55 Dividend Hikes Later, Here's Why This Passive Income Stock Is a Buy
Federal Realty (NYSE: FRT) raised its dividend for the 55th consecutive year when it reported second-quarter earnings in early August. That not only makes this real estate investment trust (REIT) a Dividend King, but it extends the longest dividend streak of increases in the REIT sector. With a yield of about 3.8%, this conservative landlord could be a solid cornerstone for your portfolio.
Behind this Dividend King's dividend record is a pretty impressive business. The REIT owns roughly 100 properties, which is fairly modest compared with other landlords in the strip mall sector. However, it focuses on being in and around major metropolitan areas with high barriers to entry. On average, there are 172,000 people living within a three-mile radius of its properties, and the average household income is an impressive $133,000. Retailers like to be located in areas where people can afford to shop in both good economic periods and bad ones, and Federal Realty delivers that.
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Source Fool.com
