10 Dividend Stocks For Steady Income

2. CubeSmart (NYSE:CUBE)

Dividend Yield as of December 20: 4.83%

5-Year Share Price Return: 35.88%

CubeSmart (NYSE:CUBE) is an American real estate investment trust company that mainly invests in self-storage facilities in the US. In the third quarter of 2024, the company reported revenues of nearly $271 million in Q3 2024, reflecting a 1.1% increase compared to the same period last year and surpassing analysts’ expectations by $1.40 million. During the quarter, the company added 24 stores to its third-party management platform, raising the total number of managed locations to 893. CubeSmart also has agreements with developers to build self-storage facilities in areas with high entry barriers. As of September 30, 2024, the company was constructing two joint venture development properties, with a total projected investment of $36.9 million, of which $9.1 million had already been spent. Both properties, located in New York, are slated to open in Q3 2025.

In Q3, CubeSmart (NYSE:CUBE) continued to adapt to a competitive market for new customer rental rates, while maintaining strong retention among existing customers. It is under contract to acquire two properties—one in Oregon and another in Pennsylvania—for a combined purchase price of approximately $22.0 million. These acquisitions are anticipated to be finalized in Q4 2024. With a 5-year return of nearly 36%, CUBE is one of the best stocks with steady dividends.

Diamond Hill Capital also highlighted this in its Q3 2024 investor letter. Here is what the firm has to say:

“On an individual holdings basis, top contributors to return in Q3 included Regal Rexnord, NVR and CubeSmart (NYSE:CUBE). Similarly, shares of self-storage real estate investment trust (REIT) CubeSmart benefited from the broad tailwind of lower interest rates. The company continues delivering solid operating results, even in a slower real estate environment.”

On December 16, CubeSmart (NYSE:CUBE) declared a 2% hike in its quarterly dividend to $0.52 per share. Through this increase, the company stretched its dividend growth streak to 16 years. The stock supports a dividend yield of 4.83%, as of December 20.

Insider Monkey’s database of Q3 2024 showed that 26 hedge funds, up from 23 in the previous quarter, held stakes in CubeSmart (NYSE:CUBE). These stakes have a consolidated value of over $217.6 million.