Superior Stability and Dividend Growth
REALTY
INCOME
Rising Short-Term Yields Have Historically Been Correlated with Realty Income Outperformance
In 2015, the Fed began raising its benchmark interest rate, which continued through 2018(1)
TOTAL RETURNS:
YEAR 1 OF FED RATE HIKE CYCLE
13.1%
13.0%
7.7%
S&P 500 RMZ
TOTAL RETURN
PERFORMANCE
During the Fed's prior rate
hike cycle, Realty Income
outperformed the S&P 500
and the MSCI US REIT
Index (RMZ) over the 3-
year duration of the rate
hike cycle
COMPARATIVE CORRELATION:
TOTAL RETURN VS. 2-YEAR UST YIELD SINCE 2009
Historically, Realty Income's returns have been
positively correlated to short-term yields
+0.25
S&P 500Ⓡ
(1) During the prior rate hike cycle, the Fed initiated its initial rate hike in December 2015 (0.25% - 0.50%) with its final hike occurring in December 2018 (2.25% -2.50%)
TOTAL RETURNS:
3-YEAR DURATION OF FED RATE HIKE CYCLE
44.4%
30.6%
13.0%
S&P 500Ⓡ RMZ
+0.35
+0.39
RMZ
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