These Top REITs Just Raised Their Dividends By Up To 10%

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In a positive development for investors, two high-quality real estate investment trusts (REITs) announced dividend increases last week. Investors should take note of REITs that are increasing their dividends because this typically indicates strong financial health and stable cash flow, which is how you find stocks that can provide reliable income streams over the long term.

Let’s examine each REIT to see if there’s room in your portfolio for one or both.

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Iron Mountain

Iron Mountain (NYSE:IRM) is one of the world’s leading providers of information management services. Its offerings include digital transformation, data centers, secure records storage, information management, asset life cycle management, secure destruction, and art storage and logistics.

In its second-quarter earnings release on Aug. 1, Iron Mountain announced a 10% increase to its dividend. It now pays a quarterly dividend of $0.715 per share, equating to an annualized dividend of $2.86 per share, which gives its stock a yield of about 2.7% at the time of this writing.

The dividend increase marked the second time Iron Mountain has raised its dividend since 2023. Its management team has stated that it plans to increase its dividend alongside growth in its adjusted funds from operations (AFFO) over the long term, so this could be the start of a very long streak of annual dividend increases.

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Simon Property Group, Inc.

As of June 30, Simon Property Group (NYSE:SPG) owned or had ownership interests in 230 premier shopping, dining, entertainment, and mixed-use properties comprising approximately 183 million square feet across North America, Asia, and Europe.

Simon also owns an 84% interest in Taubman Realty Group, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia, and a 22.4% ownership interest in Klépierre. This Paris-based real estate company owns shopping centers in 14 European countries as of June 30.

In its second-quarter earnings release on Aug. 5, Simon announced a 2.5% increase to its dividend. It now pays a quarterly dividend of $2.05 per share, equating to an annualized dividend of $8.20 per share, which gives its stock a yield of about 5.4% at the time of this writing.

Simon has been raising its dividend rapidly recently, making it one of the most attractive retail REITs today. It has now raised its dividend 11 times since 2021, putting it on pace for 2024 to mark the third consecutive year in which it has raised its annual dividend payment.

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