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.
Data updated September 4, 2026
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 has outpaced O over the trailing twelve months, posting a 10.99% total return against 10.98%. The picture flips over 10 years, though — O has compounded at 4.22% a year, ahead of NNN at 3.66%. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | 5Y | 10Y | Since Oct 1994 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |  NNN |  O |
|---|---|---|
| Full name | NNN REIT, Inc. | Realty Income Corporation |
| Issuer | NNN REIT | Realty Income |
| Last Close | $44.63 as of September 4, 2026 | $61.25 as of September 4, 2026 |
| Distribution rate | 5.56% | 5.31% |
| Distribution Safety Score™ | 100 | 100 |
| Safety-Adjusted Yield | 5.56% | 5.31% |
| 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 | 0.783 | 0.72 |
| Last dividend | $0.62 | $0.271 declared, pays 09/15/2026 |
| Ex-dividend date | 07/31/2026 | 08/31/2026 |
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.
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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 5.56% vs 5.31% for O. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, NNN would generate roughly $46.33/month, while O would produce $44.25/month, 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 0.783 for NNN and 0.72 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.
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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 5.56% and 5.31% as of September 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 5.56% and O 5.31%, based on fund data updated September 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 $46.33 per month ($556.00 annually). The same in O would produce about $44.25 per month ($531.00 annually).
Which has performed better historically, NNN or O?
NNN has outpaced O over the trailing twelve months, posting a 10.99% total return against 10.98%. The picture flips over 10 years, though — O has compounded at 4.22% a year, ahead of NNN at 3.66%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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NNN vs O — at a glance
Generated September 5, 2026.
How they differ
NNN's 5.56% distribution rate runs about 25 basis points higher than O's 5.31%, reflecting NNN's smaller scale and potentially higher investor demand for yield. On risk, NNN shows a 0.783 beta versus O's 0.72, suggesting NNN stock has historically moved slightly more with broader market swings, though both sit below 1.0, indicating lower systematic volatility than the overall market.
Who each is best for
- NNN: Fits investors seeking higher current yield from a retail-focused REIT with a proven long-term commitment to dividend growth and a track record spanning decades of consecutive increases.
- O: Fits investors who value monthly income distribution frequency and a household-name REIT brand with established consistency in both dividend payment timing and growth history.
Key risks to know
- Single-tenant property concentration: Both REITs depend on individual tenant credit quality and lease renewal risk. A major tenant default or non-renewal would directly reduce lease revenue and potentially pressure distributions.
- Net lease tenant health: Retail properties, NNN's explicit focus, face structural headwinds from e-commerce and changing consumer patterns. Tenant bankruptcies in retail have historically elevated lease recapture risk and vacancy.
- Interest rate sensitivity: As fixed-income-like securities, both REITs are sensitive to rising rates, which can compress valuations and increase refinancing costs. The lower betas suggest some resilience, but rate risk remains structural.
- Dividend sustainability in downturns: While both have strong track records, high distribution rates in a prolonged economic contraction could pressure coverage ratios and force dividend growth to stall or reset. Both are lower-volatility plays on commercial real estate, so the choice hinges on whether you prefer quarterly payouts with a higher yield or monthly payouts from an established player. Past 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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