National Storage Affiliates Trust (NSA) will raise its quarterly dividend by another 2.9 percent to 35 cents per share in Q4 of 2020. This follows a 3 percent hike to $0.34 per share announced earlier in 2020. This follows a 10.0 percent dividend hike by the self storage REIT announced in 2019, when the company also announced two smaller dividend hikes.

The next dividend is payable on December 31, 2020 to shareholders of record on December 15, 2020. A new annual rate of $1.40 per share yields 3.8% at a stock price of $36.42. National Storage Affiliates Trust will now pay an estimated annual dividend of $97 million to its shareholders.

In the press release dated November 12, 2020 announcing this dividend hike Tamara Fischer, President and Chief Executive Officer, commented, “We are pleased to be able to raise the dividend for the second time this year, as our operations continue to benefit from our differentiated PRO structure as well as the resilience of the self storage sector.”

National Storage Affiliates Trust is a real estate investment trust focused on the ownership, operation and acquisition of self-storage properties located within metropolitan areas throughout the United States. The company owns and operates 735 self storage properties located in 35 states and Puerto Rico with approximately 47 million rentable square feet. National Storage went public in 2015 and has increased its dividend every year since. The company was co-founded by CEO Arlen D. Nordhagen in 1998 as SecurCare Self Storage.