Life Storage Inc. (LSI) will raise its quarterly dividend by another 16.2 percent to 86 cents per share in Q4 of 2021, adjusted for the stock split that followed later.

The new annual dividend rate of $3.44 per share yields 3.0% at a stock price of $115. Life Storage will trade ex-dividend on October 12, 2021. The next LSI dividend will be paid on October 26.

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.