Duke Realty (DRE) will raise its quarterly dividend by 8.5 percent to 25.5 cents per share in 2020. This follows a 9.3 percent hike to $0.235 per share in 2019 and marks 6 straight years of dividend increases by the industrial and medical offices REIT.

The next dividend will be payable on November 30, 2020 to shareholders of record on November 16, 2020. A new annualized rate of $1.02 per share yields 2.7% at a stock price of $37.99.

From the company's press release dated October 28, announcing quarterly results: “As a result of our strong operating performance, we are pleased to increase our quarterly dividend from $0.235 per share to $0.255 per share. This 8.5 percent increase to our quarterly dividend is based on our expectation of continued cash flow growth allowing us to maintain more-than-adequate cash flow coverage to continue to grow our business.”

Duke Realty Corporation is an industrial REIT. The company specializes in the ownership, management and development of bulk distribution real estate. Its properties are leased by a diverse base of  tenants whose businesses include e-commerce, government services, manufacturing, retailing, wholesale trade, and distribution. As a fully integrated commercial real estate firm the company provides in-house leasing, management, development and construction services. Duke Realty launched its business in 1972 with the development of an industrial building in Indianapolis, IN. Currently the company has properties in 21 major logistics markets across the United States.