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Jun 30, 2020
CubeSmart Q2 2020 Earnings Report
CubeSmart's Q2 2020 performance was impacted by COVID-19, but showed resilience with adapting strategies and demand returning to normal levels.
Key Takeaways
CubeSmart reported a decrease in net income and same-store NOI due to the impact of COVID-19, but saw demand return to normal levels and implemented innovative solutions like SmartRentalTM. The company acquired two stores and opened one development property during the quarter.
EPS attributable to common shareholders was $0.20.
FFO per share, as adjusted, was $0.41.
Same-store NOI decreased 4.1% year over year.
Same-store occupancy averaged 93.0% and ended the quarter at 94.0%.
CubeSmart
CubeSmart
Forward Guidance
Due to the continued uncertainty surrounding the ongoing impact of the COVID-19 pandemic, the Company is not reinstating 2020 guidance at this time.