Key Developments: CubeSmart (CUBE.N)
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18 Jun 2013
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Latest Key Developments (Source: Significant Developments)
CubeSmart Declares Second Quarter 2013 Dividend
CubeSmart announced that its Board of Trustees declared a quarterly dividend of $0.11 per common share for the period ending June 30, 2013. The dividend is payable on July 15, 2013 to common shareholders of record on July 1, 2013. The Board of Trustees also declared a quarterly dividend of $0.484375 for the 7.75% Series A Cumulative Redeemable Preferred Shares payable on July 15, 2013 to holders of record on July 1, 2013. Full Article
CubeSmart Raises Low End Of Prior FY 2013 FFO Guidance To A Range In Line With Analysts' Estimates; Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates
CubeSmart announced that for fiscal 2013, it expects fully diluted FFO per share to be between $0.81 and $0.86 (previously between $0.80 and $0.86), and that its fully diluted earnings per share for the period to be between $0.00 and $0.05. For the second quarter of 2013, it expects fully diluted FFO per share to be between $0.21 and $0.22, and that its fully diluted earnings per share for the period to be between $0.00 and $0.01. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.85 for fiscal 2013 and FFO of $0.21 for the second quarter of 2013. Full Article
CubeSmart Issues Q1, FY 2013 FFO Guidance In Line With Analysts' Estimates
CubeSmart announced that for fiscal 2013, it expects fully diluted FFO per share to be between $0.80 and $0.86, and that its fully diluted net income (loss) per share for the period to be between ($0.03) and $0.03. For the first quarter of 2013, it expects fully-diluted FFO per share to be between $0.19 and $0.20, and that its fully-diluted net loss per share for the period will be between $0.02 and $0.03. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.72 for fiscal 2013 and FFO of $0.20 for the first quarter of 2013. Full Article
CubeSmart Declares First Quarter 2013 Dividend
CubeSmart announced that Board of Trustees declared a quarterly dividend of $0.11 per common share for the period ending March 31, 2013. The dividend is payable on April 15, 2013 to common shareholders of record on April 1, 2013. The Board of Trustees also declared a quarterly dividend of $0.484375 for the 7.75% Series A Cumulative Redeemable Preferred Shares payable on April 15, 2013 to holders of record on April 1, 2013. Full Article
CubeSmart Announces Appointment Of Christopher P. Marr As CEO-DJ
Dow Jones reported that CubeSmart announced that its Board of Trustees has appointed Christopher P. Marr as successor to Dean Jernigan as Chief Executive Officer (CEO), effective upon Mr. Jernigan's previously announced retirement on December 31, 2013. Full Article
CubeSmart Announces 37.5% Increase In Quarterly Common Dividend
CubeSmart announced 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. Full Article
CubeSmart Raises Low End Of Prior FY 2012 FFO Guidance To A Range In Line With Analysts' Estimates; Issues Q4 2012 FFO Guidance In Line With Analysts' Estimates
CubeSmart announced that for fiscal 2012, it expects fully diluted FFO per share between $0.72 and $0.73 (previously between $0.70 and $0.73), net loss per share between $0.01 and $0.02. For the fourth quarter of 2012, it expects fully-diluted FFO per share between $0.19 and $0.20, net earnings per share between $0.00 and $0.01. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.72 for fiscal 2012 and FFO of $0.20 for the fourth quarter of 2012. Full Article
CubeSmart Issues Q3 2012 FFO Guidance In Line With Analysts' Estimates; Raises Low End Of Prior FY 2012 FFO Guidance To A Range In Line With Analysts' Estimates
CubeSmart announced that for the third quarter of 2012, it expects fully-diluted FFO per share to be between $0.18 and $0.19, and that its fully-diluted net loss per share for the period to be between $0.03 and $0.04. For fiscal 2012, it expects its fully diluted FFO per share to be between $0.70 and $0.73 (previously between $0.68 and $0.73), and that its fully diluted net loss per share for the period to be between $0.05 and $0.08. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report FFO of $0.19 for the third quarter of 2012 and FFO of $0.72 for fiscal 2012. Full Article
CubeSmart Declares Third Quarter 2012 Dividend
CubeSmart announced that its Board of Trustees declared a quarterly dividend of $0.08 per common share for the period ending September 30, 2012. The dividend is payable on October 15, 2012 to common shareholders of record on October 1, 2012. The Board of Trustees also declared a quarterly dividend of $0.484375 for the 7.75% Series A Cumulative Redeemable Preferred Shares payable on October 15, 2012 to holders of record on October 1, 2012. Full Article
CubeSmart Announces Pricing Of Public Offering Of $250 Million Of 4.80% Senior Unsecured Notes Due 2022
CubeSmart announced that its operating partnership, CubeSmart, L.P. (the Operating Partnership), has priced an underwritten public offering of $250 million of 4.80% senior unsecured notes due July 15, 2022. The notes were priced at 99.855% of the principal amount to yield 4.818% to maturity. The notes are fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on June 26, 2012, subject to customary closing conditions. The net proceeds from this offering are expected to be approximately $247.5 million after deducting underwriting discounts and estimated transaction expenses. The Operating Partnership intends to use the net proceeds to reduce outstanding borrowings under its unsecured revolving credit facility and for general corporate purposes, which may include acquisitions, investments in joint ventures and repayment or repurchase of other indebtedness. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. PNC Capital Markets LLC acted as the lead manager, RBS Securities Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. acted as senior co-managers and BMO Capital Markets Corp. and RBC Capital Markets, LLC acted as junior co-managers for the offering. Full Article
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