Form 8-K

8-K — REALTY INCOME CORP

Accession: 0001104659-26-079023

Filed: 2026-06-30

Period: 2026-06-29

CIK: 0000726728

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

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United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report:

June 29, 2026

(Date

of Earliest Event Reported)

REALTY

INCOME CORPORATION

(Exact name of registrant as specified in its

charter)

Maryland

1-13374

33-0580106

(State

or Other Jurisdiction of

Incorporation or Organization)

(Commission File Number)

(IRS

Employer Identification No.)

11995

El Camino Real, San

Diego, California

92130

(Address of principal executive offices)

(858)

284-5000

(Registrant’s telephone number, including area code)

N/A

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

symbol

Name

of Each Exchange On Which

Registered

Common

Stock, $0.01 Par Value

New

York Stock Exchange

1.125%

Notes due 2027

O27A

New

York Stock Exchange

1.875%

Notes due 2027

O27B

New

York Stock Exchange

5.000%

Notes due 2029

O29B

New

York Stock Exchange

1.625%

Notes due 2030

O30

New

York Stock Exchange

4.875%

Notes due 2030

O30B

New

York Stock Exchange

5.750%

Notes due 2031

O31A

New

York Stock Exchange

3.375%

Notes due 2031

O31B

New

York Stock Exchange

1.750%

Notes due 2033

O33A

New

York Stock Exchange

5.125%

Notes due 2034

O34

New

York Stock Exchange

3.875%

Notes due 2035

O35B

New

York Stock Exchange

6.000%

Notes due 2039

O39

New

York Stock Exchange

5.250%

Notes due 2041

O41

New

York Stock Exchange

2.500%

Notes due 2042

O42

New

York Stock Exchange

Indicate by check mark whether the registrant is

an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the

Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01 Other Events

June 29, 2026, Realty Income Corporation (the “Company”) entered into a purchase agreement with Barclays Bank PLC, BNP PARIBAS,

RBC Europe Limited, Banco Santander, S.A. and Wells Fargo Securities International Limited as representatives (the “Representatives”)

of the underwriters listed therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters

€600.0 million aggregate principal amount of its 3.625% Notes due 2032. The offering is anticipated to close on July

7, 2026, subject to the satisfaction of customary closing conditions.

Forward-Looking Statements

This Current Report on Form

8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the

Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the

Exchange Act. When used herein, the words “estimate,” “anticipate,” “assume,” “expect,”

“believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,”

“seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions

of our business, strategy, plans, and the intentions of management and growth and capital strategies including our private capital business,

investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms).

Forward-looking statements

are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected

results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a

real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest

and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding

(including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks

inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency,

defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including

rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real

estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including

with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other

arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss

of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism

and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other

arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on forward-looking statements. Those forward-looking statements are not guarantees of

future plans and performance and speak only as of the date of this report. Past operating results and performance are provided for informational

purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results

may differ materially from what is expressed or forecasted in this report and forecasts made in the forward-looking statements discussed

in this report may not materialize. We do not undertake any obligation to update forward-looking statements or to publicly release the

results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made

or to reflect the occurrence of unanticipated events.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

1.1+

Purchase Agreement, dated June 29, 2026 between the Representatives, the other Underwriters party thereto and the Company.

104

Cover Page Interactive Data File (formatted as Inline XBRL)

+Certain of the schedules and

attachments to this exhibit have been omitted pursuant to Regulation S-K, Item 601(a)(5). The registrant hereby undertakes to provide

further information regarding such omitted materials to the SEC upon request.

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 29, 2026

REALTY INCOME CORPORATION

By:

/s/ Bianca Martinez

Bianca Martinez

Senior Vice President, Associate General Counsel and Assistant Secretary

EX-1.1 — EXHIBIT 1.1

EX-1.1

Filename: tm2613710d3_ex1-1.htm · Sequence: 2

Exhibit 1.1

€600,000,000

REALTY INCOME CORPORATION

(a Maryland Corporation)

€600,000,000

3.625% Notes due 2032

PURCHASE AGREEMENT

June 29,

2026

Table of Contents

Page

SECTION 1.

Representations and Warranties

SECTION 2. Sale

and Delivery to the Underwriters; Closing

SECTION 3. Covenants

of the Company

SECTION 4. Payment

of Expenses

SECTION 5. Conditions

of Underwriters’ Obligations

SECTION 6. Indemnification

SECTION 7. Contribution

SECTION 8. Representations,

Warranties and Agreements to Survive Delivery

SECTION 9. Termination

of Agreement

SECTION 10. Default

by One or More of the Underwriters

SECTION 11. Notices

SECTION 12. Parties

SECTION 13. Recognition

of the U.S. Special Resolution Regimes

SECTION 14. Contractual

Recognition of Bail-In

SECTION 15. ICMA

Agreement Among Managers

SECTION 16. Stabilizing

Manager

SECTION 17. MiFID

II Product Governance

SECTION 18. UK MiFIR

Product Governance

SECTION 19. Judgment

Currency

SECTION 20. No Advisory

or Fiduciary Responsibility; Tax Disclosure

SECTION 21. Integration

SECTION 22. GOVERNING

LAW AND TIME

Page

SECTION 23. Waiver

of Jury Trial

SECTION 24. Effect

of Headings and Table of Contents; Counterparts

Schedule A

–

List

of Underwriters

Sch

A-1

Schedule B

–

Pricing

Schedule

Sch

B-1

Schedule

–

Pricing

Term Sheet

Sch

C-1

Schedule

–

Issuer

General Use Free Writing Prospectuses

Sch

D-1

Exhibit A

–

Form of

Opinion of Latham & Watkins LLP

A-1

Exhibit B

–

Form of

Opinion of Venable LLP

B-1

€600,000,000

REALTY INCOME CORPORATION

(a Maryland corporation)

€600,000,000 3.625% Notes due 2032

PURCHASE AGREEMENT

June 29,

2026

Barclays Bank PLC

1 Churchill Place

London, E14 5HP

United Kingdom

BNP PARIBAS

16, boulevard des Italiens

75009 Paris

France

RBC Europe Limited

100 Bishopsgate

London EC2N 4AA

United Kingdom

Banco Santander, S.A.

Ciudad Grupo Santander

Avenida de Cantabria s/n

Edificio Encinar

28660 Boadilla del Monte

Madrid

Spain

Wells Fargo Securities International

Limited

33 King William Street

London, EC4R 9AT

United Kingdom

As Representatives of the several Underwriters

listed in the signature pages hereto

and named in Schedule A hereto

Ladies and Gentlemen:

Realty Income Corporation, a Maryland corporation (the

“Company”), confirms its agreement with the underwriters listed in the signature pages hereto and named in

Schedule A hereto (the “Underwriters” which term shall also include any underwriter substituted as hereinafter

provided in Section 10 hereof), for whom Barclays Bank PLC (“Barclays”), BNP PARIBAS (“BNP PARIBAS”),

RBC Europe Limited (“RBC”), Banco Santander, S.A. (“Santander”) and Wells Fargo Securities International

Limited (“Wells Fargo”) are acting as representatives (Barclays, BNP PARIBAS, RBC, Santander and Wells Fargo, in such

capacities, the “Representatives”), with respect to the sale by the Company and the purchase by the Underwriters, acting

severally and not jointly, of €600,000,000 aggregate principal amount of the Company’s 3.625% Notes due 2032 (the

“Securities”). The Securities are to be issued pursuant to an indenture dated as of October 28, 1998 (the

“Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the

“Trustee”) to The Bank of New York, the original trustee (the “Original Trustee”). In connection with the

issuance of the Securities, the Company will enter into a Paying Agency Agreement (the “Agency Agreement”), to be dated

as of July 7, 2026, between the Company and The Bank of New York Mellon, London Branch (“BNY London”), as a paying

agent for the Securities (in such capacity, the “Agent”).

The Company understands that the Underwriters

propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement has been executed

and delivered.

The Company has filed with the Securities and

Exchange Commission (the “Commission”) an automatic shelf registration statement on Form S-3 (No. 333-277150) (the

“Current Registration Statement”) for the registration of shares of its common stock, par value $0.01 per share (the “Common

Stock”), shares of its preferred stock, par value $0.01 per share (the “Preferred Stock”), its debt securities (including

the Securities), depositary shares representing fractional interests in shares of Preferred Stock, and warrants to purchase its debt

securities, Common Stock, Preferred Stock or depositary shares under the Securities Act of 1933, as amended (the “1933 Act”),

including the related preliminary prospectus or prospectuses. Promptly after execution and delivery of this Agreement, the Company will

prepare and file a final prospectus supplement and the Base Prospectus (as hereinafter defined) in accordance with the provisions of

Rule 430B (“Rule 430B”) of the rules and regulations of the Commission under the 1933 Act (the “1933

Act Regulations”) and paragraph (b) of Rule 424 (“Rule 424(b)”) of the 1933 Act Regulations. Any

information included in such final prospectus supplement or the Base Prospectus that was omitted from the Current Registration Statement

at the time it became effective but that is deemed to be part of and included in the Current Registration Statement pursuant to paragraph (f) of

Rule 430B under the 1933 Act Regulations is referred to as the “Rule 430B Information.” Each prospectus, together

with the related prospectus supplement, relating to the Securities that omitted the Rule 430B Information or that was captioned

“Subject to Completion” or “Preliminary” (or a similar caption) that was used after the date on which the Current

Registration Statement first became effective and prior to the execution and delivery of this Agreement is herein called, together with

the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933

Act, a “preliminary prospectus” and all references herein to any “preliminary prospectus” shall be deemed to

include the Statutory Prospectus (as hereinafter defined). The Current Registration Statement, at any given time, including the amendments

thereto at such time, the exhibits and any schedules thereto at such time, if any, and documents incorporated and deemed to be incorporated

by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at such time, and the documents and information (including,

without limitation, any 430B Information) otherwise deemed to be a part thereof or included therein by the 1933 Act Regulations at such

time, are hereinafter called, collectively, the “Registration Statement.” The prospectus dated February 16, 2024 (the

“Base Prospectus”) and the final prospectus supplement relating to the offering of the Securities, including the documents

incorporated and deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act, in the form

first furnished (electronically or otherwise) to the Underwriters for use in connection with the offering of the Securities (whether

to meet the requests of purchasers pursuant to Rule 173 under the 1933 Act Regulations or otherwise) or, if not furnished to the

Underwriters, in the form first filed by the Company pursuant to Rule 424(b), are herein called, collectively, the “Prospectus.”

For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Statutory Prospectus, the

Prospectus or any Issuer Free Writing Prospectus (as hereinafter defined) or any amendment or supplement to any of the foregoing shall

be deemed to include any copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”).

All references in this Agreement to financial

statements and schedules and other information which is “described,” “disclosed,” “contained,” “included,”

“made,” “stated” or “referred to” in the Registration Statement, any preliminary prospectus, the

Statutory Prospectus or the Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements

and schedules and other information which is incorporated or deemed to be incorporated by reference in, or otherwise deemed by the 1933

Act Regulations (including, without limitation, Rule 430B(f) of the 1933 Act Regulations) to be a part of or included in, the

Registration Statement, such preliminary prospectus, the Statutory Prospectus or the Prospectus, as the case may be; and all references

in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus, the Statutory Prospectus or

the Prospectus shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934, as amended (the

“1934 Act”) or the rules and regulations promulgated thereunder (the “1934 Act Regulations”), which is incorporated

or deemed to be incorporated by reference in the Registration Statement, such preliminary prospectus, the Statutory Prospectus or the

Prospectus, as the case may be.

All references in this Agreement to properties

or improvements “owned by” or “of” the Company or any of its subsidiaries shall be deemed to mean and include

all properties and improvements which are leased by the Company or any of its subsidiaries, as lessee.

SECTION 1. Representations and Warranties.

(a)            Representations

and Warranties by the Company. The Company represents and warrants to each Underwriter as of the date hereof, as of the Applicable

Time referred to in Section 1(a)(i) hereof, and as of the Closing Time referred to in Section 2(b) hereof, and agrees

with each Underwriter, as follows:

(i)            Compliance

with Registration Requirements. (A) At the time that the Registration Statement was originally filed, (B) at the time of

the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the 1933 Act (whether such amendment

was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of prospectus),

(C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of

the 1933 Act Regulations) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the 1933 Act Regulations

and (D) at the date hereof, the Company (x) was and is a “well-known seasoned issuer” as defined in Rule 405

of the 1933 Act Regulations (“Rule 405”) and (y) was not and is not an “ineligible issuer” as defined

in Rule 405. The Registration Statement is an “automatic shelf registration statement,” as defined in Rule 405,

and the Securities, since their registration on the Registration Statement, have been and remain eligible for registration by the Company

on an “automatic shelf registration statement” as defined in Rule 405. The Company has not received from the Commission

any notice pursuant to Rule 401(g)(2) of the 1933 Act Regulations (“Rule 401(g)(2)”) objecting to the use

of the automatic shelf registration statement form. At the earliest time after the original filing of the Registration Statement that

the Company or another offering participant (with respect to the offering contemplated hereby) made a bona fide offer (within

the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of the Securities, the Company was not an “ineligible issuer,”

as defined in Rule 405. The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended (the “1939

Act”), and the Trustee has duly filed with the Commission a Statement of Eligibility on Form T-1 as an exhibit to the Registration

Statement or pursuant to Section 305(b)(2) of the 1939 Act.

The Registration Statement became effective

upon filing under Rule 462(e) of the 1933 Act Regulations (“Rule 462(e)”) on February 16, 2024, and any

post-effective amendment thereto also became effective upon filing under Rule 462(e). No stop order suspending the effectiveness

of the Registration Statement has been issued under the 1933 Act and no proceedings for that purpose have been instituted or are pending

or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional

information has been complied with.

Any offer that was a written communication

relating to the Securities made by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule 163(c) of

the 1933 Act Regulations) prior to the time that the Registration Statement was originally filed has been filed with the Commission in

accordance with the exemption provided by Rule 163 of the 1933 Act Regulations (“Rule 163”) and otherwise complied

with the requirements of Rule 163, including without limitation the legending requirement, to qualify such offer for the exemption

from Section 5(c) of the 1933 Act provided by Rule 163.

At the respective times the Registration

Statement originally became effective and any amendment thereto became effective, at the time (if subsequent to the time that the Registration

Statement originally became effective) the Company’s most recent Annual Report on Form 10-K was filed with the Commission,

at each “new effective date” with respect to the Underwriters pursuant to Rule 430B(f)(2) of the 1933 Act Regulations,

and at the Closing Time, the Registration Statement and any amendments and supplements thereto complied and will comply in all material

respects with the applicable requirements of the 1933 Act, the 1933 Act Regulations, the 1939 Act, and the rules and regulations

of the Commission under the 1939 Act (the “1939 Act Regulations”), and did not and will not contain an untrue statement of

a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,

and, at the date hereof and at the Closing Time, neither the Prospectus nor any amendments or supplements thereto contained or will contain

any untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein,

in the light of the circumstances under which they were made, not misleading.

Each preliminary prospectus and Prospectus

filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424

of the 1933 Act Regulations, complied when so filed in all material respects with the 1933 Act and the 1933 Act Regulations and, if applicable,

each preliminary prospectus and the Prospectus delivered to the Underwriters for use in connection with this offering was identical to

the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation

S-T of the Commission.

As of the Applicable Time, neither (x) all

Issuer General Use Free Writing Prospectuses (as defined below) issued at or prior to the Applicable Time (including, without limitation,

the Pricing Term Sheet, as hereinafter defined) and the Statutory Prospectus, considered together (collectively, the “General Disclosure

Package”), nor (y) any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure

Package, included or will include any untrue statement of a material fact or omitted or will omit to state any material fact necessary

in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

As used in this subsection and elsewhere

in this Agreement:

“Applicable

Time” means 11:10 A.M. (New York time) / 4:10 P.M. (London

time) on June 29, 2026 or such other time as agreed by the Company and the Representatives.

“Issuer Free Writing Prospectus”

means any “issuer free writing prospectus,” as defined in Rule 433 of the 1933 Act Regulations (“Rule 433”);

and includes, without limitation, any “free writing prospectus” (as defined in Rule 405) relating to the Securities

or the offering thereof that (i) is required to be filed with the Commission by the Company, (ii) is a “road show that

is a written communication” within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission,

or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of

the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if

not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).

“Issuer General Use Free Writing

Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced

by its being specified in Schedule D hereto.

“Issuer Limited Use Free Writing

Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

“Statutory Prospectus” means

the Base Prospectus and the preliminary prospectus dated June 29, 2026 relating to the Securities, including the documents incorporated

and deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act, in the form first furnished

(electronically or otherwise) to the Underwriters for use in connection with the offering of the Securities.

Each Issuer Free Writing Prospectus,

as of its issue date and at all subsequent times through the completion of the public offer and sale of the Securities or until any earlier

date that the Company notified or notifies the Representatives as described in Section 3(f), did not, does not and will not include

any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Statutory

Prospectus or the Prospectus, including any document incorporated by reference therein that has not been superseded or modified.

The representations and warranties in

this subsection 1(a)(i) shall not apply to statements in or omissions from the Registration Statement, the Prospectus or any Issuer

Free Writing Prospectus made in reliance upon and in conformity with written information furnished to the Company by any Underwriter

through the Representatives expressly for use therein.

(ii)            Incorporated

Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the General Disclosure

Package and the Prospectus, at the time they were or hereafter are filed with the Commission, complied and will comply in all material

respects with the requirements of the 1934 Act and the 1934 Act Regulations, and, when read together with the other information in the

General Disclosure Package and the Prospectus, (a) at the time the Registration Statement first became effective, (b) at the

time (if subsequent to the time that the Registration Statement first became effective) the Company’s most recent Annual Report

on Form 10-K was filed with the Commission, (c) at each “new effective date” with respect to the Underwriters pursuant

to Rule 430B(f)(2) of the 1933 Act Regulations, (d) at the date hereof, and (e) at the Closing Time, did not and

will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in

order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(iii)           Independent

Accountants. The accountants who certified the financial statements and supporting schedules included in the Registration Statement,

the Statutory Prospectus and the Prospectus are independent public accountants as required by the 1933 Act and the 1933 Act Regulations.

(iv)            Financial

Statements. The consolidated financial statements of the Company included in the Registration Statement, the General Disclosure Package

and the Prospectus, together with the related schedules and notes, present fairly the consolidated financial position of the Company

and its subsidiaries at the dates indicated and the consolidated income, stockholders’ equity and cash flows of the Company and

its subsidiaries for the periods specified; said consolidated financial statements have been prepared in conformity with generally accepted

accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved. The supporting schedules included

in the Registration Statement present fairly in accordance with GAAP the information required to be stated therein. The historical and

pro forma selected financial data, if any, and historical and pro forma summary financial information, if any, included in the General

Disclosure Package and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with

that of the audited financial statements included in the Registration Statement and, in the case of any such pro forma data, the pro

forma financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus. The pro forma financial

statements and related notes included in the Registration Statement, the General Disclosure Package and the Prospectus fairly present

in all material respects the information shown therein, have been prepared in accordance with the Commission’s rules and guidelines

with respect to pro forma financial statements and have been properly compiled on the basis described therein, and the assumptions used

in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances

referred to therein; and any pro forma financial information included in the Registration Statement, the General Disclosure Package and

the Prospectus has been accurately and appropriately derived therefrom. All disclosures contained in the Registration Statement, the

General Disclosure Package and the Prospectus regarding “non-GAAP financial measures” (as such term is defined by the rules and

regulations of the Commission) comply with Regulation G under the 1934 Act and Item 10 of Regulation S-K of the 1933 Act Regulations,

to the extent applicable. The interactive data in eXtensible Business Reporting Language included in any of the documents incorporated

by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called

for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

(v)            No

Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the

General Disclosure Package and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change

in the condition, financial or otherwise, or in the earnings, business affairs, financial prospects or business prospects of the Company

and its subsidiaries considered as one enterprise (a “Material Adverse Effect”), whether or not arising in the ordinary course

of business, (B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the

ordinary course of business, which are material with respect to the Company and its subsidiaries considered as one enterprise, and (C) except

for regular monthly distributions on the Common Stock in amounts per share that are consistent with past practice, there has been no

dividend or distribution of any kind declared, paid or made by the Company on any class of its stock.

(vi)           Good

Standing of the Company. The Company is a corporation duly organized and validly existing under the laws of the State of Maryland

and is in good standing with the State Department of Assessments and Taxation of Maryland and has corporate power and authority to own,

lease and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and to

enter into and perform its obligations under this Agreement, the Agency Agreement, the Indenture and the Securities; and the Company

is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification

is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify

or to be in good standing would not result in a Material Adverse Effect.

(vii)          Good

Standing of Subsidiaries. Each “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X (each,

a “Subsidiary” and, collectively, the “Subsidiaries”) of the Company has been duly organized and is validly existing

as a partnership, limited liability company, business trust or corporation, as the case may be, in good standing under the laws of the

jurisdiction of its organization and has power and authority as a partnership, limited liability company, business trust or corporation,

as the case may be, to own, lease and operate its properties and to conduct its business as described in the General Disclosure Package

and the Prospectus; each such Subsidiary is duly qualified as a foreign partnership, limited liability company, business trust or corporation,

as the case may be, to transact business and is in good standing in each other jurisdiction in which such qualification is required,

whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be

in good standing would not result in a Material Adverse Effect; except as otherwise disclosed in the General Disclosure Package and the

Prospectus and except as would not result in a Material Adverse Effect, all of the issued and outstanding partnership interests, limited

liability company interests, business trust interests and shares of capital stock, as the case may be, of each such Subsidiary have been

duly authorized (if applicable) and validly issued and are fully paid and are non-assessable (except to the extent that the general partners

of Subsidiaries which are partnerships may be liable for the obligations of such partnerships) and are owned by the Company, directly

or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; except as would

not result in a Material Adverse Effect, none of the outstanding partnership interests, limited liability company interests, business

trust interests or shares of capital stock, as the case may be, of such Subsidiaries were issued in violation of preemptive or other

similar rights arising by operation of law, under the partnership agreement, declaration of trust or trust agreement, limited liability

company agreement (or other similar agreement) or charter or bylaws, as the case may be, of any such Subsidiary or under any agreement

or instrument to which the Company or any such Subsidiary is a party. Other than Saints MD Subsidiary, Inc., Spirit Realty, L.P.,

Tau Operating Partnership, L.P., Tau Acquisition LLC, RI UK 1 Limited, Rams MD Subsidiary I, Inc., RI Crown Limited, VEREIT Operating

Partnership, L.P., VEREIT Real Estate L.P. and Realty Income Europe B.V., as of the date of the Company’s most recent balance sheet

included or incorporated by reference in the Registration Statement and the Prospectus, no direct or indirect subsidiary of the Company

had (on an unconsolidated basis) total assets in excess of 5% of the Company’s consolidated assets as of that date or, for the

three months then ended, would have had (on an unconsolidated basis) rental revenue in excess of 5% of the Company’s consolidated

rental revenue for such period.

(viii)        Capitalization.

The authorized Common Stock of the Company and the issued and outstanding Common Stock of the Company are as set forth in the line item

“Common stock and paid in capital” set forth in the consolidated balance sheet as of March 31, 2026 contained in the

Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (except for subsequent issuances, if any,

pursuant to employee benefit plans (including any exercise of equity awards pursuant thereto), the Company’s dividend reinvestment

and stock purchase plan or the Company’s “at-the-market” program, or any other subsequent issuance, in each case, referred

to in the Statutory Prospectus and the Prospectus). There are no outstanding securities convertible into or exchangeable or exercisable

for shares of Common Stock or Preferred Stock other than (i) Common Stock issuable pursuant to equity awards issued under the Company’s

employee benefit plans referred to in the Statutory Prospectus and the Prospectus, (ii) up to 2,700,000 shares of Common Stock that

may be issued upon the exchange of certain limited partnership interests in Realty Income, L.P., a Maryland limited partnership (“RI

LP”), and (iii) Common Stock issuable pursuant to the Company’s outstanding 3.500% Convertible Senior Notes due 2029.

(ix)           Authorization

of Agreement. This Agreement has been duly authorized, executed and delivered by the Company.

(x)            Authorization

of Capital Stock. The shares of issued and outstanding Common Stock have been duly authorized and validly issued and are fully paid

and non-assessable; none of the outstanding shares of Common Stock was issued in violation of preemptive or other similar rights (i) arising

by operation of law, (ii) under the charter or bylaws of the Company, (iii) under any agreement or instrument to which the

Company or any of its subsidiaries is a party or otherwise other than in the case of this clause (iii) with respect to violations

of similar rights as would not have a Material Adverse Effect, and the Common Stock conforms to all statements relating thereto contained

or incorporated by reference in the General Disclosure Package and the Prospectus and such statements conform to the rights set forth

in the instruments defining the same.

(xi)           Absence

of Defaults and Conflicts. Neither the Company nor any of its subsidiaries is in violation of its charter or bylaws, its partnership

agreement, declaration of trust or trust agreement, or its limited liability company agreement (or other similar agreement), as the case

may be, or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract,

indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any

of its subsidiaries is a party or by which any of them may be bound or to which any of the respective properties or assets of the Company

or any subsidiary is subject (collectively, “Agreements and Instruments”), except for such defaults that would not have a

Material Adverse Effect; and the execution, delivery and performance of this Agreement, the Agency Agreement, the Indenture and the Securities

and the consummation of the transactions contemplated herein and therein (including the issuance and sale of the Securities and the use

of the proceeds from the sale of the Securities as described in the Statutory Prospectus and the Prospectus under the caption “Use

of Proceeds”) and compliance by the Company with its obligations hereunder and thereunder have been duly authorized by all necessary

corporate action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute

a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance

upon any property or assets of the Company or any subsidiary pursuant to, any agreement or instrument, except for such conflicts, breaches

or defaults or liens, charges or encumbrances that, individually or in the aggregate, would not have a Material Adverse Effect, nor will

such action result in any violation of the provisions of the charter or bylaws of the Company or any applicable law, rule, regulation,

or governmental or court judgment, order, writ or decree. Neither the Company nor any of its subsidiaries is subject to any governmental

or court judgment, order, writ or decree that is material with respect to the Company and its subsidiaries considered as one enterprise.

As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence

of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of

all or a portion of such indebtedness by the Company or any subsidiary of the Company or any of its subsidiaries.

(xii)          Absence

of Labor Dispute. No labor dispute with the employees of the Company or any subsidiary of the Company exists or, to the knowledge

of the Company, is imminent, which, in either case, could reasonably be expected, individually or in the aggregate, to result in a Material

Adverse Effect.

(xiii)         Absence

of Proceedings. The Company has not received any notice of any action, suit, proceeding, inquiry or investigation before or by any

court or governmental agency or body, domestic or foreign, and there is no such proceeding now pending or, to the knowledge of the Company,

threatened, against or affecting the Company or any of its subsidiaries, which is required to be disclosed in the Registration Statement,

the Statutory Prospectus or the Prospectus (other than as disclosed therein), or which could reasonably be expected to result in a Material

Adverse Effect, or which could reasonably be expected to materially and adversely affect the consummation of this Agreement or the performance

by the Company of its obligations under this Agreement, the Agency Agreement, the Indenture or the Securities; and the aggregate of all

pending legal or governmental proceedings to which the Company or any subsidiary is a party or of which any of their respective property

or assets is the subject which are not described in the Registration Statement, the Statutory Prospectus or the Prospectus, including

ordinary routine litigation incidental to the business, could not reasonably be expected to result in a Material Adverse Effect.

(xiv)         Accuracy

of Exhibits. There are no contracts or documents which are required to be described in the Registration Statement, the Statutory

Prospectus or the Prospectus or the documents incorporated by reference therein or to be filed as exhibits thereto which have not been

so described and/or filed as required.

(xv)          Possession

of Intellectual Property. The Company and its subsidiaries own or possess, or can acquire on reasonable terms, adequate patents,

patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary

or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively,

“Intellectual Property”) necessary to carry on the business now operated by them, and neither the Company nor any of its

subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect

to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect

the interest of the Company or any of its subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable

decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material Adverse Effect.

(xvi)         Absence

of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree

of, any court or governmental authority or agency is necessary or required for the performance by the Company of its obligations under

this Agreement, the Agency Agreement, the Indenture or the Securities, in connection with the offering, issuance or sale of the Securities

hereunder or the consummation of the other transactions contemplated by this Agreement, the Agency Agreement, the Indenture or the Securities,

except such as have been already made or obtained under the 1933 Act, the 1933 Act Regulations, the 1939 Act or the 1939 Act Regulations

or as may be required under state securities laws.

(xvii)        Possession

of Licenses and Permits. The Company and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations

(collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or

bodies necessary to conduct the business now operated by them and the Company and its subsidiaries are in compliance with the terms and

conditions of all such Governmental Licenses, except where the failure so to possess or comply would not, singly or in the aggregate,

have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity

of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the

aggregate, have a Material Adverse Effect; and neither the Company nor any of its subsidiaries has received any notice of proceedings

relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an

unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

(xviii)       Investment

Company Act. The Company is not, and upon the issuance and sale of the Securities as herein contemplated and the application of the

net proceeds therefrom as described in the Statutory Prospectus and the Prospectus under “Use of Proceeds” will not be, an

“investment company” as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

(xix)         Partnership

Agreements. Each of the material partnership agreements, declarations of trust or trust agreements, limited liability company agreements

(or other similar agreements) and, if applicable, joint venture agreements to which the Company or any of its subsidiaries is a party

has been duly authorized, executed and delivered by the Company or the relevant subsidiary, as the case may be, and constitutes the valid

and binding agreement of the Company or such subsidiary, as the case may be, enforceable in accordance with its terms, except as the

enforcement thereof may be limited by (A) the effect of bankruptcy, insolvency or other similar laws now or hereafter in effect

relating to or affecting creditors’ rights generally or (B) the effect of general principles of equity, and the execution,

delivery and performance of such agreements did not, at the time of execution and delivery, and does not constitute a breach of or default

under the charter or bylaws, partnership agreement, declaration of trust or trust agreement, or limited liability company agreement (or

other similar agreement), as the case may be, of the Company or any of its subsidiaries or any of the Agreements and Instruments or any

law, administrative regulation or administrative or court order or decree.

(xx)           Properties.

Except as otherwise disclosed in the General Disclosure Package and the Prospectus: (i) the Company and its subsidiaries have good

and marketable title (either in fee simple or pursuant to a valid leasehold interest) to all properties and assets described in the Statutory

Prospectus and the Prospectus as being owned or leased, as the case may be, by them and to all properties reflected in the Company’s

most recent consolidated financial statements included in the Statutory Prospectus and the Prospectus, and neither the Company nor any

of its subsidiaries has received notice of any claim that has been or may be asserted by anyone adverse to the rights of the Company

or any subsidiary with respect to any such properties or assets (or any such lease) or affecting or questioning the rights of the Company

or any such subsidiary to the continued ownership, lease, possession or occupancy of such property or assets, except for such claims

that would not, singly or in the aggregate, have a Material Adverse Effect; (ii) all liens, charges, encumbrances, claims or restrictions

on or affecting the properties and assets of the Company or any of its subsidiaries which are required to be disclosed in the Registration

Statement, the Statutory Prospectus or the Prospectus are disclosed therein, and all such liens, charges, encumbrances, claims or restrictions

which are not disclosed in the Statutory Prospectus and the Prospectus could not reasonably be expected, singly or in the aggregate,

to have a Material Adverse Effect; (iii) no person or entity, including, without limitation, any tenant under any of the leases

pursuant to which the Company or any of its subsidiaries leases (as lessor) any of its properties (whether directly or indirectly through

other partnerships, limited liability companies, business trusts, joint ventures or otherwise) has an option or right of first refusal

or any other right to purchase any of such properties, which options, rights of first refusal or other rights to purchase would, individually

or in the aggregate, have a Material Adverse Effect; (iv) each of the properties of the Company or any of its subsidiaries has access

to public rights of way, either directly or through insured easements, except where the failure to have such access would not, singly

or in the aggregate, have a Material Adverse Effect; (v) each of the properties of the Company or any of its subsidiaries is served

by all public utilities necessary for the current operations on such property in sufficient quantities for such operations, except where

the failure to have such public utilities would not, singly or in the aggregate, have a Material Adverse Effect; (vi) each of the

properties of the Company or any of its subsidiaries complies with all applicable codes and zoning and subdivision laws and regulations,

except for such failures to comply which would not, either individually or in the aggregate, have a Material Adverse Effect; (vii) all

of the leases under which the Company or any of its subsidiaries holds or uses any real property or improvements or any equipment relating

to such real property or improvements are in full force and effect, except where the failure to be in full force and effect would not,

singly or in the aggregate, have a Material Adverse Effect, and neither the Company nor any of its subsidiaries is in default in the

payment of any amounts due under any such leases or in any other default thereunder and the Company knows of no event which, with the

passage of time or the giving of notice or both, would constitute a default by the Company or any of its subsidiaries under any such

lease, except such defaults that would not, individually or in the aggregate, have a Material Adverse Effect; (viii) there is no

pending or, to the knowledge of the Company, threatened condemnation, zoning change, or other proceeding or action that could in any

manner affect the size of, use of, improvements on, construction on or access to the properties of the Company or any of its subsidiaries,

except such proceedings or actions that, either singly or in the aggregate, would not have a Material Adverse Effect; and (ix) neither

the Company nor any of its subsidiaries nor any lessee of any of the real property or improvements of the Company or any of its subsidiaries

is in default in the payment of any amounts due or in any other default under any of the leases pursuant to which the Company or any

of its subsidiaries leases (as lessor) any of its real property or improvements (whether directly or indirectly through partnerships,

limited liability companies, joint ventures or otherwise), and the Company knows of no event which, with the passage of time or the giving

of notice or both, would constitute such a default under any of such leases, except such defaults as would not, individually or in the

aggregate, have a Material Adverse Effect.

(xxi)          Insurance.

With such exceptions as would not, individually or in the aggregate, have a Material Adverse Effect, (i) the Company and its subsidiaries

have title insurance on all real property and improvements described in the General Disclosure Package and the Prospectus as being owned

or leased under a ground lease, as the case may be, by them and to all real property and improvements reflected in the Company’s

most recent consolidated financial statements included in the General Disclosure Package and the Prospectus in an amount at least equal

to the original cost of acquisition and the Company and its subsidiaries are entitled to all benefits of the insured thereunder, (ii) each

such property is insured by extended coverage hazard and casualty insurance in amounts and on such terms as are customarily carried by

lessors of properties similar to those owned by the Company and its subsidiaries (in the markets in which the Company’s and subsidiaries’

respective properties are located), and (iii) the Company and its subsidiaries carry comprehensive general liability insurance and

such other insurance as is customarily carried by lessors of properties similar to those owned by the Company and its subsidiaries in

amounts and on such terms as are customarily carried by lessors of properties similar to those owned by the Company and its subsidiaries

(in the markets in which the Company’s and its subsidiaries’ respective properties are located) and the Company or one of

its subsidiaries is named as an additional insured on all policies required under the leases for such properties.

(xxii)         Environmental

Matters. Except as otherwise disclosed in the General Disclosure Package and the Prospectus: (i) all real property and improvements

owned or leased by the Company or any of its subsidiaries, including, without limitation, the Environment (as defined below) associated

with such real property and improvements, is free of any Contaminant (as defined below), except such Contaminants which, individually

or in the aggregate, would not have a Material Adverse Effect; (ii) neither the Company, nor any of its subsidiaries has caused

or suffered to exist or occur any Release (as defined below) of any Contaminant into the Environment or any other condition that, individually

or in the aggregate, could reasonably be expected to have a Material Adverse Effect or could result in any violation of any Environmental

Laws (as defined below) or constitute a health, safety or environmental hazard to any person or property except for such violations

or hazards that could not reasonably be expected to have a Material Adverse Effect; (iii) neither the Company nor any of its subsidiaries

is aware of any notice from any governmental body claiming any violation of any Environmental Laws or requiring or calling attention

to the need for any work, repairs, construction, alterations, removal or remedial action or installation on or in connection with such

real property or improvements, whether in connection with the presence of asbestos-containing materials in such properties or otherwise,

except for such violations, work, repairs, construction, alterations, removal or remedial actions or installations as would not, individually

or in the aggregate, have a Material Adverse Effect; (iv) any such work, repairs, construction, alterations, removal or remedial

action or installation, if required, would not result in the incurrence of liabilities, which, individually or in the aggregate, would

have a Material Adverse Effect; (v) neither the Company nor any of its subsidiaries has caused or suffered to exist or occur any

condition on any of the properties or improvements of the Company or any of its subsidiaries that could give rise to the imposition of

any Lien (as defined below) under any Environmental Laws, except such Liens which, individually or in the aggregate, would not have a

Material Adverse Effect; and (vi) no real property or improvements owned or leased by the Company or any of its subsidiaries is

being used or has been used for manufacturing or for any other operations that involve or involved the use, handling, transportation,

storage, treatment or disposal of any Contaminant, where such operations require or required permits or are or were otherwise regulated

pursuant to the Environmental Laws and where such permits have not been or were not obtained or such regulations are not being or were

not complied with, except in all instances where any failure to obtain a permit or comply with any regulation could not reasonably be

expected, singly or in the aggregate, to have a Material Adverse Effect. “Contaminant” means any pollutant, hazardous substance,

toxic substance, hazardous waste, special waste, petroleum or petroleum-derived substance or waste, asbestos or asbestos-containing materials,

PCBs, lead, pesticides or radioactive materials or any constituent of any such substance or waste, including any such substance identified

or regulated under any Environmental Law. “Environmental Laws” means the Comprehensive Environmental Response, Compensation

and Liability Act, 42 U.S.C. 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. 6901, et seq.,

the Clean Air Act, 42 U.S.C. 7401, et seq., the Clean Water Act, 33 U.S.C. 1251, et seq., the Toxic Substances

Control Act, 15 U.S.C. 2601, et seq., the Occupational Safety and Health Act, 29 U.S.C. 651, et seq., and all

other federal, state and local laws, ordinances, regulations, rules, orders, decisions, permits, and the like, which are directed at

the protection of human health or the Environment. “Lien” means, with respect to any asset, any mortgage, deed of trust,

lien, pledge, encumbrance, charge or security interest in or on such asset. “Environment” means any surface water, drinking

water, ground water, land surface, subsurface strata, river sediment, buildings, structures, and ambient, workplace and indoor air. “Release”

means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, emanating or

disposing of any Contaminant into the Environment, including, without limitation, the abandonment or discard of barrels, containers,

tanks or other receptacles containing or previously containing any Contaminant or any release, emission or discharge as those terms are

defined or used in any Environmental Law.

(xxiii)        Qualification

as a Real Estate Investment Trust. The Company was and is organized in conformity with the requirements for qualification and taxation

as a “real estate investment trust” (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”);

the Company at all times has met and continues to meet all the requirements of the Code for qualification and taxation as a REIT; the

Company’s method of operation will enable it to meet the requirements for qualification and taxation as a REIT under the Code;

and the Company is qualified as a REIT under the Code and will be so qualified for the taxable year in which sales of the Securities

occur.

(xxiv)       Registration

Rights. There are no persons with registration or other similar rights to have any securities registered pursuant to the Registration

Statement or included in the offering contemplated hereby. There are no persons with registration or other similar rights to have any

securities registered by the Company under the 1933 Act, other than the registration rights granted pursuant to various registration

rights agreements by and among the Company and each of the persons and entities made a party thereto covering up to 2,700,000 shares

of Common Stock that may be issued in exchange of certain limited partnership interests in RI LP.

(xxv)        Indenture.

The Indenture has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement of the Company,

enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency,

reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles;

and the Indenture has been qualified under the 1939 Act.

(xxvi)       Securities.

The Securities have been duly authorized by the Company and, at the Closing Time, will have been duly executed by the Company and, when

authenticated in the manner provided for in the Indenture and delivered against payment of the purchase price therefor specified in this

Agreement, (A) will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with

their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar

laws relating to or affecting creditors’ rights generally or by general equitable principles, and (B) will be in the form

contemplated by, and entitled to the benefits of, the Indenture.

(xxvii)      Description

of Indenture, Agency Agreement and Securities. The Indenture conforms and each of the Agency Agreement and the Securities will conform

in all material respects to the respective statements relating thereto contained in the General Disclosure Package and the Prospectus

and the Indenture is in the form, and the Securities will be in substantially the form, filed or incorporated by reference, as the case

may be, as exhibits to the Registration Statement.

(xxviii)     Ranking

of Securities. The Securities will rank on a parity with all unsecured indebtedness of the Company (other than subordinated indebtedness

of the Company) that is outstanding on the date hereof or that may be incurred hereafter, and senior to all subordinated indebtedness

of the Company that is outstanding on the date hereof or that may be incurred hereafter.

(xxix)        Trustee

and Paying Agent. The Trustee has been duly appointed by the Company to serve as, and is, the trustee, security registrar, a transfer

agent and a paying agent for the Securities under the Indenture, and the Trustee has duly accepted such appointment under the Indenture

and has assumed all rights, powers and obligations of the Original Trustee under the Indenture upon the terms and conditions set forth

therein. At the Closing Time, the Agent will have been duly appointed by the Company to serve as, and will be, a paying agent for the

Securities under the Indenture, and the Agent will have duly accepted such appointment under the Agency Agreement.

(xxx)         Pending

Proceedings and Examinations. The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or

8(e) of the 1933 Act, and the Company is not the subject of a pending proceeding under Section 8A of the 1933 Act in connection

with the offering of the Securities.

(xxxi)        No

Unlawful Payments. Neither the Company nor any of its subsidiaries nor any director, officer, or employee of the Company or any of

its subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the

Company or any of its subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense

relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or

indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned

or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any

of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation

of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD

Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under the

Bribery Act 2010, as amended, of the United Kingdom, the Criminal Finances Act 2017, as amended, of the United Kingdom or any other applicable

anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe

or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper

payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce,

policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

(xxxii)       Compliance

with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance

with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting

Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts

business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered

or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit

or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the Company

or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

(xxxiii)      No

Conflicts with Sanctions Laws. Neither the Company nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge

of the Company, any agent, or affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries

is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including without limitation,

the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation,

the designation as a “specially designated national” or “blocked person”), the United Nations Security Council,

the European Union, the United Kingdom (including His Majesty’s Treasury), or other relevant sanctions authority (collectively,

“Sanctions”), nor is the Company, any of its subsidiaries located, organized or resident in a country or territory that is

the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria (with respect to Syria, only

until July 1, 2025), the Crimea region of Ukraine, the so-called Donetsk People’s Republic, the so-called Luhansk People’s

Republic, the non-government controlled areas of the Zaporizhzhia and Kherson regions of Ukraine and any other Covered Region of Ukraine

identified pursuant to Executive Order 14065 (each, a “Sanctioned Country”); and the Company will not directly or indirectly

use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary,

joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at

the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of

or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any

person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since April 24, 2019,

the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings

or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with

any Sanctioned Country, Burma (Myanmar) or Sudan. No provision of this subsection 1(a)(xxxiii) shall apply to a person if and to

the extent that it is or would be unenforceable by or in respect of that person by reason of breach of any provision of (i) in the

case of any Underwriter established in the European Union, Council Regulation (EC) 2271/96, as amended (or any law or regulation implementing

such Regulation in any member state of the European Union), (ii) in the case of any Underwriter established in the United Kingdom,

Council Regulation (EC) 2271/96 as it forms part of domestic law in the United Kingdom or (iii) in the case of Deutsche Bank AG,

London Branch, Section 7 of the German Foreign Trade Ordinance (Verordnung zur Durchführung des Außenwirtschaftsgesetzes

(Außenwirtschaftsverordnung – AWV)).

(xxxiv)      Sarbanes-Oxley.

The Company has established and maintains and evaluates “disclosure controls and procedures” (as such term is defined in

Rule 13a-15 and 15d-15 under the 1934 Act) and “internal control over financial reporting” (as such term is defined

in Rule 13a-15 and 15d-15 under the 1934 Act); such disclosure controls and procedures are designed to ensure that material information

relating to the Company, including its consolidated subsidiaries, is made known to the Company’s chief executive officer and its

chief financial officer or principal financial officer, as applicable, by others within those entities, such disclosure controls and

procedures are effective to perform the functions for which they were established, and such disclosure controls and procedures are designed

to provide reasonable assurance that the interactive data in eXtensible Business Reporting Language incorporated by reference in the

Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material

respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto; the Company’s

independent auditors and the audit committee of the board of directors of the Company have been advised of (i) all significant deficiencies,

if any, in the design or operation of internal controls which could adversely affect the Company’s ability to record, process,

summarize and report financial data; and (ii) all fraud, if any, whether or not material, that involves management or other employees

who have a role in the Company’s internal controls; all material weaknesses, if any, in internal controls have been identified

to the Company’s independent auditors; since the date of the most recent evaluation of such disclosure controls and procedures

and internal controls, there have been no significant changes in internal controls or in other factors that could significantly affect

internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses; the principal executive

officer (or equivalent) and principal financial officer (or equivalent) of the Company have made all certifications required by the Sarbanes-Oxley

Act of 2002 (the “Sarbanes-Oxley Act”) and any related rules and regulations promulgated by the Commission, and the

statements contained in each such certification are complete and correct; and the Company, its subsidiaries and the Company’s directors

and officers are each in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act and the

rules and regulations of the Commission and the New York Stock Exchange promulgated thereunder.

(xxxv)       Cybersecurity.

With such exceptions as would not, individually or in the aggregate, have a Material Adverse Effect: (A) there has been no security

breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company or its subsidiaries information

technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective

customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and its subsidiaries,

and any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively,

“IT Systems and Data”); (B) neither the Company nor its subsidiaries has been notified of, and has no knowledge of any

event or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their

IT Systems and Data; and (C) the Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological

safeguards to maintain, monitor and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data

reasonably consistent with industry standards and practices, or as required by applicable regulatory standards. The Company and its subsidiaries

are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any

court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and

security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or

modification.

(xxxvi)      The

Agency Agreement. The Agency Agreement has been duly authorized by the Company and, at the Closing Time, the Agency Agreement will

have been duly executed and delivered by the Company and will constitute a valid and binding agreement of the Company, enforceable against

the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization,

moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

(b)            Officer’s

Certificates. Any certificate signed by any officer of the Company and delivered to the Representatives or to counsel for the Underwriters

shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby.

SECTION 2. Sale and Delivery to the Underwriters;

Closing.

(a)            Securities.

On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company

agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from

the Company, at the price set forth in Schedule B, the aggregate principal amount of the Securities set forth in Schedule A

opposite the name of such Underwriter, plus any additional principal amount of Securities which such Underwriter may become obligated

to purchase pursuant to the provisions of Section 10 hereof.

(b)            Payment.

Payment of the purchase price for the Securities shall be made at the office of Latham & Watkins LLP, 99 Bishopsgate, London

EC2M 3XF, United Kingdom, or at such other place as shall be agreed upon by the Representatives and the Company, at 8:00 A.M. (London

time) on July 7, 2026 (unless postponed in accordance with the provisions of Section 10) or such other time not later than

ten business days after such date as shall be agreed upon by the Representatives and the Company (such time and date of payment and delivery

being herein called “Closing Time”).

Barclays or such other Representative as the Company

may direct to settle the Securities (the “Settlement Bank”) acknowledges that the certificate in global form representing

the Securities (the “Global Security”) will initially be credited to an account (the “Commissionaire Account”)

for the benefit of the Settlement Bank the terms of which include a third-party beneficiary clause (‘stipulation pour autrui’)

with the Company as the third-party beneficiary and provide that such Securities are to be delivered to others only against payment of

the net subscription monies for the Securities (i.e., less the commissions and expenses to be deducted from the subscription monies)

into the Commissionaire Account on a delivery against payment basis.

The Settlement Bank acknowledges that (i) the

Securities represented by the Global Security shall be held to the order of the Company as set out above and (ii) the net subscription

monies for the Securities received in the Commissionaire Account (i.e., less the commissions and expenses deducted from the subscription

monies) will be held on behalf of the Company until such time as they are transferred to the Company’s order. The Settlement Bank

undertakes that the net subscription monies for the Securities (i.e., less the commissions and expenses deducted from the subscription

monies) will be transferred to the Company’s order promptly following receipt of such monies in the Commissionaire Account.

The Company acknowledges and accepts the benefit

of the third-party beneficiary clause (‘stipulation pour autrui’) pursuant to the Belgian and/or Luxembourg Civil

Code, as applicable, in respect of the Commissionaire Account.

Registration. The certificate for the Global Security shall be in the denominations of €100,000 and integral multiples of €1,000

in excess thereof and shall be registered in such names as the Representatives may request in writing at least one full business day

before the Closing Time. The certificate for the Global Security will be made available for examination by the Representatives in London

not later than 2:00 P.M. (London time) on the business day prior to the Closing Time.

SECTION 3.

Covenants of the Company. The Company covenants with each Underwriter as follows:

(a)            Compliance

with Securities Regulations and Commission Requests. The Company, subject to Section 3(b), will comply with the requirements of

Rule 430B and will notify the Representatives immediately, and confirm the notice in writing, (i) when any post-effective amendment

to the Registration Statement or new registration statement relating to the Securities shall become effective, or any supplement to the

Prospectus or any amended Prospectus or any Issuer Free Writing Prospectus shall have been filed, (ii) of the receipt of any comments

from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement or the filing of a new

registration statement or any amendment or supplement to the Prospectus or any document incorporated or deemed to be incorporated by

reference or otherwise deemed to be a part of or included in any of the foregoing (including, without limitation, pursuant to Rule 430B)

or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration

Statement or such new registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the

suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any

proceedings for any of such purposes or of any examination pursuant to Section 8(d) or Section 8(e) of the 1933 Act

concerning the Registration Statement or any such new registration statement, or (v) if the Company becomes the subject of a proceeding

under Section 8A of the 1933 Act in connection with the offering of the Securities. The Company will effect the filings required

under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)),

and, if applicable, will take such steps as it deems necessary to ascertain promptly whether the form of prospectus supplement or prospectus

transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will

promptly file such prospectus supplement or prospectus, as the case may be. The Company will make every reasonable effort to prevent

the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.

(b)            Filing

of Amendments. The Company will give the Representatives notice of its intention to file or prepare any amendment to the Registration

Statement or new registration statement relating to the Securities or any amendment, supplement or revision to either any preliminary

prospectus (including any prospectus included in the Registration Statement or amendment thereto at the time it became effective) or

to the Prospectus, whether pursuant to the 1933 Act, the 1934 Act or otherwise, will furnish the Representatives with copies of any such

documents a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document

to which the Representatives or counsel for the Underwriters shall object. The Company has given the Representatives notice of any filings

made pursuant to the 1934 Act or 1934 Act Regulations within 48 hours prior to the Applicable Time; the Company will give the Representatives

notice of its intention to make any such filing from the Applicable Time through the Closing Time and will furnish the Representatives

with copies of any such documents a reasonable amount of time prior to such proposed filing and will not file or use any such document

to which the Representatives or counsel for the Underwriters shall object.

Free Writing Prospectuses. The Company represents and agrees that, unless it obtains the prior consent of the Representatives, and

each Underwriter, severally and not jointly, represents and agrees that, unless it obtains the prior consent of the Company and the Representatives,

it has not made and will not make any offer relating to the Securities that would constitute an “issuer free writing prospectus,”

as defined in Rule 433, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405,

required to be filed with the Commission, except that the Underwriters may use a free writing prospectus containing the information contained

in the Pricing Term Sheet. Any such free writing prospectus consented to by the Company and the Representatives is hereinafter referred

to as a “Permitted Free Writing Prospectus” and, for purposes of clarity, the parties hereby agree that each Issuer General

Use Free Writing Prospectus listed on Schedule D hereto (if any) is a Permitted Free Writing Prospectus. The Company represents

that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,”

as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free

Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.

(d)            Delivery

of Registration Statement. The Company has furnished or will deliver to the Representatives and counsel for the Underwriters, without

charge, as many signed and conformed copies of the Registration Statement as originally filed and of each amendment thereto (including

exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein)

as the Representatives and counsel for the Underwriters may reasonably request. The copies of the Registration Statement and each amendment

thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant

to EDGAR, if any, except to the extent permitted by Regulation S-T.

(e)            Delivery

of Prospectuses. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus, if

any, as such Underwriter reasonably requested, and the Company has delivered to each Underwriter, without charge, as many copies of each

Issuer Free Writing Prospectus, if any, as such Underwriter reasonably requested, and the Company hereby consents to the use of such

copies for purposes permitted by the 1933 Act. The Company will furnish to each Underwriter, without charge, during the period when the

Prospectus is required to be delivered under the 1933 Act or the 1934 Act (or would be required to be delivered upon request by a purchaser

pursuant to Rule 173 under the 1933 Act), such number of copies of the Prospectus (as amended or supplemented) as such Underwriter

may reasonably request in writing (which may be by email). The Prospectus and any amendments or supplements thereto furnished to the

Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to

the extent permitted by Regulation S-T.

(f)            Continued

Compliance with Securities Laws. The Company will comply with the 1933 Act and the 1933 Act Regulations and the 1934 Act and the

1934 Act Regulations and the 1939 Act and the 1939 Act Regulations so as to permit the completion of the distribution of the Securities

as contemplated in this Agreement and in the General Disclosure Package and the Prospectus. If at any time when a prospectus is required

by the 1933 Act to be delivered (or would be required to be delivered upon request by a purchaser pursuant to Rule 173 under the

1933 Act) in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is

necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the Registration Statement or amend or supplement

the Prospectus in order that the Prospectus will not include any untrue statements of a material fact or omit to state a material fact

necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered

to a purchaser, or if it shall be necessary, in the opinion of any such counsel, at any such time to amend the Registration Statement

or to file a new registration statement relating to the Securities or amend or supplement the Prospectus in order to comply with the

requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly prepare and file with the Commission, subject to

Section 3(b), such amendment, supplement or new registration statement as may be necessary to correct such statement or omission

or to make the Registration Statement or the Prospectus comply with such requirements, the Company will use its best efforts to have

such amendment or new registration statement declared effective as soon as practicable (if it is not an automatic shelf registration

statement with respect to the Securities), and the Company will furnish to the Underwriters such number of copies of such amendment,

supplement or new registration statement as the Underwriters may reasonably request. If at any time following issuance of an Issuer Free

Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted

or would conflict with the information contained in the Registration Statement (or any other registration statement relating to the Securities)

or the Statutory Prospectus or any other preliminary prospectus, the Company will promptly notify the Representatives and will promptly

cease use of such Issuer Free Writing Prospectus or amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate

or correct such conflict. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or

development as a result of which such Issuer Free Writing Prospectus included or would include an untrue statement of a material fact

or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances

prevailing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly cease use

of such Issuer Free Writing Prospectus and amend or supplement, at its own expense, either (a) such Issuer Free Writing Prospectus

or (b) the Statutory Prospectus and the Prospectus, to eliminate or correct such conflict, untrue statement or omission.

(g)            Blue

Sky Qualifications. The Company will use its best efforts, in cooperation with the Underwriters, to qualify the Securities for offering

and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representatives may

designate and to maintain such qualifications in effect for a period of not less than one year from the date hereof; provided,

however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign

corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect

of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Securities have been

so qualified, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such

qualification in effect for a period of not less than one year from the date hereof.

(h)            Rule 158.

The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its security

holders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated

by, the last paragraph of Section 11(a) of the 1933 Act.

(i)            Use

of Proceeds. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the

Prospectus under “Use of Proceeds.”

(j)            Reporting

Requirements. The Company, during the period when the Prospectus is required to be delivered under the 1933 Act or the 1934 Act,

will file all documents required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934

Act and the 1934 Act Regulations.

(k)            Notice

of Inability to Use Automatic Shelf Registration Statement Form. If at any time when Securities remain unsold by the Underwriters

the Company receives from the Commission a notice pursuant to Rule 401(g)(2) or otherwise ceases to be eligible to use the

automatic shelf registration statement form, the Company will (i) promptly notify the Representatives, (ii) promptly file a

new registration statement or post-effective amendment to the Registration Statement on the proper form relating to the Securities, in

a form satisfactory to the Representatives, (iii) use its best efforts to cause such new registration statement or post-effective

amendment to be declared effective and (iv) promptly notify the Representatives of such effectiveness. The Company will take all

other action necessary or appropriate to permit the public offering and sale of the Securities to continue as contemplated in the registration

statement that was the subject of the Rule 401(g)(2) notice or for which the Company has otherwise become ineligible. References

herein to the Registration Statement shall include such new registration statement or post-effective amendment, as the case may be.

(l)             Filing

Fees. The Company shall pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1) of

the 1933 Act Regulations without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of

the 1933 Act Regulations (including, if applicable, by updating the “Calculation of Registration Fee” table in accordance

with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or in the manner specified by Rule 424(g) in

the Prospectus filed pursuant to Rule 424(b)).

(m)           Pricing

Term Sheet. The Company will prepare a final pricing term sheet containing a description of the final terms of the Securities, in

a form approved by the Representatives and containing the information in Schedule C hereto, and will file such term sheet pursuant

to Rule 433(d) under the 1933 Act within the time period required by such rule (such term sheet, the “Pricing Term

Sheet”).

(n)            Restriction

on Sale of Securities. During the period beginning on the date of this Agreement through and including the Closing Time, the Company

will not, without the prior written consent of the Representatives, directly or indirectly, offer, pledge, sell, contract to sell, sell

any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise

transfer or dispose of, any debt securities of the Company or any securities convertible into or exercisable or exchangeable for any

debt securities of the Company (except for the Securities sold to the Underwriters pursuant to this Agreement) or file any registration

statement under the 1933 Act with respect to any of the foregoing.

(o)            No

Stabilization. Neither the Company nor its affiliates, nor any persons acting on any of their behalf, has taken or will take, directly

or indirectly, any action designed to cause or to result in, or that has caused or resulted or which might reasonably be expected to

cause or result in, the stabilization in violation of applicable laws or manipulation of the price of any debt security of the Company

to facilitate the sale or resale of any Securities.

(p)            Clearstream/Euroclear.

The Company will assist the Representatives in arranging for the Securities to be eligible for clearance and settlement through the facilities

of Clearstream Banking S.A. (“Clearstream”) and Euroclear Bank, SA/NV (“Euroclear”) and maintain such eligibility

for so long as the Securities remain outstanding.

(q)            Listing.

The Company will use its commercially reasonable efforts to cause the Securities to be listed on the New York Stock Exchange within 30

days after the date of this Agreement.

SECTION 4.

Payment of Expenses.

(a)            Expenses.

The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the word processing,

printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment

thereto, (ii) the printing and delivery to the Underwriters of this Agreement, a Canadian “wrapper” (if applicable)

and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Securities,

(iii) the preparation, issuance and delivery of the certificate for the Global Security to the Underwriters, including any transfer

taxes or other duties payable upon the sale of the Securities to the Underwriters, (iv) the fees and disbursements of the Company’s

counsel, accountants and other advisors, (v) the qualification of the Securities under securities laws in accordance with the provisions

of Section 3(g) hereof and, if applicable, the preparation of a Canadian “wrapper,” including filing fees and the

reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the

Blue Sky Survey and any supplement thereto and, if applicable, such Canadian “wrapper,” (vi) the printing and delivery

to the Underwriters of copies of each preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus and any amendments

or supplements thereto and any costs associated with the electronic delivery of any of the foregoing to the Underwriters, (vii) the

preparation, printing and delivery to the Underwriters of copies of the Blue Sky Survey and any supplement thereto, (viii) the fees

and expenses of any transfer agent or registrar for the Securities, (ix) if required, the filing fees incident to, and the reasonable

fees and disbursements of counsel to the Underwriters (such fees and disbursements not to exceed $10,000) in connection with, the review,

if any, by the Financial Industry Regulatory Authority, Inc. (the “FINRA”) of the terms of the sale of the Securities,

(x) the fees and expenses of the Trustee, the Agent and the common depositary, including, if required, the fees and disbursements

of counsel in connection with the Indenture, the Agency Agreement and the Securities, (xi) any fees payable to securities rating

agencies in connection with the rating of the Securities, (xii) the fees (including, but not limited to, any application fees) and

expenses incurred in connection with the application, approval and admittance of the Securities for book-entry transfer by Clearstream

and Euroclear, and (xiii) the fees and expenses incurred in connection with listing of the Securities on the New York Stock Exchange.

(b)            Termination

of Agreement. If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) or

9(a)(v) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees

and disbursements of counsel for the Underwriters.

Rata Expenses. Each Underwriter agrees to pay the portion of such expenses payable by the Underwriters represented by such Underwriter’s

pro rata share (based on the proportion that the principal amount of the Securities set forth opposite such Underwriter’s name

in Schedule A hereto bears to the aggregate principal amount of the Securities set forth opposite the names of all Underwriters) of the

offering and sale of the Securities (with respect to each Underwriter, the “Pro Rata Expenses”). Notwithstanding anything

contained in the International Capital Market Association Primary Market Handbook, each Underwriter hereby agrees that the Settlement

Lead Manager (as defined in Section 15 hereof) may allocate the Pro Rata Expenses to the account of such Underwriter for settlement

of accounts (including payment of such Underwriter’s fees by the Settlement Lead Manager) as soon as practicable but in any case

no later than 90 days following the Closing Time.

SECTION 5.

Conditions of Underwriters’ Obligations

. The obligations of the several Underwriters

hereunder are subject to the accuracy of the representations and warranties of the Company contained in Section 1 hereof and in

certificates of any officer of the Company or any subsidiary of the Company delivered pursuant to the provisions hereof, to the performance

by the Company of its covenants and other obligations hereunder, and to the following further conditions:

(a)            Effectiveness

of Registration Statement. The Registration Statement has become effective and at Closing Time no stop order suspending the effectiveness

of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission,

and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction

of counsel to the Underwriters. The Company shall not have received from the Commission any notice pursuant to Rule 401(g)(2) objecting

to the use of the automatic shelf registration statement form. The Prospectus containing the Rule 430B Information shall have been

filed with the Commission in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)).

The Pricing Term Sheet and all other Issuer General Use Free Writing Prospectuses, if any, have been filed, and all Issuer Limited Use

Free Writing Prospectuses, if any, have, if required by the 1933 Act Regulations, also been filed with the Commission in the manner and

within the time period required by Rule 433. The Company shall have paid the required Commission filing fees relating to the Securities

within the time period required by Rule 456(b)(1) of the 1933 Act Regulations without regard to the proviso therein and otherwise

in accordance with Rules 456(b) and 457(r) of the 1933 Act Regulations and, if applicable, shall have updated the “Calculation

of Registration Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration

Statement or in the manner specified by Rule 424(g) in the Prospectus filed pursuant to Rule 424(b).

(b)            Opinions

of Counsel for Company. At Closing Time, (i) the Representatives shall have received the favorable opinions, dated as of Closing

Time, of Latham & Watkins LLP, counsel for the Company, and Venable LLP, Maryland counsel to the Company, each in form and substance

satisfactory to counsel for the Underwriters, to the effect set forth in Exhibits A and B hereto, respectively, and to such further effect

as counsel to the Underwriters may reasonably request pursuant to Section 5(i); and (ii) if such Maryland counsel shall deliver

a Separate Opinion (as defined in the last paragraph of Exhibit B hereto), the Representatives shall have received such Separate

Opinion, which shall comply with the requirements of the last paragraph of Exhibit B.

of Counsel for the Underwriters. At Closing Time, the Representatives shall have received the favorable opinion, dated as of Closing

Time, of Sidley Austin LLP, counsel for the Underwriters, with respect to this Agreement,

the Indenture, the Securities, the Registration Statement, the General Disclosure Package and the Prospectus and such other matters as

the Representatives may reasonably request. In giving such opinion such counsel may rely, as to all matters arising under or governed

by the laws of the State of Maryland, upon the opinion of Venable LLP delivered pursuant to Section 5(b) and, as to all

matters governed by the laws of other jurisdictions (other than the law of the State of New York and the federal law of the United States)

upon the opinions of counsel satisfactory to the Representatives.

(d)            Officers’

Certificate. At Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information

is given in the General Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise, or

in the earnings, business affairs, financial prospects or business prospects of the Company and its subsidiaries considered as one enterprise,

whether or not arising in the ordinary course of business, and the Representatives shall have received a certificate of the Chairman,

the Chief Executive Officer, the President, the Chief Legal Officer or the General Counsel of the Company and of the chief financial

officer, principal financial officer, chief accounting officer or the Head of Corporate Finance of the Company, dated as of Closing Time,

to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties in Section 1

hereof are true and correct with the same force and effect as though expressly made at and as of Closing Time, (iii) the Company

has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under this Agreement at or prior

to Closing Time, and (iv) no stop order suspending the effectiveness of the Registration Statement nor any notice pursuant to Rule 401(g)(2) objecting

to the use of the automatic shelf registration statement form has been issued and no proceedings for that purpose have been initiated

or, to the best of their knowledge, threatened by the Commission.

(e)            Company

Accountant’s Comfort Letter. (i) At the time of the execution of this Agreement, the Representatives shall have

received from KPMG LLP a letter, dated such date, in form and substance satisfactory to the Representatives, together with signed

or reproduced copies of such letter for each of the Underwriters, containing statements and information of the type ordinarily included

in accountants’ “comfort letters” to underwriters with respect to the Company’s financial statements and certain

financial information contained in the Registration Statement, the Statutory Prospectus and the Prospectus; and (ii) at the Closing

Time the Representatives shall have received from KPMG LLP a letter, dated as of Closing Time, to the effect that they reaffirm

the statements made in the letter furnished pursuant to clause (i) of this subsection (e) of this Section, except

that the specified date referred to therein shall be a date not more than three business days prior to Closing Time.

(f)            [Intentionally

Omitted.]

(g)            Accounting

Officer’s Certificate. At the time of the execution of this Agreement, the Representatives shall have received a certificate,

in form and substance satisfactory to the Representatives, signed by the chief financial officer, principal financial officer or chief

accounting officer of the Company, acting solely in his or her capacity as such officer, certifying as to the accuracy of certain financial

information included in the Registration Statement, the Statutory Prospectus and/or the Prospectus.

(h)            Rating

Requirement. The Securities shall have credit ratings and outlooks from Moody’s Investors Service Inc. (“Moody’s”)

and S&P Global Ratings (“S&P”) at the Closing Time that are the same as or better than the respective ratings and

outlooks set forth in the Pricing Term Sheet filed with the Commission on the date hereof, and the Company shall have delivered to the

Representatives a letter, dated the Closing Time, from each such rating agency, or other evidence satisfactory to the Representatives,

confirming that the Securities have such ratings.

(i)            Additional

Documents. At the Closing Time, counsel for the Underwriters shall have been furnished with such documents and opinions as they may

reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in

order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained;

and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be satisfactory

in form and substance to the Representatives and counsel for the Underwriters.

(j)            Termination

of Agreement. If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled,

this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to Closing Time, and such termination

shall be without liability of any party to any other party except as provided in Section 4 and except that Sections 6, 7, 13, 14,

15, 19, 20 and 22 shall survive any such termination and remain in full force and effect.

(k)            Agency

Agreement. The Agency Agreement shall have been executed and delivered by the parties thereto, shall be reasonably satisfactory to

the Representatives in form and substance, and shall be in full force and effect and the Representatives shall have received an executed

copy of the Agency Agreement.

(l)            Clearstream/Euroclear.

The Securities shall be eligible for clearance and settlement through the facilities of Clearstream and Euroclear.

SECTION 6. Indemnification.

(a)            Indemnification

of Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, each person that is an affiliate or a selling

agent of any Underwriter and that is involved in the offering or sale of the Securities, and each person, if any, who controls any Underwriter

within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

(i)             against

any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue

statement of a material fact contained in the Registration Statement (or any amendment thereto), including, without limitation, the Rule 430B

Information, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the

statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included in (A) any

preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package (or any part thereof) or the Prospectus (or

any amendment or supplement thereto) or (B) any materials or information provided to investors by, or with the approval of, the

Company in connection with the marketing of the offering of the Securities, including any road show or investor presentations made by

the Company (whether in person or electronically and including any live or recorded road show or presentations), or the omission or alleged

omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which

they were made, not misleading;

(ii)            against

any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement

of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever

based upon any such untrue statement or omission, or any such alleged untrue statement or omission, provided that (subject to Section 6(d) below)

any such settlement is effected with the written consent of the Company; and

(iii)            against

any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representatives), reasonably

incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency

or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue

statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;

provided, however,

that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue

statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished

to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto)

or any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).

(b)            Indemnification

of Company, Directors and Officers. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company,

its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the

meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and

expense described in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue

statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including,

without limitation, the Rule 430B Information, or any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure

Package (or any part thereof) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written

information furnished to the Company by such Underwriter through the Representatives expressly for use therein.

against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying

party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying

party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result

thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.

In the case of parties indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected by

the Representatives, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified parties

shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided,

however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to

the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition

to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar

or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall,

without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect

to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever

in respect of which indemnification or contribution could be sought under this Section 6 or Section 7 hereof (whether or not

the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an

unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim

and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified

party.

(d)            Settlement

without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party to reimburse

the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of

the nature contemplated by Section 6(a)(ii) hereof effected without its written consent if (i) such settlement is entered

into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have

received notice of the terms of such settlement at least 45 days prior to such settlement being entered into and (iii) such indemnifying

party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

SECTION 7.

Contribution. If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient

to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each

indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such

indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company

on the one hand and the Underwriters on the other hand from the offering of the Securities pursuant to this Agreement or (ii) if

the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not

only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and of

the Underwriters on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims,

damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by the Company

on the one hand and the Underwriters on the other hand in connection with the offering of the Securities pursuant to this Agreement shall

be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement

(before deducting expenses) received by the Company and the total underwriting discount received by the Underwriters, in each case as

set forth on the cover of the Prospectus bear to the aggregate initial public offering price of the Securities as set forth on such cover.

The relative fault of the Company on the one hand

and the Underwriters on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue

statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company

or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent

such statement or omission.

The Company and the Underwriters agree that it

would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters

were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations

referred to above in this Section 7. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified

party and referred to above in this Section 7 shall be deemed to include any legal or other expenses reasonably incurred by such

indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental

agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or

alleged omission.

Notwithstanding the provisions of this Section 7,

no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten

by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise

been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

No person guilty of fraudulent misrepresentation

(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty

of such fraudulent misrepresentation.

For purposes of this Section 7, each person

that is an affiliate or a selling agent of any Underwriter and that is involved in the offering or sale of the Securities and each person,

if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have

the same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration

Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20

of the 1934 Act shall have the same rights to contribution as the Company. The Underwriters’ respective obligations to contribute

pursuant to this Section 7 are several in proportion to the aggregate principal amount of Securities set forth opposite their respective

names in Schedule A hereto and not joint.

SECTION 8.

Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained

in this Agreement and in certificates of officers of the Company submitted pursuant hereto shall remain operative and in full force and

effect, regardless of any investigation made by or on behalf of any Underwriter or any affiliate, selling agent or controlling person

of any Underwriter, or by or on behalf of the Company, and shall survive delivery of the Securities to the Underwriters.

SECTION 9.

Termination of Agreement.

(a)            Termination;

General. The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to Closing Time (i) if

in the reasonable judgment of the Representatives, there has been, since the time of execution of this Agreement or since the respective

dates as of which information is given in the Prospectus or the General Disclosure Package, any material adverse change in the condition,

financial or otherwise, or in the earnings, business affairs, financial prospects or business prospects of the Company and its subsidiaries

considered as one enterprise, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material

adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation

thereof or other calamity or crisis or any change or development involving a prospective change in national or international political,

financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable

or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities

of the Company has been suspended or limited by the Commission, the New York Stock Exchange or the Nasdaq Global Market, or if trading

generally on the NYSE American or the New York Stock Exchange or the London Stock Exchange plc or in the Nasdaq Global Market has been

suspended or limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any

of said exchanges or by such system or by order of the Commission, the FINRA or any other governmental authority, or a material disruption

has occurred in commercial banking or securities settlement or clearance services in the United States, or (iv) if a banking moratorium

has been declared by either Federal, California, New York, United Kingdom or European Union authorities, or (v) if since the date

of this Agreement, there has occurred a downgrading in the rating assigned to the Securities, any class or series of the Company’s

outstanding Preferred Stock, if any, or any of the Company’s other debt securities by any nationally recognized securities rating

agency, or any such securities rating agency has publicly announced that it has under surveillance or review, with possible negative

implications or without indicating the direction of the possible change, its rating of the Securities, any class or series of Preferred

Stock or any of the Company’s other debt securities, or (vi) there shall have occurred a material adverse change since the

date hereof in the U.S., United Kingdom or European Union taxation affecting the Securities or the transfer thereof.

(b)            Liabilities.

If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party

except as provided in Section 4 hereof, and provided further that Sections 6, 7, 13, 14, 15, 19, 20 and 22 shall survive such

termination and remain in full force and effect.

SECTION 10.

Default by One or More of the Underwriters. If one or more of the Underwriters shall fail at the Closing Time to purchase

the Securities which it or they are obligated to purchase under this Agreement at such time (the “Defaulted Securities”),

the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,

or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon

and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour

period, then:

(a)            if

the aggregate principal amount of the Defaulted Securities does not exceed 10% of the aggregate principal amount of the Securities set

forth on Schedule A hereto, each of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the

full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations

of all non-defaulting Underwriters, or

(b)            if

the aggregate principal amount of the Defaulted Securities exceeds 10% of the aggregate principal amount of the Securities set forth

on Schedule A hereto, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section shall

relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not

result in a termination of this Agreement, either the Representatives or the Company shall have the right to postpone the Closing Time,

for a period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other

documents or arrangements. As used herein, the term “Underwriter” includes any person substituted for an Underwriter under

this Section 10.

SECTION 11.

Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given

if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to them c/o (a) Barclays

Bank PLC at 1 Churchill Place, London E14 5HP, Tel: +44 (0) 20 7773 9098, Email: LeadManagedBondNotices@barclayscorp.com, Attn: Debt

Syndicate, (b) BNP PARIBAS, 16, boulevard des Italiens 75009 Paris, France, Attention: Fixed Income Syndicate, Email: dl.syndsupportbonds@uk.bnpparibas.com;

pasquale.perraglia@us.bnpparibas.com, (c) RBC Europe Limited, 100 Bishopsgate, London EC2N 4AA, United Kingdom, Telephone: +44 (0)

20 7029 7031; Email: TMGUK@rbccm.com; Attention: New Issues Syndicate Desk, (d) Banco Santander, S.A., Ciudad Grupo Santander, Avenida

de Cantabria s/n, Edificio Encinar, 28660 Boadilla del Monte, Madrid, Spain, Telephone: +34 912572029; Email: syndicate@gruposantander.com;

Attention: Head of Debt Capital Markets and (e) Wells Fargo Securities International Limited, 33 King William Street, London EC4R

9AT, United Kingdom, Attention: DCM & Syndicate; and notices to the Company shall be directed to it at Realty Income Corporation,

11995 El Camino Real, San Diego, California 92130, attention of Legal Department.

SECTION 12.

Parties. This Agreement shall inure to the benefit of and be binding upon the Underwriters, including any substitute Underwriters

pursuant to Section 10 hereof, and the Company and their respective successors. Nothing expressed or mentioned in this Agreement

is intended or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective

successors and the affiliates, selling agents, controlling persons and officers and directors referred to in Sections 6 and 7 and

their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision

herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the

Underwriters and the Company and their respective successors, and said affiliates, selling agents, controlling persons and officers and

directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities

from any Underwriter shall be deemed to be a successor by reason merely of such purchase.

SECTION 13.

Recognition of the U.S. Special Resolution Regimes.

(a) In the event that any Underwriter that

is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this

Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be

effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws

of the United States or a state of the United States.

(b) In the event that any Underwriter that

is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime,

Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent

than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the

United States or a state of the United States.

For the purposes of this Section 13, a “BHC

Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12

U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term

is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is

defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined

in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right” has the meaning assigned to that term

in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution

Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title

II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

SECTION 14.

Contractual Recognition of Bail-In. Notwithstanding and to the exclusion of any other term of this Agreement or any other

agreements, arrangements, or understanding between any of the parties hereto, each of the parties acknowledges and accepts that a BRRD

Liability of a BRRD Party hereto arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution

Authority, and acknowledges, accepts and agrees to be bound by:

(a)            the

effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of a BRRD Party, that

(without limitation) may include and result in any of the following, or some combination thereof:

(i)             the

reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

(ii)            the

conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of another person, and the

issue to or conferral on it of such shares, securities or obligations;

(iii)          the

cancellation of the BRRD Liability; or

(iv)          the

amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by

suspending payment for a temporary period; and

(b)            the

variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of

any Bail-in Powers by the Relevant Resolution Authority.

For the purposes of this Section 14,

“Bail-in Legislation” means (a) in

relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant

implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time and (b) in

relation to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law or

regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial

institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings);

“Bail-in Powers” means (a) in

relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, any write-down,

conversion, transfer, modification, suspension or similar or related power existing from time to time under, and exercised in compliance

with, any applicable laws, regulations, rules or requirements pursuant to the applicable Bail-in Legislation and (b) in relation

to the United Kingdom, any powers of the Relevant Resolution Authority under the Bail-In Legislation to cancel, transfer or dilute shares

issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other

financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under

which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other

person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any

obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of

those powers.

“BRRD” means Directive 2014/59/EU

establishing a framework for the recovery and resolution of credit institutions and investment firms;

“BRRD Liability” has the same meaning

as in such laws, regulations, rules or requirements implementing the BRRD under the applicable Bail-in Legislation;

“BRRD Party” means any party hereto

that is subject to Bail-in Powers;

“EU Bail-in Legislation Schedule”

means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time

to time; and

“Relevant Resolution Authority” means,

in relation to any BRRD Party, the resolution authority with the ability to exercise any Bail-in Powers as defined in this Section 14.

SECTION 15.

ICMA Agreement Among Managers. The execution of this Agreement on behalf of all parties hereto will constitute the acceptance

by each Underwriter of the International Capital Market Association Standard Form Agreement Among Managers Version 1/ New York Law

(the “AAM”) as amended herein and the Underwriters further agree that references in the AAM to the “Managers”

shall mean the Underwriters, references to “Lead Manager” and the “Joint Bookrunners” shall mean the Representatives,

references to the “Settlement Lead Manager” shall mean the Settlement Bank, references to the “Stabilisation Manager”

and the “Stabilisation Coordinator” shall mean Barclays and references to the “Subscription Agreement” shall

mean this Agreement. As applicable to the Underwriters, Clause 3 of the AAM shall be deemed to be deleted in its entirety and replaced

with Section 10 of this Agreement. The Underwriters further agree for the purposes of the AAM that their respective underwriting

commitments as between themselves will be as set out in the table attached to this Agreement as Schedule A which shall constitute the

Commitment Notification (as defined in the AAM).

SECTION 16.

Stabilizing Manager. The Company hereby authorizes Barclays in its role as stabilizing manager (the “Stabilizing

Manager”) to make adequate public disclosure regarding stabilization of the information required in relation to such stabilization

by Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016. The Stabilizing Manager for its own account may, to the extent

permitted by applicable laws and directives, over-allot and effect transactions with a view to supporting the market price of the Securities

at a level higher than that which might otherwise prevail, but in doing so the Stabilizing Manager shall act as principal and not as

agent of the Company and any loss resulting from over-allotment and stabilization shall be borne, and any profit arising therefrom shall

be beneficially retained, by the Stabilizing Manager. However, stabilization may not necessarily occur. Any stabilizing action may begin

on or after the date on which adequate public disclosure of the terms of the Securities takes place and, if begun, may cease at any time,

but must end no later than the earlier of 30 days after the issue date of the Securities and 60 days after the date of the allotment

of the Securities. Nothing contained in this paragraph shall be construed so as to require the Company to issue in excess of the aggregate

principal amount of Securities specified in Schedule A hereto. Such stabilization, if commenced, may be discontinued at any time and

shall be conducted by the Stabilizing Manager in accordance with all applicable laws and directives.

SECTION 17.

MiFID II Product Governance. Solely for the purposes of the requirements of Article 9(8) of the MiFID Product

Governance rules under EU Delegated Directive 2017/593, as amended (the “MiFID Product Governance Rules”) regarding

the mutual responsibilities of manufacturers under the MiFID Product Governance Rules: (a) Santander acknowledges that it understands

the responsibilities conferred upon it under the MiFID Product Governance Rules relating to each of the product approval process,

the target market and the proposed distribution channels as applying to the Securities and the related information set out in the Prospectus

and any announcements in connection with the Securities; and (b) the Company and each Underwriter (other than Santander) note the

application of the MiFID Product Governance Rules and acknowledge the target market and distribution channels identified as applying

to the Securities by Santander and the related information set out in the Prospectus and any announcements in connection with the Securities.

SECTION 18.

UK MiFIR Product Governance. Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention

and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) regarding the mutual responsibilities of manufacturers

under the UK MiFIR Product Governance Rules: (a) each of Barclays, BNP PARIBAS, RBC, Santander and Wells Fargo (each a “UK

Manufacturer” and together the “UK Manufacturers”) acknowledges to each other UK Manufacturer that it understands the

responsibilities conferred upon it under the UK MiFIR Product Governance Rules relating to each of the product approval process,

the target market and the proposed distribution channels as applying to the Securities and the related information set out in the Prospectus

and any announcements in connection with the Securities; and (b) the Company and each Underwriter (other than the UK Manufacturers)

note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified

as applying to the Securities by the UK Manufacturers and the related information set out in the Prospectus and any announcements in

connection with the Securities.

SECTION 19.

Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder

into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of

exchange used shall be the rate at which in accordance with normal banking procedures the Underwriters could purchase United States dollars

with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation

of the Company with respect to any sum due from the Company to any Underwriter or any person controlling any Underwriter or any affiliate

or selling agent of any Underwriter, as the case may be, shall, notwithstanding any judgment in a currency other than United States dollars,

not be discharged until the first business day following receipt by such Underwriter or controlling person or affiliate or selling agent

of such Underwriter of any sum in such other currency, and only to the extent that such Underwriter or controlling person or affiliate

or selling agent of such Underwriter may in accordance with normal banking procedures purchase United States dollars with such other

currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person or

affiliate or selling agent of such Underwriter, as the case may be, hereunder, the Company agrees, as a separate obligation and notwithstanding

any such judgment, to indemnify such Underwriter or controlling person or affiliate or selling agent of such Underwriter against such

loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person or

affiliate or selling agent of such Underwriter hereunder, such Underwriter or controlling person or affiliate or selling agent of such

Underwriter, as the case may be, shall pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally

due to such Underwriter or controlling person or affiliate or selling agent of such Underwriter hereunder.

SECTION 20.

No Advisory or Fiduciary Responsibility; Tax Disclosure. (a) The Company acknowledges and agrees that: (i) the

purchase and sale of the Securities pursuant to this Agreement, including the determination of the public offering price of the Securities

and any related discounts and commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and

the several Underwriters, on the other hand, and does not constitute a recommendation, investment advice, or solicitation of any action

by the Underwriters, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions

of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process

leading to such transaction each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or

fiduciary of the Company or its affiliates, stockholders, creditors or employees or any other party; (iii) no Underwriter has assumed

or will assume an advisory, agency or fiduciary responsibility in favor of the Company or any of its subsidiaries or other affiliates

with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether such Underwriter

has advised or is currently advising the Company or any of its subsidiaries or other affiliates on other matters) and no Underwriter

has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this

Agreement; (iv) the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve

interests that differ from those of the Company and the several Underwriters have no obligation to disclose any of such interests by

virtue of any advisory, agency or fiduciary relationship; (v) the Underwriters have not provided any legal, accounting, financial,

regulatory, investment or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting,

financial, regulatory and tax advisors to the extent it deemed appropriate; and (vi) none of the activities of the Underwriters

in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action

by the Underwriters with respect to any entity or natural person.

(b)            Notwithstanding

any other provision of this Agreement, immediately upon commencement of discussions with respect to the transactions contemplated hereby,

the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation

of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including

opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure. For purposes of the

foregoing, the term “tax treatment” is the purported or claimed federal income tax treatment of the transactions contemplated

hereby, and the term “tax structure” includes any fact that may be relevant to understanding the purported or claimed federal

income tax treatment of the transactions contemplated hereby.

SECTION 21.

Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company

and the several Underwriters, or any of them, with respect to the subject matter hereof. The Company hereby waives and releases, to the

fullest extent permitted by law, any claims that the Company may have against the several Underwriters with respect to any breach or

alleged breach of agency or fiduciary duty.

SECTION 22.

GOVERNING LAW AND TIME. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT

SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED

IN SAID STATE. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

SECTION 23.

Waiver of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and

all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 24.

Effect of Headings and Table of Contents; Counterparts. The Article and Section headings herein and the Table

of Contents are for convenience only and shall not affect the construction hereof. This Agreement may be executed in any number of counterparts,

each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement.

The words “executed,” “execution,”

“signed,” “signature,” and words of like import in this Agreement or in any instruments, agreements, certificates,

legal opinions, negative assurance letters or other documents entered into or delivered pursuant to or in connection with this Agreement

shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,

“pdf”, “tif” or “jpg”) and electronic signatures (including, without limitation, DocuSign and AdobeSign)

and, without limitation to the foregoing, this Agreement and any amendments or supplements hereto may be executed and delivered by the

parties by any of the foregoing means other than by DocuSign, AdobeSign or other electronic signatures. The use of electronic means of

transmittal and delivery, electronic signatures and electronic records (including, without limitation, any contract or other record created,

generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability

as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including

the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any

other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial

Code.

[Signature Pages Follow]

If the foregoing is in accordance with your understanding

of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts,

will become a binding agreement between the Underwriters and the Company in accordance with its terms.

Very truly yours,

REALTY INCOME CORPORATION

By: /s/ Jonathan Pong

Name:

Jonathan Pong

Title:

Executive Vice President, Chief Financial Officer and Treasurer

[Signature Page to

Purchase Agreement]

CONFIRMED AND ACCEPTED,

as of the date first above written:

By: BARCLAYS BANK PLC

By:

/s/ Lynda Fleming

Name:

Lynda Fleming

Title:

Authorised Signatory

By: BNP PARIBAS

By:

/s/ Pasquale A. Perraglia IV

By:

/s/ Christian Stewart

Name:

Pasquale A. Perraglia IV

Name:

Christian Stewart

Title:

Managing Director

Title:

Managing Director

By: RBC

Europe Limited

By:

/s/ Elaine S. Murray

Name:

Elaine S. Murray

Title:

Duly Authorised Signatory

By: Banco

Santander, S.A.

By:

/s/ Matthias d'Haene

By:

/s/ Alexis Rohr

Name:

Matthias d'Haene

Name:

Alexis Rohr

Title:

DCM Executive Director

Title:

DCM VP

By: WELLS FARGO SECURITIES INTERNATIONAL

LIMITED

By:

/s/ Bradley Cooper

Name:

Bradley Cooper

Title:

Executive Director

For themselves and as Representatives of the Underwriters listed in the signature pages hereto and named in

Schedule A hereto.

[Signature Page to

Purchase Agreement]

By: MERRILL LYNCH INTERNATIONAL

By:

/s/ Mark Kitchen

Name:

Mark Kitchen

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: J.P. MORGAN SECURITIES PLC

By:

/s/ Robert Chambers

Name:

Robert Chambers

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: MIZUHO INTERNATIONAL PLC

By:

/s/ Manabu Shibuya

Name:

Manabu Shibuya

Title:

Authorised Signatory

[Signature

Page to Purchase Agreement]

By: REGIONS SECURITIES LLC

By:

/s/ Neil Giardino

Name:

Neil Giardino

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: TD GLOBAL FINANCE UNLIMITED COMPANY

By:

/s/ Frances Watson

Name:

Frances Watson

Title:

Managing Director, Transaction Advisory

[Signature

Page to Purchase Agreement]

By: CITIGROUP GLOBAL MARKETS LIMITED

By:

/s/ Paula Clarke

Name:

Paula Clarke

Title:

Delegated Signatory

[Signature

Page to Purchase Agreement]

By: GOLDMAN SACHS & CO. LLC

By:

/s/ Karim Saleh

Name:

Karim Saleh

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: PNC CAPITAL MARKETS LLC

By:

/s/ Mitchell O'Shell

Name:

Mitchell O'Shell

Title:

Senior Associate

[Signature

Page to Purchase Agreement]

By: SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY

By:

/s/ Jessica Gough

Name:

Jessica Gough

Title:

Managing Director & Head European Corporate, DCM

By:

/s/ James Walter

Name:

James Walter

Title:

Head of Legal, Europe

[Signature

Page to Purchase Agreement]

By: TRUIST SECURITIES, INC.

By:

/s/ Rob Nordlinger

Name:

Rob Nordlinger

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: U.S. BANCORP INVESTMENTS, INC.

By:

/s/ Charles P. Carpenter

Name:

Charles P. Carpenter

Title:

Senior Vice President

[Signature

Page to Purchase Agreement]

By: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

By:

/s/ Nicolas Vucekovic

Name:

Nicolas Vucekovic

Title:

ED DCM Origination

By:

/s/ Alvaro Solis

Name:

Alvaro Solis

Title:

DCM Bond Origination

[Signature

Page to Purchase Agreement]

By: BANK OF MONTREAL, LONDON BRANCH

By:

/s/ Michael McCormick

Name:

Michael McCormick

Title:

Managing Director, Debt Capital Markets

By:

/s/ Richard Couzens

Name:

Richard Couzens

Title:

Managing Director, Head of Global Markets, EMEA

[Signature

Page to Purchase Agreement]

By: BNY MELLON CAPITAL MARKETS, LLC

By:

/s/ Dan Klinger

Name:

Dan Klinger

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: CAPITAL ONE SECURITIES, INC.

By:

/s/ Sam Baruch

Name:

Sam Baruch

Title:

Head of Debt Capital Markets

[Signature

Page to Purchase Agreement]

By: CITIZENS JMP SECURITIES, LLC

By:

/s/ Michele Goodenough

Name:

Michele Goodenough

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: DEUTSCHE BANK AG, LONDON BRANCH

By:

/s/ Kevin Prior

Name:

Kevin Prior

Title:

Managing Director

By:

/s/ John Han

Name:

John Han

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: HUNTINGTON SECURITIES, INC.

By:

/s/ Jay Clutter

Name:

Jay Clutter

Title:

Director

[Signature

Page to Purchase Agreement]

By: MORGAN STANLEY & CO. INTERNATIONAL PLC

By:

/s/ Kathryn McArdle

Name:

Kathryn McArdle

Title:

Executive Director

[Signature

Page to Purchase Agreement]

By: UBS AG LONDON BRANCH

By:

/s/ Olivia Singh

Name:

Olivia Singh

Title:

Executive Director

By:

/s/ Edward Mulderrig

Name:

Edward Mulderrig

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: SAMUEL A. RAMIREZ & COMPANY, INC.

By:

/s/ Rick Viton

Name:

Rick Viton

Title:

Managing Director

[Signature

Page to Purchase Agreement]

By: ACADEMY SECURITIES, INC.

By:

/s/ Anthony Johnson

Name:

Anthony Johnson

Title:

Compliance Analyst

[Signature

Page to Purchase Agreement]

By: ROBERTS & RYAN, INC.

By:

/s/ Ed D'Alessandro

Name:

Ed D'Alessandro

Title:

CEO

[Signature

Page to Purchase Agreement]

By: R. SEELAUS & CO., LLC

By:

/s/ James Brucia

Name:

James Brucia

Title:

Managing Director

[Signature

Page to Purchase Agreement]

SCHEDULE A

Principal amount

Barclays Bank PLC

€ 60,000,000

BNP PARIBAS

48,000,000

RBC Europe Limited

48,000,000

Banco Santander, S.A.

48,000,000

Wells Fargo Securities International Limited

48,000,000

Merrill Lynch International

24,000,000

J.P. Morgan Securities plc

24,000,000

Mizuho International plc

24,000,000

Regions Securities LLC

24,000,000

TD Global Finance unlimited company

24,000,000

Citigroup Global Markets Limited

18,000,000

Goldman Sachs & Co. LLC

18,000,000

PNC Capital Markets LLC

18,000,000

Scotiabank (Ireland) Designated Activity Company

18,000,000

Truist Securities, Inc.

18,000,000

U.S. Bancorp Investments, Inc.

18,000,000

Banco Bilbao Vizcaya Argentaria, S.A.

12,000,000

Bank of Montreal, London Branch

12,000,000

BNY Mellon Capital Markets, LLC

12,000,000

Capital One Securities, Inc.

12,000,000

Citizens JMP Securities, LLC

12,000,000

Deutsche Bank AG, London Branch

12,000,000

Huntington Securities, Inc.

12,000,000

Morgan Stanley & Co. International plc

12,000,000

UBS AG London Branch

12,000,000

Samuel A. Ramirez & Company, Inc.

4,800,000

Academy Securities, Inc.

2,400,000

Roberts & Ryan, Inc.

2,400,000

R. Seelaus & Co., LLC

2,400,000

Total

€ 600,000,000

Sch A-1

SCHEDULE B

Pricing Schedule

1.            The

initial public offering price for the Securities shall be 99.518% of the principal amount thereof, plus accrued interest, if any, from

and including July 7, 2026 (the “Securities Public Offering Price”).

2.            The

purchase price to be paid for the Securities by the several Underwriters shall be 98.868% of the principal amount thereof (being an

amount equal to the Securities Public Offering Price set forth in paragraph 1 above less an underwriting discount of 0.650% of the

principal amount thereof).

Sch B-1

SCHEDULE C

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-277150

June 29, 2026

REALTY INCOME CORPORATION

PRICING TERM SHEET

3.625% Notes due 2032

This free writing prospectus relates only to

the securities described below and should be read together with Realty Income Corporation’s preliminary prospectus supplement June

29, 2026 (the “Preliminary Prospectus Supplement”), the accompanying prospectus dated February 16, 2024 (the “Prospectus”)

and the documents incorporated and deemed to be incorporated by reference therein.

Issuer:

Realty Income Corporation (the “Company”)

Security:

3.625% Notes due 2032 (the “notes”)

The notes will constitute a separate series of the Company’s debt securities under the indenture governing the notes.

Trade Date:

June 29, 2026

Expected Settlement Date:

July 7, 2026

Delayed Settlement:

The Company expects that the delivery of the notes

will be made against payment therefor on or about the settlement date specified above, which will be the fifth U.S. business day following

the date of this pricing term sheet. Under rules of the U.S. Securities and Exchange Commission (the “SEC”), trades

in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise.

Accordingly, purchasers who wish to trade the notes before the business day prior to the settlement date specified above will be required,

by virtue of the fact that the normal settlement date for that trade would occur prior to the closing date for the issuance of the notes,

to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors

with respect to these matters.

Offering Format:

SEC registered

Net Proceeds:

Approximately €593.2

million after deducting the underwriting discount but before deducting other estimated expenses payable by the Company.

Use of Proceeds:

The Company intends to use the net proceeds it receives

from this offering for general corporate purposes, which may include, among other things, the repayment or repurchase of its indebtedness

(including borrowings under its revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments,

the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion

and improvement of certain properties in its portfolio. For information concerning potential conflicts of interest that may arise from

the use of proceeds to repay borrowings under the Company’s revolving credit facilities or commercial paper programs, see “Underwriting

(Conflicts of Interest) — Other Relationships” and “Underwriting (Conflicts of Interest) —

Conflicts of Interest” in the Preliminary Prospectus Supplement.

Sch C-1

Principal Amount:

€600,000,000

Denominations:

€100,000 and integral multiples of €1,000 in excess thereof

Maturity Date:

July 30, 2032

Day Count Convention:

ACTUAL/ACTUAL (ICMA)

Interest Rate:

3.625% per annum, accruing from July 7, 2026

Interest Payment Dates:

Annually on July 30, commencing July 30, 2026 (short first coupon)

Price to Public:

99.518%, plus accrued interest, if any

Benchmark Bund:

DBR 0.000% due February 15, 2032

Benchmark Bund Price/Yield:

86.413 / 2.629%

Spread to Benchmark Bund:

+108.7

basis points

Mid-Swap Yield:

2.766%

Spread to Mid-Swap:

+95 basis points

Issue Yield:

3.716%

Optional Redemption:

Prior to May 30, 2032 (the “Par Call Date”), the notes will be redeemable at any time in whole or from time to time in part at the Company’s option at a redemption price equal to the greater of:

(a)   100% of the principal amount of the notes to be redeemed, and

(b)   the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the applicable redemption date), assuming that the notes matured and that accrued and unpaid interest on the notes was payable on the Par Call Date, discounted to such redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as such term is defined under the caption “Description of Notes—Optional Redemption” in the Preliminary Prospectus Supplement) plus 20 basis points,

plus, in the case of both clauses (a) and (b) above, accrued and unpaid interest on the principal amount of the notes being redeemed to such redemption date.

Sch C-2

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

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

Tax Redemption:

The notes will be redeemable, in whole but not in part, at the option of the Company in the event of certain changes in United States taxation at a redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest on the notes to the redemption date. See “Description of Notes — Redemption for Changes in Taxes” and “Description of Notes — Payment of Additional Amounts” in the Preliminary Prospectus Supplement for further terms and provisions applicable to redemption of the notes under these circumstances.

CUSIP:

756109 DC5

ISIN:

XS3422184401

Common Code:

342218440

Listing:

The Company intends to apply to list the notes on the New York Stock Exchange. No application will be made by the Company for the notes to be listed, quoted and/or admitted to trading on or by any stock exchange or other competent authority in the European Economic Area.

Underwriters

Joint Book-Running Managers:

Barclays Bank PLC

BNP PARIBAS

RBC Europe Limited

Banco Santander, S.A.

Wells Fargo Securities International Limited

Merrill Lynch International

J.P. Morgan Securities plc

Mizuho International plc

Regions Securities LLC

TD Global Finance unlimited company

Citigroup Global Markets Limited

Goldman Sachs & Co. LLC

PNC Capital Markets LLC

Scotiabank (Ireland) Designated Activity Company

Truist Securities, Inc.

U.S. Bancorp Investments, Inc.

Sch C-3

Senior Co-Managers:

Banco Bilbao Vizcaya Argentaria, S.A.

Bank of Montreal, London Branch

BNY Mellon Capital Markets, LLC

Capital One Securities, Inc.

Citizens JMP Securities, LLC

Deutsche Bank AG, London Branch

Huntington Securities, Inc.

Morgan Stanley & Co. International plc

UBS AG London Branch

Co-Managers:

Samuel A. Ramirez & Company, Inc.

Academy Securities, Inc.

Roberts & Ryan, Inc.

R. Seelaus & Co., LLC

An affiliate of BNY Mellon Capital Markets, LLC, one of the underwriters,

is the trustee under the indenture governing the notes.

Associated Investment Services, Inc. (AIS), a Financial Industry

Regulatory Authority member, an indirect, wholly owned subsidiary of Associated Banc-Corp, is being paid a referral fee by Samuel A. Ramirez &

Company, Inc.

The issuer has filed a registration statement (including a prospectus)

with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration

statement and the related prospectus supplement and other documents the issuer has filed with the SEC for more complete information about

the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively,

the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and related prospectus

supplement if you request it by contacting Barclays Bank PLC by telephone at 1-888-603-5847, BNP PARIBAS by telephone at +44 (0)20-7595-8222,

RBC Europe Limited by telephone at +44 (0) 20 7029 7031, Banco Santander, S.A. by telephone at +34-91-257-2029 and Wells Fargo Securities

International Limited by telephone at 1-800-645-3751.

MiFID II and UK MiFIR – professionals / ECPs-only / No PRIIPs

KID – Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients

only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the notes are not available to retail

investors in the European Economic Area.

The communication of this free writing prospectus, the Preliminary

Prospectus Supplement, the Prospectus and any other documents or materials relating to the issue of the notes is not being made, and has

not been approved, by an authorized person for the purposes of section 21 of the United Kingdom’s Financial Services and Markets

Act 2000, as amended. Accordingly, this free writing prospectus, the Preliminary Prospectus Supplement, the Prospectus and any other documents

or materials relating to the issue of the notes are not being distributed to, and must not be passed on to, the general public in the

United Kingdom. This free writing prospectus, the Preliminary Prospectus Supplement, the Prospectus and any other documents or materials

relating to the issue of the notes are for distribution only to persons who (i) have professional experience in matters relating

to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”)), (ii) fall

within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are

other persons to whom they may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons

together being referred to as “relevant persons”). This free writing prospectus, the Preliminary Prospectus Supplement, the

Prospectus and any other documents or materials relating to the issue of the notes are directed only at relevant persons and must not

be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this free writing prospectus,

the Preliminary Prospectus Supplement, the Prospectus and any other documents or materials relating to the issue of the notes relates

will be engaged in only with relevant persons. Any person that is not a relevant person should not act or rely on this free writing prospectus,

the Preliminary Prospectus Supplement, the Prospectus or any other documents or materials relating to the issue of the notes described

herein or any of their contents.

Sch C-4

SCHEDULE D

Issuer General Use Free Writing Prospectuses

1. Issuer Free Writing Prospectus dated June 29, 2026 setting forth certain terms of the Securities.

Exhibit D-1

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

Jun. 29, 2026

Document Type

8-K

Amendment Flag

false

Document Period End Date

Jun. 29, 2026

Entity File Number

1-13374

Entity Registrant Name

REALTY

INCOME CORPORATION

Entity Central Index Key

0000726728

Entity Tax Identification Number

33-0580106

Entity Incorporation, State or Country Code

Entity Address, Address Line One

11995

El Camino Real

Entity Address, City or Town

San

Diego

Entity Address, State or Province

Entity Address, Postal Zip Code

92130

City Area Code

858

Local Phone Number

284-5000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Common Stock [Member]

Title of 12(b) Security

Common

Stock, $0.01 Par Value

Trading Symbol

Security Exchange Name

NYSE

Notes 1. 125 Percent Due 2027 [Member]

Title of 12(b) Security

1.125%

Notes due 2027

Trading Symbol

O27A

Security Exchange Name

NYSE

Notes 1. 875 Percent Due 2027 [Member]

Title of 12(b) Security

1.875%

Notes due 2027

Trading Symbol

O27B

Security Exchange Name

NYSE

Notes 5. 000 Percent Due 2029 [Member]

Title of 12(b) Security

5.000%

Notes due 2029

Trading Symbol

O29B

Security Exchange Name

NYSE

Notes 1. 625 Percent Due 2030 [Member]

Title of 12(b) Security

1.625%

Notes due 2030

Trading Symbol

O30

Security Exchange Name

NYSE

Notes 4. 875 Percent Due 2030 [Member]

Title of 12(b) Security

4.875%

Notes due 2030

Trading Symbol

O30B

Security Exchange Name

NYSE

Notes 5. 750 Percent Due 2031 [Member]

Title of 12(b) Security

5.750%

Notes due 2031

Trading Symbol

O31A

Security Exchange Name

NYSE

Notes 3. 375 Percent Due 2031 [Member]

Title of 12(b) Security

3.375%

Notes due 2031

Trading Symbol

O31B

Security Exchange Name

NYSE

Notes 1. 750 Percent Due 2033 [Member]

Title of 12(b) Security

1.750%

Notes due 2033

Trading Symbol

O33A

Security Exchange Name

NYSE

Notes 5. 125 Percent Due 2034 [Member]

Title of 12(b) Security

5.125%

Notes due 2034

Trading Symbol

O34

Security Exchange Name

NYSE

Notes 3. 875 Percent Due 2031 [Member]

Title of 12(b) Security

3.875%

Notes due 2035

Trading Symbol

O35B

Security Exchange Name

NYSE

Notes 6. 000 Percent Due 2039 [Member]

Title of 12(b) Security

6.000%

Notes due 2039

Trading Symbol

O39

Security Exchange Name

NYSE

Notes 5. 250 Percent Due 2041 [Member]

Title of 12(b) Security

5.250%

Notes due 2041

Trading Symbol

O41

Security Exchange Name

NYSE

Notes 2. 500 Percent Due 2042 [Member]

Title of 12(b) Security

2.500%

Notes due 2042

Trading Symbol

O42

Security Exchange Name

NYSE

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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