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Sep 30, 2024
CubeSmart Q3 2024 Earnings Report
CubeSmart's Q3 2024 performance reflected a competitive environment for new customer rental rates, with existing customers remaining resilient. The company celebrated its 20th anniversary as a public company and focused on innovation.
Key Takeaways
CubeSmart reported a net income of $100.8 million and EPS of $0.44 for Q3 2024. Same-store NOI decreased by 3.1% year over year, driven by a decrease in revenues and an increase in operating expenses. The company added 24 stores to its third-party management platform, bringing the total to 893.
Diluted earnings per share (EPS) attributable to common shareholders were reported at $0.44.
Funds from operations (FFO), as adjusted, per diluted share was reported at $0.67.
Same-store net operating income (NOI) decreased by 3.1% year over year.
Same-store occupancy averaged 90.8% during the quarter, ending at 90.2%.
Revenue by Segment
Forward Guidance
The Company estimates that its fully diluted earnings per share for 2024 will be between $1.72 and $1.76, and that its fully diluted FFO per share, as adjusted, for 2024 will be between $2.62 and $2.66. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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