Self-Storage REITs, Investment Fund Declare 3Q 2014 Dividends

Publicly traded self-storage real estate investment trusts (REITs) CubeSmart, Extra Space Storage Inc. and Public Storage Inc., along with investment fund Self Storage Group Inc., have declared dividends for the third quarter of 2014.

Publicly traded self-storage real estate investment trusts (REITs) CubeSmart, Extra Space Storage Inc. and Public Storage Inc., along with investment fund Self Storage Group Inc., have declared dividends for the third quarter of 2014.

CubeSmart

The board of trustees for CubeSmart declared a dividend of $0.13 per common share for the period ending Sept. 30. This is a match to the dividend of the three previous quarters. The dividend is payable on Oct. 15 to common shareholders of record on Oct. 1.

The board also declared a quarterly dividend of $0.484375 for the 7.75 percent Series A Cumulative Redeemable Preferred Shares payable on Oct. 15 to holders of record on Oct 1.

CubeSmart recently released its second-quarter financial statements, reporting funds from operations (FFO) per share of $0.27, a 17.4 percent year-over-year increase. Same-store net operating income (NOI) at its 346 facilities grew 9.7 percent year over year. The company attributed this to 7.6 percent growth in overall revenue and a 3.2 percent increase in property operating expenses.

CubeSmart owns or manages 559 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.

Extra Space

The board of directors for Extra Space announced a quarterly dividend of $0.47 per share on the company's common stock for the third quarter. This matches the dividend issued for the previous quarter. The dividend is payable on Sept. 30 to stockholders of record at the close of business on Sept. 15.

The REIT recently reported a same-store revenue increase of 7.9 percent for the second quarter, as well as an NOI gain of 9.9 percent compared to the same period in 2013. FFO was 63 cents per diluted share, resulting in 25.5 percent growth year over year.

Headquartered in Salt Lake City, Extra Space owns or operates 1,071 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 715,000 units and 79 million square feet of rentable space.

Public Storage

Public Storage issued a quarterly dividend of $1.40 per common share, which matches the dividend issued for the previous three quarters, according to NASDAQ.com. It is payable on Sept. 30 to stockholders of record on Sept. 15.

The company previously announced revenue for same-store facilities increased 5.3 percent, or $22.6 million, in the second quarter, as compared to the same period in 2013. Cost of operations for same-store facilities increased by 1.2 percent, or $1.5 million, year over year. FFO was $1.99 per diluted common share in the second quarter, compared to $1.83 for the same period the previous year. NOI increased $38.9 million during the quarter compared to the same period in 2013, including $21.2 million for same-store facilities.

Based in Glendale, Calif., Public Storage has interests in 2,208 self-storage facilities in 38 states, with approximately 142 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.

Self Storage Group

Self Storage Group (SSG) declared a quarterly dividend distribution of $0.065 per share. This matches the dividend issued for the previous quarter. The dividend is payable on Sept. 30 to shareholders of record as of Sept 16.

SSG adopted a stockholder-rights plan in August. The move was another step in the company's decision last year to change from an investment company to an operating company with interest in developing and operating self-storage properties. SSG is working to qualify as a REIT for federal tax purposes.

The company previously operated as Global Income Fund. SSG owns seven self-storage properties under the Global Self Storage brand in Illinois, Indiana, New York, Pennsylvania and South Carolina through its wholly owned subsidiaries. Those assets comprise more than 80 percent of its net assets, according to company officials. As part of its new business plan, SSG has also invested in REITs, including Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.

SSG is a non-diversified, closed-end fund whose common stock is traded over the counter under the ticker symbol “SELF.” The primary investment objective of the company has been to provide a high level of income, with capital appreciation as a secondary objective.

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