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.

Eight US-based publicly traded real estate investment trusts announced higher regular dividend payouts in October. This raised the number of US REITs that have announced higher dividends in the first 10 months of 2024 to 65.

A Canadian REIT declared a hike in its monthly distribution during the same month, bringing the year-to-date total for Canadian REITs that have announced higher dividends to seven, according to data compiled by S&P Global Market Intelligence.

Medalist Diversified tops dividend growth in October

Medalist Diversified REIT Inc. declared the biggest dividend hike in October, raising its regular quarterly cash payout by 20.0% to 6 cents per share Oct. 4.

Prior to the recent hike, the diversified REIT reinstated its common stock dividend after suspending payout in January, doubled its dividend in April, and announced a 25% dividend increase in July.

Multifamily-focused NexPoint Residential Trust Inc. came in second, boosting its quarterly dividend by 10.3% to 51 cents per share Oct. 29.

"[A]s we underwrite the portfolio for value-add opportunities in 2025, we expect to increase the rehab output somewhat materially. This outlook, coupled with our refinancing activities, led to management recommending the dividend increase approved by the board yesterday," NexPoint Residential Chief Investment Officer and Executive Vice President Matthew McGraner said during the company's earnings call Oct. 29.

The third-highest dividend hike announcement in October was from shopping center landlord Brixmor Property Group Inc., after raising its regular quarterly dividend by 5.5% to 28.75 cents per share Oct. 28.

"Our continued outperformance has positioned us to raise our dividend to an annual rate of $1.15, an increase of 5.5%, while maintaining a conservative payout ratio," Brixmor Property Group Inc. Executive Vice President, CFO and Treasurer Steven Gallagher said during the REIT's earnings call Oct. 29.

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Five other REITs announced higher dividends in October, including single tenant REIT Getty Realty Corp. with a 4.4% increase and shopping center-focused Kimco Realty Corp. with a 4.2% hike. Shopping center landlord Kite Realty Group Trust raised its dividend by 3.8%, single tenant REIT Agree Realty Corp. by 1.2% and healthcare-focused Community Healthcare Trust Inc. by 0.5%.

Manufactured home REIT Flagship Communities REIT, currently trading on the Toronto Stock Exchange, announced a 5.1% increase in its regular monthly distribution to 5.17 US cents per unit Oct. 1.

70% of retail US REITs raise dividends

The dividend hike announcements in October have brought the year-to-date total to 65 US REITs, representing 41.4% of the entire US REIT industry.

On a sector basis, 19 retail REITs have posted dividend hikes thus far in 2024, or 70.4% of the entire retail REIT segment, the highest percentage of any property sector.

Residential-focused REITs were second at about 63.2% of the sector, representing 12 dividend hikes year to date. The industrial segment followed, accounting for 61.5% of REITs raising their dividends so far this year.

Of the seven Canadian REITs that have declared dividend hikes so far, five were from the residential sector and two were from the retail sector.