CubeSmart Q2 2023 Earnings Report
Key Takeaways
CubeSmart reported a positive second quarter with increased net income and FFO per share, driven by same-store NOI growth. Urban markets showed stable performance, while Sun Belt demand normalized.
Reported EPS attributable to the Company’s common shareholders was $0.43.
Reported funds from operations (“FFO”) per share of $0.66.
Increased same-store (593 stores) net operating income (“NOI”) 5.0% year over year, driven by 4.6% revenue growth and a 3.6% increase in property operating expenses.
Averaged same-store occupancy of 92.7% during the quarter and ended the quarter at 92.7%.
CubeSmart
CubeSmart
Forward Guidance
The Company estimates that its fully diluted earnings per share for the year will be between $1.77 and $1.81 (previously $1.77 to $1.84), and that its fully diluted FFO per share, as adjusted, for 2023 will be between $2.64 and $2.68 (previously $2.64 to $2.71).