Self Storage Group Inc. (SSG), an investment-management company with interests in self-storage, has announced a quarterly dividend distribution of $0.065 per share. The dividend is payable on June 30 to shareholders of record as of June 16.
The dividend comes after SSG adopted a stockholder rights plan in April. The move was another step in the company's decision last year to change from an investment company to an operating company with interest in developing and operating self-storage properties. SSG is also working to maintain its qualification as a real estate investment trust (REIT) for federal tax purposes.
The company previously operated as Global Income Fund. SSG owns seven self-storage properties under the Global Self Storage brand in Illinois, Indiana, New York, Pennsylvania and South Carolina through its wholly owned subsidiaries. Those assets comprise more than 80 percent of its net assets, according to company officials. As part of its new business plan, SSG also has invested in REITs, including Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.
SSG is a non-diversified, closed-end, investment-management firm whose common stock is traded over the counter under the ticker symbol “SELF.” The primary investment objective of the company has been to provide a high level of income, with capital appreciation as a secondary objective.