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Mar 31, 2025
CubeSmart Q1 2025 Earnings Report
Reported operating results for the three months ended March 31, 2025
Key Takeaways
CubeSmart reported a positive start to 2025 with improving occupancy and rate trends. While net income and diluted EPS decreased compared to the prior year, FFO, as adjusted, and FFO, as adjusted, per diluted share saw slight increases.
Net income attributable to common shareholders was $89.2 million, a decrease from $94.5 million in Q1 2024.
Diluted EPS was $0.39, down from $0.42 in the same period last year.
FFO, as adjusted, was $148.1 million, an increase from $146.4 million in Q1 2024.
FFO, as adjusted, per diluted share remained flat at $0.64 compared to Q1 2024.
Forward Guidance
CubeSmart provided a full-year 2025 financial outlook, maintaining guidance ranges despite recent macro volatility.
Positive Outlook
- Major operational and financial metrics in Q1 were at or above expectations.
- Q1 provided a strong start to 2025.
- Full-year guidance for EPS is between $1.41 and $1.49.
- Full-year guidance for FFO per share, as adjusted, is between $2.51 and $2.59.
- The same-store pool for 2025 consists of 606 properties totaling 43.8 million rentable square feet.
Challenges Ahead
- Guidance ranges for the full year are largely unchanged despite a strong Q1.
- Uncertainty related to the timing and terms of transactions is excluded from guidance.
- Potential future speculative investment activity is excluded from guidance.
- Broad macro volatility is a factor.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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