Welcome to our dedicated page for CubeSmart news (Ticker: CUBE), a resource for investors and traders seeking the latest updates and insights on CubeSmart stock.
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 declared a quarterly dividend of $0.43 per share for the period ending September 30, 2022. The dividend is payable on October 17, 2022 to shareholders of record on October 3, 2022. As a leading self-storage real estate investment trust with 1,279 properties across the U.S., CubeSmart aims to assist customers with innovative solutions and unmatched service in storage needs.
CubeSmart (NYSE: CUBE) will announce its financial results for Q2 2022 on August 4, 2022, after market close. A conference call is scheduled for August 5, 2022, at 11:00 a.m. ET, accessible via their investor relations website. CubeSmart, a leading real estate investment trust, operates 1,287 self-storage properties in the U.S. and is recognized as one of the top three self-storage operators. The company's mission focuses on providing affordable and accessible storage solutions for both residential and commercial needs.
CubeSmart (NYSE: CUBE) has declared a quarterly dividend of $0.43 per common share for the period ending June 30, 2022. This is payable on July 15, 2022 to shareholders of record on July 1, 2022. As one of the top three self-storage property owners in the U.S., CubeSmart operates 1,277 properties. The company focuses on providing accessible, affordable, and climate-controlled storage solutions to meet the diverse needs of residential and commercial customers.
CubeSmart (CUBE) reported strong Q1 results for 2022, with earnings per share (EPS) at $0.17, down from $0.21 in Q1 2021. Funds from operations (FFO) per share rose to $0.58, reflecting a 23.4% increase year-over-year. Same-store net operating income (NOI) grew 21.4%, supported by a 15.6% revenue increase. The average same-store occupancy was 93.6%, ending the quarter at 94.1%. The company acquired one property for $32 million, anticipates further acquisitions, and declared a quarterly dividend of $0.43 per share.
CubeSmart (CUBE) is set to release its Q1 2022 financial results on April 28, 2022. The earnings conference call will occur on April 29, 2022, at 11:00 a.m. ET. Investors can access a live webcast through the company’s investor relations page. The company, a leading self-storage REIT, operates 1,269 properties across the U.S. and aims to address customers' organizational and logistical needs with affordable and accessible storage solutions.
CubeSmart reported strong operating results for Q4 and the full year 2021, with a net income of $45.3 million, up from $42.3 million YoY. The company achieved a 20.6% increase in same-store net operating income, driven by 15.8% revenue growth. It successfully completed the $1.7 billion acquisition of LAACO, adding 57 self-storage facilities. The board increased the quarterly dividend by 26.5% to $1.72 per share. Guidance for 2022 anticipates Earnings per Share of $0.98 to $1.05 and FFO of $2.35 to $2.42 per share.
CubeSmart has declared a quarterly dividend of $0.43 per common share for Q1 2022, payable on April 18, 2022, to shareholders of record by April 1, 2022. As one of the top three self-storage property operators in the U.S., CubeSmart owns or manages 1,265 self-storage facilities nationwide, aiming to address organizational and logistical challenges for both residential and commercial customers through its innovative storage solutions.
CubeSmart (NYSE: CUBE) announced it will release its financial results for the period ending December 31, 2021, after market close on February 24, 2022. A conference call will take place on February 25, 2022, at 11:00 a.m. ET to discuss these results.
Investors can join the call via a live webcast on the company's investor relations page. After the live event, the call will be available for replay on CubeSmart's website for 15 days and through a telephonic replay until March 12, 2022.
KKR has launched a self-storage real estate investment platform named Alpha Storage Properties (ASP), headed by industry veteran Jonathan Perry. KKR's real estate funds have acquired 16 self-storage assets for approximately $300 million, totaling around 11,700 units or 1.2 million square feet, in major growth markets including Austin, Atlanta, and Orlando. The firm aims to leverage its proven investment strategy and expertise to further expand its presence in the self-storage sector, which has shown steady growth over the past 30 years.
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