CubeSmart Q1 EPS $0.42, FFO $0.64; same-store NOI down 1.9% YoY

CubeSmart

2024-Q1 EPS reported $0.42 revenue$261,406,000

Diluted EPS $0.42 vs $0.43 YoY; FFO as adjusted $0.64 vs $0.65 YoY, down 1.5%.
Same-store NOI decreased 1.9% YoY; operating expenses up 5.0%, revenues flat.
Acquired two stores for $20.2M; added 68 stores to third-party management platform (total 860).
2024 guidance reiterated: EPS $1.69-$1.79, FFO $2.59-$2.69 per share.
Quarterly dividend $0.51 per share paid April 15, 2024; unchanged from prior.

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 0.95

CubeSmart reported three months ended March 31, 2024 results: net income Net income attributable to the Company’s common shareholders was $94.5 million for the first quarter of 2024, EPS Reported diluted earnings per share attributable to the Company’s common shareholders of $0.42. Guidance reaffirmed.

Period: three months ended March 31, 2024
Net income: Net income attributable to the Company’s common shareholders was $94.5 million for the first quarter of 2024
EPS: Reported diluted earnings per share attributable to the Company’s common shareholders of $0.42
Guidance: reaffirmed
Result: reported results

Exact text from the filing

CubeSmart (the “Company”) announced its financial results for the three months ended March 31, 2024

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Source: SEC EDGAR

accession 0001298675-24-000018

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