Investor Presentaiton

$75 $65 $55 $45 $35 $25 Capital Allocation: Public/Private Arbitrage Green Street Advisors ADVISORY & CONSULTING GROUP The ability of REITs to buy and sell their own shares means they can effectively capture a pricing arbitrage between values in the public and private real estate markets. REIT executives who listen to market signals are able to create permanent value for shareholders, while those who ignore them tend to destroy value. Know when to grow... ...and when to shrink Realty Income NAV & Observed Share Price Premium to NAV Discount to NAV INAV / Sh. ⚫Sh. Price $28 $24 Shares trading at premium to the underlying value of the $20 real estate feb-2014 jun-2014 This is not a Research report. oct-2014 feb-2015 jun-2015 oct-2015 feb-2016 NET ASSET VALUE jun-2016 oct-2016 feb-2017 jun-2017 oct-2017 feb-2018 jun-2018 17 $16 $12 Jan-14 Host NAV & Observed Share Price Premium to NAV Discount to NAV NAV / Sh. -Sh. Price May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Shares trading at discount to the underlying value of the real estate Sep-16 NET ASSET VALUE May-17 Sep-17 Jan-17 Jan-18 May-18 Sep-18 Jan-19 www.GreenStreetAdvisors.com ©2019, Green Street Advisors, LLC Use of this report is subject to the Terms of Use listed at the end of the report

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