Realty Income has already gotten a head start on growing in 2024. It agreed to buy fellow REIT Spirit Realty in a $9.3 billion deal. The company expects the acquisition to increase its adjusted FFO by more than 2.5% this year. Meanwhile, the combined company is expected to generate over $800 million in post-dividend free cash flow in 2024. It anticipates reinvesting this cash flow into new income-generating real estate to push its growth rate into its 4% to 5% annual target range without raising any additional equity capital. There's upside to that growth rate if the REIT raises equity capital to fund additional investments. Given the visibility it has into its growth, Realty Income should have no problem increasing its dividend, which it has done 123 times since its public market listing in 1994.