Exhibit 99.1

News Release – October 25, 2018

 

CubeSmart Reports Third Quarter 2018 Results

 

MALVERN, PA -- (Globe Newswire) – October 25,  2018 -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and nine months ended September 30, 2018.

 

“Third-quarter performance continues to reflect healthy demand trends and a competitive pricing environment,” commented President and Chief Executive Officer Christopher P. Marr. “Our scalable, sophisticated operating platform and customer service focus generated solid results across our portfolio. We remain active and disciplined in pursuing growth opportunities that deliver attractive, risk-adjusted returns to our shareholders.”

   

Key Highlights for the Quarter

 

·

Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.23.

·

Reported funds from operations (“FFO”) per share, as adjusted, of $0.43, representing a year over year increase of 2.4%.

·

Increased same-store (458 stores) net operating income (“NOI”) 3.9% year over year, driven by 3.0% revenue growth and a 0.6% increase in property operating expenses.

·

Same-store occupancy during the quarter averaged 93.3% and ended the quarter at 92.7%.  

·

Closed on three property acquisitions totaling $59.6 million.

·

Opened for operation one development property for a total cost of $91.5 million.

·

Sold 0.4 million common shares at an average sales price of $31.38 per share, resulting in net proceeds of $12.9 million.

·

Added 60 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 582.

 

Financial Results

 

Net income attributable to the Company’s common shareholders was $42.9 million for the third quarter of 2018, compared with $37.3 million for the third quarter of 2017. EPS attributable to the Company’s common shareholders was $0.23 for the third quarter of 2018, compared to $0.21 for the same period last year.

 

FFO, as adjusted, was $80.7 million for the third quarter of 2018, compared with $77.2 million for the third quarter of 2017. FFO per share, as adjusted, increased 2.4% to $0.43 for the third quarter of 2018, compared with $0.42 for the same period last year. 

 

Investment Activity

 

Acquisition Activity

   

The Company acquired three stores in Washington, D.C., Nevada and North Carolina for $59.6 million during the three months ended September 30, 2018 and subsequent to quarter-end, acquired two stores in California and Texas for $76.4 million. In total for the year to date through this press release, the Company has acquired seven properties for $167.2 million and currently has two additional properties under contract for $41.3 million.

 

 

 

 

Third Quarter 2018

Picture 10 

Page  1

 


The following information was filed by Cubesmart (CUBE) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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