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Real estate investment trusts (REITs) focus on owning and operating income-generating properties. REIT investors benefit from the income earned from leasing these units to tenants. This piece highlights three REITs: National Storage Affiliates, Extra Space Storage, and Stag Industrial. These REITs have consistently raised their dividend payouts for over a decade and currently offer high yields of over 4%.
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National Storage Affiliates
National Storage Affiliates Trust (NYSE:NSA) is a real estate investment trust that owns, operates, and acquires self-storage properties in metropolitan statistical areas throughout the United States.
As of Dec. 31, 2023, it held ownership interests in and operated 1,050 self-storage properties in 42 states and Puerto Rico, with approximately 68.6 million rentable square feet.
The company has consistently raised its dividends every year since 2015. The most recent dividend hike was announced in May 2023, when it increased its quarterly dividend from $0.55 to $0.56 per share, equating to $2.24 annually. The current yield on the dividend stands at 5.64%.
The company’s annual revenue (as of March 31) is $846.2 million. Its upcoming quarterly earnings report is scheduled for July 31. Wall Street analysts estimate a quarterly EPS of ($0.02) and revenue of $184.82 million.
Extra Space Storage
Extra Space Storage (NYSE:EXR) is a self-administered and self-managed REIT that owns, operates, and manages almost 3,700 self-storage properties in 42 states, with over 280 million net rentable square feet of storage space. Of these properties, approximately one-half are wholly owned, while some facilities are owned through joint ventures, and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee.
Extra Space Storage has consistently raised its dividends every year since 2010. It pays a $1.62 per share dividend quarterly, equating to $6.48 annually. The dividend yield on the stock is 4.22%.
The company’s annual revenue (as of March 31) is $2.90 billion. Its upcoming quarterly earnings report is scheduled for July 30. Wall Street analysts estimate a quarterly EPS of $1.03 and revenue of $816.53 million.
The company’s stock is down around 2% YTD.
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Stag Industrial
Stag Industrial Inc. (NYSE:STAG) is a real estate investment trust focused on the acquisition, ownership, and operation of both single- and multi-tenant properties, although the majority of the portfolio is single-tenant industrial properties throughout the United States. Most of the company’s real estate portfolio comprises warehouse and distribution buildings. As of Dec. 31, 2023, it owned 569 buildings in 41 states with approximately 112.3 million rentable square feet, consisting of 493 warehouse/distribution buildings, 70 light manufacturing buildings, one flex/office building, and five Value Portfolio buildings.
Stag Industrial has consistently raised its dividends every year since 2014. It pays a monthly dividend of $0.1233 per share, equal to approximately $1.48 annually. The current yield on the dividend stands at 4.08%.
The company’s annual revenue (as of March 31) is $721.8 million. Its upcoming quarterly earnings report is scheduled for July 30. Wall Street analysts estimate a quarterly EPS of $0.60 and revenue of $187.8 million.
Stag Industrial stock is down around 5% YTD.
It has a consensus rating of Outperform and a price target of $38.90. Most recently, Barclays reiterated its Equal-Weight rating on the stock, adjusting its price target to $39 from $40.
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This article REITs With Long History of Dividend Increases & High Yields: National Storage Affiliates, Extra Space Storage, And Stag Industrial originally appeared on Benzinga.com
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