Extra Space Storage (NYSE:EXR) has found some spare room on its balance sheet for a higher dividend. For its Q2, the company has declared a distribution of $0.40 per share of its common stock, to be handed out on June 28 to shareholders of record as of June 14. This amount represents an even 60% increase over Extra Space Storage's two previous quarterly payouts of $0.25 apiece. The more recent of the two was paid at the end of March.

The new dividend annualizes to $1.60 per share. That yields 3.7% at Extra Space Storage's most recent closing stock price of $43.61.

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