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(NYSE: NNN) declared a quarterly cash dividend of 62 cents per share on Tuesday, the company said, carrying the real estate investment trust's record of consecutive annual dividend increases to 37 years.
The Board of Directors approved the payment, payable August 14. Thirty-seven years, unbroken The 37-year streak is the figure NNN REIT placed at the front of its Tuesday announcement.
At that length, the run extends back to the late 1980s. The release provided no comparison to the prior quarterly rate and no commentary explaining the size of the increase.
Real estate investment trusts operate under federal tax rules requiring distribution of at least 90 percent of taxable income to shareholders, making the dividend a primary channel for returning capital to investors.
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