CBL - U.S. REITs dividend increases led by self-storage REITs RLJ Lodging Trust tops the companies pack

2023-03-22 12:25:35 ET

As per data compiled by S&P Global Market Intelligence, twenty U.S.-listed and based REITs announced increases to their regular dividend payments in February.

On an overall basis, this accounts for ~87% of the total dividend hikes over the first two months of 2023.

February dividend hike announcements take the YTD total to 23 U.S. REITs or ~14.5% of the entire U.S. REIT industry.

With two Canadian REITs also declaring higher dividends during February, the YTD total stands at four dividend hike announcements.

U.S. & Canada Sector-wise:

• U.S. Self-storage REITs have reported the most dividend gains since the beginning of 2023, with three of six companies operating in the sector raising their distributions; specialty segment followed with 31.6% of REITs in the sector announcing dividend increases as of February-end while industrial segment came in third with 27.3%.
• Canada Office REITs (20%) saw the maximum dividend increases followed by Diversified (11.1%) and Retail (9.1%).

Company-wise:

• RLJ Lodging Trust ( RLJ ) announced the largest dividend hike in February, raising its quarterly cash distribution 60%; President and CEO Leslie Hale said, "While the current environment remains uncertain, the continuing improvement in business travel, group booking momentum and the ongoing recovery in urban leisure gives us confidence that urban markets will continue to outperform the industry on a relative basis this year, which will benefit our urban-centric portfolio."
• CBL & Associates Properties ( CBL ) and Public Storage ( PSTG ) increased their dividends by 50%.; CBL CEO Stephen Lebovitz said, "Strong operating performance and favorable financing activity in 2022 and YTD have contributed to our substantial cash flow generation and strong cash position."
• Others like, American Homes 4 Rent ( AMH ), Rexford Industrial Realty ( REX ), SBA Communications ( SBAC ) and Equinix ( EQIX ) also posted double-digit increases in their February dividend payouts.
• Boardwalk REIT ( OTCPK:BOWFF ) led the Canadian pack with 8.3% increase followed by RioCan REIT ( OTCPK:RIOCF ) posting a 5.9% raise.

SA Contributor And Value For All wrote, "Park Hotels & Resorts: Buy Into The Disconnect Between Market Value And NAV"

Dividend ETFs to watch: ( SDY ), ( SPYD ), ( DVY )

For further details see: