Yahoo Finance These Self-Storage REITs Yield Up to 6.3% and Have Track Records of Dividend Growth
Self-storage center real estate investment trusts (REITs) are companies that specialize in owning and operating income-generating storage facilities, commonly known as self-storage centers. Self-store center REITs invest in properties where individuals and businesses can rent space to store their belongings, such as furniture, household items, business inventory, and vehicles of all types.
Investors in self-storage center REITs benefit from the income generated through leasing storage units to tenants. The demand for self-storage has been driven by various factors, including residential moves, downsizing, and businesses seeking additional space.
If you're interested in investing in a self-storage REIT, here are two you could buy today.
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CubeSmart
CubeSmart (NYSE:CUBE) is the third largest owner and operator of self-storage facilities in the United States with a portfolio of 1,406 properties across 178 markets in 41 states and the District of Columbia.
CubeSmart currently pays a quarterly dividend of $0.51 per share, equating to an annualized dividend of $2.04 per share, which gives its stock a yield of about 4.9% at the time of this writing.
In addition to sporting a high yield, CubeSmart is a dividend-growth superstar. Its 4.1% hike in December marked the 14th consecutive year in which it has raised its annual dividend payment.
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National Storage Affiliates Trust
National Storage Affiliates Trust (NYSE:NSA) is a leading owner and operator of self-storage facilities in the U.S. with ownership interests in 1,050 properties containing approximately 68.6 million rentable square feet across 42 states and Puerto Rico.
National Storage currently pays a quarterly dividend of $0.56 per share, equating to an annualized dividend of $2.24 per share, which gives its stock a yield of about 6.3% at the time of this writing.
Like CubeSmart, National Storage is a dividend-growth superstar. It has raised its annual dividend payment every year since its initial public offering in 2015, putting it on track for 2024 to mark the ninth consecutive year with an increase.
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This article These Self-Storage REITs Yield Up to 6.3% and Have Track Records of Dividend Growth originally appeared on Benzinga.com
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