Core Viewpoint - Realty Income is recognized for its consistent monthly dividend payments, having declared 666 consecutive monthly dividends, making it one of the most reliable dividend stocks in the market [1][2][4]. Dividend Growth - The company has raised its monthly dividend payment 133 times since its public listing in 1994, indicating a strong commitment to increasing dividends over time [2][6]. - The latest increase brings the monthly dividend to $0.27 per share, resulting in an annualized dividend of $3.24 [7]. Financial Performance - Realty Income is projected to generate between $4.25 and $4.27 per share of adjusted funds from operations (FFO) this year, with a dividend payout ratio of approximately 76% of its adjusted FFO, which is considered a comfortable level for a REIT [8]. - The company expects to produce $843.5 million of adjusted free cash flow after paying dividends this year, providing additional capital for new investments [8]. Market Position - Realty Income is the sixth-largest REIT globally, with over 15,500 properties across nine countries, primarily achieved through acquisitions [11]. - The company plans to invest $6 billion into new property additions this year, indicating a strong growth trajectory [11]. Diversification Strategy - Realty Income has identified a $14 trillion total addressable market opportunity for net lease real estate in the U.S. and Europe, expanding its investment verticals [12]. - Recent investments include an $800 million preferred equity investment in CityCenter Las Vegas, which enhances its portfolio and provides rights for future property sales [13]. - The company has sourced $97 billion of potential transactions while closing $3.9 billion of deals, with a focus on higher cash yields in Europe [14]. Future Outlook - With significant financial flexibility and a vast market opportunity, Realty Income is well-positioned to continue expanding its portfolio and supporting ongoing dividend increases [15]. - The company's robust financial position and large addressable market make it an ideal long-term investment for passive income [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].