Realty Income Declares 134th Consecutive Monthly Dividend Increase

Realty Income announces its 134th consecutive monthly dividend increase, backed by record 2025 AFFO of $4.28 per share and a 98.9% occupancy rate. The REIT also secured new financing and a strategic Apollo partnership.

Realty Income Corporation, the prominent U.S.-based net-lease REIT, has once again demonstrated its commitment to shareholder returns. The company confirmed a cash dividend of $0.2705 per share, payable on April 15, marking its 134th consecutive monthly distribution increase. This unparalleled track record of uninterrupted dividend growth stands as a unique hallmark within the real estate investment trust sector.

Strong Operational Performance in 2025

The latest dividend declaration is underpinned by a robust 2025 fiscal performance. The company reported record Adjusted Funds from Operations (AFFO) of $4.28 per share, representing the fifteenth consecutive year of AFFO growth. The per-share dividend itself saw a 2.9% increase for the year. Portfolio health remained strong, with an occupancy rate of 98.9%. Realty Income deployed $6.3 billion in new investments at a weighted average initial yield of 7.3%, with approximately 60% of this activity focused on the United Kingdom and European markets.

Shareholders enjoyed a total return—combining dividend income and share price appreciation—of approximately 12.2% for 2025. This significantly outpaced the 2.3% return of the FTSE Nareit Equity REITs Index over the same period.

Strategic Financing and Partnership Initiatives

Recent financial maneuvers provide further support for the company’s payout capacity. In late March, Realty Income secured an unsecured term loan of $694 million from a subsidiary of Goldman Sachs, with a maturity date in January 2036. Concurrently, the company executed a cross-currency swap to convert $500 million into approximately €431 million, a move that directly supports its European expansion strategy.

Furthermore, Realty Income announced a strategic partnership with funds managed by Apollo Global Management. Under the agreement, Apollo will acquire a 49% interest in a joint venture comprising roughly 500 retail properties, all subject to long-term net-lease agreements. The capital infusion from this partnership is considered a non-dilutive source of equity.

Upcoming Annual Meeting and 2026 Outlook

The company will hold its virtual Annual Meeting of Stockholders on May 21, 2026. Key agenda items include the election of eleven directors, the ratification of KPMG LLP as independent auditor, and an advisory vote on executive compensation. Notably, 74% of the management compensation structure is performance-based, linked to metrics including AFFO, occupancy rates, and total shareholder return.

Looking ahead to 2026, Realty Income provided guidance for earnings per share in the range of $1.65 to $1.69. The company anticipates same-store rental growth between 1.0% and 1.3%. The extent to which new acquisitions—particularly in the European market—will drive performance remains a pivotal growth lever for the current year.