CubeSmart reported strong first-quarter results, with EPS of $0.43 and FFO per share of $0.65. The company experienced a 9.1% increase in same-store NOI, driven by revenue growth and effective expense management. CubeSmart added 25 stores to its third-party management platform, expanding its managed store count to 676.
Reported EPS attributable to common shareholders was $0.43.
Reported FFO per share was $0.65.
Increased same-store NOI by 9.1% year over year, driven by 6.9% revenue growth.
Averaged same-store occupancy of 91.5% during the quarter and ended the quarter at 91.9%.
The Company estimates that its fully diluted earnings per share for the year will be between $1.77 and $1.84, and that its fully diluted FFO per share, as adjusted, for 2023 will be between $2.64 and $2.71. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance.
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