73 US REITs, 14 Canadian REITs raise dividends in 2025

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.

The number of US real estate investment trusts that increased dividends in 2025 totaled 73, including 11 in December, according to S&P Global Market Intelligence data.

In December, diversified REIT Alexander & Baldwin Inc. declared a quarterly dividend of 35 cents per share, reflecting a 55.6% increase from its previous payout.

In the same release disclosing the dividend increase, the Hawaii-focused REIT announced its agreement to be taken private by a joint venture formed by MW Group and funds affiliated with Blackstone Inc. and DivcoWest for $21.20 per share in cash. The per-share price represents an enterprise value of about $2.3 billion, including outstanding debt. Under the terms of the deal, the per-share consideration that shareholders will receive at closing will be reduced to reflect the recently announced dividend.

Shopping center Whitestone REIT increased its dividend to 14.25 cents per share and is now paying on a quarterly basis, up from 4.50 cents per share that was distributed monthly.

Hotel-focused Ryman Hospitality Properties Inc. raised its quarterly dividend by 4.3% to $1.20 per share. Invitation Homes Inc.'s quarterly payout grew 3.4% after declaring a 30-cent-per-share dividend.

Additionally, Host Hotels & Resorts Inc. announced a 15-cent-per-share special dividend in December on top of its regular 20-cent-per-share quarterly dividend, which remained unchanged. Including the special dividend, the hotel REIT's payouts for full year 2025 totaled 95 cents per share, up 5.6% from the 90 cents per share announced the year prior. Host Hotels typically announces a larger bumper dividend every fourth quarter.

DiamondRock Hospitality Co. also kept its quarterly dividend intact, at 8 cents per share, but the hotel REIT announced a stub dividend of 4 cents per share on Dec. 3. This brought DiamondRock's total dividend declared for 2025 to 36 cents per share, a 12.5% year-over-year increase from 32 cents per share.

In Canada, 14 REITs declared dividend increases in 2025.

Industrial-focused Granite REIT raised its monthly dividend in December to 29.58 Canadian cents per share and shopping center-focused Primaris REIT raised its monthly dividend to 7.333 Canadian cents per share.

Dividend increases by sector

Of the 73 US public REITs that declared higher dividends in 2025, 21 are retail REITs, representing 80.8% of the subsector.

Fourteen US residential REITS announced an increase in dividend payments, accounting for 70% of the subsector.

In Canada, 14 REITs, or almost one-third of the total, announced higher dividends during the year.

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2025 vs. 2019 dividends

Forty-eight US REITs, or 65.8% of the total, recorded higher dividends in 2025 compared with their 2019 payouts. Twenty US REITs, or 27.4% of the total, declared lower dividends in 2025 versus the pre-pandemic level.

Ten Canadian REITs reported higher dividends in 2025 relative to 2019, while one REIT recorded a decline.