These REITs Yield Up To 5.8% and Have Long Track Records of Dividend Growth

Real estate investment trusts (REITs) own, operate, or finance income-generating real estate. REITs allow individuals to invest in various types of real estate without having to directly own or manage the properties. REITs typically focus on a specific type of real estate, such as residential, commercial, or industrial, and they are required to distribute a large percentage of their taxable income to shareholders in the form of dividends, making them attractive for income-seeking investors.

Let's take a look at two REITs with dividend yields up to 5.8% that have been growing their dividends in recent years.

Sun Communities

Sun Communities Inc. SUI owns, operates, or has an interest in 665 developed manufactured home, RV, and marina properties containing 180,110 developed sites and 48,040 wet slips and dry storage spaces in the U.S., Canada, and the U.K. as of March 31.

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Sun Communities currently pays a quarterly distribution of $0.94 per share, equating to an annualized distribution of $3.76 per share, which gives it a yield of about 3.3% at the time of this writing. 

In addition to sporting a high yield, Sun Communities is a dividend-growth star. It has raised its annual distribution each of the last seven years and its 1.1% hike in February has it on track for 2024 to mark the 8th consecutive year with an increase.

National Storage Affiliates Trust

National Storage Affiliates Trust NSA is one of the largest owners and operators of self-storage properties in the United States. As of March 31, it has ownership interests in and operated 1,050 self-storage properties containing approximately 68.7 million rentable square feet across 42 states and Puerto Rico.

National Storage currently pays a quarterly dividend of $0.56 per share, equating to an annualized dividend of $2.24 per share, which gives its stock a yield of about 5.8% at the time of this writing. 

Like Sun Communities, National Storage is a dividend-growth star. It has raised its annual dividend payment every year since its initial public offering in 2015, putting it on track for 2024 to mark the ninth consecutive year with an increase.

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