Prologis Inc. (PLD) will raise its quarterly dividend by 9.4 percent to $0.58 per share in 2020. This marks the 7th consecutive year of dividend increases by the REIT and follows a 10.4 percent dividend hike last year.

The next dividend will be payable on March 31, 2020, to common stockholders of record at the close of business on March 16, 2020. A new annual rate of $2.32 per share yields 2.3% at a stock price of $99.23.

Prologis, Inc. is a logistics real estate investment trust (REIT). The company is the owner, manager and developer of logistics and distribution facilities in markets across the Americas, Asia and Europe. Prologis leases modern logistics facilities to a diverse base of customers principally across two major categories: business-to-business and retail/online fulfillment. The company's biggest customers include Amazon, DHL, Geodis, XPOLogistics, Home Depot, FedEx, Kühne+Nagel, DSV, UPS and BMW. Prologis became a public company in 1997 and has paid a dividend to shareholders every year since.