Life Storage Inc. (LSI) will raise its quarterly dividend by 7.0 percent to $1.07 per share in 2020. This is the first dividend increase announced by the real estate company since 2017.

The next dividend will be paid on January 27, 2020 to shareholders of record on January 14, 2020. The new annual dividend rate of $4.28 per share yields 3.9% at a stock price of $110.

“The Board is pleased to approve a 7% increase in our quarterly dividend based on our strong operating results, outlook and financial position,” said Joe Saffire, the Company’s Chief Executive Officer in today's press release. “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 by maintaining our payout ratio.”

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.