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 (NYSE: CUBE) is a premier self-administered and self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of self-storage facilities across the United States. With over 600 locations nationwide, CubeSmart is a leader in providing innovative, easily accessible, and affordable storage solutions for both residential and commercial customers. The company's portfolio prominently spans key markets such as Florida, Texas, California, New York, and Illinois, which collectively account for the majority of its square footage and revenue.
At the core of CubeSmart's success is its commitment to exceptional customer service. The company's well-trained managers and unique WOW! Department aim to deliver a storage experience that exceeds customer expectations. This focus on service is complemented by CubeSmart's strategic approach to property acquisitions and developments, catering to high-demand urban markets.
In the third quarter of 2023, CubeSmart reported net income attributable to common shareholders of $102.6 million, reflecting the quality of its portfolio and the stability of its urban markets. Despite a year-over-year decrease, primarily due to a significant gain from property sales in 2022, the company's funds from operations (FFO), as adjusted, showed a positive trend with a 3.0% increase per diluted share.
CubeSmart is also active in expanding its footprint through strategic acquisitions and new developments. The company is currently under contract to acquire a store in New Jersey and is involved in constructing new self-storage properties in high-barrier-to-entry locations like New Jersey and New York. As of September 30, 2023, CubeSmart had three joint venture development properties under construction, representing a total expected investment of $75.2 million.
The company's third-party management platform is another significant growth avenue. As of September 30, 2023, CubeSmart managed 763 stores, encompassing 49.9 million rentable square feet. This program not only expands CubeSmart's reach but also leverages its operational expertise without heavy capital expenditure.
Financially, CubeSmart demonstrates a robust balance sheet and disciplined capital allocation. The company declared a quarterly dividend of $0.49 per common share in July 2023, underlining its commitment to returning value to shareholders. CubeSmart's outlook for the year remains optimistic, with an estimated FFO per share, as adjusted, projected between $2.65 and $2.67.
CubeSmart's mission is to simplify the storage needs arising from life's events and business demands through innovative solutions and genuine care. With a strong presence in the self-storage industry and a focus on maximizing revenue and controlling costs, CubeSmart continues to position itself as a top performer in the market.
For more information on CubeSmart and its services, visit www.cubesmart.com or connect with them on social media platforms like Facebook, Twitter, and YouTube.
CubeSmart (NYSE: CUBE) announced it will release its financial results for the period ending December 31, 2021, after market close on February 24, 2022. A conference call will take place on February 25, 2022, at 11:00 a.m. ET to discuss these results.
Investors can join the call via a live webcast on the company's investor relations page. After the live event, the call will be available for replay on CubeSmart's website for 15 days and through a telephonic replay until March 12, 2022.
KKR has launched a self-storage real estate investment platform named Alpha Storage Properties (ASP), headed by industry veteran Jonathan Perry. KKR's real estate funds have acquired 16 self-storage assets for approximately $300 million, totaling around 11,700 units or 1.2 million square feet, in major growth markets including Austin, Atlanta, and Orlando. The firm aims to leverage its proven investment strategy and expertise to further expand its presence in the self-storage sector, which has shown steady growth over the past 30 years.
CubeSmart (NYSE: CUBE) has successfully completed its acquisition of LAACO, LTD., enhancing its portfolio with 59 self-storage facilities across Southern California, Phoenix, Las Vegas, and Houston. This strategic move expands CubeSmart's presence in key markets and aligns with its growth objectives. The acquisition was financed through capital raising efforts, including the issuance of 15.5 million shares and $1.05 billion in unsecured senior notes. CubeSmart is now one of the leading self-storage operators in the U.S., managing over 1,250 properties nationwide.
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.
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