Amherst, N.Y.-based real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, announced a 10.4 percent increase to the company’s quarterly dividend from $0.48 per share to $0.53 per share. The increase is effective with the second-quarter 2013 dividend that will be paid on July 26 to shareholders of record as of July 12.
The increase also boosted Sovran’s annualized dividend from $1.92 per share to $2.12. The quarterly dividend equates to an annual yield of about 3.3 percent, company officials said.
“Our operating performance continues to exceed our expectations,” said David Rogers, CEO. “We know the dividend is an important component of investment return, and we’re pleased to share some of this growth with our shareholders.”
Sovran operates 471 properties in 25 states. The company is actively acquiring additional self-storage facilities.