MALVERN, PA — CubeSmart (NYSE: CUBE), a self-administered and self-managed real estate company, has announced a significant increase in its quarterly dividend, marking the 14th consecutive annual raise. The Board of Trustees recently declared a quarterly dividend of $0.51 per common share for the period ending December 31, 2023. This payment is slated for January 16, 2024, to common shareholders of record on January 2, 2024.
The newly announced dividend translates to an annualized rate of $2.04 per share. This figure represents an increase of $0.08 per share from the previous annual rate of $1.96 per share, signaling a positive trend in the company’s financial performance.
President and Chief Executive Officer Christopher P. Marr expressed his pride in the announcement, stating, “Our team continues to execute on our growth strategy, and we remain committed to sharing in that growth with our shareholders.” This statement reaffirms CubeSmart’s dedication to its investors and its ongoing mission to maximize shareholder value.
CubeSmart’s stock closed on Friday, December 9, 2023, at $42.18, up $0.37 (0.88%). The company’s 52-week high stands at $48.93, indicating the potential for continued growth and profitability.
This dividend increase highlights CubeSmart’s robust business model and its commitment to delivering consistent, strong returns for its shareholders. It also underlines the company’s confidence in its strategic initiatives and future growth prospects.
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