Federal Realty Investment Trust's board has raised the quarterly dividend by 2.7%, to $1.16 from $1.13, making it 59 straight years that the real estate investment trust has boosted its payout.

The new quarterly rate, equal to $4.64 a year, represents an annual yield of about 3.74% based on Thursday's trading price of $124.09, up from 3.64%.

The increase maintains Federal Realty's spot in the S&P 500 Dividend Aristocrats Index, whose 69 members have paid a higher dividend for at least 25 straight years.

The North Bethesda, Md., company also keeps its spot on the smaller list of dividend kings--those who have boosted their dividends annually for at least half a century. That group currently counts 58 members, according to website Sure Dividend.

Federal Realty on Friday said the increased dividend is payable Oct. 15 to shareholders of record Oct. 1.