Data as of the October 19, 2026 close. Every figure on this page is checked against at least two independent sources, or two separate SEC filings, before it is published. How we verify data.
Realty Income (O) and W. P. Carey (WPC) are both net lease REITs, with Realty Income classed as Retail Net Lease and W. P. Carey as Diversified Net Lease. Here is how they compare on verified numbers as of the October 19, 2026 close, from dividends and debt to rate sensitivity and returns this year.
| Measure | Realty Income (O) | W. P. Carey (WPC) |
|---|---|---|
| Share price | $55.51 | $63.77 |
| Market cap | $52.5B | $14.5B |
| Dividend yield | 5.88% | 5.96% |
| Annual dividend per share | $3.26† | $3.80† |
| Pays | Monthly | Quarterly |
| Consecutive years of dividend increases | 25+ | 1 |
| Dividend growth per year, 2020 to 2025 | 2.9% | -2.8% |
| Dividend increase in 2026 (confirmed in filings) | +0.7% | +3.3% |
| Liabilities to assets | 45.1% (June 30) | 53.4% (June 30) |
| Revenue growth, latest quarter vs a year earlier | +9.7% | +7.0% |
| Price change year to date | -1.5% | -0.9% |
| Price change since Sept. 15 | -5.5% | -6.7% |
| 52-week range (closing) | $53.35 to $67.56 | $62.73 to $76.71 |
| Typical move per 0.25-point rise in the 10-year yield | -3.2% | -3.6% |
| REIT Rankings grade | A 87 | B 76 |
| Third-quarter 2026 results | Not yet filed; page updates when it is | Not yet filed; page updates when it is |
A plus sign on a dividend streak means it reaches the start of our 25-year data window, so the true streak may be longer.
† The current dividend rate is above the per-share dividend in the latest 10-Q, consistent with a recent increase. The prior rate is confirmed by the filing; the new rate comes from payment records and is confirmed when the next 10-Q is filed.
Who Leads on Each Measure
| Measure | Leader |
|---|---|
| Higher dividend yield | W. P. Carey |
| Longer dividend growth streak | Realty Income |
| Faster five-year dividend growth | Realty Income |
| Lower leverage | Realty Income |
| Less sensitive to rising rates | Realty Income |
| Better price change this year | W. P. Carey |
| Higher REIT Rankings grade | Realty Income |
Where They Differ
The two yield almost the same: 5.88% for Realty Income and 5.96% for W. P. Carey. Realty Income has the longer record of raising its dividend, 25+ straight years against 1. W. P. Carey carries more leverage, with liabilities equal to 53.4% of assets against 45.1%. Over the past year W. P. Carey has been more sensitive to Treasury yields, typically moving -3.6% for each 0.25-point rise in the 10-year yield against -3.2% for Realty Income. This year Realty Income shares have moved -1.5% and W. P. Carey shares -0.9%.
Read the full profiles for portfolio, tenant and balance sheet detail: Realty Income and W. P. Carey.
How These Numbers Are Checked
Prices, returns and 52-week ranges are computed separately from Nasdaq and Cboe records and must agree. Dividend rates are checked against the per-share dividends in each company’s latest 10-Q, growth streaks against their 10-K filings, and leverage and revenue come from the balance sheets and income statements filed with the SEC. Third-quarter results replace the latest-quarter figures as soon as each company files. How we verify data.
Frequently Asked Questions
Which pays a higher dividend, O or WPC?
Realty Income yields 5.88% and pays $3.26 a share a year (monthly); W. P. Carey yields 5.96% and pays $3.80 (quarterly), as of October 19, 2026.
Which has raised its dividend longer, O or WPC?
Realty Income: 25+ consecutive years of increases; W. P. Carey: 1 consecutive years of increases. Five-year dividend growth: 2.9% for Realty Income and -2.8% for W. P. Carey.
Which has more debt, O or WPC?
On the latest balance sheets, Realty Income’s liabilities equal 45.1% of total assets and W. P. Carey’s equal 53.4%. Book leverage is one measure; debt maturities and interest coverage matter too.
Which is more sensitive to interest rates, O or WPC?
Over the past year, Realty Income has typically moved -3.2% and W. P. Carey -3.6% for each 0.25-point rise in the 10-year Treasury yield. Since September 15, 2026, Realty Income has moved -5.5% and W. P. Carey -6.7%.
Is O or WPC the better investment?
REIT Rankings does not make buy, sell or hold calls. On our grades, which measure dividend safety, balance sheet, portfolio, growth and valuation, Realty Income scores 87 and W. P. Carey scores 76, so Realty Income rates higher on business quality. Which suits you depends on whether you value current yield, dividend growth or lower rate risk more.
Related Pages
Best Net Lease REITs · Realty Income vs. Agree Realty · Realty Income vs. NNN REIT · Realty Income vs. VICI Properties · All REIT comparisons
REIT Rankings publishes data and grades, not investment advice. Nothing on this page is a recommendation to buy, sell or hold any security. Do your own research or consult a licensed advisor.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive. For investors with $1 million or more, the after-tax gap is large.
See the $2M After-Tax Comparison