MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $81.1 million, or 42 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 41 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $49.4 million, or 26 cents per share.
The self-storage company posted revenue of $159 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $159.4 million.
For the current quarter ending in October, CubeSmart expects its per-share funds from operations to range from 43 cents to 44 cents.
The company expects full-year funds from operations in the range of $1.66 to $1.69 per share.
The company's shares have climbed 17% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $33.43, a rise of almost 10% in the last 12 months.