The board of trustees for self-storage real estate investment trust CubeSmart has declared a quarterly dividend of $0.11 per common share for the period ending Dec. 31. The dividend is payable on Jan. 15 to common shareholders of record on Jan. 1. The quarterly distribution represents an annualized dividend rate of $0.44 per share, a 37.5 percent increase from the previous annual rate of $0.32 per share.
The board of trustees also declared a quarterly dividend of $0.484375 for the 7.75 percent Series A Cumulative Redeemable Preferred Shares payable on Jan. 15, to holders of record on Jan. 1.
"We have continued to increase our cash flow by successfully executing on our internal and external growth initiatives, and we are pleased to be able to share this growth with our common shareholders directly in the form of a growing dividend," said CEO Dean Jernigan. "We remain committed to a balanced dividend policy that enables our shareholders to continue to participate in our growth, while recognizing that retained capital is an important component of funding for the significant external growth opportunities that we continue to see in a consolidating industry."
CubeSmart owns or manages 508 self-storage facilities nationwide and operates the CubeSmart Network, which consists of approximately 800 additional facilities. According to the Inside Self-Storage Top-Operators List, the company is the fourth largest operator of self-storage facilities in the U.S.