Realty Income deals move $1B
Realty Income announced another ~$1 billion partnership (names include GIC, Blackstone and Digital Realty) to expand its investment reach — a move pitched to strengthen dividend growth. (fool.com) Separately, Apollo committed $1 billion to a joint venture with Realty Income targeting single‑tenant retail properties. (realty.economictimes.indiatimes.com)
Apollo-managed funds will invest $1.0 billion for a 49% interest in a new joint‑venture that will own roughly 500 single‑tenant U.S. retail properties, a transaction announced March 19, 2026. (realtyincome.com) Under the JV terms Realty Income will retain management rights and a call option to repurchase Apollo’s stake starting in year seven through year 15, with the repurchase price structured to cap Apollo’s IRR at 6.875%. (apollo.com) Realty Income and Apollo said rating agencies will treat the injected capital as 100% permanent equity, and Goldman Sachs acted as exclusive structuring agent for Realty Income while Wells Fargo served as financial advisor to Apollo. (realtyincome.com) This Apollo JV is the latest tranche of Realty Income’s private‑capital push after a January 12, 2026 programmatic partnership with GIC that involved more than $1.5 billion of combined capital commitments and a $200 million takeout commitment tied to industrial assets in Mexico. (realtyincome.com) Earlier work with Digital Realty saw Realty Income invest about $200 million in November 2023 to acquire an 80% interest in two pre‑leased Northern Virginia data centers—the project’s first phase targeted ~16 MW of initial capacity, expandable to 48 MW, with total first‑phase development costs around $400 million. (realtyincome.com) Realty Income described the Apollo arrangement as a cornerstone of its private capital initiative to diversify funding sources and supply scalable, long‑duration equity that can reduce its long‑term cost of public equity capital. (realtyincome.com)
