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Jun 30, 2024
CubeSmart Q2 2024 Earnings Report
CubeSmart's Q2 2024 performance reflected resilience in an uncertain economy. The company experienced a marginally stronger seasonal uplift in demand and optimized performance through a data-driven approach.
Key Takeaways
CubeSmart reported a net income of $94.0 million and EPS of $0.41 for the second quarter of 2024. FFO, as adjusted, was $146.0 million, or $0.64 per diluted share. Same-store NOI decreased 1.2% year over year, with revenue growth of 0.3% offset by a 4.2% increase in operating expenses.
Diluted earnings per share (EPS) attributable to common shareholders was $0.41.
Funds from operations (FFO), as adjusted, per diluted share was $0.64.
Same-store NOI decreased 1.2% year over year due to revenue growth and increased operating expenses.
Same-store occupancy averaged 91.5% during the quarter, ending at 91.9%.
Forward Guidance
The Company estimates that its fully diluted earnings per share for 2024 will be between $1.71 and $1.77, and that its fully diluted FFO per share, as adjusted, for 2024 will be between $2.61 and $2.67.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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