4 US REITs increase dividend payments in July

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

Four publicly traded real estate investment trusts based in the US announced higher regular dividend payments in July, according to data compiled by S&P Global Market Intelligence.

Retail REITs lead distribution hikes in July

Single tenant-focused NNN REIT Inc. declared the biggest relative dividend growth of the month, raising its quarterly cash payout by 2.7% to 56.5 cents per share. According to a news release from the REIT, this marked NNN's 34th consecutive annual dividend increase.

The next highest dividend increase in July was by single tenant REIT NETSTREIT Corp., which boosted its quarterly payout by 2.5% to 20.5 cents per share.

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Healthcare REIT Community Healthcare Trust Inc. announced July 27 a dividend increase for the third time this year, augmenting its quarterly dividend payment by 0.6% to 45.25 cents per share. The company has raised its dividend by about 1.7% since the beginning of the year.

Similarly, land-focused Gladstone Land Corp. disclosed a dividend increase for the third time this year July 11 with a 0.4% increase in its monthly dividend payout to 4.62 cents per share.

Dividend hikes by sector

The most recent dividend increase announcements brought the year-to-date total to 53 for the US, or one-third of the entire US REIT industry.

On a sector basis, 12 residential REITs in the US have reported higher dividends so far in 2023, or 60.0% of the whole residential REIT segment.

Likewise, 60.0% of REITs in the self-storage segment announced dividend hikes year to date.

Six Canadian REITs have declared dividend hikes year to date, three of which came from the retail sector. The office, diversified and residential segments each have one dividend increase announcement.