CubeSmart Q3 2024 EPS $0.44, FFO $0.67; same-store NOI down 3.1%

CubeSmart

2024-Q3 EPS reported $1.28 revenue$798,505,000

Diluted EPS $0.44 vs $0.45; FFO as adjusted $0.67 vs $0.68, both YoY declines.
Same-store NOI -3.1% on -0.8% revenue and +5.3% operating expenses; occupancy 90.2%.
Full-year 2024 guidance: diluted EPS $1.72-$1.76; FFO as adjusted $2.62-$2.66.
Under contract to acquire two stores for ~$22M; two JV developments in NY expected open Q3 2025.
Sold 0.6M shares via ATM at avg $54.20, net proceeds $32.8M; quarterly dividend $0.51.

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