This Unstoppable Dividend Growth Stock Is Becoming a Powerful Passive Income Producer
Shares of Crown Castle (NYSE: CCI) have been under significant pressure this year. The real estate investment trust (REIT) focused on communications infrastructure has slumped more than 28%, in part because of the impact of higher interest rates.
However, one of the benefits of this lower share price is that it has driven up Crown Castle's dividend yield. The infrastructure REIT's yield is now up to almost 5% after it recently increased its payout by another 6.5%. With the company projecting more dividend growth, it's becoming a powerful passive income producer.
Crown Castle is currently on track to achieve its full-year forecast. That would see the REIT grow its adjusted funds from operations (FFO) by about 6%.
Source Fool.com
