W.P. Carey (NYSE: WPC) has been an excellent passive-income producer over the years. The real estate investment trust (REIT) has increased its dividend every year since going public in 1998, giving its investors a raise in most quarters. The company currently offers a 5.5% dividend yield, triple that of the S&P 500.

One of the keys to W.P. Carey's success is its leases. They protect its downside while providing it with meaningful upside potential from inflation protections. That upside has been on full display this year.

W.P. Carey built its portfolio to weather any storm. The company owns a large portfolio of operationally critical commercial real estate. It's diversified geographically (65% of its rent comes from the U.S., 32% from Europe, and 3% from other nations) and by property type (warehouse, industrial, office, retail, self-storage, and other). That diversification helps reduce risk while enhancing its growth profile.

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Source Fool.com