Life Storage, Inc. Announces a 3.7% Increase to its Common Stock Dividend and a Three-for-Two Stock Split
January 04 2021 - 4:15PM
Business Wire
The Board of Directors of Life Storage, Inc. (NYSE:LSI), a
self-storage real estate investment trust (REIT), announced that
its Board of Directors has approved a 3.7% year-over-year increase
in the Company’s quarterly common stock dividend.
The Board has also approved a three-for-two stock split of the
Company’s common stock, which will be made in the form of a 50%
stock dividend. Shareholders of record at the close of business on
January 15, 2021 will receive one additional share of Life Storage
common stock for every two shares owned. These additional shares
will be distributed on January 27, 2021. Cash will be distributed
in lieu of fractional shares based on the closing price on the
record date. The Company has approximately 49.5 million shares
outstanding and, after the split, the Company will have
approximately 74.3 million shares outstanding. Life Storage’s
common stock will begin trading on a split-adjusted basis on
January 28, 2021.
On a pre-split basis, the quarterly cash dividend equates to
$1.11 per common share or $4.44 annualized. The increase is
effective with the quarterly dividend to be paid on January 27,
2021 to shareholders of record on January 15, 2021. The dividend,
based on today’s opening share price, equates to an annual yield of
3.7%. The dividend will be paid on pre-split shares.
“As we deliver strong operating results and cash flows, we will
continue to reward our shareholders. We are confident in the
company and its growth prospects,” commented Joe Saffire, Chief
Executive Officer of Life Storage, Inc.
Please visit the Life Storage, Inc. Investor Relations page for
additional information regarding the three-for-two stock split:
https://invest.lifestorage.com/faq.
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 900 storage facilities in 31 states and in the
province of Ontario, Canada. The Company serves both residential
and commercial storage customers with storage units rented by
month. Life Storage consistently provides responsive service to
approximately 500,000 customers, making it a leader in the
industry. For more information visit
http://invest.lifestorage.com.
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Life Storage, Inc. David Dodman 716.229.8284
ddodman@lifestorage.com
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