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Investors seeking steady income and long-term growth often turn to real estate investment trusts (REITs). REITs own, operate, or finance income-generating real estate, allowing individuals to invest in various real estate types without having direct ownership or management responsibilities. REITs must distribute a large percentage of their taxable income to shareholders through dividends, often resulting in high yields.
Of the many options, only three publicly traded REITs have raised their dividends for 35 consecutive years or more. Let's look at each to determine if one or more belong in your portfolio.
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NNN REIT, Inc. – 35 Consecutive Years
NNN REIT, Inc. (NYSE:NNN) owns and manages a diversified real estate portfolio across the U.S. As of June 30, its portfolio comprises 3,548 properties in 49 states containing over 36 million square feet of gross leasable area. Its tenants include 7-Eleven, Mister Car Wash, Camping World, Dave & Buster's, LA Fitness and AMC Theatre.
NNN REIT currently pays a quarterly dividend of $0.58 per share, equating to an annualized dividend of $2.32 per share. At the time of this writing, this gives its stock a yield of about 5.1%.
NNN REIT has the third-longest streak of annual dividend increases in the industry. It has raised its annual dividend payment for 34 consecutive years, and its 2.7% hike in July has it on track for 2024 to mark the 35th consecutive year with an increase.
Universal Health Realty Income Trust – 38 Consecutive Years
Universal Health Realty Income Trust (NYSE:UHT) is a leading owner and manager of health care and human service-related facilities in the U.S. Its portfolio comprises 76 investments across 21 states, including acute care hospitals, behavioral health care facilities, rehabilitation hospitals, subacute care facilities, surgery centers, child care centers and medical office buildings.