Realty Income's 650 Consecutive Monthly Payments: A Dividend Aristocrat's Secure Streak

Realty Income (O) has made 650 consecutive monthly payments and has a 5.5% dividend yield with 30+ years of increases. The company owns 15,500+ commercial properties under long-term net leases, paying 90% of taxable income as dividends. Operating cash flow covers dividends at 1.31x with a 76% payout ratio. However, debt levels are a concern, with $28.9B in debt and interest expense jumping 28% to $998M in 2024.