W.P. Carey (WPC -0.36%) was the largest diversified REIT by market cap in early September 2026 at over $15.5 billion. It focuses on owning operationally critical properties net leased to high-quality tenants. This REIT had around 1,750 properties with roughly 188 million square feet of rentable space net leased to roughly 385 tenants across dozens of industries. It predominantly owns properties secured by long-term net leases with built-in rent escalations, including 48% linked to CPI, which helps it capture higher same-store rent growth during inflationary periods. W.P. Carey's focus on investing in properties secured by inflation-linked leases is a differentiator in the sector.
Its net lease properties include single-tenant industrial (38.7% of its annual base rent), warehouse (25.1%), retail (22.3%), and other (13.9%). Other property types include educational facilities, specialty properties, net-leased self-storage, laboratories, research and development, net-leased hotels, offices, and land.
W.P. Carey owns most of its properties in the U.S. (61% of its real estate assets) and Europe (33%). Other countries -- Canada (4%), Mexico (2%), and Mauritius (0.4%) -- make up the remainder of its portfolio.
The REIT's focus on the global net lease market has enabled it to generate stable cash flow. That had allowed W.P. Carey to pay a consistently rising dividend -- it raised its payment every year since its initial public offering (IPO) in 1998 until late 2023. While the REIT reduced its dividend towards the end of 2023 when it decided to exit the troubled office sector, it has increased its payment every quarter since the reset. Even at its lower rate, W.P. Carey offers an above-average dividend yield, making it an excellent option for those seeking to generate passive income backed by commercial real estate.
2. Broadstone Net Lease
