Realty Income to make $800M investment in the real estate of CityCenter

Realty Income (O) and Blackstone Real Estate announced a definitive agreement under which Realty Income will make an $800M perpetual preferred equity investment in the real estate of CityCenter, comprised 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% 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. In conjunction with this announcement, Realty Income is increasing its 2025 investment volume outlook to over $6B. This transaction is expected to close on December 9th, 2025, subject to customary closing conditions.