U.S. Markets closed

CubeSmart: 4Q Earnings Snapshot

MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.

The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $79.9 million, or 42 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 42 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 $48.2 million, or 26 cents per share.

The self-storage company posted revenue of $134.7 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $155 million.

For the year, the company reported funds from operations of $307.8 million, or $1.64 per share. Revenue was reported as $597.9 million.

For the current quarter ending in April, CubeSmart expects its per-share funds from operations to range from 39 cents to 40 cents.

The company expects full-year funds from operations in the range of $1.64 to $1.69 per share.

The company's shares have climbed 3 percent since the beginning of the year. The stock has risen 14 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