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).
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