Enhanced Hc and Hk in addition to higher thermal stability to 400° C. are achieved in magnetic devices by adding dusting layers on top and bottom surfaces of a spacer in a synthetic antiferromagnetic (SAF) structure to give a RL1/DL1/spacer/DL2/RL2 reference layer configuration where RL1 and RL2 layers exhibit perpendicular magnetic anisotropy (PMA), the spacer induces antiferromagnetic coupling between RL1 and RL2, and DL1 and DL2 are dusting layers that enhance PMA. Dusting layers are deposited at room temperature to 400° C. RL1 and RL2 layers are selected from laminates such as (Ni/Co)n, L10 alloys, or rare earth-transition metal alloys. The reference layer may be incorporated in STT-MRAM memory elements or in spintronic devices including a spin transfer oscillator. A transition layer such as CoFeB/Co may be formed between the RL2 reference layer and tunnel barrier layer in a bottom spin valve design.