Realty Income (NYSE: O) is a dividend juggernaut. The real estate investment trust (REIT) has paid its shareholders over $14.1 billion in dividends since its public listing in 1994. The company has increased its payment 127 times, including the last 108 quarters in a row.

Given that history, the REIT will likely pay more dividends in 2025 than this year. Here's a closer look at how much it might dish out to investors next year.

Realty Income paid $1.556 per share in dividends during the first half of this year, totaling $1.3 billion in cash. If we annualize that rate, the REIT is on track to pay over $2.6 billion in dividends this year, topping the $2.1 billion it paid in 2023.

Two factors have driven the increase. Realty Income has raised its per-share dividend payment several times this year. Its current monthly level is 2.9% higher than the payment in the year-ago period.

On top of that, its outstanding shares have increased greatly over the past year (from 674.1 million at the end of 2023's second quarter to 870.3 million at the end of this year's second quarter). It has issued additional shares to fund acquisitions. The biggest boost came from closing its $9.3 billion all-stock merger with Spirit Realty.

The REIT has also sold shares via its at-the-market program to fund accretive investments. With its outstanding shares rising, the REIT needed to pay out more cash in dividends.

Realty Income will likely continue to increase its dividend per share at a low-single-digit annual rate in 2025. Add in a higher share count from continuing to issue more stock to fund accretive acquisitions, and the REIT could pay out more than $2.7 billion in dividends next year, with the potential for a higher level depending on the size of its acquisition volume.

With a dividend yield already around 5% and more growth ahead, Realty Income is an excellent option for those seeking dividend income.

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