Movement Alert|Realty Income Rises 3.04% in Regular Trading, Data Center Joint Venture and Analyst Target Price Upgrade Boost Shares

Market Focus07-16 23:44

On July 16, Realty Income rose 3.04% in regular trading, trading at $65.175/share, with turnover of approximately $84.3 million.

On the news front, the company recently announced the formation of a programmatic joint venture with Cloud Capital and a global institutional investor to invest in hyperscale data centers, with initial seed assets valued at over $6 billion. Realty Income plans to invest up to $1.4 billion to acquire a 45% equity interest in a three-asset portfolio located in Northern Virginia. The first stabilized asset, a fully leased hyperscale data center under a long-term triple-net lease, is expected to be acquired in Q3, with initial investments of approximately $700 million to be funded between Q2 and Q3. Two additional development-stage assets will be acquired at a future date.

Additionally, Wells Fargo raised its target price on the company from $64 to $65, maintaining an equal-weight rating. The average analyst target price stands at $67.86, with an overall overweight consensus rating, suggesting further upside from current levels.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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