secwatch.observer — SEC 8-K summary
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Issuer:     REALTY INCOME CORP (O)
CIK:        0000726728
Form:       8-K
Filed at:   2025-12-02T23:59:59+00:00
Accession:  0001104659-25-117419
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/726728/000110465925117419/0001104659-25-117419-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/726728/000110465925117419/tm2532481d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-117419

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer