Buy These REITs For Their Yields Over 3% and Track Records of Dividend Growth
Real estate investment trusts (REITs) own, operate, or finance income-generating real estate. REITs allow individuals to invest in various types of real estate without having to directly own or manage the properties. REITs typically focus on a specific type of real estate, such as residential, commercial, or industrial, and they are required to distribute a large percentage of their taxable income to shareholders in the form of dividends, making them attractive for income-seeking investors.
Let's take a look at two REITs with dividend yields up to 4.5% that have been growing their dividends in recent years.
Equity LifeStyle Properties
Equity LifeStyle Properties Inc. (NYSE:ELS) owns and operates 451 manufactured home communities, RV resorts, and campgrounds containing 172,464 sites in North America as of its most recent investor presentation.
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Equity LifeStyle currently pays a quarterly dividend of $0.4775 per share, equating to an annualized dividend of $1.91 per share, which gives its stock a yield of about 3% at the time of this writing.
In addition to sporting a high yield, Equity LifeStyle is a dividend-growth superstar. It has raised its annual dividend payment for an incredible 19 consecutive years, and its 6.7% hike in January has it on track for 2024 to mark the 20th consecutive year with an increase.
Public Storage
Public Storage (NYSE:PSA) is the largest owner, operator, and developer of self-storage facilities in the United States. Its portfolio currently consists of 3,368 properties containing 243 million rentable square feet located across 40 states.
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Public Storage currently pays a quarterly dividend of $3.00 per share, equating to an annualized dividend of $12.00 per share, which gives its stock a yield of about 4.3% at the time of this writing.
Public Storage also has an extensive track record of dividend growth. It has raised its annual dividend 12 times since 2008, and paid out a $13.15 per share special dividend in 2022.
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