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2 Dirt-Cheap REITs with Huge Dividend Yields

The S&P/TSX Composite Index climbed 145 points on Tuesday, June 27. Some of the top performing sectors included Information Technology, Base Metals, Health Care, and the Financial space. Shifting gears, today I want to zero-in on two real estate investment trusts (REITs) that look discounted in late June 2023.

Northwest Healthcare REIT (TSX:NWH.UN) is a Toronto-based REIT that owns and operates a global portfolio of high-quality health care real estate. This REIT released its first quarter fiscal 2023 earnings on May 12. In Q1 FY2023, Northwest delivered revenue growth of 29% to $135 million. Meanwhile, same property net operating income (NOI) increased 4.4% year-over-year to $95.4 million. It maintained strong portfolio occupancy of 97% at the end of the quarter.

Shares of Northwest Healthcare REIT are trading in favourable value territory as of close on June 27. Northwest offers a monthly dividend of $0.067 per share. That represents a massive 13% yield.

Allied Properties REIT (TSX:AP.UN) is another Toronto-based REIT. This REIT is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban datacenter (UDC) portfolio. Shares of this REIT jumped 2.6% on Tuesday, June 27.

In Q1 fiscal 2023, Allied Properties REIT delivered rental revenue growth of 14% to $138 million. Meanwhile, operating income also jumped 14% to $77.1 million. This REIT offers a monthly distribution of $0.15 per share, which represents a monster 8.7% yield.