CubeSmart Declares Quarterly Dividend on Common Share and Preferred Shares, Payable on July 15, 2015
May 27 15
CubeSmart announced that its Board of Trustees declared a quarterly dividend of $0.16 per common share for the period ending June 30, 2015. The dividend is payable on July 15, 2015 to common shareholders of record on July 1, 2015. 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, 2015 to holders of record on July 1, 2015.
Cubesmart Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revised Earnings Guidance for the Full Year of 2015; Provides Earnings Guidance for the Second Quarter Ending June 30, 2015
Apr 30 15
CubeSmart reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported operating income of $20,679,000, income from continuing operations was $8,522,000 or $0.04 diluted per share, net income of $8,522,000, net income attributable to the company of $8,434,000 or $0.04 per share on total revenues of $103,688,000 against operating income of $18,614,000, income from continuing operations was $4,240,000 or $0.02 diluted per share, net income of $4,576,000, net income attributable to the company of $4,530,000 or $0.02 per share on total revenues of $87,267,000 for the same period a year ago. FFO was $46,263,000 or $0.27 diluted per share against $34,027,000 or $0.23 diluted per share for the same period a year ago. FFO, as adjusted was $46,773,000 or $0.28 per share against $35,706,000 or $0.25 per share for the same period a year ago.
The company is adjusting its previously issued estimates as well as underlying assumptions, and now expects that its fully diluted FFO per share, as adjusted, for 2015 will be between $1.15 and $1.19 compared to previously expected range of between $1.14 and $1.19, and that its fully diluted net income per share for the period will be between $0.20 and $0.24 compared to previously expected range of between $0.19 and $0.24.
The company provided earnings guidance for the second quarter ending June 30, 2015. The company estimates that its fully diluted FFO, as adjusted, per share for the quarter ending June 30, 2015 will be between $0.28 and $0.29, and that its fully diluted earnings per share for the period will be between $0.04 and $0.05.
CubeSmart and CubeSmart, L.P. Enters into Third Amendment to Credit Agreement
Apr 27 15
On April 22, 2015, CubeSmart and CubeSmart, L.P., the limited partnership through which CubeSmart owns its assets and conducts its operations, entered into (i) a Third Amendment to Credit Agreement (the Third Amendment) with Wells Fargo Bank, National Association, as Administrative Agent and each of the lenders party to the Credit Agreement dated as of December 9, 2011 (as thereafter amended, the Credit Agreement) and (ii) a Fourth Amendment to Term Loan Agreement (the Fourth Amendment) with Wells Fargo Bank, National Association, as Administrative Agent and each of the lenders party to the Term Loan Agreement dated as of June 20, 2011 (as thereafter amended, the Term Loan Agreement). Capitalized terms used in the second paragraph herein shall have the meanings given in the Credit Agreement and capitalized terms used in the third paragraph herein shall have the meanings given in the Term Loan Agreement. Among other things, the Third Amendment (i) increases the aggregate amount of the Revolving Commitments from $300,000,000 to $500,000,000, (ii) extends the Termination Date for the Revolving Loans and Revolving Commitments from June 18, 2017 to April 22, 2020, (iii) increases the Swingline Commitment from $20,000,000 to $50,000,000, (iv) adjusts the Applicable Margin and Facility Fee with respect to Revolving Loans, and (v) amends the definition of Capitalization Rate and Development Property.