Dividend yields aren’t everything — it’s true. You certainly want companies that over time are going to trend upwards in share price. But when it comes to these ultra-high-yield dividend stocks, it certainly doesn’t hurt.
These three dividend stocks all trade at valuable levels during this undervalued market. What’s more, they offer substantial yields that aren’t going anywhere. That’s due to being in essential sectors that will continue to be around for decades to come.
NorthWest REIT
If you’re looking for a company that’s still new, but has so much room to grow, I would certainly consider NorthWest Healthcare Properties REIT (TSX:NWH.UN). NorthWest is one of the dividend stocks in the real estate sector, meaning it has to pay out 90% of its taxable income through returns to investors — in this case, as dividends.
However, the reason why it’s better than other dividend stocks out there is because it’s in the healthcare sector. If there’s one thing that’s not going anywhere anytime soon, it’s health care. And NorthWest stock has created a diverse portfolio of properties all around the world; it has everything from parking garages to hospitals. And it has an average lease agreement at 14 years and a 97% occupancy rate to boot!
Shares are down 37% in the last year as of writing, though it has an incredibly high dividend yield at 8.59% as of writing. This comes out at $0.80 per share annually, though it’s a monthly dividend stock. That could certainly keep you happy throughout 2023.
Slate Grocery REIT
Another of the top ultra-high-yield dividend stocks I would consider in the essential category is Slate Grocery REIT (TSX: SGR.UN). Slate stock has been expanding throughout the grocery sector for years now, even during the pandemic, as it was an essential business.
It too has a high occupancy rate and long-term lease agreements. Anchored to these chains across the United States, it certainly has a solid future ahead. And like NorthWest stock, it’s one of the dividend stocks that dishes out dividends on a monthly basis.
You can bring in Slate stock with an ultra high yield of 8.42% while down by 17% in the last year. This comes out as a yield of $1.18 per share on an annual basis that you can latch onto today and throughout 2023.
SmartCentres REIT
On the surface, SmartCentres REIT (TSX: SRU.UN) might not look like the best option during a downturn, or even for one to get out of one quickly. However, don’t judge a book by its retail cover. SmartCentres has created partnerships with some of the biggest companies out there, providing stable revenue, even when the market is down.
However, the company is also expanding, which is why it’s one of the dividend stocks I would continue to hold onto in 2023. SmartCentres stock is expanding into the retirement industry through retirement homes, as baby boomers continue to age and need these options. Further, it’s in the industrial space as well, providing warehouses that the company can use to store products for its customers to purchase.
Again, SmartCentres stock is down by over 20% as of writing, with a yield at 6.94% as of writing. Again, you can bring in a monthly dividend that will keep you happy at $1.85 per share annually throughout 2023.
