This increase is their first since 2016. The yield jumps from about 2.7% to 3.9%

Public Storage (NYSE:PSA) announced today that its Board of Trustees declared a 50% increase in the Company’s regular common quarterly dividend from $2.00 to $3.00 per share. The distribution equates to an annualized increase to the Company’s regular common dividend from $8.00 to $12.00 per share. The Board also declared dividends with respect to the Company’s various series of preferred shares. All the dividends are payable on March 30, 2023 to shareholders of record as of March 15, 2023.

“We are pleased to announce a 50% common dividend increase as we continue to deliver strong financial performance,” said Joe Russell, President and Chief Executive Officer. “Public Storage is executing on strategic initiatives focused on enhancing our digital innovation and deepening our operating advantages, driving significant growth and industry-leading direct operating margins of approximately 80%. Our growth-oriented balance sheet and strong retained cash flow provide exceptional capital access to execute on a wide range of potential opportunities within the evolving macro environment. We are well positioned for continued growth and value creation.”

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