Superior Stability and Dividend Growth

Efficiency of the Net Lease Business Model Supports Cash Flow Stability Lease structure and growth drivers support a more predictable revenue stream relative to other forms of retail real estate UNIQUE "NET LEASE" STRUCTURE DRIVES LOWER CASH FLOW VOLATILITY Initial Length of Lease Remaining Average Term Responsibility for Property Expenses Gross Margin Volatility of Rental Revenue Maintenance Capital Expenditures REALTY INCOME 15+ Years ~ 9 Years Client > 98% Low Low None SHOPPING CENTERS AND MALLS < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low REALTY INCOME Reliance on Anchor Tenant(s) BEL Average Retail Property Size/ Fungibility 12k sf / High AMPLE EXTERNAL GROWTH OPPORTUNITIES Target Markets ts HIRING! External Acquisition Opportunities Institutional Buyer Competition REALTY INCOME Many High SHOPPING CENTERS AND MALLS Few Low Modest High External acquisitions drive 24 -2/3 of total earnings growth

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