When the Federal Reserve starts cutting interest rates, bonds lose some of their luster, making dividend payers more attractive.

But, as Ned Davis Research points out to CNBC, not all dividend stocks are created equal.

"In a slow cycle, economic growth remains positive but generally is moderating, and in that environment, investors tend to put a premium on growth of all kinds," Ned Davis Research's chief U.S. strategist, Ed Clissold said. "Companies that can still grow their dividend in that environment are signaling to the market that their cash flows and balance sheets are in good shape."

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The following REIT stocks offer strong dividend growth that could be your best bet in this environment, Clissold says.

• Host Hotels & Resorts Inc (NASDAQ:HST) has upside potential. The stock is down 18.53% year-to-date and a good 12.34% over the past month alone. But don't let that fool you. Host Hotels stock pays a dividend yield of around 5% currently. Per analysts' consensus, the stock is a Buy with a consensus price target of $20.95 a share. The stock closed the trading day Monday at $16.05 a share, down 1.71% for the day. Specializing in luxury and upscale hotels, this company could bounce back as travel demand stabilizes.
  
• Equinix Inc (NASDAQ:EQIX) is a diversified data center landlord riding the artificial intelligence wave. With demand for data centers soaring, Equinix offers a dividend yield of 2.08%. Equinix stock is up 8.61% YTD. The stock is rated a Buy per consensus analyst estimates with a price target of $844.15 a share. The stock, with AI on its side, could be poised for growth.
  
• Prologis Inc (NYSE:PLD) is an industrial REIT that went through a rough patch earlier this year. Its stock is down 10.87% YTD. The stock sports a 3.2% dividend yield. Analyst consensus rating holds the stock at a Buy with a price target of $140.60 a share. The company initially spooked investors by cutting guidance in April but has since reversed course, raising its full-year forecast in July. If you're looking for a recovery play with a solid dividend, Prologis could be the one to watch.

As the Fed gently taps the brakes on rates, dividend growth stocks like these could be your ticket to steady income and potential capital gains. Keep an eye on how the Fed's actions unfold, and remember: growth often trumps yield in slow cycles.

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