•
Mar 31, 2022
CubeSmart Q1 2022 Earnings Report
CubeSmart's first quarter performance in 2022 was marked by strong revenue growth and solid operational efficiency.
Key Takeaways
CubeSmart reported a strong start to the year with increased same-store NOI, driven by revenue growth. The company acquired one property and added 33 stores to its third-party management platform. Financial results showed a decrease in net income but an increase in FFO per share.
EPS attributable to common shareholders was reported at $0.17.
FFO per share, as adjusted, was reported at $0.58.
Same-store NOI increased by 21.4% year over year, driven by 15.6% revenue growth.
Same-store occupancy averaged 93.6% and ended the quarter at 94.1%.
CubeSmart
CubeSmart
Forward Guidance
The Company estimates that its fully diluted earnings per share for the year will be between $0.95 and $1.00, and that its fully diluted FFO per share, as adjusted, for 2022 will be between $2.37 and $2.42.