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 $1.07 per share or $4.00 to $4.28 annualized. The increase is effective with the quarterly dividend to be paid on January 27, 2020 to shareholders of record on January 14, 2020. The dividend, based on today’s closing share price, equates to an annual yield of 4%.
“The Board is pleased to approve a 7% 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 850 storage facilities in 29 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to its 450,000-plus customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.