The press release for the acquisition outlines details regarding the property’s attractive risk-adjusted returns and growth potential.

The cash flow comes from the 11,000 or so real estate assets that it owns through long-term agreements with a wide range of commercial clients. Realty Income has a listing on the S&P 500 and provides monthly dividends to investors. In a statement released Tuesday, Realty Income CEO and president Sumit Roy commented on the acquisition, he said: “This transaction demonstrates our ability to utilize our platform and scale to acquire prime real estate assets across a variety of industries in alignment with our investment criteria.” Not even five miles from downtown Boston, it is the sole property of its kind in the metropolitan area of the city. It offers five-star dining, hotel rooms, shopping, gambling, and entertainment.

An attractive investment opportunityĮncore Boston Harbor opened in June 2019 with a total development cost of $2.6bn. RIC expects the transaction to close in the final quarter of this year. The acquisition still requires the relevant regulatory approvals before proceeding. The initial lease term is 30 years with a tenant renewal option at the end of that time. The casino operator also has to cover all of the property’s expenses, such as maintenance, building insurance, and real estate taxes. This will see Wynn continue to operate the property in return for paying rent starting at $100m each year.

RIC has entered a long-term triple net lease agreement with Wynn Resorts. The deal, announced by RIC on Tuesday, marks the real estate investment trust’s first gaming industry acquisition. Realty Income Corporation (RIC) is acquiring the real estate assets of the Encore Boston Harbor Resort in Massachusetts for $1.7bn.

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