Realty Income (NYSE:O | O Price Prediction) gets most of the airtime in retiree circles, but it is not the only quality REIT engineered to write dividend checks year after year. The four names below span net lease, gaming, industrial, and retail real estate, and each one covers its distribution with room to spare. One data point that frames the group: VICI Properties currently yields 6.86%, giving the bundle a genuine ultra-high-yield anchor alongside three high-yield growers.
W. P. Carey (WPC)
W. P. Carey (NYSE:WPC) is a diversified net lease REIT with industrial, warehouse, and retail assets spanning the US and Europe. Shares trade at $72.51 with a current dividend yield of 5.05%, putting it firmly in high-yield territory.
On safety, the payout is well covered. Full-year 2025 AFFO came in at $4.97 per share against an annualized dividend of $3.68, an implied payout ratio of 74.0% that sits inside the normal net lease band. Management guided 2026 AFFO to $5.13 to $5.23 per share, and the board has already delivered 8 consecutive quarterly increases since the late-2023 spinoff reset, most recently to $0.94 per share for the June 2026 ex-date. The balance sheet carries $17.99B in total assets against $9.86B of liabilities, supported by a $432 million equity raise and nearly €1 billion of Eurobond issuance in 2025.
The bull case is simple: WPC set a record $2.10 billion of investment volume in 2025, and roughly 48% of annualized base rent is CPI-linked with another 47% carrying fixed escalators. Income keeps compounding even in a soft macro. CEO Jason Fox told investors, “At the midpoint, our initial AFFO guidance implies growth in the low-to-mid 4% range, even as we maintain a conservative stance toward both investment volume and potential credit-related rent loss.”
The one caveat: the dividend was materially reduced after the November 2023 NLOP spinoff, so the streak narrative here starts in late 2023, not decades ago. There is also currency exposure from the European portfolio.
VICI Properties (VICI)
VICI Properties (NYSE:VICI) owns experiential real estate anchored by Caesars Palace and other marquee gaming, hospitality, and entertainment destinations. On July 22, shares traded around $26.69, and the yield of 6.74% is the ultra-high-yield of the group.
The dividend safety read is strong. The 45-cent quarterly payout annualizes to $1.80, well below management’s 2026 AFFO guide of $2.42 to $2.45 per diluted share. The portfolio has 100% occupancy across 93 experiential properties with a 40-year weighted average lease term and triple-net structure, and the credit profile is investment grade at Baa3/BBB-/BBB-. Dividend history is the cleanest in the bundle: VICI has now delivered 8 consecutive annual dividend increases since its 2018 IPO.
For income investors, this is a compounding cash cow that keeps deepening its tenant roster. CEO Edward Pitoniak put the flywheel plainly: “In the last twelve months, we have grown our aggregate AFFO by 7.4% while only growing our share count by 2.1%, highlighting the efficiency of our business model and the merit of our disciplined capital allocation strategy.” New partnerships added in 2025 include a $1.16 billion Golden Entertainment sale-leaseback at a 7.5% cap rate and Clairvest as the 14th tenant.
The risk that keeps VICI at a discount to peers is tenant concentration: Caesars at 39% and MGM at 34% together account for roughly 73% of annualized base rent, and the gaming industry is consumer-discretionary in nature.
STAG Industrial (STAG)
STAG Industrial (NYSE:STAG) is a single-tenant industrial and warehouse REIT that has historically paid dividends on a monthly cadence. Shares traded around $41.56 on July 22 with a yield of 3.36%, a high-yield print supported by a durable industrial rent roll.
Coverage is comfortable. Q4 2025 Core FFO reached 66 cents per diluted share, up 11.4% year over year, and quarterly Core FFO stepped higher every period in 2025 (61 cents, 63 cents, 65 cents, 66 cents). Operating portfolio occupancy sits at 97.2%, and leasing spreads have been fierce, with FY2025 Cash Rent Change of 24.0% and 2026 already 69.2% addressed at a 20.0% Cash Rent Change. Balance sheet shows $7.21B in assets against $3.54 billion in liabilities.
The bull case is that STAG buys logistics real estate at attractive cap rates and re-rents it materially higher. Management acquired $449.1 million across 13 buildings at a 6.5% cash cap rate in 2025 and is working a $3.6 billion acquisition pipeline. CEO Bill Crooker told investors, “The Company generated strong operating results driven by heightened leasing activity, prudent capital allocation, and healthy Same Store Cash NOI growth.”
The risk to watch is financing cost. Term Loan G steps from a 1.70% fixed rate to 3.94% in February 2026, and the industrial tenant base carries e-commerce and credit sensitivity when the cycle wobbles.
Agree Realty (ADC)
Agree Realty (NYSE:ADC) is the direct Realty Income substitute in this lineup: a monthly-paying net lease retail REIT with a heavy investment-grade tenant tilt. Shares traded around $80.17 on July 22 with a yield of 3.93%, another high-yield entry.
Safety here is outstanding. The monthly dividend was raised to $0.267 effective this past April, a 4.3% year-over-year bump. Q1 2026 AFFO of $1.14 per share annualizes to roughly the midpoint of management’s reiterated 2026 AFFO guide of $4.54 to $4.58. The portfolio spans 2,756 properties across all 50 states at 99.7% occupancy with a 7.8-year weighted average lease term. Fitch assigns Agree an A- issuer rating with a stable outlook, and the company entered 2026 with over $2.0 billion of liquidity and no material debt maturities until 2028. Consecutive uninterrupted monthly payments run from January 2021 through July 2026. If you are building a paycheck-style portfolio around monthly-payer REITs, our 7 Monthly Dividend Stocks research briefing is a good companion.
The bull case is dependable growth: Q1 2026 revenue rose 18.7% year over year, and management deployed $402.5 million across 85 properties at a 7.1% weighted-average cap rate in the quarter alone. CEO Joey Agree said, “Our first quarter results reflect a strong start to the year. Our balance sheet is fortified, our pipeline is strong and our Team is laser focused.”
The caveat: investment-grade tenant concentration slipped to 65.4% from 68.3% year-ago, and the portfolio still touches pressured retail categories including pharmacy at 3.6% of ABR.
The Takeaway
These four REITs cover the payout ladder Realty Income shareholders actually care about. VICI delivers the ultra-high-yield anchor with an eight-year raise streak and near flawless portfolio occupancy. WPC pairs a mid-single-digit yield with CPI-linked rent escalators and a rebuilt post-spinoff growth cadence. STAG plugs into industrial logistics with double-digit leasing spreads, and ADC brings monthly dividend checks backed by an A- balance sheet and near-full occupancy. Together they form a durable, well-covered income sleeve without owning a single share of O.
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