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Mar 31, 2021
CubeSmart Q1 2021 Earnings Report
CubeSmart's Q1 2021 performance was marked by strong same-store NOI growth, high occupancy rates, and strategic investments in development projects and joint ventures.
Key Takeaways
CubeSmart reported strong first-quarter results, driven by an 8.9% increase in same-store NOI and a record-high occupancy. The company's EPS was $0.21, and FFO per share, as adjusted, was $0.47. CubeSmart also opened a development project and established a joint venture, expanding its portfolio and third-party management platform.
EPS attributable to common shareholders was reported at $0.21.
FFO per share, as adjusted, was reported at $0.47.
Same-store NOI increased by 8.9% year over year.
Same-store occupancy averaged 93.8% during the quarter and ended at 94.4%.
Forward Guidance
CubeSmart anticipates a positive operating environment due to record-high occupancy and an improving macroeconomic backdrop, leading to increased guidance ranges for same-store and FFO per share estimates for 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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