Core Viewpoint - Realty Income Corporation has announced an $800 million perpetual preferred equity investment in the real estate of CityCenter, which includes the ARIA Resort & Casino and Vdara Hotel & Spa, owned by Blackstone Real Estate, while increasing its 2025 investment volume guidance to over $6.0 billion [1][2]. Investment Details - The perpetual preferred equity investment is expected to yield an initial unlevered rate of return of 7.4%, with annual capped escalators starting on the fifth anniversary of the closing [3]. - An early redemption premium of 3% applies if redeemed within the first year, and 2% if redeemed between the first and fourth anniversaries [3]. - Realty Income will receive a make-whole payment if it does not achieve an 8.325% unlevered IRR upon redemption [3]. Strategic Partnership - This investment marks the second collaboration between Realty Income and Blackstone Real Estate, following the successful Bellagio Las Vegas joint venture completed in 2023 [1]. - Realty Income's President and CEO highlighted the strategic relationship with Blackstone and the immediate accretive nature of this investment [4]. Property Overview - The ARIA Resort & Casino and Vdara Hotel & Spa feature approximately 5,500 rooms and 500,000 square feet of convention space, operated by MGM Resorts International [5]. - The property is under a triple net lease with annual rent escalators and approximately 26 years remaining on the initial term, plus three 10-year extension options [4]. Financial Position - Realty Income had approximately $417 million in outstanding cash and $1.3 billion in unsettled forward equity as of the end of the third quarter [4]. - The transaction is expected to close on December 9, 2025, subject to customary closing conditions [5].