Buy These REITs For Their Yields Over 3% and 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 4.5% that have been growing their dividends in recent years.

Equity LifeStyle Properties

Equity LifeStyle Properties Inc. ELS owns and operates 451 manufactured home communities, RV resorts, and campgrounds containing 172,464 sites in North America as of its most recent investor presentation.

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Equity LifeStyle currently pays a quarterly dividend of $0.4775 per share, equating to an annualized dividend of $1.91 per share, which gives its stock a yield of about 3% at the time of this writing. 

In addition to sporting a high yield, Equity LifeStyle is a dividend-growth superstar. It has raised its annual dividend payment for an incredible 19 consecutive years, and its 6.7% hike in January has it on track for 2024 to mark the 20th consecutive year with an increase.

Public Storage

Public Storage PSA is the largest owner, operator, and developer of self-storage facilities in the United States. Its portfolio currently consists of 3,368 properties containing 243 million rentable square feet located across 40 states.

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Public Storage currently pays a quarterly dividend of $3.00 per share, equating to an annualized dividend of $12.00 per share, which gives its stock a yield of about 4.3% at the time of this writing. 

Public Storage also has an extensive track record of dividend growth. It has raised its annual dividend 12 times since 2008, and paid out a $13.15 per share special dividend in 2022.

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