One of my financial goals is to grow my passive income from dividends to $1,000 a month. I've got a way to go, so I'm focused on opportunities to help me reach that goal faster. I'm seeking companies that already pay an above-average dividend that they can grow in the future.

This year, my favorite real estate stock for passive income is W. P. Carey (NYSE: WPC). The diversified real estate investment trust (REIT) offers a more than 5% dividend yield, which is well above the S&P 500's 1.7% dividend yield. Further, the company should be able to continue increasing that payout, thanks partly to inflation-driven rent growth. I plan to add more of the company's growing dividend income to my portfolio this year.

W. P. Carey owns a diversified portfolio of operationally critical real estate. It has over 1,400 properties across the industrial, warehouse, office, retail, and self-storage sectors. The REIT primarily leases these properties to tenants using triple-net (NNN) terms, making them responsible for covering maintenance, real estate taxes, and building insurance. These features enable W. P. Carey to produce very steady rental income.

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Source Fool.com