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Life Storage, Inc. Raises Quarterly Common Stock Dividend by 8%
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Life Storage, Inc. (NYSE: LSI) has announced an increase in its quarterly dividend from $1.00 to $1.08 per share, marking an 8% rise from the previous quarter and a significant 46% increase from Q2 2021. This change will be effective for the dividend payable on July 26, 2022, to shareholders on record as of July 15, 2022. Based on current share prices, the annual yield stands at 3.8%. The company's CEO, Joe Saffire, expressed confidence in its strong cash flow and outlook.
Positive
Quarterly dividend increased by 8% from $1.00 to $1.08 per share.
Annualized dividend now at $4.32, up 46% from Q2 2021.
Annual yield of 3.8% based on current share price.
Strong operating results and financial position support confidence in future 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 $1.00 per share to $1.08 per share or $4.00 to $4.32 annualized. This new rate represents an 8% increase from the previous quarter and a 46% increase from the second quarter 2021 dividend. The increase is effective with the quarterly dividend to be paid on July 26, 2022 to shareholders of record on July 15, 2022. The dividend, based on today’s opening share price, equates to an annual yield of 3.8%.
“The Board is pleased to approve another increase to 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 consistent with our rapidly growing Core FFO per share. We look forward to continuing to deliver attractive total shareholder returns.”
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 1,100 storage facilities in 36 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 660,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.
