The second Wells real estatetrust (REIT) has raised its dividend from a 5% annualized return to a 6% annualized return. This marks Wells REIT II’s third dividend increase since it was founded in November 2003. Like the first Wells REIT, Wells REIT II invests in Class-A office and industrial buildings throughout the nation.
"This dividend increase reflects the building momentum in the Wells REIT II portfolio of quality properties with credit tenants," says Dr. Ron Ford, chief ofstrategy at Wells Real Estate Funds, which sponsors the unlisted REITs.
Since the beginning of the year, Wells REIT II has bought nearly $170 million worth of properties. "It’s been a very busy quarter for us, and our pipeline of acquisition candidates is extremely full," says Don Miller, chief real estate officer at Wells Real Estate Funds.
Wells Real Estate Funds manages more than $5.5 billion in assets for more than 160,000 investors. Shares of the Wells REIT products are sold through independent financial advisors.