This Exceptional Dividend Stock's Historic Year Showcases Why It's a Great Buy
Realty Income (NYSE: O) delivered a performance for the record books in 2022. The real estate investment trust (REIT) completed a record $9 billion of acquisitions. That helped deliver strong earnings growth, allowing the company to continue increasing its attractive dividend.
Despite that spending spree, Realty Income entered 2023 in excellent financial shape. Because of that, the REIT expects to continue growing its portfolio, cash flow, and dividend. With shares down about 8% since the start of last year, it's a great buy right now.
Realty Income acquired $9 billion of income-producing real estate last year. That was about 50% above its guidance for more than $6 billion in property acquisitions. It also obliterated its prior peak of making $6.4 billion in property purchases in 2021 (not accounting for mergers). Realty Income also acquired VEREIT for $13.9 billion in 2021.
Source Fool.com
