Realty Income Raises Monthly Dividend to $0.2740 as Treasury Yield Hits 4.98%

Key Facts

Realty Income announced on November 10, 2026, that it would raise its monthly cash dividend to $0.2740 per share from $0.2715, an increase the company said reflects continued dividend growth. The decision raises the calculated annualized amount to $3.288 per share, compared with $3.258 before the increase. The announcement came as the U.S. 10-year Treasury yield stood at 4.98% in the official daily curve data for that day. The yield had registered 4.88% on November 9, putting the dividend decision in a session when the yield rose toward 5%. Sources did not provide figures establishing a causal link between yield levels and the company's decision to increase its dividend.

The company said the latest increase was its 137th since its shares were listed on the New York Stock Exchange in 1994. CEO Sumit Roy described Realty Income's ability to invest with discipline through market cycles as supporting continued growth and a rising dividend. Roy said: "Our ability to invest with discipline through market cycles continues to support steady growth and rising dividends." The announcement follows the company's third-quarter results for the period ended September 30, which provided figures on adjusted cash flow growth and the operating coverage of the dividend. Diluted AFFO was $1.12 per share for the quarter, an increase year over year. Net income available to common stockholders was $403.9 million, or $0.43 per share.

AFFO per share rose 3.7% in the third quarter compared with the same period in 2025, reaching $1.12, according to the company's results. In the same quarter, total monthly dividends paid were $0.813 per share, up 0.7% from $0.807 in the third quarter of 2025. That total represented 72.6% of diluted AFFO of $1.12 per share, according to the results release. The ratio shows the dividends the company paid during the quarter relative to AFFO for the same period; the increase announced on November 10 applies to the subsequent monthly dividend. The increase was thus announced against a backdrop of quarterly earnings in which AFFO grew year over year, while dividends paid were slightly above their level a year earlier.

September results showed portfolio occupancy at 98.8% on September 30, 2026, unchanged from June 30 and above 98.7% on September 30, 2025. The company said it had 182 properties available for lease or sale as of the reporting date. Same-store rental revenue also rose 1.1% year over year in the third quarter. On investment, Realty Income said it invested about $2.6 billion in the quarter, with a weighted average initial cash yield of 6.8% on those investments. Adjusted annualized pro forma net debt to EBITDAre was 5.4 times in the same period.

In disclosing how it financed its third-quarter investments, Roy said the company achieved a leverage-neutral spread of about 170 basis points and had pre-funded all of its equity needs for the rest of the year. These figures provide context for management's comments on disciplined investment, alongside the investment volume and cash yield reported for the quarter. The stock closed at $59.50 on November 9 and then at $59.54 on November 10, according to EL7 data. In the U.S. session on November 10, the S&P 500 fell 0.4%, the Dow Jones Industrial Average 0.3% and the Nasdaq Composite 0.7%, according to The Associated Press. The news agency linked the decline in stocks to a report showing inflation was worse than expected across the country in the previous month, and said Treasury yields surged in the session.

The 10-year Treasury yield had exceeded 5.30% in early October amid concerns related to inflation, interest rates and government debt, before falling since then, according to The Associated Press. On November 10, the official curve recorded a daily yield of 4.98%. In the company's estimates published on November 2, it raised its 2026 AFFO guidance range to $4.45–$4.46 per share, from a previous range of $4.44–$4.45. Realty Income kept its annual investment volume target at $10.0 billion, according to Roy. The new monthly dividend will be paid on December 15, 2026, to shareholders of record as of November 30, according to the company announcement.