REIT Comparison
NNN vs O: Which Is the Better Pick in 2026?
A head-to-head comparison of NNN REIT, Inc. and Realty Income Corporation covering yield, cost, risk, and income potential.
Data updated August 19, 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 20.23% total return against 14.27%. The picture flips over 10 years, though — O has compounded at 4.39% a year, ahead of NNN at 4.04%. 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 | 21.91% | 20.23% | 12.42% | 5.17% | 4.04% | 11.34% | 18.7% | 0.39 | 0.56 | -22.0% |
| O | 12.73% | 14.27% | 9.64% | 3.14% | 4.39% | 13.48% | 18.2% | 0.26 | 0.36 | -19.3% |
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows 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 | $45.83 as of August 19, 2026 | $62.21 as of August 19, 2026 |
| Distribution yield | 5.20% | 5.21% |
| Distribution Safety Score™ | 100 | 100 |
| 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 | $0.6200 | $0.2710 |
| Ex-dividend date | 07/31/2026 | 07/31/2026 |
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.
O offers the higher yield at 5.21% vs 5.20% for NNN. 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 $43.33/month, while O would produce $43.42/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 current distribution yield for NNN and O?
NNN currently distributes 5.20% and O 5.21%, based on fund data updated August 2026. Distribution yield 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. O 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.
What is the difference between NNN and O?
NNN (NNN REIT, Inc.) is a real estate investment trust built around retail REIT exposure, while O (Realty Income Corporation) is a real estate investment trust built around net lease REIT exposure. They are issued by NNN REIT and Realty Income respectively.
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 $43.33 per month ($520.00 annually). The same in O would produce about $43.42 per month ($521.00 annually).
Which has performed better historically, NNN or O?
NNN has outpaced O over the trailing twelve months, posting a 20.23% total return against 14.27%. The picture flips over 10 years, though — O has compounded at 4.39% a year, ahead of NNN at 4.04%. 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 August 15, 2026.
Overview
NNN and O are both net lease REITs that acquire and manage single-tenant commercial properties under long-term tenant leases, which shift maintenance and operating costs to tenants. The defining difference: NNN is a Dividend Aristocrat with over 35 consecutive years of increases and pays quarterly distributions; O is known as "The Monthly Dividend Company" and has paid monthly distributions since 1994, with a longer track record of consistent growth as a public REIT.
How they differ
The most obvious distinction is distribution frequency: O pays monthly, while NNN pays quarterly. This matters for reinvestment timing and income rhythm, especially for investors who rely on regular cash flow. Both carry nearly identical distribution rates around 5.2%, but O's monthly cadence may appeal to those who prefer more frequent dividend recognition. On risk profile, O's beta of 0.72 is slightly lower than NNN's 0.783, suggesting marginally less volatility relative to the broader market. NNN's 35+ year dividend-increase streak is a formal aristocrat credential; O's dividend growth is comparable but tracked through a longer operational history starting in 1994 rather than through an official aristocrat designation.
Who each is best for
NNN: Fits investors seeking a quarterly-paying net lease REIT with a documented multi-decade commitment to dividend growth, and who prefer less frequent but predictable distribution timing.
O: Designed for income-focused investors who value monthly distributions, a longer public operating history as a REIT, and a marginally lower volatility profile within the net lease space.
Key risks to know
- Tenant credit risk: Both REITs depend on long-term lease agreements to sustain distributions. Economic downturns that weaken tenant creditworthiness or trigger defaults could pressure cash flow and capital values, particularly in retail-focused segments.
- Net lease interest-rate sensitivity: Rising rates typically pressure REIT valuations because higher cap rates make existing leases less attractive relative to new investment opportunities. Both securities carry beta below 1.0, but this does not eliminate rate sensitivity.
- Retail property concentration: NNN is explicitly focused on retail net leases. The retail sector faces structural headwinds from e-commerce and changing consumer behavior, which could affect tenant demand and renewal rates over time.
- Lease renewal and tenant replacement: When long-term leases expire, both REITs must re-lease or replace tenants. Periods of weak tenant demand or rising vacancy could constrain income growth and capital deployment flexibility.
Bottom line
Both REITs offer similar yields and defensive exposure to long-term lease income. If you prefer monthly cash distributions and slightly lower price volatility, O stands out; if you favor the formal Dividend Aristocrat pedigree and quarterly payment timing, NNN fits that profile. Past performance of 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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