Extra Space Storage Inc. (EXR) will raise its quarterly dividend 20 percent to $1.50 per share in 2022. This follows 2 dividend hikes by the self-storage REIT last year and marks 12 consecutive years of dividend increases.

The increased EXR dividend is payable on March 31, 2022 to stockholders of record at the close of business on March 15, 2022. A new annualized dividend rate of $6.00 per share yields 2.6% at a stock price of $190.

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.