October's Top Dividend Stocks for Retirees Seeking Reliable Monthly Income

Real estate investment trusts (REITs) offer compelling opportunities for investors looking to supplement their monthly income. REITs own, operate or finance income-generating real estate, allowing individuals to invest in various real estate types without having direct ownership or management responsibilities. 

REITs must also distribute a large percentage of their taxable income to shareholders as dividends, often resulting in hefty yields.

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If you're an income-seeking investor, here are three high-yielding REITs that pay monthly dividends.

Whitestone REIT

Whitestone REIT WSR owns and manages a portfolio of open-air retail centers. As of June 30, its portfolio comprised 57 properties containing approximately 5.1 million square feet of gross leasable area. Its properties are located in some of the fastest-growing markets in the U.S., including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Whitestone pays a monthly dividend of $0.04125 per share, which equates to an annualized dividend of $0.495 per share and gives its stock a yield of about 3.7% at the time of this writing.

Whitestone has also been delivering dividend growth to its shareholders. It has raised its annual dividend payment for two consecutive years and its 3% hike in March puts it on pace for 2024, marking the third consecutive year with an increase.

Agree Realty Corporation

Agree Realty Corporation ADC owns and manages a portfolio of retail properties, including community shopping centers, warehouse clubs, convenience stores, quick-service restaurants and car dealerships. As of June 30, its portfolio comprised 2,202 properties containing approximately 46 million square feet.

Agree Realty pays a monthly dividend of $0.25 per share, which equates to an annualized dividend of $3.00 per share and gives its stock a yield of about 4.05% at the time of this writing.

Like Whitestone, Agree Realty has shown a dedication to growing its dividend. It has raised its annual dividend payment for 11 consecutive years and recent hikes, including its 2.9% hike in April, have it on pace for 2024 to mark the 12th consecutive year with an increase.

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Realty Income

Realty Income O is the world's seventh-largest REIT by market capitalization. As of June 30, its portfolio comprised 15,450 properties containing approximately 335 million square feet. 

Realty Income pays a monthly dividend of $0.2635 per share, which equates to an annualized dividend of $3.162 per share and gives its stock a yield of about 5.1% at this time.

In addition to offering a high yield, Realty Income is one of the best sources of dividend growth in the REIT industry. It has raised its annual dividend payment for an impressive 29 consecutive years. Recent hikes, including its 0.2% increase in September, have it on track for 2024 to mark the 30th consecutive year with an increase.

Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

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