1. Realty Income, a $73 billion REIT, has expanded its portfolio by thinking creatively and diversifying into various property sectors. 2. Evaluating the cost of capital is crucial for REITs to make high-quality investments, with lower costs enabling better opportunities. 3. The net lease REIT sector has a significant opportunity set, with a total market cap of around $130 billion and potential investments in traditional net lease properties, casinos, and data centers.