CubeSmart (CUBE) Tops Q4 EPS by 5c, offers outlook

CubeSmart (NYSE: CUBE) reported Q4 EPS of $0.50, $0.05 better than the analyst estimate of $0.45. Revenue for the quarter came in at $231.65 million versus the consensus estimate of $260.37 million.

2024 Financial Outlook:

“We had a successful year in 2023 as we continued our disciplined approach to capital allocation, expanded our overall store count by 10% through additions to our third-party managed platform, and improved our already strong balance sheet position,” commented Chief Financial Officer Tim Martin. “Given the volatility in storage fundamentals coupled with the uncertain macroeconomic backdrop, our initial 2024 guidance contemplates a wide range of potential outcomes.”

The Company estimates that its fully diluted earnings per share for 2024 will be between $1.69 and $1.79, and that its fully diluted FFO per share, as adjusted, for 2024 will be between $2.59 and $2.69. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2024, the same-store pool will consist of 598 properties totaling 43.0 million rentable square feet.

For earnings history and earnings-related data on CubeSmart (CUBE) click here.

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