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These REITs Yield Up to 7.1% 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 yields up to 7.1% that you could buy today.

UDR

UDR (NYSE:UDR) owns or has ownership interests in 60,336 apartment homes, including 359 homes under development, located across some of the most desirable markets in the United States, including Boston, Dallas, Denver, New York City, Orlando, Philadelphia, San Francisco, Seattle, and Washington, D.C.

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UDR currently pays a quarterly dividend of $0.425 per share, equating to an annualized rate of $1.70, which gives its stock a yield of about 4.5% at the time of this writing.

On top of being a high yielder, UDR is a dividend-growth superstar. It has raised its annual dividend payment for 14 consecutive years, and its 1.2% hike in February has it on track for 2024 to mark the 15th consecutive year with an increase.

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Innovative Industrial Properties

Innovative Industrial Properties Inc. (NYSE:IIPR) acquires, owns, and manages specialized properties leased to cannabis companies. Its portfolio currently consists of 108 properties across 19 U.S. states, including both industrial and retail properties, containing approximately 8.9 million square feet.

Innovative Industrial Properties currently pays a quarterly dividend of $1.82 per share, equating to an annualized dividend of $7.28 per share, which gives its stock a yield of about 7.1% at the time of this writing.

Like UDR, Innovative Industrial Properties is a dividend-growth star. It has raised its annual dividend payment each year since its initial public offering in 2016, putting it on track for 2024 to mark the 8th consecutive year with an increase.

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This article These REITs Yield Up to 7.1% and Have Long Track Records of Dividend Growth originally appeared on Benzinga.com

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