This Magnificent Dividend Stock Continues to Find New Ways to Grow
Realty Income (NYSE: O) has been a magnificent dividend stock throughout the years. The real estate investment trust (REIT) has increased its payout 119 times since its public listing in 1994. Overall, the company has grown the payout at a 4.4% compound annual rate.
The REIT should have no problem continuing to increase its payout. One driver is its expansion into new property types that will give it additional avenues to grow. The company recently unveiled a strategic alliance to develop indoor vertical farms, providing another new growth driver.
Realty Income has entered into a strategic real estate alliance with Plenty Unlimited. The agreement will support the development of Plenty's indoor vertical farms. Under the deal's terms, Realty Income will acquire and provide development funding for properties that will house Plenty's indoor farms. Realty Income has agreed to invest up to $1 billion into these development opportunities.
Source Fool.com