It would probably be a mistake to simply forget about net-lease giant Realty Income (NYSE: O). It is a well-run company, but it poses some problems for investors when you dig into the story a bit. For those looking for a bit more growth, competitors Agree Realty (NYSE: ADC) and W.P. Carey (NYSE: WPC) might be more attractive.

There's nothing inherently wrong with Realty Income. In fact, I own it and I'm glad I do. But it isn't the perfect real estate investment trust (REIT). Like every company, it comes with some negatives.

For example, while it is the largest net-lease REIT (net leases require tenants to pay most property-level expenses), its size means that growth is likely to be slow over time. It simply takes more to move the needle. True, being big provides better access to capital markets, but dividend investors looking for a combination of yield and dividend growth will probably end up disappointed here. Notably, the dividend has increased by just 3% or so on an annualized basis over the past five years. That's enough to keep up with the historical rate of inflation growth, but not really enough to grow the dividend's buying power over time.

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Source Fool.com