Big Yellow Group PLC (LON:BYG) raised the dividend for the year to March 31 as it reported a recovery in activity following an initial hit during lockdown.
The payment was 1.8% higher than last year at 33.8p per share.
The self-storage firm, which has not received any government support during the crisis, collected 96.7% of April and May revenue as of Monday, comparied to 97.3% over the same period last year.
In the financial year to date, Big Yellow saw 38,000 square feet of occupancy growth, against 24,000 square feet last year, while net rent per square foot grew 1.4%. Current occupancy is 82%.
At the start of lockdown, customer move-ins and move-outs tanked 50%, though prospect numbers have now recovered and were up 20% in the first week of June.
In the year to March 31, adjusted net asset value rose 4% to 751.9p per share. Revenue advanced 3% to £129mln, while occupancy at year-end was 80.7% compared to 82.4% a year before.
"Despite resilience, we do not think the business is immune to a material slowdown in wider economic activity," analysts at Liberum commented.
"The macro backdrop is tough and Google Trends data shows lower searches."
Shares were flat at 1,056p early on Tuesday.
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