Curating Best-in-Class Portfolio

Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 11,400 Properties 560 BILLION YTD 2022 SOURCED OPPORTUNITIES REALTY INCOME RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION SELECTIVITY: ~ 5% $3.2 BILLION YTD 2022 ACQUISITIONS VOLUME Strategic Objectives: Identify "Mega Trends" • Research Geographies, Industries and Prospective Clients "Big Data" Analysis of New and Existing Industries • Construct Optimal Portfolio Considerations Include: • Market & Location • Surrounding Demographics • Traffic Counts, Access & Signage · • Rent Relative to Market Price vs Replacement Cost Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis Key Insights: • • • Long-Term Industry Trends Competitive Landscape Corporate Financial Profile ⚫ Client's Long-Term Growth Strategy • Store-Level Performance ESG Metrics Discussion Points: . • Fit in Portfolio and Company Strategy Consideration of Overall Opportunity Pricing and Other Deal Terms Investment Spreads and Long-Term IRR vs Long- Term WACC 26 26

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