Growing International Portfolio
180
140
100
REALTY INCOME
Sale-Leaseback Market Opportunities in
the S&P 500 Face Potential Structural
and Cyclical Tailwinds
The term 'sale-leaseback' has become more frequently referenced in recent public
mentions (1) by S&P 500 companies (ex-REITs) compared to its historical usage(2).
Over $1.2 trillion of debt matures in 2024 - 2027 for S&P 500 companies in
Realty Income's addressable universe, and elevated bond yields support
continued attractiveness of SLB financing.
S&P 500 ADDRESSABLE UNIVERSE(4)
Debt Maturities (billions)
'SALE-LEASEBACK' IN S&P 500 PUBLIC MENTIONS(1)
ex-REITS
$292
$327
$285
$300
$2,129
2024
2025
2026
2027
2028+
$1.6 TRILLION
Real Estate owned by S&P 500
Addressable Universe (5)
HIGH YIELD BONDS (6) vs CAP RATES
ICE BofA US High Yield Index
O Acquisitions Cap Rate
9%
60
7%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
+39%
Increase from 2010 - 2023(3)
Source: Company filings and documents, Bloomberg, Bureau of Economic Analysis, St. Louis Fed.
(1) Count of term "sale-leaseback" within S&P 500 ex-REITS company documents (earnings call transcripts, investor presentations, SEC filings, press
releases). Based on the S&P 500 index members as of 6/30/2023.
5%
3%
(2) Increased usage of the term 'sale-leaseback' in public mentions might not indicate ability or willingness of a company to participate in a real estate sale-
leaseback transaction.
2021
2022
(3) Represents increase in public mentions from calendar year 2010 to 12 months ending 7/1/2023.
(4) Represents debt of companies in the S&P 500 as of 6/30/2023, excluding energy, materials, industrials, financials and real estate industries.
(5) Real estate calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Represents real estate of companies in the S&P 500 as of 6/30/2023, excluding energy, materials, industrials, financials and real estate industries.
(6) ICE BofA US High Yield Index Effective Yield.
2023
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