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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%.
CubeSmart
CubeSmart
CubeSmart Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comOther Property Income Revenue
CapyFin.comManagement Fee Income Revenue
CapyFin.com 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