The board of trustees for self-storage real estate investment trust CubeSmart has declared a quarterly dividend of $0.13 per common share for the period ending Dec. 31. The dividend is payable on Jan. 15 to common shareholders of record on Jan. 2. The quarterly distribution represents an annualized dividend rate of $0.52 per share, an $.08 increase from the previous annual rate of $0.44 per share.
The board 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. 2.
"Our focus on execution, combined with a favorable balance between limited new self-storage supply and increasing customer demand, continues to produce extremely strong cash-flow growth," said Christopher Marr, president, chief investment officer and chief operating officer. "This latest dividend increase reflects the confidence we have in our business-plan execution in 2014 and beyond, and our commitment to share the resulting cash-flow growth with our shareholders."
CubeSmart owns or manages 526 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.