If you are wondering whether Realty Income is still a high quality dividend name at a fair price, or if most of the value has already been priced in at around $57.44, this article will walk through that question using a clear valuation lens.

The stock has quietly climbed 0.7% over the last week and 1.1% over the last month, adding up to a 9.2% gain year to date and 11.5% over the past year. This hints that the market is slowly warming back up to this REIT after a choppier few years.

Those gains come as investors refocus on interest rate expectations and the relative safety of high quality net lease REITs like Realty Income, which tend to look more attractive when rate hikes appear to be behind us. At the same time, ongoing…