CubeSmart Q2 EPS $0.41 vs $0.43 YoY; same-store NOI down 1.2%

CubeSmart

2024-Q2 EPS reported $0.83 revenue$527,615,000

Diluted EPS $0.41 (down from $0.43); adjusted FFO per share $0.64 (down 3% from $0.66).
Same-store NOI declined 1.2% on 0.3% revenue growth and 4.2% expense increase.
Net income $94.0M vs $97.9M YoY; occupancy 91.9% ending.
2024 guidance maintained: EPS $1.71-$1.77, adjusted FFO $2.61-$2.67.
Added 39 stores to third-party management (total 879); opened two developments for $61.8M.

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