesecuritiescustodyaccountsofEuroclearandClearstreamParticipantsonthebusinessdayfollowingthesettlementdate,forvalueonthesettlementdate.Theywillbecreditedeitherfreeofpaymentoragainstpaymentforvalueonthesettlementdate.

WeunderstandthatsecondarymarkettradingbetweenEuroclearand/orClearstreamParticipantswilloccurintheordinarywayfollowingtheapplicablerulesandoperatingproceduresofEuroclearand

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Clearstream.Secondarymarkettradingwillbesettledusingproceduresapplicabletoconventionalsterling-denominatedbondsinregisteredform.

Youshouldbeawarethatinvestorswillonlybeabletomakeandreceivedeliveries,paymentsandothercommunicationsinvolvingnotesthroughEuroclearandClearstreamondayswhenthosesystemsareopenforbusiness.Thosesystemsmaynotbeopenforbusinessondayswhenbanks,brokersandotherinstitutionsareopenforbusinessintheUnitedStates.

Inaddition,becauseoftime-zonedifferences,theremaybeproblemswithcompletingtransactionsinvolvingEuroclearandClearstreamonthesamebusinessdayasintheUnitedStates.U.S.investorswhowishtotransfertheirinterestsinthenotes,ortomakeorreceiveapaymentordeliveryofthenotes,onaparticularday,mayfindthatthetransactionswillnotbeperformeduntilthenextbusinessdayinLuxembourgorBrussels,dependingonwhetherEuroclearandClearstreamisused.

EuroclearandClearstreamwillcreditpaymentstothecashaccountsofEuroclearorClearstreamParticipants,asapplicable,inaccordancewiththerelevantsystem’srulesandprocedures,totheextentreceivedbyitsdepositary.EuroclearorClearstreamOperator,asthecasemaybe,willtakeanyotheractionpermittedtobetakenbyaholderundertheIndentureonbehalfofaClearstreamcustomerorEuroclearParticipantonlyinaccordancewithitsrelevantrulesandprocedures.

EuroclearandClearstreamhaveagreedtotheforegoingproceduresinordertofacilitatetransfersofthenotesamongparticipantsofEuroclearandClearstream.However,theyareundernoobligationtoperformorcontinuetoperformthoseprocedures,andtheymaydiscontinuethoseproceduresatanytime.

Certificated Notes

If(1)EuroclearorClearstreamnotifiesRealtyIncomethatitisunwillingorunabletocontinueasaclearingagencyfortheGlobalNoteorifEuroclearorClearstreamceasestobeaclearingagencyregisteredassuchundertheExchangeActatanytimewhenitisrequiredtobesoregisteredinordertoactasaclearingsystemfortheGlobalNoteandasuccessorclearingagencyisnotappointedwithin90daysafterRealtyIncomereceivessuchnoticeorlearnsofsuchineligibility,(2)RealtyIncomedeterminesthatthenotesshallnolongerberepresentedbytheGlobalNoteandexecutesanddeliverstotheTrusteeanofficers’certificatetothateffector(3)aneventofdefault(asdefined;see“—EventsofDefault”above)withrespecttothenoteshasoccurredandiscontinuingandbeneficialownersrepresentingamajorityinaggregateprincipalamountoftheoutstandingnotesadviseEuroclearandClearstreamtoceaseactingasclearingagenciesfortheGlobalNote,RealtyIncomewillissuenotesindefinitivecertificatedforminexchangeforinterestsintheoutstandingGlobalNote.AnynotesissuedindefinitivecertificatedforminexchangeforinterestsinaGlobalNotewillbeissuedindenominationsof£100,000andintegralmultiplesof£1,000inexcessthereofandwillberegisteredinsuchnameornamesasEuroclearorClearstream,asapplicable,shallinstructtheregistrarforthenotes.ItisexpectedthattheinstructionsofEuroclearandClearstreamwillbebasedupondirectionsreceivedfromtheirrespectiveparticipantswithrespecttoownershipofbeneficialinterestsintheGlobalNote.

Listing

Currently,thereisnoestablishedtradingmarketforthenotes.WeintendtoapplytolistthenotesonNYSE.ThelistingapplicationwillbesubjecttoapprovalbyNYSE.WecurrentlyexpecttradinginthenotesonNYSEtobeginwithin30daysafterthedateonwhichthenotesareoriginallyissued.Ifsuchalistingisobtained,wehavenoobligationtomaintainsuchlisting,andwemaydelistthenotesatanytime.Additionally,thereisnoassurancethenoteswillbelisted.

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SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

ForadiscussionofcertainmaterialUnitedStatesfederalincometaxconsiderationsregardingusandaninvestmentinthenotesofferedhereby,pleaseseeExhibit99.1toourCurrentReportonForm8-K,whichwasfiledwiththeSEConAugust5,2020pursuanttoItem8.01ofForm8-K(the“August2020Form8-K”).TheAugust2020Form8-K(includingExhibit99.1thereto)isincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectusandthediscussionundertheheading“UnitedStatesFederalIncomeTaxConsiderations”inExhibit99.1totheAugust2020Form8-Ksupersedesandreplaces,initsentirety,(i)thediscussionundertheheading“UnitedStatesFederalIncomeTaxConsiderations”inExhibit99.1totheCurrentReportonForm8-KfiledbyuswiththeSecuritiesandExchangeCommission(the“SEC”)onFebruary22,2019,asamendedandsupplementedbythediscussionundertheheading“SupplementalU.S.FederalIncomeTaxConsiderations”inExhibit99.1tothesecondCurrentReportonForm8-KfiledbytheCompanywiththeSEConMay8,2020,and(ii)thediscussionundertheheading“UnitedStatesFederalIncomeTaxConsiderations”intheaccompanyingprospectusandtheprospectusintherelatedregistrationstatementonFormS-3(FileNo.333-228157)filedbyuswiththeSEConNovember5,2018.TheAugust2020Form8-Kmaybeobtainedasdescribedunder“WhereYouCanFindMoreInformation”intheaccompanyingprospectus.See“IncorporationbyReference”intheaccompanyingprospectus.Thediscussionbelowisanamendmentandsupplementto,andisintendedtobereadtogetherwith,Exhibit99.1totheAugust2020Form8-K.ProspectiveinvestorsinthenotesofferedherebyshouldconsulttheirtaxadvisorsregardingtheUnitedStatesfederalincomeandothertaxconsiderationstothemoftheacquisition,ownershipanddispositionofthenotesofferedbythisprospectussupplement.

Eachcapitalizedtermusedbutnotdefinedinthis“SupplementalU.S.FederalIncomeTaxConsiderations”sectionhasthemeaningascribedtheretointheaccompanyingprospectus.ForadiscussionofcertainmaterialU.S.federalincometaxconsiderationsregardingourelectiontobetaxedasREIT,seethediscussionundertheheading“UnitedStatesFederalIncomeTaxConsiderations—TaxationofourCompany”inExhibit99.1totheAugust2020Form8-K.ForadiscussionofcertainmaterialU.S.federalincometaxconsiderationsrelatedtotheownershipanddispositionofthenotesbynon-U.S.holdersofthenotes,seethediscussionundertheheading“UnitedStatesFederalIncomeTaxConsiderations—MaterialU.S.FederalIncomeTaxConsequencestoHoldersofOurCapitalStockandDebtSecurities—TaxationofHoldersofOurDebtSecurities—Non-U.S.Holders”inExhibit99.1totheAugust2020Form8-K.

The following discussion supersedes and replaces, solely insofar as it relates to the notes offered hereby, thesection under the heading “United States Federal Income Tax Considerations—Material U.S. Federal Income TaxConsequences to Holders of Our Capital Stock and Debt Securities—Taxation of Holders of Our Debt Securities—U.S. Holders” in Exhibit 99.1 to the August 2020 Form 8-K.

Payments of Interest.InterestonanotegenerallywillbetaxabletoaU.S.holderasordinaryincomeatthetimesuchinterestisreceivedoraccrued,inaccordancewithsuchU.S.holder’sregularmethodoftaxaccountingforU.S.federalincometaxpurposes.

AU.S.holderthatusesthecashmethodofaccountingforU.S.federalincometaxpurposesandthatreceivesapaymentofinterestonthenotesinGBPwillberequiredtoincludeinordinaryincomeanamountequaltotheU.S.dollarvalueoftheinterestpayment,basedonthespotrateonthedateofreceipt,regardlessofwhetherthepaymentisinfactconvertedintoU.S.dollars.AcashmethodU.S.holderwillnotrecognizeforeigncurrencyexchangegainorlosswithrespecttothereceiptofsuchpayment,butmayrecognizeexchangegainorlossattributabletotheactualdispositionoftheGBPreceived.

AU.S.holderthatusestheaccrualmethodofaccountingforU.S.federalincometaxpurposesmaydeterminetheamountrecognizedwithrespecttointerestonanoteinaccordancewitheitheroftwomethods.Underthefirstmethod,suchU.S.holderwillrecognizeincomeforeachtaxableyearequaltotheU.S.dollarvalueoftheGBPinterestamountsaccruedforsuchyeardeterminedbytranslatingsuchamountintoU.S.dollarsattheaveragerateineffectduringtheinterestaccrualperiod(or,withrespecttoanaccrualperiodthatspanstwotaxableyears,attheaveragerateforthepartialperiodwithinsuchtaxableyear).Alternatively,suchU.S.holdermaymakeanelection(whichmustbeappliedconsistentlytoalldebtinstrumentsfromyeartoyearandcannotbechangedwithouttheconsentoftheIRS)totranslateaccrued

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interestincomeatthespotrateofexchangeonthelastdayoftheaccrualperiod(orthelastdayofthetaxableyearinthecaseofapartialaccrualperiod),oratthespotrateonthedateofreceipt,ifthatdateiswithinfivebusinessdaysofthelastdayoftheaccrualperiod.AU.S.holderthatusestheaccrualmethodofaccountingforU.S.federalincometaxpurposeswillrecognizeforeigncurrencygainorloss,onthedateinterestisreceived,equaltothedifference,ifany,betweentheU.S.dollarvalueofsuchpayment,determinedatthespotrateonthedatethepaymentisreceived,andtheU.S.dollarvalueoftheinterestincomepreviouslyincludedinrespectofsuchpayment,regardlessofwhetherthepaymentisinfactconvertedtoU.S.dollars.Thisexchangegainorlosswillbetreatedasordinaryincomeorlossandgenerallywillnotbetreatedasanadjustmenttointerestincomeorexpense.

Sale or Other Taxable Disposition.Subjecttotheforeigncurrencyrulesdescribedbelow,aU.S.holderwillrecognizegainorlossonthesale,exchange,redemption,retirementorothertaxabledispositionofanote.Theamountofsuchgainorlosswillgenerallyequalthedifferencebetweentheamountreceivedforthenoteincashorotherpropertyvaluedatfairmarketvalue(lessamountsattributabletoanyaccruedbutunpaidinterest,whichwillbetaxableasinteresttotheextentnotpreviouslyincludedinincome)andtheU.S.holder’sadjustedtaxbasisinthenote.IfaU.S.holderdisposesofanoteinataxabletransactioninexchangeforGBP,theamountrealizedbyaU.S.holdergenerallywillbebasedontheU.S.dollarvalueoftheGBPreceivedtranslatedatthespotrateonthedateofdisposition.However,inthecaseofanotethatistradedonanestablishedsecuritiesmarket,asdefinedintheapplicableTreasuryRegulations,acashmethodU.S.holderand,ifitsoelects,anaccrualmethodU.S.holder,willdeterminetheU.S.dollarvalueoftheamountrealizedbytranslatingsuchamountatthespotrateonthesettlementdateofthedisposition.IfanaccrualmethodU.S.holdermakestheelectiondescribedabove,suchelectionmustbeappliedconsistentlytoalldebtinstrumentsfromyeartoyearandcannotbechangedwithouttheconsentoftheIRS.IfanaccrualmethodU.S.holderdoesnotmakethiselection,suchholderwillrecognizeexchangegainorlosstotheextentthatthereareexchangeratefluctuationsbetweenthesaledateandthesettlementdate,andsuchgainorlossgenerallywillconstituteordinaryincomeorloss.

AU.S.holder’sadjustedtaxbasisinanotegenerallywillbeequaltotheU.S.holder’sU.S.dollarcostforthenote.IfaU.S.holderusesforeigncurrencytopurchaseanote,theU.S.dollarcostofthenotewillbetheU.S.dollarvalueoftheforeigncurrencyusedtopurchasethenoteonthedateofpurchase.However,inthecaseofanotethatistradedonanestablishedsecuritiesmarket,acashmethodU.S.holder,and,ifitsoelects,anaccrualmethodU.S.holder,willdeterminetheU.S.dollarvalueofthecostofsuchnotebytranslatingtheamountpaidatthespotrateofexchangeonthesettlementdateofthepurchase.TheconversionofU.S.dollarstoaforeigncurrencyandtheimmediateuseofthatcurrencytopurchaseanotegenerallywillnotresultinexchangegainorlossforaU.S.holder.

Subjecttothediscussionofexchangegainorlossbelow,anygainorlosswillbecapitalgainorloss,andwillbelong-termcapitalgainorlossiftheU.S.holderhasheldthenoteformorethanoneyearatthetimeofsaleorothertaxabledisposition.Otherwise,suchgainorlosswillbeshort-termcapitalgainorloss.Long-termcapitalgainsrecognizedbycertainnon-corporateU.S.holders,includingindividuals,generallywillbetaxableatareducedrate.Thedeductibilityofcapitallossesissubjecttolimitations.

Uponthesaleorothertaxabledispositionofanote,aU.S.holdermayrecognizegainorlossthatisattributabletofluctuationsincurrencyexchangerateswithrespecttotheprincipalamountofthenote.Forthesepurposes,theprincipalamountofanoteistheU.S.holder’spurchasepriceinGBP.Gainorlossattributabletofluctuationsinexchangerateswithrespecttotheprincipalamountofanotegenerallywillequalthedifferencebetween(i)theU.S.dollarvalueoftheprincipalamount,determinedonthedatesuchnoteisdisposedofand(ii)theU.S.dollarvalueoftheprincipalamountofthenote,determinedonthedatetheU.S.holderacquiredsuchnote.Inaddition,uponthesaleorothertaxabledispositionofanoteaU.S.holdermayrealizeexchangegainorlossattributabletoamountsreceivedinrespectofaccruedandunpaidinterest.Anysuchexchangegainorlosswithrespecttoaccruedinterestwillbedeterminedasdiscussedunder“—PaymentsofInterest.”However,uponasale,exchange,redemptionorothertaxabledispositionofanote,aU.S.holderwillrecognizeexchangegainorlosswithrespecttoprincipaloraccruedinterest,intheaggregate,onlytotheextentofthetotalgainorlossrecognizedonthedisposition.

Tax Return Disclosure Requirement.TreasuryRegulationsissuedundertheCodemeanttorequirethereportingofcertaintaxsheltertransactionscovertransactionsgenerallynotregardedastaxshelters,includingcertainforeigncurrencytransactions.UndertheTreasuryRegulations,certaintransactionsarerequiredto

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bereportedtotheIRS,including,incertaincircumstances,thereceiptofintereston,orasale,exchange,retirementorothertaxabledispositionofanoteorforeigncurrencyreceivedinrespectofanote,totheextentthatanysuchreceiptorsale,exchange,retirementorothertaxabledispositionresultsinataxlossinexcessofanapplicablethresholdamount.U.S.holdersshouldconsulttheirtaxadvisorstodeterminethetaxreturnobligations,ifany,withrespecttoaninvestmentinthenotes,includinganyrequirementtofileIRSForm8886(ReportableTransactionDisclosureStatement)andthesignificantpenaltiesfornon-compliance.

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UNDERWRITING (CONFLICTS OF INTEREST)

Subjecttothetermsandconditionscontainedinapurchaseagreementbetweenusandeachoftheunderwritersnamedbelow,forwhomBarclaysBankPLC,CreditSuisseSecurities(Europe)LimitedandGoldmanSachs&Co.LLCareactingasrepresentatives(the“representatives”),theunderwritershaveseverallyagreedtopurchasefromus,andwehaveagreedtosell,therespectiveprincipalamountsofnoteslistedoppositetheirnamesbelow.

Underwriter

Principal Amount of

Notes

BarclaysBankPLC £ 72,000,000 CreditSuisseSecurities(Europe)Limited 72,000,000 GoldmanSachs&Co.LLC 72,000,000 WellsFargoSecurities,LLC 19,000,000 CitigroupGlobalMarketsLimited 13,000,000 J.P.MorganSecuritiesplc 13,000,000 MerrillLynchInternational 13,000,000 MizuhoInternationalplc 13,000,000 RBCEuropeLimited 13,000,000 RegionsSecuritiesLLC 13,000,000 TheToronto-DominionBank 13,000,000 U.S.BancorpInvestments,Inc. 12,000,000 BankofMontreal,LondonBranch 9,000,000 MorganStanley&Co.Internationalplc 9,000,000 ScotiabankEuropeplc 9,000,000 BNYMellonCapitalMarkets,LLC 6,000,000 PNCCapitalMarketsLLC 6,000,000 StifelNicolausEuropeLimited 6,000,000 TruistSecurities,Inc. 6,000,000 UBSAGLondonBranch 6,000,000 BNPParibas 5,000,000 Total £400,000,000

Thepurchaseagreementprovidesthattheobligationsoftheseveralunderwriterstopurchasethenotesofferedherebyaresubjecttocertainconditionsandthattheunderwritersarerequiredtopurchaseallofthenotesofferedbythisprospectussupplementifanyofthesenotesarepurchased.Ifanunderwriterdefaults,thepurchaseagreementprovidesthatthepurchasecommitmentsofthenon-defaultingunderwritersmaybeincreasedorthepurchaseagreementmaybeterminated.

Theunderwritersareofferingthenotes,subjecttopriorsale,when,asandifissuedtoandacceptedbythem,subjecttoapprovalofcertainlegalmattersbytheircounselandotherconditionscontainedinthepurchaseagreement.Theunderwritersreservetherighttowithdraw,cancelormodifyofferstothepublicandtorejectordersinwholeorinpart.

Wehaveagreedtoindemnifytheunderwritersagainstcertainliabilities,includingliabilitiesundertheSecuritiesAct,ortocontributetopaymentstheunderwritersmayberequiredtomakeinrespectofanyoftheseliabilities.

TotheextentthatanyunderwriterthatisnotaU.S.registeredbroker-dealerintendstoeffectsalesofthenotesintheUnitedStates,itwilldosothroughoneormoreU.S.registeredbroker-dealersinaccordancewithapplicableU.S.securitieslawsandregulations.

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Commissions and Discounts

Therepresentativesoftheunderwritershaveadvisedusthattheunderwritersproposeinitiallytoofferthenotestothepublicatthepublicofferingpricelistedonthecoverpageofthisprospectussupplement.Aftertheinitialpublicoffering,thepublicofferingpricemaybechanged.

ThefollowingtableshowstheunderwritingdiscounttobepaidtotheunderwritersbyRealtyIncomeCorporation.

Per Note Total Underwritingdiscount 0.625 $2,500,000

Theexpensesofthisoffering,notincludingtheunderwritingdiscount,areestimatedat$1.2millionandarepayablebyRealtyIncome.

No Prior Market

Thenotesareanewissueofsecuritieswithnoestablishedtradingmarket.WeintendtoapplytolistthenotesontheNYSE.ThelistingapplicationwillbesubjecttoapprovalbytheNYSE.WecurrentlyexpecttradinginthenotesontheNYSEtobeginwithin30daysafterthedateonwhichthenotesareoriginallyissued.Ifsuchalistingisobtained,wehavenoobligationtomaintainsuchlisting,andwemaydelistthenotesatanytime.Additionally,thereisnoassurancethenoteswillbelisted.Wecannotassureyouthatatradingmarketforthenoteswilldevelopor,ifdeveloped,thatitwillcontinue,orastotheliquidityofanytradingmarketforthenotesthatmaydevelop.

Price Stabilization and Short Positions

Inconnectionwiththisofferingofthenotes,GoldmanSachs&Co.LLCactinginitscapacityasstabilizationmanager(the“StabilizationManager”)(orpersonsactingonbehalfoftheStabilizationManagerinconnectionwiththeissueofthenotes)mayover-allotnotesoreffecttransactionswithaviewtosupportingthemarketpriceofthenotesatalevelhigherthanthatwhichmightotherwiseprevail.However,stabilizationmaynotnecessarilyoccur.Anystabilizationactionmaybeginonorafterthedateonwhichadequatepublicdisclosureofthetermsoftheofferofthenotesismadeand,ifbegun,maybeendedatanytime,butitmustendnolaterthantheearlierof30daysaftertheissuedateofthenotesand60daysafterthedateoftheallotmentofthenotes.Anystabilizationactionorover-allotmentmustbeconductedbytheStabilizationManager(orpersonsactingonbehalfoftheStabilizationManager)inaccordancewithallapplicablelawsandrules.

Delayed Settlement

Weexpectthatthedeliveryofthenoteswillbemadeagainstpaymentthereforonorabouttheclosingdatespecifiedonthecoverpageofthisprospectussupplement,whichwillbethe6thbusinessdayfollowingthedateofthisprospectussupplement.UnderrulesoftheSEC,tradesinthesecondarymarketgenerallyarerequiredtosettleintwobusinessdays,unlessthepartiestothattradeexpresslyagreeotherwise.Accordingly,purchaserswhowishtotradethenotesbeforethesecondbusinessdaypriortotheclosingdatespecifiedonthecoverpageofthisprospectussupplementwillberequired,byvirtueofthefactthatthenormalsettlementdateforthattradewouldoccurpriortotheclosingdatefortheissuanceofthenotes,tospecifyanalternatesettlementcycleatthetimeofanysuchtradetopreventafailedsettlement,andshouldconsulttheirownadvisorswithrespecttothesematters.

Other Relationships

Manyoralloftheunderwritersand/ortheirrespectiveaffiliateshaveprovidedandinthefuturemayprovideinvestmentbanking,commercialbankingand/orotherfinancialservices,includingtheprovisionofcreditfacilities,tousintheordinarycourseofbusinessforwhichtheyhavereceivedandmayinthefuturereceivecompensation.Inparticular,affiliatesofmostoftheunderwritersparticipatinginthisofferingarelendersunderour$3.0billionrevolvingcreditfacilityandourtermloanfacilityandsomeoftheunderwritersortheiraffiliatesaredealersunderourcommercialpaperprogramormayholdpositionsin

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ourcommercialpaper.Asdescribedaboveunder“UseofProceeds,”weintendtousenetproceedsfromthisofferingto,amongotherthings,repayGBP-denominatedborrowingsoutstandingunderour$3.0billionrevolvingcreditfacilityandtosettleanoutstandingforeignexchangeswapagreementandusetheproceedstherefromtorepaycommercialpaper.Totheextentweusenetproceedsfromthisofferingtorepayanyofourbankborrowings,commercialpaperorotherindebtednessheldbyanyoftheunderwritersortheiraffiliates,theywillreceivenetproceedsfromthisofferingthroughtherepaymentofthatindebtedness.

Inaddition,intheordinarycourseoftheirbusinessactivities,theunderwritersandtheirrespectiveaffiliatesmaymakeorholdabroadarrayofinvestmentsandactivelytradedebtandequitysecurities(orrelatedderivativesecurities)andfinancialinstruments(includingbankloans)fortheirownaccountandfortheaccountsoftheircustomers.Suchinvestmentsandsecuritiesactivitiesmayinvolvesecuritiesand/orinstrumentsofoursorouraffiliates.Inthecaseofanyunderwritersoranyoftheirrespectiveaffiliatesthathavelendingrelationshipswithus,certainofthoseunderwritersand/ortheirrespectiveaffiliatesroutinelyhedge,andcertainotherofthoseunderwritersand/ortheirrespectiveaffiliatesmayhedge,theircreditexposuretousconsistentwiththeircustomaryriskmanagementpolicies.Typically,theseunderwritersandtheirrespectiveaffiliateswouldhedgesuchexposurebyenteringintotransactionswhichconsistofeitherthepurchaseofcreditdefaultswapsorthecreationofshortpositionsinoursecurities,includingpotentiallythenotesofferedhereby.Anysuchcreditdefaultswapsorshortpositionscouldadverselyaffecttradingpricesofthenotesofferedhereby.Theunderwritersandtheirrespectiveaffiliatesmayalsomakeinvestmentrecommendationsand/orpublishorexpressindependentresearchviewsinrespectofsuchsecuritiesorfinancialinstrumentsandmayhold,orrecommendtoclientsthattheyacquire,longand/orshortpositionsinsuchsecuritiesandinstruments.

StifelNicolausEuropeLimitedmaypayanunaffiliatedentity,whichisalsoalenderunderour$3.0billionrevolvingcreditfacility,oritsaffiliateafeeinconnectionwiththisoffering.

Conflicts of Interest

Asdescribedaboveunder“UseofProceeds,”weintendtousenetproceedsfromthisofferingto,amongotherthings,repayGBP-denominatedborrowingsoutstandingunderour$3.0billionrevolvingcreditfacilityandtosettleaforeignexchangeswaparrangementandusetheproceedstherefromtorepaycommercialpaper.Asdescribedaboveunder“—OtherRelationships,”affiliatesofmostoftheunderwritersarelendersunderourrevolvingcreditfacilityandsomeoftheunderwritersortheiraffiliatesaredealersunderourcommercialpaperprogramormayholdpositionsinourcommercialpaper.Totheextentweusenetproceedsfromthisofferingtorepayanyofourbankborrowings,commercialpaperorotherindebtednessheldbytheunderwritersoranyoftheiraffiliates,morethan5%ofthenetproceedsofthisoffering(notincludingunderwritingdiscountsandcommissions)maybereceivedbysuchunderwritersandaffiliates.Nonetheless,inaccordancewiththeFinancialIndustryRegulatoryAuthorityInc.Rule5121,theappointmentofaqualifiedindependentunderwriterisnotnecessaryinconnectionwiththisofferingbecausewe,theissuerofthesecuritiesinthisoffering,arearealestateinvestmenttrust.

Selling Restrictions

Prohibition of Sales to EEA and United Kingdom Retail Investors

Thenotesmaynotbeoffered,soldorotherwisemadeavailabletoanyretailinvestorintheEuropeanEconomicAreaorintheUnitedKingdom.Forthepurposesofthisprovision:

aretailclientasdefinedinpoint(11)ofArticle4(1)ofDirective2014/65/EU,asamended(“MiFIDII”);or

acustomerwithinthemeaningofDirective(EU)2016/97,asamended(theInsuranceDistributionDirective),wherethatcustomerwouldnotqualifyasaprofessionalclientasdefinedinpoint(10)ofArticle4(1)ofMiFIDII.

United Kingdom

Anyinvitationorinducementtoengageininvestmentactivity(withinthemeaningofSection21oftheUnitedKingdom’sFinancialServicesandMarketsAct2000,asamended(the“FSMA”))inconnectionwith

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theissueorsaleofthenotesmayonlybecommunicatedorcausedtobecommunicatedincircumstancesinwhichSection21(1)oftheFSMAdoesnotapplytoRealtyIncomeCorporation.

AllapplicableprovisionsoftheFSMAmustbecompliedwithinrespecttoanythingdonebyanypersoninrelationtothenotesin,fromorotherwiseinvolvingtheUnitedKingdom.

Canada

Thenotesmaybesoldonlytopurchaserspurchasing,ordeemedtobepurchasing,asprincipalthatareaccreditedinvestors,asdefinedinNationalInstrument45-106Prospectus Exemptionsorsubsection73.3(1)oftheSecurities Act(Ontario),andarepermittedclients,asdefinedinNationalInstrument31-103RegistrationRequirements, Exemptions and Ongoing Registrant Obligations.Anyresaleofthenotesmustbemadeinaccordancewithanexemptionfrom,orinatransactionnotsubjectto,theprospectusrequirementsofapplicablesecuritieslaws.

SecuritieslegislationincertainprovincesorterritoriesofCanadamayprovideapurchaserwithremediesforrescissionordamagesifthisprospectussupplementortheaccompanyingprospectus(includinganyamendmentheretoorthereto)containsamisrepresentation,providedthattheremediesforrescissionordamagesareexercisedbythepurchaserwithinthetimelimitprescribedbythesecuritieslegislationofthepurchaser’sprovinceorterritory.Thepurchasershouldrefertoanyapplicableprovisionsofthesecuritieslegislationofthepurchaser’sprovinceorterritoryforparticularsoftheserightsorconsultwithalegaladvisor.

Pursuanttosection3A.3(or,inthecaseofsecuritiesissuedorguaranteedbythegovernmentofanon-Canadianjurisdiction,section3A.4)ofNationalInstrument33-105Underwriting Conflicts(“NI33-105”),theunderwritersarenotrequiredtocomplywiththedisclosurerequirementsofNI33-105regardingunderwriterconflictsofinterestinconnectionwiththisoffering.

Hong Kong

ThecontentsofthisprospectussupplementandtheaccompanyingprospectushavenotbeenreviewedorapprovedbyanyregulatoryauthorityinHongKong.Nonoteshavebeenofferedorsoldorwillbeofferedorsold,inHongKong,bymeansofanydocument,otherthanto“professionalinvestors”asdefinedintheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong(“SFO”)andanyrulesmadeunderthatOrdinance;orinothercircumstanceswhichdonotresultinthedocumentbeinga“prospectus”asdefinedintheCompanies(WindingUpandMiscellaneousProvisions)Ordinance(Cap.32)ofHongKong(“CO”)orwhichdonotconstituteanoffertothepublicwithinthemeaningoftheCO.Nodocument,invitationoradvertisementrelatingtothenoteshasbeenissuedorwillbeissuedorhasbeenorwillbeinthepossessionofanypersonforthepurposeofissue(ineachcasewhetherinHongKongorelsewhere),whichisdirectedat,orthecontentsofwhicharelikelytobeaccessedorreadby,thepublicinHongKong(exceptifpermittedunderthesecuritieslawsofHongKong)otherthanwithrespecttonoteswhichareorareintendedtobedisposedofonlytopersonsoutsideHongKongoronlyto“professionalinvestors”asdefinedintheSFOandanyrulesmadeunderthatOrdinance.

Theofferofthenotesispersonaltothepersontowhomthisprospectussupplementand/ortheaccompanyingprospectushavebeendelivered,andasubscriptionforthenoteswillonlybeacceptedfromsuchperson.

Nopersontowhomacopyofthisprospectussupplementand/ortheaccompanyingprospectusisissuedmaycopy,issueordistributethisprospectussupplementand/ortheaccompanyingprospectustoanyotherperson.Youareadvisedtoexercisecautioninrelationtotheoffer.Ifyouareinanydoubtaboutthecontentsofthisprospectussupplementand/ortheaccompanyingprospectus,youshouldobtainindependentprofessionaladvice.

Japan

ThenoteshavenotbeenandwillnotberegisteredforapublicofferinginJapanpursuanttoArticle4,Paragraph1oftheFinancialInstrumentsandExchangeActofJapan(ActNo.25of1948,asamended;the“FIEA”).Thenoteshavenotbeenofferedorsoldandwillnotbeofferedorsold,directlyorindirectly,in

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JapanortoorfortheaccountorbenefitofanyresidentofJapan(whichtermasusedhereinmeansanypersonresidentinJapan,includinganycorporationorotherentityorganizedunderthelawsofJapanorhavingitsprincipalofficeinJapan)orto,orfortheaccountorbenefitof,othersforreofferingorresale,directlyorindirectly,inJapanortoorfortheaccountorbenefitofanyresidentofJapan,exceptpursuanttoanexemptionfromtheregistrationrequirementsoftheFIEAandotherwiseincompliancewiththeFIEAandanyotherapplicablelaws,regulationsandministerialguidelinesofJapanineffectattherelevanttime.

Singapore

ThisprospectussupplementandtheaccompanyingprospectushavenotbeenregisteredasaprospectusundertheSecuritiesandFuturesAct,Chapter289ofSingapore(the“SFA”)bytheMonetaryAuthorityofSingapore,andtheofferofthenotesinSingaporeismadeprimarilypursuanttotheexemptionsunderSections274and275oftheSFA.Accordingly,thisprospectussupplementandtheaccompanyingprospectusoranyotherdocumentormaterialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchaseofthenotesmaynotbecirculatedordistributed,normaythenotesbeofferedorsold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,toanypersoninSingaporeotherthan(i)toaninstitutionalinvestor(asdefinedunderSection4AoftheSFA)(an“InstitutionalInvestor”)pursuanttoSection274oftheSFA,(ii)toanaccreditedinvestor(asdefinedinSection4AoftheSFA)(an“AccreditedInvestor”)orotherrelevantperson(asdefinedinSection275(2)oftheSFA)(a“SFARelevantPerson”)andpursuanttoSection275(1)oftheSFA,ortoanypersonpursuanttoanofferreferredtoinSection275(1A)oftheSFA,andinaccordancewiththeconditionsspecifiedinSection275oftheSFA,and(whereapplicable)Regulation3oftheSecuritiesandFutures(ClassesofInvestors)Regulation2018,or(iii)otherwisepursuantto,andinaccordancewith,theconditionsofanyotherapplicableexemptionorprovisionoftheSFA.

ItisaconditionoftheofferthatwherethenotesaresubscribedfororacquiredpursuanttoanoffermadeinrelianceonSection275oftheSFAbyaSFARelevantPersonwhichis:

acorporation(whichisnotanAccreditedInvestor),thesolebusinessofwhichistoholdinvestmentsandtheentiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanAccreditedInvestor;or

atrust(wherethetrusteeisnotanAccreditedInvestor),thesolepurposeofwhichistoholdinvestmentsandeachbeneficiaryofthetrustisanindividualwhoisanAccreditedInvestor,

thesecuritiesorsecurities-basedderivativescontracts(eachasdefinedinSection2(1)oftheSFA)ofthatcorporationandthebeneficiaries’rightsandinterestinthattrust(howsoeverdescribed)shallnotbetransferredwithin6monthsafterthatcorporationorthattrusthassubscribedfororacquiredthenotesexcept:

toanInstitutionalInvestor,oranAccreditedInvestororotherSFARelevantPerson,orwhicharisesfromanofferreferredtoinSection275(1A)oftheSFA(inthecaseofthatcorporation)orSection276(4)(i)(B)oftheSFA(inthecaseofthattrust);

wherenoconsiderationisorwillbegivenforthetransfer;or

wherethetransferisbyoperationoflaw.

Singapore’s Securities and Futures Act Product Classification

SolelyforthepurposesofitsobligationspursuanttoSections309B(1)(a)and309B(1)(c)oftheSFA,RealtyIncomeCorporationhasdetermined,andherebynotifiesallrelevantpersons(asdefinedinSection309AoftheSFA)thatthenotesare“prescribedcapitalmarketsproducts”(asdefinedintheSecuritiesandFutures(CapitalMarketsProducts)Regulations2018)and“ExcludedInvestmentProducts”(asdefinedinMASNoticeSFA04-N12:NoticeontheSaleofInvestmentProductsandMASNoticeFAA-N16:NoticeonRecommendationsonInvestmentProducts).

Switzerland

Thisprospectussupplementandtheaccompanyingprospectusarenotintendedtoconstituteanofferorsolicitationtopurchaseorinvestinthenotes.Thenotesmaynotbepubliclyoffered,directlyorindirectly,

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inSwitzerlandwithinthemeaningoftheSwissFinancialServicesAct(“FinSA”)andnoapplicationhasorwillbemadetoadmitthenotestotradingonanytradingvenue(exchangeormultilateraltradingfacility)inSwitzerland.Neitherthisprospectussupplement,theaccompanyingprospectusnoranyotherofferingormarketingmaterialrelatingtothenotesconstitutesaprospectuspursuanttotheFinSA,andneitherthisprospectussupplement,theaccompanyingprospectusnoranyotherofferingormarketingmaterialrelatingtothenotesmaybepubliclydistributedorotherwisemadepubliclyavailableinSwitzerland.

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LEGAL MATTERS

Certainlegalmattersrelatingtothisoffering,includingthevalidityofthenotesofferedhereby,willbepasseduponforusbyLatham&WatkinsLLP,CostaMesa,California.CertainmattersrelatingtoMarylandlawinconnectionwiththisofferingwillbepasseduponforusbyVenableLLP,Baltimore,Maryland.SidleyAustinLLP,SanFrancisco,Californiawillactascounselfortheunderwriters.AsofSeptember21,2020,WilliamJ.Cernius,apartnerofLatham&WatkinsLLP,beneficiallyownedapproximately8,591sharesofourcommonstockand,asofSeptember16,2020,EricS.Haueter,apartnerofSidleyAustinLLP,beneficiallyownedapproximately10,147sharesofourcommonstock.

EXPERTS

TheconsolidatedbalancesheetsofRealtyIncomeCorporationandsubsidiariesasofDecember31,2019and2018,andtherelatedconsolidatedstatementsofincomeandcomprehensiveincome,equity,andcashflowsforeachoftheyearsinthethree-yearperiodendedDecember31,2019,andtherelatednotesandfinancialstatementscheduleIII(collectively,the“consolidatedfinancialstatements”),andmanagement’sassessmentoftheeffectivenessofinternalcontroloverfinancialreportingasofDecember31,2019,havebeenincorporatedbyreferenceintheaccompanyingprospectusinrelianceuponthereportsofKPMGLLP,independentregisteredpublicaccountingfirm,incorporatedbyreferencetherein,andupontheauthorityofsaidfirmasexpertsinaccountingandauditing.TheauditreportcoveringtheDecember31,2019consolidatedfinancialstatementsreferstoachangetothemethodofaccountingforleasesasofJanuary1,2019duetotheadoptionofAccountingStandardCodificationTopic842,Leases.

INCORPORATION BY REFERENCE

Asdescribedintheaccompanyingprospectusunderthecaption“IncorporationbyReference”andinthisprospectussupplementunderthecaption“SupplementalU.S.FederalIncomeTaxConsiderations,”wehaveincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectusspecifieddocumentsthatwehavefiledormayfilewiththeSEC,undertheExchangeAct.However,nodocument,exhibitorinformationorportionthereofthatwehave“furnished”ormayinthefuture“furnish”to(ratherthan“file”with)theSECshallbeincorporatedbyreferenceintothisprospectussupplementortheaccompanyingprospectus.

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PROSPECTUS

REALTY INCOME CORPORATIONDebt Securities Common Stock Preferred Stock

Depositary Shares Warrants

RealtyIncomeCorporation,aMarylandcorporation,mayfromtimetotimeofferandsellthesecuritiesidentifiedabove(collectivelyreferredtoasour“securities”),inoneormoreofferings,inseparateseriesorclasses,andinamounts,atpricesandontermsthatwillbesetforthinoneormoreprospectussupplementstothisprospectusorotherofferingmaterials.

Thespecifictermsofthesecuritieswithrespecttowhichthisprospectusisbeingdeliveredwillbesetforthintheapplicableprospectussupplementorotherofferingmaterials,whichwillcontainspecificinformationabouttheofferingandtheamounts,pricesand,ifapplicable,termsofthesecuritiesbeingoffered.

Thespecifictermsofanysecuritieswemayoffermayincludelimitationsonactual,beneficialorconstructiveownershipandrestrictionsontransferofthesecurities,ineachcaseasmaybeappropriate,amongotherpurposes,topreserveourstatusasarealestateinvestmenttrust,orREIT,forUnitedStatesfederalincometaxpurposes.Theapplicableprospectussupplementorotherofferingmaterialsmayalsocontaininformation,whereapplicable,aboutUnitedStatesfederalincometaxconsiderationsrelevantto,andanyexchangelistingof,thesecuritiescoveredbytheprospectussupplementorotherofferingmaterials,asthecasemaybe.Theapplicableprospectussupplementmayalsoadd,updateorchangeinformationcontainedinthisprospectuswithrespecttothatofferingorthesecuritiesbeingoffered.Youshouldcarefullyreadthisprospectusandtheapplicableprospectussupplement,aswellasanyotherofferingmaterialsweprovideyouinconnectionwithanyofferingofsecurities,beforeyouinvestinanyofoursecurities.

Oursecuritiesmaybeoffereddirectly,throughagentsdesignatedfromtimetotimebyus,ortoorthroughunderwritersordealers.Ifanyagentsorunderwritersareinvolvedinthesaleofanyofoursecurities,theirnames,andanyapplicablepurchaseprice,fee,commissionordiscountarrangementbetweenoramongthem,willbesetforth,orwillbecalculablefromtheinformationsetforth,intheapplicableprospectussupplementorotherofferingmaterials.Seethesectionsofthisprospectusentitled“PlanofDistribution”formoreinformation.Nosecuritiesmaybesoldwithoutdeliveryofthisprospectusandtheapplicableprospectussupplementdescribingthemethodandtermsoftheofferingofsuchsecurities.

INVESTING IN OUR SECURITIES INVOLVES RISKS. SEE “RISK FACTORS” ON PAGE 4 OFTHIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE APPLICABLEPROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFOREINVESTING IN OUR SECURITIES.

OurcommonstockistradedontheNewYorkStockExchangeunderthesymbol“O.”OnNovember2,2018,thelastreportedsalepriceofthecommonstockontheNewYorkStockExchangewas$60.26pershare.

Neither the Securities and Exchange Commission nor any state securities commission has approved ordisapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Anyrepresentation to the contrary is a criminal offense.

ThedateofthisprospectusisNovember5,2018.

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AboutThisProspectus 1 TheCompany 3 RiskFactors 4 Forward-LookingStatements 5 UseofProceeds 7 DescriptionofDebtSecurities 8 DescriptionofCommonStock 19 GeneralDescriptionofPreferredStock 21 DescriptionofOtherSecurities 24 RestrictionsonOwnershipandTransfersofStock 25 CertainProvisionsofMarylandLawandofourCharterandBylaws 28 UnitedStatesFederalIncomeTaxConsiderations 32 PlanofDistribution 57 LegalMatters 58 Experts 58 WhereYouCanFindMoreInformation 59 IncorporationbyReference 59

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ABOUT THIS PROSPECTUS

Unless this prospectus otherwise indicates or the context otherwise requires, all references to “RealtyIncome,” “our,” “us” and “we” in this prospectus mean Realty Income Corporation, a Maryland corporation, andits subsidiaries on a consolidated basis.

ThisprospectusispartofanautomaticshelfregistrationstatementthatwefiledwiththeU.S.SecuritiesandExchangeCommission,ortheSEC,asa“well-knownseasonedissuer”asdefinedinRule405undertheSecuritiesActof1933,asamended,ortheSecuritiesAct,usinga“shelf”registrationprocessforthedelayedofferingandsaleofsecuritiespursuanttoRule415undertheSecuritiesAct.Underthisshelfregistrationprocess,wemay,fromtimetotime,offerandsellanyofthesecurities,oranycombinationofthesecurities,describedinthisprospectusinoneormoreofferings.Thisprospectusonlyprovidesyouwithageneraldescriptionofthesecuritiesthatwemayoffer.Eachtimewesellsecurities,wewillprovideaprospectussupplementandmayprovideyouwithafreewritingprospectusorotherofferingmaterials(collectively,“offeringmaterials”)thatwillcontainspecificinformationaboutthesecuritiesbeingofferedandsoldandthespecifictermsofthatoffering.Theprospectussupplementorotherofferingmaterialsmayalsoadd,updateorchangeinformationcontainedorincorporatedbyreferenceinthisprospectus.Ifthereisanyinconsistencybetweentheinformationinthisprospectusandanyapplicableprospectussupplementorotherofferingmaterials,youshouldrelyontheinformationintheapplicableprospectussupplementorotherofferingmaterials.Beforepurchasinganysecurities,youshouldcarefullyreadthisprospectus,theapplicableprospectussupplementandanyotherofferingmaterialswemayprovideyouinconnectionwiththeofferingofthosesecurities,togetherwiththedocumentsincorporatedanddeemedtobeincorporatedbyreferenceinthisprospectus,whichincorporateddocumentsmaybeobtainedasdescribedundertheheadings“WhereYouCanFindMoreInformation”and“IncorporationbyReference.”

AsallowedbySECrules,thisprospectusdoesnotcontainalltheinformationyoucanfindintheregistrationstatementortheexhibitstotheregistrationstatement.Forfurtherinformation,wereferyoutotheregistrationstatement,includingitsexhibitsandanyschedules.Statementscontainedorincorporatedbyreferenceinthisprospectusabouttheprovisionsorcontentsofanycontract,agreementoranyotherdocumentreferredtoarenotcomplete.Foreachofthesecontracts,agreementsordocumentsfiledasanexhibittotheregistrationstatementoradocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectus,wereferyoutotheactualexhibitforacompletedescriptionofthemattersinvolved,andanystatementscontainedorincorporatedbyreferenceinthisprospectusoranyprospectussupplementoranyotherofferingmaterialswemayprovideyouregardingthosecontracts,agreementsorotherdocumentsaresubjectto,andqualifiedintheirentiretybyreferenceto,thecompletetermsofthosedocuments.Youshouldrelyonlyontheinformationcontainedorincorporatedbyreferenceinthisprospectusandinanysupplementtothisprospectusand,ifapplicable,anyotherofferingmaterialswemayprovideyou.Wehavenotauthorizedanyotherpersontoprovideyouwithanyinformationortomakeanyrepresentationsotherthanthosecontainedorincorporatedbyreferenceinthisprospectus,anyapplicableprospectussupplementoranyotherofferingmaterialspreparedbyoronbehalfofusortowhichwehavereferredyou.Wetakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Wewillnotofferorsellanysecuritiesinanyjurisdictionwhere,ortoanypersontowhom,suchofferorsaleisnotpermitted.Youshouldassumethattheinformationappearinginthisprospectus,theapplicableprospectussupplementandanyotherofferingmaterialswemayprovideyouinconnectionwithanofferingofsecuritiesisaccurateonlyasoftherespectivedatesofthosedocuments,andthattheinformationappearinginanydocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectusoranyaccompanyingprospectussupplementisaccurateonlyasoftherespectivedatesonwhichthosedocumentswerefiledwiththeSEC,ineachcaseunlessweexpresslyindicateotherwise.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincethosedates.

Thisprospectus,anyaccompanyingprospectussupplementandanyrelatedofferingmaterialswemayprovideyouinconnectionwithanofferingofsecurities,andanydocumentsincorporatedordeemedtobeincorporatedbyreferenceinthisprospectuscontainormaycontaininformationregardingtheindustry,markets,submarketsandsectorsinwhichweoperateorexpecttooperateorrelateddemographicdata,allofwhichisbaseduponinformationfromthirdpartysources(whichmayinclude,amongotherthings,industryandgovernmentalpublicationsandwebsitesanddatapreparedormadeavailablebymarketresearch

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firms)and,insomecases,ourowninternalestimates.Webelievethatthesesourcesandestimatesarereliable,butthisinformation(whetherobtainedfromthird-partysourcesorbasedonourinternalestimates)issubjecttoassumptions,estimatesandotheruncertainties,andwehavenotindependentlyverifiedanyofthisinformationandcannotguaranteeitsaccuracyorcompleteness.

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THE COMPANY

RealtyIncomeCorporation,TheMonthlyDividendCompany®,isanS&P500companydedicatedtoprovidingstockholderswithdependablemonthlydividendsthatincreaseovertime.Wearestructuredasarealestateinvestmenttrust,orREIT,requiringusannuallytodistributeatleast90%ofourtaxableincome(excludingnetcapitalgains)intheformofdividendstoourstockholders.Ourmonthlydividendsaresupportedbythecashflowgeneratedfromrealestateownedunderlong-term,netleaseagreementswithregionalandnationalcommercialtenants.

AsofSeptember30,2018,weownedadiversifiedportfolioof5,694propertieslocatedin49statesandPuertoRico,withover92.7millionsquarefeetofleasablespaceleasedto260differentcommercialtenantsdoingbusinessin48separateindustries.Ofthe5,694propertiesintheportfolioatSeptember30,2018,5,666,or99.5%,weresingle-tenantproperties,andtheremainingweremulti-tenantproperties.AtSeptember30,2018,ofthe5,666single-tenantproperties,5,596wereleasedwithaweightedaverageremainingleaseterm(excludingrightstoextendaleaseattheoptionofthetenant)ofapproximately9.3years.

Ourprincipalexecutiveofficesarelocatedat11995ElCaminoReal,SanDiego,California92130andourtelephonenumberis(858)284-5000.Wewerefoundedin1969.OurcommonstockislistedonTheNewYorkStockExchange,orNYSE,underthetickersymbol“O”withacusipnumberof756109-104.Ourcentralindexkeynumberis726728.

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RISK FACTORS

Investmentinanysecuritiesofferedpursuanttothisprospectusandtheapplicableprospectussupplementinvolvesrisks.Inevaluatinganinvestmentinoursecurities,youshouldcarefullyconsidertheriskfactorsdescribedunderthecaption“RiskFactors”inourmostrecentAnnualReportonForm10-Kand,ifapplicable,inanyofoursubsequentQuarterlyReportsonForm10-Q,whichareincorporatedordeemedtobeincorporatedbyreferenceinthisprospectus,aswellastheotherrisksanduncertaintiesdescribedinthosedocuments,thisprospectus,theapplicableprospectussupplementandanyotherofferingmaterialswemayprovidetoyouinconnectionwithanofferingofoursecuritiesandtheotherdocumentsincorporatedanddeemedtobeincorporatedbyreferenceinthisprospectus.Theoccurrenceofanyoftheserisksmightcauseyoutoloseallorpartofyourinvestmentintheofferedsecurities.Youshouldalsocarefullyconsidertherisksdescribedbelowinthesectionentitled“Forward-LookingStatements.”

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FORWARD-LOOKING STATEMENTS

Thisprospectus,anyrelatedprospectussupplementsorotherofferingmaterialsandthedocumentsincorporatedordeemedtobeincorporatedbyreferencehereinorthereincontainormaycontainforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995,Section27AoftheSecuritiesAct,andSection21EoftheSecuritiesExchangeActof1934,asamended,ortheExchangeAct.Whenusedinthisprospectus,anyrelatedprospectussupplementsorotherofferingmaterialsandthedocumentsincorporatedordeemedtobeincorporatedbyreferencehereinortherein,thewords“estimated,”“anticipated,”“expect,”“believe,”“intend”andsimilarexpressionsareintendedtoidentifyforward-lookingstatements.Forward-lookingstatementsinclude,withoutlimitation,discussionsofstrategy,plansandintentionsandstatementsregardingestimatedorfutureresultsofoperations,financialconditionorprospects(including,withoutlimitation,estimatedandfuturenormalizedandadjustedfundsfromoperationsandnetincome,estimatedinitialweightedaveragecontractualleaserates,statementsregardingthepayment,dependabilityandamountoforincreasesinfuturecommonstockdividends,statementsregardingfuturecashfloworcashgeneration,andstatementsregardingourabilitytomeetourliquidityneeds).Forward-lookingstatementsaresubjecttorisks,uncertaintiesandassumptionsaboutus,including,amongotherthings:

ouranticipatedgrowthstrategies;

ourintentiontoacquireadditionalpropertiesandthetimingoftheseacquisitions;

ourintentiontosellpropertiesandthetimingofthesepropertysales;

ourintentiontore-leasevacantproperties;

anticipatedtrendsinourbusiness,includingtrendsinthemarketforlong-termnetleasesoffreestanding,single-tenantproperties;and

futureexpendituresfordevelopmentprojects.

Futureeventsandactualresults,financialandotherwise,maydiffermateriallyfromtheresultsdiscussedinorimpliedbytheforward-lookingstatements.Inparticular,forward-lookingstatementsregardingestimatedorfutureresultsofoperationsarebaseduponnumerousassumptionsandestimatesandareinherentlysubjecttosubstantialuncertaintiesandactualresultsofoperationsmaydiffermateriallyfromthoseexpressedorimpliedintheforward-lookingstatements,particularlyifactualeventsdifferfromthosereflectedintheestimatesandassumptionsuponwhichsuchforward-lookingstatementsarebased.Someofthefactorsthatcouldcauseactualresultstodiffermateriallyare:

ourcontinuedqualificationasarealestateinvestmenttrust;

generalbusinessandeconomicconditions;

competition;

fluctuatinginterestrates;

accesstodebtandequitycapitalmarkets;

continuedvolatilityanduncertaintyinthecreditmarketsandbroaderfinancialmarkets;

otherrisksinherentintherealestatebusiness,includingtenantdefaults,potentialliabilityrelatingtoenvironmentalmatters,illiquidityofrealestateinvestmentsandpotentialdamagesfromnaturaldisasters;

impairmentsinthevalueofourrealestateassets;

changesinthetaxlawsoftheUnitedStatesofAmerica;

theoutcomeofanylegalproceedingstowhichweareapartyorwhichmayoccurinthefuture;and

actsofterrorismandwar.

Additionalfactorsthatmaycausefutureeventsandactualresults,financialorotherwise,todiffer,potentiallymaterially,fromthosediscussedinorimpliedbytheforward-lookingstatementsincludethe

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risksanduncertaintiesdiscussedinthesectionsentitled“Business,”“RiskFactors”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”inourmostrecentAnnualReportonForm10-Kandthesectionsentitled“RiskFactors”(ifapplicable)and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”inoursubsequentQuarterlyReportsonForm10-Q(ifany),andalsoincluderisksandotherinformationdiscussedinotherdocumentsthatareincorporatedordeemedtobeincorporatedbyreferenceinthisprospectusandintheprospectussupplementandanyotherofferingmaterialsrelatingtoanyofferingofoursecurities.

Youarecautionednottoplaceunduerelianceonforward-lookingstatementscontainedorincorporatedbyreferenceinthisprospectus,anyrelatedprospectussupplementsorotherofferingmaterials.Thoseforward-lookingstatementsarenotguaranteesoffutureperformanceandspeakonlyasoftherespectivedatesofthosedocumentsor,inthecaseofdocumentsincorporatedordeemedtobeincorporatedbyreferenceinthisprospectus,asoftherespectivedatesthosedocumentswerefiledwiththeSECandweundertakenoobligationtoupdateanysuchforward-lookingstatementsortopubliclyreleasetheresultsofanyrevisionstotheseforward-lookingstatementsthatmaybemadetoreflecteventsorcircumstancesaftertherespectivedatesorfilingdates,asthecasemaybe,ofthosedocumentsortoreflecttheoccurrenceofunanticipatedevents.Inlightoftheserisksanduncertainties,theforward-lookingeventsdiscussedinthisprospectus,anyrelatedprospectussupplementsorotherofferingmaterials,andthedocumentsincorporatedbyreferencehereinandthereinmightnotoccur.

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USE OF PROCEEDS

Weintendtousethenetproceedsfromthesaleofthesecuritiesassetforthintheapplicableprospectussupplement.

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DESCRIPTION OF DEBT SECURITIES

General

Thisprospectusdescribescertaingeneraltermsandprovisionsofourdebtsecurities.Whenweoffertosellaparticularseriesofdebtsecurities,wewilldescribethespecifictermsoftheseriesinaprospectussupplement,apricingsupplementorotherofferingmaterials.Wewillalsoindicateinthesupplementorotherofferingmaterialswhetherthegeneraltermsandprovisionsdescribedinthisprospectusapplytoaparticularseriesofdebtsecurities.Ourdebtsecuritieswillbeourdirectobligationsandtheymaybesecuredorunsecured,seniororsubordinatedindebtedness.Wemayissueourdebtsecuritiesunderoneormoreindentures.Eachindentureandthecertificateorcertificatesevidencingthedebtsecuritiesofeachserieswillbeintheformfiledorincorporatedbyreferenceasanexhibittotheregistrationstatementcontainingthisprospectus,apost-effectiveamendmenttotheregistrationstatementoradocumentincorporatedbyreferencehereinandmaybeobtainedasdescribedbelowunder“WhereYouCanFindMoreInformation.”Theformofindentureissubjecttoanyamendmentsorsupplementsthatmaybeadoptedfromtimetotime.Wewillenterintoeachindenturewithatrusteeandthetrusteeforeachindenturemaybethesame.Eachindenturewillbesubjectto,andgovernedby,theTrustIndentureActof1939,asamended.Unlessotherwiseexpresslystatedintheapplicableprospectussupplement,thedebtsecuritieswillbeissuedunderanindenturedatedasofOctober28,1998betweenusandTheBankofNewYorkMellonTrustCompany,N.A.,assuccessortrustee,acopyofwhichhasbeenincorporatedbyreferenceasanexhibittotheregistrationstatementcontainingthisprospectus.Becausethisdescriptionofdebtsecuritiesisasummary,itdoesnotcontainalltheinformationthatmaybeimportanttoyouandthisdescriptionissubjectto,andqualifiedinitsentiretybyreferenceto,theformoftheapplicableindentureandthecertificateevidencingthedebtsecuritiesoftheapplicableseries.Youshouldreadtheapplicableindentureandtheformofcertificateevidencingtheapplicabledebtsecuritiesintheirentiretytoassurethatyouhavealltheimportantinformationyouneedtomakeanyrequireddecisions.Unlessotherwiseexpresslystatedorthecontextotherwiserequires,allreferencestothe“Company,”“RealtyIncome,”“our,”“we”and“us”andallsimilarreferencesappearingunderthiscaption“DescriptionofDebtSecurities”meanRealtyIncomeCorporation,aMarylandcorporation,excludingitssubsidiaries.Allothercapitalizedtermsused,butnotdefined,inthissectionshallhavethemeaningssetforthintheapplicableindenture.

Terms

Theparticulartermsofanyseriesofourdebtsecuritieswillbedescribedinaprospectussupplementorotherofferingmaterials.Additionally,anyapplicablemodificationsoforadditionstothegeneraltermsofourdebtsecurities,describedinthisprospectusandintheapplicableindenture,willalsobedescribedinaprospectussupplementorotherofferingmaterials.Accordingly,foradescriptionofthetermsofanyseriesofourdebtsecurities,youmustrefertoboththeprospectussupplementorotherofferingmaterials,ifany,relatingtothosedebtsecuritiesandthedescriptionofthedebtsecuritiessetforthinthisprospectus.Ifanyparticulartermsofourdebtsecurities,describedinaprospectussupplementorotherofferingmaterials,differfromanyofthetermsdescribedinthisprospectus,thenthosetermsassetforthintherelevantprospectussupplementorotherofferingmaterialswillcontrol.

Exceptassetforthinanyprospectussupplementorotherofferingmaterials,ourdebtsecuritiesmaybeissuedwithoutlimitastoaggregateprincipalamount,inoneormoreseries,ineachcaseasestablishedfromtimetotimebyourboardofdirectors,acommitteeoftheboardofdirectorsorassetforthintheapplicableindentureoroneormoresupplementstothatindenture.Allofourdebtsecuritiesofoneseriesneednotbeissuedatthesametime,andunlessotherwiseprovided,aseriesmaybereopenedforissuanceofadditionaldebtsecuritieswithouttheconsentoftheholdersofthedebtsecuritiesofthatseries.

Eachindenturewillprovidethatwemay,butneednot,designatemorethanonetrusteefortheindenture,eachwithrespecttooneormoreseriesofourdebtsecurities.Anytrusteeunderanindenturemayresignorberemovedwithrespecttooneormoreseriesofourdebtsecurities,andasuccessortrusteemaybeappointedtoactwithrespecttothatseries.Iftwoormorepersonsareactingastrusteetodifferentseriesofourdebtsecurities,eachtrusteeshallbeatrusteeofatrustundertheapplicableindentureseparateandapartfromthetrustadministeredbyanyothertrusteeand,exceptasotherwiseindicatedinthisprospectus,anyactiontakenbyatrusteemaybetakenbythattrusteewithrespectto,andonlywithrespectto,theoneormoreseriesofdebtsecuritiesforwhichitistrusteeundertheapplicableindenture.

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Thissummarysetsforthcertaingeneraltermsandprovisionsofourindenturesandourdebtsecurities.Foradetaileddescriptionofaspecificseriesofdebtsecurities,youshouldconsulttheprospectussupplementorotherofferingmaterialsforthatseries.Theprospectussupplementorotherofferingmaterialswillcontainthefollowinginformation,totheextentapplicable:

thetitleandrankingofthosedebtsecurities;

theaggregateprincipalamountofthosedebtsecuritiesandanylimitationthereon;

thepriceatwhichthosedebtsecuritieswillbeissuedand,ifotherthantheprincipalamountofthosedebtsecurities,theportionoftheprincipalamountpayableupondeclarationofaccelerationofthematuritythereof,or(ifapplicable)theportionoftheprincipalamountofthosedebtsecuritiesthatisconvertibleintoothersecuritiesofferedhereby,orthemethodbywhichanyconvertibleportionofthosedebtsecuritiesshallbedetermined;

ifthosedebtsecuritiesareconvertible,thetermsonwhichtheyareconvertible,includingtheinitialconversionpriceorrateandconversionperiodand,inconnectionwiththepreservationofourstatusasaREIT,anyapplicablelimitationsontheownershiportransferabilityofthesecuritiesintowhichthosedebtsecuritiesareconvertible;

thedateordates,orthemethodfordeterminingthedateordates,onwhichtheprincipalofthosedebtsecuritieswillbepayable;

therateorrates(whichmaybefixedorvariable),orthemethodbywhichtherateorratesshallbedetermined,atwhichthosedebtsecuritieswillbearinterest,ifany;

thedateordates,orthemethodfordeterminingthedateordates,fromwhichanyinterestwillaccrue,thedatesuponwhichthatinterestwillbepayable,therecorddatesforpaymentofthatinterest,orthemethodbywhichanyofthosedatesshallbedetermined,thepersonstowhomthatinterestshallbepayable,andthebasisuponwhichthatinterestshallbecalculatedifotherthanthatofa360-dayyearoftwelve30-daymonths;

theplaceorplaceswheretheprincipalof(andpremium,ifany)andinterest,ifany,ondebtsecuritieswillbepayable,wheredebtsecuritiesmaybesurrenderedforconversion,registrationoftransferorexchangeandwherenoticesordemandstooruponusrelatingtodebtsecuritiesandtheindenturemaybeserved;

theperiodorperiods,ifany,withinwhich,thepriceorpricesatwhich,andthetermsandconditionsuponwhichthosedebtsecuritiesmayberedeemed,asawholeorinpart,atouroption;

ourobligation,ifany,toredeem,repayorpurchasethosedebtsecuritiespursuanttoanysinkingfundoranalogousprovisionorattheoptionofaholderofthosedebtsecurities,andtheperiodorperiodswithinwhich,thepriceorpricesatwhich,andthetermsandconditionsuponwhich,thosedebtsecuritieswillberedeemed,repaidorpurchased,asawholeorinpart,pursuanttothisobligation;

ifotherthanU.S.dollars,thecurrencyorcurrenciesinwhichthosedebtsecuritiesaredenominatedandpayable,whichmaybeaforeigncurrencyorunitsoftwoormoreforeigncurrenciesoracompositecurrencyorcurrencies,andthetermsandconditionsrelatingthereto;

whethertheamountofpaymentsofprincipalof(andpremium,ifany)orinterest,ifany,onthosedebtsecuritiesmaybedeterminedwithreferencetoanindex,formulaorothermethod(whichindex,formulaormethodmay,butneednotbebasedonacurrency,currencies,currencyunitorunitsorcompositecurrencyorcurrencies)andthemannerinwhichthoseamountsshallbedetermined;

whetherthosedebtsecuritieswillbeissuedincertificatedand/orbook-entryform,and,ifinbook-entryform,theidentityofthedepositaryforthosedebtsecurities;

whetherthosedebtsecuritieswillbeinregisteredorbearerformand,ifinregisteredform,the

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denominationsthereofifotherthan$2,000andanyintegralmultipleof$1,000inexcessthereofand,ifinbearerform,thedenominationsthereofandtermsandconditionsrelatingthereto;

theapplicability,ifany,ofthedefeasanceandcovenantdefeasanceprovisionsdescribedhereinorsetforthintheapplicableindenture,oranymodificationoftheindenture;

anydeletionsfrom,modificationsoforadditionstotheeventsofdefaultorourcovenantswithrespecttothosedebtsecurities;

whetherandunderwhatcircumstanceswewillpayanyadditionalamountsonthosedebtsecuritiesinrespectofanytax,assessmentorgovernmentalchargeand,ifso,whetherwewillhavetheoptiontoredeemthosedebtsecuritiesinlieuofmakingthispayment;

thesubordinationprovisions,ifany,relatingtothosedebtsecurities;

theprovisions,ifany,relatingtoanysecurityprovidedforthosedebtsecurities;and

anyothertermsofthosedebtsecurities.

Iftheapplicableprospectussupplementprovidesorotherofferingmaterialsprovide,wemayissuethedebtsecuritiesatadiscountbelowtheirprincipalamountandprovideforlessthantheentireprincipalamountofthedebtsecuritiestobepayableupondeclarationofaccelerationofthematuritythereof(“OriginalIssueDiscountSecurities”).Inthosecases,anymaterialUnitedStatesfederalincometax,accountingandotherconsiderationsapplicabletoOriginalIssueDiscountSecuritieswillbedescribedintheapplicableprospectussupplementorotherofferingmaterials.

Denominations, Interest, Registration and Transfer

Unlessotherwisedescribedintheapplicableprospectussupplementorotherofferingmaterials,thedebtsecuritiesofanyserieswillbeissuableindenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof.

Unlessotherwisedescribedintheapplicableprospectussupplementorotherofferingmaterials,wewillpaytheprincipalof(andpremium,ifany)andinterestonanyseriesofdebtsecuritiesattheapplicabletrustee’scorporatetrustoffice,theaddressofwhichwillbesetforthintheapplicableprospectussupplementorotherofferingmaterials,providedhowever,thatunlessotherwiseprovidedintheapplicableprospectussupplementorotherofferingmaterials,wemaymakeinterestpayments(1)bycheckmailedtotheaddressofthepersonentitledtothepaymentasthataddressappearsintheapplicableregisterforthosedebtsecurities,or(2)bywiretransferoffundstothepersonatanaccountmaintainedwithintheUnitedStates.

Subjecttocertainlimitationsimposedondebtsecuritiesissuedinbook-entryform,thedebtsecuritiesofanyserieswillbeexchangeableforanyauthorizeddenominationofotherdebtsecuritiesofthesameseriesandofalikeaggregateprincipalamountandtenoruponsurrenderofthosedebtsecuritiesattheofficeofanytransferagentwedesignateforthatpurpose.Inaddition,subjecttocertainlimitationsimposedondebtsecuritiesissuedinbook-entryform,thedebtsecuritiesofanyseriesmaybesurrenderedforconversionorregistrationoftransferthereofattheofficeofanytransferagentwedesignateforthatpurpose.Everydebtsecuritysurrenderedforconversion,registrationoftransferorexchangeshallbedulyendorsedoraccompaniedbyawritteninstrumentoftransferandthepersonrequestingthattransfermustprovideevidenceoftitleandidentitysatisfactorytousandtheapplicabletransferagent.Noservicechargewillbemadeforanyregistrationoftransferorexchangeofanydebtsecurities,butwemayrequirepaymentofasumsufficienttocoveranytaxorothergovernmentalchargepayableinconnectiontherewith.Wemayatanytimerescindthedesignationofanytransferagentappointedwithrespecttothedebtsecuritiesofanyseriesorapproveachangeinthelocationthroughwhichanytransferagentacts,exceptthatwewillberequiredtomaintainatransferagentineachplaceofpaymentforthatseries.Wemayatanytimedesignateadditionaltransferagentswithrespecttoanyseriesofdebtsecurities.

Neitherwenoranytrusteeshallberequiredto:

issue,registerthetransferof,orexchangedebtsecuritiesofanyseriesifthatdebtsecuritymaybeamongthoseselectedforredemptionduringaperiodbeginningattheopeningofbusiness15days

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beforethemailingorfirstpublication,asthecasemaybe,ofnoticeofredemptionofthosedebtsecuritiesandendingatthecloseofbusinesson

thedayofmailingoftherelevantnoticeofredemptionifthedebtsecuritiesofthatseriesareissuableonlyinregisteredform,or

thedayofthefirstpublicationoftherelevantnoticeofredemptionifthedebtsecuritiesofthatseriesareissuableinbearerform,or

thedayofmailingoftherelevantnoticeofredemptionifthosedebtsecuritiesareissuableinbothbearerandregisteredformandthereisnopublication;or

registerthetransferoforexchangeanydebtsecurityinregisteredform,orportionthereof,soselectedforredemption,inwholeorinpart,excepttheunredeemedportionofanydebtsecuritybeingredeemedinpart;or

exchangeanydebtsecurityinbearerformselectedforredemption,exceptinexchangeforadebtsecurityofthatseriesinregisteredformthatissimultaneouslysurrenderedforredemption;or

issue,registerthetransferoforexchangeanydebtsecuritythathasbeensurrenderedforrepaymentattheholder’soption,excepttheportion,ifany,ofthatdebtsecuritynottoberepaid.

No Protection in the Event of a Change of Control

Unlesswestateotherwiseintheapplicableprospectussupplement,thedebtsecuritiesofanyserieswillnotcontainanyprovisionswhichmayaffordholdersofthedebtsecuritiesofsuchseriesprotectionintheeventofachangeofcontrolofRealtyIncomeorintheeventofahighlyleveragedtransaction(whetherornotsuchtransactionresultsinachangeofcontrol),whichcouldadverselyaffectholdersofdebtsecurities.

Merger, Consolidation or Sale of Assets

Eachindenturewillprovidethatwewillnotconsolidatewith,sell,leaseorconveyallorsubstantiallyallofourassetsto,ormergewithorinto,anypersonunless:

eitherweshallbethecontinuingentity,orthesuccessorperson(ifnotus)formedbyorresultingfromtheconsolidationormergerorwhichshallhavereceivedthetransferoftheassetsshallbeacorporationorganizedandexistingunderthelawsoftheUnitedStatesoranyStatethereofandshallexpresslyassume(1)ourobligationtopaytheprincipalof(andpremium,ifany)andinterestonallthedebtsecuritiesissuedundertheindentureand(2)thedueandpunctualperformanceandobservanceofallthecovenantsandconditionscontainedintheindentureandinthedebtsecuritiestobeperformedorobservedbyus;

immediatelyaftergivingeffecttothetransactionandtreatinganyindebtednessthatbecomesourobligationortheobligationofanySubsidiaryasaresultofthetransactionashavingbeenincurred,andtreatinganyliensonanypropertyorassetsofoursoranySubsidiarythatareincurred,createdorassumedasaresultofthetransactionashavingbeencreated,incurredorassumed,byusortheSubsidiaryatthetimeofthetransaction,noeventofdefaultundertheindenture,andnoeventthat,afternoticeorthelapseoftime,orboth,wouldbecomeaneventofdefault,shallhaveoccurredandbecontinuing;and

anofficers’certificateandlegalopinioncoveringtheseconditionsshallbedeliveredtothetrustee.

Certain Covenants

Existence.Exceptaspermittedundertheheadingaboveentitled“—Merger,ConsolidationorSaleofAssets,”wewillberequiredundereachindenturetodoorcausetobedoneallthingsnecessarytopreserveandkeepinfullforceandeffectourcorporateexistence,allmaterialrights(bycharter,bylawsandstatute)andallmaterialfranchises;provided,however,thatweshallnotberequiredtopreserveanyrightorfranchiseifourboardofdirectorsdeterminesthatthepreservationthereofisnolongerdesirableintheconductofourbusiness.

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Maintenance of Properties.EachindenturewillrequireustocauseallofourmaterialpropertiesusedorusefulintheconductofourbusinessorthebusinessofanySubsidiarytobemaintainedandkeptingoodcondition,repairandworkingorderandsuppliedwithallnecessaryequipmentandwillrequireustocausetobemadeallnecessaryrepairs,renewals,replacements,bettermentsandimprovementstothoseproperties,asinourjudgmentmaybenecessarysothatthebusinesscarriedoninconnectionwiththosepropertiesmaybeproperlyandadvantageouslyconductedatalltimes;provided,however,thatweandourSubsidiariesshallnotbepreventedfromsellingorotherwisedisposingofthesepropertiesforvalueintheordinarycourseofbusiness.

Insurance.Eachindenturewillrequireusto,andtocauseeachofourSubsidiariesto,keepinforceuponallofourandtheirpropertiesandoperationspoliciesofinsurancecarriedwithresponsiblecompaniesinsuchamountsandcoveringallrisksasshallbecustomaryintheindustryinaccordancewithprevailingmarketconditionsandavailability.

Payment of Taxes and Other Claims.Eachindenturewillrequireustopayordischargeorcausetobepaidordischarged,beforethesameshallbecomedelinquent,(a)alltaxes,assessmentsandgovernmentalchargesleviedorimposedonusoranyofourSubsidiariesorupontheincome,profitsorpropertyofusoranyofourSubsidiariesand(b)alllawfulclaimsforlabor,materialsandsuppliesthat,ifunpaid,mightbylawbecomealienuponourpropertyorthepropertyofanySubsidiary;provided,however,thatweshallnotberequiredtopayordischargeorcausetobepaidordischargedanytax,assessment,chargeorclaimtheamount,applicabilityorvalidityofwhichwearecontestingingoodfaiththroughappropriateproceedings.

Provisions of Financial Information.WhetherornotwearesubjecttoSection13or15(d)oftheExchangeAct,wewillberequiredbyeachindenture,within15daysaftereachoftherespectivedatesbywhichwewouldhavebeenrequiredtofileannualreports,quarterlyreportsandotherdocumentswiththeSECifweweresubjecttothoseSectionsoftheExchangeActto:

transmitbymailtoallholdersofdebtsecuritiesissuedundertheindenture,astheirnamesandaddressesappearintheapplicableregisterforthosedebtsecurities,withoutcosttotheholders,copiesoftheannualreports,quarterlyreportsandotherdocumentsthatwewouldhavebeenrequiredtofilewiththeSECpursuanttoSection13or15(d)oftheExchangeActifweweresubjecttothoseSections;

filewiththeapplicabletrusteecopiesoftheannualreports,quarterlyreportsandotherdocumentsthatwewouldhavebeenrequiredtofilewiththeSECpursuanttoSection13or15(d)oftheExchangeActifweweresubjecttothoseSections;and

supplypromptly,uponwrittenrequestandpaymentofthereasonablecostofduplicationanddelivery,copiesofthesedocumentstoanyprospectiveholderofthedebtsecurities.

Exceptasmayotherwisebeprovidedintheprospectussupplementorotherofferingmaterialsrelatingtoanyseriesofdebtsecurities,theterm“Subsidiary,”asusedinanyindenturemeansanyotherpersonofwhichmorethan50%of(a)theequityorotherownershipinterestsor(b)thetotalvotingpowerofsharesofcapitalstockorotherownershipinterestsentitled(withoutregardtotheoccurrenceofanycontingency)tovoteintheelectionofdirectors,managers,trusteesorgeneralormanagingpartnersthereofisatthetimeownedbyusoroneormoreofourSubsidiariesoracombinationthereof.

Additional Covenants.Ifwemakeanyadditionalcovenantswithrespecttoanyseriesofdebtsecurities,thosecovenantswillbesetforthintheprospectussupplementorotherofferingmaterialsrelatingtothosedebtsecurities.

Events of Default, Notice and Waiver

Unlessotherwiseprovidedintheapplicableindenture,eachindenturewillprovidethatthefollowingeventsare“eventsofdefault”foranyseriesofdebtsecuritiesissuedunderit:

defaultfor30daysinthepaymentofanyinstallmentofinterestonanydebtsecurityofthatseries;

defaultinthepaymentoftheprincipalof(orpremium,ifany,on)anydebtsecurityofthatseries

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whendue,whetheratstatedmaturityorbydeclarationofacceleration,noticeofredemption,noticeofoptiontoelectrepaymentorotherwise;

defaultinthedepositofanysinkingfundpayment,whenandasduebythetermsofanydebtsecurityofthatseries;

defaultintheperformanceofanyofourothercovenantscontainedintheindentureorinanydebtsecurityofthatseries(otherthanacovenantaddedtotheindenturesolelyforthebenefitofaseriesofdebtsecuritiesissuedthereunderotherthanthatseries),whichcontinuesfor60daysafterwrittennoticeisgiventousbythetrusteeortousandthetrusteebytheholdersofatleast25%inprincipalamountoftheoutstandingdebtsecuritiesofthatseries;

defaultunderanybond,debenture,noteorotherevidenceofindebtednessformoneyborrowedbyusoranyofourSubsidiaries(includingobligationsunderleasesrequiredtobecapitalizedonthebalancesheetofthelesseeundergenerallyacceptedaccountingprinciples,butnotincludinganyindebtednessorobligationsforwhichrecourseislimitedtopropertypurchased)inanaggregateprincipalamountinexcessof$25,000,000orunderanymortgage,indentureorinstrumentunderwhichtheremaybeissuedorbywhichtheremaybesecuredorevidencedanyindebtednessformoneyborrowedbyusoranyofourSubsidiaries(includingsuchleases,butnotincludingsuchindebtednessorobligationsforwhichrecourseislimitedtopropertypurchased)inanaggregateprincipalamountinexcessof$25,000,000,whethertheindebtednessexistsatthedateoftherelevantindentureorshallthereafterbecreated,whichdefaultshallhaveresultedintheindebtednessbecomingorbeingdeclareddueandpayablepriortothedateonwhichitwouldotherwisehavebecomedueandpayableorwhichdefaultshallhaveresultedintheobligationbeingaccelerated,withouttheaccelerationhavingbeenrescindedorannulled;

certaineventsofbankruptcy,insolvencyorreorganizationwithrespecttousoranyofourSignificantSubsidiaries;or

anyothereventofdefaultprovidedwithrespecttoaparticularseriesofdebtsecurities.

Theterm“SignificantSubsidiary”asusedabovehasthemeaningascribedtotheterminRule1-02ofRegulationS-XpromulgatedundertheSecuritiesAct,astheRegulationwasineffectonJanuary1,1996.

Ifaneventofdefaultunderanyindenturewithrespecttodebtsecuritiesofanyseriesatthetimeoutstandingoccursandiscontinuing,thentheapplicabletrusteeortheholdersofnotlessthan25%inprincipalamountoftheoutstandingdebtsecuritiesofthatseriesmaydeclaretheprincipalamount(or,ifthedebtsecuritiesofthatseriesareOriginalIssueDiscountSecuritiesorIndexedSecurities,thatportionoftheprincipalamountasmaybespecifiedinthetermsthereof)ofallthedebtsecuritiesofthatseriestobedueandpayableimmediatelybywrittennoticethereoftous(andtotheapplicabletrusteeifgivenbytheholders).However,atanytimeafterthedeclarationofaccelerationwithrespecttodebtsecuritiesofaserieshasbeenmade,butbeforeajudgmentordecreeforpaymentofthemoneyduehasbeenobtainedbytheapplicabletrustee,theholdersofnotlessthanamajorityoftheprincipalamountoftheoutstandingdebtsecuritiesofthatseriesmayrescindandannulthedeclarationanditsconsequencesif:

weshallhavedepositedwiththeapplicabletrusteeallrequiredpaymentsoftheprincipalof(andpremium,ifany)andinterestonthedebtsecuritiesofthatseries(otherthanprincipalthathasbecomeduesolelyasaresultoftheacceleration),pluscertainfees,expenses,disbursementsandadvancesoftheapplicabletrustee;and

alleventsofdefault,otherthanthenonpaymentofacceleratedprincipal(orspecifiedportionthereof),premium,ifany,andinterestwithrespecttodebtsecuritiesofthatseries,havebeencuredorwaivedasprovidedintheindenture.

Eachindenturewillalsoprovidethattheholdersofnotlessthanamajorityinprincipalamountoftheoutstandingdebtsecuritiesofanyseriesmaywaiveanypastdefaultwithrespecttothatseriesanditsconsequences,except:

adefaultinthepaymentoftheprincipalof(orpremium,ifany)orinterestonanydebtsecurityofthatseries;or

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adefaultinrespectofacovenantorprovisioncontainedintheindenturethatcannotbemodifiedoramendedwithouttheconsentoftheholderofeachoutstandingdebtsecurityoftheseriesaffectedbythedefault.

Eachindenturewillrequireeachtrusteetogivenoticeofadefaultundertheindenturetotheholdersofdebtsecuritieswithin90daysunlessthedefaultshallhavebeencuredorwaived,subjecttocertainexceptions;provided,however,thatthetrusteemaywithholdnoticetotheholdersofanyseriesofdebtsecuritiesofanydefaultwithrespecttothatseries(exceptadefaultinthepaymentoftheprincipalof(orpremium,ifany)orinterestonanydebtsecurityofthatseriesorinthepaymentofanysinkingfundinstallmentinrespectofanydebtsecurityofthatseries)ifspecifiedResponsibleOfficersofthetrusteeconsiderawithholdingtobeinthoseholders’interest.

Eachindenturewillprovidethatnoholdersofdebtsecuritiesofanyseriesmayinstituteanyproceedings,judicialorotherwise,withrespecttotheindentureorforanyremedythereunder,exceptinthecaseoffailureofthetrustee,for60days,toactafterithasreceivedawrittenrequesttoinstituteproceedingsinrespectofaneventofdefaultfromtheholdersofnotlessthan25%inprincipalamountoftheoutstandingdebtsecuritiesofthatseries,aswellasanofferofindemnityreasonablysatisfactorytoit,andnodirectioninconsistentwiththewrittenrequesthasbeengiventothetrusteeduringthe60-dayperiodbyholdersofamajorityinprincipalamountoftheoutstandingdebtsecuritiesofthatseries.Thisprovisionwillnotprevent,however,anyholderofdebtsecuritiesfrominstitutingsuitfortheenforcementofpaymentoftheprincipalof(andpremium,ifany)andinterestonthosedebtsecuritiesattherespectiveduedatesthereof.

Eachindenturewillprovidethat,subjecttoprovisionsintheTrustIndentureActof1939relatingtoitsdutiesincaseofdefault,thetrusteeisundernoobligationtoexerciseanyofitsrightsorpowersundertheindentureattherequestordirectionofanyholdersofanyseriesofthedebtsecuritiesthenoutstandingundertheindenture,unlessthoseholdersshallhaveofferedtothetrusteereasonablesecurityorindemnity.Theholdersofnotlessthanamajorityinprincipalamountoftheoutstandingdebtsecuritiesofanyseriesshallhavetherighttodirectthetime,methodandplaceofconductinganyproceedingforanyremedyavailabletothetrustee,orofexercisinganytrustorpowerconferreduponthetrustee;providedthatthedirectionshallnotconflictwithanyruleoflawortheindenture,andprovidedfurtherthatthetrusteemayrefusetofollowanydirectionthatmayinvolvethetrusteeinpersonalliabilityorthatmaybeundulyprejudicialtotheholdersofdebtsecuritiesofthatseriesnotjoininginthedirectiontothetrustee.

Within120daysafterthecloseofeachfiscalyear,wewillberequiredtodelivertothetrusteeacertificate,signedbyoneofseveralspecifiedofficers,statingwhetherornottheofficerhasknowledgeofanydefaultundertheindentureand,ifso,specifyingeachdefaultandthenatureandstatusthereof.

Modification of the Indenture

Modificationsandamendmentsofanyindenturewillbepermittedwiththeconsentoftheholdersofnotlessthanamajorityinprincipalamountofalloutstandingdebtsecuritiesofeachseriesissuedundertheindentureaffectedbythemodificationoramendment;provided,however,thatnomodificationoramendmentmay,withouttheconsentoftheholderofeachdebtsecurityaffectedthereby:

changethestatedmaturityoftheprincipalof,oranyinstallmentofprincipalof,orinterest(orpremium,ifany)onanydebtsecurity;

reducetheprincipalamountof,ortherateoramountofintereston,oranypremiumpayableonredemptionofanydebtsecurity,orreducetheamountofprincipalofanOriginalIssueDiscountSecuritythatwouldbedueandpayableupondeclarationofaccelerationofthematurityoftheOriginalIssueDiscountSecurityorwouldbeprovableinbankruptcy,oradverselyaffectanyrightofrepaymentattheoptionoftheholderofanydebtsecurity(orreducetheamountofpremiumpayableuponanyrepayment);

changetheplaceofpayment,orthecoinorcurrency,forpaymentofprincipalof(orpremium,ifany)orinterestonanydebtsecurity;

impairtherighttoinstitutesuitfortheenforcementofanypaymentonorwithrespecttoanydebtsecuritywhendue;

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reducetheabove-statedpercentageofoutstandingdebtsecuritiesofanyseriesnecessarytomodifyoramendtheindenturetowaivecompliancewithcertainprovisionsoftheindentureorcertaindefaultsandconsequencesundertheindentureortoreducethequorumorvotingrequirementssetforthintheindenture;or

modifyanyoftheforegoingprovisionsoranyoftheprovisionsrelatingtothewaiverofcertainpastdefaultsorcertaincovenants,excepttoincreasetherequiredpercentagetoeffecttheactionortoprovidethatcertainotherprovisionsmaynotbemodifiedorwaivedwithouttheconsentoftheholderofeachoutstandingdebtsecurityaffectedthereby.

Theholdersofamajorityinaggregateprincipalamountofoutstandingdebtsecuritiesofanyseriesmay,onbehalfofallholdersofdebtsecuritiesofthatseries,waive(insofarasthatseriesisconcerned)ourcompliancewithcertainrestrictivecovenantsintheapplicableindenture.

We,alongwiththetrustee,shallbepermittedtomodifyandamendanindenturewithouttheconsentofanyholderofdebtsecuritiesforanyofthefollowingpurposes:

toevidencethesuccessionofanotherpersontoourobligationsundertheindenture;

toaddtoourcovenantsforthebenefitoftheholdersofalloranyseriesofdebtsecuritiesortosurrenderanyrightorpowerconferreduponusintheindenture;

toaddeventsofdefaultforthebenefitoftheholdersofalloranyseriesofdebtsecurities;

toaddorchangeanyprovisionsoftheindenturetoprovidethatdebtsecuritiesinbearerformmayberegisterableastoprincipalortochangeoreliminateanyrestrictionsonthepaymentofprincipaloforanypremiumorinterestondebtsecuritiesinbearerformortomakecertainotherprovisionsrelatingtodebtsecuritiesinbearerform,providedthatsuchactionshallnotadverselyaffecttheinterestsoftheholdersofthedebtsecuritiesofanyseriesinanymaterialrespect;

tochangeoreliminateanyprovisionsoftheindenture,providedthatanysuchchangeoreliminationdoesnotapplytoanyoutstandingdebtsecuritiesofaseriescreatedpriortothedateoftheamendmentorsupplementthatareentitledtothebenefitofthatprovision;

tosecurethedebtsecurities;

toestablishtheformortermsofdebtsecuritiesofanyseries,includingtheprovisionsandprocedures,ifapplicable,fortheconversionofdebtsecuritiesintocommonstockorpreferredstock;

toprovidefortheacceptanceofappointmentbyasuccessortrusteeorfacilitatetheadministrationofthetrustsundertheindenturebymorethanonetrustee;

tocureanyambiguityortocorrectanydefectorinconsistencyintheindenture,ortomakeanyotherprovisionswithrespecttomattersorquestionsarisingundertheindenturewhichshallnotbeinconsistentwiththeprovisionsoftheindenture,provided,however,thatsuchactionshallnotadverselyaffecttheinterestsofholdersofdebtsecuritiesofanyseriesinanymaterialrespect;or

tosupplementanyoftheprovisionsoftheindenturetotheextentnecessarytopermitorfacilitatedefeasance,covenantdefeasanceanddischargeofanyseriesofdebtsecurities,provided,however,thatthisactionshallnotadverselyaffecttheinterestsoftheholdersofthedebtsecuritiesofanyseriesinanymaterialrespect.

Eachindenturewillprovidethatindeterminingwhethertheholdersoftherequisiteprincipalamountofoutstandingdebtsecuritiesofaserieshavegivenanyrequest,demand,authorization,direction,notice,consentorwaiverdescribedintheindentureorwhetheraquorumispresentatameetingofholdersofdebtsecurities:

theprincipalamountofanOriginalIssueDiscountSecuritythatshallbedeemedtobeoutstandingshallbetheamountoftheprincipalofthatsecuritythatwouldbedueandpayableasofthedateofthedeterminationupondeclarationofaccelerationofthematuritythereof;

theprincipalamountofanydebtsecuritydenominatedinaforeigncurrencythatshallbedeemedoutstandingshallbetheU.S.dollarequivalent,determinedontheissuedateforthedebtsecurity,of

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theprincipalamount(or,inthecaseofanOriginalIssueDiscountSecurity,theU.S.dollarequivalentontheissuedateofthedebtsecurityoftheamountdeterminedasprovidedinthefirstbulletabove);

theprincipalamountofanIndexedSecuritythatshallbedeemedoutstandingshallbetheprincipalfaceamountoftheIndexedSecurityatoriginalissuance,unlessotherwiseprovidedwithrespecttotheIndexedSecurityintheapplicableprospectussupplement;and

debtsecuritiesownedbyusoranyotherobligoruponthedebtsecuritiesoranyaffiliateofoursoroftheotherobligorshallbedisregarded.

Eachindenturewillcontainprovisionsforconveningmeetingsoftheholdersofdebtsecuritiesofaseries.Ameetingmaybecalledatanytimebythetrustee,andalso,uponourrequestorrequestoftheholdersofatleast10%inprincipalamountoftheoutstandingdebtsecuritiesofaseries,inanycaseuponnoticegivenasprovidedintheindenture.Exceptforanyconsentorwaiverthatmustbegivenbytheholderofeachdebtsecurityaffectedthereby,anyresolutionpresentedatameetingoratanadjournedmeetingdulyreconvenedatwhichaquorumispresent,maybeadoptedbytheaffirmativevoteoftheholdersofamajorityinprincipalamountoftheoutstandingdebtsecuritiesofthatseries;provided,however,that,exceptasreferredtoabove,anyresolutionwithrespecttoanyrequest,demand,authorization,direction,notice,consent,waiverorotheractionthatmaybemade,givenortakenbytheholdersofaspecifiedpercentage,whichislessthanamajority,inprincipalamountoftheoutstandingdebtsecuritiesoftheseriesmaybeadoptedatameetingoradjournedmeetingdulyreconvenedatwhichaquorumispresentbytheaffirmativevoteoftheholdersofthespecifiedpercentageinprincipalamountoftheoutstandingdebtsecuritiesofthatseries.Anyresolutionpassedordecisiontakenatanymeetingofholdersofdebtsecuritiesofanyseriesdulyheldinaccordancewiththeindenturewillbebindingonallholdersofdebtsecuritiesofthatseries.Thepersonsholdingorrepresentingamajorityinprincipalamountoftheoutstandingdebtsecuritiesofaseriesshallconstituteaquorumforameetingofholdersofthatseries;provided,however,thatifanyactionistobetakenatameetingwithrespecttoaconsentorwaiverthatmaybegivenbytheholdersofnotlessthanaspecifiedpercentageinprincipalamountoftheoutstandingdebtsecuritiesofthatseries,thepersonsholdingorrepresentingthespecifiedpercentageinprincipalamountoftheoutstandingdebtsecuritiesofthatserieswillconstituteaquorum.

Notwithstandingtheforegoingprovisions,eachindenturewillprovidethatifanyactionistobetakenatameetingofholdersofdebtsecuritiesofanyserieswithrespecttoanyrequest,demand,authorization,direction,notice,consent,waiverorotheractionthattheindentureexpresslyprovidesmaybemade,givenortakenbytheholdersofthatseriesandoneormoreadditionalseries:(a)thereshallbenominimumquorumrequirementforthemeetingand(b)theprincipalamountoftheoutstandingdebtsecuritiesofallthoseseriesthatareentitledtovoteinfavoroftherequest,demand,authorization,direction,notice,consent,waiverorotheractionshallbetakenintoaccountindeterminingwhethertherequest,demand,authorization,direction,notice,consent,waiverorotheractionhasbeenmade,givenortakenundertheindenture.

Discharge, Defeasance and Covenant Defeasance

Unlessotherwiseindicatedintheapplicableprospectussupplementorotherofferingmaterials,uponourrequestanyindentureshallceasetobeoffurthereffectwithrespecttoanyseriesofdebtsecuritiesissuedundertheindenturespecifiedinourrequest(exceptastocertainlimitedprovisionsoftheindenturewhichshallsurvive)wheneither(a)alldebtsecuritiesofthatserieshavebeendeliveredtothetrusteeforcancellationor(b)alldebtsecuritiesofthatserieshavebecomedueandpayableorwillbecomedueandpayablewithinoneyear(orarescheduledforredemptionwithinoneyear)andwehaveirrevocablydepositedwiththeapplicabletrustee,intrust,fundsinthecurrencyorcurrencies,currencyunitorunitsorcompositecurrencyorcurrenciesinwhichthosedebtsecuritiesarepayableanamountsufficienttopaytheentireindebtednessonthosedebtsecuritiesinrespectofprincipal(andpremium,ifany)andinteresttothedateofthedeposit(ifthosedebtsecuritieshavebecomedueandpayable)ortothestatedmaturityorredemptiondate,asthecasemaybe.

Eachindenturewillprovidethat,unlessotherwiseindicatedintheapplicableprospectussupplementorotherofferingmaterials,wemayelecteitherto:

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defeaseandbedischargedfromanyandallobligationswithrespecttoanyseriesofdebtsecurities(exceptfortheobligation,ifany,topayadditionalamountsinrespectofcertaintaxesimposedonnon-U.S.holdersofdebtsecuritiesandtheobligationstoregisterthetransferorexchangeofthedebtsecurities,toreplacetemporaryormutilated,destroyed,lostorstolendebtsecurities,tomaintainanofficeoragencyinrespectofthedebtsecuritiesandtoholdmoneyforpaymentintrust)(“defeasance”);or

bereleasedfromourobligationswithrespecttocertaincovenants(whichwillbedescribedintherelevantprospectussupplementorotherofferingmaterials)applicabletothedebtsecuritiesundertheapplicableindenture(whichmayinclude,subjecttoalimitedexception,thecovenantsdescribedunder“—CertainCovenants”),andanyomissiontocomplywiththeseobligationsshallnotconstituteadefaultoraneventofdefaultwithrespecttothosedebtsecurities(“covenantdefeasance”),

ineithercaseuponourirrevocabledepositwiththeapplicabletrustee,intrust,ofanamount,inthecurrencyorcurrencies,currencyunitorunitsorcompositecurrencyorcurrenciesinwhichthosedebtsecuritiesarepayableatstatedmaturity,orGovernmentObligations(asdefinedbelow),orboth,applicabletothosedebtsecuritiesthatthroughthescheduledpaymentofprincipalandinterestinaccordancewiththeirtermswillprovidemoneyinanamountsufficienttopaytheprincipalof(andpremium,ifany)andinterestonthosedebtsecurities,andanymandatorysinkingfundoranalogouspaymentsonthosedebtsecurities,onthescheduledduedates.

Atrustmayonlybeestablishedif,amongotherthings,wehavedeliveredtotheapplicabletrusteeanopinionofcounsel(asspecifiedintheapplicableindenture)totheeffectthattheholdersofthosedebtsecuritieswillnotrecognizeincome,gainorlossforUnitedStatesfederalincometaxpurposesasaresultofthedefeasanceorcovenantdefeasanceandwillbesubjecttoUnitedStatesfederalincometaxonthesameamounts,inthesamemannerandatthesametimesaswouldhavebeenthecaseifthedefeasanceorcovenantdefeasancehadnotoccurred.Additionally,inthecaseofdefeasance,anopinionofcounselmustrefertoandbebasedonarulingoftheInternalRevenueService(the“IRS”)orachangeinapplicableUnitedStatesfederalincometaxlawoccurringafterthedateoftheapplicableindenture.Intheeventofdefeasance,theholdersofthosedebtsecuritieswillthereafterbeabletolookonlytothetrustfundforpaymentofprincipal(andpremium,ifany)andinterest.

“GovernmentObligations”meanssecuritiesthatare(a)directobligationsoftheUnitedStatesofAmericaorthegovernmentwhichissuedtheforeigncurrencyinwhichthedebtsecuritiesofaparticularseriesarepayable,forthepaymentofwhichitsfullfaithandcreditispledged,or(b)obligationsofapersoncontrolledorsupervisedbyandactingasanagencyorinstrumentalityoftheUnitedStatesofAmericaorthegovernmentwhichissuedtheforeigncurrencyinwhichthedebtsecuritiesofthatseriesarepayable,thepaymentofwhichisunconditionallyguaranteedasafullfaithandcreditobligationbytheUnitedStatesofAmericaortheothergovernment,which,ineithercase,arenotcallableorredeemableattheoptionoftheissuerthereof,andshallalsoincludeadepositoryreceiptissuedbyabankortrustcompanyascustodianwithrespecttoanyGovernmentObligationoraspecificpaymentofinterestonorprincipalofanyGovernmentObligationheldbyacustodianfortheaccountoftheholderofadepositoryreceipt;provided,however,that(exceptasrequiredbylaw)thecustodianisnotauthorizedtomakeanydeductionfromtheamountpayabletotheholderofthedepositoryreceiptfromanyamountreceivedbythecustodianinrespectoftheGovernmentObligationorthespecificpaymentofinterestonorprincipaloftheGovernmentObligationevidencedbythedepositoryreceipt.

Unlessotherwiseprovidedintheapplicableprospectussupplementorotherofferingmaterials,ifafterwehavedepositedfundsand/orGovernmentObligationstoeffectdefeasanceorcovenantdefeasancewithrespecttodebtsecuritiesofanyseries:

theholderofadebtsecurityofthatseriesisentitledto,anddoes,electpursuanttotheapplicableindentureorthetermsofthatdebtsecuritytoreceivepaymentinacurrency,currencyunitorcompositecurrencyotherthanthatinwhichthedeposithasbeenmadeinrespectofthatdebtsecurity,or

aConversionEvent(asdefinedbelow)occursinrespectofthecurrency,currencyunitorcompositecurrencyinwhichthedeposithasbeenmade,

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thentheindebtednessrepresentedbythatdebtsecuritywillbedeemedtohavebeen,andwillbe,fullydischargedandsatisfiedthroughthepaymentoftheprincipalof(andpremium,ifany)andinterestonthatdebtsecurityastheybecomedueoutoftheproceedsyieldedbyconvertingtheamountorotherpropertysodepositedinrespectofthatdebtsecurityintothecurrency,currencyunitorcompositecurrencyinwhichthatdebtsecuritybecomespayableasaresultoftheelectionorConversionEventbasedontheapplicablemarketexchangerateineffectonthesecondbusinessdaypriortoeachpaymentdate.“ConversionEvent”meansthecessationofuseof:

acurrency,currencyunitorcompositecurrencybothbythegovernmentofthecountrywhichissuedthecurrencyandforthesettlementoftransactionsbyacentralbankorotherpublicinstitutionoforwithintheinternationalbankingcommunity;or

anycurrencyunitorcompositecurrencyforthepurposesforwhichitwasestablished.

Intheeventweeffectacovenantdefeasancewithrespecttoanydebtsecuritiesandthosedebtsecuritiesaredeclareddueandpayablebecauseoftheoccurrenceofanyeventofdefault,otherthananeventofdefaultduetoabreachofanyofthecovenantsastowhichtherehasbeencovenantdefeasance(whichcovenantswouldnolongerbeapplicabletothosedebtsecuritiesasaresultofsuchcovenantdefeasance),thecashandGovernmentObligationsondepositwiththeapplicabletrusteemaynotbesufficienttopayamountsdueonthosedebtsecuritiesatthetimeoftheaccelerationresultingfromtheeventofdefault.Wewould,however,remainobligatedtomakepaymentoftheamountsdueatthetimeofacceleration.

Theapplicableprospectussupplementorotherofferingmaterialsmayfurtherdescribetheprovisions,ifany,permittingthedefeasanceorcovenantdefeasance,includinganymodificationstotheprovisionsdescribedabove,withrespecttothedebtsecuritiesoforwithinaparticularseries.

Conversion Rights

Thetermsandconditions,ifany,uponwhichthedebtsecuritiesareconvertibleintocommonstock,preferredstockorothersecuritiesofferedherebywillbesetforthintheapplicableprospectussupplementorotherofferingmaterialsrelatingtothosedebtsecurities.Thetermswillincludewhetherthedebtsecuritiesareconvertibleintocommonstock,preferredstock,orothersecuritiesofferedhereby,andtheconversionpriceorrate(ormannerofcalculationthereof),andmayinclude,ifapplicable,theconversionperiod,provisionsastowhetherconversionwillbeatouroptionortheoptionoftheholders,theeventsrequiringanadjustmentoftheconversionpriceorrateandprovisionsaffectingconversionintheeventoftheredemptionofthedebtsecuritiesandanyrestrictionsonconversion,includingrestrictionsdirectedatmaintainingourREITstatus.

Unclaimed Payments

Wewillberepaidforallamountswepaytoapayingagentoratrusteeforthepaymentoftheprincipaloforanypremiumorinterestonanydebtsecuritythatremainsunclaimedattheendoftwoyearsaftertheprincipal,premiumorinteresthasbecomedueandpayable,andtheholderofthatdebtsecuritymaylookonlytousforpaymentoftheprincipal,premiumorinterest.

Global Securities

Thedebtsecuritiesofaseriesmaybeissuedinwholeorinpartintheformofoneormoreglobalsecurities(the“GlobalSecurities”)thatwillbedepositedwith,oronbehalfof,adepositaryidentifiedintheapplicableprospectussupplementorotherofferingmaterialsrelatingtothatseries.GlobalSecuritiesmaybeissuedineitherregisteredorbearerformandineithertemporaryorpermanentform.Thespecifictermsofthedepositaryarrangementwithrespecttoaseriesofdebtsecuritieswillbedescribedintheapplicableprospectussupplementorotherofferingmaterialsrelatingtothatseries.

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DESCRIPTION OF COMMON STOCK

Wehaveauthoritytoissue370,100,000sharesofourcommonstock,$0.01parvaluepershare.AsofSeptember30,2018,wehadoutstanding295,145,532sharesofourcommonstock.

General

Thefollowingdescriptionofourcommonstocksetsforthcertaingeneraltermsandprovisionsofourcommonstocktowhichanyprospectussupplementorotherofferingmaterialsmayrelate,includingaprospectussupplementorotherofferingmaterialsrelatingtosharesofourcommonstockthatmaybeissuableuponconversionofourdebtsecurities,preferredstockordepositarysharesoruponexerciseofourwarrants.Thestatementsbelowandelsewhereinthisprospectus,anyaccompanyingprospectussupplementoranyotherofferingmaterialswemayprovideyouinconnectionwithanofferingofsecuritiesthatdescribecertaintermsandprovisionsofourcommonstock.charterorbylawsdonotpurporttobecomplete,,donotcontainalloftheinformationthatmaybeimportanttoyou,andareinallrespectssubjectto,andqualifiedintheirentiretybyreferenceto,theMarylandGeneralCorporationLaw,orMGCL,andtheapplicableprovisionsofourcharterandbylaws,copiesofwhichhavebeenorwillbefiledorincorporatedbyreferenceasexhibitstotheregistrationstatementofwhichthisprospectusisapartortoadocumentincorporatedordeemedtobeincorporatedbyreferencehereinandmaybeobtainedasdescribedbelowunder“WhereYouCanFindMoreInformation”and“IncorporationbyReference.”Thefollowingdescriptionshouldbereadinconjunctionwiththeinformationappearinginthisprospectusunderthecaptions“RestrictionsonOwnershipandTransfersofStock”and“CertainProvisionsofMarylandLawandOurCharterandBylaws”(assuchinformationmaybeamendedorsupplementedfromtimetotimebyinformationappearingindocumentsthatwefilewiththeSECafterthedateofthisprospectussupplementthatareincorporatedordeemedtobeincorporatedbyreferencehereinorbyinformationappearingintheapplicableprospectussupplementorotherofferingmaterialswemayprovideyouinconnectionwithanofferingofcommonstock)whichprovidesimportantadditionalinformationaboutourcommonstock.Unlessotherwiseexpresslystatedorthecontextotherwiserequires,allreferencesto“ourcompany,”“RealtyIncome,”“our,”“we”and“us”andallsimilarreferencesappearingunderthiscaption“DescriptionofCommonStock”meanRealtyIncomeCorporation,aMarylandcorporation,excludingitssubsidiaries.

Terms

Subjecttothepreferentialrightsofanyotherclassorseriesofourstockandtotheprovisionsofourcharterregardingtherestrictionsonownershipandtransferofstock,holdersofourcommonstockareentitledtoreceivedividendswhen,asandifauthorizedbyourboardofdirectorsanddeclaredbyusoutofassetslegallyavailabletherefor.Thetermsofanypreferredstockwemayissueinthefuturemayprovideforrestrictionsorprohibitionsonthepaymentofdividendson,andthepurchaseof,ourcommonstockandmayalsoprovideforholdersofthatclassorseriesofpreferredstocktoreceivepreferentialdistributionsintheeventofourliquidation,dissolutionorwindingupbeforeanypaymentsmaybemadeonourcommonstock.Foradditionalinformation,see“GeneralDescriptionofPreferredStock”inthisprospectusand,ifapplicable,thearticlessupplementaryclassifyinganddesignatingsharesofanyclassorseriesofpreferredstockwemaysubsequentlyissue,whichwillbefiledorincorporatedbyreferenceasanexhibittotheregistrationstatementofwhichthisprospectusisapartortoadocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectusoranotherdocumentwefilewiththeSEC,andthedescriptionofanysuchsubsequentlyissuedclassorseriesofourpreferredstockcontainedintheapplicableRegistrationStatementonForm8-A,includinganysubsequentlyfiledamendmentsandreportsfiledforpurposesofupdatingsuchdescriptions,allofwhichmaybeobtainedasdescribedbelowunder“WhereYouCanFindMoreInformation”and“IncorporationbyReference.”

Ourcharterauthorizesourboardofdirectorstoclassifyandreclassifyanyunissuedsharesofourcommonstockorpreferredstockintootherclassesorseriesofstockandtoestablishthenumberofsharesineachclassorseriesandtosettheterms,preferences,conversionandotherrights,votingpowers,restrictions,limitationsastodividendsorotherdistributions,qualificationsortermsorconditionsofredemptionforeachsuchclassorseries.Thus,theboardofdirectorscouldcausetheissuanceofsharesofpreferredstockwithdividendrights,rightstodistributionsintheeventofourliquidation,dissolutionorwindingup,votingrightsorotherrightsthatcouldadverselyaffecttherightsofholdersofourcommon

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stockordelayorpreventatenderofferorchangeofcontrolofourcompanythatmightinvolveapremiumpriceforsharesofourcommonstockorotherwisebeintheirbestinterests,anyofwhichcouldadverselyaffectthemarketpriceofourcommonstock.Foradditionalinformation,see“GeneralDescriptionofPreferredStock”and“CertainProvisionsofMarylandLawandofourCharterandBylaws—EffectofCertainProvisionsofMarylandLawandourCharterandBylaws.”

Subjecttotheprovisionsofourcharterregardingtherestrictionsonownershipandtransferofourcommonstock(see“RestrictionsonOwnershipandTransfersofStock”below),eachoutstandingshareofourcommonstockentitlestheholdertoonevoteonallmatterssubmittedtoavoteofstockholders,includingtheelectionofdirectors(otherthananydirectorstobeelectedexclusivelybyholdersofouroutstandingpreferredstockoranyotherclassorseriesofourstock)and,exceptasprovidedwithrespecttoanyotherclassorseriesofstock,theholdersofsharesofourcommonstockwillpossesstheexclusivevotingpower.

Holdersofourcommonstockdonothavecumulativevotingrightsintheelectionofdirectors,whichmeansthatholdersofmorethan50%ofallthesharesofourcommonstockvotingfortheelectionofdirectorscanelectallthedirectorsstandingforelection(otherthananydirectorstobeelectedexclusivelybyholdersofouroutstandingpreferredstockoranyotherclassorseriesofourstock)atthetimeiftheychoosetodoso,andtheholdersoftheremainingsharesofourcommonstockcannotelectanysuchdirectors.Allofourdirectorscurrentlyserveaoneyearterm.Holdersofsharesofcommonstockdonothavepreemptiverights,whichmeanstheyhavenorightunderthecharter,bylaws,orMarylandlawtoacquireanyadditionalsharesofcommonstockthatmaybeissuedbyusatasubsequentdate.Holdersofsharesofcommonstockhavenopreference,conversion,exchange,sinkingfundorredemptionrights.UnderMarylandlaw,stockholdersgenerallyarenotliableforthecorporation’sdebtsorobligations.

UndertheMGCL,aMarylandcorporationgenerallycannotdissolve,amenditscharter,merge,convertintoanotherentity,sellallorsubstantiallyallofitsassets,engageinashareexchangeorengageinsimilartransactionsoutsidetheordinarycourseofbusinessunlessapprovedbyitsstockholdersbytheaffirmativevoteoftwo-thirdsofthevotesentitledtobecastonthematterunlessalesserpercentage(butnotlessthanamajorityofallofthevotesentitledtobecastonthematter)issetforthinthecorporation’scharter.Ourcharterprovidesthatanysuchactionshallbeeffectiveifapprovedbytheaffirmativevoteofholdersofsharesentitledtocastamajorityofallthevotesentitledtobecastonthematter.Becausetheterm“substantiallyall”ofacompany’sassetsisnotdefinedintheMGCL,itissubjecttoMarylandcommonlawandtojudicialinterpretationandreviewinthecontextoftheuniquefactsandcircumstancesofanyparticulartransaction.Accordingly,theremaybeuncertaintyastowhetherasaleof“substantiallyall”ofourassetshastakenplacewithinthemeaningoftheMGCLprovisionsdescribedabove.

Restrictions on Ownership

ForustoqualifyasaREITundertheInternalRevenueCodeof1986,asamended,ortheCode,notmorethan50%invalueofouroutstandingstockmaybeowned,actuallyorconstructively,byorforfiveorfewerindividuals(definedintheCodetoincludecertainentities)duringthelasthalfofataxableyear.ToassistusinmeetingthisrequirementandcertainotherrequirementsrelatingtoourtaxstatusasaREIT,amongotherpurposes,ourchartercontainsprovisionsintendedtolimittheactual,beneficialorconstructiveownershipbyasinglepersonorentityofouroutstandingsharesofcommonstock.See“RestrictionsonOwnershipandTransfersofStock”below.

Transfer Agent

TheregistrarandtransferagentforourcommonstockisComputershareTrustCompany,N.A.

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GENERAL DESCRIPTION OF PREFERRED STOCK

Weareauthorizedtoissue69,900,000sharesofpreferredstock,$0.01parvaluepershare.AsofSeptember30,2018,nosharesofpreferredstockwereoutstanding.Foradescriptionofsomeofthetermsofanyclassorseriesofpreferredstockwemayissueinthefuture,seethearticlessupplementaryclassifyinganddesignatingsharesofsuchclassorseriesofpreferredstock,whichwillbefiledorincorporatedbyreferenceasanexhibittotheregistrationstatementofwhichthisprospectusisapartoradocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectusorotherdocumentwefilewiththeSEC,andthedescriptionofsuchclassorseriesofpreferredstockcontainedintheapplicableRegistrationStatementonForm8-A,includinganysubsequentlyfiledamendmentsandreportsfiledforthepurposeofupdatingsuchdescription,allofwhichmaybeobtainedasdescribedbelowunder“WhereYouCanFindMoreInformation”and“IncorporationbyReference.”

General

Thefollowingdescriptionofourpreferredstocksetsforthcertaingeneraltermsandprovisionsofourpreferredstocktowhichanyprospectussupplementorotherofferingmaterialsmayrelate.Thestatementsbelowdescribingourpreferredstockarenotcomplete,donotcontainalloftheinformationthatmaybeimportanttoyouandareinallrespectssubjectto,andqualifiedintheirentiretybyreferenceto,theMGCLandtheapplicableprovisionsofourcharter(includingtheapplicablearticlessupplementaryclassifyinganddesignatingsharesofaclassorseriesofpreferredstock)andourbylaws,copiesofwhichhavebeenorwillbefiledorincorporatedbyreferenceasexhibitstotheregistrationstatementofwhichthisprospectusisapartoradocumentincorporatedordeemedtobeincorporatedbyreferencehereinandmaybeobtainedasdescribedbelowunder“WhereYouCanFindMoreInformation”and“IncorporationbyReference.”Thefollowingdescriptionshouldbereadinconjunctionwiththeinformationappearinginthisprospectusunderthecaptions“RestrictionsonOwnershipandTransfersofStock”and“CertainProvisionsofMarylandLawandOurCharterandBylaws”(assuchinformationmaybeamendedorsupplementedfromtimetotimebyinformationappearingindocumentsthatwefilewiththeSECafterthedateofthisprospectussupplementandthatareincorporatedbyreferencehereinorbyinformationappearingintheapplicableprospectussupplementorotherofferingmaterialswemayprovideyouinconnectionwithanofferingofpreferredstock),whichprovidesimportantadditionalinformationaboutourpreferredstock.Youshouldreviewourcharterandbylawsandthearticlessupplementaryclassifyinganddesignatingsharesoftheapplicableclassorseriesofourpreferredstockcarefullybeforeyouinvest.Unlessotherwiseexpresslystatedorthecontextotherwiserequires,asusedunderthiscaption“GeneralDescriptionofPreferredStock,”referencesto“ourcompany,”“RealtyIncome,”“our,”“we”and“us,”andallsimilarreferencesmeanRealtyIncomeCorporation,aMarylandcorporation,excludingitssubsidiaries,unlessotherwiseexpresslystatedorthecontextotherwiserequires.

Ourcharterauthorizesourboardofdirectorstoclassifyandreclassifyanyunissuedsharesofcommonstockorpreferredstockinto,amongotherthings,oneormoreclassesorseriesofpreferredstock.Priortotheissuanceofsharesofeachclassorseries,ourboardisrequiredbytheMGCLandourchartertodeterminethenumberofsharesofsuchclassorseriesandtoset,subjecttotheprovisionsofourcharterregardingtherestrictionsonownershipandtransferofstock,theterms,preferences,conversionorotherrights,votingpowers,restrictions,limitationsastodividendsorotherdistributions,qualificationsandtermsorconditionsofredemptionforeachsuchclassorseries.Thus,theboardofdirectorscouldauthorizetheissuanceofsharesofpreferredstockwithdividendrights,rightstodistributionsintheeventofourliquidation,dissolutionorwindingup,votingrightsorotherrightsthatcouldadverselyaffecttherightsofholdersofourcommonstockoranyotherclassorseriesofourpreferredstockorwhichcouldhavetheeffectofdelayingorpreventingatenderofferorachangeofcontrolofourcompanythatmightinvolveapremiumpriceforholdersofourstockorotherwisebeintheirbestinterests,anyofwhichcouldadverselyaffectthemarketpriceofourcommonstockoranyclassorseriesofourpreferredstock.Foradditionalinformation,see“CertainProvisionsofMarylandLawandofourCharterandBylaws—EffectofCertainProvisionsofMarylandLawandourCharterandBylaws.”

Youshouldrefertotheprospectussupplementorotherofferingmaterialsrelatingtoanyclassorseriesofourpreferredstockofferedtherebyforspecifictermsofandotherinformationconcerningsuchclassorseriesofpreferredstock,including:

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thetitleofsuchclassorseriesofpreferredstock;

thenumberofsharesofsuchclassorseriesofpreferredstockoffered,theliquidationpreferencepershareandtheofferingpriceofsuchclassorseriesofpreferredstock;

thedividendrate(s),period(s)and/orpaymentdate(s),ormethod(s)ofcalculationthereof,applicabletosuchclassorseriesofpreferredstock;

whetherthedividendswillbecumulativeornotand,ifcumulative,thedatefromwhichdividendsonsuchclassorseriesofpreferredstockshallaccumulate;

theproceduresforanyauctionandremarketing,ifany,forsuchclassorseriesofpreferredstock;

theprovisionforasinkingfund,ifany,forsuchclassorseriesofpreferredstock;

anyvotingrightsofsuchclassorseriesofpreferredstock,whichmayinclude,amongotherthings,therighttoelectoneormoredirectors;

theprovisionforredemption,ifapplicable,ofsuchclassorseriesofpreferredstock;

anylistingofsuchclassorseriesofpreferredstockonanysecuritiesexchange;

thetermsandconditions,ifapplicable,uponwhichsuchclassorseriesofpreferredstockwillbeconvertibleintocommonstockorothersecurities,includingtheconversionpriceorrate(ormannerofcalculationthereof);

adiscussionoffederalincometaxconsiderationsapplicabletosuchclassorseriesofpreferredstock;

anylimitationsonactual,beneficialorconstructiveownershipof,andrestrictionsontransferof,suchclassorseriesofpreferredstock,ineachcaseasmaybeappropriatetopreserveourREITstatus;

therelativerankingandpreferencesofsuchclassorseriesofpreferredstockastodividendrightsandrightsuponliquidation,dissolutionorwindingupofouraffairs;

whetherliquidationpreferencesonsuchclassorseriesofpreferredstockwillbecountedasliabilitiesofoursindeterminingwhetherdistributionstostockholderscanbemadeundertheMGCL;

anylimitationsonissuanceofanyclassorseriesofpreferredstockrankingseniortooronaparitywithsuchclassorseriesofpreferredstockastodividendrightsorrightsuponliquidation,dissolutionorwindingupofouraffairs;and

anyotherspecificterms,preferences,conversionorotherrights,votingpowers,restrictions,limitationsastodividendsorotherdistributions,qualificationsandtermsorconditionsofredemptionofsuchclassorseriesofpreferredstock.

Rank

Unlessotherwisespecifiedintheapplicableprospectussupplementorotherofferingmaterials,thepreferredstockofanyclassorseriesofferedbythisprospectusandtheapplicableprospectussupplementwillrank,withrespecttothepaymentofdividendsandthedistributionofassetsintheeventofourliquidation,dissolutionorwindingup:

seniortoallclassesorseriesofourcommonstockandtoallotherequitysecuritiesissuedbyusotherthanequitysecuritiesreferredtointhetwoimmediatelyfollowingbulletpoints;

onaparitywithallequitysecuritiesissuedbyusthetermsofwhichspecificallyprovidethatsuchequitysecuritiesrankonaparitywiththepreferredstockofsuchclassorserieswithrespecttorightstothepaymentofdividendsandthedistributionofassetsintheeventofourliquidation,dissolutionorwindingup;and

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juniortoallequitysecuritiesissuedbyusthetermsofwhichspecificallyprovidethatsuchequitysecuritiesrankseniortothepreferredstockofsuchclassorserieswithrespecttorightstothepaymentofdividendsandthedistributionofassetsintheeventofourliquidation,dissolutionorwindingup.

Forthesepurposes,theterm“equitysecurities”doesnotincludeconvertibledebtsecurities.

Restrictions on Ownership

ForustoqualifyasaREITundertheCode,notmorethan50%invalueofouroutstandingstockmaybeowned,actuallyorconstructively,byorforfiveorfewerindividuals(definedintheCodetoincludecertainentities)duringthelasthalfofataxableyear.ToassistusinmeetingthisrequirementandcertainotherrequirementsrelatingtoourtaxstatusasaREIT,thearticlessupplementaryestablishinganyclassorseriesofpreferredstockmaycontainprovisions,whichwillbedescribedintheapplicableprospectussupplementorotherofferingmaterials,intendedtolimittheactual,beneficialorconstructiveownershipbyasinglepersonorentityofouroutstandingpreferredstock.See“RestrictionsonOwnershipandTransfersofStock”below.

Transfer Agent

Thetransferagentandregistrarforanyclassorseriesofpreferredstockwillbesetforthintheapplicableprospectussupplementorotherofferingmaterials.

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DESCRIPTION OF OTHER SECURITIES

Wewillsetforthintheapplicableprospectussupplementadescriptionofanydepositarysharesorwarrantsthatmaybeofferedandsoldpursuanttothisprospectusandsuchprospectussupplement.Amongotherthings,wemayissuedepositarysharesrepresentingfractionalinterestsinsharesofaclassorseriesofourpreferredstockandwemayissuewarrantsexercisableforanyofourothersecuritiesofferedbythisprospectus.

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RESTRICTIONS ON OWNERSHIP AND TRANSFERS OF STOCK

Internal Revenue Code Requirements

TomaintainourREITstatusundertheCode,nomorethan50%invalueofouroutstandingsharesofstockmaybeowned,actuallyorconstructively,byorforfiveorfewerindividuals(asdefinedintheCodetoincludecertainentities)duringthelasthalfofataxableyear.Inaddition,ifwe,oranownerof10%ormoreofourstock,actuallyorconstructivelyowns10%ormoreofatenantofours(oratenantofanypartnershiporlimitedliabilitycompanythatistreatedasapartnershipforfederalincometaxpurposesinwhichweareapartnerormember),therentreceivedbyus(eitherdirectlyorthroughoneormoresubsidiaries)fromthattenantwillnotbequalifyingincomeforpurposesoftheREITgrossincometestsoftheCode.AREIT’sstockmustalsobebeneficiallyownedby100ormorepersonsduringatleast335daysofataxableyearoftwelvemonthsorduringaproportionatepartofashortertaxableyear.

Transfer Restrictions in Charter

BecauseweexpecttocontinuetoqualifyasaREIT,ourchartercontainsrestrictionsontheownershipandtransferofourcommonstockwhich,amongotherpurposes,areintendedtoassistusincomplyingwithapplicableCoderequirements.Ourcharterprovidesthat,subjecttocertainspecifiedexceptions,nopersonorentitymayown,orbedeemedtoownbyvirtueoftheapplicableconstructiveownershipprovisionsoftheCode,morethan9.8%(byvalueorbynumberofshares,whicheverismorerestrictive)ofouroutstandingsharesofcommonstock.Werefertothisrestrictionasthe“ownershiplimit.”TheconstructiveownershiprulesoftheCodearecomplex,andmaycausesharesofcommonstockownedactuallyorconstructivelybyagroupofrelatedindividualsand/orentitiestobeconstructivelyownedbyoneindividualorentity.Asaresult,theacquisitionoflessthan9.8%ofthesharesofcommonstock(ortheacquisitionofaninterestinanentitythatowns,actuallyorconstructively,commonstock)byanindividualorentity,couldneverthelesscausethatindividualorentity,oranotherindividualorentity,toconstructivelyownmorethan9.8%ofouroutstandingcommonstockandthusviolatetheownershiplimit,oranyotherlimitasprovidedinourcharterorasotherwisepermittedbyourboardofdirectors.Ourboardofdirectorsmay,butinnoeventisrequiredto,exemptfromtheownershiplimitaparticularstockholderifitdeterminesthatsuchownershipwillnotjeopardizeourstatusasaREIT.Asaconditionofsuchexemption,theboardofdirectorsmayrequirearulingfromtheInternalRevenueServiceoranopinionofcounselsatisfactorytoitand/orundertakingsorrepresentationsfromtheapplicantwithrespecttopreservingourREITstatus.

Ourcharterfurtherprohibits(1)anypersonfromactuallyorconstructivelyowningsharesofourcommonstockthatwouldresultinourbeing“closelyheld”underSection856(h)oftheCodeorotherwisecauseustofailtoqualifyasaREIT,and(2)anypersonfromtransferringsharesofourcommonstockifsuchtransferwouldresultinsharesofourcapitalstockbeingbeneficiallyownedbyfewerthan100persons(determinedwithoutreferencetoanyrulesofattribution).

AnypersonwhoacquiresorattemptstoacquireactualorconstructiveownershipofsharesofourcommonstockthatwouldviolateanyoftheforegoingrestrictionsontransferabilityandownershipisrequiredtogivenoticetousimmediatelyandprovideuswithsuchotherinformationaswemayrequestinordertodeterminetheeffectofsuchtransferonourstatusasaREIT.Theforegoingrestrictionsontransferabilityandownershipwillnotapplyifourboardofdirectorsdeterminesthatitisnolongerinourbestinteresttoattempttoqualify,ortocontinuetoqualify,asaREITandsuchdeterminationisapprovedbytheholdersoftwo-thirdsofallsharesentitledtovoteonthematter,asrequiredbyourcharter.Exceptasotherwisedescribedabove,anychangeintheownershiplimitwouldrequireanamendmenttothecharter.

Weanticipatethatanyclassorseriesofpreferredstockthatweissueinthefuturewillbesubjecttosimilarrestrictions.Therestrictionsontransferapplicabletoanyclassorseriesofpreferredstockweissuewillbedescribedintheapplicableprospectussupplementorotherofferingmaterials.

Effect of Violation of Transfer Provisions

Accordingtoourcharter,ifanypurportedtransferofcommonstockoranyothereventwouldresultinanypersonviolatingtheownershiplimitorsuchotherlimitasprovidedinthecharter,orasotherwisepermittedbyourboardofdirectors,orresultinourbeing“closelyheld”underSection856(h)oftheCode,

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orotherwisecauseustofailtoqualifyasaREIT,thenthenumberofsharesthatwouldotherwisecausesuchviolationorresultwillbetransferredautomaticallytoatrust,thebeneficiaryofwhichwillbeaqualifiedcharitableorganizationselectedbyus.Suchautomatictransfershallbedeemedtobeeffectiveasofthecloseofbusinessonthebusinessdaypriortothedateofsuchviolativetransfer.

Within20daysofreceivingnoticefromusofthetransferofsharestothetrust,thetrusteeofthetrust(whoshallbedesignatedbyusandbeunaffiliatedwithusandanyprohibitedtransfereeorprohibitedowner)willberequiredtosellsuchsharestoapersonorentitywhocouldowntheshareswithoutviolatingtheownershiplimit,oranyotherlimitasprovidedinourcharterorasotherwisepermittedbyourboardofdirectors,anddistributetotheprohibitedtransfereeorprohibitedowner,asapplicable,anamountequaltothelesserofthepricepaidbytheprohibitedtransfereeorprohibitedownerforsuchsharesorthenetsalesproceedsreceivedbythetrustforsuchshares.Inthecaseofanyeventotherthanatransfer,orinthecaseofatransferfornoconsideration(suchasagift),thetrusteewillberequiredtosellsuchsharestoaqualifiedpersonorentityanddistributetotheprohibitedowneranamountequaltothelesserofthemarketprice(determinedasprovidedinourcharter)ofsuchsharesasofthedateoftheeventresultinginthetransferorthenetsalesproceedsreceivedbythetrustforsuchshares.Ineithercase,anyproceedsinexcessoftheamountdistributabletotheprohibitedtransfereeorprohibitedowner,asapplicable,willbedistributedtothebeneficiary.Priortoasaleofanysuchsharesbythetrust,thetrusteewillbeentitledtoreceive,intrustforthebeneficiary,alldividendsandotherdistributionspaidbyuswithrespecttosuchshares,andalsowillbeentitledtoexerciseallvotingrightswithrespecttosuchshares.

SubjecttoMarylandlaw,effectiveasofthedatethatsuchshareshavebeentransferredtothetrust,thetrusteeshallhavetheauthority(atthetrustee’ssolediscretion)(1)torescindasvoidanyvotecastbyaprohibitedtransfereeorprohibitedowner,asapplicable,priortothediscoverybyusthatsuchshareshavebeentransferredtothetrustand(2)torecastsuchvoteinaccordancewiththedesiresofthetrusteeactingforthebenefitofthebeneficiary.However,ifwehavealreadytakenirreversiblecorporateaction,thenthetrusteeshallnothavetheauthoritytorescindandrecastthatvote.Anydividendorotherdistributionpaidtotheprohibitedtransfereeorprohibitedownerpriortothediscoverybyusthatsuchshareshadbeenautomaticallytransferredtoatrustasdescribedabovewillberequiredtoberepaidtothetrusteeupondemandfordistributiontothebeneficiary.Intheeventthatthetransfertothetrustasdescribedaboveisnotautomaticallyeffective(foranyreason)topreventviolationoftheownershiplimitoranyotherlimitasprovidedinourcharterorasotherwisepermittedbyourboardofdirectors,thenourcharterprovidesthatthetransferofsuchshareswillbevoid.

Inaddition,sharesofourcommonstockheldinthetrustshallbedeemedtohavebeenofferedforsaletous,orourdesignee,atapricepershareequaltothelesserof(1)thepricepershareinthetransactionthatresultedinsuchtransfertothetrust(or,inthecaseofadeviseorgift,themarketpriceatthetimeofsuchdeviseorgift)and(2)themarketpriceonthedatewe,orourdesignee,acceptsuchoffer.Weshallhavetherighttoacceptsuchofferuntilthetrusteehassoldthesharesofcommonstockheldinthetrust.Uponsuchasaletous,theinterestofthebeneficiaryinthesharessoldshallterminateandthetrusteeshalldistributethenetproceedsofthesaletotheprohibitedtransfereeorprohibitedowner,andanydividendsorotherdistributionsheldbythetrusteewithrespecttosuchshareswillbepaidtothebeneficiary.

Ifanypurportedtransferofsharesofcommonstockwouldcauseustobebeneficiallyownedbyfewerthan100persons,suchtransferwillbenullandvoidinitsentiretyandtheintendedtransfereewillacquirenorightstothestock.

Allcertificatesrepresentingsharesofourcommonstockwillbearalegendreferringtotherestrictionsdescribedabove.Theforegoingownershiplimitationscoulddelay,deferorpreventatransactionorachangeincontrolofRealtyIncomethatmightinvolveapremiumpriceforourcommonstockorotherwisebeinthebestinterestsofstockholders.

AssetforthintheTreasuryRegulationspromulgatedundertheCode,everyownerofaspecifiedpercentage(ormore)oftheoutstandingsharesofourstock(includingbothcommonstockandpreferredstock)mustfileacompletedquestionnairewithuscontaininginformationregardingtheirownershipofsuchshares.UndercurrentTreasuryRegulations,thepercentagewillbesetbetween0.5%and5.0%,dependinguponthenumberofrecordholdersofoursharesofstock.Underourcharter,eachcommonstockholdershallupondemandberequiredtodisclosetousinwritingsuchinformationaswemayrequest,

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ingoodfaith,inordertodeterminetheeffect,ifany,ofsuchcommonstockholder’sactualandconstructiveownershipofcommonstockonourstatusasaREITandtoensurecompliancewiththeownershiplimit,oranyotherlimitasprovidedinourcharterorasotherwisepermittedbyourboardofdirectors.

Thetransferrestrictionsandlimitationsdescribedabovecoulddelayorpreventatenderofferorchangeincontrolofourcompanyorreducethepossibilitythatathirdpartywillattemptsuchatransaction,evenifatenderofferorachangeincontrolwereinourstockholders’bestinterestsorinvolvedapremiumpriceforourstock,whichcouldadverselyaffectthemarketpriceofourcommonstockoranyclassorseriesofourpreferredstock.

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CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS

ThefollowingsummaryofcertainprovisionsofMarylandlawandofourcharterandbylawsdoesnotpurporttobecompleteandissubjectto,andqualifiedinitsentiretybyreferenceto,ourcharterandbylaws,copiesofwhichareincorporatedbyreferenceasexhibitstotheregistrationstatementofwhichthisprospectusisapart,andtotheMGCL.See“WhereYouCanFindMoreInformation.”

Election and Removal of Directors

OurcharterandbylawsprovidethatourboardofdirectorsmayestablishthenumberofdirectorsofourcompanyaslongasthenumberisnotfewerthantheminimumnumberrequiredundertheMGCL,whichisone,nor,unlessourbylawsareamended,morethan15.

Pursuanttoourcharter,eachofourdirectorsiselectedbyourstockholderstoserveuntilthenextannualmeetingfollowinghisorherelectionanduntilhisorhersuccessorisdulyelectedandqualifies.

Pursuanttoourbylaws,directorsinuncontestedelectionsareelectedupontheaffirmativevoteofamajorityofthetotalvotescastforandagainstsuchnomineeatadulycalledmeetingofstockholders,anddirectorsincontestedelectionsareelectedbyapluralityofallofthevotescast.Inbothuncontestedandcontestedelections,holdersofsharesofourcommonstockhavenorighttocumulativevotingintheelectionofdirectors.Consequently,ateachannualmeetingofstockholders,theholdersofamajorityofthesharesofourcommonstockwillbeabletoelectallofourdirectors.

UndertheMGCLandourbylaws,exceptasotherwiseprovidedinthetermsofanyclassorseriesofourstock,vacanciesonourboardofdirectorscreatedbyanyreasonotherthananincreaseinthenumberofdirectorsmaybefilledbyamajorityoftheremainingdirectors,eveniftheremainingdirectorsdonotconstituteaquorum,andanyvacancyinthenumberofdirectorscreatedbyanincreaseinthenumberofdirectorsmaybefilledbyamajorityvoteoftheentireboard.Anyindividualelectedtofillavacancywillserveuntilthenextannualmeetingofstockholdersanduntilhisorhersuccessorisdulyelectedandqualifies.

Ourcharterprovidesthat,subjecttotherightsofholdersofsharesofoneormoreclassesorseriesofpreferredstocktoelectorremoveoneormoredirectors,adirectormayberemovedonlyforcauseandbytheaffirmativevoteofstockholdersentitledtocastamajorityofthevotesentitledtobecastgenerallyintheelectionofdirectors.

Amendment to Charter and Bylaws

ExceptasprovidedintheMGCL,amendmentstoourchartermustbeadvisedbyourboardofdirectorsandapprovedbytheaffirmativevoteofourstockholdersentitledtocastamajorityofallofthevotesentitledtobecastonthematter.Ourboardofdirectorsgenerallyhasthepowertoamendourbylaws;provided,that,amendmentstocertainprovisionsinourbylawsrelatedtoawrittenstatementrequiredtobefurnishedtostockholdersintheeventofcertaindistributions,ourinvestmentpolicyandrestrictions,anannualreporttostockholdersandthedefinitionsusedinthosesectionsofourbylawsmustbeapprovedbytheaffirmativevoteofourstockholdersentitledtocastamajorityofallofthevotesentitledtobecastonthematter.Additionally,ourbylawsmaybeamendedbytheaffirmativevoteoftheholdersofamajorityofallvotesentitledtobecastonthematterpursuanttoabindingproposalsubmittedforapprovalatanyannualorspecialmeetingofstockholdersbyanystockholderorgroupofuptofivestockholdersholdingatleastonepercentoftheoutstandingsharesofourcommonstockforatleastoneyearandwhocomplywiththeadvancenoticeprovisionsinourbylaws.Astockholderproposalsubmittedunderthebylawsmaynotalterorrepealtheamendmentprovisionsofthebylawsortheprovisionsofthebylawsrelatedtoindemnificationofourdirectorsandofficers,ineithercase,withouttheapprovaloftheboardofdirectors.

Maryland Business Combination Act

UndertheMGCL,certain“businesscombinations”(includingcertainissuancesofequitysecurities)betweenaMarylandcorporationandanypersonwhobeneficiallyownstenpercentormoreofthevotingpowerofthecorporation’soutstandingvotingstock,oranaffiliateorassociateofthecorporationwhobeneficiallyownedtenpercentormoreofthevotingpoweratanytimewithintheprecedingtwoyears,ineachcasereferredtoasan“interestedstockholder,”oranaffiliatethereof,areprohibitedforfiveyearsafterthe

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mostrecentdateonwhichtheinterestedstockholderbecomesaninterestedstockholder.Thereafter,anysuchbusinesscombinationmustbeapprovedbytwosuper-majoritystockholdervotesunless,amongotherconditions,thecorporation’scommonstockholdersreceiveaminimumprice(asdefinedintheMGCL)fortheirsharesandtheconsiderationisreceivedincashorinthesameformaspreviouslypaidbytheinterestedstockholderforitssharesofcommonstock.ThebusinesscombinationprovisionsoftheMGCLdonotapply,however,tobusinesscombinationsthatareapprovedorexemptedbytheboardofdirectorspriortothetimethattheinterestedstockholderbecomesaninterestedstockholder.TheseprovisionsoftheMGCLmaydelay,deferorpreventatransactionorachangeofcontrolofourcompanythatmightinvolveapremiumpriceforourcommonstockoranyclassorseriesofourpreferredstock,orotherwisebeinthebestinterestsofourstockholders.

Maryland Control Share Acquisition Act

TheMGCLprovidesthatholdersof“controlshares”ofaMarylandcorporationacquiredina“controlshareacquisition”havenovotingrightsexcepttotheextentapprovedbyavoteoftwo-thirdsofthevotesentitledtobecastonthematter,excludingsharesofstockownedbytheacquirer,byofficersofthecorporationorbyemployeeswhoaredirectorsofthecorporation.“Controlshares”arevotingsharesofstockwhich,ifaggregatedwithallothersuchsharesofstockpreviouslyacquiredbytheacquirororinrespectofwhichtheacquirorisabletoexerciseordirecttheexerciseofvotingpower(exceptsolelybyvirtueofarevocableproxy),wouldentitletheacquirortoexercisevotingpowerinelectingdirectorswithinoneofthefollowingrangesofvotingpower:(1)one-tenthormorebutlessthanone-third,(2)one-thirdormorebutlessthanamajority,or(3)amajorityormoreofallvotingpower.Controlsharesdonotincludesharestheacquiringpersonisthenentitledtovoteasaresultofhavingpreviouslyobtainedstockholderapproval.A“controlshareacquisition”meanstheacquisitionofcontrolshares,subjecttocertainexceptions.

Apersonwhohasmadeorproposestomakeacontrolshareacquisition,uponsatisfactionofcertainconditions(includinganundertakingtopayexpenses),maycompeltheboardofdirectorsofthecorporationtocallaspecialmeetingofstockholderstobeheldwithin50daysofdemandtoconsiderthevotingrightsoftheshares.Ifnorequestforameetingismade,thecorporationmayitselfpresentthequestionatanystockholdersmeeting.

Ifvotingrightsarenotapprovedatthemeetingoriftheacquiringpersondoesnotdeliveranacquiringpersonstatementasrequiredbythestatute,then,subjecttocertainconditionsandlimitations,thecorporationmayredeemforfairvalueanyandallofthecontrolshares(exceptthoseforwhichvotingrightshavepreviouslybeenapproved).Fairvalueisdetermined,withoutregardtotheabsenceofvotingrightsforthecontrolshares,asofthedateofthelastcontrolshareacquisitionbytheacquiroror,ifameetingofstockholdersisheldatwhichthevotingrightsofsuchsharesareconsideredandnotapproved,asofthedateofthemeeting.Ifvotingrightsforcontrolsharesareapprovedatastockholdersmeetingandtheacquirorbecomesentitledtovoteamajorityofthesharesentitledtovote,allotherstockholdersmayexerciseappraisalrights,meaningthattheymayrequireustorepurchasetheirsharesfortheirappraisedvalueasdeterminedpursuanttotheMGCL.Thefairvalueofthesharesasdeterminedforpurposesofsuchappraisalrightsmaynotbelessthanthehighestpricepersharepaidbytheacquirorinthecontrolshareacquisition.

Thecontrolshareacquisitionstatutedoesnotapplyto(1)sharesacquiredinamerger,consolidationorshareexchangeifthecorporationisapartytothetransaction,or(2)acquisitionsexemptedbythecharterorbylawsofthecorporation,adoptedatanytimebeforetheacquisitionoftheshares.

AspermittedbytheMGCL,ourbylawscontainaprovisionexemptingusfromthecontrolshareacquisitionstatute.Thatbylawprovisionstatesthatthecontrolsharestatuteshallnotapplytoanyacquisitionbyanypersonofsharesofourstock.Ourboardofdirectorsmay,withouttheconsentofanyofourstockholders,amendoreliminatethisbylawprovisionatanytime,whichmeansthatwewouldthenbecomesubjecttotheMarylandcontrolshareacquisitionstatute,andtherecanbenoassurancethatsuchprovisionwillnotbeamendedoreliminatedbyourboardofdirectorsatanytimeinthefuture.

Subtitle 8

Subtitle8ofTitle3oftheMGCLpermitsaMarylandcorporationwithaclassofequitysecuritiesregisteredundertheExchangeActandatleastthreeindependentdirectorstoelect,byprovisioninits

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charterorbylawsoraresolutionofitsboardofdirectorsandnotwithstandinganycontraryprovisioninthecharterorbylaws,tobesubjecttoanyoralloffiveprovisions,including:

aclassifiedboard;

atwo-thirdsvoterequirementforremovingadirector;

arequirementthatthenumberofdirectorsbefixedonlybyvoteoftheboardofdirectors;

arequirementthatavacancyontheboardofdirectorsbefilledonlybyavoteoftheremainingdirectorsinofficeandfortheremainderofthefulltermoftheclassofdirectorsinwhichthevacancyoccurredanduntilasuccessoriselectedandqualifies;and

amajorityrequirementforthecallingofastockholder-requestedspecialmeetingofstockholders.

WehavenotelectedtobesubjecttoanyoftheprovisionsofSubtitle8,includingtheprovisionsthatwouldpermitustoclassifyourboardofdirectorsorincreasethevoterequiredtoremoveadirectorwithoutstockholderapproval.ThroughprovisionsinourcharterandbylawsunrelatedtoSubtitle8,we(1)vestinourboardofdirectorstheexclusivepowertofixthenumberofdirectorsand(2)require,unlesscalledbyourchairman,ourchiefexecutiveofficer,ourpresidentorourboardofdirectors,therequestofstockholdersentitledtocastnotlessthanamajorityofallthevotesentitledtobecastatthemeetingtocallaspecialmeetingofstockholders.TheprovisionsofSubtitle8expresslyprovidethatSubtitle8doesnotlimitthepowerofaMarylandcorporation,byprovisioninitscharter,toconferontheholdersofanyclassorseriesofpreferredstocktherighttoelectoneormoredirectorsordesignatethetermsandvotingpowersofdirectors,whichmayvaryamongdirectors.

Special Meetings of Stockholders

Pursuanttoourbylaws,ourchairman,ourchiefexecutiveofficer,ourpresidentorourboardofdirectorsmaycallaspecialmeetingofourstockholders.Subjecttotheprovisionsofourbylaws,aspecialmeetingofourstockholderstoactonanymatterthatmayproperlybeconsideredbyourstockholderswillalsobecalledbyoursecretaryuponthewrittenrequestofstockholdersentitledtocastnotlessthanamajorityofallthevotesentitledtobecastatthemeetingonsuchmatter,accompaniedbytheinformationrequiredbyourbylaws.Oursecretarywillinformtherequestingstockholdersofthereasonablyestimatedcostofpreparinganddeliveringthenoticeofmeeting(includingourproxymaterials),andtherequestingstockholdermustpaysuchestimatedcostbeforeoursecretarymayprepareanddeliverthenoticeofthespecialmeeting.

Proxy Access

Ourbylawsincludeprovisionspermitting,subjecttocertaineligibility,proceduralanddisclosurerequirements,qualifyingstockholders,oraqualifyinggroupofnomorethan20stockholders,whohavemaintainedcontinuousownershipofatleastthreepercentofouroutstandingsharesofcommonstockforatleastthreeyearstorequireustoincludeinourproxymaterialsforanannualmeetingofstockholdersanumberofdirectornomineesnottoexceedthegreateroftwonomineesor20percentofthenumberofdirectorsupforelection.

Advance Notice of Director Nomination and New Business

Ourbylawsprovidethatnominationsofindividualsforelectionasdirectorsandproposalsofbusinesstobeconsideredbystockholdersatanyannualmeetingmaybemadeonly(1)pursuanttoournoticeofthemeeting,(2)byoratthedirectionofourboardofdirectorsor(3)byanystockholderwhowasastockholderofrecordasoftherecorddatesetbytheboardfortheannualmeeting,atthetimeofgivingthenoticerequiredbyourbylawsandatthetimeofthemeeting,whoisentitledtovoteatthemeetingintheelectionofeachindividualsonominatedoronsuchotherproposedbusinessandwhohascompliedwiththeadvancenoticeproceduresand,ifapplicable,theproxyaccessprovisions,ofourbylaws.Stockholdersgenerallymustprovidenoticetooursecretarynotearlierthanthe150thdayorlaterthan5:00p.m.,PacificTime,onthe120thdaybeforethefirstanniversaryofthedateourproxystatementwasreleasedfortheprecedingyear’sannualmeeting.

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Onlythebusinessspecifiedinthenoticeofthemeetingmaybebroughtbeforeaspecialmeetingofourstockholders.Nominationsofindividualsforelectionasdirectorsataspecialmeetingofstockholdersmaybemadeonly(1)byoratthedirectionofourboardofdirectors,(2)byastockholderthathasrequestedthataspecialmeetingbecalledforthepurposeofelectingdirectorsincompliancewithourbylawsor(3)ifthespecialmeetinghasbeencalledinaccordancewithourbylawsforthepurposeofelectingdirectors,byastockholderwhoisastockholderofrecordasoftherecorddatesetbytheboardforthespecialmeeting,atthetimeofgivingthenoticerequiredbyourbylawsandatthetimeofthespecialmeeting,whoisentitledtovoteatthemeetingintheelectionofeachindividualsonominatedandwhohascompliedwiththeadvancenoticeproceduresofourbylaws.Stockholdersgenerallymustprovidenoticetooursecretarynotearlierthanthe120thdaybeforesuchspecialmeetingorlaterthan5:00p.m.,PacificTime,onthelaterofthe90thdaybeforethespecialmeetingorthetenthdayafterthefirstpublicannouncementofthedateofthespecialmeetingandthenomineesofourboardofdirectorstobeelectedatthemeeting.

Astockholder’snoticemustcontaincertaininformationspecifiedbyourbylawsaboutthestockholder,itsaffiliatesandanyproposedbusinessornomineeforelectionasadirector,includinginformationabouttheeconomicinterestofthestockholder,itsaffiliatesandanyproposednomineeinus.

Effect of Certain Provisions of Maryland Law and our Charter and Bylaws

Ourchartercontainsrestrictionsonownershipandtransferofourstockintendedto,amongotherpurposes,assistusinmaintainingourstatusasaREITforUnitedStatesfederaland/orstateincometaxpurposes.Forexample,ourcharterrestrictsanypersonorentityfromacquiringactualorconstructiveownershipofmorethan9.8%(byvalueorbynumberofshares,whicheverismorerestrictive)ofouroutstandingsharesofcommonstock.See“RestrictionsonOwnershipandTransfersofStock.”Theserestrictionscoulddelayorpreventatenderofferorchangeincontrolofourcompanyorreducethepossibilitythatathirdpartywillattemptsuchatransaction,evenifatenderofferorachangeofcontrolwereinourstockholders’interestsorinvolvedapremiumpriceforourcommonstock,whichcouldadverselyaffectthemarketpriceofourcommonstock.

Ourcharterauthorizesourboardofdirectorstoissuepreferredstockofthecompany,includingconvertiblepreferredstock,withoutstockholderapproval.Theboardofdirectorsmayestablishtheterms,preferences,conversionorotherrights,votingpowers,restrictions,limitationsastodividendsorotherdistributions,qualificationsandtermsorconditionsofredemptionofanyclassorseriesofpreferredstockwemayissue,whichmayincludevotingrightsandrightstoconvertsuchpreferredstockintocommonstock.See“GeneralDescriptionofPreferredStock.”Theissuanceofpreferredstockcoulddelayorpreventatenderofferorchangeincontrolofourcompanyorreducethepossibilitythatathirdpartywillattemptsuchatransaction,evenifatenderofferorachangeofcontrolwereinourstockholders’interestsorinvolvedapremiumpriceforourcommonstockoranyclassorseriesofourpreferredstock,whichcouldadverselyaffectthemarketpriceofourcommonstockandanysuchclassorseriesofpreferredstock.

Ourcharterandbylawsalsoprovidethatthenumberofdirectorsmaybeestablishedonlybyourboardofdirectors,whichpreventsourstockholdersfromincreasingthenumberofourdirectorsandfillinganyvacanciescreatedbysuchincreasewiththeirownnominees.Theprovisionsofourbylawsdiscussedaboveunderthecaptions“—SpecialMeetingsofStockholders”and“—AdvanceNoticeofDirectorNominationandNewBusiness”requirestockholdersseekingtocallaspecialmeeting,nominateanindividualforelectionasadirectororproposeotherbusinessatanannualorspecialmeetingtocomplywithcertainnoticeandinformationrequirements.Theseprovisions,aloneorincombination,couldmakeitmoredifficultforourstockholderstoremoveincumbentdirectorsorfillvacanciesonourboardofdirectorswiththeirownnomineesandcoulddelayorpreventaproxycontest,tenderofferorchangeincontrolofourcompanyorreducethepossibilitythatathirdpartywillattemptsuchacontestortransaction,evenifaproxycontest,tenderofferorachangeofcontrolwereinourstockholders’interestsorinvolvedapremiumpriceforourcommonstockoranyclassorseriesofourpreferredstock,whichcouldadverselyaffectthemarketpriceofourcommonstockandanysuchclassorseriesofpreferredstock.

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UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS

ThefollowingisageneraldiscussionofcertainmaterialU.S.federalincometaxconsiderationsregardingourelectiontobetaxedasaREITandtheacquisition,ownershipanddispositionofourcapitalstockordebtsecurities.SupplementalU.S.federalincometaxconsiderationsrelevanttoholdersofthesecuritiesofferedbythisprospectus(includingwarrants,preferredstockanddepositaryshares)maybeprovidedintheprospectussupplementorafreewritingprospectusthatrelatestothosesecuritiesoradocumentincorporatedbyreferenceintheprospectussupplement.Forpurposesofthisdiscussion,referencesto“we,”“our”and“us”meanonlyRealtyIncomeCorporationanddonotincludeanyofitssubsidiaries,exceptasotherwiseindicated.Thisdiscussionisforgeneralinformationonlyandisnottaxadvice.Theinformationunderthiscaption“UnitedStatesFederalIncomeTaxConsiderations”(a)supersedesandreplacesinitsentiretytheinformationappearinginourForm8-KfiledwiththeSEConFebruary27,2018(includingExhibit99.1thereto)and(b)maybeamended,supplementedorsuperseded(inwholeorinpart)fromtimetotimebyinformationindocumentswesubsequentlyfilewiththeSECthatareincorporatedbyreferenceinthisprospectus.

Theinformationinthisdiscussionisbasedon:

theCode;

current,temporaryandproposedTreasuryRegulationspromulgatedundertheCode;

thelegislativehistoryoftheCode;

administrativeinterpretationsandpracticesoftheIRS;and

courtdecisions;

ineachcase,asofthedateofthisprospectus.Inaddition,theadministrativeinterpretationsandpracticesoftheIRSincludeitspracticesandpoliciesasexpressedinprivateletterrulingsthatarenotbindingontheIRSexceptwithrespecttotheparticulartaxpayerswhorequestedandreceivedthoserulings.ThesectionsoftheCodeandthecorrespondingTreasuryRegulationsthatrelatetoqualificationandtaxationasaREITarehighlytechnicalandcomplex.ThefollowingdiscussionsetsforthcertainmaterialaspectsofthesectionsoftheCodethatgoverntheU.S.federalincometaxtreatmentofaREIT,itsstockholdersandtheholdersofitsdebtsecurities.ThisdiscussionisqualifiedinitsentiretybytheapplicableCodeprovisions,TreasuryRegulationspromulgatedundertheCode,andadministrativeandjudicialinterpretationsthereof.PotentialtaxreformsmayresultinsignificantchangestotherulesgoverningU.S.federalincometaxation.Newlegislation,TreasuryRegulations,administrativeinterpretationsandpracticesand/orcourtdecisionsmaysignificantlyandadverselyaffectourabilitytoqualifyasaREIT,theU.S.federalincometaxconsequencesofsuchqualification,ortheU.S.federalincometaxconsequencesofaninvestmentinourcapitalstockordebtsecurities,includingthosedescribedinthisdiscussion.Moreover,thelawrelatingtothetaxtreatmentofotherentities,oraninvestmentinotherentities,couldchange,makinganinvestmentinsuchotherentitiesmoreattractiverelativetoaninvestmentinaREIT.Anysuchchangescouldapplyretroactivelytotransactionsprecedingthedateofthechange.Wehavenotrequested,anddonotplantorequest,anyrulingsfromtheIRSthatwequalifyasaREIT,andthestatementsinthisprospectusarenotbindingontheIRSoranycourt.Thus,wecanprovidenoassurancethatthetaxconsiderationscontainedinthisdiscussionwillnotbechallengedbytheIRSorwillbesustainedbyacourtifchallengedbytheIRS.Thissummarydoesnotdiscussanystate,localornon-U.S.taxconsequences,oranytaxconsequencesarisingunderanyU.S.federaltaxlawsotherthanU.S.federalincometaxlaws,associatedwiththeacquisition,ownershipordispositionofourcapitalstockordebtsecurities,orourelectiontobetaxedasaREIT.

You are urged to consult your tax advisor regarding the tax consequences to you of:

the acquisition, ownership and disposition of our capital stock or debt securities, including theU.S. federal, state, local, non-U.S. and other tax consequences;

our election to be taxed as a REIT for U.S. federal income tax purposes; and

potential changes in applicable tax laws.

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Taxation of Our Company

General.WehaveelectedtobetaxedasaREITunderSections856through860oftheCode,commencingwithourtaxableyearendedDecember31,1994.WebelievethatwehavebeenorganizedandhaveoperatedinamannerthathasallowedustoqualifyfortaxationasaREITundertheCodecommencingwithsuchtaxableyear,andweintendtocontinuetobeorganizedandoperateinthismanner.However,qualificationandtaxationasaREITdependuponourabilitytomeetthevariousqualificationtestsimposedundertheCode,includingthroughactualoperatingresults,assetcomposition,distributionlevelsanddiversityofstockownership.Accordingly,noassurancecanbegiventhatwehavebeenorganizedandhaveoperated,orwillcontinuetobeorganizedandoperate,inamannersoastoqualifyorremainqualifiedasaREIT.See“—FailuretoQualify”forpotentialtaxconsequencesifwefailtoqualifyasaREIT.

Latham&WatkinsLLPhasactedasourtaxcounselinconnectionwithourfilingofthisprospectusandourelectiontobetaxedasaREIT.Latham&WatkinsLLPhasrenderedanopiniontous,asofthedateofthisprospectus,totheeffectthat,commencingwithourtaxableyearendingDecember31,1994,wehavebeenorganizedandhaveoperatedinconformitywiththerequirementsforqualificationandtaxationasaREITundertheCode,andourproposedmethodofoperationwillenableustocontinuetomeettherequirementsforqualificationandtaxationasaREITundertheCode.Itmustbeemphasizedthatthisopinionwasbasedonvariousassumptionsandrepresentationsastofactualmatters,includingrepresentationsmadebyusinafactualcertificateprovidedbyoneofourofficers.Inaddition,thisopinionwasbaseduponourfactualrepresentationssetforthinthisprospectus.Moreover,ourqualificationandtaxationasaREITdependuponourabilitytomeetthevariousqualificationtestsimposedundertheCode,whicharediscussedbelow,includingthroughactualoperatingresults,assetcomposition,distributionlevelsanddiversityofstockownership,theresultsofwhichhavenotbeenandwillnotbereviewedbyLatham&WatkinsLLP.Accordingly,noassurancecanbegiventhatouractualresultsofoperationforanyparticulartaxableyearhavesatisfiedorwillsatisfythoserequirements.Further,theanticipatedU.S.federalincometaxtreatmentdescribedhereinmaybechanged,perhapsretroactively,bylegislative,administrativeorjudicialactionatanytime.Latham&WatkinsLLPhasnoobligationtoupdateitsopinionsubsequenttothedateofsuchopinion.

ProvidedwequalifyfortaxationasaREIT,wegenerallywillnotberequiredtopayU.S.federalcorporateincometaxesonourREITtaxableincomethatiscurrentlydistributedtoourstockholders.Thistreatmentsubstantiallyeliminatesthe“doubletaxation”thatordinarilyresultsfrominvestmentinaCcorporation.ACcorporationisacorporationthatgenerallyisrequiredtopaytaxatthecorporatelevel.Doubletaxationmeanstaxationonceatthecorporatelevelwhenincomeisearnedandonceagainatthestockholderlevelwhentheincomeisdistributed.Wewill,however,berequiredtopayU.S.federalincometaxasfollows:

First,wewillberequiredtopayregularU.S.federalcorporateincometaxonanyundistributedREITtaxableincome,includingundistributedcapitalgain.

Second,ifwehave(1)netincomefromthesaleorotherdispositionof“foreclosureproperty”heldprimarilyforsaletocustomersintheordinarycourseofbusinessor(2)othernonqualifyingincomefromforeclosureproperty,wewillberequiredtopayregularU.S.federalcorporateincometaxonthisincome.Totheextentthatincomefromforeclosurepropertyisotherwisequalifyingincomeforpurposesofthe75%grossincometest,thistaxisnotapplicable.Subjecttocertainotherrequirements,foreclosurepropertygenerallyisdefinedaspropertyweacquiredthroughforeclosureorafteradefaultonaloansecuredbythepropertyoraleaseoftheproperty.See“—ForeclosureProperty.”

Third,wewillberequiredtopaya100%taxonanynetincomefromprohibitedtransactions.Prohibitedtransactionsare,ingeneral,salesorothertaxabledispositionsofproperty,otherthanforeclosureproperty,heldasinventoryorprimarilyforsaletocustomersintheordinarycourseofbusiness.

Fourth,ifwefailtosatisfythe75%grossincometestorthe95%grossincometest,asdescribedbelow,buthaveotherwisemaintainedourqualificationasaREITbecausecertainotherrequirementsaremet,wewillberequiredtopayataxequalto(1)thegreaterof(A)theamountbywhichwefailtosatisfythe75%grossincometestand(B)theamountbywhichwefailtosatisfythe95%grossincometest,multipliedby(2)afractionintendedtoreflectourprofitability.

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Fifth,ifwefailtosatisfyanyoftheassettests(otherthanademinimisfailureofthe5%or10%assettests),asdescribedbelow,duetoreasonablecauseandnotduetowillfulneglect,andwenonethelessmaintainourREITqualificationbecauseofspecifiedcureprovisions,wewillberequiredtopayataxequaltothegreaterof$50,000ortheU.S.federalcorporateincometaxratemultipliedbythenetincomegeneratedbythenonqualifyingassetsthatcausedustofailsuchtest.

Sixth,ifwefailtosatisfyanyprovisionoftheCodethatwouldresultinourfailuretoqualifyasaREIT(otherthanaviolationofthegrossincometestsorcertainviolationsoftheassettests,asdescribedbelow)andtheviolationisduetoreasonablecauseandnotduetowillfulneglect,wemayretainourREITqualificationbutwewillberequiredtopayapenaltyof$50,000foreachsuchfailure.

Seventh,wewillberequiredtopaya4%excisetaxtotheextentwefailtodistributeduringeachcalendaryearatleastthesumof(1)85%ofourordinaryincomefortheyear,(2)95%ofourcapitalgainnetincomefortheyear,and(3)anyundistributedtaxableincomefrompriorperiods.

Eighth,ifweacquireanyassetfromacorporationthatisorhasbeenaCcorporationinatransactioninwhichourtaxbasisintheassetislessthanthefairmarketvalueoftheasset,ineachcasedeterminedasofthedateonwhichweacquiredtheasset,andwesubsequentlyrecognizegainonthedispositionoftheassetduringthefive-yearperiodbeginningonthedateonwhichweacquiredtheasset,thenwegenerallywillberequiredtopayregularU.S.federalcorporateincometaxonthisgaintotheextentoftheexcessof(1)thefairmarketvalueoftheassetover(2)ouradjustedtaxbasisintheasset,ineachcasedeterminedasofthedateonwhichweacquiredtheasset.TheresultsdescribedinthisparagraphwithrespecttotherecognitionofgainassumethattheCcorporationwillrefrainfrommakinganelectiontoreceivedifferenttreatmentunderapplicableTreasuryRegulationsonitstaxreturnfortheyearinwhichweacquiretheassetfromtheCcorporation.UnderapplicableTreasuryRegulations,anygainfromthesaleofpropertyweacquiredinanexchangeunderSection1031(alike-kindexchange)orSection1033(aninvoluntaryconversion)oftheCodegenerallyisexcludedfromtheapplicationofthisbuilt-ingainstax.

Ninth,oursubsidiariesthatareCcorporations,includingour“taxableREITsubsidiaries”describedbelow,generallywillberequiredtopayregularU.S.federalcorporateincometaxontheirearnings.

Tenth,wewillberequiredtopaya100%taxonany“redeterminedrents,”“redetermineddeductions,”“excessinterest”or“redeterminedTRSserviceincome,”asdescribedbelowunder“—PenaltyTax.”Ingeneral,redeterminedrentsarerentsfromrealpropertythatareoverstatedasaresultofservicesfurnishedtoanyofourtenantsbyataxableREITsubsidiaryofours.RedetermineddeductionsandexcessinterestgenerallyrepresentamountsthataredeductedbyataxableREITsubsidiaryofoursforamountspaidtousthatareinexcessoftheamountsthatwouldhavebeendeductedbasedonarm’slengthnegotiations.RedeterminedTRSserviceincomegenerallyrepresentsincomeofataxableREITsubsidiarythatisunderstatedasaresultofservicesprovidedtousoronourbehalf.

Eleventh,wemayelecttoretainandpayincometaxonournetcapitalgain.Inthatcase,astockholderwouldincludeitsproportionateshareofourundistributedcapitalgain(totheextentwemakeatimelydesignationofsuchgaintothestockholder)initsincome,wouldbedeemedtohavepaidthetaxthatwepaidonsuchgain,andwouldbeallowedacreditforitsproportionateshareofthetaxdeemedtohavebeenpaid,andanadjustmentwouldbemadetoincreasethetaxbasisofthestockholderinourcapitalstock.

Twelfth,ifwefailtocomplywiththerequirementtosendannualletterstoourstockholdersholdingatleastacertainpercentageofourstock,asdeterminedunderapplicableTreasuryRegulations,requestinginformationregardingtheactualownershipofourstock,andthefailureisnotduetoreasonablecauseorisduetowillfulneglect,wewillbesubjecttoa$25,000penalty,orifthefailureisintentional,a$50,000penalty.

WeandoursubsidiariesmaybesubjecttoavarietyoftaxesotherthanU.S.federalincometax,includingpayrolltaxesandstateandlocalincome,propertyandothertaxesonourassetsandoperations.

Fromtimetotime,wemayownpropertiesinothercountries,whichmayimposetaxesonouroperationswithintheirjurisdictions.Totheextentpossible,wewillstructureouractivitiestominimizeournon-U.S.

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taxliability.However,therecanbenoassurancethatwewillbeabletoeliminateournon-U.S.taxliabilityorreduceittoaspecifiedlevel.Furthermore,asaREIT,bothweandourstockholderswillderivelittleornobenefitfromforeigntaxcreditsarisingfromthosenon-U.S.taxes.

Requirements for Qualification as a REIT.TheCodedefinesaREITasacorporation,trustorassociation:

thatismanagedbyoneormoretrusteesordirectors;

thatissuestransferablesharesortransferablecertificatestoevidenceitsbeneficialownership;

thatwouldbetaxableasadomesticcorporation,butforSections856through860oftheCode;

thatisnotafinancialinstitutionoraninsurancecompanywithinthemeaningofcertainprovisionsoftheCode;

thatisbeneficiallyownedby100ormorepersons;

notmorethan50%invalueoftheoutstandingstockofwhichisowned,actuallyorconstructively,byfiveorfewerindividuals,includingcertainspecifiedentities,duringthelasthalfofeachtaxableyear;and

thatmeetsothertests,describedbelow,regardingthenatureofitsincomeandassetsandtheamountofitsdistributions.

TheCodeprovidesthatconditions(1)to(4),inclusive,mustbemetduringtheentiretaxableyearandthatcondition(5)mustbemetduringatleast335daysofataxableyearof12months,orduringaproportionatepartofataxableyearoflessthan12months.Conditions(5)and(6)donotapplyuntilafterthefirsttaxableyearforwhichanelectionismadetobetaxedasaREIT.Forpurposesofcondition(6),theterm“individual”includesasupplementalunemploymentcompensationbenefitplan,aprivatefoundationoraportionofatrustpermanentlysetasideorusedexclusivelyforcharitablepurposes,butgenerallydoesnotincludeaqualifiedpensionplanorprofitsharingtrust.

Webelievethatwehavebeenorganizedandhaveoperatedinamannerthathasallowedus,andwillcontinuetoallowus,tosatisfyconditions(1)through(7)inclusive,duringtherelevanttimeperiods.Inaddition,ourcharterprovidesforrestrictionsregardingownershipandtransferofoursharesthatareintendedtoassistusincontinuingtosatisfytheshareownershiprequirementsdescribedinconditions(5)and(6)above.Adescriptionoftheshareownershipandtransferrestrictionsrelatingtoourcapitalstockiscontainedinthediscussioninthisprospectusundertheheading“RestrictionsonOwnershipandTransfersofStock.”Theserestrictions,however,donotensurethatwehavepreviouslysatisfied,andmaynotensurethatwewill,inallcases,beabletocontinuetosatisfy,theshareownershiprequirementsdescribedinconditions(5)and(6)above.Ifwefailtosatisfytheseshareownershiprequirements,exceptasprovidedinthenextsentence,ourstatusasaREITwillterminate.If,however,wecomplywiththerulescontainedinapplicableTreasuryRegulationsthatrequireustoascertaintheactualownershipofoursharesandwedonotknow,orwouldnothaveknownthroughtheexerciseofreasonablediligence,thatwefailedtomeettherequirementdescribedincondition(6)above,wewillbetreatedashavingmetthisrequirement.See“—FailuretoQualify.”

Inaddition,wemaynotmaintainourstatusasaREITunlessourtaxableyearisthecalendaryear.Wehaveandwillcontinuetohaveacalendartaxableyear.

Ownership of Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries.InthecaseofaREITthatisapartnerinapartnership(forpurposesofthisdiscussion,referencesto“partnership”includealimitedliabilitycompanytreatedasapartnershipforU.S.federalincometaxpurposes,andreferencesto“partner”includeamemberinsuchalimitedliabilitycompany),TreasuryRegulationsprovidethattheREITwillbedeemedtoownitsproportionateshareoftheassetsofthepartnershipbasedonitsinterestinpartnershipcapital,subjecttospecialrulesrelatingtothe10%assettestdescribedbelow.Also,theREITwillbedeemedtobeentitledtoitsproportionateshareoftheincomeofthatentity.TheassetsandgrossincomeofthepartnershipretainthesamecharacterinthehandsoftheREITforpurposesofSection856oftheCode,includingsatisfyingthegrossincometestsandtheassettests.Thus,

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ourproratashareoftheassetsanditemsofincomeofanypartnershipordisregardedentityforU.S.federalincometaxpurposesinwhichwedirectlyorindirectlyownaninterestistreatedasourassetsanditemsofincomeforpurposesofapplyingtherequirementsdescribedinthisdiscussion,includingthegrossincomeandassettestsdescribedbelow.AbriefsummaryoftherulesgoverningtheU.S.federalincometaxationofpartnershipsissetforthbelowin“—TaxAspectsoftheSubsidiaryPartnershipsandtheLimitedLiabilityCompanies.”

WegenerallyhavecontrolofoursubsidiarypartnershipsandintendtooperatetheminamannerconsistentwiththerequirementsforourqualificationasaREIT.Wemayfromtimetotimebealimitedpartnerornon-managingmemberinsomeofourpartnerships.IfapartnershipinwhichweownaninteresttakesorexpectstotakeactionsthatcouldjeopardizeourstatusasaREITorrequireustopaytax,wemaybeforcedtodisposeofourinterestinsuchentity.Inaddition,itispossiblethatapartnershipcouldtakeanactionwhichcouldcauseustofailagrossincomeorassettest,andthatwewouldnotbecomeawareofsuchactionintimetodisposeofourinterestinthepartnershiportakeothercorrectiveactiononatimelybasis.Insuchacase,wecouldfailtoqualifyasaREITunlesswewereentitledtorelief,asdescribedbelow.

Wemayfromtimetotimeownandoperatecertainpropertiesthroughwholly-ownedsubsidiariesthatweintendtobetreatedas“qualifiedREITsubsidiaries”undertheCode.AcorporationwillqualifyasourqualifiedREITsubsidiaryifweown100%ofthecorporation’soutstandingstockanddonotelectwiththesubsidiarytotreatitasa“taxableREITsubsidiary,”asdescribedbelow.AqualifiedREITsubsidiaryisnottreatedasaseparatecorporation,andallassets,liabilitiesanditemsofincome,gain,loss,deductionandcreditofaqualifiedREITsubsidiaryaretreatedasassets,liabilitiesanditemsofincome,gain,loss,deductionandcreditoftheparentREITforallpurposesundertheCode,includingallREITqualificationtests.Thus,inapplyingtheU.S.federalincometaxrequirementsdescribedinthisdiscussion,anyqualifiedREITsubsidiariesweownareignored,andallassets,liabilitiesanditemsofincome,gain,loss,deductionandcreditofsuchcorporationsaretreatedasourassets,liabilitiesanditemsofincome,gain,loss,deductionandcredit.AqualifiedREITsubsidiaryisnotsubjecttoU.S.federalincometax,andourownershipofthestockofaqualifiedREITsubsidiarywillnotviolatetherestrictionsonownershipofsecurities,asdescribedbelowunder“—AssetTests.”

Ownership of Interests in Taxable REIT Subsidiaries.WecurrentlyownaninterestinanumberoftaxableREITsubsidiariesandmayacquiresecuritiesinadditionaltaxableREITsubsidiariesinthefuture.AtaxableREITsubsidiaryisacorporation(orotherentitytreatedasacorporationforU.S.federalincometaxpurposes)otherthanaREITinwhichaREITdirectlyorindirectlyholdsstock,andthathasmadeajointelectionwithsuchREITtobetreatedasataxableREITsubsidiary.IfataxableREITsubsidiaryownsmorethan35%ofthetotalvotingpowerorvalueoftheoutstandingsecuritiesofanothercorporation,suchothercorporationwillalsobetreatedasataxableREITsubsidiary.Otherthansomeactivitiesrelatingtolodgingandhealthcarefacilities,ataxableREITsubsidiarymaygenerallyengageinanybusiness,includingtheprovisionofcustomaryornon-customaryservicestotenantsofitsparentREIT.AtaxableREITsubsidiaryissubjecttoU.S.federalincometaxasaregularCcorporation.AREIT’sownershipofsecuritiesofataxableREITsubsidiaryisnotsubjecttothe5%or10%assettestdescribedbelow.See“—AssetTests.”FortaxableyearsbeginningafterDecember31,2017,taxpayersaresubjecttoalimitationontheirabilitytodeductnetbusinessinterestgenerallyequalto30%ofadjustedtaxableincome,subjecttocertainexceptions.See“—AnnualDistributionRequirements.”Whilenotcertain,thisprovisionmaylimittheabilityofourtaxableREITsubsidiariestodeductinterest,whichcouldincreasetheirtaxableincome.

Income Tests.WemustsatisfytwogrossincomerequirementsannuallytomaintainourqualificationasaREIT.First,ineachtaxableyearwemustderivedirectlyorindirectlyatleast75%ofourgrossincome(excludinggrossincomefromprohibitedtransactions,certainhedgingtransactionsandcertainforeigncurrencygains)frominvestmentsrelatingtorealpropertyormortgagesonrealproperty,including“rentsfromrealproperty,”dividendsfromotherREITsand,incertaincircumstances,interest,orcertaintypesoftemporaryinvestments.Second,ineachtaxableyearwemustderiveatleast95%ofourgrossincome(excludinggrossincomefromprohibitedtransactions,certainhedgingtransactions,andcertainforeigncurrencygains)fromtherealpropertyinvestmentsdescribedaboveordividends,interestandgainfromthesaleordispositionofstockorsecurities,orfromanycombinationoftheforegoing.Forthesepurposes,theterm“interest”generallydoesnotincludeanyamountreceivedoraccrued,directlyorindirectly,ifthe

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determinationofallorsomeoftheamountdependsinanywayontheincomeorprofitsofanyperson.However,anamountreceivedoraccruedgenerallywillnotbeexcludedfromtheterm“interest”solelybyreasonofbeingbasedonafixedpercentageorpercentagesofreceiptsorsales.

Rentswereceivefromatenantwillqualifyas“rentsfromrealproperty”forthepurposeofsatisfyingthegrossincomerequirementsforaREITdescribedaboveonlyifallofthefollowingconditionsaremet:

Theamountofrentisnotbasedinwholeorinpartontheincomeorprofitsofanyperson.However,anamountwereceiveoraccruegenerallywillnotbeexcludedfromtheterm“rentsfromrealproperty”solelybecauseitisbasedonafixedpercentageorpercentagesofreceiptsorsales;

Neitherwenoranactualorconstructiveownerof10%ormoreofourcapitalstockactuallyorconstructivelyowns10%ormoreoftheinterestsintheassetsornetprofitsofanon-corporatetenant,or,ifthetenantisacorporation,10%ormoreofthetotalcombinedvotingpowerofallclassesofstockentitledtovoteor10%ormoreofthetotalvalueofallclassesofstockofthetenant.RentswereceivefromsuchatenantthatisataxableREITsubsidiaryofours,however,willnotbeexcludedfromthedefinitionof“rentsfromrealproperty”asaresultofthisconditionifatleast90%ofthespaceatthepropertytowhichtherentsrelateisleasedtothirdparties,andtherentspaidbythetaxableREITsubsidiaryaresubstantiallycomparabletorentspaidbyourothertenantsforcomparablespace.WhetherrentspaidbyataxableREITsubsidiaryaresubstantiallycomparabletorentspaidbyothertenantsisdeterminedatthetimetheleasewiththetaxableREITsubsidiaryisenteredinto,extended,andmodified,ifsuchmodificationincreasestherentsdueundersuchlease.Notwithstandingtheforegoing,however,ifaleasewitha“controlledtaxableREITsubsidiary”ismodifiedandsuchmodificationresultsinanincreaseintherentspayablebysuchtaxableREITsubsidiary,anysuchincreasewillnotqualifyas“rentsfromrealproperty.”Forpurposesofthisrule,a“controlledtaxableREITsubsidiary”isataxableREITsubsidiaryinwhichtheparentREITownsstockpossessingmorethan50%ofthevotingpowerormorethan50%ofthetotalvalueoftheoutstandingstockofsuchtaxableREITsubsidiary;

Rentattributabletopersonalproperty,leasedinconnectionwithaleaseofrealproperty,isnotgreaterthan15%ofthetotalrentreceivedunderthelease.Ifthisconditionisnotmet,thentheportionoftherentattributabletopersonalpropertywillnotqualifyas“rentsfromrealproperty.”Totheextentthatrentattributabletopersonalproperty,leasedinconnectionwithaleaseofrealproperty,exceeds15%ofthetotalrentreceivedunderthelease,wemaytransferaportionofsuchpersonalpropertytoataxableREITsubsidiary;and

Wegenerallymaynotoperateormanagethepropertyorfurnishorrenderservicestoourtenants,subjecttoa1%deminimisexceptionandexceptasprovidedbelow.Wemay,however,performservicesthatare“usuallyorcustomarilyrendered”inconnectionwiththerentalofspaceforoccupancyonlyandarenototherwiseconsidered“renderedtotheoccupant”oftheproperty.Examplesoftheseservicesincludetheprovisionoflight,heat,orotherutilities,trashremovalandgeneralmaintenanceofcommonareas.Inaddition,wemayemployanindependentcontractorfromwhomwederivenorevenuetoprovidecustomaryservicestoourtenants,orataxableREITsubsidiary(whichmaybewhollyorpartiallyownedbyus)toprovidebothcustomaryandnon-customaryservicestoourtenantswithoutcausingtherentwereceivefromthosetenantstofailtoqualifyas“rentsfromrealproperty.”

Wegenerallydonotintendtotakeactionswebelievewillcauseustofailtosatisfytherentalconditionsdescribedabove.However,wemayintentionallyfailtosatisfysomeoftheseconditionstotheextentwedetermine,basedontheadviceofourtaxcounsel,thatthefailurewillnotjeopardizeourtaxstatusasaREIT.Inaddition,withrespecttothelimitationontherentalofpersonalproperty,wegenerallyhavenotobtainedappraisalsoftherealpropertyandpersonalpropertyleasedtotenants.Accordingly,therecanbenoassurancethattheIRSwillnotdisagreewithourdeterminationsofvalue.

Fromtimetotime,wemayenterintohedgingtransactionswithrespecttooneormoreofourassetsorliabilities.Ourhedgingactivitiesmayincludeenteringintointerestrateswaps,caps,andfloors,optionstopurchasetheseitems,andfuturesandforwardcontracts.Incomefromahedgingtransaction,includinggainfromthesaleordispositionofsuchatransaction,thatisclearlyidentifiedasahedgingtransactionasspecifiedintheCodewillnotconstitutegrossincomeunder,andthuswillbeexemptfrom,the75%and

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95%grossincometests.Theterm“hedgingtransaction,”asusedabove,generallymeans(A)anytransactionweenterintointhenormalcourseofourbusinessprimarilytomanageriskof(1)interestratechangesorfluctuationswithrespecttoborrowingsmadeortobemadebyustoacquireorcarryrealestateassets,or(2)currencyfluctuationswithrespecttoanitemofqualifyingincomeunderthe75%or95%grossincometestoranypropertywhichgeneratessuchincomeand(B)newtransactionsenteredintotohedgetheincomeorlossfrompriorhedgingtransactions,wherethepropertyorindebtednesswhichwasthesubjectofthepriorhedgingtransactionwasextinguishedordisposedof.Totheextentthatwedonotproperlyidentifysuchtransactionsashedgesorwehedgewithothertypesoffinancialinstruments,theincomefromthosetransactionsisnotlikelytobetreatedasqualifyingincomeforpurposesofthegrossincometests.WeintendtostructureanyhedgingtransactionsinamannerthatdoesnotjeopardizeourstatusasaREIT.

FromtimetotimewemayownpropertiesorentitieslocatedoutsidetheUnitedStates.Theseacquisitionscouldcauseustoincurforeigncurrencygainsorlosses.Anyforeigncurrencygains,totheextentattributabletospecifieditemsofqualifyingincomeorgain,orspecifiedqualifyingassets,however,generallywillnotconstitutegrossincomeforpurposesofthe75%and95%grossincometests,andthereforewillbeexcludedfromthesetests.

TotheextentourtaxableREITsubsidiariespaydividendsorinterest,ourallocableshareofsuchdividendorinterestincomewillqualifyunderthe95%,butnotthe75%,grossincometest(exceptthatourallocableshareofsuchinterestwouldalsoqualifyunderthe75%grossincometesttotheextenttheinterestispaidonaloanthatisadequatelysecuredbyrealproperty).

WewillmonitortheamountofthedividendandotherincomefromourtaxableREITsubsidiariesandwilltakeactionsintendedtokeepthisincome,andanyothernonqualifyingincome,withinthelimitationsofthegrossincometests.Althoughweexpecttheseactionswillbesufficienttopreventaviolationofthegrossincometests,wecannotguaranteethatsuchactionswillinallcasespreventsuchaviolation.

Ifwefailtosatisfyoneorbothofthe75%or95%grossincometestsforanytaxableyear,wemayneverthelessqualifyasaREITfortheyearifweareentitledtoreliefundercertainprovisionsoftheCode.Wegenerallymaymakeuseofthereliefprovisionsif:

followingouridentificationofthefailuretomeetthe75%or95%grossincometestsforanytaxableyear,wefileaschedulewiththeIRSsettingfortheachitemofourgrossincomeforpurposesofthe75%or95%grossincometestsforsuchtaxableyearinaccordancewithTreasuryRegulationstobeissued;and

ourfailuretomeetthesetestswasduetoreasonablecauseandnotduetowillfulneglect.

Itisnotpossible,however,tostatewhetherinallcircumstanceswewouldbeentitledtothebenefitofthesereliefprovisions.Forexample,ifwefailtosatisfythegrossincometestsbecausenonqualifyingincomethatweintentionallyaccrueorreceiveexceedsthelimitsonnonqualifyingincome,theIRScouldconcludethatourfailuretosatisfythetestswasnotduetoreasonablecause.Ifthesereliefprovisionsdonotapplytoaparticularsetofcircumstances,wewillnotqualifyasaREIT.See“—FailuretoQualify”below.Asdiscussedabovein—General,”evenifthesereliefprovisionsapply,andweretainourstatusasaREIT,ataxwouldbeimposedwithrespecttoournonqualifyingincome.WemaynotalwaysbeabletocomplywiththegrossincometestsforREITqualificationdespiteperiodicmonitoringofourincome.

Prohibited Transaction Income.Anygainthatwerealizeonthesaleofproperty(otherthananyforeclosureproperty)heldasinventoryorotherwiseheldprimarilyforsaletocustomersintheordinarycourseofbusiness,includinganygainrealizedbyourqualifiedREITsubsidiariesandourshareofanygainrealizedbyanyofthepartnershipsinwhichweownaninterest,willbetreatedasincomefromaprohibitedtransactionthatissubjecttoa100%penaltytax,unlesscertainsafeharborexceptionsapply.ThisprohibitedtransactionincomemayalsoadverselyaffectourabilitytosatisfythegrossincometestsforqualificationasaREIT.Underexistinglaw,whetherpropertyisheldasinventoryorprimarilyforsaletocustomersintheordinarycourseofatradeorbusinessisaquestionoffactthatdependsonallthefactsandcircumstancessurroundingtheparticulartransaction.Weintendtoholdourpropertiesforinvestmentwithaviewtolong-termappreciation,toengageinthebusinessofacquiring,developingandowningourpropertiesandtomakeoccasionalsalesofthepropertiesasareconsistentwithourinvestmentobjectives.Wedonotintend,anddonotintendtopermitanyofthepartnershipsinwhichweownaninterest,toenterintoanysales

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thatareprohibitedtransactions.However,theIRSmaysuccessfullycontendthatsomeorallofthesalesmadebyusoroursubsidiarypartnershipsareprohibitedtransactions.Wewouldberequiredtopaythe100%penaltytaxonourallocableshareofthegainsresultingfromanysuchsales.The100%penaltytaxwillnotapplytogainsfromthesaleofassetsthatareheldthroughataxableREITsubsidiary,butsuchincomewillbesubjecttoregularU.S.federalcorporateincometax.

Penalty Tax.Anyredeterminedrents,redetermineddeductions,excessinterestorredeterminedTRSserviceincomewegeneratewillbesubjecttoa100%penaltytax.Ingeneral,redeterminedrentsarerentsfromrealpropertythatareoverstatedasaresultofanyservicesfurnishedtoanyofourtenantsbyataxableREITsubsidiaryofours,redetermineddeductionsandexcessinterestrepresentanyamountsthataredeductedbyataxableREITsubsidiaryofoursforamountspaidtousthatareinexcessoftheamountsthatwouldhavebeendeductedbasedonarm’slengthnegotiations,andredeterminedTRSserviceincomeisincomeofataxableREITsubsidiarythatisunderstatedasaresultofservicesprovidedtousoronourbehalf.RentswereceivewillnotconstituteredeterminedrentsiftheyqualifyforcertainsafeharborprovisionscontainedintheCode.

Wedonotbelievewehavebeen,anddonotexpecttobe,subjecttothispenaltytax,althoughanyrentalorservicearrangementsweenterintofromtimetotimemaynotsatisfythesafe-harborprovisionsdescribedabove.Thesedeterminationsareinherentlyfactual,andtheIRShasbroaddiscretiontoassertthatamountspaidbetweenrelatedpartiesshouldbereallocatedtoclearlyreflecttheirrespectiveincomes.IftheIRSsuccessfullymadesuchanassertion,wewouldberequiredtopaya100%penaltytaxonanyoverstatedrentspaidtous,oranyexcessdeductionsorunderstatedincomeofourtaxableREITsubsidiaries.

Asset Tests.Atthecloseofeachcalendarquarterofourtaxableyear,wemustalsosatisfycertaintestsrelatingtothenatureanddiversificationofourassets.First,atleast75%ofthevalueofourtotalassetsmustberepresentedbyrealestateassets,cash,cashitemsandU.S.governmentsecurities.Forpurposesofthistest,theterm“realestateassets”generallymeansrealproperty(includinginterestsinrealpropertyandinterestsinmortgagesonrealpropertyoronbothrealpropertyand,toalimitedextent,personalproperty),shares(ortransferablecertificatesofbeneficialinterest)inotherREITs,anystockordebtinstrumentattributabletotheinvestmentoftheproceedsofastockofferingorapublicofferingofdebtwithatermofatleastfiveyears(butonlyfortheone-yearperiodbeginningonthedatetheREITreceivessuchproceeds),debtinstrumentsofpubliclyofferedREITs,andpersonalpropertyleasedinconnectionwithaleaseofrealpropertyforwhichtherentattributabletopersonalpropertyisnotgreaterthan15%ofthetotalrentreceivedunderthelease.

Second,notmorethan25%ofthevalueofourtotalassetsmayberepresentedbysecurities(includingsecuritiesoftaxableREITsubsidiaries),otherthanthosesecuritiesincludableinthe75%assettest.

Third,oftheinvestmentsincludedinthe25%assetclass,andexceptforcertaininvestmentsinotherREITs,ourqualifiedREITsubsidiariesandtaxableREITsubsidiaries,thevalueofanyoneissuer’ssecuritiesmaynotexceed5%ofthevalueofourtotalassets,andwemaynotownmorethan10%ofthetotalvoteorvalueoftheoutstandingsecuritiesofanyoneissuer.Certaintypesofsecuritieswemayownaredisregardedassecuritiessolelyforpurposesofthe10%valuetest,including,butnotlimitedto,securitiessatisfyingthe“straightdebt”safe-harbor,securitiesissuedbyapartnershipthatitselfwouldsatisfythe75%incometestifitwereaREIT,anyloantoanindividualoranestate,anyobligationtopayrentsfromrealpropertyandanysecurityissuedbyaREIT.Inaddition,solelyforpurposesofthe10%valuetest,thedeterminationofourinterestintheassetsofapartnershipinwhichweownaninterestwillbebasedonourproportionateinterestinanysecuritiesissuedbythepartnership,excludingforthispurposecertainsecuritiesdescribedintheCode.Fromtimetotimewemayownsecurities(includingdebtsecurities)ofissuersthatdonotqualifyasaREIT,aqualifiedREITsubsidiaryorataxableREITsubsidiary.Weintendthatourownershipofanysuchsecuritieswillbestructuredinamannerthatallowsustocomplywiththeassettestsdescribedabove.

Fourth,notmorethan20%(25%fortaxableyearsbeginningafterJuly30,2008andbeforeJanuary1,2018)ofthevalueofourtotalassetsmayberepresentedbythesecuritiesofoneormoretaxableREITsubsidiaries.Wecurrentlyown100%ofthestockofcertaincorporationsthathaveelected,togetherwithus,tobetreatedasourtaxableREITsubsidiaries,andwemayacquiresecuritiesinadditionaltaxableREITsubsidiariesinthefuture.SolongaseachofthesecompaniesqualifiesasataxableREITsubsidiaryofours,

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wewillnotbesubjecttothe5%assettest,the10%votingsecuritieslimitationorthe10%valuelimitationwithrespecttoourownershipofthesecuritiesofsuchcompanies.WebelievethattheaggregatevalueofourtaxableREITsubsidiarieshasnotexceeded,andinthefuturewillnotexceed,20%(25%fortaxableyearsbeginningafterJuly30,2008andbeforeJanuary1,2018)oftheaggregatevalueofourgrossassets.Wegenerallydonotobtainindependentappraisalstosupporttheseconclusions.Inaddition,therecanbenoassurancethattheIRSwillnotdisagreewithourdeterminationsofvalue.

Fifth,notmorethan25%ofthevalueofourtotalassetsmayberepresentedbydebtinstrumentsofpubliclyofferedREITstotheextentthosedebtinstrumentswouldnotberealestateassetsbutfortheinclusionofdebtinstrumentsofpubliclyofferedREITsinthemeaningofrealestateassets,asdescribedabove(e.g.,adebtinstrumentissuedbyapubliclyofferedREITthatisnotsecuredbyamortgageonrealproperty).

Theassettestsmustbesatisfiedatthecloseofeachcalendarquarterofourtaxableyearinwhichwe(directlyorthroughourqualifiedREITsubsidiariesorpartnerships)acquiresecuritiesintheapplicableissuer,andalsoatthecloseofeachcalendarquarterinwhichweincreaseourownershipofsecuritiesofsuchissuer(includingasaresultofanincreaseinourinterestinanypartnershipthatownssuchsecurities).Forexample,ourindirectownershipofsecuritiesofeachissuermayincreaseasaresultofourcapitalcontributionsto,ortheredemptionofotherpartners’interestsin,apartnershipinwhichwehaveanownershipinterest.Also,afterinitiallymeetingtheassettestsatthecloseofanyquarter,wewillnotloseourstatusasaREITforfailuretosatisfytheassettestsattheendofalaterquartersolelybyreasonofchangesinassetvalues.Ifwefailtosatisfyanassettestbecauseweacquiresecuritiesorotherpropertyduringaquarter(includingasaresultofanincreaseinourinterestinanypartnership),wemaycurethisfailurebydisposingofsufficientnonqualifyingassetswithin30daysafterthecloseofthatquarter.Webelievethatwehavemaintained,andweintendtomaintain,adequaterecordsofthevalueofourassetstoensurecompliancewiththeassettests.Ifwefailtocureanynoncompliancewiththeassettestswithinthe30-daycureperiod,wewouldceasetoqualifyasaREITunlessweareeligibleforcertainreliefprovisionsdiscussedbelow.

Certainreliefprovisionsmaybeavailabletousifwediscoverafailuretosatisfytheassettestsdescribedaboveafterthe30-daycureperiod.Undertheseprovisions,wewillbedeemedtohavemetthe5%and10%assettestsifthevalueofournonqualifyingassets(i)doesnotexceedthelesserof(a)1%ofthetotalvalueofourassetsattheendoftheapplicablequarteror(b)$10,000,000,and(ii)wedisposeofthenonqualifyingassetsorotherwisesatisfysuchtestswithin(a)sixmonthsafterthelastdayofthequarterinwhichthefailuretosatisfytheassettestsisdiscoveredor(b)theperiodoftimeprescribedbyTreasuryRegulationstobeissued.Forviolationsofanyoftheassettestsduetoreasonablecauseandnotduetowillfulneglectandthatare,inthecaseofthe5%and10%assettests,inexcessofthedeminimisexceptiondescribedabove,wemayavoiddisqualificationasaREITafterthe30-daycureperiodbytakingstepsincluding(i)thedispositionofsufficientnonqualifyingassets,orthetakingofotheractions,whichallowustomeettheassettestswithin(a)sixmonthsafterthelastdayofthequarterinwhichthefailuretosatisfytheassettestsisdiscoveredor(b)theperiodoftimeprescribedbyTreasuryRegulationstobeissued,(ii)payingataxequaltothegreaterof(a)$50,000or(b)theU.S.federalcorporateincometaxratemultipliedbythenetincomegeneratedbythenonqualifyingassets,and(iii)disclosingcertaininformationtotheIRS.

Althoughwebelievewehavesatisfiedtheassettestsdescribedaboveandplantotakestepstoensurethatwesatisfysuchtestsforanyquarterwithrespecttowhichretestingistooccur,therecanbenoassurancethatwewillalwaysbesuccessful,orwillnotrequireareductioninouroverallinterestinanissuer(includinginataxableREITsubsidiary).Ifwefailtocureanynoncompliancewiththeassettestsinatimelymanner,andthereliefprovisionsdescribedabovearenotavailable,wewouldceasetoqualifyasaREIT.

Annual Distribution Requirements.TomaintainourqualificationasaREIT,wearerequiredtodistributedividends,otherthancapitalgaindividends,toourstockholdersinanamountatleastequaltothesumof:

90%ofourREITtaxableincome;and

90%ofourafter-taxnetincomefromforeclosureproperty,ifany;minus

theexcessofthesumofcertainitemsofnon-cashincomeover5%ofourREITtaxableincome.

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Forthesepurposes,ourREITtaxableincomeiscomputedwithoutregardtothedividendspaiddeductionandournetcapitalgain.Inaddition,forpurposesofthistest,non-cashincomegenerallymeansincomeattributabletoleveledsteppedrents,originalissuediscount,cancellationofindebtedness,oralike-kindexchangethatislaterdeterminedtobetaxable.

Inaddition,ourREITtaxableincomewillbereducedbyanytaxeswearerequiredtopayonanygainwerecognizefromthedispositionofanyassetweacquiredfromacorporationthatisorhasbeenaCcorporationinatransactioninwhichourtaxbasisintheassetislessthanthefairmarketvalueoftheasset,ineachcasedeterminedasofthedateonwhichweacquiredtheasset,withinthefive-yearperiodfollowingouracquisitionofsuchasset,asdescribedaboveunder“—General.”

FortaxableyearsbeginningafterDecember31,2017,andexceptasprovidedbelow,ourdeductionfornetbusinessinterestexpensewillgenerallybelimitedto30%ofourtaxableincome,asadjustedforcertainitemsofincome,gain,deductionorloss.Anybusinessinterestdeductionthatisdisallowedduetothislimitationmaybecarriedforwardtofuturetaxableyears.Ifwearesubjecttothisinterestexpenselimitation,ourREITtaxableincomeforataxableyearmaybeincreased.Taxpayersthatconductcertainrealestatebusinessesmayelectnottohavethisinterestexpenselimitationapplytothem,providedthattheyuseanalternativedepreciationsystemtodepreciatecertainproperty.Webelievethatwewillbeeligibletomakethiselection.Ifwemakethiselection,althoughwewouldnotbesubjecttotheinterestexpenselimitationdescribedabove,ourdepreciationdeductionsmaybereducedand,asaresult,ourREITtaxableincomeforataxableyearmaybeincreased.

Wegenerallymustpay,orbetreatedaspaying,thedistributionsdescribedaboveinthetaxableyeartowhichtheyrelate.Atourelection,adistributionwillbetreatedaspaidinataxableyearifitisdeclaredbeforewetimelyfileourtaxreturnforsuchyearandpaidonorbeforethefirstregulardividendpaymentaftersuchdeclaration,providedsuchpaymentismadeduringthe12-monthperiodfollowingthecloseofsuchyear.Thesedistributionsaretreatedasreceivedbyourstockholdersintheyearinwhichtheyarepaid.Thisissoeventhoughthesedistributionsrelatetotheprioryearforpurposesofthe90%distributionrequirement.Inordertobetakenintoaccountforpurposesofourdistributionrequirement,exceptasprovidedbelow,theamountdistributedmustnotbepreferential—i.e.,everystockholderoftheclassofstocktowhichadistributionismademustbetreatedthesameaseveryotherstockholderofthatclass,andnoclassofstockmaybetreatedotherthanaccordingtoitsdividendrightsasaclass.Thispreferentiallimitationwillnotapplytodistributionsmadebyus,providedwequalifyasa“publiclyofferedREIT.”Webelievethatweare,andexpectwewillcontinuetobe,a“publiclyofferedREIT.”Totheextentthatwedonotdistributeallofournetcapitalgain,ordistributeatleast90%,butlessthan100%,ofourREITtaxableincome,asadjusted,wewillberequiredtopayregularU.S.federalcorporateincometaxontheundistributedamount.Webelievethatwehavemade,andweintendtocontinuetomake,timelydistributionssufficienttosatisfytheseannualdistributionrequirementsandtominimizeourcorporatetaxobligations.

WeexpectthatourREITtaxableincomewillbelessthanourcashflowbecauseofdepreciationandothernon-cashchargesincludedincomputingREITtaxableincome.Accordingly,weanticipatethatwegenerallywillhavesufficientcashorliquidassetstoenableustosatisfythedistributionrequirementsdescribedabove.However,fromtimetotime,wemaynothavesufficientcashorotherliquidassetstomeetthesedistributionrequirementsduetotimingdifferencesbetweentheactualreceiptofincomeandactualpaymentofdeductibleexpenses,andtheinclusionofincomeanddeductionofexpensesindeterminingourtaxableincome.Inaddition,wemaydecidetoretainourcash,ratherthandistributeit,inordertorepaydebtorforotherreasons.Ifthesetimingdifferencesoccur,wemayborrowfundstopaydividendsorpaydividendsintheformoftaxablestockdistributionsinordertomeetthedistributionrequirements,whilepreservingourcash.

Undersomecircumstances,wemaybeabletorectifyaninadvertentfailuretomeetthe90%distributionrequirementforayearbypaying“deficiencydividends”toourstockholdersinalateryear,whichmaybeincludedinourdeductionfordividendspaidfortheearlieryear.Inthatcase,wemaybeabletoavoidbeingtaxedonamountsdistributedasdeficiencydividends,subjecttothe4%excisetaxdescribedbelow.However,wewillberequiredtopayinteresttotheIRSbasedupontheamountofanydeductionclaimedfordeficiencydividends.WhilethepaymentofadeficiencydividendwillapplytoaprioryearforpurposesofourREITdistributionrequirements,itwillbetreatedasanadditionaldistributiontoourstockholdersintheyearsuchdividendispaid.

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Furthermore,wewillberequiredtopaya4%excisetaxtotheextentwefailtodistributeduringeachcalendaryearatleastthesumof85%ofourordinaryincomeforsuchyear,95%ofourcapitalgainnetincomefortheyearandanyundistributedtaxableincomefrompriorperiods.Anyordinaryincomeandnetcapitalgainonwhichcorporateincometaxisimposedforanyyearistreatedasanamountdistributedduringthatyearforpurposesofcalculatingthisexcisetax.

Forpurposesofthe90%distributionrequirementandexcisetaxdescribedabove,dividendsdeclaredduringthelastthreemonthsofthetaxableyear,payabletostockholdersofrecordonaspecifieddateduringsuchperiodandpaidduringJanuaryofthefollowingyear,willbetreatedaspaidbyusandreceivedbyourstockholdersonDecember31oftheyearinwhichtheyaredeclared.

Like-Kind Exchanges.Wemaydisposeofrealpropertythatisnotheldprimarilyforsaleintransactionsintendedtoqualifyaslike-kindexchangesundertheCode.Suchlike-kindexchangesareintendedtoresultinthedeferralofgainforU.S.federalincometaxpurposes.Thefailureofanysuchtransactiontoqualifyasalike-kindexchangecouldrequireustopayU.S.federalincometax,possiblyincludingthe100%prohibitedtransactiontax,ordeficiencydividends,dependingonthefactsandcircumstancessurroundingtheparticulartransaction.

Tax Liabilities and Attributes Inherited in Connection with Acquisitions.Fromtimetotime,wemayacquireothercorporationsorentitiesand,inconnectionwithsuchacquisitions,wemaysucceedtothehistoricaltaxattributesandliabilitiesofsuchentities.Forexample,ifweacquireaCcorporationandsubsequentlydisposeofitsassetswithinfiveyearsoftheacquisition,wecouldberequiredtopaythebuilt-ingaintaxdescribedaboveunder“—General.”Inaddition,inordertoqualifyasaREIT,attheendofanytaxableyear,wemustnothaveanyearningsandprofitsaccumulatedinanon-REITyear.Asaresult,ifweacquireaCcorporation,wemustdistributethecorporation’searningsandprofitsaccumulatedpriortotheacquisitionbeforetheendofthetaxableyearinwhichweacquirethecorporation.Wealsocouldberequiredtopaytheacquiredentity’sunpaidtaxeseventhoughsuchliabilitiesarosepriortothetimeweacquiredtheentity.

Moreover,wemayfromtimetotimeacquireotherREITsthroughamergeroracquisition.IfanysuchREITfailedtoqualifyasaREITforanyofitstaxableyears,suchREITwouldbeliablefor(andwe,asthesurvivingcorporationinthemergeroracquisition,wouldbeobligatedtopay)regularU.S.federalcorporateincometaxonitstaxableincomeforsuchtaxableyears.Inaddition,ifsuchREITwasaCcorporationatthetimeofthemergeroracquisition,thetaxconsequencesdescribedintheprecedingparagraphgenerallywouldapply.IfsuchREITfailedtoqualifyasaREITforanyofitsprevioustaxableyears,butqualifiedasaREITatthetimeofsuchmergeroracquisition,andweacquiredsuchREIT’sassetsinatransactioninwhichourtaxbasisintheassetsofsuchREITisdetermined,inwholeorinpart,byreferencetosuchREIT’staxbasisinsuchassets,wegenerallywouldbesubjecttotaxonthebuilt-ingainoneachassetofsuchREITasdescribedaboveifweweretodisposeoftheassetinataxabletransactionduringthefive-yearperiodfollowingsuchREIT’srequalificationasaREIT,subjecttocertainexceptions.Moreover,evenifsuchREITqualifiedasaREITatallrelevanttimes,wewouldsimilarlybeliableforotherunpaidtaxes(ifany)ofsuchREIT(suchasthe100%taxongainsfromanysalestreatedas“prohibitedtransactions”asdescribedaboveunder“—ProhibitedTransactionIncome”).

Furthermore,afterouracquisitionofanothercorporationorentity,theassetandincometestswillapplytoallofourassets,includingtheassetsweacquirefromsuchcorporationorentity,andtoallofourincome,includingtheincomederivedfromtheassetsweacquirefromsuchcorporationorentity.Asaresult,thenatureoftheassetsthatweacquirefromsuchcorporationorentityandtheincomewederivefromthoseassetsmayhaveaneffectonourtaxstatusasaREIT.

Foreclosure Property.Theforeclosurepropertyrulespermitus(byourelection)toforecloseorrepossesspropertieswithoutbeingdisqualifiedasaREITasaresultofreceivingincomethatdoesnotqualifyunderthegrossincometests.However,insuchacase,wewouldbesubjecttotheU.S.federalcorporateincometaxonthenetnon-qualifyingincomefromthe“foreclosureproperty,”andtheafter-taxamountwouldincreasethedividendswewouldberequiredtodistributetostockholders.See“—AnnualDistributionRequirements.”ThiscorporatetaxwouldnotapplytoincomethatqualifiesundertheREIT75%incometest.

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ForeclosurepropertytreatmentwillendonthefirstdayonwhichweenterintoaleaseoftheapplicablepropertythatwillgiverisetoincomethatdoesnotqualifyundertheREIT75%incometest,butwillnotendiftheleasewillgiveriseonlytoqualifyingincomeundersuchtest.Foreclosurepropertytreatmentalsowillendifanyconstructiontakesplaceontheproperty(otherthancompletionofabuildingorotherimprovementthatwasmorethan10%completebeforedefaultbecameimminent).Foreclosurepropertytreatmentisgenerallyavailableforaninitialperiodofthreeyearsandmay,incertaincircumstances,beextendedforanadditionalthreeyears.

Failure to Qualify.IfwediscoveraviolationofaprovisionoftheCodethatwouldresultinourfailuretoqualifyasaREIT,certainspecifiedcureprovisionsmaybeavailabletous.Exceptwithrespecttoviolationsofthegrossincometestsandassettests(forwhichthecureprovisionsaredescribedabove),andprovidedtheviolationisduetoreasonablecauseandnotduetowillfulneglect,thesecureprovisionsgenerallyimposea$50,000penaltyforeachviolationinlieuofalossofREITstatus.IfwefailtosatisfytherequirementsfortaxationasaREITinanytaxableyear,andthereliefprovisionsdonotapply,wewillberequiredtopayregularU.S.federalcorporateincometax,includinganyapplicablealternativeminimumtaxfortaxableyearsbeginningbeforeJanuary1,2018,onourtaxableincome.DistributionstostockholdersinanyyearinwhichwefailtoqualifyasaREITwillnotbedeductiblebyus.Asaresult,weanticipatethatourfailuretoqualifyasaREITwouldreducethecashavailablefordistributionbyustoourstockholders.Inaddition,ifwefailtoqualifyasaREIT,wewillnotberequiredtodistributeanyamountstoourstockholdersandalldistributionstostockholderswillbetaxableasregularcorporatedividendstotheextentofourcurrentandaccumulatedearningsandprofits.Insuchevent,corporatedistributeesmaybeeligibleforthedividends-receiveddeduction.Inaddition,non-corporatestockholders,includingindividuals,maybeeligibleforthepreferentialtaxratesonqualifieddividendincome.Non-corporatestockholders,includingindividuals,generallymaydeductupto20%ofdividendsfromaREIT,otherthancapitalgaindividendsanddividendstreatedasqualifieddividendincome,fortaxableyearsbeginningafterDecember31,2017andbeforeJanuary1,2026.IfwefailtoqualifyasaREIT,suchstockholdersmaynotclaimthisdeductionwithrespecttodividendspaidbyus.Unlessentitledtoreliefunderspecificstatutoryprovisions,wewouldalsobeineligibletoelecttobetreatedasaREITforthefourtaxableyearsfollowingtheyearforwhichweloseourqualification.Itisnotpossibletostatewhetherinallcircumstanceswewouldbeentitledtothisstatutoryrelief.

Tax Aspects of the Subsidiary Partnerships and the Limited Liability Companies

General.Fromtimetotime,wemayown,directlyorindirectly,interestsinvariouspartnershipsandlimitedliabilitycompanies.WeexpectthesewillbetreatedaspartnershipsordisregardedentitiesforU.S.federalincometaxpurposes.Ingeneral,entitiesthataretreatedaspartnershipsordisregardedentitiesforU.S.federalincometaxpurposesare“pass-through”entitieswhicharenotrequiredtopayU.S.federalincometax.Rather,partnersofsuchpartnershipsareallocatedtheirsharesoftheitemsofincome,gain,loss,deductionandcreditofthepartnership,andarepotentiallyrequiredtopaytaxonthisincome,withoutregardtowhethertheyreceiveadistributionfromthepartnership.Wewillincludeinourincomeourshareofthesepartnershipitemsforpurposesofthevariousgrossincometests,thecomputationofourREITtaxableincome,andtheREITdistributionrequirements.Moreover,forpurposesoftheassettests,wewillincludeourproratashareofassetsheldbythesepartnerships,basedonourcapitalinterestsineachsuchentity.See“—TaxationofOurCompany—OwnershipofInterestsinPartnerships,LimitedLiabilityCompaniesandQualifiedREITSubsidiaries.”AdisregardedentityisnottreatedasaseparateentityforU.S.federalincometaxpurposes,andallassets,liabilitiesanditemsofincome,gain,loss,deductionandcreditofadisregardedentityaretreatedasassets,liabilitiesanditemsofincome,gain,loss,deductionandcreditofitsparentthatisnotadisregardedentityforallpurposesundertheCode,includingallREITqualificationtests.

Entity Classification.Ourinterestsinthesubsidiarypartnershipsandlimitedliabilitycompaniesinvolvespecialtaxconsiderations,includingthepossibilitythattheIRSmightchallengethestatusoftheseentitiesaspartnershipsordisregardedentitiesforU.S.federalincometaxpurposes.Forexample,anentitythatwouldotherwisebetreatedasapartnershipforU.S.federalincometaxpurposesmaynonethelessbetaxableasacorporationifitisa“publiclytradedpartnership”andcertainotherrequirementsaremet.Apartnershipwouldbetreatedasapubliclytradedpartnershipifitsinterestsaretradedonanestablishedsecuritiesmarketorarereadilytradableonasecondarymarketorasubstantialequivalentthereof,within

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themeaningofapplicableTreasuryRegulations.Wedonotanticipatethatanysubsidiarypartnershipwillbetreatedasapubliclytradedpartnershipthatistaxableasacorporation.However,ifanysuchentityweretreatedasacorporation,itwouldberequiredtopayanentity-leveltaxonitsincome.Inthissituation,thecharacterofourassetsanditemsofgrossincomewouldchangeandcouldpreventusfromsatisfyingtheREITassettestsandpossiblytheREITincometests.See“—TaxationofOurCompany—AssetTests”and“—IncomeTests.”This,inturn,couldpreventusfromqualifyingasaREIT.See“—FailuretoQualify”foradiscussionoftheeffectofourfailuretomeetthesetests.Inaddition,achangeinthetaxstatusofasubsidiarytreatedasapartnershipordisregardedentitytoacorporationmightbetreatedasataxableevent.Ifso,wemightincurataxliabilitywithoutanyrelatedcashpayment.WebelievethateachofourpartnershipsandlimitedliabilitycompaniesareandwillcontinuetobetreatedaspartnershipsordisregardedentitiesforU.S.federalincometaxpurposes.

Allocations of Income, Gain, Loss and Deduction.Apartnershipagreement(or,inthecaseofalimitedliabilitycompanytreatedasapartnershipforU.S.federalincometaxpurposes,thelimitedliabilitycompanyagreement)generallywilldeterminetheallocationofincomeandlossamongpartners.Theseallocations,however,willbedisregardedfortaxpurposesiftheydonotcomplywiththeprovisionsofSection704(b)oftheCodeandtheTreasuryRegulationsthereunder.Generally,Section704(b)oftheCodeandtheTreasuryRegulationsthereunderrequirethatpartnershipallocationsrespecttheeconomicarrangementofthepartners.IfanallocationofpartnershipincomeorlossdoesnotcomplywiththerequirementsofSection704(b)oftheCodeandtheTreasuryRegulationsthereunder,theitemsubjecttotheallocationwillbereallocatedinaccordancewiththepartners’interestsinthepartnership.Thisreallocationwillbedeterminedbytakingintoaccountallofthefactsandcircumstancesrelatingtotheeconomicarrangementofthepartnerswithrespecttosuchitem.WeintendthattheallocationsoftaxableincomeandlossineachofthepartnershipsinwhichweownaninterestfromtimetotimecomplywiththerequirementsofSection704(b)oftheCodeandtheTreasuryRegulationsthereunder.

Tax Allocations With Respect to the Properties.UnderSection704(c)oftheCode,income,gain,lossanddeductionattributabletoappreciatedordepreciatedpropertythatiscontributedtoapartnershipinexchangeforaninterestinthepartnershipmustbeallocatedinamannersothatthecontributingpartnerischargedwiththeunrealizedgainorbenefitsfromtheunrealizedlossassociatedwiththepropertyatthetimeofthecontribution.Theamountoftheunrealizedgainorunrealizedlossgenerallyisequaltothedifferencebetweenthefairmarketvalueorbookvalueandtheadjustedtaxbasisofthecontributedpropertyatthetimeofcontribution(thisdifferenceisreferredtoasabook-taxdifference),asadjustedfromtimetotime.TheseallocationsaresolelyforU.S.federalincometaxpurposesanddonotaffectthebookcapitalaccountsorothereconomicorlegalarrangementsamongthepartners.Someofthepartnershipsinwhichweownaninterestwereformedbywayofcontributionsofappreciatedproperty.Therelevantpartnershipand/orlimitedliabilitycompanyagreementsrequirethatallocationsbemadeinamannerconsistentwithSection704(c)oftheCode.UnderSection704(c)oftheCodewecouldbeallocatedlessdepreciationormoregainonsalewithrespecttoacontributedpropertythantheamountsthatwouldhavebeenallocatedtousifwehadinsteadacquiredthecontributedpropertywithaninitialtaxbasisequaltoitsfairmarketvalue.SuchallocationsmightadverselyaffectourabilitytocomplywiththeREITdistributionrequirements.See“—TaxationofOurCompany—RequirementsforQualificationasaREIT”and“—AnnualDistributionRequirements.”

Anypropertyacquiredbyasubsidiarypartnershipinataxabletransactionwillinitiallyhaveataxbasisequaltoitsfairmarketvalue,andSection704(c)oftheCodegenerallywillnotapply.

Partnership Audit Rules.TheBipartisanBudgetActof2015changedtherulesapplicabletoU.S.federalincometaxauditsofpartnerships.Underthenewrules,amongotherchangesandsubjecttocertainexceptions,anyauditadjustmenttoitemsofincome,gain,loss,deduction,orcreditofapartnership(andanypartner’sdistributivesharethereof)isdetermined,andtaxes,interest,orpenaltiesattributabletheretoareassessedandcollected,atthepartnershiplevel.Althoughitisuncertainhowcertainaspectsofthesenewruleswillbeimplemented,itispossiblethattheycouldresultinpartnershipsinwhichwedirectlyorindirectlyinvestbeingrequiredtopayadditionaltaxes,interestandpenaltiesasaresultofanauditadjustment,andwe,asadirectorindirectpartnerofthesepartnerships,couldberequiredtobeartheeconomicburdenofthosetaxes,interest,andpenaltieseventhoughwe,asaREIT,maynototherwisehavebeenrequiredtopayadditionalcorporate-leveltaxesasaresultoftherelatedauditadjustment.Thechangescreatedbythese

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newrulesaresweepingandinmanyrespectsdependentonthepromulgationandfinalizationoffurtherregulationsorotherguidancebytheU.S.DepartmentoftheTreasury.Investorsareurgedtoconsulttheirtaxadvisorswithrespecttothesechangesandtheirpotentialimpactontheirinvestmentinourcapitalstock.

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Material U.S. Federal Income Tax Consequences to Holders of Our Capital Stock and Debt Securities

ThefollowingdiscussionisasummaryofthematerialU.S.federalincometaxconsequencestoyouofacquiring,owninganddisposingofourcapitalstockordebtsecurities.Thisdiscussionislimitedtoholderswhoholdourcapitalstockordebtsecuritiesas“capitalassets”withinthemeaningofSection1221oftheCode(generally,propertyheldforinvestment).ThisdiscussiondoesnotaddressallU.S.federalincometaxconsequencesrelevanttoaholder’sparticularcircumstances.Inaddition,exceptwherespecificallynoted,itdoesnotaddressconsequencesrelevanttoholderssubjecttospecialrules,including,withoutlimitation:

U.S.expatriatesandformercitizensorlong-termresidentsoftheUnitedStates;

personssubjecttothealternativeminimumtax;

U.S.holders(asdefinedbelow)whosefunctionalcurrencyisnottheU.S.dollar;

personsholdingourcapitalstockordebtsecuritiesaspartofahedge,straddleorotherriskreductionstrategyoraspartofaconversiontransactionorotherintegratedinvestment;

banks,insurancecompanies,andotherfinancialinstitutions;

REITsorregulatedinvestmentcompanies;

brokers,dealersortradersinsecurities;

“controlledforeigncorporations,”“passiveforeigninvestmentcompanies,”andcorporationsthataccumulateearningstoavoidU.S.federalincometax;

Scorporations,partnershipsorotherentitiesorarrangementstreatedaspartnershipsforU.S.federalincometaxpurposes(andinvestorstherein);

tax-exemptorganizationsorgovernmentalorganizations;

personssubjecttospecialtaxaccountingrulesasaresultofanyitemofgrossincomewithrespecttoourcapitalstockordebtsecuritiesbeingtakenintoaccountinanapplicablefinancialstatement;

personsdeemedtosellourcapitalstockordebtsecuritiesundertheconstructivesaleprovisionsoftheCode;and

personswhoholdorreceiveourcapitalstockpursuanttotheexerciseofanyemployeestockoptionorotherwiseascompensation.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED ASTAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THEAPPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONSAS WELL AS ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITIONOF OUR CAPITAL STOCK OR DEBT SECURITIES ARISING UNDER OTHER U.S. FEDERAL TAXLAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCALOR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.

Forpurposesofthisdiscussion,a“U.S.holder”isabeneficialownerofourcapitalstockordebtsecuritiesthat,forU.S.federalincometaxpurposes,isoristreatedas:

anindividualwhoisacitizenorresidentoftheUnitedStates;

acorporationcreatedororganizedunderthelawsoftheUnitedStates,anystatethereof,ortheDistrictofColumbia;

anestate,theincomeofwhichissubjecttoU.S.federalincometaxregardlessofitssource;or

atrustthat(1)issubjecttotheprimarysupervisionofaU.S.courtandthecontrolofoneormore“UnitedStatespersons”(withinthemeaningofSection7701(a)(30)oftheCode)or(2)hasavalidelectionineffecttobetreatedasaUnitedStatespersonforU.S.federalincometaxpurposes.

Forpurposesofthisdiscussion,a“non-U.S.holder”isanybeneficialownerofourcapitalstockordebtsecuritiesthatisneitheraU.S.holdernoranentitytreatedasapartnershipforU.S.federalincometaxpurposes.

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IfanentitytreatedasapartnershipforU.S.federalincometaxpurposesholdsourcapitalstockordebtsecurities,thetaxtreatmentofapartnerinthepartnershipwilldependonthestatusofthepartner,theactivitiesofthepartnershipandcertaindeterminationsmadeatthepartnerlevel.Accordingly,partnershipsholdingourcapitalstockordebtsecuritiesandthepartnersinsuchpartnershipsshouldconsulttheirtaxadvisorsregardingtheU.S.federalincometaxconsequencestothem.

Taxation of Taxable U.S. Holders of Our Capital Stock

Distributions Generally.Distributionsoutofourcurrentoraccumulatedearningsandprofitswillbetreatedasdividendsand,otherthanwithrespecttocapitalgaindividendsandcertainamountswhichhavepreviouslybeensubjecttocorporateleveltax,asdiscussedbelow,willbetaxabletoourtaxableU.S.holdersasordinaryincomewhenactuallyorconstructivelyreceived.See“—TaxRates”below.AslongaswequalifyasaREIT,thesedistributionswillnotbeeligibleforthedividends-receiveddeductioninthecaseofU.S.holdersthatarecorporationsor,excepttotheextentdescribedin“—TaxRates”below,thepreferentialratesonqualifieddividendincomeapplicabletonon-corporateU.S.holders,includingindividuals.Forpurposesofdeterminingwhetherdistributionstoholdersofourcapitalstockareoutofourcurrentoraccumulatedearningsandprofits,ourearningsandprofitswillbeallocatedfirsttoouroutstandingpreferredstock,ifany,andthentoouroutstandingcommonstock.

Totheextentthatwemakedistributionsonourcapitalstockinexcessofourcurrentandaccumulatedearningsandprofitsallocabletosuchstock,thesedistributionswillbetreatedfirstasatax-freereturnofcapitaltoaU.S.holdertotheextentoftheU.S.holder’sadjustedtaxbasisinsuchsharesofstock.ThistreatmentwillreducetheU.S.holder’sadjustedtaxbasisinsuchsharesofstockbytheamountoftheexcessofthedistributionoverourcurrentandaccumulatedearningsandprofitsallocabletosuchstock,butnotbelowzero.DistributionsinexcessofourcurrentandaccumulatedearningsandprofitsandinexcessofaU.S.holder’sadjustedtaxbasisinitsshareswillbetaxableascapitalgain.Suchgainwillbetaxableaslong-termcapitalgainiftheshareshavebeenheldformorethanoneyear.DividendswedeclareinOctober,November,orDecemberofanyyearandwhicharepayabletoaholderofrecordonaspecifieddateinanyofthesemonthswillbetreatedasbothpaidbyusandreceivedbytheholderonDecember31ofthatyear,providedweactuallypaythedividendonorbeforeJanuary31ofthefollowingyear.U.S.holdersmaynotincludeintheirownincometaxreturnsanyofournetoperatinglossesorcapitallosses.

Capital Gain Dividends.DividendsthatweproperlydesignateascapitalgaindividendswillbetaxabletoourtaxableU.S.holdersasagainfromthesaleordispositionofacapitalassetheldformorethanoneyear,totheextentthatsuchgaindoesnotexceedouractualnetcapitalgainforthetaxableyearandmaynotexceedourdividendspaidforthetaxableyear,includingdividendspaidthefollowingyearthataretreatedaspaidinthecurrentyear.U.S.holdersthatarecorporationsmay,however,berequiredtotreatupto20%ofcertaincapitalgaindividendsasordinaryincome.Ifweproperlydesignateanyportionofadividendasacapitalgaindividend,then,exceptasotherwiserequiredbylaw,wepresentlyintendtoallocateaportionofthetotalcapitalgaindividendspaidormadeavailabletoholdersofallclassesofourcapitalstockfortheyeartotheholdersofeachclassofourcapitalstockinproportiontotheamountthatourtotaldividends,asdeterminedforU.S.federalincometaxpurposes,paidormadeavailabletotheholdersofeachsuchclassofourcapitalstockfortheyearbearstothetotaldividends,asdeterminedforU.S.federalincometaxpurposes,paidormadeavailabletoholdersofallclassesofourcapitalstockfortheyear.Inaddition,exceptasotherwiserequiredbylaw,wewillmakeasimilarallocationwithrespecttoanyundistributedlong-termcapitalgainswhicharetobeincludedinourstockholders’long-termcapitalgains,basedontheallocationofthecapitalgainamountwhichwouldhaveresultedifthoseundistributedlong-termcapitalgainshadbeendistributedas“capitalgaindividends”byustoourstockholders.

Retention of Net Capital Gains.Wemayelecttoretain,ratherthandistributeasacapitalgaindividend,alloraportionofournetcapitalgains.Ifwemakethiselection,wewouldpaytaxonourretainednetcapitalgains.Inaddition,totheextentwesoelect,ourearningsandprofits(determinedforU.S.federalincometaxpurposes)wouldbeadjustedaccordingly,andaU.S.holdergenerallywould:

includeitsproratashareofourundistributedcapitalgainincomputingitslong-termcapitalgainsinitsreturnforitstaxableyearinwhichthelastdayofourtaxableyearfalls,subjecttocertainlimitationsastotheamountthatisincludable;

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bedeemedtohavepaiditsshareofthecapitalgainstaximposedonusonthedesignatedamountsincludedintheU.S.holder’sincomeaslong-termcapitalgain;

receiveacreditorrefundfortheamountoftaxdeemedpaidbyit;

increasetheadjustedtaxbasisofitscapitalstockbythedifferencebetweentheamountofincludablegainsandthetaxdeemedtohavebeenpaidbyit;and

inthecaseofaU.S.holderthatisacorporation,appropriatelyadjustitsearningsandprofitsfortheretainedcapitalgainsinaccordancewithTreasuryRegulationstobepromulgatedbytheIRS.

Passive Activity Losses and Investment Interest Limitations.DistributionswemakeandgainarisingfromthesaleorexchangebyaU.S.holderofourcapitalstockwillnotbetreatedaspassiveactivityincome.Asaresult,U.S.holdersgenerallywillnotbeabletoapplyany“passivelosses”againstthisincomeorgain.AU.S.holdergenerallymayelecttotreatcapitalgaindividends,capitalgainsfromthedispositionofourcapitalstockandincomedesignatedasqualifieddividendincome,asdescribedin“—TaxRates”below,asinvestmentincomeforpurposesofcomputingtheinvestmentinterestlimitation,butinsuchcase,theholderwillbetaxedatordinaryincomeratesonsuchamount.Otherdistributionsmadebyus,totheextenttheydonotconstituteareturnofcapital,generallywillbetreatedasinvestmentincomeforpurposesofcomputingtheinvestmentinterestlimitation.

Dispositions of Our Capital Stock.Exceptasdescribedbelowunder“—TaxationofTaxableU.S.HoldersofOurCapitalStock—RedemptionorRepurchasebyUs,”ifaU.S.holdersellsordisposesofsharesofourcapitalstock,itwillrecognizegainorlossforU.S.federalincometaxpurposesinanamountequaltothedifferencebetweentheamountofcashandthefairmarketvalueofanypropertyreceivedonthesaleorotherdispositionandtheholder’sadjustedtaxbasisintheshares.Thisgainorloss,exceptasprovidedbelow,willbelong-termcapitalgainorlossiftheholderhasheldsuchcapitalstockformorethanoneyear.However,ifaU.S.holderrecognizesalossuponthesaleorotherdispositionofcapitalstockthatithasheldforsixmonthsorless,afterapplyingcertainholdingperiodrules,thelossrecognizedwillbetreatedasalong-termcapitallosstotheextenttheU.S.holderreceiveddistributionsfromuswhichwererequiredtobetreatedaslong-termcapitalgains.

Redemption or Repurchase by Us.AredemptionorrepurchaseofsharesofourcapitalstockwillbetreatedunderSection302oftheCodeasadistribution(andtaxableasadividendtotheextentofourcurrentandaccumulatedearningsandprofitsasdescribedaboveunder“—DistributionsGenerally”)unlesstheredemptionorrepurchasesatisfiesoneofthetestssetforthinSection302(b)oftheCodeandisthereforetreatedasasaleorexchangeoftheredeemedorrepurchasedshares.Theredemptionorrepurchasegenerallywillbetreatedasasaleorexchangeifit:

is“substantiallydisproportionate”withrespecttotheU.S.holder,

resultsina“completeredemption”oftheU.S.holder’sstockinterestinus,or

is“notessentiallyequivalenttoadividend”withrespecttotheU.S.holder,

allwithinthemeaningofSection302(b)oftheCode.

Indeterminingwhetheranyofthesetestshasbeenmet,sharesofourcapitalstock,includingcommonstockandotherequityinterestsinus,consideredtobeownedbytheU.S.holderbyreasonofcertainconstructiveownershiprulessetforthintheCode,aswellassharesofourcapitalstockactuallyownedbytheU.S.holder,generallymustbetakenintoaccount.BecausethedeterminationastowhetheranyofthealternativetestsofSection302(b)oftheCodewillbesatisfiedwithrespecttotheU.S.holderdependsuponthefactsandcircumstancesatthetimethatthedeterminationmustbemade,U.S.holdersareadvisedtoconsulttheirtaxadvisorstodeterminesuchtaxtreatment.

Ifaredemptionorrepurchaseofsharesofourcapitalstockistreatedasadistribution,theamountofthedistributionwillbemeasuredbytheamountofcashandthefairmarketvalueofanypropertyreceived.See“—DistributionsGenerally.”AU.S.holder’sadjustedtaxbasisintheredeemedorrepurchasedsharesgenerallywillbetransferredtotheholder’sremainingsharesofourcapitalstock,ifany.IfaU.S.holderownsnoothersharesofourcapitalstock,undercertaincircumstances,suchbasismaybetransferredtoarelatedpersonoritmaybelostentirely.ProposedTreasuryRegulationsissuedin2009,ifenactedintheir

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currentform,wouldaffectthebasisrecoveryrulesdescribedabove.Itisnotclearwhethertheseproposedregulationswillbeenactedintheircurrentformoratall.ProspectiveinvestorsshouldconsulttheirtaxadvisorsregardingtheU.S.federalincometaxconsequencesofaredemptionorrepurchaseofourcapitalstock.

Ifaredemptionorrepurchaseofsharesofourcapitalstockisnottreatedasadistribution,itwillbetreatedasataxablesaleorexchangeinthemannerdescribedunder“—DispositionsofOurCapitalStock.”

Tax Rates.Themaximumtaxratefornon-corporatetaxpayersfor(1)long-termcapitalgains,includingcertain“capitalgaindividends,”generallyis20%(althoughdependingonthecharacteristicsoftheassetswhichproducedthesegainsandondesignationswhichwemaymake,certaincapitalgaindividendsmaybetaxedata25%rate)and(2)“qualifieddividendincome”generallyis20%.Ingeneral,dividendspayablebyREITsarenoteligibleforthereducedtaxrateonqualifieddividendincome,excepttotheextentthatcertainholdingperiodrequirementshavebeenmetandtheREIT’sdividendsareattributabletodividendsreceivedfromtaxablecorporations(suchasitstaxableREITsubsidiaries)ortoincomethatwassubjecttotaxatthecorporate/REITlevel(forexample,iftheREITdistributedtaxableincomethatitretainedandpaidtaxoninthepriortaxableyear).CapitalgaindividendswillonlybeeligiblefortheratesdescribedabovetotheextentthattheyareproperlydesignatedbytheREITas“capitalgaindividends.”U.S.holdersthatarecorporationsmayberequiredtotreatupto20%ofsomecapitalgaindividendsasordinaryincome.Inaddition,non-corporateU.S.holders,includingindividuals,generallymaydeductupto20%ofdividendsfromaREIT,otherthancapitalgaindividendsanddividendstreatedasqualifieddividendincome,fortaxableyearsbeginningafterDecember31,2017andbeforeJanuary1,2026.

Taxation of Tax-Exempt Holders of Our Capital Stock

Dividendincomefromusandgainarisinguponasaleofsharesofourcapitalstockgenerallyshouldnotbeunrelatedbusinesstaxableincome,orUBTI,toatax-exemptholder,exceptasdescribedbelow.ThisincomeorgainwillbeUBTI,however,totheextentatax-exemptholderholdsitssharesas“debt-financedproperty”withinthemeaningoftheCode.Generally,“debt-financedproperty”ispropertytheacquisitionorholdingofwhichwasfinancedthroughaborrowingbythetax-exemptholder.

Fortax-exemptholdersthataresocialclubs,voluntaryemployeebenefitassociationsorsupplementalunemploymentbenefittrustsexemptfromU.S.federalincometaxationunderSections501(c)(7),(c)(9)or(c)(17)oftheCode,respectively,incomefromaninvestmentinourshareswillconstituteUBTIunlesstheorganizationisabletoproperlyclaimadeductionforamountssetasideorplacedinreserveforspecificpurposessoastooffsettheincomegeneratedbyitsinvestmentinourshares.Theseprospectiveinvestorsshouldconsulttheirtaxadvisorsconcerningthese“setaside”andreserverequirements.

Notwithstandingtheabove,however,aportionofthedividendspaidbya“pension-heldREIT”maybetreatedasUBTIastocertaintruststhatholdmorethan10%,byvalue,oftheinterestsintheREIT.AREITwillnotbea“pension-heldREIT”ifitisabletosatisfythe“notcloselyheld”requirementwithoutrelyingonthe“look-through”exceptionwithrespecttocertaintrustsorifsuchREITisnot“predominantlyheld”by“qualifiedtrusts.”Asaresultofrestrictionsonownershipandtransferofourstockcontainedinourcharter,wedonotexpecttobeclassifiedasa“pension-heldREIT,”andasaresult,thetaxtreatmentdescribedaboveshouldbeinapplicabletoourholders.However,becauseourcommonstockis(and,weanticipate,willcontinuetobe)publiclytraded,wecannotguaranteethatthiswillalwaysbethecase.

Taxation of Non-U.S. Holders of Our Capital Stock

ThefollowingdiscussionaddressestherulesgoverningU.S.federalincometaxationoftheacquisition,ownershipanddispositionofourcapitalstockbynon-U.S.holders.Theserulesarecomplex,andnoattemptismadehereintoprovidemorethanabriefsummaryofsuchrules.Accordingly,thediscussiondoesnotaddressallaspectsofU.S.federalincometaxationanddoesnotaddressotherfederal,state,localornon-U.S.taxconsequencesthatmayberelevanttoanon-U.S.holderinlightofitsparticularcircumstances.Weurgenon-U.S.holderstoconsulttheirtaxadvisorstodeterminetheimpactofU.S.federal,state,localandnon-U.S.incomeandothertaxlawsandanyapplicabletaxtreatyontheacquisition,ownershipanddispositionofsharesofourcapitalstock,includinganyreportingrequirements.

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Distributions Generally.Distributions(includinganytaxablestockdistributions)thatareneitherattributabletogainsfromsalesorexchangesbyusofUnitedStatesrealpropertyinterests,orUSRPIs,nordesignatedbyusascapitalgaindividends(exceptasdescribedbelow)willbetreatedasdividendsofordinaryincometotheextentthattheyaremadeoutofourcurrentoraccumulatedearningsandprofits.SuchdistributionsordinarilywillbesubjecttowithholdingofU.S.federalincometaxata30%rateorsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty,unlessthedistributionsaretreatedaseffectivelyconnectedwiththeconductbythenon-U.S.holderofatradeorbusinesswithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,thenon-U.S.holdermaintainsapermanentestablishmentintheUnitedStatestowhichsuchdividendsareattributable).Undercertaintreaties,however,lowerwithholdingratesgenerallyapplicabletodividendsdonotapplytodividendsfromaREIT.Certaincertificationanddisclosurerequirementsmustbesatisfiedforanon-U.S.holdertobeexemptfromwithholdingundertheeffectivelyconnectedincomeexemption.DividendsthataretreatedaseffectivelyconnectedwithaU.S.tradeorbusinessgenerallywillnotbesubjecttowithholdingbutwillbesubjecttoU.S.federalincometaxonanetbasisattheregulargraduatedrates,inthesamemannerasdividendspaidtoU.S.holdersaresubjecttoU.S.federalincometax.Anysuchdividendsreceivedbyanon-U.S.holderthatisacorporationmayalsobesubjecttoanadditionalbranchprofitstaxata30%rate(applicableafterdeductingU.S.federalincometaxespaidonsucheffectivelyconnectedincome)orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty.

Exceptasotherwiseprovidedbelow,weexpecttowithholdU.S.federalincometaxattherateof30%onanydistributionsmadetoanon-U.S.holderunless:

alowertreatyrateappliesandthenon-U.S.holderfurnishesanIRSFormW-8BENorW-8BEN-E(orotherapplicabledocumentation)evidencingeligibilityforthatreducedtreatyrate;or

thenon-U.S.holderfurnishesanIRSFormW-8ECI(orotherapplicabledocumentation)claimingthatthedistributionisincomeeffectivelyconnectedwiththenon-U.S.holder’stradeorbusiness.

Distributionsinexcessofourcurrentandaccumulatedearningsandprofitswillnotbetaxabletoanon-U.S.holdertotheextentthatsuchdistributionsdonotexceedtheadjustedtaxbasisoftheholder’scapitalstock,butratherwillreducetheadjustedtaxbasisofsuchstock.Totheextentthatsuchdistributionsexceedthenon-U.S.holder’sadjustedtaxbasisinsuchcapitalstock,theygenerallywillgiverisetogainfromthesaleorexchangeofsuchstock,thetaxtreatmentofwhichisdescribedbelow.However,suchexcessdistributionsmaybetreatedasdividendincomeforcertainnon-U.S.holders.Forwithholdingpurposes,weexpecttotreatalldistributionsasmadeoutofourcurrentoraccumulatedearningsandprofits.However,amountswithheldmayberefundableifitissubsequentlydeterminedthatthedistributionwas,infact,inexcessofourcurrentandaccumulatedearningsandprofits,providedthatcertainconditionsaremet.

Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of United States Real PropertyInterests.Distributionstoanon-U.S.holderthatweproperlydesignateascapitalgaindividends,otherthanthosearisingfromthedispositionofaUSRPI,generallyshouldnotbesubjecttoU.S.federalincometaxation,unless:

theinvestmentinourcapitalstockistreatedaseffectivelyconnectedwiththeconductbythenon-U.S.holderofatradeorbusinesswithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,thenon-U.S.holdermaintainsapermanentestablishmentintheUnitedStatestowhichsuchdividendsareattributable),inwhichcasethenon-U.S.holderwillbesubjecttothesametreatmentasU.S.holderswithrespecttosuchgain,exceptthatanon-U.S.holderthatisacorporationmayalsobesubjecttoabranchprofitstaxofupto30%,asdiscussedabove;or

thenon-U.S.holderisanonresidentalienindividualwhoispresentintheUnitedStatesfor183daysormoreduringthetaxableyearandcertainotherconditionsaremet,inwhichcasethenon-U.S.holderwillbesubjecttoU.S.federalincometaxatarateof30%onthenon-U.S.holder’scapitalgains(orsuchlowerratespecifiedbyanapplicableincometaxtreaty),whichmaybeoffsetbyU.S.sourcecapitallossesofsuchnon-U.S.holder(eventhoughtheindividualisnotconsideredaresidentoftheUnitedStates),providedthenon-U.S.holderhastimelyfiledU.S.federalincometaxreturnswithrespecttosuchlosses.

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PursuanttotheForeignInvestmentinRealPropertyTaxAct,whichisreferredtoas“FIRPTA,”distributionstoanon-U.S.holderthatareattributabletogainfromsalesorexchangesbyusofUSRPIs,whetherornotdesignatedascapitalgaindividends,willcausethenon-U.S.holdertobetreatedasrecognizingsuchgainasincomeeffectivelyconnectedwithaU.S.tradeorbusiness.Non-U.S.holdersgenerallywouldbetaxedattheregulargraduatedratesapplicabletoU.S.holders,subjecttoanyapplicablealternativeminimumtaxandaspecialalternativeminimumtaxinthecaseofnonresidentalienindividuals.WealsowillberequiredtowithholdandtoremittotheIRS21%ofanydistributiontonon-U.S.holdersattributabletogainfromsalesorexchangesbyusofUSRPIs.DistributionssubjecttoFIRPTAmayalsobesubjecttoa30%branchprofitstaxinthehandsofanon-U.S.holderthatisacorporation.Theamountwithheldiscreditableagainstthenon-U.S.holder’sU.S.federalincometaxliability.However,anydistributionwithrespecttoanyclassofstockthatis“regularlytraded,”asdefinedbyapplicableTreasuryRegulations,onanestablishedsecuritiesmarketlocatedintheUnitedStatesisnotsubjecttoFIRPTA,andtherefore,notsubjecttothe21%U.S.withholdingtaxdescribedabove,ifthenon-U.S.holderdidnotownmorethan10%ofsuchclassofstockatanytimeduringtheone-yearperiodendingonthedateofthedistribution.Instead,suchdistributionsgenerallywillbetreatedasordinarydividenddistributionsandsubjecttowithholdinginthemannerdescribedabovewithrespecttoordinarydividends.Inaddition,distributionstocertainnon-U.S.publiclytradedshareholdersthatmeetcertainrecord-keepingandotherrequirements(“qualifiedshareholders”)areexemptfromFIRPTA,excepttotheextentownersofsuchqualifiedshareholdersthatarenotalsoqualifiedshareholdersown,actuallyorconstructively,morethan10%ofourcapitalstock.Furthermore,distributionsto“qualifiedforeignpensionfunds”orentitiesalloftheinterestsofwhichareheldby“qualifiedforeignpensionfunds”areexemptfromFIRPTA.Non-U.S.holdersshouldconsulttheirtaxadvisorsregardingtheapplicationoftheserules.

Retention of Net Capital Gains.Althoughthelawisnotclearonthematter,itappearsthatamountswedesignateasretainednetcapitalgainsinrespectofourcapitalstockshouldbetreatedwithrespecttonon-U.S.holdersasactualdistributionsofcapitalgaindividends.Underthisapproach,thenon-U.S.holdersmaybeabletooffsetasacreditagainsttheirU.S.federalincometaxliabilitytheirproportionateshareofthetaxpaidbyusonsuchretainednetcapitalgainsandtoreceivefromtheIRSarefundtotheextenttheirproportionateshareofsuchtaxpaidbyusexceedstheiractualU.S.federalincometaxliability.Ifweweretodesignateanyportionofournetcapitalgainasretainednetcapitalgain,non-U.S.holdersshouldconsulttheirtaxadvisorsregardingthetaxationofsuchretainednetcapitalgain.

Sale of Our Capital Stock.Exceptasdescribedbelowunder“—RedemptionorRepurchasebyUs,”gainrealizedbyanon-U.S.holderuponthesale,exchangeorothertaxabledispositionofourcapitalstockgenerallywillnotbesubjecttoU.S.federalincometaxunlesssuchstockconstitutesaUSRPI.Ingeneral,stockofadomesticcorporationthatconstitutesa“UnitedStatesrealpropertyholdingcorporation,”orUSRPHC,willconstituteaUSRPI.WebelievethatweareaUSRPHC.Ourcapitalstockwillnot,however,constituteaUSRPIsolongaswearea“domesticallycontrolledqualifiedinvestmententity.”A“domesticallycontrolledqualifiedinvestmententity”includesaREITinwhichatalltimesduringafive-yeartestingperiodlessthan50%invalueofitsstockishelddirectlyorindirectlybynon-UnitedStatespersons,subjecttocertainrules.ForpurposesofdeterminingwhetheraREITisa“domesticallycontrolledqualifiedinvestmententity,”apersonwhoatallapplicabletimesholdslessthan5%ofaclassofstockthatis“regularlytraded”istreatedasaUnitedStatespersonunlesstheREIThasactualknowledgethatsuchpersonisnotaUnitedStatesperson.Webelieve,butcannotguarantee,thatwearea“domesticallycontrolledqualifiedinvestmententity.”Becauseourcommonstockis(and,weanticipate,willcontinuetobe)publiclytraded,noassurancecanbegiventhatwewillcontinuetobea“domesticallycontrolledqualifiedinvestmententity.”

Evenifwedonotqualifyasa“domesticallycontrolledqualifiedinvestmententity”atthetimeanon-U.S.holdersellsourcapitalstock,gainrealizedfromthesaleorothertaxabledispositionbyanon-U.S.holderofsuchcapitalstockwouldnotbesubjecttoU.S.federalincometaxunderFIRPTAasasaleofaUSRPIif:

suchclassofstockis“regularlytraded,”asdefinedbyapplicableTreasuryRegulations,onanestablishedsecuritiesmarketsuchastheNewYorkStockExchange;and

suchnon-U.S.holderowned,actuallyandconstructively,10%orlessofsuchclassofstock

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throughouttheshorterofthefive-yearperiodendingonthedateofthesaleorothertaxabledispositionorthenon-U.S.holder’sholdingperiod.

Inaddition,dispositionsofourcapitalstockbyqualifiedshareholdersareexemptfromFIRPTA,excepttotheextentownersofsuchqualifiedshareholdersthatarenotalsoqualifiedshareholdersown,actuallyorconstructively,morethan10%ofourcapitalstock.Furthermore,dispositionsofourcapitalstockby“qualifiedforeignpensionfunds”orentitiesalloftheinterestsofwhichareheldby“qualifiedforeignpensionfunds”areexemptfromFIRPTA.Non-U.S.holdersshouldconsulttheirtaxadvisorsregardingtheapplicationoftheserules.

Notwithstandingtheforegoing,gainfromthesale,exchangeorothertaxabledispositionofourcapitalstocknototherwisesubjecttoFIRPTAwillbetaxabletoanon-U.S.holderifeither(a)theinvestmentinourcapitalstockistreatedaseffectivelyconnectedwiththeconductbythenon-U.S.holderofatradeorbusinesswithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,thenon-U.S.holdermaintainsapermanentestablishmentintheUnitedStatestowhichsuchgainisattributable),inwhichcasethenon-U.S.holderwillbesubjecttothesametreatmentasU.S.holderswithrespecttosuchgain,exceptthatanon-U.S.holderthatisacorporationmayalsobesubjecttothe30%branchprofitstax(orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty)onsuchgain,asadjustedforcertainitems,or(b)thenon-U.S.holderisanonresidentalienindividualwhoispresentintheUnitedStatesfor183daysormoreduringthetaxableyearandcertainotherconditionsaremet,inwhichcasethenon-U.S.holderwillbesubjecttoa30%taxonthenon-U.S.holder’scapitalgains(orsuchlowerratespecifiedbyanapplicableincometaxtreaty),whichmaybeoffsetbyU.S.sourcecapitallossesofthenon-U.S.holder(eventhoughtheindividualisnotconsideredaresidentoftheUnitedStates),providedthenon-U.S.holderhastimelyfiledU.S.federalincometaxreturnswithrespecttosuchlosses.Inaddition,evenifweareadomesticallycontrolledqualifiedinvestmententity,upondispositionofourcapitalstock,anon-U.S.holdermaybetreatedashavinggainfromthesaleorothertaxabledispositionofaUSRPIifthenon-U.S.holder(1)disposesofsuchstockwithina30-dayperiodprecedingtheex-dividenddateofadistribution,anyportionofwhich,butforthedisposition,wouldhavebeentreatedasgainfromthesaleorexchangeofaUSRPIand(2)acquires,orentersintoacontractoroptiontoacquire,orisdeemedtoacquire,othersharesofthatstockduringthe61-dayperiodbeginningwiththefirstdayofthe30-dayperioddescribedinclause(1),unlesssuchstockis“regularlytraded”andthenon-U.S.holderdidnotownmorethan10%ofthestockatanytimeduringtheone-yearperiodendingonthedateofthedistributiondescribedinclause(1).

Ifgainonthesale,exchangeorothertaxabledispositionofourcapitalstockweresubjecttotaxationunderFIRPTA,thenon-U.S.holderwouldberequiredtofileaU.S.federalincometaxreturnandwouldbesubjecttoregularU.S.federalincometaxwithrespecttosuchgaininthesamemannerasataxableU.S.holder(subjecttoanyapplicablealternativeminimumtaxandaspecialalternativeminimumtaxinthecaseofnonresidentalienindividuals).Inaddition,ifthesale,exchangeorothertaxabledispositionofourcapitalstockweresubjecttotaxationunderFIRPTA,andifsharesoftheapplicableclassofourcapitalstockwerenot“regularlytraded”onanestablishedsecuritiesmarket,thepurchaserofsuchcapitalstockgenerallywouldberequiredtowithholdandremittotheIRS15%ofthepurchaseprice.

Redemption or Repurchase by Us.AredemptionorrepurchaseofsharesofourcapitalstockwillbetreatedunderSection302oftheCodeasadistribution(andtaxableasadividendtotheextentofourcurrentandaccumulatedearningsandprofits)unlesstheredemptionorrepurchasesatisfiesoneofthetestssetforthinSection302(b)oftheCodeandisthereforetreatedasasaleorexchangeoftheredeemedorrepurchasedshares.See“—TaxationofTaxableU.S.HoldersofOurCapitalStock—RedemptionorRepurchasebyUs.”Qualifiedshareholdersandtheirownersmaybesubjecttodifferentrules,andshouldconsulttheirtaxadvisorsregardingtheapplicationofsuchrules.Iftheredemptionorrepurchaseofsharesistreatedasadistribution,theamountofthedistributionwillbemeasuredbytheamountofcashandthefairmarketvalueofanypropertyreceived.See“—TaxationofNon-U.S.HoldersofOurCapitalStock—DistributionsGenerally”above.Iftheredemptionorrepurchaseofsharesisnottreatedasadistribution,itwillbetreatedasataxablesaleorexchangeinthemannerdescribedaboveunder“—SaleofOurCapitalStock.”

Taxation of Holders of Our Debt Securities

ThefollowingsummarydescribesthematerialU.S.federalincometaxconsequencesofacquiring,owninganddisposingofourdebtsecurities.Thisdiscussionassumesthedebtsecuritieswillbeissuedwith

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lessthanastatutoryde minimisamountoforiginalissuediscountforU.S.federalincometaxpurposes.Inaddition,thisdiscussionislimitedtopersonspurchasingthedebtsecuritiesforcashatoriginalissueandattheiroriginal“issueprice”withinthemeaningofSection1273oftheCode(i.e.,thefirstpriceatwhichasubstantialamountofthedebtsecuritiesissoldtothepublicforcash).

U.S. Holders

Payments of Interest.InterestonadebtsecuritygenerallywillbetaxabletoaU.S.holderasordinaryincomeatthetimesuchinterestisreceivedoraccrued,inaccordancewithsuchU.S.holder’smethodofaccountingforU.S.federalincometaxpurposes.

Sale or Other Taxable Disposition.AU.S.holderwillrecognizegainorlossonthesale,exchange,redemption,retirementorothertaxabledispositionofadebtsecurity.Theamountofsuchgainorlossgenerallywillbeequaltothedifferencebetweentheamountreceivedforthedebtsecurityincashorotherpropertyvaluedatfairmarketvalue(lessamountsattributabletoanyaccruedbutunpaidinterest,whichwillbetaxableasinteresttotheextentnotpreviouslyincludedinincome)andtheU.S.holder’sadjustedtaxbasisinthedebtsecurity.AU.S.holder’sadjustedtaxbasisinadebtsecuritygenerallywillbeequaltotheamounttheU.S.holderpaidforthedebtsecurity.Anygainorlossgenerallywillbecapitalgainorloss,andwillbelong-termcapitalgainorlossiftheU.S.holderhasheldthedebtsecurityformorethanoneyearatthetimeofsuchsaleorothertaxabledisposition.Otherwise,suchgainorlosswillbeshort-termcapitalgainorloss.Long-termcapitalgainsrecognizedbycertainnon-corporateU.S.holders,includingindividuals,generallywillbetaxableatreducedrates.Thedeductibilityofcapitallossesissubjecttolimitations.

Non-U.S. Holders

Payments of Interest.Interestpaidonadebtsecuritytoanon-U.S.holderthatisnoteffectivelyconnectedwiththenon-U.S.holder’sconductofatradeorbusinesswithintheUnitedStatesgenerallywillnotbesubjecttoU.S.federalincometaxorwithholding,providedthat:

thenon-U.S.holderdoesnot,actuallyorconstructively,own10%ormoreofthetotalcombinedvotingpowerofallclassesofourvotingstock;

thenon-U.S.holderisnotacontrolledforeigncorporationrelatedtousthroughactualorconstructivestockownership;and

either(1)thenon-U.S.holdercertifiesinastatementprovidedtotheapplicablewithholdingagentunderpenaltiesofperjurythatitisnotaUnitedStatespersonandprovidesitsnameandaddress;(2)asecuritiesclearingorganization,bankorotherfinancialinstitutionthatholdscustomers’securitiesintheordinarycourseofitstradeorbusinessandholdsthedebtsecurityonbehalfofthenon-U.S.holdercertifiestotheapplicablewithholdingagentunderpenaltiesofperjurythatit,orthefinancialinstitutionbetweenitandthenon-U.S.holder,hasreceivedfromthenon-U.S.holderastatementunderpenaltiesofperjurythatsuchholderisnotaUnitedStatespersonandprovidestheapplicablewithholdingagentwithacopyofsuchstatement;or(3)thenon-U.S.holderholdsitsdebtsecuritydirectlythrougha“qualifiedintermediary”(withinthemeaningoftheapplicableTreasuryRegulations)andcertainconditionsaresatisfied.

Ifanon-U.S.holderdoesnotsatisfytherequirementsabove,suchnon-U.S.holderwillbesubjecttowithholdingtaxof30%,subjecttoareductioninoranexemptionfromwithholdingonsuchinterestasaresultofanapplicabletaxtreaty.Toclaimsuchentitlement,thenon-U.S.holdermustprovidetheapplicablewithholdingagentwithaproperlyexecutedIRSFormW-8BENorW-8BEN-E(orotherapplicabledocumentation)claimingareductioninorexemptionfromwithholdingtaxunderthebenefitofanincometaxtreatybetweentheUnitedStatesandthecountryinwhichthenon-U.S.holderresidesorisestablished.

Ifinterestpaidtoanon-U.S.holderiseffectivelyconnectedwiththenon-U.S.holder’sconductofatradeorbusinesswithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,thenon-U.S.holdermaintainsapermanentestablishmentintheUnitedStatestowhichsuchinterestisattributable),thenon-U.S.holderwillbeexemptfromtheU.S.federalwithholdingtaxdescribedabove.Toclaimtheexemption,thenon-U.S.holdermustfurnishtotheapplicablewithholdingagentavalidIRSFormW-8ECI,

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certifyingthatinterestpaidonadebtsecurityisnotsubjecttowithholdingtaxbecauseitiseffectivelyconnectedwiththeconductbythenon-U.S.holderofatradeorbusinesswithintheUnitedStates.

AnysucheffectivelyconnectedinterestgenerallywillbesubjecttoU.S.federalincometaxattheregulargraduatedrates.Anon-U.S.holderthatisacorporationmayalsobesubjecttoabranchprofitstaxatarateof30%(orsuchlowerratespecifiedbyanapplicableincometaxtreaty)onsucheffectivelyconnectedinterest,asadjustedforcertainitems.

Thecertificationsdescribedabovemustbeprovidedtotheapplicablewithholdingagentpriortothepaymentofinterestandmustbeupdatedperiodically.Non-U.S.holdersthatdonottimelyprovidetheapplicablewithholdingagentwiththerequiredcertification,butthatqualifyforareducedrateunderanapplicableincometaxtreaty,mayobtainarefundofanyexcessamountswithheldbytimelyfilinganappropriateclaimforrefundwiththeIRS.Non-U.S.holdersshouldconsulttheirtaxadvisorsregardingtheirentitlementtobenefitsunderanyapplicableincometaxtreaty.

Sale or Other Taxable Disposition.Anon-U.S.holderwillnotbesubjecttoU.S.federalincometaxonanygainrealizeduponthesale,exchange,redemption,retirementorothertaxabledispositionofadebtsecurity(suchamountexcludesanyamountallocabletoaccruedandunpaidinterest,whichgenerallywillbetreatedasinterestandmaybesubjecttotherulesdiscussedabovein“—TaxationofHoldersofOurDebtSecurities—Non-U.S.Holders—PaymentsofInterest”)unless:

thegainiseffectivelyconnectedwiththenon-U.S.holder’sconductofatradeorbusinesswithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,thenon-U.S.holdermaintainsapermanentestablishmentintheUnitedStatestowhichsuchgainisattributable);or

thenon-U.S.holderisanonresidentalienindividualpresentintheUnitedStatesfor183daysormoreduringthetaxableyearofthedispositionandcertainotherrequirementsaremet.

GaindescribedinthefirstbulletpointabovegenerallywillbesubjecttoU.S.federalincometaxonanetincomebasisattheregulargraduatedrates.Anon-U.S.holderthatisacorporationalsomaybesubjecttoabranchprofitstaxatarateof30%(orsuchlowerratespecifiedbyanapplicableincometaxtreaty)onsucheffectivelyconnectedgain,asadjustedforcertainitems.

GaindescribedinthesecondbulletpointabovewillbesubjecttoU.S.federalincometaxatarateof30%(orsuchlowerratespecifiedbyanapplicableincometaxtreaty),whichmaybeoffsetbyU.S.sourcecapitallossesofthenon-U.S.holder(eventhoughtheindividualisnotconsideredaresidentoftheUnitedStates),providedthenon-U.S.holderhastimelyfiledU.S.federalincometaxreturnswithrespecttosuchlosses.

Non-U.S.holdersshouldconsulttheirtaxadvisorsregardinganyapplicableincometaxtreatiesthatmayprovidefordifferentrules.

Information Reporting and Backup Withholding

U.S. Holders.AU.S.holdermaybesubjecttoinformationreportingandbackupwithholdingwhensuchholderreceivespaymentsonourcapitalstockordebtsecuritiesorproceedsfromthesaleorothertaxabledispositionofsuchstockordebtsecurities(includingaredemptionorretirementofadebtsecurity).CertainU.S.holdersareexemptfrombackupwithholding,includingcorporationsandcertaintax-exemptorganizations.AU.S.holderwillbesubjecttobackupwithholdingifsuchholderisnototherwiseexemptand:

theholderfailstofurnishtheholder’staxpayeridentificationnumber,whichforanindividualisordinarilyhisorhersocialsecuritynumber;

theholderfurnishesanincorrecttaxpayeridentificationnumber;

theapplicablewithholdingagentisnotifiedbytheIRSthattheholderpreviouslyfailedtoproperlyreportpaymentsofinterestordividends;or

theholderfailstocertifyunderpenaltiesofperjurythattheholderhasfurnishedacorrecttaxpayeridentificationnumberandthattheIRShasnotnotifiedtheholderthattheholderissubjecttobackupwithholding.

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Backupwithholdingisnotanadditionaltax.AnyamountswithheldunderthebackupwithholdingrulesmaybeallowedasarefundoracreditagainstaU.S.holder’sU.S.federalincometaxliability,providedtherequiredinformationistimelyfurnishedtotheIRS.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheirqualificationforanexemptionfrombackupwithholdingandtheproceduresforobtainingsuchanexemption.

Non-U.S. Holders.Paymentsofdividendsonourcapitalstockorinterestonourdebtsecuritiesgenerallywillnotbesubjecttobackupwithholding,providedtheapplicablewithholdingagentdoesnothaveactualknowledgeorreasontoknowtheholderisaUnitedStatespersonandtheholdereithercertifiesitsnon-U.S.status,suchasbyfurnishingavalidIRSFormW-8BEN,W-8BEN-EorW-8ECI,orotherwiseestablishesanexemption.However,informationreturnsarerequiredtobefiledwiththeIRSinconnectionwithanydividendsonourcapitalstockorinterestonourdebtsecuritiespaidtothenon-U.S.holder,regardlessofwhetheranytaxwasactuallywithheld.Inaddition,proceedsofthesaleorothertaxabledispositionofsuchstockordebtsecurities(includingaretirementorredemptionofadebtsecurity)withintheUnitedStatesorconductedthroughcertainU.S.-relatedbrokersgenerallywillnotbesubjecttobackupwithholdingorinformationreporting,iftheapplicablewithholdingagentreceivesthecertificationdescribedaboveanddoesnothaveactualknowledgeorreasontoknowthatsuchholderisaUnitedStatesperson,ortheholderotherwiseestablishesanexemption.Proceedsofadispositionofsuchstockordebtsecuritiesconductedthroughanon-U.S.officeofanon-U.S.brokergenerallywillnotbesubjecttobackupwithholdingorinformationreporting.

CopiesofinformationreturnsthatarefiledwiththeIRSmayalsobemadeavailableundertheprovisionsofanapplicabletreatyoragreementtothetaxauthoritiesofthecountryinwhichthenon-U.S.holderresidesorisestablished.

Backupwithholdingisnotanadditionaltax.Anyamountswithheldunderthebackupwithholdingrulesmaybeallowedasarefundoracreditagainstanon-U.S.holder’sU.S.federalincometaxliability,providedtherequiredinformationistimelyfurnishedtotheIRS.

Medicare Contribution Tax on Unearned Income

CertainU.S.holdersthatareindividuals,estatesortrustsarerequiredtopayanadditional3.8%taxon,amongotherthings,dividendsonstock,interestondebtobligations,andcapitalgainsfromthesaleorotherdispositionofstockordebtobligations,subjecttocertainlimitations.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheeffect,ifany,oftheserulesontheirownershipanddispositionofourcapitalstockordebtsecurities.

Additional Withholding Tax on Payments Made to Foreign Accounts

WithholdingtaxesmaybeimposedunderSections1471to1474oftheCode(suchsectionscommonlyreferredtoastheForeignAccountTaxComplianceAct,orFATCA)oncertaintypesofpaymentsmadetonon-U.S.financialinstitutionsandcertainothernon-U.S.entities.Specifically,a30%withholdingtaxmaybeimposedondividendsonourcapitalstock,interestonourdebtsecurities,orgrossproceedsfromthesaleorotherdispositionofourcapitalstockordebtsecurities,ineachcasepaidtoa“foreignfinancialinstitution”ora“non-financialforeignentity”(eachasdefinedintheCode),unless(1)theforeignfinancialinstitutionundertakescertaindiligenceandreportingobligations,(2)thenon-financialforeignentityeithercertifiesitdoesnothaveany“substantialUnitedStatesowners”(asdefinedintheCode)orfurnishesidentifyinginformationregardingeachsubstantialUnitedStatesowner,or(3)theforeignfinancialinstitutionornon-financialforeignentityotherwisequalifiesforanexemptionfromtheserules.Ifthepayeeisaforeignfinancialinstitutionandissubjecttothediligenceandreportingrequirementsinclause(1)above,itmustenterintoanagreementwiththeU.S.DepartmentoftheTreasuryrequiring,amongotherthings,thatitundertaketoidentifyaccountsheldbycertain“specifiedUnitedStatespersons”or“UnitedStatesownedforeignentities”(eachasdefinedintheCode),annuallyreportcertaininformationaboutsuchaccounts,andwithhold30%oncertainpaymentstonon-compliantforeignfinancialinstitutionsandcertainotheraccountholders.ForeignfinancialinstitutionslocatedinjurisdictionsthathaveanintergovernmentalagreementwiththeUnitedStatesgoverningFATCAmaybesubjecttodifferentrules.

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UndertheapplicableTreasuryRegulationsandadministrativeguidance,withholdingunderFATCAgenerallyappliestopaymentsofdividendsonourcapitalstockorinterestonourdebtsecurities,andwillapplytopaymentsofgrossproceedsfromthesaleorotherdispositionofsuchstockordebtsecuritiesonorafterJanuary1,2019.BecausewemaynotknowtheextenttowhichadistributionisadividendforU.S.federalincometaxpurposesatthetimeitismade,forpurposesofthesewithholdingruleswemaytreattheentiredistributionasadividend.

ProspectiveinvestorsshouldconsulttheirtaxadvisorsregardingthepotentialapplicationofwithholdingunderFATCAtotheirinvestmentinourcapitalstockordebtsecurities.

Other Tax Consequences

State,localandnon-U.S.incometaxlawsmaydiffersubstantiallyfromthecorrespondingU.S.federalincometaxlaws,andthisdiscussiondoesnotpurporttodescribeanyaspectofthetaxlawsofanystate,localornon-U.S.jurisdiction,oranyU.S.federaltaxotherthantheincometax.Youshouldconsultyourtaxadvisorregardingtheeffectofstate,localandnon-U.S.taxlawswithrespecttoourtaxtreatmentasaREITandonaninvestmentinourcapitalstockordebtsecurities.

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PLAN OF DISTRIBUTION

Wemaysellthesecuritiesbeingofferedbythisprospectusandtheapplicableprospectussupplementfromtimetotime:

throughunderwritersordealers;

throughagents;

directlytooneormorepurchasers;or

throughacombinationofanyofthesemethodsofsale.

Wewillidentifythespecificplanofdistribution,includinganyunderwriters,dealers,agentsordirectpurchasersandtheircompensationintheapplicableprospectussupplement.

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LEGAL MATTERS

ThevalidityofthesecuritiesofferedherebywillbepasseduponforusbyVenableLLP,Baltimore,Maryland,andLatham&WatkinsLLP,CostaMesa,California.Latham&WatkinsLLP,LosAngeles,California,hasissuedanopiniontousregardingcertaintaxmattersdescribedunder“UnitedStatesFederalIncomeTaxConsiderations.”SidleyAustinLLP,SanFrancisco,Californiawillactascounselforanyunderwritersoragents.AsofNovember2,2018,WilliamJ.Cernius,apartnerofLatham&WatkinsLLP,beneficiallyownedapproximately9,236sharesofourcommonstock.AsofOctober29,2018,EricS.Haueter,apartnerofSidleyAustinLLP,beneficiallyownedapproximately9,386sharesofourcommonstock.

EXPERTS

TheconsolidatedbalancesheetsofRealtyIncomeCorporationandsubsidiariesasofDecember31,2017and2016,therelatedconsolidatedstatementsofincome,equity,andcashflowsforeachoftheyearsinthethree-yearperiodendedDecember31,2017,andtherelatednotesandfinancialstatementscheduleIII(collectively,theconsolidatedfinancialstatements),andmanagement’sassessmentoftheeffectivenessofinternalcontroloverfinancialreportingasofDecember31,2017,havebeenincorporatedbyreferenceinthisprospectusinrelianceuponthereportsofKPMGLLP,independentregisteredpublicaccountingfirm,incorporatedbyreferenceherein,andupontheauthorityofsaidfirmasexpertsinaccountingandauditing.

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WHERE YOU CAN FIND MORE INFORMATION

WearesubjecttotheinformationreportingrequirementsoftheExchangeAct,andinaccordancewiththeserequirements,wefileannual,quarterlyandcurrentreports,proxystatementsandotherinformationwiththeSEC.Suchreports,proxystatementsandotherinformationareavailabletothepublicattheSEC’swebsiteathttp://www.sec.gov.ThisisaninternetsitemaintainedbytheSECwherereports,proxyandinformationstatementsandotherinformationofcompaniesthatfileelectronicallywiththeSECmaybeobtained.

Ourwebsiteaddressishttp://www.realtyincome.com.Theinformationon,orthatcanbeaccessedthrough,ourwebsiteisnotapartofthisprospectusandisnotincorporatedordeemedtobeincorporatedbyreferenceherein.

ThisprospectusandanyapplicableprospectussupplementarepartofaregistrationstatementthatwefiledwiththeSECanddonotcontainalloftheinformationintheregistrationstatement.ThefullregistrationstatementmaybeobtainedfromtheSECorus,asprovidedbelow.Formsorcopiesoftheindenturepursuanttowhichanydebtsecuritiesofferedherebywillbeissuedandotherdocumentsestablishingthetermsoftheofferedsecuritiesareormaybefiledasexhibitstotheregistrationstatementordocumentsthatareorwillbeincorporatedordeemedtobeincorporatedbyreferenceinthisprospectus.Statementsinthisprospectusoranyprospectussupplementaboutthesedocumentsarenotcompleteandeachsuchstatementissubjectto,andqualifiedinallrespectsbyreferenceto,thedocumenttowhichitrefers.Youshouldrefertotheactualdocumentsforamorecompletedescriptionoftherelevantmatters.YoumayinspectcopiesoftheregistrationstatementandthedocumentsincorporatedanddeemedtobeincorporatedbyreferenceinthisprospectusattheSEC’swebsitereferredtoabove.

INCORPORATION BY REFERENCE

We“incorporatebyreference”certaininformationwefilewiththeSEC,whichmeansthatwecandiscloseimportantinformationtoyoubyreferringyoutothosedocuments.Theinformationincorporatedbyreferenceisanimportantpartofthisprospectus,andanyinformationcontainedinthisprospectus,inanyaccompanyingprospectussupplementorinanydocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectuswillbedeemedtohavebeenmodifiedorsupersededtotheextentthatastatementcontainedinthisprospectus,or,ifapplicable,theaccompanyingprospectussupplement,inanyotherofferingmaterialswemayprovideyouinconnectionwiththeofferingofsecurities,orinanyotherdocumentwesubsequentlyfilewiththeSECthatalsoisincorporatedordeemedtobeincorporatedbyreferenceinthisprospectus,modifiesorsupersedestheoriginalstatement.Anystatementsomodifiedorsupersededwillnotbedeemed,exceptassomodifiedorsuperseded,tobeapartofthisprospectusoranyaccompanyingprospectussupplement.WeincorporatebyreferencethedocumentslistedbelowandanyfuturefilingsmadebyuswiththeSECunderSections13(a),13(c),14or15(d)oftheExchangeActbetweenthedateofthisprospectusandtheterminationoftheofferingofsecuritiesdescribedinthisprospectus;provided,however,thatwearenotincorporatingbyreferenceanydocuments,portionsofdocuments,exhibitsorotherinformationthatisdeemedtohavebeen“furnished”toandnot“filed”withtheSEC:

OurAnnualReportonForm10-KfortheyearendedDecember31,2017,filedwiththeSEConFebruary22,2018;

TheinformationspecificallyincorporatedbyreferenceintoourAnnualReportonForm10-KfromourDefinitiveProxyStatementonSchedule14A,filedwiththeSEConApril2,2018;

OurQuarterlyReportonForm10-QforthequarterendedMarch31,2018,filedwiththeSEConMay9,2018;

OurQuarterlyReportonForm10-QforthequarterendedJune30,2018,filedwiththeSEConAugust2,2018;

OurQuarterlyReportonForm10-QforthequarterendedSeptember30,2018,filedwiththeSEConNovember1,2018;and

OurCurrentReportsonForm8-KfiledwiththeSEConFebruary27,2018(asstatedelsewhereinthisprospectus,theinformationinsuchForm10-KandinExhibit99.1theretohasbeensuperseded

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andreplacedinitsentiretybytheinformationappearinginthisprospectusunderthecaption“UnitedStatesFederalIncomeTaxconsiderations”),March14,2018,March29,2018,April4,2018,May8,2018(butonlytheinformationfiledunderItem5.02thatisincludedinthefirstReportonForm8-KthatwefiledonMay8,2018),May22,2018,July12,2018,October17,2018(butonlytheinformationfiledunderItem5.02)andOctober26,2018.

Youmayrequestacopyofthefilingsreferredtoaboveatnocostbywritingortelephoningusatthefollowingaddress:

RealtyIncomeCorporation11995ElCaminoRealSanDiego,CA92130

Attention:CorporateSecretary(858)284-5000

Exhibitstothefilingswillnotbesent,however,unlessthoseexhibitshavespecificallybeenincorporatedbyreferenceinthisprospectusoranyaccompanyingprospectussupplement.

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£400,000,000

1.625% Notes due 2030

P R O S P E C T U S S U P P L E M E N T

September 23, 2020

Barclays Credit Suisse

Goldman Sachs & Co. LLC Wells Fargo Securities

BofA Securities Citigroup

J.P. Morgan Mizuho Securities

RBC Capital Markets Regions Securities LLC

TD Securities US Bancorp

BMO Capital Markets Morgan Stanley

Scotiabank BNY Mellon Capital Markets, LLC

PNC Capital Markets LLC Stifel

Truist Securities UBS Investment Bank

BNP PARIBAS