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.
