James Emmer

James Emmer asked if Realty Income has an understanding of GIC's annual dollar investment appetite for net lease investments, whether owned or credit structured. He also inquired if Realty Income is prohibited from pursuing other programmatic co-investment programs with other sovereign wealth funds or insurance companies.

Answer

Sumit Roy, President and CEO, stated that GIC's investment appetite is "big." He confirmed that Realty Income is not prohibited from pursuing partnerships with other sovereigns or capital sources. He emphasized that there's no need for other sources within the current GIC build-to-suit industrial development, as GIC is positively inclined towards net lease (e.g., STORE acquisition) and the $1.5 billion initial commitment is programmatic and expected to grow, offering value creation for both parties.

James Emmer asked about GIC's annual dollar investment appetite for net lease investments and whether Realty Income is restricted from pursuing other programmatic co-investment programs with other sovereign wealth funds or insurance companies.

Answer

President and CEO Sumit Roy stated that GIC's investment appetite is 'big' and they are 'very positively inclined towards the net lease space.' He clarified that Realty Income is not prohibited from pursuing other partnerships, but there is no current need for other sources within the GIC build-to-suit industrial development. He emphasized the programmatic nature of the GIC JV, with the $1.5 billion as an initial commitment, and the hope to grow it due to mutual value creation.