Prologis Inc. (PLD) will raise its quarterly dividend by 8.6 percent to $0.63 per share in 2021. This follows a dividend hike of 9.4 percent to $0.58 per share in 2020. This marks the 8th consecutive year of dividend increases by the logistics REIT and follows a 10.4 percent dividend hike announced in 2019.

The next dividend will be payable on March 31, 2021, to common stockholders of record at the close of business on March 19, 2021. A new annual rate of $2.52 per share yields 2.2% at a stock price of $114.87.

"Since the AMB/ProLogis merger in 2011, our exceptional 10-year dividend CAGR of 8.4 percent has grown commensurate with our core earnings," said Thomas S. Olinger, chief financial officer, Prologis. "In 2021, we expect to generate $1.1 billion in cash flow after dividends, maintaining a payout ratio in the low-60 percent range while building upon our significant liquidity and leverage capacity to further grow our business."

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.