Plenty, a California-based hydroponic farming company, partnered with a real estate investment trust, Realty Income Corporation, to support the development of Plenty's indoor vertical farms.

According to the terms of the agreement, Realty Income will acquire and fund the development of properties that will house Plenty's indoor farms, worth up to USD 1 billion. These properties will be leased to Plenty under long-term net leases.

As the first transaction of the collaboration, Realty Income will purchase the land and provide development funding for Plenty's indoor vertical farm campus in Richmond, Virginia, which was announced last year . Plenty anticipates that this farm would produce more than 20 million lbs (~9,000 tonnes) of various crops annually, with the first farm growing strawberries to supply the northeast market, in partnership with Driscoll's.

In addition, the company supplies leading grocers on the west coast and will expand its Californian footprint to include Walmart (which is also an equity investor) when it launches its Compton farm in Los Angeles County.