U-Store-It Trust (YSI) Raises Dividend 180%. 3.1% Yield

U-Store-It Trust (NYSE: YSI) declared a quarterly dividend of $0.07 per common share for the period ending December 31, 2010. The dividend is payable on January 21, 2011 to common shareholders of record on January 7, 2011. The quarterly distribution represents an annualized dividend rate of $0.28 per share, an increase of 180% as compared with the previous annualized dividend rate of $0.10 per share. "This significant increase in our dividend marks a return to a more traditional dividend policy for our company and reflects our increasing confidence in the fundamental strength of our portfolio and the self storage sector. The implied $0.28 annual dividend rate per share represents the portion of our estimated 2011 free cash flow that we believe is appropriate to distribute as dividends based on general economic conditions and our continued confidence in external growth opportunities," continued Jernigan. "Our philosophy going forward will be to share our future growth in free cash with shareholders as well as increase the overall percentage of free cash flow we distribute as economic conditions stabilize."... Read more

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