These REITs Yield Up to 6.2% and Have 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 yields up to 6.2% that have been growing their dividends in recent years.
Terreno Realty Corporation
Terreno Realty Corporation (NYSE:TRNO) owns and manages a portfolio of industrial properties across six major coastal U.S. markets – Seattle, the San Francisco Bay Area, Los Angeles, Miami, Washington D.C., and Northern New Jersey / New York City.
Terreno 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 3.3% at the time of this writing.
On top of having a high yield, Terreno is a dividend-growth superstar. It has raised its dividend every year since paying its first dividend in 2011, putting it on track for 2024 to mark the 13th consecutive year with an increase.
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American Assets Trust
American Assets Trust (NYSE:AAT) owns and manages a portfolio of premier office, retail, and residential properties primarily across Southern California, Northern California, Washington, Oregon, Texas, and Hawaii.
AAT currently pays a quarterly dividend of $0.335 per share, equating to an annualized dividend of $1.34 per share, which gives its stock a yield of about 6.2% at the time of this writing.
In addition to having a high yield, AAT is an up-and-coming dividend-growth star. It has raised its annual dividend payment each of the last three years, and its 1.5% hike in February has it on track for 2024 to mark the fourth consecutive year with an increase.
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