SOURCE: CubeSmart

CubeSmart

December 08, 2011 17:05 ET

CubeSmart Announces a 14% Annual Dividend Increase

Company Declares Fourth Quarter 2011 Dividends

WAYNE, PA--(Marketwire - Dec 8, 2011) - CubeSmart (NYSE: CUBE), a self-administered and self-managed real estate investment trust focused on self-storage facilities, announced today that its Board of Trustees declared a quarterly dividend of $0.08 per common share for the period ending December 31, 2011. The dividend is payable on January 15, 2012 to common shareholders of record on January 5, 2012. The quarterly distribution represents an annualized dividend rate of $0.32 per share, a 14% increase from the previous annual rate of $0.28 per share. The Board of Trustees also declared a quarterly dividend of $0.3929 for the 7.75% Series A Cumulative Redeemable Preferred Shares payable on January 15, 2012 to holders of record on January 1, 2012.

Dean Jernigan, Chief Executive Officer, said, "We have a philosophy of sharing the growth in our cash flow with our shareholders in the form of increased dividends. We are very confident that our success during 2011 in growing our occupancy and net operating income, improving the quality of our portfolio and strengthening our balance sheet will create strong growth in our free cash flow next year and beyond. Our balanced dividend policy will continue to allow the Company to retain internally generated funds that we intend to utilize as a component of funding for our external growth strategy."

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 473 facilities across the United States and operates the CubeSmart Network, which consists of approximately 877 additional self-storage facilities. The Company plans to exceed Customer expectations by adding more personalized services and technology to some of the best storage spaces around.

CubeSmart services include storage customization, logistics services, comprehensive moving services, organizational services, and office amenities. The Company's self-storage facilities are designed to offer affordable, easily accessible, secure, and in most locations, climate-controlled storage space for residential and commercial customers, as well as boat storage and mini storage. According to the 2011 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.

For more information about business and personal storage or to learn more about the company and find a nearby storage facility, visit www.CubeSmart.com or call 800-800-1717. Visitors to cubesmart.com can also view the sizes and features of individual self-storage units, reserve storage space, and pay their storage bills online using a safe, secure online payment function.

For more information about business or personal storage visit us online or call CubeSmart(sm) toll free at 1-800-800-1717.

Forward-Looking Statements

Although the Company believes the expectations reflected in any forward-looking statements in this press release are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and described from time to time in the Company's filings with the SEC. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Contact Information

  • Company Contact:
    CubeSmart
    Timothy M. Martin
    Chief Financial Officer
    (610) 293-5700