This year, my favorite real estate stock for passive income is W. P. Carey (NYSE: WPC). 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. CEO Jason Fox stated in the REIT's last earnings report, "We also continue to benefit from our sector-leading same-store rent growth, which reached a new high during the quarter, driven by inflation.