Realty Income’s portfolio spans more than 15,500 properties leased to around 1,650 tenants across 92 industries in North America and Europe. This breadth includes retail, industrial, gaming and specialty properties under long-term net leases, which shift maintenance, taxes and insurance costs to tenants. Such diversification has enabled the company to maintain occupancy rates consistently above 98% and to generate predictable rental income, reducing exposure to regional or sector downturns.

Since its public listing in 1994, Realty Income has declared 667 consecutive monthly dividend payments and raised distributions 133 times, including increases for 113 quarters in a row. The dividend has grown at a compound annual rate of 4.2% over this period, and the current yield exceeds 5%. The company targets a payout ratio below 75% of adjusted funds from operations (AFFO), retaining the balance to reinvest in new properties.

Realty Income maintains one of the strongest investment-grade credit profiles in the REIT sector, supporting access to low-cost capital. Last year the company deployed over $6 billion on acquisitions and development, and management estimates more than $14 trillion of global real estate remains suitable for net-lease structures. Trading at approximately 14.4 times AFFO with projected annual AFFO growth near 3%, Realty Income combines a bond-like valuation with continued portfolio expansion potential to underpin future dividend growth.