CubeSmart Q3 2024 Earnings Report
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%.
CubeSmart
CubeSmart
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.