CubeSmart Announces 14.0% Increase in Quarterly Common Dividend

CubeSmart announced a quarterly dividend of $0.49 per share for the period ending December 31, 2022, payable on January 17, 2023.

Rhea-AI Summary

CubeSmart announced a quarterly dividend of $0.49 per share for the period ending December 31, 2022, payable on January 17, 2023. This marks a 14.0% increase in the annualized dividend rate to $1.96, up from $1.72 the previous year. The increase reflects the company's successful cash flow strategy and demonstrates its commitment to sharing growth with shareholders, marking the 13th consecutive annual increase. CubeSmart operates 1,272 self-storage properties across the U.S., ranking among the top three in the industry.

Positive

• 14.0% increase in quarterly dividend to $0.49, showing growth.
• 13 consecutive annual dividend increases indicate strong financial health.

Negative

• None.

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MALVERN, Pa., Dec. 07, 2022 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that its Board of Trustees declared a quarterly dividend of $0.49 per common share for the period ending December 31, 2022. The dividend is payable on January 17, 2023 to common shareholders of record on January 3, 2023. The quarterly distribution represents an annualized dividend rate of $1.96 per share, an increase of $0.24 per share from the previous annual rate of $1.72 per share.

“We continue to execute on our strategy and grow cash flows, allowing us to increase the dividend by 14.0%,” commented President and Chief Executive Officer Christopher P. Marr. “This marks the 13th consecutive annual increase to the dividend, showcasing our consistent commitment to sharing our growth with our shareholders.”

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,272 self-storage properties across the United States. According to the 2022 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.

The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.

For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.

Company Contact:
CubeSmart
Josh Schutzer
Vice President, Finance
610-535-5700

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the upcoming dividend payment for CubeSmart?

CubeSmart's upcoming dividend payment is $0.49 per share, payable on January 17, 2023.

When is the record date for CubeSmart's dividend?

The record date for CubeSmart's dividend is January 3, 2023.

What is CubeSmart's annual dividend rate after the recent increase?

After the recent increase, CubeSmart's annual dividend rate is $1.96 per share.

How much has the dividend increased from the previous year?

The dividend increased by $0.24 from the previous annual rate of $1.72.

How many properties does CubeSmart operate?

CubeSmart operates 1,272 self-storage properties across the United States.