MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $86.8 million, or 44 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 43 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 $42.2 million, or 22 cents per share.
The self-storage company posted revenue of $166.5 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $165.4 million.
CubeSmart expects full-year funds from operations in the range of $1.67 to $1.69 per share.
The company's shares have climbed 20% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $34.29, a rise of 21% in the last 12 months.