Self-Storage REIT CubeSmart Releases First-Quarter 2014 Stock Dividend

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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 March 31. This is a match to the dividend of the previous quarter. The dividend is payable on April 15 to common shareholders of record on April 1.

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 April 15 to holders of record on April 1.

CubeSmart recently released financial statements for the quarter that ended Dec. 31, 2013 and the 2013 fiscal year. The company reported funds from operations per share of $0.23, a 10 percent year-over-year increase. Same-storage net operating income at its 298 facilities grew 7.3 percent year over year. The company attributed this to 6.7 percent growth in overall revenue and a 5.3 percent increase in property operating expenses. Read more about the company’s financial statement here.

CubeSmart owns or manages 532 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.

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