Six U.S. REITs hiked their dividend payouts in April – S&P Global Market Intelligence

Around six U.S.-based public REITs boosted their dividends in April, with Medalist Diversified REIT (MDRR) announcing the largest dividend increase during the month, according to S&P Global Market Intelligence’s data.

The report stated that the total number of U.S. REITs that have declared higher dividends in the first four months of 2024 has jumped to 39.

MDRR, which specializes in acquiring, owning, and managing commercial real estate in the Southeast region of the U.S., said it will double its dividend to 2 cents per share in April.

During the month, outlet center Tanger (SKT) also hiked its distribution by 5.8% to 27.5 cents per share. Manufactured home-focused UMH Properties (UMH) followed closely and boosted its quarterly dividend by 4.9% to 21.5 cents per share.

The other three firms that raised their dividends in April were Agree Realty (ADC), Community Healthcare Trust (CHCT), and Gladstone Land (LAND).

The report stated that, on a sector basis, ten residential REITs in the U.S. posted higher dividend payouts so far this year, the highest proportion of any property sector. Industrial-focused REITs came in second at about 41.7%, and the specialty segment followed, with 33.3% of REITs in the sector boosting their dividends so far in 2024. Of the two Canadian REITs that have hiked dividends, one came from retail and the other from the residential sector.