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Realty Income is making an $800 million perpetual preferred equity investment in CityCenter Las Vegas, expanding its reach beyond net-lease retail and industrial strategies. The investment offers a 7.4% initial unlevered return and a make-whole clause guaranteeing an 8.325% IRR if redeemed early. The deal reflects Realty Income's shift towards diversification and its plans to deploy more than $6 billion in 2025.

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