European Portfolio Snapshot

Drug Stores (6.3% of ABR) Bundled service partnerships and vertical integration among incumbents insulates industry from outside threats. 000 00 00 Both Walgreens and CVS are investing in improved customer experience(2). Walgreens plans to open 1,000 full-service doctor offices by the end of 2027 (2). CVS currently operates over 1,000 Health HUB locations (1) Source: (1) CVS filings. (2) Company Documents. (3) Company Filings as reported by IQVIA. (4) Company Filings | Latest reported quarter. Walgreens PHOTO 80% Of the scope of a typical primary care physician treatable at an on-site clinic(1). 85% Of the US population lives within 3 miles of a Walgreens or CVS(2). ~50% REALTY INCOME 3Q13 ετον 2.0% 1014 2014 3Q14 4Q14 1Q15 2015 3Q15 3.7% 4Q15 1Q16 2016 3Q16 4Q16 1Q17 2017 3Q17 4Q17 1018 2.0% 0.0% 2018 7.2% 7.4% 6.0% 6.0% 5.8% 5.8% 5.6% 9.7% 9.3% 2.8% 3Q18 4Q18 1019 2019 3019 4Q19 1020 2020 3Q20 4Q20 1021 2Q21 3021 4Q21 1022 2022 3Q22 6.8% 5.0% 3.5% 4.5% 3.2% 2.5% 2.0% 1.9% 8.9% 8.4% Walgreens: 36 of 37 Quarters of Positive Same-Store Pharmacy Sales Growth (4). Combined retail prescription market share of Walgreens and CVS (3). 7.3% 58

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