Editor's note: 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 US-based publicly traded real estate investment trusts announced higher regular dividend payments in April, with a hotel landlord announcing the biggest increase, according to data compiled by S&P Global Market Intelligence.

Summit Hotel ups dividends by 50%

Hotel REIT Summit Hotel Properties Inc. declared the biggest bump in dividends for April, raising its quarterly payout by 50% to 6 cents per share.

In its most recent earnings release, the hotel REIT's President and CEO Jonathan P. Stanner mentioned that the approved dividend hike was mainly a result of a strong balance sheet and the company's continued recovery in operating fundamentals.

"This increase reflects the confidence we have in the ongoing strength and durability of our business, supported by continued positive forward booking trends and pace data, while still maintaining a prudent payout ratio," Stanner said.

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Outlet center operator Tanger Factory Outlet Centers Inc. also announced a double-digit hike of 11.4% to 24.5 cents per share.

"We believe our balance sheet is well-positioned, and our strong business model provides us with the liquidity and flexibility to execute on our long-term growth strategies while providing an attractive total return for shareholders," Tanger Factory President and CEO Stephen Yalof said in a press release.

Four other REITs declared higher dividends in April, including diversified REIT Broadstone Net Lease Inc. at 1.8%, single tenant-focused Agree Realty Corp. at 1.3%, healthcare REIT Community Healthcare Trust Inc. at 0.6% and land-focused Gladstone Land Corp. at 0.2%.

Over half of residential US REITs raised dividends YTD

The dividend increase announcements in April have brought the year-to-date total to 43 US REITs, or 26.9% of the entire US REIT industry.

On a sector basis, 11 residential REITs in the US have reported higher dividends so far in 2023, or 55.0% of the whole residential REIT segment.

Half of the self-storage space, or three REITs, have announced dividends this year.

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 hike announcement.