Three Anchors of Yield in a Shifting Sea

Realty Income (O) is not a tree that bends. It is a net lease REIT, a forest of 15,600 properties where tenants shoulder the burdens of the earth. Its market cap, threefold its peers, is a fortress built by decades of dividend growth-a 30-year march upward, unbroken as the horizon. This is the art of subtraction: strip away drama, let the rent collect like rainwater in a cistern.






