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 TSX Venture Exchange.

Three publicly traded real estate investment trusts based in the US announced higher regular dividend payouts in November, with a healthcare-focused REIT declaring the biggest increase.

Four Canadian REITs also disclosed higher dividends during the same month, bringing the year-to-date total for Canadian REITs that have announced higher dividends to 11, according to data compiled by S&P Global Market Intelligence.

Strawberry Fields REITs upped dividends for the 2nd time in 2023

Healthcare-focused Strawberry Fields REIT Inc. declared the largest dividend hike in November, increasing its quarterly cash payout by 9.1% to 12 cents per share on Nov. 14.

"The company has maintained its steady growth through 2023, which allowed us to complete the acquisition of 24 healthcare facilities in Indiana. I am very pleased that in addition to this growth we have been able to increase the quarterly dividend. We look forward to continuing this momentum into 2024," Strawberry Fields' Chairman & CEO Moishe Gubin said in a statement.

This was the second time the REIT announced higher dividends this year. The first one was in March, when the healthcare REIT posted a 10.0% hike in its dividend payment.

Shopping center landlord Regency Centers Corp. also raised its quarterly dividend during November, upping it by 3.1% to 67 cents per share on Nov. 2.

Another REIT that posted higher dividends in November was single tenant-focused Four Corners Property Trust, increasing its payout by 1.5% to 34.5 cents per share on Nov. 10.

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Multifamily REIT InterRent REIT posted the biggest growth in dividends among Canadian REITs in November, as it boosted the dividend by 5.0% to 3.15 Canadian cents per share.

Three other REITs based in Canada declared dividend hikes during the month, including manufactured home REIT Flagship Communities REIT by 4.7%, as well as multifamily REITs Minto Apartment REIT and Morguard North American Residential REIT with dividend hikes of 3.1% and 2.8%, respectively.

Dividend raises by sector

Year to date, 69 US REITs have announced dividend increases, accounting for about 44.2% of the entire US REIT industry.

On a sector basis, eight industrial REITs in the US reported dividend increases thus far in 2023, or 72.7% of the entire industrial REIT segment, the highest proportion of any property sector.

In terms of the percentage of dividend increases relative to the sector's total, retail-focused REITs came in second at about 65.5%, representing 19 dividend hikes year to date.

Eleven Canadian REITs have declared dividend hikes so far, six of which came from the residential sector and three from the retail sector. The office and diversified segments each have one REIT that announced higher dividends as of the end of November.