Crystallizing Value Creation & Market Overview

Grocery (10.9% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 26% Realty Income's top two U.S. grocery clients control 40% of U.S. grocery market share 14% 7% 3% 2% 2% E-COMMERCE RESISTANT INDUSTRY 67% 46% unti DRIVEN DY NATUR DOLLAR GENERAL WHOLESALE amazon Other SUPERVALU Source: Walmart (1) Barclays Research, 2020. Kroger COSTCO (2) Kantar World Panel for 12 weeks ending 10/3/2021. Food-at-Home as a % of Total Food Expenditure(3) REALTY INCOME U.K. Grocery Market Share(2) Realty Income's top two U.K. grocery clients control 42% of U.K. grocery market share 17% 8% 5% ■Big 4 ■Discounters ■Convenience ■Premium ■■"Pure play" online 2% TESCO Sainsbury's ASDA SPAR Iceland.co.uk Morrisons 9810 Waitrose C ocado amazon POSITIVE OUTLOOK ON THE SPANISH GROCERY INDUSTRY: Food-at-home spending more prevalent, online grocery spending less common 66% 61% 52% Source: (3) Statista.com, Gov.uk, USDA ERS. Spain (4) CBRE, Statista.com, Multichannelmerchant.com, Kantar. 4.5% Pre-COVID Online Grocery Penetration (4) 7.4% 1.3% UK US Spain US UK 61

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