The REIT company owns over 11,700 real properties owned under a long-term lease agreement.
The all-cash deal comes at a cap rate of 5.9% and is Realty Income’s first sale-leaseback transaction involving a gaming company. Wynn Resorts announced the sale last February and the transaction only completed last week. Wynn sells Encore Boston Harbor real estate assets for $1.7bn Wynn Announces Sale of Encore Real Property Meanwhile, real estate investment trust companies acquire assets for long-term net lease agreements. These are often seen as win-win deals for both casino operators and realty companies with the former monetizing their land assets to increase liquidity. Sale-leaseback deals are a common practice in the industry. Wynn Resorts announced last Thursday that it has completed the previously announced sale of the real property assets of Encore Boston Harbor to Realty Income for $1.7 billion in a sale-leaseback deal. Boston Encore Harbor is the top-performing casino in the state as far as revenues are concerned.Wynn will continue to operate the casino and keep a 13-acre land on the east side of Broadway.Wynn Resorts has completed the sale of the real property assets of Encore Boston Harbor to Realty Income for $1.7 billion.
