In a positive development for investors, two 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.
Whitestone REIT
Whitestone REIT WSR owns and manages a portfolio of open-air, retail centers in some of the fastest growing markets in the U.S., including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. As of its most recent investor presentation, its portfolio consists of 55 properties totaling approximately 5.0 million square feet of gross leasable area.
On March 5, Whitestone announced a 3% increase to its annual dividend. The company will now pay a monthly dividend of $0.04125 per share, equating to an annual dividend of $0.495 per share and giving its stock a yield of about 4.15% at the time of this writing.
It's important to note that this dividend increase puts Whitestone on track for 2024 to mark the third consecutive year in which it has raised its annual dividend payment following a reduction in its dividend in 2020 as a result of the Covid-19 pandemic.
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EPR Properties
EPR Properties EPR is a leading owner and manager of experiential real estate. Its portfolio currently consists of 359 entertainment, recreation, education, and leisure properties, including movie theaters, golf ranges, waterparks, amusement parks, fitness centers, private schools, and early childhood education centers.
In its fourth-quarter earnings release on February 28, EPR announced a 3.6% increase to its monthly dividend. The company now pays a monthly dividend of $0.285 per share, equating to an annualized dividend of $3.42 per share and giving its stock a yield of about 8.3% at the time of this writing.
Like Whitestone, EPR faced issues during the Covid-19 pandemic. Rather than cutting its dividend, EPR suspended it for a short period of time. However, it's now back to normal operations, and is on track for 2024 to mark the third consecutive year in which it has raised its annual dividend payment.
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