For most of the last decade, Federal Realty's (NYSE: FRT) dividend yield was in the 3% range. Today the real estate investment trust's (REIT's) yield is 4.5% or so. Why exactly has the yield increased so much? Is this a buying opportunity for long-term dividend investors?

Here's what you need to know.

Federal Realty owns strip malls and mixed-use developments, which generally include retail, office, and apartment assets in a single property. It is a bellwether name in the retail REIT sector but not because of its size. In fact, it has a relatively small portfolio with only around 100 properties. What sets it apart is that, compared to its peers, it has the highest average population within three miles of its properties and the highest average family net worth. This is important because it means Federal Realty owns properties that retailers really want to occupy. 

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Source Fool.com