Group 1: Brookfield Infrastructure - Brookfield Infrastructure is a leading infrastructure investor with a diverse portfolio including utilities, pipelines, data centers, and transportation assets globally [4] - The company has increased its dividend payout by 32.7% since 2020, currently offering a yield of 4.5% [5] - In the first quarter, funds from operations (FFO) rose 12% year over year, attributed to rate increases and acquisitions [6] - The company made growth capital expenditures of $730 million in the first quarter, maintaining $4.9 billion in liquidity for future investments [7] Group 2: Omega Healthcare Investors - Omega Healthcare Investors is a REIT focusing on skilled nursing and transitional healthcare facilities, with a portfolio of 978 operating facilities [9][10] - The company has maintained a steady dividend payout since 2019, despite challenges posed by the COVID-19 pandemic [11] - At recent prices, Omega offers a yield of 7.2%, with management expecting adjusted FFO to be between $2.95 and $3.01 per share in 2025 [12] Group 3: Realty Income - Realty Income is a net lease REIT known for its long track record of steady dividend increases, currently offering a yield of 5.7% [13] - The company has a diversified portfolio of 15,621 buildings, primarily in convenience stores and service-oriented retail [14] - Realty Income has leveraged its A3 credit rating to borrow $600 million at a low interest rate of 5.3% over the next 10 years, positioning itself well for future growth [16]

Core Viewpoint - Realty Income is a real estate investment trust (REIT) that has consistently delivered dependable monthly dividends, with a current dividend yield exceeding 5.5% due to a recent 10% decline in share price from its 52-week high [1][3]. Dividend Performance - Realty Income has declared its 658th consecutive monthly dividend since its founding in 1969 and has raised its dividend 130 times since its public listing in 1994 [3]. - The REIT has increased its dividend for 110 straight quarters and 30 consecutive years, achieving a compound annual growth rate of 4.3% over the past three decades [3]. Investment Strategy - The company invests in a diversified real estate portfolio net leased to leading companies, providing stable rental income as tenants cover all operating expenses [4]. - Realty Income focuses on long-term leases with annual rental escalation clauses, ensuring durable rental income that increases each year [4]. Risk Management - Approximately 91% of Realty Income's rent comes from tenants in resilient sectors such as grocery stores and home improvement centers, which are less affected by economic downturns and e-commerce pressures [5]. - The REIT diversifies its portfolio by tenant, property type, and geography, with its top tenant contributing only 3.5% of total rent [5]. Growth Strategy - Realty Income invests billions annually to acquire additional income-generating net lease properties, which is a key driver of its dividend growth [6]. - The company maintains a conservative dividend payout ratio of less than 75% of its adjusted funds from operations, allowing for significant excess cash flow for reinvestment [7]. Financial Strength - Realty Income has an elite balance sheet, being one of only eight REITs in the S&P 500 with bond ratings of A3/A- or higher, facilitating access to lower-cost funding for acquisitions [8]. - The REIT engages in sale-leaseback transactions, often partnering with tenants for initial real estate transactions and subsequently acquiring additional properties [9]. Future Outlook - Many existing clients still own some of their real estate, providing Realty Income with a long runway for expanding its global real estate portfolio [10]. - The company is viewed as a foundational holding for investors seeking a reliable stream of passive income that is expected to continue rising [12].