CubeSmart Q1 2024 Earnings Report
Key Takeaways
CubeSmart reported a decrease in net income and EPS compared to Q1 2023, but is focusing on the summer rental season. Same-store NOI decreased by 1.9% year over year, driven by a 5.0% increase in operating expenses. The company acquired two stores for $20.2 million and added 68 stores to its third-party management platform.
Diluted earnings per share (EPS) attributable to the Company’s common shareholders was reported at $0.42.
Funds from operations (FFO), as adjusted, per diluted share was reported at $0.64.
Same-store (598 stores) net operating income (NOI) decreased 1.9% year over year, driven by a 5.0% increase in operating expenses.
Same-store occupancy averaged 90.2% during the quarter and ended the quarter at 90.4%.
CubeSmart
CubeSmart
Forward Guidance
The Company estimates that its fully diluted earnings per share for 2024 will be between $1.69 and $1.79, and that its fully diluted FFO per share, as adjusted, for 2024 will be between $2.59 and $2.69.