Collection of Blogs

CubeSmart Self Storage – Q3 Earnings Report

We are continuing to look at the REITs quarter 3 earnings reports. Our next focus is CubeSmart. CubeSmart owns and/or manages 518 self-storage facilities across the U.S. They also operate the CubeSmart Network, which consists of approximately 825 additional self-storage facilities. CubeSmart released its earnings in a call Nov.8th. Here is our summary of what was discussed.

CubeSmart Self Storage – Q3 Earnings Report

Same store quarterly results vs. last year: Revenue up 4.1%, operating expenses up 3.4% and NOI up 4.5%

Occupancy increased 3.7% to 84.9%

Closed 14 acquisitions for $85.9 million and closed on the final stores in the second pool of the

Storage Deluxe transaction for $68.2million

Sold 7 stores for $12.5 million

Acquired remaining 50% interests in two Joint Ventures

Year to date acquisitions total $437.6 million

Investment Activity

14 stores acquired were located in CO, CT, GA, NJ, TX and VA

Have 4 stores under contract for $20.5 million

Closed on final pool involved with the $560 million Storage Deluxe transaction from 2011

7 stores sold were located in NM and CA

Subsequent to quarter end, sold 11 stores, 8 in OH, 2 in FL and 1 in TN

Third-Party Management

Fee income increased 25% year over year

Awarded 39 new management contracts in the quarter

Outlook

Continuing to exceed performance targets and increasing full year earnings

Next we will focus on Public Storage, so stay posted.

 

Leave a Reply