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Life Storage, Inc. Raises Quarterly Common Stock Dividend by 16%
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Life Storage, Inc. (NYSE:LSI) announced a quarterly common stock dividend increase from $0.86 to $1.00 per share, translating to an annual yield of 2.6%. This 16% raise reflects the Company's strong operating results and financial stability. The increased dividend will be paid on January 26, 2022, to shareholders of record on January 14, 2022.
CEO Joe Saffire expressed confidence in the Company’s ability to generate strong cash flow for technology investments and shareholder returns, maintaining their payout ratio.
Positive
Dividend increased by 16% to $1.00 per share, enhancing income for shareholders.
Strong operating results and positive financial outlook support dividend growth.
Negative
None.
BUFFALO, N.Y.--(BUSINESS WIRE)--
The Board of Directors of Life Storage, Inc. (NYSE:LSI), a self-storage real estate investment trust (REIT), announced today an increase in the Company’s quarterly common stock dividend from $0.86 per share to $1.00 per share or $3.44 to $4.00 annualized. The increase is effective with the quarterly dividend to be paid on January 26, 2022 to shareholders of record on January 14, 2022. The dividend, based on today’s opening share price, equates to an annual yield of 2.6%.
“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.”
ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 1,000 storage facilities in 35 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 600,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.
