European Portfolio Snapshot

Investment Spreads Tend to Persevere Even as Interest Rates Rise RISING INTEREST RATES DO NOT POSE SIGNIFICANT EARNINGS HEADWIND TO THE NET LEASE BUSINESS MODEL REALTY INCOME 12% 10% 8% 6% 4% 2% | R²=0.9 | 0% It takes 12 months for cap rates to adjust to changing interest rates... Realty Income Acquisition Cap Rate Average 10Y UST Yield (12M Lag) (1) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 600 bps 400 bps 200 bps RECESSIONARY ENVIRONMENT PRESENTS ATTRACTIVE ACQUISITIONS OPPORTUNITIES Measured as acquisition cap rate spread over average 10-year Treasury during a given year indicates recession years 12970 0 bps (1) Weighted average initial cash lease yield during each year. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 29

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