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 declared increases to their regular dividend payments in July, upping the total number of US REITs that have declared higher dividends in the first seven months of 2024 to 53, according to data compiled by S&P Global Market Intelligence.

Medalist Diversified REIT announced largest dividend hike in July

Diversified REIT Medalist Diversified REIT Inc. declared the biggest and the only double-digit dividend increase in July, raising its quarterly cash payout by 25.0% to 5 cents per share July 5.

The announcement came three days after the previously announced reversed stock split and forward stock split took effect July 2. The reverse stock split became effective at 5 p.m. ET on July 2, 2024, converting the company's shares at a 1-for-10 ratio. The forward stock split took effect at 5:01 p.m. ET on July 2, converting the company shares at a 5-for-1ratio.

Prior to the recent hike, the diversified REIT announced doubling its dividend in April and reinstated its common stock dividend from being suspended in January.

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Trailing behind Medalist Diversified REIT was healthcare-focused Welltower Inc., which upped its quarterly cash payout by 9.8% to 67 cents per share July 29. In Welltower's most recent earnings release, the company said the recent dividend increase reflects its solid financial performance, low payout ratio owing to outsized levels of cash flow growth, and the board of directors' confidence in the REIT's strong growth prospects.

The company with the third-highest dividend increase announced in July was shopping center landlord Acadia Realty Trust, which raised its quarterly dividend by 5.6% to 19 cents per share July 30.

"We had another strong quarter driven by the acceleration of growth within our key Street markets," Acadia Realty Trust CEO Kenneth Bernstein said. "In light of our strong performance, we have increased our earnings guidance along with our quarterly dividend. Furthermore, we have made progress on strategically positioning and strengthening our balance sheet."

Five other REITs declared dividend hikes in July: Shopping center-focused Kite Realty Group Trust, single tenant REITs NNN REIT Inc. and NETSTREIT Corp., healthcare-focused Community Healthcare Trust Inc. and land REIT Gladstone Land Corp.

Almost 58% of residential, half of retail and industrial US REITs boosted dividends YTD

Year to date, 53 US REITs have announced dividend increases, accounting for about 34.4% of the entire US REIT industry.

About 57.9% of the residential REITs announced higher dividend payments 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, both the retail and the industrial segments came in second at 50%.

For the retail sector, that accounts for about 13 REITs within the sector announcing dividend hikes year to date. For industrial REITs, that accounts for six REITs within the same sector.

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