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.

Nine US-based publicly traded real estate investment trusts declared increases in their regular dividend payments in March, according to data compiled by S&P Global Market Intelligence, with a multifamily-focused company announcing the biggest hike.

One Canadian REIT also announced a dividend increase during the month. Thus far in 2023, five Canadian REITs have announced plans to boost their dividends.

UDR leads distribution growth

UDR Inc. announced the largest dividend increase in March, raising its quarterly payout by 10.5% to 42 cents per share.

The residential REIT in its February earnings release first announced its plan to raise dividends. UDR Chairman and CEO Tom Toomey said 2022 was an "exceptional year" for the company, as reflected in its 16% growth year over year for funds from operations as adjusted per share, a metric similar to core funds from operations reported by other REITs.

"Our outlook of mid- to high-single digit [net operating income] growth in 2023 reflects a healthy earn-in of nearly 5%, disciplined capital allocation, our innovative culture that drives margin expansion and a strong balance sheet with minimal debt maturities," Toomey said.

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Apart from UDR, healthcare REIT Strawberry Fields REIT LLC also announced double-digit growth of its cash distribution to 11 cents per share.

Four other REITs declared dividend hikes by more than 4% during the month, including multifamily-focused Equity Residential at 6.0%, manufactured home-focused Sun Communities Inc. at 5.7%, other retail REIT InvenTrust Properties Corp. at 5.0% and diversified REIT Presidio Property Trust at 4.8%.

In Canada, retail-focused Choice Properties REIT was the sole equity REIT that raised dividends in March, declaring a 1.4% increase to its monthly dividend payout to 6.25 Canadian cents per share.

More than half of residential US REITs have upped dividends in 2023

Year to date, 39 US REITs have announced dividend increases, accounting for about 24.5% of the entire US REIT industry.

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

Just behind the residential REIT sector was the self-storage space; half of all that sector's REITs have announced dividend increases this year.

A total of 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.