Curating Best-in-Class Portfolio

Dollar Stores (7.4% of ABR) Growing industry: 89% of all shoppers across geographies, income levels, and demographics shop at discount retailers. $120 $100 +6% $80 $60 $40 $20 US Discount Store Market Size (in billions)(1) Dollar General & Dollar Tree: Same-Store Sales Growth (2) +5% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E Source: (1) National Retail Federation. (2) Company Filings. Rece DOLLAR GENERAL 9.5% 7.3% 5.7% 7.2% 4.6% 2.0% 0.1% -0.8% 0.9% 2000 2003 REALTY INCOME Counter-cyclical protection due to a trade down effect and e-commerce resiliency. Great Recession (2007-2009) 16.3% Covid Pandemic (2020) DOLLAR GENERAL DOLLAR TREE 6.1% 4.3% 3.9% 3.2% 4.9% 2.4% 0.9% 1.8% 1.0% 1.7% 2006 2009 2012 2015 2018 2021 -2.8% DOLLAR TREE 56 56

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