3 ASX shares that keep growing the dividend every year

There are a group of ASX shares that keep growing the dividend every year, including through the difficult COVID-19 year.

It can be useful to know that there are businesses that aim to increase their shareholder payout every year. Particularly in this world of limited income growth. 

These three ASX shares have been steadily growing the dividend for multiple years:

Charter Hall Long WALE REIT (ASX: CLW)

This is a real estate investment trust (REIT) which owns a high-quality portfolio of properties with a long weighted average lease expiry (WALE). It has increased its distribution in each of the last few years.

The ASX dividend share looks to pay out 100% of its operating profit each year, which helps keep it at a relatively high dividend yield. At the moment the FY21 yield is expected to be at least 5.9% based on management's guidance.

It has high-quality tenants like Telstra Corporation Ltd (ASX: TLS), Australian government entities, BP and Woolworths Group Ltd (ASX: WOW).

Charter Hall Long WALE REIT has been steadily acquiring more properties that have long-term rental agreements. The WALE at 31 December 2020 was 14.1 years, giving the business good rental visibility.

The REIT is currently rated as a buy by Morgan Stanley, with a price target of $5.35.

APA Group (ASX: APA)

APA is one of the largest infrastructure businesses on the ASX. It owns large gas pipeline networks around Australia. It also has investments in gas storage, gas-powered energy generation and renewable energy.

The ASX dividend share has been growing its distribution in consecutive years going back to before the GFC.

It funds its distribution from its operating cashflow, which is steadily growing as the business finishes more projects. In the last few months it has announced a couple of projects in Western Australian which will unlock further cashflow growth.

In the coming months, APA may be able to announce an acquisition or opportunity in the US. It has been looking for growth ideas there for quite a while. COVID-19 has delayed that search.

At the current APA share price, it has a distribution yield of 5%.

Bapcor Ltd (ASX: BAP)

Bapcor is an auto parts business, it says it's the leader in Australasia.

The ASX dividend share has managed to grow its dividend every year since it started paying one several years ago.

Car parts are a pretty defensive sector and the demand has steadily increased over time. Things are booming right now with all of the impacts of COVID-19 and Bapcor is really seeing profit soar across its diverse array of businesses.

FY21 half-year pro flrma net profit after tax (NPAT) grew by 54% to $70.2 million, whilst pro forma earnings per share (EPS) grew by 28.9% to 20.7 cents.

Thanks to the profit growth and the continued strong performance into the second half of the financial year, the Bapcor board decided to increase the interim dividend by a further 12.5% to 9 cents.

At the current Bapcor share price it has a grossed-up dividend yield of 3.2%.