San Diego-based real estate investment firm Realty Income is raising its monthly dividend by 6 percent.
The new dividend, announced Tuesday, is $0.2105 per share payable on Feb. 15 to shareholders of record as of Feb. 1.
The new payout equals $2.526 per share on an annual basis, compared to $2.43 a year ago.
It is the 90th dividend increase by the company since its listing on the New York Stock Exchange in 1994.
“We are pleased that the continued success of our operations has allowed us to increase the amount of the dividend we pay to our shareholders, while still maintaining a strong dividend coverage ratio,” said John P. Case, chief executive officer.
The company is structured as a real estate investment trust and owns 4,700 properties with long-term lease agreements from regional and national commercial tenants.