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Stock market technology for the average investor has come a long way since the days when brokers handled everything and doing research was restricted to scrolling through long columns of tiny font in one of the larger financial newspapers. Today there are internet screeners that can provide investors with crucial information to help guide purchase or sale decisions in a matter of minutes.
Investors who are seeking steady and reliable income often find it difficult to pinpoint stocks that pay a high dividend and are also performing well, as the inflated dividend is usually the result of poor performance and a wave of selling. But take a look at three real estate investment trusts (REITs) that have been crushing the competition over the past month yet still have higher dividend yields that can provide lucrative paydays to income investors.
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Modiv Industrial Inc. (NYSE:MDV) is a Reno, Nevada-based diversified commercial REIT, with 3.4 million square feet in 56 triple-net-leased industrial and retail single-tenant properties across 16 states. Its tenants include Dollar General, Costco and 3M. Its occupancy rate is 100%, and its weighted average lease term (WALT) is 14.3 years.
On Aug. 14, Modiv reported its second-quarter operating results. Adjusted funds from operations (AFFO) of $0.31 per share was down from $0.35 per share in the second quarter of 2022. Revenue of $11.84 million was up from $10.14 million in the second quarter of 2022. Wall Street ignored the weaker AFFO numbers and focused on the revenue increase.
Modiv also announced it was changing its corporate name to Modiv Industrial Inc.
Modiv pays a monthly dividend of $0.095830. The dividend has remained the same since February 2022. The annual dividend yield is presently 7.72%
Over the past four weeks, Modiv has gained 20.96%.
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SL Green Realty Corp. (NYSE:SLG) is a New York City-based office REIT and the largest office building landlord in New York. As of June 30, SL Green Realty held interests in 60 buildings totaling 33.1 million square feet.
Many income-oriented investors like owning SL Green Realty for its monthly dividend. And while pundits have speculated about possible dividend cuts for months, SL Green Realty continues to declare and pay a monthly dividend of $0.2708. The forward FFO of $5.52 easily covers the $3.25 annual dividend with a payout ratio of 58.8%, which should keep the dividend stable for some time. The annual dividend yield is presently 8.04%.
On Sept. 11, Piper Sandler analyst Alexander Goldfarb maintained an Overweight position on SL Green Realty and raised the price target from $41 to $48.
Over the past four weeks, SL Green has risen 15.86% as office REITs continue to slowly bounce back from the trouncing they took in the spring.
Innovative Industrial Properties Inc. (NYSE:IIPR) is a San Diego-based diversified/industrial REIT that specializes in triple-net leases and lease-backs on commercial properties with cannabis companies as its sole tenants.
As of June 30, Innovative Industrial Properties owned 108 properties across 19 states. Its average lease length is 14.9 years. Of its properties, 91% are industrial, 3% are retail and 6% are combined industrial/retail. Innovative Industrial has a 99.9% occupancy rate.
Despite its recent improved performance, on Sept. 5, Compass Point analyst Merrill Ross downgraded Innovative Industrial Properties from Buy to Neutral and announced a $95 price target.
Innovative Industrial Properties pays a quarterly dividend of $1.80 per share. The annual dividend of $7.20 presently yields 8.13%.
A recent recommendation from the Department of Health and Human Services (HHS) to reclassify cannabis as a Schedule III substance has been supporting the cannabis sector across the board, and a change in the law would also help Innovative Industrial Properties maintain its excellent occupancy rate and subsequent rent increases.
Over the past month, Innovative Industrial Properties has gained 7.65%.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the Weekly REIT Report.
Wow! The S&P 500 hit an all-time high. Tech and health sectors are red hot. Now's the time to learn Nic Chahine's 411% gains-with-options secret. Grab his free report now.Become An Options Master in Today's Market!
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