REIT Comparison
NNN vs O: Same Lease Style, Two Retail Landlords
A head-to-head of NNN REIT and Realty Income covering property mix, dividend cadence, and scale.
Updated October 2, 2026
How these figures are calculated: methodology.
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 has outpaced O over the trailing twelve months, posting a 0.77% total return against -5.54%. The picture flips over 10 years, though — O has compounded at 3.28% a year, ahead of NNN at 2.97%. 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NNN | 7.96% | 0.77% | 11.57% | 3.75% | 2.97% | 10.87% | 18.6% | 0.35 | 0.50 | -22.0% |
| O | -1.74% | -5.54% | 9.28% | 1.92% | 3.28% | 12.94% | 18.1% | 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 October 2, 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 |  NNN |  O |
|---|---|---|
| Full name | NNN REIT, Inc. | Realty Income Corporation |
| Issuer | NNN REIT | Realty Income |
| Last Close | $40.95 as of October 2, 2026 | $54.13 as of October 2, 2026 |
| Distribution rate | 6.06% | 6.03% |
| Trailing 12-month yield | 5.91% | 6.00% |
| Distribution Safety Score™ | 100 | 100 |
| Safety-Adjusted Yield | 6.06% | 6.03% |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Quarterly | Monthly |
| Underlying index | — | — |
| Objective | 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 |
| Inception date | N/A | N/A |
| Beta | 0.774 | 0.712 |
| Last dividend | $0.62 | $0.272 declared, pays 10/15/2026 |
| Ex-dividend date | 07/31/2026 | 09/30/2026 |
Bottom lineNNN and O are nearly interchangeable — both offer very similar retail reit exposure with very similar cost and risk. Neither charges a fund expense ratio, so the decision rests on business fundamentals, payout history, and valuation.
Income calculator
See how much monthly income a hypothetical investment would generate in each real estate investment trust at current yields.
Want to go deeper?
Add these REITs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.
Quick verdict
NNN (NNN REIT, Inc.) and O (Realty Income Corporation) are both dividend-paying real estate investment trusts (REITs), but they take different approaches.
NNN offers the higher yield at 6.06% vs 6.03% for O. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
Still deciding? Track NNN & O for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
Deep dive
Yield & income
On a $10,000 investment, NNN would generate roughly $151.50 cash per distribution, while O would produce $50.25 cash per distribution, at current distribution rates.
Strategy & risk
NNN is a real estate investment trust built around retail REIT exposure, while O is a real estate investment trust built around net lease REIT exposure. Beta is 0.774 for NNN and 0.712 for O, making O the less volatile of the two by this measure.
Security details
NNN (NNN REIT, Inc.) is a real estate investment trust. O (Realty Income Corporation) is a real estate investment trust.
Enjoyed this page?
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend investments.
Frequently asked questions
What is the difference between NNN and O?
NNN (NNN REIT, Inc.) and O (Realty Income Corporation) both own triple-net retail properties. Cost and payout cadence differ: Quarterly versus Monthly. Distributions are 6.06% and 6.03% as of October 2026. Scale, tenant mix, and how often cash arrives are the live differences.
What is the current distribution rate for NNN and O?
NNN currently distributes 6.06% and O 6.03%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is NNN or O better for dividend income?
It depends on your goals. NNN currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both NNN and O?
Yes — nothing prevents holding both. 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.
Is NNN or O safer?
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. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in NNN vs O generate?
At current rates, $10,000 in NNN would generate roughly $151.50 cash per distribution ($606.00 annually). The same in O would produce about $50.25 cash per distribution ($603.00 annually).
Which has performed better historically, NNN or O?
NNN has outpaced O over the trailing twelve months, posting a 0.77% total return against -5.54%. The picture flips over 10 years, though — O has compounded at 3.28% a year, ahead of NNN at 2.97%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
More comparisons to explore
People also compare O with
Popular comparisons
Dividend dates and history
NNN vs O — at a glance
Generated October 3, 2026.
Both trade near similar yields, roughly 6.06% and 6.03%, but operate with different portfolio compositions and tenant bases. This shapes investor cash-flow timing and reinvestment patterns. Third, their risk profiles differ modestly: NNN carries a beta of 0.774, while O's beta is 0.712, suggesting O exhibits slightly lower volatility relative to the broader market. Both focus on freestanding, single-tenant properties, but their tenant mix and geographic footprint may differ materially, which would influence credit and recession risk—a detail worth examining in each REIT's latest filing.
Who each is best for
NNN: Fits investors who value a formal track record of rising dividends and can benefit from quarterly distributions as a predictable income timing schedule. The Dividend Aristocrat label appeals to those seeking long-term payout growth discipline.
O: Fits investors who prefer monthly cash flow and appreciate Realty Income's decades-long reputation for reliability and consistent monthly payouts. Suits those who view the monthly cadence as psychologically or operationally simpler to reinvest or spend.
Key risks to know
- Net lease structure concentration. Both REITs depend on tenant creditworthiness and the ability of lessees to meet long-term obligations. Economic downturns or industry disruption in retail or food service can cascade into defaults or reduced property values, especially if the tenant base overlaps (e.g., both may own properties leased to similar restaurant or convenience-store operators).
- Retail property cyclicality. Secular headwinds in physical retail, e-commerce displacement, and shifting consumer habits create ongoing pressure on tenant cash flows. Properties may underperform or require rent concessions during downturns, impacting the stability of distributions.
- Rising interest rates and cap-rate expansion. Net lease REITs are sensitive to discount-rate changes. If cap rates (property yields) widen, existing REIT valuations can compress, pressing share prices downward even if underlying rents hold steady. This may also constrain acquisition economics and growth.
- Distribution sustainability at current yields. Both REITs' distributions are modest relative to broader equity yields, but net lease portfolios can face tenant churn, rent renegotiation, and lease expirations. Investors should verify that underlying net operating income covers distributions without eroding the balance sheet. Both carry similar yields and beta risk, so the choice hinges on distribution frequency preference and confidence in each REIT's tenant quality—neither factor favors one decisively. Past performance, including dividend history, does not guarantee future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
Still deciding? Compare them against your own portfolio
See how each real estate investment trust fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
These comparisons follow the Dividend Vision methodology.