Realty Income to invest $800M in CityCenter Vegas; raises FY25 volume guidance to >$6B

REALTY INCOME CORP

$800M perpetual preferred equity stake in CityCenter (ARIA & Vdara) from Blackstone; closing Dec 9, 2025.
Initial unlevered yield 7.4%; annual escalators capped from year 5; early redemption premium up to 3%.
2025 investment volume guidance raised to over $6.0B from ~$5.5B; fully funded via cash and forward equity.
Blackstone retains 100% common equity; MGM Resorts operates under triple-net lease with ~26 years remaining.

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