12 Best REIT Dividend Stocks To Buy for 2024

7. CubeSmart (NYSE:CUBE)

Number of Hedge Fund Holders: 26

CubeSmart (NYSE:CUBE) invests in self-storage facilities across the US. In the third quarter, trends continued as the company navigated a competitive environment for new customer rental rates while existing customers remained resilient. The company is currently under contract to acquire two stores—one in Oregon and one in Pennsylvania—for a total purchase price of around $22.0 million. These acquisitions are expected to close in the fourth quarter of 2024. CUBE has surged by nearly 11% in the past 12 months.

CubeSmart (NYSE:CUBE) generated nearly 271 million in revenues in the third quarter of 2024, which showed a 1.1% growth from the same period last year. The revenue also beat analysts’ estimates by $1.40 million. The company added 24 stores to its third-party management platform, bringing the total number of third-party managed stores to 893. It also has agreements with developers for the construction of self-storage properties in locations with high barriers to entry. As of September 30, 2024, the company had two joint venture development properties under construction. The total investment for these projects is expected to be $36.9 million, with $9.1 million already invested by that date. Both properties are located in New York and are expected to open in the third quarter of 2025.

CubeSmart (NYSE:CUBE) currently offers a quarterly dividend of $0.51 per share. The company maintains a 15-year track record of consistent dividend growth, which makes it one of the best REIT dividend stocks. The stock has a dividend yield of 4.39%, as recorded on December 12.

According to Insider Monkey’s database of Q3 2024, 26 hedge funds held stakes in CubeSmart (NYSE:CUBE), up from 23 in the previous quarter. The total value of these stakes is more than $217.6 million. Diamond Hill Capital owned the largest stake in the company, worth over $131.3 million.