REIT Comparison
ADC vs NNN vs O: Which Fits Each Goal in 2026?
A side-by-side comparison of Agree Realty, NNN REIT, Inc. and Realty Income Corporation covering yield, cost, risk, and income potential.
Updated October 16, 2026
How these figures are calculated: methodology.
Best for
- ADCInvestors who want real-estate income and inflation sensitivity.
- NNNInvestors who want higher current income (5.97% vs 4.85% for ADC).
- OInvestors who want higher current income (5.81% vs 4.85% for ADC).
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
NNN tops the group over the trailing twelve months with a 3.92% total return, against ADC at -6.15% and O at -0.20%. Across the 10-year window, ADC has the strongest compounding at 7.98% a year. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | 10Y annualized | Since Oct 1994 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| ADC | -3.90% | -6.15% | 11.08% | 3.69% | 7.98% | 11.97% | 17.6% | 0.36 | 0.52 | -18.9% |
| NNN | 9.24% | 3.92% | 10.81% | 3.36% | 3.77% | 10.91% | 18.6% | 0.33 | 0.47 | -22.0% |
| O | 3.49% | -0.20% | 9.29% | 1.50% | 4.19% | 13.05% | 18.1% | 0.26 | 0.36 | -19.3% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 1994” measures every fund from October 18, 1994 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  ADC |  NNN |  O |
|---|---|---|---|
| Full name | Agree Realty | NNN REIT, Inc. | Realty Income Corporation |
| Issuer | Agree Realty | NNN REIT | Realty Income |
| Last Close | $67.04 as of October 16, 2026 | $41.54 as of October 16, 2026 | $56.08 as of October 16, 2026 |
| Distribution rate | 4.85% | 5.97% | 5.81% |
| Trailing 12-month yield | 4.73% | 5.83% | 5.79% |
| Distribution Safety Score™ | 91 | 95 | 95 |
| Safety-Adjusted Yield | 4.41% | 5.67% | 5.52% |
| Expense ratio | — | — | — |
| AUM | — | — | — |
| Distribution frequency | Monthly | Quarterly | Monthly |
| Underlying index | — | — | — |
| Objective | A real estate investment trust focused on income-producing properties. | A net lease REIT that acquires, owns, and manages single-tenant retail properties under long-term net leases. A Dividend Aristocrat with over 35 consecutive years of dividend increases. | A real estate investment trust that invests in freestanding, single-tenant commercial properties subject to long-term net lease agreements. Known as "The Monthly Dividend Company," Realty Income has a long track record of monthly dividend payments and consistent dividend growth. |
| Asset class | Real Estate | Real Estate | Real Estate |
| Inception date | N/A | N/A | N/A |
| Beta | 0.424 | 0.761 | 0.696 |
| Last dividend | $0.271 declared, pays 11/13/2026 | $0.62 declared, pays 11/13/2026 | $0.2715 declared, pays 11/13/2026 |
| Ex-dividend date | 10/30/2026 upcoming | 10/30/2026 upcoming | 10/30/2026 upcoming |
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Quick verdict
ADC (Agree Realty), NNN (NNN REIT, Inc.), O (Realty Income Corporation) are dividend-paying real estate investment trusts (REITs) that take different approaches.
NNN offers the highest reported yield at 5.97%, followed by O at 5.81%, ADC at 4.85%.
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Deep dive
Yield & income
On a $10,000 investment: ADC generates ~$40.42 cash per distribution, NNN generates ~$149.25 cash per distribution, O generates ~$48.42 cash per distribution at current distribution rates.
Strategy & risk
ADC is a real estate investment trust built around diversified REIT exposure; NNN is a real estate investment trust built around retail REIT exposure; O is a real estate investment trust built around net lease REIT exposure.
Security details
ADC (Agree Realty) is a real estate investment trust. NNN (NNN REIT, Inc.) is a real estate investment trust. O (Realty Income Corporation) is a real estate investment trust.
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Frequently asked questions
Which of ADC, NNN, O is best for dividend income?
It depends on your goals. NNN currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.
What is the difference between ADC, NNN, O?
ADC (Agree Realty) is a real estate investment trust built around diversified REIT exposure, issued by Agree Realty. NNN (NNN REIT, Inc.) is a real estate investment trust built around retail REIT exposure, issued by NNN REIT. O (Realty Income Corporation) is a real estate investment trust built around net lease REIT exposure, issued by Realty Income.
Can I hold ADC, NNN, O together?
Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which of ADC, NNN and O is safest?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: NNN scores 95, O scores 95, ADC scores 91. Neither has a clear safety edge on that measure. ADC has also shown lower price volatility (beta 0.42 vs 0.76 for NNN). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 generate in each?
$10,000 in ADC yields ~$40.42 cash per distribution ($485.00/year). $10,000 in NNN yields ~$149.25 cash per distribution ($597.00/year). $10,000 in O yields ~$48.42 cash per distribution ($581.00/year).
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Dividend dates and history
ADC vs NNN vs O — at a glance
Generated October 17, 2026.
Overview
ADC, NNN, and O are all net lease REITs, meaning they own single-tenant commercial properties leased to tenants who pay property taxes, insurance, and maintenance costs. The key distinction: O and NNN specialize in long-term net leases with staggered tenancies across diverse retail and service sectors, while ADC operates a diversified portfolio across multiple property types. Distribution frequency and tenant concentration shape their appeal to different income investors. ADC offers the lowest distribution yield at 4.85% and also pays monthly, but it spans a more diversified property mix beyond pure net lease retail. On risk metrics, ADC has the lowest beta at 0.424, suggesting lower sensitivity to real estate cycles; NNN carries the highest at 0.761, reflecting concentration in retail real estate. All three are REITs with no expense ratios to compare, so cost differences depend on underlying operating efficiency rather than fund-level fees.
Who each is best for
- ADC: Fits investors who want lower volatility exposure to net lease real estate and prefer monthly income over quarterly distributions, with a willingness to accept a modestly lower yield in exchange for portfolio diversification beyond retail.
- NNN: Designed for income-focused investors comfortable with quarterly payout timing and higher retail concentration, and who value a long track record of uninterrupted dividend growth (35+ consecutive years of increases).
- O: Suits investors seeking a recognizable, widely held monthly-paying net lease REIT with decades of operating history and a balanced yield, alongside the convenience of dividend consistency on a monthly schedule.
Key risks to know
- Retail property concentration: NNN's exclusive focus on single-tenant retail properties exposes it more directly to changing consumer behavior, e-commerce disruption, and tenant bankruptcies than ADC's more diversified portfolio or O's broader tenant base.
- Lease maturity clustering: All three REITs face the risk that significant portions of their lease portfolio expire in the same window, forcing renegotiation or replacement at potentially less favorable terms; NNN's retail-only strategy may narrow tenant options during economic downturns.
- Net lease tenant quality: When tenants are responsible for property maintenance and taxes under net lease agreements, a decline in tenant creditworthiness or sector health directly undermines rent collection; retail faces greater headwinds than other commercial property types.
- Interest rate sensitivity: Rising rates increase borrowing costs for REITs and reduce the present value of future lease payments, creating downward pressure on valuations; ADC's lower beta suggests somewhat less sensitivity, but all three carry exposure. Past performance in dividend growth does not guarantee future increases.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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These comparisons follow the Dividend Vision methodology.