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Sep 30, 2022
CubeSmart Q3 2022 Earnings Report
CubeSmart's Q3 2022 results were announced, featuring solid demand and a focus on 2023 growth opportunities.
Key Takeaways
CubeSmart reported a strong Q3 2022 with increased net income and FFO, driven by solid demand and normalized seasonal trends. The company is well-positioned for 2023 with positive cash flow growth and a strong balance sheet.
EPS attributable to common shareholders was reported at $0.50.
FFO per share, as adjusted, was reported at $0.66.
Same-store NOI increased by 15.4% year over year, driven by revenue growth of 12.2%.
Same-store occupancy averaged 94.4% during the quarter and ended at 93.8%.
CubeSmart
CubeSmart
Forward Guidance
The Company estimates that its fully diluted earnings per share for the year will be between $1.26 and $1.28, and that its fully diluted FFO per share, as adjusted, for 2022 will be between $2.50 and $2.52.