For the most part, being a landlord is not an exciting business. After taking care of maintenance costs, property taxes, and realtor commissions, a residential landlord can consider themselves lucky if they can earn a capitalization rate of six percent. And that’s why today’s top dividend stock is special. The company operates in the real estate business but allows investors to collect an annual cash payout of 14.06%. Allow me to explain further.
Washington Prime Group Inc (NYSE:WPG) is a real estate investment trust (REIT). Headquartered in Columbus, Ohio. The company owns, manages, acquires, and develops retail properties across the United States. WPG was created in May 2014 following a spinoff from Simon Property Group Inc (NYSE:SPG), and has grown to have a real estate portfolio consisting of 110 properties totaling 60 million square feet. In other words, Washington Prime Group can be considered a giant landlord. It makes money by collecting rent from the tenants of its properties. In the third quarter of 2017, 55% of the company’s net operating income came from tier-one malls, 25% was generated from open-air shopping centers, and the remaining 20% came from tier-two malls in its portfolio.
Source: Income Investors
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Currently some of the REITs are really in good zone to buy. I have my eyes on O, OHI, HCP and SKT that I am looking further into.
Happy Investing.
TDK.