Well covered — storage rent, steady but not fast-growing. A 4.52% yield on a $1.62 quarterly dividend is covered by Core FFO: $2.15 per share in Q2 2026 against the $1.62 dividend, about a 75% payout. Same-store NOI grew 3.5% on 2.4% revenue growth, ending same-store occupancy was 94.2%, and full-year 2026 Core FFO guidance was raised to $8.25–$8.40 per share. The payout is covered, though the cushion is thinner than the fastest-growing REITs on this site.
Key risk: Storage supply and street-rate softness — if new supply keeps pressuring rents, same-store NOI growth fades and a 75% payout leaves little room for a flat year.
Changes if: Core FFO payout pushes past ~85%, or same-store NOI turns negative. The cushion, not the headline yield, is the tripwire.
- ✓FFO coverage check: Core FFO of $2.15 per share in Q2 2026 covers the $1.62 dividend — about 75% paid out, with the rest retained for acquisitions and the management platform.
- ✓Yield check: 4.52% indicated — $1.62/qtr × 4 at the $143.41 close on Oct. 23, 2026. Earned storage-rent income, not a special or return of capital.
- ✓Balance-sheet check: Net debt to EBITDA of 5.1× per the company's September 2026 presentation, with 78.5% fixed-rate debt at a 4.3% combined weighted average rate; same-store occupancy 94.2%.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.