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Dec 31, 2019
CubeSmart Q4 2019 Earnings Report
CubeSmart's Q4 2019 performance showed resilience amidst new supply, with a slight increase in same-store NOI and strategic capital market activities.
Key Takeaways
CubeSmart reported a solid Q4 2019, marked by an EPS of $0.22 and an adjusted FFO per share of $0.42. The company saw a slight increase in same-store NOI, driven by revenue growth, and strategically managed its capital markets activities, including issuing unsecured senior notes and increasing the quarterly dividend.
Reported EPS attributable to the Company’s common shareholders was $0.22.
Reported funds from operations (“FFO”) per share, as adjusted, of $0.42.
Increased same-store (466 stores) net operating income (“NOI”) 0.4% year over year, driven by 1.6% revenue growth and a 4.6% increase in property operating expenses.
Same-store occupancy during the quarter averaged 91.7% and ended the quarter at 91.2%.