CubeSmart (CUBE) Tops Q4 EPS by 3c

CubeSmart (NYSE: CUBE) reported Q4 EPS of $0.22, $0.03 better than the analyst estimate of $0.19.

“We closed out a solid 2019 by hitting the high end of our FFO per share target as operating performance showed resilience in the face of new supply,” commented Christopher P. Marr, President and Chief Executive Officer. “We are encouraged to see continued stable demand for the product as newly-developed stores lease-up, while markets that saw an earlier start to the development cycle begin to see fundamentals stabilize. We remain confident in our ability to maximize long-term cash flows as we leverage the strength of our operating platform across our high-quality portfolio.”

Key Highlights for the Fourth Quarter

• Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.22.
• Reported funds from operations (“FFO”) per share, as adjusted, of $0.42.
• Increased same-store (466 stores) net operating income (“NOI”) 0.4% year over year, driven by 1.6% revenue growth and a 4.6% increase in property operating expenses.
• Same-store occupancy during the quarter averaged 91.7% and ended the quarter at 91.2%.
• Closed on five property acquisitions totaling $57.9 million.
• Closed on one property disposition totaling $4.1 million.
• Issued $350 million of unsecured senior notes in sixth public bond offering.
• Increased the quarterly dividend 3.1% to an annualized rate of $1.32 per common share from the previous annualized rate of $1.28 per common share.
• Added 46 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 649.

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

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