Buy these 3 stocks with a yield of up to 7.2% for a monthly passive income

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Looking for a way to supplement your monthly income without getting a side gig or working extra? If so, real estate investment trusts (REITs) offer a compelling opportunity. REITs own, operate or finance income-producing real estate, allowing individuals to invest in various types of real estate without having direct ownership or management responsibilities.

REITs are legally required to distribute a large percentage of their taxable income to shareholders in the form of dividends, which often results in high yields.

If you’re an investor looking for income, here are three high-yielding REITs that pay monthly dividends you can buy today.

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Agreed Realty Corporation

Agreed Realty Corporation (NYSE:ADC) owns and manages retail properties such as community shopping centers, warehouse clubs and department stores. As of June 30, its portfolio included 2,202 properties in 49 states with approximately 46 million square feet.

Agree Realty pays a monthly dividend of $0.25 per share, which equates to an annual dividend of $3.00 per share, and gives its stock a yield of 4.1% at the time of writing.

In addition to offering income investors a high yield, Agree Realty has a reputation for dividend growth. It has increased its annual dividend payment in each of the last 11 years, and its recent increases, including a 1.2% increase in April, have it on track for 2024 to mark its 12th consecutive year of an increase.

EPR properties

EPR properties (NYSE:EPR) owns and manages experiential real estate properties such as movie theaters, water and amusement parks, fitness centers, parks and ski resorts, and golf courses. As of June 30, its portfolio included 354 properties in 44 US states and Canada.

EPR pays a monthly dividend of $0.285 per share, which equates to an annual dividend of $3.42 per share and gives its stock a yield of 7.2% at the time of writing.

Like Agree Realty, EPR has increased its dividend in recent years. It has raised its annual dividend payment in each of the past two years, and its 3.6% increase since February is on track for 2024 to mark its third straight year of growth.

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Phillips Edison & Company, Inc.

Phillips Edison & Company (NASDAQ:PECO) owns and operates store-anchored shopping centers. As of June 30, its portfolio included 286 properties in 31 states with approximately 32.6 million square feet.

PECO pays a monthly dividend of $0.0975 per share, which equates to an annual dividend of $1.17 per share, and gives its stock a yield of 3.2% at the time of writing.

PECO has also raised its dividend every year since its 2021 initial public offering (IPO), extending its streak of increases to two consecutive years. Its 4.5% increase last September puts it on pace for 2024 to mark its third straight year of growth.

Better returns than some REITs?

The current high interest rate environment has created an incredible opportunity for income investors to earn massive returns, but not through REITs.

Arrived Homes, the investment platform backed by Jeff Bezos, has launched its Private Credit Fund, which provides access to a pool of short-term loans backed by residential real estate with a target net annual return of 7% to 9% paid investors monthly. It paid 8.1% in July. The best part? Unlike other private credit funds, it has a minimum investment of only $100.

As long-term rates fall and short-term rates remain high, there is a unique opportunity to invest in fix & flip loans before yields fall. Check out Benzinga’s favorite high yield deals.

This article Buy These 3 Stocks Up to 7.2% Return for Passive Monthly Income originally appeared on Benzinga.com