Welcome to our dedicated page for CubeSmart news (Ticker: CUBE), a resource for investors and traders seeking the latest updates and insights on CubeSmart stock.
CubeSmart issues updates as a self-administered and self-managed REIT that owns and manages self-storage properties across the United States. Its news centers on rental operations for residential and commercial customers, same-store revenue trends, physical occupancy, third-party management additions, and the size and composition of its owned and managed portfolio.
Recurring announcements also cover quarterly dividends and tax allocations for common shares, earnings release schedules and conference calls, share repurchases or ATM equity program activity, and property investment through acquisitions and joint ventures, including stores managed by CubeSmart for institutional partners.
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.
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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.
CubeSmart (NYSE: CUBE) has launched SmartView, a mobile app for third-party management clients, enhancing access to key performance metrics in real-time. This app allows users to view their portfolio data from anywhere, providing summarized insights into individual stores and overall performance trends through clear visualizations. CubeSmart is the third-largest self-storage property operator in the U.S., managing 1,250 self-storage properties, according to the 2021 Self Storage Almanac. This technological advancement reflects CubeSmart's commitment to innovation in the self-storage industry.
CubeSmart (NYSE: CUBE) has been named to the Philadelphia Business Journal’s “Soaring 76 List,” highlighting it as one of the fastest-growing companies in the greater Philadelphia area. This recognition underscores the company's strong financial performance over a three-year period. CEO Christopher P. Marr expressed pride in contributing to the local economy, emphasizing CubeSmart's robust operational platform and skilled team. As one of the top three self-storage property owners in the U.S., CubeSmart operates 1,252 facilities nationwide, offering innovative storage solutions to meet diverse customer needs.
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