REITs vs. Dividend Stocks: Which Is Better for Passive Income?

Here is a fact that catches most new investors off guard: a single category of stocks is legally required to hand over at least 90% of its taxable income to shareholders every single year. No board vote needed. No CEO discretion. It is written into the tax code. These are Real Estate Investment Trusts, better known as REITs, and they have been quietly generating some of the fattest yields on Wall Street for over six decades.

But then there is the other camp — the dividend stock faithful who swear by blue-chip companies like Johnson & Johnson, Coca-Cola, and Procter & Gamble. Companies that have raised their dividends for 25, 40, even 60 consecutive years. Their yields may look modest next to a REIT, but their tax treatment is far friendlier, and their total returns have crushed many income-focused strategies over the long haul.

So which is actually better for passive income? The answer is not as straightforward as the internet would have you believe. It depends on your tax bracket, your time horizon, where you hold these investments, and what you actually need the income for. Over the next several thousand words, we are going to dissect both options from every angle — yields, taxes, total returns, interest rate sensitivity, sector diversification, and portfolio construction — so you can make an informed decision rather than just picking the one with the bigger number on a screener.

Let us get into it.

What Are REITs and Why Do They Pay So Much?

A Real Estate Investment Trust is a company that owns, operates, or finances income-producing real estate. Congress created the REIT structure in 1960 with one goal in mind: let everyday investors access large-scale commercial real estate the same way they could buy shares of General Motors or IBM. Before REITs, if you wanted to own a shopping mall or an office tower, you needed millions of dollars and a Rolodex of lawyers. After REITs, you needed a brokerage account and the price of a single share.

But the real magic — and the reason REITs are synonymous with income investing — lies in a single rule. To qualify for REIT tax status and avoid paying corporate income tax, a REIT must distribute at least 90% of its taxable income to shareholders as dividends. Read that again. Ninety percent. Not “up to” ninety percent. At least ninety percent.

This structural requirement means REITs typically yield significantly more than the S&P 500 average. While the S&P 500 dividend yield hovers around 1.3% to 1.5% in 2026, many REITs yield between 3% and 7%, with some reaching even higher. That gap is not a sign of risk (though risk exists) — it is a mechanical result of the 90% payout rule.

To qualify as a REIT, a company must also meet several other requirements:

• At least 75% of total assets must be invested in real estate, cash, or U.S. Treasuries
• At least 75% of gross income must come from real estate-related sources (rents, mortgage interest, property sales)
• The company must have at least 100 shareholders
• No more than 50% of shares can be held by five or fewer individuals (the “closely held” test)
• It must be structured as a corporation, trust, or association

There are three main types of REITs. Equity REITs own and operate properties directly — they collect rent and manage buildings. These make up the vast majority of the REIT universe and are what most people think of when they hear “REIT.” Mortgage REITs (mREITs) do not own buildings at all; instead, they invest in mortgages and mortgage-backed securities, earning income from the interest spread. mREITs tend to be much more volatile and carry significantly higher risk. Hybrid REITs do a bit of both, though they are relatively uncommon.

For this article, when we say “REIT,” we primarily mean equity REITs — the ones that own actual properties. These are the most comparable to traditional dividend stocks and the most relevant for building a sustainable passive income stream.

How REIT Dividends Actually Work

One thing that trips up new REIT investors is the composition of the dividend. Unlike a typical stock dividend that is either “qualified” or “ordinary,” REIT distributions can be a cocktail of different tax classifications. A single REIT dividend payment might include ordinary income (the biggest chunk, usually), return of capital (which reduces your cost basis rather than being taxed immediately), and capital gains (from property sales). Each piece gets taxed differently, which is why your 1099-DIV form from a REIT position can look like a small novel. We will get deeper into the tax implications later, because they are arguably the single biggest factor in the REIT vs. dividend stock debate.

REIT Sectors: From Data Centers to Doctor’s Offices

One of the most underappreciated aspects of REIT investing is the sheer diversity of property types available. When people hear “real estate,” they think apartments and shopping centers. But the modern REIT universe spans everything from cell towers to cold storage facilities, and the differences between sectors can be enormous in terms of yield, growth potential, and economic sensitivity.

Residential REITs

These own apartment buildings, single-family rentals, manufactured housing communities, and student housing. Companies like AvalonBay Communities (AVB) and Equity Residential (EQR) dominate the apartment space, while Invitation Homes (INVH) leads in single-family rentals. Residential REITs benefit from a simple thesis: people always need somewhere to live. They tend to be relatively stable but are sensitive to local housing regulations, rent control policies, and demographic shifts. Yields typically fall in the 3% to 4% range.

Commercial and Office REITs

This sector has faced the most dramatic disruption since 2020. The work-from-home revolution hammered office REITs, and many are still trading well below their pre-pandemic valuations. Companies like Boston Properties (BXP) and Vornado Realty Trust (VNO) have seen significant challenges. However, some investors view this as a deep value opportunity, arguing that the best office properties in top-tier cities will eventually recover. Yields here can be deceptively high — sometimes 6% or more — but that often reflects the market pricing in sustained occupancy declines. Tread carefully.

Data Center REITs

If there is a “growth REIT” sector, this is it. Data center REITs own and operate the facilities that house the servers powering cloud computing, AI workloads, streaming services, and basically the entire digital economy. Digital Realty Trust (DLR) and Equinix (EQIX) are the giants here, and they have been among the best-performing REITs of the past decade. The AI boom has supercharged demand for data center space, with hyperscalers like Microsoft, Amazon, and Google signing massive long-term leases. Yields tend to be lower (often 2% to 3%) because investors are paying a premium for growth, but the total return potential is substantial.

Healthcare REITs

Healthcare REITs own hospitals, medical office buildings, senior living facilities, and skilled nursing centers. Welltower (WELL) and Ventas (VTR) are the sector leaders. These benefit from powerful demographic tailwinds — the aging baby boomer generation will need more healthcare facilities for the next two decades. However, healthcare REITs also carry regulatory risk (Medicare/Medicaid reimbursement changes) and operator risk (the REIT owns the building, but a third-party operator runs the facility). Yields typically range from 3% to 5%.

Industrial and Logistics REITs

Prologis (PLD) is the undisputed king here, owning nearly a billion square feet of logistics and warehouse space globally. The e-commerce boom made industrial REITs the darlings of the sector, as every online order needs warehouse space for fulfillment. While the explosive growth has moderated somewhat, demand for well-located logistics properties remains strong. Yields tend to be modest (2.5% to 3.5%), but rent growth and property appreciation drive excellent total returns.

Specialty and Net Lease REITs

This is where some of the most interesting REIT stories live. American Tower (AMT) owns cell towers — over 200,000 of them worldwide — and collects rent from every wireless carrier that hangs equipment on them. VICI Properties (VICI) owns casino and entertainment properties, including Caesars Palace and MGM Grand on the Las Vegas Strip. Realty Income (O), perhaps the most famous REIT of all, operates a net lease model where tenants (mostly retail like Dollar General, Walgreens, and 7-Eleven) pay not just rent but also property taxes, insurance, and maintenance costs. Realty Income is known as “The Monthly Dividend Company” because it pays monthly rather than quarterly, and it has increased its dividend for over 100 consecutive quarters.

Dividend Stocks: The Classic Income Engine

Now let us turn to the other side of the ring. Dividend stocks are shares of companies that regularly return a portion of their profits to shareholders. Unlike REITs, there is no legal requirement to pay dividends. A company’s board of directors decides how much to pay, when to pay it, and whether to pay it at all. This is both a weakness and a strength.

The weakness is obvious: dividends can be cut or eliminated at any time. General Electric, once the bluest of blue chips, slashed its dividend by 50% in 2017 and then cut it to a penny in 2018. Ford suspended its dividend entirely during the pandemic. Even in normal times, dividend cuts are more common than people realize.

The strength, however, is flexibility. Companies that are not forced to pay out 90% of their income can reinvest heavily in growth. Apple’s dividend yield is barely above 0.5%, but it has returned enormous value through share buybacks and capital appreciation. Microsoft yields around 0.8%, yet it has been one of the best total return investments of the past two decades. The retained earnings fuel innovation, acquisitions, and competitive moats that make the company — and its dividend — more durable over time.

For income-focused investors, the sweet spot lies in the category often called Dividend Aristocrats and Dividend Kings. Dividend Aristocrats are S&P 500 companies that have increased their dividend for at least 25 consecutive years. Dividend Kings have done it for 50 years or more. These are companies like:

• Johnson & Johnson (JNJ) — 62+ years of consecutive increases
• Coca-Cola (KO) — 62+ years
• Procter & Gamble (PG) — 68+ years
• 3M (MMM) — 66+ years (though its streak was broken in 2024 after the healthcare spinoff)
• PepsiCo (PEP) — 52+ years
• AbbVie (ABBV) — 52+ years (including legacy Abbott history)

The power of dividend growth investing is that even a modest starting yield — say 2.5% — can compound into an impressive yield on cost over time. If a company grows its dividend by 7% annually, your yield on cost doubles in about ten years. A $10,000 investment yielding 2.5% ($250 per year) becomes $10,000 yielding 5% ($500 per year) a decade later, without you adding a single dollar. And that is before any share price appreciation.

The Payout Ratio Matters More Than the Yield

When evaluating dividend stocks, the most important metric is the payout ratio — the percentage of earnings paid out as dividends. A company earning $5 per share and paying $2 in dividends has a 40% payout ratio. That is healthy. It means there is plenty of room to maintain and grow the dividend even if earnings dip temporarily.

A company with a 90% payout ratio (similar to REITs by design) has very little cushion. If earnings fall even slightly, the dividend may be in jeopardy. As a general rule, payout ratios below 60% are considered safe for most industries, while ratios above 80% warrant extra scrutiny.

Compare this to REITs, which are required to pay out 90%. REITs manage this by using a different metric — Funds From Operations (FFO) — instead of traditional earnings. FFO adds back depreciation (which is a non-cash charge and often enormous for real estate) and subtracts gains from property sales. This makes the 90% payout requirement less painful than it sounds, because FFO is typically much higher than net income for a REIT. Still, the structural difference in capital allocation flexibility is real and matters for long-term investors.

The Tax Question That Changes Everything

If there is a single section of this article you should read twice, it is this one. The tax treatment of REIT dividends versus stock dividends is dramatically different, and it can easily swing the “which is better” answer depending on your personal situation.

Qualified Dividends: The Dividend Stock Advantage

Most dividends from regular U.S. corporations — companies like Apple, Microsoft, Johnson & Johnson, Coca-Cola — are classified as qualified dividends. To qualify, the stock must be held for at least 61 days during the 121-day period surrounding the ex-dividend date, and the company must be a U.S. corporation or a qualifying foreign corporation.

Qualified dividends receive preferential tax rates that are significantly lower than ordinary income rates:

For an investor in the 32% marginal tax bracket, the difference between paying 15% on qualified dividends and 32% on ordinary income is enormous. On $10,000 of dividend income, that is $1,500 in tax versus $3,200. The qualified dividend rate effectively doubles your after-tax income compared to ordinary rates.

REIT Dividends: The Tax Disadvantage

Here is where REITs lose their shine for many investors. The majority of REIT dividends are classified as ordinary income, not qualified dividends. This means they are taxed at your full marginal tax rate — the same rate you pay on your salary, freelance income, or interest from a savings account.

There is one important offset: the Section 199A Qualified Business Income (QBI) deduction. Introduced in the Tax Cuts and Jobs Act of 2017, this provision allows investors to deduct up to 20% of their REIT ordinary income, effectively reducing the taxable amount. So if you receive $10,000 in REIT ordinary dividends, you can deduct $2,000 and only pay tax on $8,000. For someone in the 32% bracket, that means paying $2,560 instead of $3,200 — better, but still significantly more than the $1,500 they would owe on qualified dividends from a regular stock.

It is also worth noting that a portion of REIT distributions may come as return of capital, which is not taxed immediately — instead, it reduces your cost basis. This is tax-deferred, not tax-free. When you eventually sell the shares, you will owe capital gains on the lower basis. Some investors love this because it defers taxes into the future; others dislike it because it complicates record-keeping and creates a larger taxable gain upon sale.

The Tax-Advantaged Account Solution

Here is the simplest way to neutralize the REIT tax disadvantage: hold them in a tax-advantaged account. In a Traditional IRA, Roth IRA, or 401(k), dividends compound without any immediate tax consequences. In a Roth IRA specifically, REIT dividends will never be taxed at all — not when received, not when withdrawn, not ever.

This leads to a widely followed strategy:

• Hold REITs in tax-advantaged accounts (IRA, 401k, Roth) where the tax disadvantage is neutralized
• Hold dividend growth stocks in taxable brokerage accounts where you benefit from the lower qualified dividend rate

This simple asset location strategy can save thousands of dollars in taxes annually, and it is one of the easiest optimizations an income investor can make.

Yield vs. Total Return: The Numbers That Matter

Let us get into the actual numbers. Yield is what most income investors look at first, but total return — dividends plus price appreciation — is what actually builds wealth over time.

Current Yield Comparison

Looking at some of the most popular names in each category as of early 2026:

On a pure yield basis, the high-yield REITs like Realty Income and VICI clearly win. But look at the dividend growth column — companies like Prologis, American Tower, and AbbVie are growing their payouts at double-digit rates. Over time, that growth closes the yield gap and eventually surpasses it.

Total Return: The Bigger Picture

Total return is where the story gets more nuanced. Over the very long term (20+ years), equity REITs have delivered total returns roughly comparable to the broad stock market — around 9% to 11% annualized, depending on the time period measured. However, the composition is different: REITs deliver more of their return through income, while growth stocks deliver more through capital appreciation.

Over the past decade specifically (2016-2026), dividend growth stocks have generally outperformed traditional high-yield REITs on a total return basis. The SCHD ETF (dividend growth stocks) has delivered annualized returns in the 10% to 12% range, while VNQ (REITs) has delivered 6% to 8%. Part of this is the rate environment — rising interest rates from 2022 to 2024 were particularly punishing for REITs. Part of it is sector composition — tech-heavy dividend growers like Microsoft, Apple, and Broadcom pulled growth-oriented dividend indices higher.

But time period selection matters enormously. In the 2000-2010 decade, REITs massively outperformed the S&P 500, which was stuck in the “lost decade” of poor returns. From 2000 to 2007, the FTSE NAREIT All Equity REIT Index returned over 15% annualized while the S&P 500 struggled to break even. Past performance, as always, is not a reliable guide to future results.

Interest Rates: The Hidden Risk Factor

No discussion of REITs versus dividend stocks is complete without addressing the elephant in the room: interest rate sensitivity. This single factor has driven more short-term performance divergence between REITs and dividend stocks than almost anything else.

Why REITs Struggle When Rates Rise

REITs are sensitive to interest rates for three interconnected reasons:

Borrowing costs. REITs are capital-intensive businesses that use significant amounts of debt to acquire properties. When interest rates rise, the cost of refinancing existing debt and taking on new debt increases, squeezing profit margins. A REIT that acquired a property portfolio financed at 3.5% mortgage rates suddenly faces 6.5% or 7% when those loans come due for refinancing.

Yield competition. When risk-free rates rise, the yield premium that REITs offer over Treasury bonds shrinks. If the 10-year Treasury yields 4.5% and a REIT yields 5%, that 50-basis-point spread may not be enough to compensate for the additional risk. Investors sell REITs and buy Treasuries, pushing REIT prices down (and yields up) until the spread is attractive again.

Property valuations. Real estate values are largely determined by capitalizing net operating income at a market-appropriate rate. When cap rates rise (which they tend to do when interest rates rise), property values decline even if rental income stays the same. This hits REIT net asset values and can lead to impairments.

The 2022-2023 period was a brutal case study. As the Federal Reserve raised the federal funds rate from near zero to over 5%, the Vanguard Real Estate ETF (VNQ) dropped roughly 30% from its peak. Some individual REITs fell 40% to 50%. It was the worst stretch for REIT investors in over a decade.

Are Dividend Stocks Immune?

Not entirely, but they are generally less sensitive. Companies like Johnson & Johnson or Procter & Gamble carry modest amounts of debt relative to their cash flows. Their business models are not dependent on borrowing to acquire assets the way REITs are. A rate hike might increase J&J’s interest expense marginally, but it does not fundamentally threaten the business model.

That said, certain categories of dividend stocks — particularly utilities and consumer staples — are sometimes called “bond proxies” because they tend to trade inversely with interest rates, similar to (though less dramatically than) REITs. When rates rise, investors rotate out of these slow-growth, high-yield sectors and into higher-growth alternatives or fixed income.

The most rate-resilient dividend stocks tend to be those with pricing power, strong growth, and moderate yields — companies like AbbVie, Broadcom, or Home Depot. They grow earnings fast enough that a higher discount rate does not crush their valuations the way it does for slow-growth, high-yield names.

ETF Showdown: VNQ and SCHH vs. SCHD and VYM

Not everyone wants to pick individual REITs or dividend stocks. For those who prefer the simplicity, diversification, and low cost of ETFs, there are excellent options on both sides. Let us compare the heavyweights.

REIT ETFs: VNQ and SCHH

Vanguard Real Estate ETF (VNQ) is the largest and most popular REIT ETF, with over $30 billion in assets. It tracks the MSCI US Investable Market Real Estate 25/50 Index and holds around 160 REITs across all sectors. Its expense ratio is a rock-bottom 0.12%. VNQ provides broad exposure to the entire REIT universe, including both high-yield net lease REITs and lower-yield growth REITs like data centers and cell towers.

Schwab U.S. REIT ETF (SCHH) is a smaller but equally compelling option, with an even lower expense ratio of 0.07%. SCHH tracks the Dow Jones Equity All REIT Capped Index and holds around 120 positions. One notable difference: SCHH excludes mortgage REITs entirely, focusing purely on equity REITs. For most investors, this is actually a benefit, since mREITs add volatility and complexity without necessarily improving risk-adjusted returns.

Dividend ETFs: SCHD and VYM

Schwab U.S. Dividend Equity ETF (SCHD) has become the darling of the dividend investing community, and for good reason. It does not just screen for high yield — it uses a multi-factor approach that considers dividend growth rate, cash flow to debt ratio, return on equity, and dividend yield. The result is a portfolio of roughly 100 high-quality dividend growers with strong fundamentals. SCHD’s top holdings tend to include names like Broadcom, AbbVie, Coca-Cola, Cisco, and Home Depot. Its combination of decent yield (around 3.5%) and strong total returns has made it arguably the single most popular dividend ETF among retail investors.

Vanguard High Dividend Yield ETF (VYM) takes a simpler approach: it holds roughly 450 stocks with above-average dividend yields, weighted by market cap. This makes it more diversified than SCHD but also more “index-like” in its approach. VYM’s yield is slightly lower, and its total return has historically trailed SCHD, but its broader diversification means less concentration risk. If SCHD’s top holdings stumble, the impact is more pronounced than if VYM’s do.

If You Could Only Pick One from Each Side

If forced to choose a single REIT ETF, SCHH gets the slight edge for its lower expense ratio and cleaner equity-REIT-only focus. If forced to choose a single dividend ETF, SCHD wins on its quality-focused methodology and superior long-term risk-adjusted returns. Together, these two ETFs cover a lot of ground for under 0.07% in fees.

Building the Optimal Income Portfolio

We have spent most of this article comparing REITs and dividend stocks as if you have to pick one. But the reality is that the best passive income portfolios include both. The question is not “which is better” — it is “how much of each, and where do I hold them?”

Why Combining Them Works

REITs and traditional stocks have a relatively low historical correlation, meaning they do not always move in the same direction at the same time. When stocks zig, REITs sometimes zag, and vice versa. This is the foundation of diversification — by holding assets that do not perfectly correlate, you reduce overall portfolio volatility without necessarily sacrificing returns.

From an income perspective, the combination is even more compelling. REITs provide the high current yield that generates meaningful cash flow from day one. Dividend growth stocks provide the growing income stream that compounds over time and protects against inflation. Together, they create a portfolio that pays well today and pays even better tomorrow.

Suggested Allocation Models

There is no single “right” allocation — it depends on your age, income needs, tax situation, and risk tolerance. Here are three frameworks that work well for different investor profiles:

The young accumulator prioritizes total return and growth, with a smaller REIT allocation mainly for diversification. The mid-career builder is starting to tilt toward income but still wants meaningful growth. The income-focused retiree maximizes current yield while maintaining enough growth exposure to keep pace with inflation.

Asset Location: Where to Hold What

We touched on this earlier, but it is worth formalizing into a concrete strategy. Here is how to organize your income investments across account types:

Tax-advantaged accounts (IRA, Roth IRA, 401k):

• REIT ETFs (VNQ, SCHH) — eliminates the ordinary income tax drag
• High-yield individual REITs (O, VICI) — same reason
• Bond funds or high-yield savings alternatives
• Any investment with frequent, tax-inefficient distributions

Taxable brokerage accounts:

• Dividend growth ETFs (SCHD, VYM) — benefits from qualified dividend rates
• Individual dividend growth stocks (JNJ, PEP, ABBV) — same reason
• Growth stocks with low or no dividends — capital gains deferred until sale
• Tax-managed index funds

This simple asset location framework can add 0.5% to 1.0% in after-tax returns annually compared to a haphazard approach. Over a 20-year investing career, that difference compounds into tens or even hundreds of thousands of dollars.

When REITs Are the Better Choice

REITs tend to be the better option in these scenarios:

• You are investing inside a tax-advantaged account where the tax disadvantage is irrelevant
• You need high current income right now and cannot wait for dividend growth to compound
• Interest rates are declining — falling rates are a powerful tailwind for REIT prices
• You want real estate exposure without the hassle of being a landlord
• Inflation is elevated — real estate tends to be a decent inflation hedge as rents and property values rise
• You want monthly income — many REITs (like Realty Income) pay monthly dividends

When Dividend Stocks Are the Better Choice

Dividend stocks tend to be the better option in these scenarios:

• You are investing in a taxable account where qualified dividends save you significantly on taxes
• You have a long time horizon (10+ years) and can benefit from dividend growth compounding
• Interest rates are rising — dividend stocks are generally less sensitive to rate hikes
• You prioritize total return over current income
• You want lower volatility — many dividend aristocrats are less volatile than REITs
• You value dividend safety — companies with 25+ years of increases have proven track records

A Sample Income Portfolio

For a concrete example, here is what a balanced income portfolio might look like for a mid-career investor with both a taxable brokerage account and a Roth IRA:

Roth IRA (REIT-heavy):

• SCHH (Schwab REIT ETF) — 40% of Roth
• Realty Income (O) — 15% of Roth
• Prologis (PLD) — 10% of Roth
• VICI Properties (VICI) — 10% of Roth
• Digital Realty (DLR) — 10% of Roth
• American Tower (AMT) — 15% of Roth

Taxable Brokerage (Dividend growth-heavy):

• SCHD (Schwab Dividend ETF) — 50% of taxable
• AbbVie (ABBV) — 10% of taxable
• Johnson & Johnson (JNJ) — 10% of taxable
• PepsiCo (PEP) — 10% of taxable
• Broadcom (AVGO) — 10% of taxable
• Home Depot (HD) — 10% of taxable

This portfolio delivers roughly 3.5% to 4.0% in blended yield with meaningful dividend growth potential, tax-efficient placement, diversification across real estate and traditional equities, and exposure to both defensive income and secular growth trends.

Conclusion

So, REITs or dividend stocks — which is better for passive income? After everything we have examined, the honest answer is: it depends, and ideally, you should own both.

REITs win on current yield, thanks to the 90% payout requirement. They offer genuine real estate diversification, and in declining rate environments, they can deliver exceptional total returns. But they carry a meaningful tax disadvantage in taxable accounts, they are more sensitive to interest rates, and their total returns have lagged dividend growth stocks over the past decade.

Dividend growth stocks win on tax efficiency, dividend safety, and long-term total return potential. The compounding power of growing dividends is one of the most reliable wealth-building mechanisms in investing. But their starting yields are lower, and if you need meaningful income from day one, you may not be able to wait for the compounding to kick in.

The smartest strategy is to combine both: hold REITs in tax-advantaged accounts to neutralize their tax drag, hold dividend growth stocks in taxable accounts to benefit from qualified dividend rates, and let each asset class do what it does best. This is not a cop-out answer — it is what the math actually supports.

If you are just starting out and can only pick one ETF to begin with, SCHD in a taxable account or VNQ in a Roth IRA are both excellent starting points. As your portfolio grows, add the other side. Over time, build toward a balanced allocation that matches your income needs, risk tolerance, and time horizon.

Passive income investing is not about finding the single “best” asset class. It is about constructing a portfolio where every holding plays a defined role, taxes are minimized, and income grows faster than inflation. REITs and dividend stocks together accomplish exactly that.

References

• National Association of Real Estate Investment Trusts (Nareit) — reit.com — REIT industry data, performance statistics, and educational resources
• IRS — Publication 550: Investment Income and Expenses — Tax treatment of dividends and REIT distributions
• IRS — Section 199A Qualified Business Income Deduction — QBI deduction for REIT income
• S&P Dow Jones Indices — S&P 500 Dividend Aristocrats Index — Methodology and constituent data
• Vanguard — VNQ Vanguard Real Estate ETF — Fund details and performance
• Schwab — SCHD Schwab U.S. Dividend Equity ETF — Fund overview and holdings
• Schwab — SCHH Schwab U.S. REIT ETF — Fund overview and holdings
• Vanguard — VYM Vanguard High Dividend Yield ETF — Fund details and performance
• Federal Reserve Economic Data (FRED) — 10-Year Treasury Rate — Historical interest rate data
• FTSE Russell / Nareit — FTSE Nareit All Equity REITs Index — Historical REIT performance data