The real estate investment trust (REIT) recently formed a programmatic joint venture with Cloud Capital to invest in hyperscale data centers, initially holding over $6 billion in assets. Realty Income expects to invest up to $1.4 billion for a 45% stake in a three-asset Northern Virginia portfolio, with opportunities for future data center developments in the U.S. and Europe. This follows a late 2023 build-to-suit joint venture with Digital Realty for up to 48 megawatts of data center capacity, with a total build-out cost of up to $800 million.