There's a fine line between caution and procrastination. Both have their time and place. Exercising caution can sometimes spare you from a big loss. However, procrastinating can sometimes prevent you from making a big gain.
Long-term investors can often be hurt more by procrastinating than they benefit from being cautious. That's especially true with some stocks. You might kick yourself later for not buying these dividend stocks right now.
1. Brookfield Renewable
Brookfield Renewable (BEP -1.58%) (BEPC -1.12%) offers a dividend yield of around 3.3%. Its shares have risen so far in 2022 while the overall stock market has fallen. But that's not why the stock is a great pick to buy right now.
Smart investors' theme songs should probably be Fleetwood Mac's Don't Stop (Thinking About Tomorrow) and the Rolling Stones' Time Is on My Side. Both songs are especially applicable with Brookfield Renewable.
The company operates renewable energy facilities with a combined capacity of 21 gigawatts. Brookfield Renewable's development-pipeline capacity is roughly 62 gigawatts, more than half of which is in cost-effective solar power.
Brookfield Renewable expects to deliver average annualized total returns in the ballpark of 15%. With the demand for renewable energy almost certain to increase significantly in the future, this stock could power your portfolio for decades to come.
2. Brookfield Infrastructure
Brookfield Infrastructure (BIP 2.44%) (BIPC 0.96%) is kind of a sibling to Brookfield Renewable. Both companies are managed by the same group. Like its sibling, Brookfield Infrastructure has an attractive dividend yield and has handily beaten the market year to date.
As its name indicates, the company owns infrastructure assets. Its portfolio is highly diversified, including cell towers, data centers, electricity transmission lines, natural gas pipelines, railroads, toll roads, and more. These assets are spread across four continents.
Some refer to Brookfield Infrastructure as a "safety stock." That's a pretty accurate description. The company's cash flows roll in month after month regardless of what's going on with the overall economy. This allows Brookfield Infrastructure to keep the dividend distributions flowing as well.
But don't think that the stock doesn't have growth potential. There's an infrastructure super-cycle underway that should continue to provide a massive long-term tailwind for Brookfield Infrastructure.
3. Innovative Industrial Properties
Innovative Industrial Properties (IIPR 0.82%) is organized as a real estate investment trust (REIT). As such, the company must return at least 90% of its taxable income to investors in the form of dividends. IIP has done just that, with its dividend increasing by more than 11x since 2017.
But this isn't your run-of-the-mill REIT. It owns cannabis properties, and this focus gives the company tremendous growth opportunities.
Growth has come easily for IIP so far. The company's earnings have skyrocketed nearly 7,700% over the past five years with revenue soaring more than 4,500%. IIP delivered a total return during this period of 1,000% despite a pullback in recent months.
Can the company's momentum continue? I think so. IIP currently owns only 108 properties in 19 states. That's a tiny sliver of the total number of cannabis properties in the U.S. There are another 17 states that have legalized medical cannabis where IIP doesn't operate yet. My view is that this REIT could realistically double your money in under five years.