Why Extra Space Storage, Delek Logistics And Essential Utilities Are Winners For Passive Income

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Extra Space Storage, Delek Logistics and Essential Utilities have rewarded shareholders for decades and recently announced dividend increases. These companies currently offer dividend yields of up to 11%.

Extra Space Storage

Extra Space Storage EXR is a self-administered and self-managed REIT that owns, operates and manages almost 3,700 self-storage properties in 42 states, with over 280 million net rentable square feet of storage space. 

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The company has increased its dividends every year for the last 14 years. Its most recent dividend hike was on Nov. 15, 2023, when it raised the quarterly dividend to $1.62 per share, equal to an annual figure of $6.48 per share. Currently, the dividend yield on the stock is 4.08%.

Extra Space Storage's annual revenue (as of Sept. 30) stood at $3.2 billion. According to the company’s most recent earnings announcement on Oct. 29, it generated Q3 2024 revenues of $710.87 million, below the consensus of $821.37 million, while the EPS of $2.07 came in better than the consensus estimate of $2.03.

How much $1,000 invested in Extra Space Storage 20 years ago would be worth today? Check out this article by Benzinga to learn more.

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Delek Logistics Partners

Delek Logistics Partners DKL owns and operates logistics and marketing assets for crude oil and intermediate & refined products. 

The company has consistently increased its dividends for the last 11 years. As per the company's most recent dividend announcement on Oct. 29, its board of directors raised the quarterly dividend from $1.09 to $1.10 per share, equal to an annual figure of $4.40 per share. Currently, the dividend yield on the stock stands at 11.2%.

Delek Logistics Partners’ annual revenue (as of Sept. 30) stood at $984.9 million. As per the company’s most recent earnings release on Nov. 6, it posted revenues of $214.07 million and an EPS of $0.71 for Q3 2024. Both figures came in below the consensus estimates.

Check out this article by Benzinga for Delek Logistics' price-over-earnings overview.

Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.

Essential Utilities

Essential Utilities WTRG is a Pennsylvania-based holding company for water, wastewater and natural gas distribution utilities. The company’s water business serves three million people in eight states. 

Essential Utilities has increased its dividends consecutively for the last 33 years. As per the company's most recent dividend announcement on July 31, it increased the quarterly dividend by 6% to $0.3255 per share, equal to $1.302 annually. Currently, the company’s dividend yield is 3.33%.

The company's annual revenue (as of Sept. 30) stood at $2 billion. According to Essential Utilities' most recent earnings release on Nov. 4, the company posted Q3 2024 EPS of $0.25 and revenues of $435.25 million. Both figures came in above the consensus estimates. 

Extra Space Storage, Delek Logistics and Essential Utilities are good choices for investors seeking reliable passive income. Their dividend yields of up to 11% and long history of consistent hikes make them attractive to income-focused investors.

You Can Profit From Real Estate Without Being A Landlord

Real estate is a great way to diversify your portfolio and earn high returns, but it can also be a big hassle. Luckily, there are other ways to tap into the power of real estate without owning property. Arrived Home's Private Credit Fund’s has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds, this one has a minimum investment of only $100. 

Looking for fractional real estate investment opportunities? The Benzinga Real Estate Screener features the latest offerings.