CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2014. “Strong self-storage industry demand combined with very limited new supply in our markets continues to support our positive outlook for future growth,” commented President and Chief Executive Officer Christopher P. Marr. “During the second quarter, our property portfolio achieved all-time high occupancy levels and solid net effective rent growth resulting in FFO performance above expectations. We remain disciplined and focused on pursuing external growth opportunities that enhance our portfolio quality and generate long-term value for shareholders.” Key Highlights for the Quarter
- Reported funds from operations (“FFO”) per share, as adjusted, of $0.27, representing a year-over-year increase of 17.4%.
- Increased same-store (346 facilities) net operating income (“NOI”) 9.7% year-over-year, driven by 7.6% revenue growth and a 3.2% increase in property operating expenses.
- Same-store occupancy averaged 91.3% during the quarter, up 310 basis points year-over-year; ended the quarter with same-store occupancy of 92.4%.
- Closed on nine facility acquisitions totaling $127.4 million.
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 546 self-storage facilities across the United States. According to the 2014 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.
The Company plans to exceed Customer expectations by adding more personalized services and technology to some of the best storage spaces around. The Company’s self-storage facilities are designed to offer affordable, easily accessible, secure, and, in most locations, climate-controlled storage space for residential and commercial customers. CubeSmart® services include storage customization, logistics services, comprehensive moving services, organizational services, and office amenities.
For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.CubeSmart.com or call CubeSmart toll free at 800-800-1717.]]>