2 Storage Center Stocks With Yields Over 4%
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. Storage 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 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 storage center, here are two attractive options.
Public Storage
Public Storage (NYSE:PSA) is one of the world's largest owners, operators, and developers of self-storage facilities with more that 2,900 facilities across the U.S.
Public Storage currently pays a quarterly dividend of $3.00 per share, equating to $12.00 per share annually, giving it a yield of about 4.1% at current levels. The company has also raised its dividend 12 times since 2008 and paid out a big $13.15 per share special dividend in 2022, so investors can count it as both a high yield and dividend-growth play.
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Extra Space Storage
Extra Space Storage (NYSE:EXR) owns and/or operates 3,651 self-storage properties across the U.S. as of September 30, 2023.
Extra Space currently pays a quarterly dividend of $1.62 per share, equating to $6.48 per share annually, giving it a yield of about 4.3% at current levels. It has also raised its annual dividend for 14 consecutive years, making it qualify as both a high yield and dividend-growth stock.
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