San Diego-based Realty Income Corp. announced Thursday a 5 percent increase in its monthly dividend — the 84th since the company was listed on the New York Stock Exchange.
The company’s board declared a monthly cash dividend of 19.85 cents per share, up from 19.1 cents per share. The new dividend is payable on Feb. 16 to shareholders of record as of Feb. 1.
The new monthly dividend represents an annualized dividend of $2.382 per share.
“We are pleased that the continued strength in our operations allows us to increase the amount of the dividend we pay to our shareholders, while still maintaining a comfortable dividend coverage ratio,” said John P. Case, chief executive officer.
The company owns over 4,400 properties with long-term lease agreements with regional and national retail chains and other commercial tenants. It has annual revenue of approximately $1 billion.