![]() ![]() Rent under the lease will escalate at 1.75% for the first ten years of the lease and the greater of 1.75% and the CPI increase during the prior year (capped at 2.50%) over the remainder of the lease term. The lease will have an initial total annual rent of $100 million and an initial term of 30 years, with one thirty-year tenant renewal option. Total project cost of Encore Boston Harbor is around $2.6 billion which includes land purchase, license application fee, and other non-construction expenses. ![]() Wynn Resorts will continue to operate the property through a triple-net lease agreement with Realty Income. Wynn Resorts announced today that it has entered into an agreement to sell all of the land and real estate assets of Encore Boston Harbor to Realty Income for $1.70 billion in cash, representing a 5.9% cap rate. Subscribe to our email newsletter The Weekly ![]()
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