Realty Income Has Paid 676 Consecutive Monthly Dividends. Here’s How Its Earnings Results Fit the Bigger Picture.

Realty Income reported first-quarter 2025 results with revenue of $1.27 billion, up 9.7% year over year, and adjusted funds from operations (AFFO) per share of $1.06, matching estimates, as the net-lease REIT maintained its record of 676 consecutive monthly dividends. The company reaffirmed full-year 2025 AFFO guidance of $4.22 to $4.28 per share and kept its annualized dividend at roughly $3.24 per share, a yield of about 5.6% on a share price near $58. The results matter because they show the cash flow underpinning the payout while highlighting modest per-share growth of roughly 2% to 3%, with acquisition volume and cost of capital the key swing factors. Investors will watch whether Realty Income can accelerate dealmaking and AFFO growth to better cover its dividend and reduce reliance on external financing.