Yahoo Finance These Self-Storage REITs Yield Up to 4.9% and Have Track Records of Dividend Growth
Self-storage center real estate investment trusts (REITs) are companies that specialize in owning and operating income-generating storage facilities, commonly known as self-storage centers. Self-store center REITs invest in properties where individuals and businesses can rent space to store their belongings, such as furniture, household items, business inventory, and vehicles of all types.
Investors in self-storage center REITs benefit from the income generated through leasing storage units to tenants. The demand for self-storage has been driven by various factors, including residential moves, downsizing, and businesses seeking additional space.
If you're interested in investing in a self-storage REIT, here are two you could buy today.
Public Storage
Public Storage (NYSE:PSA) is a leading owner, operator, and developer of self-storage facilities in the United States. Its portfolio currently consists of 3,368 properties containing 243 million rentable square feet located across 40 states.
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Public Storage currently pays a quarterly dividend of $3.00 per share, equating to an annualized dividend of $12.00 per share, which gives its stock a yield of about 4.7% at the time of this writing.
On top of its high yield, Public Storage has a long track record of growing its dividend. It has raised its annual dividend 12 times since 2008, and paid out a special dividend in 2022, so investors can count on it for further growth in the years ahead.
Extra Space Storage
Extra Space Storage (NYSE:EXR) owns and/or operates a portfolio of 3,714 self-storage properties containing approximately 283 million square feet of rentable space across 42 states.
Extra Space currently pays a quarterly dividend of $1.62 per share, equating to an annualized dividend of $6.48 per share, which gives its stock a yield of about 4.9% at the time of this writing.
In addition to sporting a high yield, Extra Space has an active streak of annual dividend increases. It has raised its annual dividend for 14 consecutive years, and its strong financial performance could allow this streak to continue in 2024.
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This article These Self-Storage REITs Yield Up to 4.9% and Have Track Records of Dividend Growth originally appeared on Benzinga.com
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