CubeSmart Stock Price, News & Analysis

CubeSmart (NYSE: CUBE) announced the closing of a public offering of 15,525,000 common shares at $51.00 per share. This includes 2,025,000 shares from the underwriters' overallotment option. Proceeds, estimated at $790.7 million, will help fund the $1.648 billion acquisition of LAACO, Ltd.'s portfolio of 59 self-storage properties totaling 4.4 million rentable square feet. If the acquisition doesn't close, funds will be used for general purposes and existing debt repayment.

CubeSmart (NYSE: CUBE), a leading self-storage operator, announced a public offering of $550 million of 2.25% senior unsecured notes due 2028 and $500 million of 2.50% senior unsecured notes due 2032. The proceeds will primarily fund the acquisition of LAACO, Ltd., consisting of 59 self-storage properties with approximately 4.4 million rentable square feet. The offering is expected to close on November 30, 2021. The notes will be fully guaranteed by CubeSmart and are priced with yields of 2.325% and 2.587% respectively.

CubeSmart (NYSE: CUBE) has priced an underwritten public offering of 13,500,000 common shares at $51.00 each, raising about $688.5 million. The offering, set to close on November 19, 2021, also allows underwriters to acquire an additional 2,025,000 shares. The funds will primarily support the $1.648 billion acquisition of LAACO and its 59 self-storage properties. Should the acquisition not proceed, the proceeds will be used for general corporate purposes, including debt repayments and potential future investments.

CubeSmart (NYSE: CUBE) has launched a public offering of 13.5 million common shares to raise funds for its acquisition of LAACO, Ltd., totaling approximately $1.648 billion, and to pay off $40.9 million of existing debt. The offering includes an additional 2.025 million shares available to underwriters within 30 days. The net proceeds will primarily support the acquisition of LAACO's 59 self-storage properties, enhancing CubeSmart's portfolio of 1,251 properties across the U.S. The offering is registered under an existing SEC shelf registration statement.

CubeSmart (NYSE: CUBE) announced an agreement to acquire LAACO, Ltd. for approximately $1.69 billion, including $40.9 million in debt. The acquisition encompasses 59 self-storage facilities primarily located in Southern California, Phoenix, Las Vegas, and Houston. CEO Christopher P. Marr emphasized that this transaction will enhance CubeSmart's portfolio, tapping into key growth markets. The deal is set to close in Q4 2021 and will be financed through equity sales and debt financing. LAACO's operations will continue under CubeSmart's management, benefiting both unitholders and shareholders.

CubeSmart (NYSE: CUBE) reported strong Q3 2021 results with EPS of $0.43, a significant increase from $0.24 in Q3 2020. The company’s FFO per share rose 27.3% to $0.56, aided by a 21.1% increase in same-store NOI driven by 15.6% revenue growth. Average same-store occupancy reached 95.6%. During the quarter, CubeSmart acquired two properties for $33 million and sold four for $38.6 million. The quarterly dividend was raised by 26.5% to an annualized rate of $1.72. The firm also increased its 2021 EPS guidance to $1.30-$1.31, indicating robust financial health.

On November 2, 2021, CubeSmart (NYSE: CUBE) announced a quarterly dividend of $0.43 per common share for the period ending December 31, 2021. This dividend is payable on January 18, 2022, with a record date of January 3, 2022. The new annualized dividend rate of $1.72 reflects a 26.5% increase from the previous rate of $1.36, marking the 12th consecutive annual increase in dividends. CEO Christopher P. Marr highlighted the strong operating results and cash flow growth as key factors behind this decision.

CubeSmart (NYSE: CUBE) will release its financial results for the quarter ending September 30, 2021, on November 4, 2021, after market close. A conference call to discuss these results is scheduled for November 5, 2021, at 11:00 a.m. ET. Investors can access a live webcast on the Company’s website. CubeSmart operates 1,240 self-storage properties in the U.S., ranking among the top three operators in the industry, according to the 2021 Self Storage Almanac. The Company focuses on providing accessible, affordable, and climate-controlled storage solutions.