CubeSmart (CUBE) Tops Q3 EPS by 1c

CubeSmart (NYSE: CUBE) reported Q3 EPS of $0.23, $0.01 better than the analyst estimate of $0.22.

• Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.23.
• Reported funds from operations (“FFO”) per share, as adjusted, of $0.43, representing a year over year increase of 2.4%.
• Increased same-store (458 stores) net operating income (“NOI”) 3.9% year over year, driven by 3.0% revenue growth and a 0.6% increase in property operating expenses.
• Same-store occupancy during the quarter averaged 93.3% and ended the quarter at 92.7%.
• Closed on three property acquisitions totaling $59.6 million.
• Opened for operation one development property for a total cost of $91.5 million.
• Sold 0.4 million common shares at an average sales price of $31.38 per share, resulting in net proceeds of $12.9 million.
• Added 60 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 582.

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

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