Realty Income Raises Its Monthly Dividend for the 136th Time

Realty Income has increased its monthly dividend to $0.2715 per share from $0.2710, the 136th increase since the net lease landlord listed on the New York Stock Exchange in 1994. The new payment is scheduled for October 15 to shareholders of record on September 30.

At the new annualized rate of $3.258 per share, the stock yields roughly 5.5% at a share price in the $59 to $60 range. The raise is small in absolute terms, which is consistent with the company's long-standing pattern of frequent, incremental increases rather than occasional large ones.

The announcement lands in a difficult stretch for income-oriented real estate. Real estate investment trusts have lagged the broader market since the Federal Reserve raised rates earlier this month, as higher Treasury yields compete directly with REIT distributions for the same pool of income buyers.