3 Dividend Stocks Paying Over 6.6% That Are Worth a Closer Look
Key Points
Healthpeak Properties pays a monthly dividend yielding over 7%.
Annaly Capital's dividend yield is more than 10 times higher than the S&P 500.
Vici Properties has grown its dividend three times faster than its peers.
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The S&P 500's dividend yield is currently around 1.2%, which isn't too far above its all-time low. Despite that, several companies currently offer much higher yields. One hotbed of income opportunities is the real estate investment trust (REIT) sector.
Here are three high-dividend REITs currently yielding more than 6.6% that are worth a closer look.
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Healthpeak Properties
Healthpeak Properties (NYSE: DOC) is a leading healthcare REIT. It owns outpatient medical facilities, labs, and senior housing properties. Its diversified healthcare portfolio generates very stable cash flows. That enables Healthpeak to pay a high-yielding monthly dividend (7.3% current yield).
The REIT is currently undergoing a major portfolio upgrade to unlock the value of its existing properties and capitalize on new investment opportunities. It recently completed the initial public offering of its senior housing portfolio (Janus Living), raising $878 million to pursue new investments. Healthpeak has also sold several stabilized outpatient medical properties.
The company is using these funds to invest in outpatient medical development projects and acquire more lab properties. It recently purchased Gateway Crossing, a 1.4 million-square-foot underutilized lab campus, for $600 million. These new investments should grow Healthpeak's cash flow as they stabilize. That will enhance its ability to pay its high-yielding monthly dividend.
Annaly Capital Management
Annaly Capital Management (NYSE: NLY) is a mortgage REIT. It invests in Agency mortgage-backed securities (MBS), mortgage pools protected against credit risk by government agencies such as Freddie Mac. It also invests in non-Agency residential loans and mortgage servicing rights. Most of these investments generate low-yielding fixed-income returns.
The REIT uses leverage to invest in more mortgages (a nearly $105 billion investment portfolio on $16.1 billion of total shareholders' equity). Leverage can meaningfully boost its returns. Annaly can generate low-to-mid double-digit leveraged returns in the current market. Those high returns enable the REIT to pay a monster dividend that currently yields 13.2%.
However, leverage can work against Annaly during more challenging market conditions. Annaly has had to cut its dividend a few times in the past when its earnings fell below its payout level. On a more positive note, its earnings have risen over the past several quarters. That enabled Annaly to hike its dividend early last year from $0.65 per share to the current level of $0.70 per share. With it earning $0.74 per share last quarter, its payout remains well covered.
Vici Properties
Vici Properties (NYSE: VICI) is a REIT focused on experiential properties. It invests in market-leading gaming, hospitality, wellness, entertainment, and leisure destinations. It owns an industry-leading portfolio of properties secured by long-term, triple-net leases with rent escalation clauses tied to inflation. Those leases require that tenants cover all property operating costs, including routine maintenance, real estate taxes, and building insurance.
The REIT also has several financing partnerships. It will lend companies money to fund experiential development projects, provide capital to finance existing property expansions, and make loans backed by experiential properties. These investments generate income and often provide Vici Properties with opportunities to acquire the underlying real estate.
Vici Properties routinely makes new investments. It recently bought a portfolio of hotels and casinos in Canada in a deal with an existing tenant for $144 million. The REIT also increased its loan investment secured by the One Beverly Hills development project to $1.5 billion. These investments should support continued dividend growth. Vici Properties has grown its dividend, which yields 6.6%, at a 6.6% compound annual rate since late 2018, triple the average of other REITs focused on triple-net leased real estate.
Enticing income stocks
Healthpeak Properties, Annaly Capital Management, and Vici Properties offer high dividend yields. That makes these REITs worth a closer look for investors seeking a big-time income stream in today's lower-yielding environment.
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Matt DiLallo has positions in Vici Properties. The Motley Fool recommends Healthpeak Properties and Vici Properties. The Motley Fool has a disclosure policy.
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