MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $80.7 million, or 43 cents per share, in the period.
The average estimate of eight 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 $42.9 million, or 23 cents per share.
The self-storage company posted revenue of $153.4 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $150.8 million.
For the current quarter ending in December, CubeSmart expects its per-share funds from operations to range from 41 cents to 42 cents.
The company expects full-year funds from operations in the range of $1.63 to $1.64 per share.
The company's shares have dropped almost 2 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.44, a rise of almost 10 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CUBE at https://www.zacks.com/ap/CUBE