A total of 76 US-based publicly traded real estate investment trusts declared increases to their regular dividends in 2024, accounting for nearly half the companies in the industry, according to data compiled by S&P Global Market Intelligence.

Almost 78% of all US retail REITs declared dividend hikes in 2024, the highest rate among the property sectors, with 21 out of 27 companies announcing increases during the year.

The industrial sector followed, with 10 out of 13 REITs adjusting their dividends.

Fourteen of the 46 Canadian REITs declared higher dividends in 2024, broken down into nine residential REITs, four retail REITs and one industrial REIT.

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Park Hotels records largest jump

Hotel landlord Park Hotels & Resorts Inc. led the list of US REITs with year-over-year growth in regular dividend payments in 2024. In February 2024, Park Hotels raised its quarterly cash payout by 66.7% to 25 cents per share.

Park Hotels typically pays a smaller regular quarterly dividend, coupled with a larger bumper dividend in the fourth quarter of each year. In 2024, Park Hotels paid a quarterly dividend rate of 25 cents per share, along with a 40-cent-per-share bumper dividend in the fourth quarter, for a total of $1.40 per share for the year, a slight increase over the $1.38 per share paid in 2023.

Multifamily REIT Veris Residential Inc. raised its quarterly payout to 8 cents per share by year-end 2024, a 52.4% increase over the 5.25-cent-per-share rate at the end of 2023. The multifamily REIT announced significant dividend hikes for three consecutive quarters, increasing its dividends by 14.3% in November, 16.7% in August and 14.3% in May.

Another hotel REIT, RLJ Lodging Trust, recorded the third-largest dividend boost in 2024. The company announced a 50% increase in its quarterly cash distribution to 15 cents per share in August 2024.

In Canada, multifamily Boardwalk REIT announced the largest dividend gain during the year, upping its monthly distribution by 23.1% to 12 Canadian cents per unit in February.

BSR REIT boosted its regular monthly distribution by 7.9% to 4.67 US cents per unit in August 2024, the second-largest dividend increase by a Canadian REIT during the year.

Dividend increases relative to pre-COVID-19 levels

Of the 76 US REITs that raised dividends in 2024, 49 reported higher regular dividend payouts by year-end than their 2019 levels. By contrast, 18 REITs still paid lower dividends than their pre-COVID-19 payments.

For Canadian REITs, 10 out of 14 had higher payouts by the end of 2024 than dividends paid at the end of 2019, while one had a lower dividend than the corresponding 2019 payout.