Yahoo Finance These Industrial REITs Yield Over 5% and Have Track Records of Dividend Growth
Industrial real estate investment trusts (REITs) own and manage income-generating industrial properties, such as warehouses, distribution centers, logistics facilities, and manufacturing plants. Industrial REITs generate income by leasing the properties.
Investors in industrial REITs can benefit from the demand for space in the logistics and manufacturing sectors. The growth of e-commerce and the need for efficient supply chain management have contributed to the growth of the space in recent years. Similar to other REITs, industrial REITs are required to distribute a significant portion of their income to shareholders in the form of dividends.
If you’re interested in investing in industrial REITs, here are two you could buy today.
LXP Industrial Trust
LXP Industrial Trust (NYSE:LXP) owns and manages a portfolio of 115 warehouse and distribution properties containing approximately 56.9 million square feet across growth markets in the Sunbelt and Lower Midwest regions, including Phoenix, Atlanta, Memphis, Houston, Nashville, and Chicago. It's also worth noting that LXP counts Amazon as one of its largest tenants.
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LXP currently pays a quarterly dividend of $0.13 per share, equating to an annualized dividend of $0.52 per share, which gives its stock a yield of about 5.9% at the time of this writing.
In addition to being a high-yielder, LXP is an up-and-coming dividend-growth star. It has raised its annual dividend for four consecutive years, and its recent hike has it on pace for 2024 to mark the fifth consecutive year with an increase.
Innovative Industrial Properties
Innovative Industrial Properties Inc. (NYSE:IIPR) acquires, owns, and manages specialized properties leased to cannabis companies. Its portfolio consists of 108 properties across 19 U.S. states, including both industrial and retail properties.
Innovative Industrial Properties currently pays a quarterly dividend of $1.82 per share, equating to an annualized dividend of $7.28 per share, which gives its stock a yield of about 6.95% at the time of this writing.
Like LXP, Innovative Industrial Properties also has a track record of dividend growth. It has raised its annual dividend payment each year since its initial public offering in 2016, putting it on pace for 2024 to mark the 8th consecutive year with an increase.
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