Life Storage (LSI) will raise its quarterly dividend by 16.3% to $1.00 per share in 2022. The dividend yield for LSI is 2.7% at a stock price of $146. The ex-dividend date is January 13, 2022. LSI has now raised its dividend three consecutive years with an average growth rate of 8.4 percent annually in the last five years. The REIT will pay shareholders an estimated $328 million in dividends if we include this new dividend hike.
“The Board is pleased to approve a 16% increase in 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 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.