It's not often that a dividend stock is also considered a growth stock, especially in the world of real estate investment trusts (REITs). Since REITs are required to pay 90% of their taxable income in the form of dividends, these stocks are prized more for providing shareholders with reliable income rather than for their stock price appreciation.

But every once and a while, a dividend stock can achieve massive growth in share price and dividend payouts -- the perfect combination to supercharge a portfolio's earnings.

If you're looking for growth stocks that could make you richer, you might want to consider Extra Space Storage (EXR -3.87%) and Vici Properties (VICI -0.46%). Let's find out a bit more about these two stocks.

1. Extra Space Storage: This REIT is about to get a whole lot bigger

Extra Space Storage has a long history of making investors richer. Since its IPO in 2004, the self-storage operator has provided a total return of 2,700%, which is 6 times the total return of the S&P 500 (as represented by the SPDR S&P 500 ETF Trust) during that same period. As if that wasn't enough, the REIT also managed to increase its dividend payouts by 1,360%.

EXR Total Return Level Chart

EXR Total Return Level data by YCharts.

Its brisk growth is thanks to the rapid rise of the self-storage industry over the last few decades. While demand for storage space is growing at a much slower clip than in previous years, Extra Space Storage is still well-positioned to keep growing.

The REIT just announced its plan to acquire another self-storage REIT, Life Storage (LSI), in an all-stock transaction. The merger will make Extra Space Storage the largest publicly traded self-storage REIT (by number of locations, not by market cap) and grow its portfolio of properties by 51%. Getting bigger doesn't necessarily mean more growth, but in the case of Extra Space Storage, the transaction should have a positive financial impact within the first year on top of the organic expansion of its own operations. And those have been fantastic lately.

Share prices of Extra Space fell by nearly 6% following the merger news, making now an advantageous time for investors to secure its 4% dividend yield.

2. Vici Properties' growth is likely just getting started

Vici Properties might be young, but in its short time as a publicly traded company, it has managed to deliver fantastic returns for investors. Since its IPO in 2018, it provided a return nearly double that of the S&P 500 while growing its dividend by 144%.

VICI Total Return Level Chart

VICI Total Return Level data by YCharts.

Vici Properties is a unique net-lease REIT focused on owning and leasing 50 casino properties. Its hotels and casinos are operated by some of the biggest names in the industry, with the bulk of its portfolio located on the world-famous Las Vegas Strip. The gaming industry has boomed as pandemic pressures eased because people have been returning to travel in a big way. Vici's full-year 2022 earnings were absolutely fantastic and helped it become the top-performing REIT of all publicly traded REITs last year.

Being the premier provider in a focused niche helped Vici grow at a fantastic rate, but it also means the company is quite vulnerable to economic impacts or regulation changes in the gaming industry. That's why the REIT outlined a plan to expand into other experiential properties to hedge its risk exposure and diversify its income.

The REIT already owns four golf courses, and it recently expanded into Canada through the sale-leaseback agreement with PURE Canadian Gaming properties. It also announced its acquisition of a health resort named Canyon Ranch. So it's on the right track. It entered 2023 with a healthy balance sheet, low dividend payout ratios, and no major debt maturities until 2024.

Given the stocks' historic performance of high growth in both share price and dividends, it's easy to see how these stocks could make you richer. The key is holding them for the long term. History has proven that the longer a stock is held, the greater the chance of supercharging your earnings.