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 (CUBE) reported its operating results for Q3 2020, demonstrating resilience amid COVID-19. Earnings per share (EPS) reached $0.24, up from $0.22 in Q3 2019, with net income at $46.9 million. The same-store occupancy was strong at 94.3%, although net operating income (NOI) declined by 1.6% year-over-year. The company added 37 stores to its management platform and announced a major acquisition of eight properties valued at approximately $540 million. Despite these positives, guidance for the remainder of 2020 remains suspended due to pandemic uncertainties.
CubeSmart (CUBE) announced the acquisition of eight self-storage properties in New York City from Storage Deluxe for $540 million. This portfolio spans 780,425 rentable square feet across Brooklyn, Queens, and the Bronx. The deal includes $201.7 million in cash, $183.7 million in Operating Partnership Units, and $154.6 million in assumed debt. CubeSmart aims to strengthen its market position and capitalize on favorable demographic trends in these boroughs. The transaction is expected to close in Q4 2020, contingent on customary conditions.
CubeSmart (NYSE: CUBE) will announce its financial results for Q3 2020 on November 5, 2020, after market close. A conference call is scheduled for November 6, 2020, at 11:00 a.m. ET. Investors can access the live webcast via the company's investor relations page. CubeSmart operates 1,253 self-storage properties across the U.S., ranking among the top three in the sector. The company aims to provide affordable and accessible storage solutions for residential and commercial needs.
CubeSmart (NYSE: CUBE) launched its new Mobile App on September 2, 2020, designed to enhance customer convenience in managing self-storage services. Customers can access gate codes, pay bills, and set up AutoPay directly from their phones. This app aims to simplify the storage experience, allowing users to manage their accounts and reservations digitally. With over 1,266 properties in the U.S., CubeSmart remains a leading self-storage operator, emphasizing customer care and innovative solutions.
CubeSmart (NYSE: CUBE) reported its Q2 2020 results, revealing a net income of $38.5 million, down from $49.4 million a year prior. Earnings per share (EPS) were $0.20, compared to $0.26 last year. Same-store net operating income decreased by 4.1%, driven by a 2.2% revenue decline. However, occupancy improved to 94.0% by quarter's end. The company acquired two properties for $65.7 million and opened a new development property for $45.9 million. Due to COVID-19 uncertainties, CubeSmart has not reinstated its 2020 guidance but highlighted a strong liquidity position.
CubeSmart (NYSE: CUBE) has declared a quarterly dividend of $0.33 per common share, payable on October 15, 2020, to shareholders of record by October 1, 2020. This decision reinforces the company’s commitment to returning value to its shareholders while maintaining its position as one of the top three self-storage property operators in the U.S., with a portfolio of 1,250 properties. The dividend highlights CubeSmart’s focus on providing accessible and affordable storage solutions.
CubeSmart (NYSE: CUBE) will release its financial results for the quarter ending June 30, 2020, on August 6, 2020, after market close. Following the release, a conference call is scheduled for August 7, 2020, at 11:00 a.m. ET. Investors can access the call via CubeSmart's investor relations page or by joining through various phone lines provided for domestic, international, and Canadian callers. CubeSmart is a leading self-storage real estate investment trust, owning or managing 1,250 properties in the U.S., focusing on affordable, accessible, climate-controlled storage solutions.
CubeSmart (NYSE: CUBE) declared a quarterly dividend of $0.33 per common share for the period ending June 30, 2020. This dividend will be payable on July 15, 2020, to shareholders of record as of July 1, 2020. CubeSmart is a leading self-storage real estate investment trust, managing 1,240 properties across the U.S., positioning itself among the top three in the industry. The company focuses on providing innovative storage solutions that cater to various customer needs.
CubeSmart (NYSE: CUBE) reported Q1 2020 results, highlighting earnings per share of $0.20 and funds from operations (FFO) per share of $0.41. Despite challenges from COVID-19, same-store net operating income (NOI) increased by 0.8% year-over-year, with revenue growing by 1.7%. The company maintained a strong occupancy rate of 91.8%. Notably, CubeSmart paused rate increases and adjusted delinquency processes due to the pandemic. The firm acquired one property for $9 million and invested in a joint venture for 14 stores at $135.3 million. Guidance for 2020 has been withdrawn amid ongoing uncertainties.
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