8 US REITs, 5 Canadian REITs announce higher dividends in November

Editor's note: This Data Dispatch is updated monthly. This analysis includes publicly traded real estate investment trusts covered by S&P Global Market Intelligence that are based in the U.S. or Canada and trade on the NYSE, Nasdaq, NYSE American, Toronto Stock Exchange or Toronto Venture Exchange.

Eight U.S.-based publicly traded real estate investment trusts announced hikes to their regular dividend payments in November, according to data compiled by S&P Global Market Intelligence.

Shopping center landlord Kite Realty Group Trust disclosed the biggest dividend increase of the month, enlarging its quarterly cash distribution by 9.1% to 24 cents per share on Nov. 9.

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Another shopping center REIT, Brixmor Property Group Inc., followed, increasing its quarterly dividend payment by 8.3% during the month to 26 cents per share. The third-highest dividend hike of the month was announced by industrial-focused LXP Industrial Trust, posting a 4.2% quarterly distribution hike to 12.5 cents per share.

Five other REITs announced higher dividend payments in November, including shopping center-focused Regency Centers Corp., regional mall giant Simon Property Group Inc., single-tenant restaurant and retail landlord Four Corners Property Trust, diversified REIT Broadstone Net Lease Inc. and healthcare REIT Universal Health Realty Income Trust.

In Canada, multifamily-focused InterRent REIT announced the largest dividend growth in November, increasing its monthly payout by 5.3% to 3 Canadian cents per share. It was followed by manufactured home REIT Flagship Communities REIT and multifamily-focused Minto Apartment REIT, which boosted their monthly distributions by 4.9% and 3.2%, respectively.

Rounding out the list of Canadian REITs with higher monthly dividends for November were multifamily REIT Morguard North American Residential REIT with a 2.9% dividend hike and single tenant-focused Canadian Net REIT with a 1.6% increase.

Dividend hikes by sector

The dividend hike announcements made in November have brought the year-to-date total to 92 U.S. REITs, or about 56.8% of the entire U.S. REIT industry.

On a sector basis, nine industrial REITs in the U.S. have reported higher dividends year-to-date, or about 81.8% of all industrial REITs.

Residential REITs came in second at about 78.9% of the sector's total, with 15 companies posting dividend hikes year-to-date.

The retail sector had the highest number of REITs that announced dividend gains year-to-date at 24. Of these, 13 were from the shopping center segment.

A total of 14 Canadian REITs have announced dividend increases year-to-date, seven of which came from the residential sector and four from retail. The industrial, office and diversified segments each have one announced dividend increase.