Superior Stability and Dividend Growth
Global Net Lease Investable Universe is Immense
EUROPE
Combined enterprise
Quantum of opportunity and low market
saturation affords ample runway for growth
value of public net lease
REITS of $7 billion
AGGREGATE NET LEASE
Market
EUROPE
UNITED STATES
Europe is an attractive growth
avenue with limited direct competition
~$8 T
FIR
~$4 T
US
UNITED STATES
Combined enterprise
value of public net lease
REITS of $160 billion(1)
EUROPE
~$7 B
Public net
lease REITs account
for <1% of total
addressable universe
PUBLIC NET LEASE
Peers
13
peers
REALTY
INCOME
US
UNITED STATES
-$160 B(1)
Public net lease REITS
account for ~4% of total
addressable universe
3
peers
(1) Represents "traditional" net lease peers, excluding gaming REITs.
To achieve similar market saturation, Realty Income's enterprise value in
Europe would approximate ~$115B, or ~22X the current portfolio size
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