2 My most recently paid dividends! Here is why I would like to buy more shares

Two dividend stocks I own to recoup the water Basic Health Structures (LSE: PHP) and Warehouse REIT property (LSE: WHR).

In the past few weeks, I have received dividend payments from both. I decided that I would like to get more shares when I can. However, it is worth remembering that benefits are not guaranteed.

Here is the reason!

What they do

Both stocks are set up as real estate investment trusts (REITs). The draw of these types of shares is that they must return 90% of the profits to the shareholders.

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They make money from the assets they own, operate and rent.

As for Basic Health, the name gives the game away. It leases healthcare facilities to providers such as NHS GP surgeries.

The Warehouse also does what it says on the tin, as it specializes in warehousing and logistics.

The first investment case

Basic has the best defensive features, in my opinion. This is because health care is important for everyone.

Furthermore, when you consider that one of its biggest customers is the NHS, this helps the investment case. This is because the government pays the rent here. In turn, the likelihood of default is low, and multi-year agreements provide the Principal with a sense of stability of benefits.

Next, as the UK population continues to grow, and age, I think the demand for healthcare should remain strong.

Finally, a dividend yield of more than 6% is very attractive. In context, i FTSE 100 the average is closer to 3.6%.

From a bearish perspective, there have been many reports about professionals leaving the industry, or moving abroad in recent years. This relates to working conditions and payment disputes. Another risk I will keep an eye on is Primary growth. It's all well and good to buy new equipment, but the NHS and other providers may not have the right staff to work. This may harm profits and gains.

The Warehouse investment case

The e-commerce boom has served Warehouse REIT well. It specializes in last mile delivery hubs and leases these to prominent vendors. I see it continuing to take advantage of the current change in shopping habits.

However, from a bearish perspective, recent economic volatility is a concern, and I will keep an eye on developments. High inflation, along with high interest rates, has hurt commercial property values, and lowered net asset values ​​(NAVs). The Warehouse has had to sell some assets to shore up its balance sheet to deal with the current turmoil.

Returning to the bull case, the first interest rate cut is confirmed this month. If this trend continues, economic pressures, as well as increased consumer spending and demand for Warehouse properties could be good news. However, I understand that there is no guarantee of further cuts or when they may occur.

Finally, a dividend yield of more than 7% is attractive. In addition, the shares look good value for money at a price-to-earnings ratio of just over 10.