Sovran Self Storage Raises Dividend 10%
Self-storage REIT Sovran Self Storage announced today its second-quarter dividend of $0.53 per share, a 10% increase from the payout it made to investors last quarter of $0.48 per share.
The board of directors said the quarterly dividend is payable on July 26 to the holders of record at the close of business on July 12. The REIT has made quarterly payouts to investors since 1995.
Sovran Self Storage CEO David Rogers said, "Our operating performance continues to exceed our expectations. We know the dividend is an important component of investment return and we're pleased to share some of this growth with our shareholders."
The regular dividend payment equates to a $2.12-per-share annual dividend, yielding 3.3% based on the closing price of Sovran Self Storage's stock on July 1.
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