U.S. Markets closed

Free Post Earnings Research Report: CubeSmart’s Quarterly Revenue Grew 8%; FFO Rose 8%

Stock Monitor: Uniti Group Post Earnings Reporting

LONDON, UK / ACCESSWIRE / March 28, 2018 / Active-Investors.com has just released a free earnings report on CubeSmart (NYSE: CUBE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CUBE. CubeSmart reported its fourth quarter and fiscal 2017 operating and financial results on February 15, 2018. The self-storage Company topped revenue estimates, while FFO was in-line with market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Uniti Group Inc. (NASDAQ: UNIT), which also belongs to the Financial sector as the Company CubeSmart. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=UNIT

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CubeSmart most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=CUBE

Earnings Highlights and Summary

For Q4 2017, CubeSmart's revenues increased 8% to $143.48 million compared to $132.55 million in Q4 2016, primarily attributable to increased net effective rents in the same-store portfolio and revenues generated from property acquisitions and recently opened development properties. The Company's reported numbers beat analysts' expectations of $142.9 million.

For full year (FY) 2017, CubeSmart's revenues gained 10% to $558.94 million compared to $510.04 million in FY16.

During Q4 2017, CubeSmart's property expenses totaled $44.66 million, up 6% compared to $42.22 million for Q4 2016. The increase in property operating expenses were primarily attributable to $0.9 million of increased expenses associated with newly acquired stores and $1.5 million of increased costs to manage the Company's portfolio and support growth.

Net income attributable to CubeSmart's common shareholders was $39.5 million, or $0.22 per share, in Q4 2017 compared to $23.4 million, or $0.13 per share, for Q4 2016. CubeSmart's FFO, as adjusted, was $76.3 million, or $0.41 per share, for Q4 2017, compared to $69.0 million, or $0.38 per share, for Q4 2016. The Company's reported FFO numbers met Wall Street's estimates of $0.41 per share.

For FY17, net income attributable to CubeSmart's common shareholders was $134.3 million, or $0.74 per share, compared to $79.9 million or $0.45 per share for FY16. The Company's FFO, as adjusted, for FY17 was $291.5 million, or $1.59 per share, compared to $261.2 million, or $1.44 per share, for FY16.

Investment Activity

Acquisition Activity - During Q4 2017, CubeSmart acquired two stores for $18.6 million, located each in Texas and Florida. For FY17, the Company acquired four stores for $40.4 million, excluding three properties acquired at certificate of occupancy (C/O).

Development Activity - During Q4 2017, CubeSmart acquired two properties at C/O, located in Florida and Illinois, for $29.1 million and opened for operation a joint venture development property in New York for a total cost of $49.3 million.

As of December 31, 2017, CubeSmart had one property located in Florida under contract to purchase at C/O for a total acquisition price of $20.8 million. As of December 31, 2017, the Company had six joint venture development properties under development. The Company anticipates investing a total of $230.5 million related to these projects and had invested $74.3 million of that total as of year-end. The six projects are expected to open at various times between the third quarter of 2018 and the third quarter of 2019.

Third-Party Management - As of December 31, 2017, CubeSmart's third-party management program included 452 stores totaling 29.6 million square feet. During Q4 2017 and FY17, the Company added 37 stores and 160 stores, respectively, to its third-party management platform.

Same-Store Results

CubeSmart's same-store portfolio at December 31, 2017, included 432 stores containing approximately 29.6 million rentable square feet, or approximately 87.6% of the aggregate rentable square feet of the Company's 484 owned stores. These same-store properties represented approximately 91.1% of property NOI for the quarter ended December 31, 2017.

CubeSmart's same-store physical occupancy at period end for Q4 2017 was 91.7% compared to 91.8% for Q4 2016. The Company's reported quarter same-store revenues grew 4.0% and same-store operating expenses increased 0.1% on a y-o-y basis.

As of December 31, 2017, CubeSmart's total owned portfolio included 484 stores containing 33.8 million rentable square feet and had a physical occupancy of 89.2%.

Financing Activity

During Q4 2017 and FY17, CubeSmart sold 1.0 million common shares of beneficial interest through its at-the-market equity program at an average sales price of $29.13 per share, resulting in net proceeds of $29.6 million, after deducting offering costs. As of December 31, 2017, the Company had 4.7 million shares available for issuance under the existing equity distribution agreements.

Financial Outlook

For full year 2018, CubeSmart is forecasting FFO as adjusted to be between $1.60 and $1.65 per diluted share and earnings in the range of $0.76 and $0.81 per diluted share. The Company noted that for 2018, the same store pool will consist of 458 properties totaling 31.6 million square feet.

Stock Performance Snapshot

March 27, 2018 - At Tuesday's closing bell, CubeSmart's stock advanced 1.42%, ending the trading session at $27.79.

Volume traded for the day: 1.51 million shares, which was above the 3-month average volume of 1.49 million shares.

Stock performance in the last month – up 2.32%; previous six-month period – up 5.75%; and past twelve-month period – up 6.88%

After yesterday's close, CubeSmart's market cap was at $5.09 billion.

Price to Earnings (P/E) ratio was at 37.55.

The stock has a dividend yield of 4.32%.

The stock is part of the Financial sector, categorized under the REIT - Industrial industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors