CubeSmart Q4 EPS $0.36, FFO $0.67; raises dividend 14%; guides 2023 FFO $2.64-$2.71

CubeSmart

2022-FY EPS reported $1.29 revenue$1,009,624,000

Q4 EPS $0.36 (vs $0.21 YoY); FFO per share adj. $0.67 (vs $0.58); full-year EPS $1.29 (vs $1.09).
Same-store NOI +12.1% YoY on 9.5% revenue growth; avg occupancy 92.8%.
Quarterly dividend raised 14% to $0.49 ($1.96 annualized); paid Jan 17, 2023.
2023 guidance: EPS $1.76-$1.83; FFO per share adj. $2.64-$2.71; same-store NOI +4-6%.
Amended credit facility to $850M, extended to Feb 2027; added 28 third-party managed stores.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CubeSmart reported fourth quarter of 2022 results: net income $81.9 million, EPS $0.36.

Period: fourth quarter of 2022
Net income: $81.9 million
EPS: $0.36
Result: reported results

Exact text from the filing

Net income attributable to the Company’s common shareholders was $ 81.9 million for the fourth quarter of 2022 , compared with $ 45.3 million for the fourth quarter of 2021 . EPS attributable to the Company’s common shareholders was $0.36 for the fourth quarter of 2022 , compared with $0.21 for the same period last year. Net income attributable to the Company's common shareholders for the year ended December 31, 2022 was $291.3 million, compared with $223.5 million for the year ended December 31, 2021. EPS increased 18.3% to $1.29 for the year ended December 31, 2022 compared with $1.09 for the prior year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CubeSmart reported year ended December 31, 2022 results: net income $291.3 million, EPS $1.29.

Period: year ended December 31, 2022
Net income: $291.3 million
EPS: $1.29
Result: reported results

Exact text from the filing

Net income attributable to the Company’s common shareholders was $ 81.9 million for the fourth quarter of 2022 , compared with $ 45.3 million for the fourth quarter of 2021 . EPS attributable to the Company’s common shareholders was $0.36 for the fourth quarter of 2022 , compared with $0.21 for the same period last year. Net income attributable to the Company's common shareholders for the year ended December 31, 2022 was $291.3 million, compared with $223.5 million for the year ended December 31, 2021. EPS increased 18.3% to $1.29 for the year ended December 31, 2022 compared with $1.09 for the prior year.

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CubeSmart filing history →

Source: SEC EDGAR

accession 0001298675-23-000006

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