Dividend Achievers List: Top 15

12. CubeSmart (NYSE:CUBE)

Dividend Yield as of September 22: 3.78%

CubeSmart (NYSE:CUBE) ranks twelfth on our dividend achievers list. The American real estate investment trust company invests in self-storage facilities across the country. In September, RBC Capital began coverage on REITs, giving CubeSmart an Outperform rating. The firm expressed favor for the company’s strong presence in the New York City area, where supply challenges have diminished more quickly than in the broader market, potentially supporting continued rent growth. Analysts noted that CubeSmart’s 3PM business ranks among the best in its sector, and the company’s smaller size means that adding new locations has a greater impact. They also highlighted the company’s unique geographically diverse portfolio compared to other storage REITs, with its third-party management platform adding significant value. Additionally, RBC Capital praised its strong balance sheet, noting its low leverage offers room for future acquisitions, and set a price target of $56.

In the second quarter of 2024, CubeSmart (NYSE:CUBE) reported revenue of $266.2 million, up 2.07% from the same period last year. The company’s data-driven approach to operations continues to enable it to optimize performance despite shifting macroeconomic conditions. During the quarter, it added 39 stores to its third-party management platform, raising the total number of stores managed to 879.

CubeSmart (NYSE:CUBE) is favored by investors due to its strong dividend history. The company has raised its payouts for 15 consecutive years. In the past five years, it has raised its payouts at an annual average rate of 10%. The company currently offers a quarterly dividend of $0.51 per share and has a dividend yield of 3.78%, as of September 22.

Insider Monkey’s database of Q2 2024 indicated that 23 hedge funds owned stakes in CubeSmart (NYSE:CUBE), compared with 25 in the previous quarter. These stakes have a total value of over $225 million.