Developers Diversified Realty Corporation (DDR) declared a quarterly dividend of $0.04 per share today, a 100% improvement over the $0.02 paid each of the previous six quarters. This is the first dividend hike from the retail REIT since putting a huge dent in its payout during the downturn.
Shares of DDR opened today’s session trading at $13.48, where they now carry a 1.19% dividend yield.
The shopping-oriented real estate investment trust had increased its dividend for 13 consecutive years, peaking with a quarterly payout of $0.69 per share in 2008, but was forced to vacate its first payment to shareholders in 2009 before eventually dropping its quarterly rate down to just $0.02 per share.
Analysts expect DDR to earn $1.01 per share next year, putting its forward payout ratio at just 15.8%.