Growing International Portfolio

Significant Addressable Market Depth of product and industry demand tailwinds expected to provide material runway for investment REALTY INCOME Consumer Centric Medical Real Estate Healthcare Real Estate The U.S. leads the developed world in national healthcare expenditures Per capita spending of $13k per year is double the OECD average(1) However, quality of outcomes are below average E.g. US diabetes hospital admits are 52% above OECD average Care delivery is shifting to an outpatient, primary care model Patients win: Lowered hospitalizations and higher NPS Providers win: improved job satisfaction; quality-driven compensation is more attractive than hospital profit model Payers win: Significant cost savings potential for payers through capitation arrangements Investment Criteria Free Standing Net Lease Unit size Operators with scale & differentiation (1) Total national health expenditure, US $ per capita, per Peterson-KFF. (2) Size of consumer-centric medical real estate industry is estimated at $1.8 trillion in 2022 and expected to grow to greater than $2 trillion by 2027 per McKinsey & Co. >$2 Trillion Consumer-centric and allied real estate subsectors (2) 45 45

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