Growing International Portfolio slide image

Growing International Portfolio

Global Net Lease Investable Universe is Immense Quantum of opportunity and low market saturation affords ample runway for growth AGGREGATE NET LEASE Market EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition PUBLIC NET LEASE Peers REALTY INCOME EUROPE Combined enterprise value of public net lease REITS of $4 billion(1) ~$8 T FUR >$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $150 billion(2) EUROPE ~$4 B(1) Public net lease REITs account for 1% of total European net lease addressable market 12 peers US 2 peers UNITED STATES -$150 B(2) Public net lease REITS account for >4% of total US net lease addressable market (1) Includes LXI and SUPR. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$100B, or ~13X the current portfolio size (2) Includes the following "traditional" net lease peers: ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, and WPC ("the traditional" net lease peers). 31
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