Retail real estate investment trusts (REITs) own, operate, or finance income-generating retail properties, including shopping centers, malls, strip malls, and other retail spaces, and generate revenue by leasing space to retail businesses.
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.
If you're interested in buying a retail REIT with a high yield, here are two you should consider today.
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Urban Edge Properties
Urban Edge Properties UE is a REIT focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities with a focus on the Washington D.C. to Boston corridor. Its portfolio currently consists of 76 properties totaling approximately 17.4 million square feet of gross leasable area.
Urban Edge currently pays a quarterly dividend of $0.17 per share, equating to an annualized dividend of $0.68 per share, which gives its stock a yield of about 3.8% at the time of this writing.
It's also worth noting that Urban Edge raised its dividend by 6.3% earlier this year, marking its first increase since 2021, and its strong financial performance so far in 2024 could support another increase next year.
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Simon Property Group, Inc.
Simon Property Group SPG owns and operates more than 250 shopping centers across North America, Europe, and Asia, including properties in the top 25 U.S. markets based on population. Its properties are home to more than 3,000 world-class brands, including Lululemon, Macy's, and Tiffany & Co.
SPG currently pays a quarterly dividend of $2.00 per share, equating to an annualized dividend of $8.00 per share, which gives its stock a yield of about 5.3% at the time of this writing.
SPG has also raised its dividend each of the last two years, and its three hikes in the last year have it on track for 2024 to mark the third consecutive year with an increase.
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