CubeSmart announced its operating results for the third quarter ended September 30, 2024, reporting a net income attributable to common shareholders of $100.8 million, a decrease from $102.6 million in the prior year. Diluted EPS for the quarter was $0.44, down from $0.45 for the same period last year.
Funds from operations (FFO), as adjusted, per diluted share decreased by 1.5% to $0.67, compared to $0.68 for the same period last year. Same-store net operating income (NOI) saw a 3.1% decrease, driven by a 0.8% decline in revenues and a 5.3% increase in operating expenses. Same-store physical occupancy was 90.2% as of September 30, 2024, down from 91.3% in 2023.
The company updated its full-year 2024 financial outlook, projecting fully diluted FFO per share, as adjusted, to be between $2.62 and $2.66. CubeSmart also reported being under contract to acquire two stores in Oregon and Pennsylvania for an aggregate of $22.0 million, expected to close in the fourth quarter of 2024.
Additionally, CubeSmart added 24 stores to its third-party management platform during the quarter, bringing the total to 893 stores. The company also sold 0.6 million common shares through its at-the-market (ATM) equity program, generating net proceeds of $32.8 million.
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