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Sep 30, 2023
CubeSmart Q3 2023 Earnings Report
CubeSmart's performance in Q3 2023 reflected the strength of its portfolio, with urban markets outperforming due to stable demand and pricing. The company focused on maximizing revenues and controlling costs amidst normalizing post-pandemic demand and volatile macroeconomic conditions.
Key Takeaways
CubeSmart reported a diluted EPS of $0.45 and an adjusted FFO per diluted share of $0.68 for Q3 2023. Same-store NOI increased by 2.0% year-over-year, driven by revenue growth of 2.3%.
Diluted earnings per share (EPS) attributable to the Company’s common shareholders was reported at $0.45.
Funds from operations (FFO), as adjusted, per diluted share was reported at $0.68.
Same-store (592 stores) net operating income (NOI) increased 2.0% year over year, driven by 2.3% revenue growth and a 3.0% increase in property operating expenses.
Same-store occupancy averaged 92.1% during the quarter and ended the quarter at 91.4%.
Forward Guidance
The Company estimates that its fully diluted earnings per share for the year will be between $1.78 and $1.80, and that its fully diluted FFO per share, as adjusted, for 2023 will be between $2.65 and $2.67.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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