12 Best REIT Dividend Stocks To Buy for 2024

2. Prologis, Inc. (NYSE:PLD)

Number of Hedge Fund Holders: 49

Prologis, Inc. (NYSE:PLD) is a California-based real estate investment trust company that invests in logistics facilities. The stock is down by over 17% since the start of 2024. Although the company faced some demand challenges in recent quarters, it is set to achieve solid growth this year, driven by the sustained strength of the industrial real estate market in recent years. As these challenges diminish and demand stays strong, the company’s growth is starting to gain momentum again. This could be seen in its recent quarterly earnings.

Prologis, Inc. (NYSE:PLD) reported revenue of $2.03 billion in the third quarter of 2024, which saw a 6.3% growth on a YoY basis. The revenue also exceeded analysts’ estimates by $130 million. At the end of the quarter, the company reported approximately $6.6 billion in available liquidity. Its debt-to-EBITDA ratio was 5.1x, with debt accounting for 23.1% of its total market capitalization. Projected earnings for 2024, 2025, and 2026 are largely safeguarded, with 99%, 99%, and 98%, respectively, expected in USD or secured through hedging via derivative contracts. Additionally, 96.2% of the company’s equity is denominated in USD.

Prologis, Inc. (NYSE:PLD), one of the best dividend stocks, currently offers a quarterly dividend of $0.96 per share, having raised it by 10.3% earlier this year. The company’s dividend growth streak spans over 11 years, which makes it one of the best dividend stocks on our list. The stock’s dividend yield on December 12 came in at 3.44%, as of December 12.

Prologis, Inc. (NYSE:PLD) was included in 49 hedge fund portfolios at the end of Q3 2024, compared with 56 in the previous quarter, according to Insider Monkey’s database. The stakes held by these hedge funds have a collective value of over $780.7 million. Among these hedge funds, AEW Capital Management was the company’s leading stakeholder in Q3.