2 High-Yield Dividend Stocks to Own for Another 10 Years

Investors seeking passive income often start with a search for high-yield dividend stocks. And for the most part, that works. Higher yields can produce more cash flow today and help to build a stronger income stream over time.

For those investors, higher-yield dividend stocks can be attractive options. Fortunately, there are plenty of great dividend stocks on the market that offer attractive yields.

Here’s a look at two high-yield dividend stocks that could keep paying investors for years to come.

Stock #1: Slate Grocery REIT

Slate Grocery REIT (TSX:SGR.UN) is one of the larger Canadian REITs. The company owns a portfolio of over 100 grocery-anchored properties in the U.S.

Grocery stores are underrated defensive assets. They draw regular traffic because people need to buy food, irrespective of how the market is moving.

Adding to that appeal, those properties often include smaller secondary tenants that provide other necessary services. That includes doctor offices, restaurants, banks and pharmacies.

They’re not flashy or high-growth businesses, but they are defensive and stable, and they help provide a recurring revenue stream for Slate. And that revenue stream allows the REIT to pass on a generous monthly distribution.

As of the time of writing, Slate’s distribution carries a yield of 7%. This makes Slate one of the better high-yield dividend stocks to own in a larger diversified portfolio.

Stock #2: Telus

The second of the two high-yield dividend stocks to consider right now is Telus (TSX:T). Telus is one of Canada’s big telecom stocks.

Telecoms have become increasingly essential over the past several years. Wireless, internet and digital communications are now deeply embedded in our daily lives . A fast and constant connection is now seen as a necessity for most households and businesses.

That constant and recurring demand gives Telus some defensive appeal. That moat also includes the company’s large customer base and its infrastructure, which would be expensive and difficult to replicate.

When it comes to income, Telus offers investors a quarterly dividend that pays out a yield of 11.2% as of the time of writing. That’s easily one of the highest yields on the market.

Part of the reason for that involves the elevated interest rates we saw in recent years and the nature of Telus’ business.

Telecoms like Telus are capital-intensive businesses that require large investments. Those investments came at a time of elevated interest rates, which put pressure on debt in an already challenging environment.

That ultimately led to the stock declining and the yield rising.

Since then, Telus has taken steps to improve its financial flexibility and suspended its dividend growth. The company has so far resisted slashing that yield.

That makes Telus a higher-risk income stock, but not one to ignore.

Two different high-yield dividend stocks for the long run

Slate and Telus offer two very different ways to approach high-yield dividend stocks.

Slate gives investors exposure to necessity-based real estate and monthly income. Telus offers exposure to an essential telecom business.

Neither stock is risk-free, and that speaks to the need to diversify these holdings as part of a much larger portfolio.

For investors thinking in decades, both offer income and essential-service exposure.

The post 2 High-Yield Dividend Stocks to Own for Another 10 Years appeared first on The Motley Fool Canada.

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More reading

• This TSX Stock Pays a 0.57% Dividend Every Single Month
• The Stock I’d Pick Over Telus or BCE and Why I Keep Coming Back to It
• Is TELUS Stock Worth Buying at Its Current Price?
• This Is The Average TFSA Balance for Canadians at Age 60
• BCE or Telus: Which TSX Dividend Stock Is a Better Buy Now?

Fool contributor Demetris Afxentiou has no position in any of the stocks mentioned. The Motley Fool recommends Slate Grocery REIT and TELUS. The Motley Fool has a disclosure policy.