Self Storage Boosts Dividend to $0.48 from $0.45
The Board of Directors of Sovran Self Storage, Inc. (NYSE: SSS), a self storage real estate investment trust (REIT), announced today an increase in the Company's quarterly dividend from $0.45 per share to $0.48 per share or $1.80 to $1.92 annualized. The increase is effective with the fourth quarter 2012 dividend and will be paid on January 28, 2013 to Shareholders of record on January 14, 2013. The dividend, based on Monday's closing share price, equates to an annual yield of approximately 3.1%.
Chief Executive Officer David Rogers said, "We've been able to grow our cash flow significantly as a result of strong operating performance over the past two years, and we're pleased to share some of this growth with our shareholders via an increased dividend. We realize the dividend is an important component of the overall investment return our investors seek, and also note that we will use funds generated by operations to invest in technology, people and properties to sustain a strong financial position and continued growth.”
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