About This Fund
Realty Income U.S. Core Plus Fund, LP is an open-end, perpetual-life private real estate commingled vehicle launched in late 2024 by Realty Income Corporation (NYSE: O), the globally diversified net lease REIT. The fund represents Realty Income's first institutional third-party commingled fund, part of the company's broader Realty 3.0 strategy to diversify capital sources beyond its own public equity balance sheet. As an open-end vehicle, the fund does not have a traditional final close and instead conducts ongoing capital raises from qualified institutional investors.
The fund targets stabilized, income-producing net lease real estate across industrial and retail property types in the United States, employing a core-plus strategy with moderate leverage of 35-50% LTV. The investment thesis is anchored in Realty Income's 50-year operating history and its proprietary access to a large pipeline of net lease transactions, primarily with investment-grade tenants on long-term triple-net leases. The fund targets a 9-11% net IRR and provides institutional investors access to Realty Income's origination capabilities and operational infrastructure at institutional fee terms unavailable through the public REIT structure.
As of early 2026, the fund had raised approximately $1.5 billion from more than 40 institutional investors, with the cornerstone capital raise targeting $1.7 billion. The portfolio comprised 184 industrial and retail properties across 33 U.S. states with gross asset value of approximately $1.4 billion. The fund is supported by a $1.38 billion credit facility (expandable to $2 billion) arranged by Realty Income. Confirmed institutional limited partners include the Arkansas Teacher Retirement System ($100 million) and entities managed by The Townsend Group, alongside public and corporate pension funds, sovereign investment funds, and insurance companies.