As detailed in the proxy materials and outlined below, your board of directors has concluded that the proposed merger with Realty Income is in the best interests of the Company and its stockholders and unanimously recommends you vote FOR the proposal to approve the merger. After thorough deliberation by your board of directors, with the assistance of the Company's independent financial and legal advisors, the Company has determined that a sale to Realty Income is the best way to continue delivering value to ARCT stockholders. We urge you to vote by telephone or via the Internet by following instructions on your WHITE proxy card, or please sign, date and return the enclosed WHITE proxy card today using the postage-paid envelope provided. Your vote is very important. Your board of directors recommends that stockholders vote today FOR the proposal to approve the merger with Realty Income. A failure to vote will have the same effect as a vote AGAINST the proposal to approve the merger and the other transactions contemplated by the merger agreement.