Real estate investment trusts (REITs) own, operate, or finance income-generating real estate. REITs allow individuals to invest in various types of real estate without having to directly own or manage the properties. REITs typically focus on a specific type of real estate, such as residential, commercial, or industrial, and they are required to distribute a large percentage of their taxable income to shareholders in the form of dividends, making them attractive for income-seeking investors.

Let's take a look at two REITs with dividend yields up to 5.7% and track records of dividend growth.

CubeSmart

CubeSmart (NYSE:CUBE) is the third largest owner and operator of self storage facilities in the United States. It currently owns or manages 1,473 self storage properties across the country.

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CubeSmart currently pays a quarterly dividend of $0.51 per share, equating to an annualized dividend of $2.04 per share, which gives its stock a yield of about 4.9% at the time of this writing.

In addition to being a high-yielder, CubeSmart is a dividend-growth star. The company proudly noted that its 4.1% dividend hike in December marked the 14th consecutive year in which it has raised its annual dividend payment.

UMH Properties

UMH Properties Inc. (NYSE:UMH) owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites across 11 U.S. states. It also has an ownership interest in an additional two communities in Florida containing 363 sites through a joint venture with Nuveen Real Estate and owns approximately 2,100 acres of land for the development of new sites.

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UMH currently pays a quarterly dividend of $0.215 per share, equating to an annualized dividend of $0.86 per share, which gives its stock a yield of about 5.7% at the time of this writing.

Like CubeSmart, UMH has shown a strong dedication to growing its dividend. It has raised its annual dividend payment for three consecutive years, and its 4.9% hike in April has it on track for 2024 to mark the fourth consecutive year with an increase.

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