Funtap
A total of eight publicly traded REITs declared dividend hikes in May, with the largest increase coming from Summit Hotel Properties (INN), a report by S&P Global Market Intelligence showed.
INN raised its quarterly dividend by 33.3% to $0.08 per share from $0.06. Another hotel REIT, Sunstone Hotel Investors (SHO), also upped its quarterly dividend by 2 cents, or 28.6%, to $0.09 per share from $0.07.
Other notable dividend payouts for the month include the ones by Veris Residential (VRE) (14.3% increase to $0.06), Strawberry Fields REIT (STRW) (8.3% increase to $0.13), Simon Property Group (SPG) (2.6% increase to $2.00), Realty Income (O) (2.1% increase to $0.2625), Broadstone Net Lease (BNL) (1.8% increase to $0.29) and InvenTrust Properties (IVT) (0.1% increase to $0.2263).
The May dividend hikes bring the total number of dividend increases in the first five months of 2024 to 44, which represents 28.4% of the country's entire REIT sector, the report noted.
Residential is said to have announced the most dividend hikes among subsectors year-to-date until May end, with about 55% of the subsector raising its payout. The next on the list was the Industrial subsector, with ~41.7% hiking its distribution.