Realty Income Corporation (O) will raise its monthly dividend by another 0.2 percent to $0.2330 per share in 2020. Earlier this year the real estate investment trust already hiked its dividend by 2.2 percent.

The next dividend is payable on April 15, 2020 to shareholders of record as of April 1, 2020. A new annualized dividend amount of approximately $2.80 per share yields 5.9% at a stock price of $47.42.

"We remain committed to our company's mission of paying dependable monthly dividends to our shareholders that increase over time," said Sumit Roy, President and Chief Executive Officer of Realty Income in the company's press release dated March 17, 2020 announcing this dividend hike. "Our Board of Directors has once again determined that we are able to increase the amount of the monthly dividend to our shareholders, marking the 106th increase since our company's public listing in 1994. With the payment of the January dividend, we will have made 597 consecutive monthly dividend payments throughout our 51-year operating history."

Realty Income Corporation is a real estate investment trust (REIT) with properties owned under long-term lease agreements with regional and national commercial tenants. The company has tenants active in 48 segments, including Apparel, Automotive tire services, Beverages, Child care, Convenience stores, Dollar stores, Drug stores, Financial services, Food processing, Grocery stores, Health and fitness, Health care, Home improvement, Restaurants-casual dining, Restaurants-quick service, Sporting goods, Theaters, Transportation services and Wholesale club. The company's biggest tenants include Walgreens, 7-Eleven, FedEx, LA Fitness, AMC Theaters and Dollar Tree (including Family Dollar Stores).