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 reported strong fourth-quarter results for 2020, highlighting a 5.1% year-over-year increase in same-store net operating income (NOI) and a reported earnings per share (EPS) of $0.22. The company closed 18 property acquisitions worth $661.2 million, while maintaining average same-store occupancy at 93.4%. Despite a 4.5% decline in full-year EPS to $0.85, funds from operations (FFO) per share grew 11.9% to $0.47 for Q4. CubeSmart also raised its quarterly dividend by 3.0%, reflecting confidence in financial stability and growth amidst market uncertainties.
CubeSmart (NYSE: CUBE) has declared a quarterly dividend of $0.34 per common share for the period ending March 31, 2021. This dividend will be payable on April 15, 2021 to shareholders of record as of April 1, 2021. CubeSmart is a leading real estate investment trust specializing in self-storage properties, owning or managing 1,240 facilities in the U.S. As one of the top three operators in the self-storage sector, CubeSmart aims to provide affordable and accessible storage solutions tailored to both residential and commercial needs.
CubeSmart (NYSE: CUBE) will release its financial results for the three-month period ended December 31, 2020, after market close on February 25, 2021, followed by a conference call at 11:00 a.m. ET on February 26, 2021. Investors can join via a live webcast on the company’s website. Following the call, a replay will be available for 30 days. CubeSmart is a leading self-storage real estate investment trust that owns or manages 1,240 properties across the U.S., focusing on providing accessible and affordable storage solutions for customers.
CubeSmart (NYSE: CUBE), a leading self-storage REIT, has announced the tax allocations for its 2020 distributions to common shareholders. The total distribution per share amounts to $1.32, with specific allocations for ordinary dividends, capital gains, and other categories. The company operates 1,238 self-storage properties across the U.S., marking it as one of the top three in the industry. The fourth quarter distribution to shareholders of record as of January 4, 2021, is treated as a 2021 distribution for tax purposes.
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.
CubeSmart (CUBE) reported its operating results for Q3 2020, demonstrating resilience amid COVID-19. Earnings per share (EPS) reached $0.24, up from $0.22 in Q3 2019, with net income at $46.9 million. The same-store occupancy was strong at 94.3%, although net operating income (NOI) declined by 1.6% year-over-year. The company added 37 stores to its management platform and announced a major acquisition of eight properties valued at approximately $540 million. Despite these positives, guidance for the remainder of 2020 remains suspended due to pandemic uncertainties.
CubeSmart (CUBE) announced the acquisition of eight self-storage properties in New York City from Storage Deluxe for $540 million. This portfolio spans 780,425 rentable square feet across Brooklyn, Queens, and the Bronx. The deal includes $201.7 million in cash, $183.7 million in Operating Partnership Units, and $154.6 million in assumed debt. CubeSmart aims to strengthen its market position and capitalize on favorable demographic trends in these boroughs. The transaction is expected to close in Q4 2020, contingent on customary conditions.
CubeSmart (NYSE: CUBE) will announce its financial results for Q3 2020 on November 5, 2020, after market close. A conference call is scheduled for November 6, 2020, at 11:00 a.m. ET. Investors can access the live webcast via the company's investor relations page. CubeSmart operates 1,253 self-storage properties across the U.S., ranking among the top three in the sector. The company aims to provide affordable and accessible storage solutions for residential and commercial needs.
CubeSmart (NYSE: CUBE) launched its new Mobile App on September 2, 2020, designed to enhance customer convenience in managing self-storage services. Customers can access gate codes, pay bills, and set up AutoPay directly from their phones. This app aims to simplify the storage experience, allowing users to manage their accounts and reservations digitally. With over 1,266 properties in the U.S., CubeSmart remains a leading self-storage operator, emphasizing customer care and innovative solutions.
FAQ
What is the current stock price of CubeSmart (CUBE)?
What is the market cap of CubeSmart (CUBE)?
What is CubeSmart?
How many locations does CubeSmart have?
Where are CubeSmart's major markets?
What is the WOW! Department at CubeSmart?
What were CubeSmart's financial results for the third quarter of 2023?
What is CubeSmart's third-party management platform?
Does CubeSmart pay dividends?
What is CubeSmart's approach to new developments?
How can I learn more about CubeSmart's services?
How does CubeSmart position itself in the market?
