Curating Best-in-Class Portfolio

Global Net Lease Investable Universe is Immense Quantum of opportunity and low market saturation affords ample runway for growth AGGREGATE NET LEASE Market EUROPE Combined enterprise value of public net lease REITS of $7 billion(1) ~$8 T EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition PUBLIC NET LEASE Peers 13 peers REALTY INCOME ~$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $160 billion (2) EUROPE -$7 B(1) Public net lease REITS account for 1% of total European net lease addressable market US 3 peers UNITED STATES ~$160 B(2) Public net lease REITS account for ~4% of total US net lease addressable market (1) Includes LXI, SIR, and SUPR. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$115B, or ~20X the current portfolio size (2) Represents the following "traditional" net lease peers: ADC, BNL,EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, and WPC ("the traditional" net lease peers). 18

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