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Sep 30, 2020
CubeSmart Q3 2020 Earnings Report
CubeSmart's Q3 2020 performance rebounded with strong demand and strategic acquisitions.
Key Takeaways
CubeSmart reported a net income of $46.9 million and EPS of $0.24 for Q3 2020. Same-store NOI decreased by 1.6% year over year, driven by revenue growth of 0.1% and an increase in property operating expenses of 4.2%. The company added 37 stores to its third-party management platform, bringing the total to 733.
EPS attributable to common shareholders was reported at $0.24.
FFO per share, as adjusted, was reported at $0.44.
Same-store NOI decreased 1.6% year over year due to revenue growth of 0.1% and a 4.2% increase in property operating expenses.
Same-store occupancy averaged 94.4% during the quarter and ended at 94.3%.
Forward Guidance
Due to the continued uncertainty surrounding the duration, scope and severity of the pandemic, and the associated mitigation efforts, it is difficult to predict the impact on future operational and financial results. Therefore, the Company is not reinstating guidance for 2020 at this time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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