These Industrial REITs Just Hiked Their Dividends by Up to 15.6%
In a positive development for investors, two industrial real estate investment trusts (REITs) recently announced dividend increases. This signals potential opportunities in the real estate market, as these companies strive to deliver enhanced returns to their shareholders.
Let’s check out each dividend raiser to see if there's a spot for one or both in your portfolio.
Rexford Industrial Realty
Rexford Industrial Realty (NYSE:REXR) is one of the largest pure-play U.S.-focused industrial REITs with a portfolio of 371 properties containing approximately 45 million square feet.
In its fourth quarter earnings release on February 6, Rexford announced a 10% increase to its dividend. It now pays a quarterly dividend of $0.4175 per share, equating to an annual dividend of $1.67 per share and giving its stock a yield of about 3.2% at the time of this writing.
Rexford is now on track for 2024 to mark the 11th consecutive year in which it has raised its annual dividend payment.
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First Industrial Realty Trust
First Industrial Realty Trust (NYSE:FR) owns and operates a portfolio of logistics properties containing approximately 68.5 million square feet of industrial space. Its properties are concentrated in 15 major markets, including Atlanta, Baltimore, Central and South Florida, Chicago, Cincinnati, Dallas, Detroit, Nashville, Phoenix, and Seattle.
In its fourth quarter earnings release on February 7, First Industrial announced a 15.6% increase to its dividend. It now pays a quarterly dividend of $0.37 per share, equating to an annual dividend of $1.48 per share and giving its stock a yield of about 2.8% at the time of this writing.
Like Rexford, First Industrial is now on track for 2024 to mark the 11th consecutive year in which it has raised its annual dividend payment.
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