CubeSmart Announces 3.0% Increase in Quarterly Common Dividend

Rhea-AI Summary

CubeSmart (NYSE: CUBE) has announced a quarterly dividend of $0.34 per common share for the period ending December 31, 2020, representing an annualized rate of $1.36. This marks an increase of $0.04 from the previous rate of $1.32. The dividend is payable on January 15, 2021, to shareholders of record on January 4, 2021. This is the 11th consecutive year of dividend increases, indicating the company's strong cash flow generation even amid market uncertainties.

Positive

• Quarterly dividend increased to $0.34 per share, raising annualized rate to $1.36.
• 11 consecutive years of dividend increases reflect strong cash flow generation.

Negative

• None.

MALVERN, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that its Board of Trustees declared a quarterly dividend of $0.34 per common share for the period ending December 31, 2020. The dividend is payable on January 15, 2021 to common shareholders of record on January 4, 2021. The quarterly distribution represents an annualized dividend rate of $1.36 per share, an increase of $0.04 per share from the previous annual rate of $1.32 per share.

“We are pleased to announce an increase to our quarterly dividend for the 11^th consecutive year as our platform showcased its ability to consistently generate strong cash flows in a year of unprecedented uncertainty,” commented Christopher P. Marr, President and Chief Executive Officer.

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,257 self-storage properties across the United States. According to the 2020 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 property, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.

Company Contact:
Josh Schutzer
Senior Director, Finance
(610) 535-5700

FAQ

What is the new dividend amount for CubeSmart (CUBE)?

CubeSmart has declared a new quarterly dividend of $0.34 per common share.

When is the dividend payable for CubeSmart (CUBE)?

The dividend is payable on January 15, 2021.

What is the record date for CubeSmart's dividend?

The record date for receiving the dividend is January 4, 2021.

How many years has CubeSmart (CUBE) increased its dividend?

CubeSmart has increased its dividend for 11 consecutive years.

What is the annualized dividend rate for CubeSmart (CUBE) after the increase?

The annualized dividend rate is $1.36 per share after the increase.