This REIT Has Delivered Towering Dividend Growth

American Tower (NYSE: AMT) might not stand out to dividend investors at first glance. The real estate investment trust (REIT) currently offers a 2.2% dividend yield. While that's slightly higher than the 1.7% dividend yield offered by an S&P 500 index fund, it's likely not appealing enough for many income-focused investors.

However, what American Tower lacks in current yield, it more than makes up for with dividend growth. Because of that, what might not look like a compelling yield right now can grow into one over time.

American Tower made its first quarterly dividend payment in 2012, shortly after converting into a REIT. An investor who bought shares in early 2012 would have collected a $0.21 per share dividend that first quarter. That gave it a 1.4% annualized dividend yield based on that first payment and the roughly $60 share price at the time of its conversion.

Source Fool.com