CubeSmart (CUBE) Tops Q1 FFO by 2c

CubeSmart (NYSE: CUBE) reported Q1 FFO of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $87.27 million versus the consensus estimate of $86.6 million.

• Increased same-store (346 facilities) net operating income ("NOI") 9.0% year over year, driven by 7.0% revenue growth and a 3.2% increase in property operating expenses.
• Same-store occupancy averaged 89.1% during the quarter, up 400 basis points year-over-year; ended the quarter with same-store occupancy of 89.5%.

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

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