Investors love dividend increases for two reasons. The first is obvious: Dividend increases put more money in their pockets in future quarters. The second is that dividend increases are the company's way of expressing confidence in its ability to continue maintaining or growing earnings going forward.

But the icing on the cake for investors is when a company simultaneously announces earnings that beat analyst estimates and a dividend increase. Take a look at three real estate investment trusts (REITs) that recently proclaimed this dual achievement.

Getty Realty Corp. (NYSE:GTY) is a Jericho, New York-based retail REIT that specializes in owning, leasing and financing 1,080 free-standing auto-related properties across 40 states and Washington, D.C.

Gas stations and convenience stores account for 68% of Getty Realty's properties. Another 17% are car washes, and the remainder are automotive repair shops, auto service and auto parts stores. At the end of the third quarter, its property occupancy rate was 99.7%.

On Oct. 25, Getty Realty announced its third-quarter operating results. Funds from operations (FFO) of $0.57 per share beat the estimates of $0.53 per share and was ahead of FFO of $0.54 in the third quarter of 2022. Revenue of $50.49 million beat the estimate of $44.96 million and was a 20.3% increase over revenue of $41.97 million in the third quarter of 2022.

The same day, Getty Realty announced an increase in its quarterly dividend of 4.7% from $0.43 per share to $0.45 per share payable on Jan. 11 to shareholders of record on Dec. 28. The ex-dividend date is Dec. 27 and the annual dividend of $1.80 per share now yields 6.77%.

On Oct. 19, JMP Securities analyst Mitch Germain maintained a Market Outperform rating on Getty Realty but lowered his price target from $39 to $33.

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Equinix Inc. (NASDAQ:EQIX) is a specialized data center REIT that owns and operates a network of over 250 data centers across 71 major metropolitan areas, providing critical infrastructure to over 10,000 customers and 260 Fortune 500 companies in 32 countries. Equinix has 456,000 total interconnections.

On Oct. 25, Equinix reported its third-quarter operating results. FFO of $5.97 beat the estimates of $5.39 and was a 12.6% increase over FFO of $5.30 in the third quarter of 2022. Revenue of $2.06 billion was in line with estimates but 12% better than revenue of $1.84 billion in the third quarter of 2022.