Realty Income Corp. has plans to make an $800 million perpetual preferred equity investment in the real estate of CityCenter, composed of the ARIA Resort & Casino and Vdara Hotel & Spa, which is owned by funds affiliated with Blackstone Real Estate. Blackstone Real Estate will retain 100 percent of the common equity ownership of the property, which will continue to be operated by MGM Resorts International. This represents Realty Income’s second investment with Blackstone Real Estate, following the successful Bellagio Las Vegas joint venture completed in 2023.
“This represents an immediately accretive investment for Realty Income with a favorable initial yield and IRR profile, further demonstrating the value of our size, scale and diversification. This transaction adds to an active fourth quarter investment pipeline, which is fully funded from an equity standpoint from a combination of cash, anticipated free cash flow and equity, of which Realty Income had approxim
