NEW YORK (TheStreet) -- Digital Realty Trust (DLR - Get Report), a leading data center landlord, announced Wednesday it is increasing its common stock dividend by 5 cents to 83 cents per share. This new increase represents a 6.4% hike over the 2013 annualized dividend of $3.12 per share. The quarterly common stock dividend of 83 cents per share will be paid to common stockholders of record as of March 14.
The board authorized a preferred stock dividend of 43.750 cents per share to be paid to holders of record of the company's 7.000% series E cumulative redeemable preferred stock as of March 14. Holders of record of the company's 6.625% series F cumulative redeemable preferred stock as of March 14 are entitled to a preferred stock dividend of 41.4063 cents per share.
The company's board also authorized a preferred stock dividend of 36.7188 cents per share to holders of record of the company's 5.875% series G cumulative redeemable preferred stock as of March 14. The payout date is March 31 for all dividends.
Digital Realty has finally started to recover from a turbulent year in 2013 starting with the Highfields Capital short on May 8 and then the Federal Reserve taper tantrum on May 22. Then two botched earnings calls on July 26 and Oct. 30 that collectively cost the stock 23% as shares slid from $65.40 to a bottom of around $49.
Digital Realty stock closed at $52.91 Wednesday, up 7.7% for the year to date.
Click here to sign up for my newsletter. At the time of publication, Thomas was long DLR. Follow @swan_investor This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.