Life Storage, Inc. Raises Quarterly Common Stock Dividend by 16%

Rhea-AI Summary

Life Storage, Inc. (NYSE:LSI) announced a 16% increase in its quarterly common stock dividend, raising it from $0.74 to $0.86 per share. This adjustment equates to an annual dividend of $3.44, effective from the payment scheduled on October 26, 2021 for shareholders of record on October 13, 2021. The increase reflects the company's strong operating results and financial health, supporting its commitment to return capital to shareholders while investing in its technology and operational platforms.

Positive

• 16% increase in quarterly dividend from $0.74 to $0.86 per share.
• Annualized dividend raised to $3.44, reflecting strong operating results.
• Commitment to return capital to shareholders while investing in technology.

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 $0.74 per share to $0.86 per share or $2.96 to $3.44 annualized. The increase is effective with the quarterly dividend to be paid on October 26, 2021 to shareholders of record on October 13, 2021. The dividend, based on yesterday’s closing share price, equates to an annual yield of 3%.

“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 34 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 575,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211001005381/en/

Life Storage, Inc.

David Dodman

716.229.8284

ddodman@lifestorage.com

Source: Life Storage, Inc.

FAQ

What is the new quarterly dividend amount for Life Storage, Inc. (LSI)?

The new quarterly dividend amount for Life Storage, Inc. (LSI) is $0.86 per share.

When will Life Storage, Inc. (LSI) pay its next dividend?

Life Storage, Inc. (LSI) will pay its next dividend on October 26, 2021.

What was the previous dividend amount for Life Storage, Inc. (LSI)?

The previous dividend amount for Life Storage, Inc. (LSI) was $0.74 per share.

What is the annualized dividend yield based on the new dividend for Life Storage, Inc. (LSI)?

The annualized dividend yield based on the new dividend is approximately 3%.

What is driving the increase in Life Storage, Inc.'s (LSI) dividend?

The increase in Life Storage, Inc.'s (LSI) dividend is driven by strong operating results and a positive financial outlook.