With recession fears and tight consumer budgets, Realty Income (O) is being highlighted as a defensive dividend play. It currently has a 5.2% yield, paying out about $3.23 annually per share. They have a 31-year streak of quarterly dividend increases and pay out monthly instead of quarterly. The business is mainly single-tenant net lease retail (about 79% of rents), meaning tenants cover most property expenses. They own over 15,500 properties across the US and Europe with an average lease term of 8.8 years. They also maintain an investment-grade balance sheet and are starting to expand into debt investments and institutional investment management. It is a boring stock, but stable for a tough macro environment.