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Retail real estate investment trusts (REITs) specialize in owning and managing retail properties, including shopping centers, malls, strip malls and other retail spaces.
Retail REITs generate revenue by leasing space to retailers. As with all REITs, they are required to distribute a significant portion of their income to shareholders in the form of dividends, making them a popular choice for investors seeking income.
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Retail Opportunity Investments Corp.
Retail Opportunity Investments Corp. (NASDAQ:ROIC) is the largest grocery-anchored shopping center REIT focused exclusively on the West Coast, managing a portfolio that comprises 94 shopping centers containing approximately 10.7 million square feet. Its major markets include Seattle, Portland, Los Angeles, San Diego, Orange County, and the San Francisco Bay.
ROIC currently pays a quarterly dividend of $0.15 per share, equating to an annualized dividend of $0.60 per share. At the time of this writing, this gives its stock a yield of about 4%.
ROIC is also a reliable dividend payer. It has maintained its current quarterly dividend rate since September 2022, and its stable cash flow could allow it to continue for the foreseeable future.
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Getty Realty
Getty Realty (NYSE:GTY) owns and manages convenience, automotive, and other single-tenant retail real estate. As of June 30, its portfolio comprises 1,124 properties across 42 states, including convenience stores, express tunnel car washes, auto service centers and drive-thru quick-service restaurants.
Getty Realty currently pays a quarterly dividend of $0.45 per share, equating to an annualized dividend of $1.80 per share, which gives its stock a yield of about 6% at the time of this writing.