CubeSmart reports Q3 EPS 45c, consensus 45c

Reports Q3 revenue $267.88M, consensus $240.89M. Reports Q3 funds from operations, as adjusted, per diluted share of 68c. Increased same-store net operating income 2.0% year over year, driven by 2.3% revenue growth and a 3.0% increase in property operating expenses. Averaged same-store occupancy of 92.1% during the quarter and ended the quarter at 91.4%. Added 41 stores to the company’s third-party management platform during the quarter, bringing total third-party managed store count to 763.”Our third quarter performance reflects the geographic and demographic quality of our portfolio. Our urban markets have outperformed, led by New York City, as demand and pricing are more stable and less impacted by the single-family home sales market,” commented CEO Christopher Marr. “As post-pandemic demand trends normalize and macroeconomic conditions remain volatile, our seasoned management team is maintaining our focus on maximizing revenues, controlling our costs, and providing outstanding customer service.”