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Mar 31, 2024
CubeSmart Q1 2024 Earnings Report
CubeSmart's performance was announced for Q1 2024, with urban markets showing positive trends and the team focusing on the summer rental season.
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%.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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