Extra Space Storage Inc. (EXR) will raise its quarterly dividend by another 25 percent to $1.25 per share in Q3 of 2021. This follows a dividend hike of 11.1 percent to $1.00 per share earlier in 2021. The self-storage REIT has raised its dividend 11 consecutive years with an average dividend growth rate of 9.9 percent annually in the last five years.

The increased EXR dividend is payable on September 30, 2021 to stockholders of record at the close of business on September 15, 2021. A new annualized dividend rate of $5.00 per share yields 2,8% at Monday's closing stock price of $177.40.

Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. EXR is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States. Extra Space Storage has paid a dividend to shareholders every year since 2004.