CubeSmart Announces 26.5% Increase in Quarterly Common Dividend

Rhea-AI Summary

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.

Positive

• Quarterly dividend increased to $0.43, reflecting a 26.5% rise.
• New annualized dividend rate of $1.72 marks 12th consecutive annual increase.
• Strong operating results and cash flow growth supporting dividend increase.

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• None.

MALVERN, Pa., Nov. 02, 2021 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that its Board of Trustees declared a quarterly dividend of $0.43 per common share for the period ending December 31, 2021. The dividend is payable on January 18, 2022 to common shareholders of record on January 3, 2022. The quarterly distribution represents an annualized dividend rate of $1.72 per share, an increase of $0.36 per share from the previous annual rate of $1.36 per share.

“Our operational platform and management team continue to deliver strong operating results and cash flow growth, enabling a 26.5% increase to our quarterly dividend,” commented Christopher P. Marr, President and Chief Executive Officer. “We are proud that this marks our 12^th consecutive annual increase to our dividend.”

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,240 self-storage properties across the United States. According to the 2021 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

What is the dividend amount for CUBE?

CubeSmart declared a quarterly dividend of $0.43 per common share.

When will CubeSmart's dividend be paid?

The dividend is payable on January 18, 2022.

What is the record date for CubeSmart's dividend?

The record date for the dividend is January 3, 2022.

How much has CubeSmart increased its dividend?

CubeSmart increased its dividend by 26.5%, from an annual rate of $1.36 to $1.72.