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Retail real estate investment trusts (REITs) specialize in owning and managing retail properties, including shopping centers, malls, strip malls, and other retail spaces.

Retail REITs generate revenue through leasing space to retailers. As with all REITs, retail REITs are required to distribute a significant portion of their income to shareholders in the form of dividends, making them a popular choice for investors seeking income.

Quality retail real estate is also in high demand right now. Supply constraints led to a retail vacancy rate of a mere 5.3% in the second quarter of 2024, its lowest level in 20 years, according to a July report by CRE Daily.

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If you're interested in gaining exposure to retail real estate, here are three REITs with yields up to 6% that you could buy today.

Kite Realty Group Trust

Kite Realty Group Trust (NYSE:KRG) owns or has ownership interests in a portfolio of 178 open-air shopping centers and mixed-use assets containing approximately 28 million square feet of gross leasable area as of July 29.

Kite Realty's properties are primarily located across major markets in the Sun Belt region, including Atlanta, Charlotte, Dallas, Houston, Las Vegas, Miami, Orlando, Phoenix, and San Antonio. Its largest tenants include TJX Companies, Best Buy, Ross Stores, Dick's Sporting Goods, Publix Supermarkets, Ulta Beauty, and Lowe's.

Kite Realty currently pays a quarterly dividend of $0.26 per share, equating to an annualized dividend of $1.04 per share. At the time of this writing, this gives its stock a yield of about 4.2%.

In addition to offering investors a high yield, Kite is becoming known for growing its dividend. It has raised its annual dividend payment for three consecutive years, and its recent hikes, including its 4% hike last month, have it on track for 2024 to mark the fourth consecutive year with an increase.

Saul Centers

Saul Centers (NYSE:BFS) owns and manages a portfolio of 61 commercial properties, including 50 community and neighborhood shopping centers and seven mixed-use properties, containing approximately 9.8 million square feet of leasable area. It also owns four land and development properties.

The majority of Saul Centers' properties are located in the metropolitan Washington, D.C., and Baltimore area, which generate approximately 86% of its operating income. Its other properties are located in Delaware, Florida, Georgia, New Jersey, North Carolina, and Oklahoma.

Saul Centers currently pays a quarterly dividend of $0.59 per share, equating to an annualized dividend of $2.36 per share. At the time of this writing, this gives its stock a yield of about 6%.

Saul has also shown a dedication to growing its dividend. It has raised its annual dividend payment nine times in the last 10 years, and its steady growth could allow for another increase in the near future.

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Simon Property Group, Inc.

As of March 31, Simon Property Group (NYSE:SPG) owned or had ownership interests in 230 premier shopping, dining, entertainment, and mixed-use properties containing approximately 183 million square feet across North America, Asia, and Europe.

Simon also owns an 84% interest in Taubman Realty Group, which owns 23 regional, super-regional, and outlet malls in the U.S. and Asia, and a 22.4% ownership interest in Klépierre, a Paris-based real estate company that owns shopping centers in 14 countries in Europe, as of March 31.

Simon currently pays a quarterly dividend of $2 per share, equating to an annualized dividend of $8 per share. At the time of this writing, this gives its stock a yield of about 5.2%.

Simon has been growing its dividend rapidly recently. It has raised its dividend 10 times since 2021, with its latest being a 2.6% hike in May. This puts it on track for 2024 to mark the third consecutive year in which it has raised its annual dividend payment.

Looking For Higher-Yield Opportunities?

The current high-interest-rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks... Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider.

For instance, the Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. With payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. First-time investors with EquityMultiple can now invest in the Ascent Income Fund with a reduced minimum of just $5,000. Benzinga Readers: Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only).

Don't miss out on this opportunity to take advantage of high-yield investments while rates are high. Check out Benzinga's favorite high-yield offerings.

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This article 3 Top Retail REITs for High Yields and Dividend Growth originally appeared on Benzinga.com