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118 US and Canadian real estate companies boost dividend payments in 2019

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118 US and Canadian real estate companies boost dividend payments in 2019

Editor's note: This Data Dispatch is updated monthly. Click here to view these charts in Excel format. This analysis includes publicly traded real estate companies covered by S&P Global Market Intelligence that are based in the U.S., Canada or Bermuda and trade on the NYSE, Nasdaq, NYSE American, Toronto Stock Exchange or Toronto Venture Exchange.

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In 2019, 102 publicly traded real estate companies based in the U.S., 15 headquartered in Canada and one in Bermuda increased their common stock dividend distributions.

In the U.S., cannabis-oriented Innovative Industrial Properties Inc. increased its dividend distribution during all four quarters in 2019, nearly tripling its quarterly payment to $1.00 per share from 35 cents per share.

Diversified real estate company Consolidated-Tomoka Land Co. announced three increases to its quarterly dividend payment during the year, to 13 cents per share.

Shopping center REIT Retail Value Inc. raised its annual dividend payment to $2.05 per share on Nov. 8, to be paid in a combination of cash and common shares. The new payment is 57.7% higher than the $1.30 paid in 2018, its inaugural year.

Hawaii-based Alexander & Baldwin Inc. re-instated its quarterly dividend payment at 14.5 cents per share on Feb. 26, and increased that amount on two separate occasions to 19 cents per share, an aggregate 31% increase.

Hyatt Hotels Corp. announced a 26.7% rise in its quarterly dividend distribution on Feb. 13 to 19 cents per share.

Communications REIT American Tower Corp. upped its dividend 20.2% in 2019, marking 31 consecutive quarters of increased dividend payments since the company's first payment of 21 cents per share in March 2012, after it adopted the REIT tax status.

A second communications REIT, Uniti Group Inc., announced its fourth quarter dividend at 22 cents per share, much higher than the 5-cent-per-share dividend it paid for the first three quarters of the year. After an amendment to its credit agreement in March, Uniti Group is restricted from paying cash dividends in excess of 90% of its taxable income, as its largest tenant, Windstream Holdings Inc., is undergoing bankruptcy. Prior to the bankruptcy announcement, Uniti Group's dividend payment was 60 cents per share.

Among the 15 publicly traded real estate companies in Canada that announced dividend increases in 2019 was single tenant landlord Fronsac REIT, which lifted its monthly dividend distribution 15.1% on Nov. 8 to 0.213 Canadian cents per unit.

FirstService Corp. increased its quarterly dividend payment 11.1% to 15 U.S. cents per share on Feb. 5.

Multifamily-focused InterRent REIT upped its monthly dividend payment 6.9% in November to 2.5833 Canadian cents per unit, or 31 Canadian cents on an annualized basis. According to a press release, the announcement marked the eighth consecutive year that InterRent REIT has grown its dividend distribution by 5% or more.

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