The average dividend stock yields about 1.4% these days, based on the S&P 500's yield. That's likely not very appealing to most income-focused investors.

However, many companies pay much higher dividend yields. Camden Property Trust (CPT -1.00%), Iron Mountain (IRM -0.95%), and W. P. Carey (WPC -0.58%) stand out for their dividends. They offer yields more than double the S&P 500's level. That's one of many factors that make these real estate investment trusts (REITs) screaming buys this March.

Get paid well while you await the recovery

Camden Property Trust is a residential REIT focused on owning apartments in fast-growing metro areas. It currently owns 172 communities with 58,634 apartment units across 15 major markets, predominantly in the U.S. Sun Belt region. It focuses on markets with above-average employment and population growth. Those factors drive strong demand for rental housing, keeping occupancy high and enabling landlords to raise rents steadily.

The apartment owner's growing rental income has enabled it to pay a steadily rising dividend that currently yields 4.2%. Since 2018, the REIT has increased its total annual dividend outlay from around $3 per share to more than $4, including by 3% this year.

Camden is facing some headwinds from higher interest rates and growing supply in some of its markets, which has slowed rental growth. Those issues have weighed on its shares, which are down 45% from their peak level in early 2022. However, those headwinds should fade in the coming months as the Federal Reserve cuts rates and markets absorb the new supply. That positions investors to cash in on the company's recovery potential while they collect its high-yielding dividend.

A lower-cost way to participate in the data center boom

Iron Mountain offers a 3.3% dividend yield, more than double the S&P 500's. The specialty REIT focused on secure information storage has also done a solid job increasing its payout. It raised its payment by 5% last year and has grown it by about 37% from its initial level after converting to a REIT a decade ago.

The REIT should have plenty of power to continue growing its dividend. It's investing heavily to expand its global data center capacity. That's helping drive accelerated growth. The company's revenue grew 7% last year, while its adjusted funds from operations (FFO) rose by 4% per share. Revenue should grow by around 11% this year, with adjusted FFO rising by 8% per share.

Iron Mountain is cashing in on the booming data center sector, which could drive robust growth in the coming years. It's one of the cheapest ways to profit from this hot trend. Investors could earn a high yield and enjoy a high growth rate from this REIT.

Recently reset and already resuming growth

W. P. Carey offers the highest yield in this trio at 6.2%. That's a big-time payout, especially considering that the diversified REIT reset its dividend last year following its strategic exit from the office sector. It spun off or sold most of its office properties, giving it the cash to invest in higher-growth property sectors, like warehouse and industrial facilities.

The REIT expects to invest $1.75 billion to $2 billion in property acquisitions this year. It signed deals to invest $177.1 million into properties in January, including the second phase of a $305 million sale-leaseback transaction with European manufacturer Fedrigoni for 16 industrial and warehouse properties in Italy, Spain, and Germany.

These deals are already starting to pay off for investors. W. P. Carey recently increased its dividend by 0.6% from its reset level. The REIT aims to grow its dividend in stride with its adjusted FFO, which should rise faster in the future as it focuses on higher-growth property sectors. Those drivers could enable the REIT to produce strong total returns in the coming years.

High yields and upside potential

Camden Property, Iron Mountain, and W.P. Carey offer much higher yields than the average dividend stock. They also have compelling upside catalysts that could drive strong stock price appreciation. Those two factors could enable these REITs to produce robust total returns in the coming years, making them look like screaming buys right now.