Apollo Invests $1B for 49% Stake in Realty Income Net Lease Retail JV

Apollo Global Management committed $1 billion to acquire a 49% interest in a newly formed joint venture entity with Realty Income Corporation. The portfolio comprises roughly 500 single-tenant retail properties subject to long-term net leases, a core component of Realty Income's business model. Realty Income retains a 51% stake and continues as manager and operator of the assets. The transaction was structured as a "programmatic" co-investing framework, with the potential to grow into multiple billions of dollars over time. Closing was expected on March 31, 2026. - Realty Income Corporation (NYSE: O): One of the largest net lease REITs globally, owns and operates freestanding commercial properties under long-term net lease agreements with retail tenants. Formed the new JV entity and contributed its portfolio of ~500 retail properties. - Apollo Global Management: Global alternative asset manager with ~$735 billion in AUM. Invested $1 billion for a 49% interest in the JV through managed funds and affiliates, deepening its real estate credit and equity footprint in the net lease sector. The $1 billion consideration paid by Apollo-managed funds represents the equity capitalization for Apollo's minority stake. No third-party debt financing details disclosed for the JV itself.