Crystallizing Value Creation & Market Overview
Global Net Lease Investable Universe is Immense
Quantum of opportunity and low market
saturation affords ample runway for growth
AGGREGATE NET LEASE
Market
EUROPE
Combined enterprise
value of public net lease
REITS of $6 billion
~$8 T
EUROPE
UNITED STATES
Europe is an attractive growth
avenue with limited direct competition
~$4 T
US
UNITED STATES
Combined enterprise
value of public net lease
REITS of $145 billion(1)
EUROPE
-$6 B
Public net
lease REITs account
for <1% of total
addressable universe
PUBLIC NET LEASE
Peers
14
peers
REALTY
INCOME
US
UNITED STATES
~$145 B
Public net lease REITS
account for ~4% of total
addressable universe
3
peers
(1) Represents "traditional" net lease peers, excluding gaming REITs.
To achieve similar market saturation, Realty Income's enterprise value in
Europe would approximate ~$68B, or ~21X the current portfolio size
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