Elective Stock Dividends
Revenue Procedure 2010-12 allows listed REITs and Mutual Funds to offer shareholders elective stock dividends, which are dividends paid in a mixture of cash and stock (with at least 10 percent of the total distribution being offered as cash), to satisfy their dividend distribution requirements through the 2011 tax year. NAREIT has published an overview of Revenue Procedure 2010-12 and other issues related to the payment of stock dividends here.
The FTSE NAREIT US Real Estate Index Series and other major REIT indexes use only the cash component of dividend payouts in calculating dividend yields. To provide investors with a comparison to the index yield of the FTSE NAREIT US All REIT Index, NAREIT is calculating a Cash Equivalent Dividend Yield Series which treats common stock dividends paid by publicly traded REITs as 100% cash.
REITs paying dividends split between cash and stock in 2009 - 2010
|
REIT
|
Ticker
|
Ex-Dividend
Date
|
Cash / Stock
|
Dividend
per Share
|
Frequency
|
Press
Release
|
|
|
Northstar Realty Finance
|
NRF
|
26-Jan-09
|
40% / 60%
|
$0.25
|
Quarterly
|
|
|
Vornado Realty Trust
|
VNO
|
03-Feb-09
|
40% / 60%
|
$0.95
|
Quarterly
|
|
|
Simon Property Group
|
SPG
|
10-Feb-09
|
10% / 90%
|
$0.90
|
Quarterly
|
|
|
Developers Diversified Realty
|
DDR
|
10-Mar-09
|
10% / 90%
|
$0.20
|
Quarterly
|
|
|
CBL & Associates Properties
|
CBL
|
11-Mar-09
|
40% / 60%
|
$0.37
|
Quarterly
|
|
|
Lexington Realty Trust
|
LXP
|
24-Mar-09
|
10% / 90%
|
$0.18
|
Quarterly
|
|
|
One Liberty Properties
|
OLP
|
26-Mar-09
|
10% / 90%
|
$0.22
|
Quarterly
|
|
|
Cousins Property
|
CUZ
|
29-Apr-09
|
33% / 67%
|
$0.25
|
Quarterly
|
|
|
Macerich
|
MAC
|
07-May-09
|
10% / 90%
|
$0.60
|
Quarterly
|
|
|
Vornado Realty Trust
|
VNO
|
07-May-09
|
59% / 41%
|
$0.95
|
Quarterly
|
|
|
Simon Property Group
|
SPG
|
12-May-09
|
20% / 80%
|
$0.60
|
Quarterly
|
|
|
Developers Diversified Realty
|
DDR
|
09-Jun-09
|
10% / 90%
|
$0.20
|
Quarterly
|
|
|
One Liberty Properties
|
OLP
|
17-Jun-09
|
10% / 90%
|
$0.22
|
Quarterly
|
|
|
Lexington Realty Trust
|
LXP
|
26-Jun-09
|
10% / 90%
|
$0.18
|
Quarterly
|
|
|
Cousins Property
|
CUZ
|
30-Jul-09
|
33% / 67%
|
$0.15
|
Quarterly
|
|
|
|
VNO
|
07-Aug-09
|
59% / 41%
|
$0.65
|
Quarterly
|
|
|
Macerich
|
MAC
|
10-Aug-09
|
10% / 90%
|
$0.60
|
Quarterly
|
|
|
Simon Property Group
|
SPG
|
13-Aug-09
|
20% / 80%
|
$0.60
|
Quarterly
|
|
|
Cousins Property
|
CUZ
|
22-Oct-09
|
33% / 67%
|
$0.09
|
Quarterly
|
|
|
Vornado Realty Trust
|
VNO
|
06-Nov-09
|
59% / 41%
|
$0.65
|
Quarterly
|
|
|
Macerich
|
MAC
|
09-Nov-09
|
10% / 90%
|
$0.60
|
Quarterly
|
|
|
Simon Property Group
|
SPG
|
12-Nov-09
|
20% / 80%
|
$0.60
|
Quarterly
|
|
|
Macerich
|
MAC
|
11-Feb-10
|
10% / 90%
|
$0.60
|
Quarterly
|
|
