Realty Income Pitch Deck

Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 11,700 Properties 578 BILLION YTD 2022 SOURCED OPPORTUNITIES RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION Strategic Objectives: Considerations Include: Identify "Mega Trends" • Market & Location • Research Geographies, • Surrounding Demographics . Industries and Prospective Clients "Big Data" Analysis of New and Existing Industries Construct Optimal Portfolio Key Insights: • Long-Term Industry Trends Competitive Landscape • • • Traffic Counts, Access & Signage • Corporate Financial Profile . Rent Relative to Market • Client's Long-Term • Price vs Replacement Cost Growth Strategy • • Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis • Store-Level Performance • ESG Metrics Discussion Points: . Fit in Portfolio and Company Strategy Consideration of Overall Opportunity Pricing and Other Deal Terms Investment Spreads and Long-Term IRR vs Long- Term WACC REALTY INCOME 2 SELECTIVITY: ~ 7% $5.1 BILLION YTD 2022 ACQUISITIONS VOLUME 25

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