CubeSmart Announces 37.5% Increase in Quarterly Common Dividend
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 $0.11 per common share for the period ending December 31, 2012. The dividend is payable on January 15, 2013 to common shareholders of record on January 1, 2013. The quarterly distribution represents an annualized dividend rate of $0.44 per share, a 37.5% increase from the previous annual rate of $0.32 per share. The Board of Trustees also declared a quarterly dividend of $0.484375 for the 7.75% Series A Cumulative Redeemable Preferred Shares payable on January 15, 2013 to holders of record on January 1, 2013.
Chief Executive Officer Dean Jernigan said, "We have continued to increase our cash flow by successfully executing on our internal and external growth initiatives, and we are pleased to be able to share this growth with our common shareholders directly in the form of a growing dividend. We remain committed to a balanced dividend policy that enables our shareholders to continue to participate in our growth, while recognizing that retained capital is an important component of funding for the significant external growth opportunities that we continue to see in a consolidating industry."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.