Life Storage hikes dividend by 8%

The Board of Directors of Life Storage, Inc. (LSI), a self-storage real estate investment trust (REIT), announced today an increase in the Company’s quarterly common stock dividend from $1.00 per share to $1.08 per share or $4.00 to $4.32 annualized. This new rate represents an 8% increase from the previous quarter and a 46% increase from the second quarter 2021 dividend. The increase is effective with the quarterly dividend to be paid on July 26, 2022 to shareholders of record on July 15, 2022. The dividend, based on today’s opening share price, equates to an annual yield of 3.8%. Life Storage has announced two dividend hikes in 2022 for a total increase of 25.6 percent.

“The Board is pleased to approve another increase to our quarterly dividend based on our strong operating results, outlook and financial position,” said Joe Saffire, the Company’s Chief Executive Officer. “Our team and platforms are well positioned to continue generating strong cash flow to invest in our technology initiatives, operating platforms, properties and people while also returning capital to shareholders consistent with our rapidly growing Core FFO per share. We look forward to continuing to deliver attractive total shareholder returns.”

Life Storage, Inc., formerly Sovran Self Storage, Inc., is a self-administered and self-managed real estate company. The company acquires, owns and manages self-storage properties in the United States and Canada. The company serves both residential and commercial storage customers with storage units rented by month. Life Storage (formerly Sovran Self Storage) has been in the self storage business since 1984; the company went public in 1995.