Increased AFFO Guidance
Full year AFFO growth outlook raised to 4.5% at midpoint, driven by strong investment activity and sector-leading rent growth.
Strong Investment Performance
Over $1 billion of new investments closed to date with initial cap rates averaging mid-7%, translating to an average yield in the mid-9% range.
Successful Asset Dispositions
Initial tranche of 15 self-storage properties sold for $175 million at a sub-6% cap rate, ahead of expectations.
Liquidity and Balance Sheet Strength
Issued $400 million of 5-year U.S. bonds at 4.65% coupon rate, maintaining weighted average cost of debt at 3.1% and enhancing liquidity.
Dividend Growth
Dividend declared at $0.90 per share, representing a 3.4% increase over the prior year, supported by earnings growth.