The four publicly traded U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.—have declared dividends for the second quarter of 2016.

CubeSmart

The board of trustees for CubeSmart declared a dividend of $0.21 per common share for the period ending March 31, which is equal to that of the previous quarter. It’s payable on July 15 to common shareholders of record on July 1.

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

CubeSmart recently released its first-quarter 2016 financial statement, reporting funds from operation (FFO) per share of $0.32 during the quarter, a 12.9 percent year-over-year increase. Same-store net operating income (NOI) at its 407 facilities grew 8.4 percent year over year. The company attributed this to 8.4 percent growth in revenue and a 1 percent decrease in property operating expenses.

CubeSmart is a self-storage real estate investment trust and third-party management firm. It owns or manages 708 self-storage facilities across the United States. Its operating portfolio comprises 47.3 million square feet.

Extra Space

The board of directors for Extra Space announced a quarterly dividend of $0.78 per share on the company's common stock for the second quarter. The dividend is a 32.2 percent increase from the previous quarter and payable on June 30 to stockholders of record at the close of business on June 15.

The REIT recently reported a same-store revenue increase of 9.1 percent, while NOI rose 12.3 percent compared to the same period in 2015. FFO was 86 cents per diluted share, resulting in 24.6 percent growth compared to the first quarter the previous year.

Headquartered in Salt Lake City, Extra Space owns or operates 1,371 self-storage properties in 37 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 910,000 units and 103 million square feet of rentable space.

Public Storage

Public Storage announced its quarterly dividend of $1.80 per common share, which is a 5.9 percent increase from the previous quarter. The REIT also declared dividends with respect to its various series of preferred shares. All dividends are payable on June 30 to stockholders of record on June 15.

In its recent financial statement, the company announced that revenue for same-store facilities increased 6.5 percent, or $30.8 million, in the first quarter, as compared to the same period in 2015. Cost of operations for the same-store facilities decreased 2.6 percent, or $3.8 million, during the period compared to the previous year. FFO was $2.10 per diluted common share, compared to $1.91 for the same period the previous year. NOI increased $45.3 million, including $34.6 million for same-store facilities.

Based in Glendale, Calif., Public Storage has interests in 2,291 self-storage facilities in 38 states, with approximately 149 million net rentable square feet. Operating under the Shurgard brand name, the company also has 217 facilities in seven European countries, with approximately 12 million net rentable square feet.

Sovran Self Storage

Sovran, which operates the Uncle Bob’s Self Storage brand, announced a quarterly dividend of $0.95 cents per common stock, up from $0.85 the previous quarter. The dividend was paid on April 26 to shareholders of record on April 14.

In its first-quarter financial report, Sovran announced that total revenue increased 16.1 percent year over year, while operating costs increased 13.3 percent, resulting in an NOI increase of 17.5 percent. Same-store NOI increased 9.9 percent year over year. FFO for the quarter was $1.16 per fully diluted common share, compared to $1.07 for the same period in 2015.

Based in Buffalo, N.Y., Sovran operates more than 550 facilities in 26 states. Its portfolio of owned and managed facilities comprises more than 38.5 million square feet.

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