Extra Space Storage

Extra Space Storage is a real estate investment trust and one of the largest operators of self-storage facilities in the United States, expanded further by its merger with Life Storage. It owns and manages thousands of properties and also earns fees managing sites for third parties, a resilient niche of real estate with relatively low operating costs. As a REIT, Extra Space distributes most of its income and has grown its dividend consistently for more than two decades. The yield is moderate and supported by steady occupancy and rental income, though results are sensitive to housing turnover and interest rates. The dividend profile is solid and dependable, combining a respectable track record with the defensive characteristics of the storage sector.