CubeSmart announced its operating results for the first quarter ended March 31, 2025. Net income attributable to common shareholders was $89.2 million, a decrease from $94.5 million in Q1 2024. Diluted EPS for the quarter was $0.39, down from $0.42 in the prior year.
Funds from operations (FFO), as adjusted, per diluted share remained flat at $0.64 for both Q1 2025 and Q1 2024. Same-store net operating income (NOI) decreased by 0.8%, with revenues declining 0.4% and operating expenses increasing 0.6%. Same-store physical occupancy was 89.7% as of March 31, 2025, down from 90.3% in 2024.
During the quarter, the company completed the acquisition of the remaining 80% interest in the HVP IV venture, which includes 28 stores, for $452.8 million. This transaction included $44.4 million to repay the venture's existing indebtedness.
CubeSmart's third-party management platform expanded by 33 stores in Q1 2025, bringing the total managed store count to 869. The company's 2025 financial outlook for fully diluted FFO per share, as adjusted, remains largely unchanged, projected between $2.51 and $2.59.
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