AREIT’s 2022 annual report is a must read for investors – it is available in their website. I am, however, drawn to this graph from that annual report:

This right here is a well managed REIT and the bar with which other REITs need to reach. That’s three years of increasing dividends for AREIT shareholders. This shows that management ensured that all subsequent property infusions were dividend accretive and that these properties are occupied by quality tenants. AREIT IPO’d at P27 so the 2020 dividend yield is 4.89%. If you held on to that share, the dividend yield on cost (YOC) for 2022 would now be 7.33% because of the dividend increase. If AREIT keeps on increasing dividends, this yield on cost will also increase the longer you hold the stock.

It might not (yet) be fair to compare the other REITs with AREIT since it has been around the longest and thus have 3 years of dividend data. However, it seems that only Robinson’s RCR performed similarly with increasing dividends. Then we have CREIT which has maintained its dividends. At the bottom we have FILRT which cut its dividends! Not all REITs are created equal so invest wisely.