This Monthly Dividend Giant Keeps Delivering After 661 Consecutive Dividends

Realty Income Corp (NYSE: O) isn’t just another REIT. It’s “The Monthly Dividend Company®.”

With a market capitalization of $51.4 billion, a forward yield of nearly 5.7%, and one of the longest-running dividend payout streaks on Wall Street, this is a stock that thrives on income.

And right now, it might be offering one of the best setups we’ve seen in years.

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Action Plan: Income Now, Growth for the Next Decade

• Accumulate shares between $55–$58, locking in a 5%+ yield with the potential for 5%–9% annual dividend growth.

• Watch Q2 earnings on July 31, especially updates on FFO/share, foreign currency impacts, and new capital deployment.

• Reinvest dividends to boost long-term income and build yield-on-cost as payouts rise.

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Why It Deserves a Spot on Your Radar

Realty Income just announced its 661st consecutive monthly dividend, payable August 15th.

That’s 55 years of uninterrupted income. But this isn’t just about consistency.

The company has also increased its dividend for 31 straight years, earning it a seat at the table with the S&P 500 Dividend Aristocrats.

The latest payout clocks in at $0.269 per share per month, translating to an annualized $3.228.

That’s a 5.67% dividend yield, far outpacing the S&P 500’s 1.6% and even the broader REIT average of ~4.8%.

This kind of track record doesn’t happen by accident. It’s a byproduct of the company’s unique model, diversified tenant base, and disciplined execution.

However, the real story is just getting started.

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Built for Any Cycle

Realty Income’s strength lies in its structure. As a REIT, it’s required by law to distribute at least 90% of taxable income as dividends.

That makes it an inherently income-focused vehicle. But what makes this REIT special is what’s under the hood.

The company owns 15,600+ commercial properties across all 50 states, the U.K., and six countries in Europe.

Its tenant roster includes names like Walmart, Home Depot, Dollar General, and Walgreens, businesses with the kind of staying power most landlords dream about.

More than 20% of its portfolio is anchored by grocery and convenience stores, one of the most recession-resistant asset classes in the real estate sector.

Additionally, it has gradually diversified into industrials, gaming, and experiential retail, thereby boosting its growth potential without compromising stability.

Occupancy is still rock solid at 98.5%.

And despite rising interest rates pressuring the real estate sector, Realty Income is navigating the storm with poise. In fact, it's up 8.2% YTD, outperforming many of its peers.

Financials You Can Trust

Realty Income posted Q1 earnings of $1.06 per share, matching expectations. Revenues rose 9.5% year-over-year to $1.31 billion.

That kind of top-line growth is unusual for a company of this size, especially in a tight credit environment.

It’s also highly liquid, with $4.6 billion in available liquidity, bolstered by cash reserves, forward equity sales, and its credit facility.

The company recently priced a €1.3 billion bond issuance, locking in rates of 3.375%–3.875% to refinance more expensive debt.

This improves its debt profile, giving it room to maneuver.

Realty Income’s debt-to-equity ratio sits at 0.69, and it boasts a healthy interest coverage ratio, meaning it’s unlikely to be forced into distressed refinancing anytime soon.

Even better is that despite a high headline P/E ratio (51x), its price-to-AFFO, the REIT standard, is more reasonable around 15–16x.

For a defensive asset yielding nearly 6%, that’s a compelling valuation.

Dividend Machine in Motion

Let’s talk income.

Not only does Realty Income pay monthly (one of the few S&P 500 companies to do so), it has increased its dividend 131 times since listing on the NYSE in 1994.

The most recent hike came just days ago.

The current payout ratio is high by GAAP earnings standards, 293.64%, but that’s typical for REITs.

More importantly, its AFFO payout ratio remains sustainable and aligns with long-term norms.

Management has also guided for 4–5% annual dividend growth going forward, even in a flat-rate world.

With inflation cooling and rate cuts on the table later this year or early next, that dividend is about to look even better in relative terms.

Institutional investors are quietly loading up. Brookstone Capital Management just increased its position by 6.3%, bringing its total holdings to over $12.5 million.

Other large funds, such as Renaissance Technologies and Zurcher Kantonalbank, are also increasing their stakes.

Clearly, smart money sees something here.

Analyst Take: Hold, With a Twist

Wall Street’s consensus rating is a cautious “Hold” with an average price target of $61.15, representing approximately 7.5% upside from current levels.

However, this is less a reflection of doubt and more a result of general bearishness toward REITs in a high-interest-rate environment.

Some analysts, such as those at Barclays and Stifel, have reiterated their Buy ratings in recent weeks.

The logic? Income-focused investors are running out of places to hide. Once rates ease, dividend stalwarts like Realty Income could be back in vogue, and fast.

Risks and Watch Points

Of course, no stock is risk-free. Realty Income is still vulnerable to:

• Rate risk: If the Fed delays cuts or signals another hike, REITs could stay under pressure.

• Tenant risk: Although diversified, a softening consumer environment could put pressure on some smaller retail tenants.

• Growth dilution: Accretive acquisitions only work when financed smartly. Overpaying or issuing excessive equity could harm per-share results.

Final Word: Predictable, Durable, and Monthly

Realty Income might not be exciting, but it is reliable. And sometimes, that’s exactly what your portfolio needs.

This is a company with a decades-long track record, a fortress-like portfolio, and the discipline to grow cash flow even in turbulent markets. It may not double overnight, but it’s designed to pay you while the world spins.

And in this market, that kind of predictability is priceless.