12 Best REIT Dividend Stocks To Buy for 2024

8. Realty Income Corporation (NYSE:O)

Number of Hedge Fund Holders: 23

An American real estate investment trust company, Realty Income Corporation (NYSE:O) has always been popular among investors because of its monthly dividends. The company distinguishes itself by targeting high-quality commercial tenants, particularly in industries that are less affected by recessions, such as dollar stores and grocery stores. The company boasts an impressive occupancy rate of 98.7%. Its portfolio is spread across the US and Western Europe, with a notable emphasis on the United Kingdom. The stock has surged by nearly 5% in the past six months.

In the third quarter of 2024, Realty Income Corporation (NYSE:O) reported revenue of $1.27 billion, marking a 27% increase compared to the same period last year. The revenue surpassed analysts’ expectations by more than $10 million. The company has updated its 2024 investment volume forecast to approximately $3.5 billion and raised the lower end of its AFFO per share guidance to a range of $4.17 to $4.21, reflecting a 4.8% growth at the midpoint. Looking ahead, the company is exploring various growth opportunities, including capital diversification, to further expand its platform’s reach and scale.

Parnassus Investments highlighted Realty Income Corporation (NYSE:O) in its Q3 2024 investor letter. Here is what the firm has to say:

“Realty Income Corporation (NYSE:O) is poised to benefit from lower interest rates. Because its commercial tenants are mostly on 10-year leases, the stock’s steady dividend stream is attractive in the current environment of slow deceleration in the economy with rates coming down. In this favorable backdrop, the company also continues to execute well.”

On December 10, Realty Income Corporation (NYSE:O) declared a 0.2% hike in its monthly dividend to $0.264 per share. It is one of the best dividend stocks on our list as the company has raised its payouts multiple times since it went public in 1994. The stock’s dividend yield on December 12 came in at 5.75%.

Insider Monkey’s database of Q3 2024 indicated that 23 hedge funds held stakes in Realty Income Corporation (NYSE:O), growing from 19 in the preceding quarter. The consolidated value of these stakes is over $163.5 million. With over 1.7 million shares, AEW Capital Management was the company’s leading stakeholder in Q3.