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 $1.08 per share to $1.20 per share or $4.32 to $4.80 annualized. This increase represents an 11% increase over the prior quarter and 20% over the dividend declared in the first quarter of 2022. The increase is effective with the quarterly dividend to be paid on January 26, 2023 to shareholders of record on January 13, 2023. The dividend, based on December 30, 2022 closing share price, equates to an annual yield of 4.9%.

"The Board is pleased to approve an 11% increase in our quarterly dividend, marking the sixth increase in the last four years and a total raise of 79% over that time period," said Joe Saffire, the Company's Chief Executive Officer. "We are proud to have a track record of consistent dividend growth and look forward to continuing to deliver strong financial performance and shareholder value in the future."

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 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 675,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005421/en/

Life Storage, Inc. Raises Quarterly Common Stock Dividend by 11%