Realty Income and Plenty form $1b alliance for vertical farming development

Realty Income Corp. and Plenty Unlimited have entered a strategic real estate alliance to support the development of Plenty’s indoor vertical farms.

The transaction marks Realty Income’s entry into the space.

“We are pleased to announce this strategic relationship with Plenty — whose sustainable business practices align with Realty Income’s values, which include giving more than we take in our community and environment,” said Sumit Roy, Realty Income’s president and CEO. “Our entry into agriculture technology provides another potential growth opportunity for our company. Over time, we aspire to expand our collaboration with Plenty internationally in markets of mutual interest.”

Under the terms of the agreement, Realty Income will acquire and provide development funding for properties that will house Plenty’s indoor farms. These properties will be leased to Plenty under long-term net leases. The agreement provides for up to $1 billion of devel