Crystallizing Value Creation & Market Overview

Dollar Stores (7.5% of ABR) Growing industry: 89% of all shoppers across geographies, income levels, and demographics shop at discount retailers. $120 $100 +6% $80 $60 $40 US Discount Store Market Size (in billions)(1) +5% REALTY INCOME Dollar General & Dollar Tree: Same-Store Sales Growth (2) Counter-cyclical protection due to a trade down effect and e-commerce resiliency. 7.3% 5.7% 9.5% 7.2% 4.6% 2.0% 16.3% DOLLAR GENERAL DOLLAR TREE 6.1% 4.3% 3.9% 3.2% $20 0.1% -0.8% 4.9% 2.4% 1.8% 0.9% 0.9% 1.7% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: (1) National Retail Federation. (2) Company Filings. DOLLAR GENERAL Rece DOLLAR TREE 62 62

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