Pro forma for proceeds from the transaction, Wynn is expected to maintain modest lease-adjusted US leverage (as measured by lease-adjusted net debt / EBITDAR) of approximately 4.5x and in alignment with 2022 analyst consensus EBITDA for the US properties and corporate.ĭemonstrates growth profile of business model and benefits of size and scale. Wynn Resorts is an 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. The transaction is expected to generate immediate earnings accretion, healthy contractual rent growth, and long-term returns at favorable spreads to Realty Income's cost of capital. We are pleased to cultivate a new relationship with Wynn Resorts as we expand our universe of net lease investments.'Īttractive risk-adjusted returns. 'Our investment philosophy centers around generating favorable risk-adjusted returns by investing in strategically important properties with partners who are leaders in their respective industries. Sumit Roy, Realty Income's President and Chief Executive Officer. '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,' said

Pending regulatory procedures, the company expects to close this transaction in the 4 th quarter of 2022.

The lease also includes an additional 30-year option to renew upon expiration. The sale-leaseback transaction with Wynn Resorts is expected to be executed at a 5.9% initial cap rate, includes an initial lease term of 30 years with annual rent growth of 1.75% for the first ten years and the greater of 1.75% or CPI (capped at 2.5%) over the remaining lease term.

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