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CubeSmart (NYSE: CUBE) is a premier self-administered and self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of self-storage facilities across the United States. With over 600 locations nationwide, CubeSmart is a leader in providing innovative, easily accessible, and affordable storage solutions for both residential and commercial customers. The company's portfolio prominently spans key markets such as Florida, Texas, California, New York, and Illinois, which collectively account for the majority of its square footage and revenue.
At the core of CubeSmart's success is its commitment to exceptional customer service. The company's well-trained managers and unique WOW! Department aim to deliver a storage experience that exceeds customer expectations. This focus on service is complemented by CubeSmart's strategic approach to property acquisitions and developments, catering to high-demand urban markets.
In the third quarter of 2023, CubeSmart reported net income attributable to common shareholders of $102.6 million, reflecting the quality of its portfolio and the stability of its urban markets. Despite a year-over-year decrease, primarily due to a significant gain from property sales in 2022, the company's funds from operations (FFO), as adjusted, showed a positive trend with a 3.0% increase per diluted share.
CubeSmart is also active in expanding its footprint through strategic acquisitions and new developments. The company is currently under contract to acquire a store in New Jersey and is involved in constructing new self-storage properties in high-barrier-to-entry locations like New Jersey and New York. As of September 30, 2023, CubeSmart had three joint venture development properties under construction, representing a total expected investment of $75.2 million.
The company's third-party management platform is another significant growth avenue. As of September 30, 2023, CubeSmart managed 763 stores, encompassing 49.9 million rentable square feet. This program not only expands CubeSmart's reach but also leverages its operational expertise without heavy capital expenditure.
Financially, CubeSmart demonstrates a robust balance sheet and disciplined capital allocation. The company declared a quarterly dividend of $0.49 per common share in July 2023, underlining its commitment to returning value to shareholders. CubeSmart's outlook for the year remains optimistic, with an estimated FFO per share, as adjusted, projected between $2.65 and $2.67.
CubeSmart's mission is to simplify the storage needs arising from life's events and business demands through innovative solutions and genuine care. With a strong presence in the self-storage industry and a focus on maximizing revenue and controlling costs, CubeSmart continues to position itself as a top performer in the market.
For more information on CubeSmart and its services, visit www.cubesmart.com or connect with them on social media platforms like Facebook, Twitter, and YouTube.
CubeSmart (NYSE: CUBE) announced the release of its financial results for the three-month period ending March 31, 2023, set for April 27, 2023, after market close. A conference call will follow on April 28, 2023, at 11:00 a.m. ET. Shareholders can access a live webcast via the Company's investor relations webpage. The call will be available for 15 days post-event, with a telephonic replay option until May 12, 2023. CubeSmart is recognized as one of the top three self-storage owners and operators in the U.S., managing 1,294 properties nationwide. The Company aims to address storage needs through innovative solutions and exceptional customer service.
CubeSmart (NYSE: CUBE) reported strong operating results for Q4 and the full year 2022. CEO Christopher P. Marr emphasized the company's growth and efficiency, achieving a 12.1% increase in same-store net operating income (NOI) and a 9.5% rise in revenue. Q4 EPS attributed to common shareholders was $0.36, up from $0.21 YoY, while FFO per share increased 15.5% to $0.67. The company amended its credit facility, boosting the amount from $750 million to $850 million. A 14% increase in the quarterly dividend was also announced. Looking ahead, 2023 guidance includes an EPS range of $1.76 to $1.83 and FFO per share of $2.64 to $2.71.
CubeSmart (NYSE: CUBE) has declared a quarterly dividend of $0.49 per common share for the period ending March 31, 2023. This dividend is payable on April 17, 2023 to shareholders on record as of April 3, 2023.
As a leading real estate investment trust, CubeSmart owns and manages 1,281 self-storage properties across the U.S. It is recognized as one of the top three operators in the industry, providing innovative solutions and services to meet diverse storage needs.
CubeSmart (NYSE: CUBE) will release its financial results for the three-month period ending December 31, 2022, after market close on February 23, 2023. A conference call is scheduled for February 24, 2023, at 11:00 a.m. ET. The call will be accessible via live webcast on the company's investor relations page. Telephone participants can pre-register to receive a special dial-in number or join via designated numbers on the call date. CubeSmart operates 1,280 self-storage properties in the U.S. and ranks among the top three in the industry, focusing on affordable and accessible storage solutions.
CubeSmart (NYSE: CUBE) announced the tax allocations for its 2022 distributions for common stock, highlighting a total distribution of $1.72 per share. This includes ordinary dividends, capital gains, and unrecaptured Section 1250 gains. The distributions were paid quarterly throughout 2022, with the last payment dated January 18, 2022. Additionally, the fourth quarter distribution recorded on January 3, 2023, is considered a 2023 distribution for tax purposes. CubeSmart, a leading self-storage REIT, manages 1,275 properties in the U.S., committed to providing innovative storage solutions and exceptional customer service.
CubeSmart announced a quarterly dividend of $0.49 per share for the period ending December 31, 2022, payable on January 17, 2023. This marks a 14.0% increase in the annualized dividend rate to $1.96, up from $1.72 the previous year. The increase reflects the company's successful cash flow strategy and demonstrates its commitment to sharing growth with shareholders, marking the 13th consecutive annual increase. CubeSmart operates 1,272 self-storage properties across the U.S., ranking among the top three in the industry.
CubeSmart (NYSE: CUBE) reported solid Q3 2022 results, with earnings per share (EPS) of $0.50 and funds from operations (FFO) per share of $0.66, reflecting a year-over-year increase of 17.9%. Same-store net operating income (NOI) surged 15.4%, driven by a 12.2% rise in revenue. The company acquired a property for $20.7 million and successfully executed a significant sale of 14 properties for $235 million, generating $49.9 million in proceeds. Looking ahead, CubeSmart revised its EPS guidance upward to $1.26-$1.28 for 2022, signaling confidence in growth amid economic fluctuations.
CubeSmart (NYSE: CUBE) will release its financial results for Q3 2022 on October 27, 2022, after market close. A conference call is scheduled for October 28, 2022, at 11:00 a.m. ET. The call will be accessible via a live webcast on the company's investor relations page. CubeSmart, a self-administered real estate investment trust, operates 1,272 self-storage properties across the U.S., ranking among the top three in the industry according to the 2022 Self Storage Almanac. The call will be available for replay for 15 days following the event.
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