Retail real estate investment trusts (REITs) specialize in owning and managing retail properties, including shopping centers, malls, strip malls, and other retail spaces. Retail REITs generate revenue through leasing space to retailers, making them a popular choice for investors seeking income.
As is the case with all REITs, retail REITs are required to distribute a significant portion of their income to shareholders in the form of dividends, making them a popular choice for investors seeking income.
Here are two retail REITs with yields up to 4.3% that you could buy today.
Tanger Inc.
Tanger SKT owns and operates a portfolio of 38 outlet centers and one open-air lifestyle center consisting of over 15 million square feet across tourist destinations and other high-traffic markets in 20 U.S. states and Canada. Its outlet centers have over 3,000 stores operated by more than 700 brand name companies, including Nike, Ulta, Lululemon, Dick's, Disney, and Crocs.
Tanger currently pays a quarterly dividend of $0.26 per share, equating to an annualized dividend of $1.04 per share, which gives its stock a yield of about 3.7% at the time of this writing.
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On top of offering a high yield, Tanger is becoming a dividend-growth star. It has raised its annual dividend for two consecutive years, and its 6.1% hike in October has it on pace for 2024 to mark the third consecutive year with an increase.
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Federal Realty Investment Trust
Federal Realty Investment Trust FRT owns and manages a portfolio of 102 mixed-use properties and open and shopping centers in top suburban markets, including Boston, Chicago, Miami, New York City, Philadelphia, Phoenix, Silicon Valley, and Washington, D.C.
Federal Realty currently pays a quarterly dividend of $1.09 per share, equating to an annualized dividend of $4.36 per share, which gives its stock a yield of about 4.3% at the time of this writing.
Federal Realty is also a dividend-growth superstar. It owns the longest record of dividend growth in the entire REIT industry, sitting at an eye-popping 56 consecutive years. Investors should consider Federal Realty one of the best REITs in the market.
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