6 US REITs increase dividend payments in May

This Data Dispatch is updated monthly. The analysis includes publicly traded real estate investment trusts covered by S&P Global Market Intelligence that are based in the US or Canada and trade on the NYSE, Nasdaq, NYSE American, Toronto Stock Exchange or Toronto Venture Exchange.

Six publicly traded real estate investment trusts based in the US declared increases to their regular dividend payments in May, with a hotel landlord announcing the biggest hike, according to data compiled by S&P Global Market Intelligence.

Ryman Hospitality ups dividend more than 30%

Hotel-focused Ryman Hospitality Properties Inc. disclosed the biggest dividend increase in May, boosting its quarterly cash distribution by 33.3% to $1 per share.

In the hotel REIT's earnings release May 3, President and CEO Mark Fioravanti said the company was able to set multiple records in both its hospitality and entertainment segments as trends seen in the last three quarters of 2022 persisted in the first quarter.

"The strength of our first quarter performance and our healthy forward book of business supports the board's decision to raise the company's dividend again this quarter to $1.00 per share, which now exceeds the quarterly dividend rate that the company had achieved prior to the onset of the COVID-19 pandemic," Fioravanti said.

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Another REIT that posted a double-digit hike in dividend was multifamily-focused Independence Realty Trust Inc., which boosted its payout by 14.3% to 16 cents per share.

The four other companies that announced higher dividends in May were regional mall owner Simon Property Group Inc. at 2.8%, diversified REIT Armada Hoffler Properties Inc. at 2.6%, self-storage landlord National Storage Affiliates Trust at 1.8% and communications-focused American Tower Corp. at 0.6%.

Dividend hikes by sector

Year to date, 48 US REITs have declared dividend increases, accounting for about 30% of the country's entire REIT industry.

About two-thirds of self-storage REITs announced dividend increases since the beginning of 2023, the highest proportion of any property sector.

Meanwhile, 12 residential REITs, or 60% of the whole residential REIT segment, raised their dividend payments.

Five Canadian REITs have announced dividend increases year to date, two of which came from the retail sector. The office, diversified and residential segments each have one dividend increase announcement.