Just a quick update on one of my favorite REIT’S:
Plaza Reit PLZ.UN just increased their dividend for the 15th consecutive year! Plaza is one of 2 REIT’S I currently own, and was the first REIT I ever purchased. Although the retail REIT’s are getting beat up pretty good with the Amazon/online threat, I still like Plaza for the medium to long term as they have a proven history of responsibly increasing their dividends/growing their business.
Some Highlights from the press release today:
- Increasing the monthly distribution from $0.0225 to $0.0233 a 3.7% increase
- Since 2003 the dividend has grown from 8 cents to 28 cents
- AFFO payout ratio dropped from 82.1% to 80.9%
- FFO and AFFO per unit increased by 3.4% and 6.5%, respectively
The dividend raise today gives me an extra $10.89 per year in dividends (which will be dripped into more shares).
Plaza is currently trading at $4.36 (very close to it’s 52 Week low) and has traded as high as 5.18 this year. I think Plaza is still undervalued and anytime the price is below 4.50 is a great buy. At the current price Plaza Yields 6.3%.