Every declaration, every quarter, on one page.
Fox REIT publishes its dividend history without dressing. The record date, the pay date, the per-share amount, and the coverage ratio as we reported it that quarter. No retroactive smoothing. No footnote hiding a reset.
Paid on the last business day of each quarter.
AFFO after capex reserve. No add-backs.
Fox REIT has not missed or cut a declared dividend.
| Period | Record date | Pay date | Per share | Coverage | Notes |
|---|---|---|---|---|---|
| Q4 2025 | 2025-12-15 | 2025-12-30 | $0.43 | 1.21× | 23rd consecutive quarterly declaration. |
| Q3 2025 | 2025-09-15 | 2025-09-30 | $0.43 | 1.22× | Maintained through non-core office dispositions. |
| Q2 2025 | 2025-06-15 | 2025-06-30 | $0.43 | 1.19× | Coverage supported by contractual escalators. |
| Q1 2025 | 2025-03-15 | 2025-03-30 | $0.43 | 1.17× | Rate held; board signals flat through 2025. |
| Q4 2024 | 2024-12-15 | 2024-12-30 | $0.41 | 1.14× | Rate raised 2.5% from Q3; 19th consecutive payout. |
| Q3 2024 | 2024-09-15 | 2024-09-30 | $0.40 | 1.13× | Industrial and medical office led AFFO contribution. |
| Q2 2024 | 2024-06-15 | 2024-06-30 | $0.40 | 1.11× | No add-backs; coverage ratio reported post-capex reserve. |
| Q1 2024 | 2024-03-15 | 2024-03-30 | $0.40 | 1.10× | First declaration following 2023 refinancing wall closure. |
| Q4 2023 | 2023-12-15 | 2023-12-30 | $0.39 | 1.08× | Coverage trough; board message explicit in annual letter. |
| Q3 2023 | 2023-09-15 | 2023-09-30 | $0.39 | 1.09× | Leasing velocity below prior-year run-rate. |
| Q2 2023 | 2023-06-15 | 2023-06-30 | $0.39 | 1.11× | Maintained during capital-markets reset. |
| Q1 2023 | 2023-03-15 | 2023-03-30 | $0.39 | 1.13× | Rate raised 2.6% from Q4 2022. |
Reading this table the way we read it internally
The dividend is the cleanest possible expression of a REIT’s discipline. It is paid from real, contractual income or it is not. Fox REIT has chosen a rate it believes the portfolio supports through a reasonable range of real-estate cycles — not the rate that maximizes headline yield for a quarter. The rate changes when the board believes the change is durable; it has been held flat for five quarters through a lower-coverage stretch and then raised when coverage expanded on contractual escalators rather than one-time gains.
Why coverage is reported post-capex reserve
Some REITs report FFO-based coverage and then dilute the number with add-backs. Fox REIT reports AFFO coverage net of a capitalized-expense reserve drawn at the property level. We do not reverse that reserve to improve the headline number, and we do not add back “one-time” items that recur every other quarter. If coverage is thin, the number reflects it. If coverage expands, the number reflects that too.
What we will and will not do with the dividend
We will: raise the rate when contractual escalators and refinanced maturities expand coverage durably. We will: hold the rate flat through a weak quarter and explain why in that quarter’s briefing. We will not: pay the dividend from dispositions. We will not: pay the dividend from incremental leverage. We will not: inflate a headline yield to support a retail-investor narrative that will read embarrassing in the next annual letter.
Historical rate and reset behaviour
The quarterly rate is raised in small increments — usually 2–3% — at intervals driven by durable coverage expansion rather than by calendar. In the 2022–2023 stretch, the rate was held flat for six quarters through a capital-markets reset; when the refinancing wall cleared and coverage expanded in 2024, the board raised the rate 2.5%, and then raised it again modestly in late 2024 as industrial leasing normalized. A reset in either direction would be described in the following quarterly briefing and in the annual letter without euphemism.
Tax handling and 1099-DIV
Fox REIT distributions are ordinary dividend income in most tax treatments, with a portion occasionally classified as return-of-capital in years where the portfolio takes accelerated depreciation above its AFFO coverage. The detailed 1099-DIV breakdown is published annually in early February and available in the investor portal. We publish the provisional breakdown in the Q4 briefing each December so advisors can plan around it rather than wait for the definitive statement.
DRIP and reinvestment mechanics
Fox REIT operates a dividend reinvestment plan administered through our transfer agent. Shares purchased through the DRIP are bought at the Nasdaq open on the payment date without a broker fee. Participation is opt-in at the account level; DRIP status does not affect the cash coverage math — every share in the DRIP is counted in the per-share calculation just like any other share outstanding.
Investor-relations contact
Questions about dividend history, record-date mechanics, or the board’s declaration schedule should be directed to investor relations at ir@foxreit.com. We answer every email in order. We do not host a separate retail channel or a VIP line for institutional callers; the same desk answers both.