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.
Data updated September 4, 2026
Best for
- ADCInvestors who want real-estate income and inflation sensitivity.
- NNNInvestors who want higher current income (5.56% vs 4.41% for ADC).
- OInvestors who want higher current income (5.31% vs 4.41% 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
NNN tops the group over the trailing twelve months with a 10.99% total return, against ADC at 5.01% and O at 10.98%. Across the 10-year window, ADC has the strongest compounding at 8.47% a year. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | 5Y | 10Y | Since Oct 1994 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| ADC | 3.18% | 5.01% | 11.17% | 3.76% | 8.47% | 12.27% | 17.8% | 0.34 | 0.50 | -13.0% |
| NNN | 17.66% | 10.99% | 11.12% | 4.19% | 3.66% | 11.20% | 18.6% | 0.33 | 0.46 | -22.0% |
| O | 10.15% | 10.98% | 9.26% | 2.42% | 4.22% | 13.38% | 18.2% | 0.24 | 0.34 | -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 September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Oct 1994” measures every fund from October 18, 1994 — the youngest fund's first trading day — 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 | $72.62 as of September 4, 2026 | $44.63 as of September 4, 2026 | $61.25 as of September 4, 2026 |
| Distribution yield | 4.41% | 5.56% | 5.31% |
| Distribution Safety Score™ | 94 | 100 | 100 |
| Safety-Adjusted Yield | 4.15% | 5.56% | 5.31% |
| 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 | 0.468 | 0.783 | 0.72 |
| Last dividend | $0.267 declared, pays 09/15/2026 | $0.62 | $0.271 declared, pays 09/15/2026 |
| Ex-dividend date | 08/31/2026 | 07/31/2026 | 08/31/2026 |
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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 5.56%, followed by O at 5.31%, ADC at 4.41%.
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Deep dive
Yield & income
On a $10,000 investment: ADC generates ~$36.75/month, NNN generates ~$46.33/month, O generates ~$44.25/month 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 100, O scores 100, ADC scores 94. Neither has a clear safety edge on that measure. ADC has also shown lower price volatility (beta 0.47 vs 0.78 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 ~$36.75/month ($441.00/year). $10,000 in NNN yields ~$46.33/month ($556.00/year). $10,000 in O yields ~$44.25/month ($531.00/year).
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ADC vs NNN vs O — at a glance
Generated August 30, 2026.
Overview
These three real estate investment trusts span different property types and lease structures but all focus on generating consistent monthly or quarterly income from commercial real estate. The key distinction is property diversification versus pure retail net lease exposure, and payment frequency.
How they differ
The biggest difference is portfolio focus. ADC holds a diversified mix of income-producing real estate across multiple property types, while NNN and O both concentrate on single-tenant retail properties under long-term net leases—a narrower but potentially higher-quality income stream. Yield is comparable across the three, with NNN at 5.56%, O at 5.31%, and ADC at 4.41%. On volatility, ADC shows the lowest beta at 0.468, suggesting less price sensitivity to market moves, while NNN's beta of 0.783 and O's 0.72 indicate higher equity market correlation. Both NNN and O are priced substantially lower than ADC: NNN at $44.63 and O at $61.25 versus ADC at $72.62.
Who each is best for
- ADC: Fits investors seeking lower volatility and a more defensive real estate allocation, willing to accept a modestly lower distribution rate in exchange for diversified property exposure across multiple asset classes.
- NNN: Designed for income-focused investors with a multi-decade time horizon who value a proven dividend growth track record and can tolerate the concentration risk of single-tenant retail properties in exchange for higher yield and quarterly payment discipline.
- O: Matches investors who prioritize monthly cash flow predictability and want net lease retail exposure without waiting for quarterly payouts, and who value the issuer's long operating history since inception in 1994.
Key risks to know
- Retail concentration and lease renewal risk: Both NNN and O depend heavily on the health of single-tenant retail properties, where tenant vacancies and lease non-renewals can compress revenue. ADC's diversified portfolio reduces this specific vulnerability.
- Net lease structural risk for NNN and O: Under long-term net lease agreements, tenants bear maintenance and property tax obligations; if tenants fail or vacate, the REIT's income is at risk despite the ostensible security of the lease. This risk is embedded in both NNN and O's business model but absent from ADC.
- Interest rate sensitivity: All three are REITs and therefore sensitive to rising rates, which increase debt servicing costs and reduce the present value of future distributions. ADC's lower beta suggests somewhat lower sensitivity, but none are insulated from this environment. Past performance does not guarantee future dividend growth or price stability.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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