European Portfolio Snapshot

Credit Valuation Arbitrage: Acquiring Cash Flow from Blue-Chip Operators at Attractive Real Estate Spreads NET LEASE ACQUISITIONS GENERATE PREMIUM INCOME STREAM RELATIVE TO BONDS Top 50 Clients Represent(2) ~60% of total annual rent ~40% of total annual rent from clients with public ~10-yr notes outstanding ~60% of Top 50 clients have an investment grade credit rating(3) BBB-/Baa3 weighted average credit rating ~80% of total rent from publicly traded companies ~70% of total rent from members of S&P 500 or equivalent index Realty Income's acquisitions generate ~50 bps spread over weighted average bond yields of its clients Walgreens 7-ELEVEN. CIRCLE K ❤CVS pharmacy LOWE'S THE HOME DEPOT FedEx. DOLLAR GENERAL amazon TESCO TSC TRACTOR SUPPLY CO Kroger DOLLAR TREE O'Reilly Walmart BEST BUY Advance Auto Parts AUTO PARTS Source: Bloomberg (1) Weighted average (by rent) ~10-year bond yields as of 6/30/2022. (2) As of 6/30/2022. (3) As measured by rent. -12% of clients (by rent) are not rated. Investment grade clients are clients with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). 518 bps 570 bps (1) Top 50 Client 10-Year Bond Yields YTD 2022 Acquisition Cap Rate REALTY INCOME 41

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