Realty Income (NYSE: O) went on a shopping spree last year. The real estate investment trust's (REIT) investment volume set a record at $9.5 billion, $500 million more than 2022's level. That number doesn't include its $9.3 billion merger with fellow REIT Spirit Realty, which closed earlier this year. The company set a record despite challenging market conditions caused by higher interest rates.

The REIT doesn't currently expect to come close to last year's record in 2024. However, that doesn't mean it will run low on fuel to continue increasing its dividend, which it has now done for 105 straight quarters.

Realty Income invested over $9.5 billion into more than 1,400 properties last year. It spent $4.1 billion to acquire 839 properties in the U.S. and $3.1 billion for 177 properties in Europe. In addition, it agreed to invest about $1.5 billion in 392 real estate development projects.

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Source Fool.com