Key Points

Realty Income has paid 674 consecutive monthly dividends.
The REIT has increased its monthly dividend 135 times since its 1994 listing on the NYSE.
It is in a strong position to continue paying a dependable and growing monthly dividend.

I believe Realty Income (NYSE:O) ranks as the best monthly dividend stock available. This view stems not just from its trademarked title as The Monthly Dividend Company but from a proven 57-year history of consistent performance. The real estate investment trust focuses on providing reliable monthly dividends that grow steadily over time.

The details below explain why this stands out as the strongest option for monthly dividend income.

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Fact-checking Realty Income's Monthly Dividend Company claim

Realty Income makes a bold claim as The Monthly Dividend Company. The record backs this up in several ways:

Does Realty Income actually pay monthly? Yes, Realty Income has now declared 674 consecutive monthly dividends since its founding in 1969. That marks the longest known record for monthly dividends. Many of its competitors have switched from a quarterly dividend schedule to a monthly one after going public.
Is Realty Income's dividend streak as reliable as it sounds? Yes, investors can count on the REIT's monthly income stream. In addition to 674 consecutive monthly dividend payments, Realty Income has increased its payment 135 times since its 1994 listing on the NYSE, including the last 115 consecutive quarters. It has grown its monthly dividend at a 4.1% compound annual rate during that period.
Is Realty Income's monthly dividend safe? Yes, Realty Income pays a very dependable dividend backed by a durable and diversified real estate portfolio (retail, industrial, gaming, and data center properties secured by long-term net leases with many of the world's leading companies). It also has a fortress financial profile, including a conservative dividend payout ratio (less than 75% of its adjusted funds from operations) and a strong investment-grade balance sheet (A-rated).

These facts support my firm belief that Realty Income is the best monthly dividend stock you can own.

Why does monthly dividend income even matter?

Most companies pay quarterly dividends by default because this aligns with the current quarterly filing requirement for financial statements. Additionally, many companies have lumpier cash flows, making it harder to fund monthly payments. Realty Income, on the other hand, typically receives monthly rental payments, which it uses to pay its monthly dividend.

Monthly dividends are better for most investors because they provide a smoother cash flow stream for reinvestment (dividends compound faster when received monthly) and covering living expenses. Funding living expenses will become increasingly important in the future because retirees will need a stable, consistently growing income stream to support their retirement. That is something Realty Income can provide.

Can Realty Income continue growing its monthly dividend?

Part of Realty Income's mission statement is delivering dividend growth. The REIT is in a strong position to continue increasing its dividend in the years to come. It has a healthy financial profile to support new investments. It also has a massive total addressable investment opportunity estimated at $15 trillion across the U.S. and Europe.

The REIT also has a growing list of strategic partners to support its continued growth. It has funding partners and programmatic investment partnerships. For example, it formed a more than $6 billion joint venture with Cloud Capital earlier this year to invest in data centers. These partners will provide additional capital and new investment opportunities to support its continued growth.

What are Realty Income's risks?

Realty Income is one of the lowest-risk monthly dividend stocks. However, it is not a risk-free investment. As a REIT, it is highly sensitive to changes in interest rates. When rates fall, borrowing becomes more expensive, impacting its ability to refinance existing debt as it matures and fund new investments. Rising rates also weigh on the valuation of high-yielding dividend stocks like REITs because it makes lower-risk fixed-income investments like bonds more appealing. Realty Income also has tenant risk (over 78% of its portfolio is retail properties, while only 34% of its tenants have investment-grade credit ratings). However, its diverse funding sources, growing roster of strategic capital partners, and diversified portfolio help mitigate these risks.

Why Realty Income is the best monthly dividend stock to own

Realty Income is the best monthly dividend stock to buy because it embodies what a monthly dividend company should be with its 57-year track record of income stability and growth. The REIT is in an excellent position to continue building on its legacy, making it a go-to source of reliable income for retirees in the future. While it is not a completely risk-free investment, it is the most bankable monthly dividend stock, making it the best one to own as a core holding to anchor any income portfolio.

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Matt DiLallo has positions in Realty Income. The Motley Fool has positions in and recommends Realty Income. The Motley Fool has a disclosure policy.

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