CubeSmart (CUBE) will raise its quarterly dividend by 3.1 percent to $0.33 per share in the first quarter of 2020. This will mark the 10th year of dividend increases by the self-storage REIT.

The next dividend is payable on January 15, 2020 to common shareholders of record on January 2, 2020. The quarterly distribution represents an annualized dividend rate of $1.32 per share and yields 4.4% at a stock price of $30.22.

“We are pleased to increase our quarterly dividend by 3.1%, demonstrating the strength of our operating platform to generate consistent cash flow growth throughout the real estate cycle,” commented Christopher P. Marr, President and Chief Executive Officer. “We are maintaining our conservative payout ratio to provide additional capital to fund future investment opportunities that create long-term value for shareholders.” 

CubeSmart is a self-administered and self-managed real estate company focused primarily on the ownership, operation, management, acquisition, and development of self-storage properties in the United States.The company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space. CubeSmart customers rent storage cubes for their exclusive use, typically on a month-to-month basis. Additionally, some of the company's stores offer outside storage areas for vehicles and boats. The stores are designed to accommodate both residential and commercial customers, with features such as wide aisles and load-bearing capabilities for large truck access. All of the stores have a storage associate available to assist customers during business hours, and many of the owned stores have a manager who resides in an apartment at the store. CubeSmart has paid a dividend every year since the company went public in 2004.