WPC's dividend is more sustainable than Realty Income's: it pays less than AFFO, uses only 67% of AFFO for dividends, and rising AFFO keeps the dividend well covered and predictable after 37 straight years of increases. Shares pulled back with higher Treasury yields, but fundamentals remain very strong.

We can give realty income an equal weighting of 7%, which has a current initial yield of 6.11% and offers a dividend yield of $4,277, with dividend growth of just over 3% over the past few years.

Now, the interesting thing is how long they have actually been paying and increasing dividends. They have a record of increasing their annual dividend for 37 consecutive years.

So, when we look at share prices, like most REITs, yes, they have pulled back, especially in the last few months, and have also declined in the last year, again due to the increase in those Treasury yields. But, the fundamentals remain very strong.

In fact, this is a writ where dividend payments can be more sustainable than realty income. Why am I saying this? Because they are paying out less dividends than their Adjusted Funds from Operations (AFFO), which, again, is the most important metric for a REIT and it is constantly increasing.

In fact, they are currently using only 67% of their AFFO to pay dividends. So, it's a very well-covered dividend, which is very predictable and has increased for 37 consecutive years.