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 publicly traded real estate investment trusts based in the US announced higher regular dividend payouts in March. This raised the total number of US REITs that have announced higher dividends in the first quarter of 2024 to 35, according to data compiled by S&P Global Market Intelligence.

InvenTrust Properties Corp. tops dividend growth in March

Shopping center-focused InvenTrust Properties Corp. declared the largest relative dividend growth of the month, increasing its quarterly cash distribution by 4.9% to 22.6 cents per share.

Healthcare REIT CareTrust REIT Inc. also posted a higher dividend during the month, boosting its dividend by 3.6% to 29 cents per share.

"We continue our balanced approach to maintaining our pattern of annually increasing our dividend while also retaining our least expensive form of capital for future investments," according to CareTrust REIT CFO Dave Sedgwick.

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The third-highest dividend hike announcement in March was from shopping center landlord Whitestone REIT, after raising its regular monthly dividend by 3.1% to 4.125 cents per share.

"Our second-quarter dividend represents a 3% increase from the first quarter, a reflection of the board's confidence in Whitestone's earnings growth trajectory and ability to strengthen the balance sheet while simultaneously growing the dividend," said Whitestone REIT CEO Dave Holeman.

The REIT has been focused on delivering consistent growth, which was mainly propelled by very strong leasing spreads and record occupancy, according to management.

"We believe dividends should grow with earnings, and we believe we'll have good earnings growth in 2024 and continuing in 2025 and beyond," Whitestone REIT CFO J. Scott Hogan said during the REIT's earnings call March 7.

Five other REITs announced dividend increases in March, including multifamily REITs Equity Residential by 1.9% and UDR Inc. by 1.2%, manufactured home-focused Sun Communities Inc. by 1.1%, diversified REIT W. P. Carey Inc. by 0.6%, and single tenant-focused Realty Income Corp. by 0.2%.

45% of industrial, residential US REITs raise dividends

The most recent dividend hike announcements brought the year-to-date total to 35 for the US, or 22.6% of the entire US REIT industry.

Roughly 45.5% of industrial REITs announced higher dividend payouts since the beginning of the year, the highest proportion of any property sector.

In terms of the proportion of dividend hikes relative to the sector's total, residential REITs came in second at 45.0%, accounting for nine dividend increase announcements year to date. The specialty segment followed, with 33.3% of REITs in the sector boosting their dividends so far this year.

Of the two Canadian REITs that declared dividend hikes so far, one came from the retail sector and another from the residential sector.