CubeSmart (NYSE: CUBE) today announced its operating results for the three months ended March 31, 2014.
CubeSmart President and Chief Executive Officer Christopher P. Marr commented, “Our strong performance to start the year was driven by our property portfolio and operating platform maximizing the continued positive trends in self-storage fundamentals and lack of new supply in our markets. We are pleased with our position entering the busy rental season and confident in continuing to deliver on our internal and external growth expectations.”
Key Highlights for the Quarter
- Reported funds from operations (“FFO”) per share, as adjusted, of $0.25, representing a year-over-year increase of 25%.
- Increased same-store (346 facilities) net operating income (“NOI”) 9.0% year over year, driven by 7.0% revenue growth and a 3.2% increase in property operating expenses.
- Same-store occupancy averaged 89.1% during the quarter, up 400 basis points year-over-year; ended the quarter with same-store occupancy of 89.5%.
- Closed on 10 facility acquisitions totaling $103.3 million.
- Opened for operation two new properties, a self-storage facility in the Bronx, New York and a mixed-use facility in Malvern, Pennsylvania.
CubeSmart is a self-administered and self-managed real estate investment trust. The Company’s self-storage facilities are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2014 Self-Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the United States. For more information, please visit: https://www.cubesmart.com/]]>