Net Lease REITs
What Are Net Lease REITs? Net Lease Real Estate Investment Trusts (REITs) own commercial properties leased to tenants under long-term agreements where the tenant covers expenses like property taxes, insurance, and maintenance. These properties include retail stores, restaurants, and industrial facilities.
Why Invest? Net lease REITs provide predictable cash flow and lower operational risks due to tenant-paid expenses. With long-term leases and creditworthy tenants, they offer stability and consistent dividends, making them attractive for income-focused investors.
Challenges & Outlook Interest rate fluctuations and tenant bankruptcies can impact performance, but demand for essential businesses and corporate-backed leases support long-term growth. As companies seek cost-effective real estate solutions, net lease REITs remain a reliable investment option.
Net Lease REITs
Updated Nov 5, 2026, 3:00 AM ET
- REITs
- 20
- Combined Mkt Cap
- $118B
- Snapshot Avg Yield
- 5.69%
The snapshot average uses 20 reported yields with equal weight, including zero yields and excluding missing values. Individual company data may update after this snapshot.
The Numbers Behind the Sector
Updated Nov 5, 2026, 3:00 AM ET
- Fwd FFO
- 12.8x
- 3-Yr FFO Growth
- +5.9%
- 3-Yr Return
- +10.6%
- Avg Discount
- -19.3%
- Net Debt/EBITDA
- 5.5x
- Market Value
- $118.45B
| Company | Ticker | Market Cap | Dividend Yield | P/FFO | 3Yr Total Return |
|---|---|---|---|---|---|
| Realty Income | O | $56.3B | 5.50% | 13.6x | +11.2% |
| W. P. Carey | WPC | $15.1B | 5.81% | 12.3x | +12.1% |
| Agree Realty | ADC | $9.09B | 4.65% | 15.5x | +10.5% |
| NNN REIT | NNN | $8.08B | 5.96% | 11.7x | +7.9% |
| Essential Properties | EPRT | $6.20B | 4.55% | 12.9x | +10.7% |
| EPR Properties | EPR | $4.66B | 6.12% | 10.9x | +17.1% |
| Curbline Properties | CURB | $3.66B | 2.25% | 24.0x | Not reported |
| Broadstone | BNL | $3.47B | 6.53% | 11.4x | +13.8% |
| Four Corners Property | FCPT | $2.61B | 6.41% | 13.7x | +8.2% |
| NetStreit | NTST | $2.34B | 4.83% | 13.9x | +11.3% |
| Getty Realty | GTY | $1.93B | 6.94% | 11.5x | +7.3% |
| Global Net Lease | GNL | $1.64B | 10.72% | 12.1x | +4.6% |
| Postal Realty | PSTL | $0.83B | 4.43% | 15.2x | +23.3% |
| Safehold Inc | SAFE | $0.76B | 6.57% | 6.4x | -11.6% |
| Gladstone Commercial | GOOD | $0.53B | 11.02% | 7.7x | +4.1% |
| One Liberty | OLP | $0.48B | 8.20% | 11.2x | +12.9% |
| FrontView REIT | FVR | $0.48B | 4.46% | 17.2x | Not reported |
| Alpine Income | PINE | $0.30B | 7.58% | 7.7x | +9.7% |
| Generation Income | GIPR | $0.00B | 0.00% | 9.7x | -80.1% |
| Modiv | MDV | Not reported | 1.23% | Not reported | Not reported |
Frequently Asked Questions
How many Net Lease REITs are tracked here?
Hoya Capital's Net Lease REITs table contains 20 companies classified in this sector in its company database. This is the number of tracked records, not a count of every business in the industry or a recommendation to purchase any security.
What is the average dividend yield for Net Lease REITs?
The simple average dividend yield for the tracked Net Lease REITs is 5.69%, using 20 reported yields. Each reported yield receives equal weight, including zero yields; missing values are excluded. This calculation describes the company table and is not a forecast of future distributions.
What is the median dividend yield for Net Lease REITs?
The median reported dividend yield for Net Lease REITs is 5.89% across 20 companies. The median is the middle observation after sorting yields, or the average of the two middle observations when the count is even. Missing yields are excluded.
Which tracked company is largest in Net Lease REITs by market capitalization?
Realty Income (O) has the largest reported market capitalization in the Net Lease REITs table, at $56.33 billion. Market capitalization measures equity market value, not property value or investment quality. The comparison covers only tracked companies with a reported value.