Realty Income Corporation, a San Diego-based REIT, has formed a strategic alliance with indoor vertical farm developer Plenty Unlimited to support the development of Plenty’s indoor farms. Realty Income will acquire and provide up to $1 billion in development funding for properties that will be leased to Plenty for development of the farms.

For the first transaction in the alliance, Realty Income has agreed to acquire the land and provide funding for Plenty’s indoor vertical farm in Richmond, VA. Plenty expects the future multi-farm campus to deliver more than 20 million pounds of produce annually. 

“We are pleased to announce this strategic relationship with Plenty, whose sustainable business practices align with Realty Income’s values,” said Realty Income CEO Sumit Roy. “Our entry into agriculture technology provides another potential growth opportunity for our company. Over time, we aspire to expand our collaboration with Plenty internationally in markets of mutual interest.”