Recently I was reading an article by fellow Seeking Alpha writer David Fish. Included in the article, Fish provided a list of companies that have increased annual dividends - the "Dividend Champions" list. As I was scanning the list, I noticed a REIT that had recently been added to the "challenger" list. In case you don't know, a "challenger" is a company that has increased annual dividends for 5 to 9 years in a row. After 9 years, the company becomes a "contender" (streak of 10-24 years) and if the company maintains a consistent record of over increasing annual dividends for 25 straight years it becomes a "champion." One Liberty Has Become A Challenger One Liberty Properties (NYSE: OLP ) commenced as a public REIT in December 1982, and the Great Neck-based REIT is one of the smallest Net Lease REITs with a market cap of around $359 million. As of September 2015, OLP owned 119 properties consisting of around 7.8 million square feet.