CubeSmart Q2 2022 Earnings Report
Key Takeaways
CubeSmart reported a strong second quarter in 2022, with net income attributable to common shareholders increasing to $58.4 million and EPS reaching $0.26. The company's same-store NOI grew by 19.0% year over year, driven by a 14.0% increase in revenue.
Reported EPS attributable to the Company’s common shareholders of $0.26.
Reported funds from operations (“FFO”) per share, as adjusted, of $0.62.
Increased same-store (523 stores) net operating income (“NOI”) 19.0% year over year, driven by 14.0% revenue growth and a 2.5% increase in property operating expenses.
Same-store occupancy during the quarter averaged 95.1% and ended the quarter at 95.3%.
CubeSmart
CubeSmart
Forward Guidance
The Company estimates that its fully diluted earnings per share for the year will be between $1.05 and $1.09, and that its fully diluted FFO per share, as adjusted, for 2022 will be between $2.47 and $2.51.