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Dec 31, 2021
CubeSmart Q4 2021 Earnings Report
CubeSmart's Q4 2021 performance was marked by robust organic growth, strategic acquisitions, and increased profitability.
Key Takeaways
CubeSmart reported a strong Q4 2021, marked by a 20.6% year-over-year increase in same-store NOI, driven by 15.8% revenue growth. The company closed the Storage West acquisition and increased its quarterly dividend by 26.5%.
EPS attributable to common shareholders was reported at $0.21.
FFO per share, as adjusted, was reported at $0.58.
Same-store NOI increased by 20.6% year-over-year.
The acquisition of Storage West self-storage platform was completed for approximately $1.7 billion.
Forward Guidance
The company estimates that its fully diluted earnings per share for the year will be between $0.98 and $1.05, and that its fully diluted FFO per share, as adjusted, for 2022 will be between $2.35 and $2.42.
Positive Outlook
- Same-store revenue growth between 8.00% to 10.00%
- Same-store expense growth between 5.50% to 7.00%
- Same-store NOI growth between 9.50% to 11.50%
- Acquisition of consolidated operating properties between $100.0M to $300.0M
- Property management fee income between $30.5M to $32.5M
Challenges Ahead
- Dilution from properties in lease-up: $ (0.05) to $ (0.06)
- General and administrative expenses between $54.0M to $56.0M
- Interest and loan amortization expense between $99.0M to $101.0M
- Earnings per diluted share allocated to common shareholders between $0.98 to $1.05
Historical Earnings Impact
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Avg. Return Before/After Earnings
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