European Portfolio Snapshot
Pending Sale-Leaseback with Wynn Resorts
Attractive risk-adjusted returns. Realty Income is purchasing the
Encore Boston Harbor (Encore) Resort and Casino for $1.7 billion at a
5.9% cash cap rate. The transaction is consummated under a 30-year
triple net lease with favorable annual escalators.
• Partnership with leading operator. Wynn Resorts (NASDAQ: WYNN) is
a $20 billion (EV) S&P 500 company and one of the preeminent
developers and operators of integrated resorts in the world, reflecting
Realty Income's strategy of partnering with industry blue chips.
Benefits of size and scale. Pro-forma for the transaction, Realty
Income's exposure to the gaming sector is expected to be < 3.5%,
preserving prudent diversification.
Demonstrates growth profile of business model. Realty Income's
entry into the gaming industry demonstrates that its growth opportunities.
are unconstrained by industry, property type or geography and in
alignment with our investment criteria.
Encore
REALTY INCOME
Encore Boston Harbor Resort & Casino
Encore
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