CubeSmart (CUBE) Reports Q1 EPS of $0.41

CubeSmart (NYSE: CUBE) reported Q1 EPS of $0.41, versus $0.40 reported last year. Revenue for the quarter came in at $143.45 million versus the consensus estimate of $164.05 million.

2020 Financial Outlook

“Given the uncertainty we are facing and the rapidly changing environment, we felt it prudent to withdraw our guidance until we have better clarity on the length of economic disruptions caused by COVID-19,” commented Chief Financial Officer Tim Martin. “Our liquidity position remains solid, as we have the strength of our investment-grade balance sheet, including modest leverage levels and $680.9 million of capacity on our revolving line of credit as of the end of April, to fund our remaining commitments, which include just $55.7 million of debt maturities and $67.9 million of development funding through 2021.”

The Company’s initial 2020 guidance provided in its earnings release on February 20, 2020 did not contemplate the COVID-19 pandemic. While the impact of COVID-19 on the results of operations for the three months ended March 31, 2020 was not material, due to the uncertainty surrounding the duration, scope and severity of the pandemic, and the associated mitigation efforts, it is difficult to predict the impact on future operational and financial results. The Company’s ability to operate its stores and customers’ ability to make rental payments could be impacted and will largely depend on future developments. The success of actions taken to contain or treat COVID-19 and reactions by consumers, companies, governmental entities and capital markets are highly uncertain and cannot be predicted, therefore the Company is withdrawing its previously issued full-year 2020 guidance and is not providing updated guidance for 2020 at this time.

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

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