Realty Income’s 671 Consecutive Monthly Dividends And A 235bps Acquisition Spread Make The Rate-Sensitivity Label Wrong (O)
Realty Income is deploying capital at a 235bps spread over its 4.75% borrowing cost — the widest in five years — while 671 consecutive monthly dividends, AFFO growing 6.6% YoY, and a private capital platform with Apollo and GIC are being completely ignored by the ‘rate-sensitive REIT’ label.