---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-117419"
form_type: "8-K"
ticker: "O"
cik: "0000726728"
company_name: "REALTY INCOME CORP"
filed_at: "2025-12-02T23:59:59+00:00"
generated_at: "2026-05-16T15:48:39.223593+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-25-117419
- form_type: 8-K
- ticker: O
- cik: 0000726728
- company_name: REALTY INCOME CORP
- filed_at: 2025-12-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/726728/000110465925117419/0001104659-25-117419-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/726728/000110465925117419/tm2532481d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-117419
- JSON: https://secwatch.observer/filing/0001104659-25-117419.json
- Plain text: https://secwatch.observer/filing/0001104659-25-117419.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.