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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:
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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:
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.
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.
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%.
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.
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.
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