Stock Monitor: Terreno Realty Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 01, 2017 / Active-Investors free earnings report on CubeSmart (NYSE: CUBE) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=CUBE. The Company reported its third quarter fiscal 2017 operating results on October 26, 2017. The Malvern, Pennsylvania-based real estate investment trust surpassed top- and bottom-line expectations, and also updated its earnings guidance for the fiscal year. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
For the third quarter of the fiscal year 2017, CubeSmart's revenues totaled $143.87 million, up 9% compared to $132.10 million in Q3 2016. The growth in revenues were primarily attributable to increased net effective rents and occupancy levels in the same-store portfolio, as well as revenues generated from property acquisitions and recently opened development properties. The Company's revenue numbers topped analysts' estimates of $140.4 million.
CubeSmart's same-store portfolio at September 30, 2017, included 432 stores containing approximately 29.5 million rentable square feet, or approximately 88.5% of the aggregate rentable square feet of the Company's 480 owned stores. These same-store properties represented approximately 91.7% of property NOI for the reported quarter.
CubeSmart's same-store physical occupancy was 93.7% for Q3 2017 compared to 93.1% for Q3 2016. The Company's same-store revenues increased 4.1% for the reported quarter, and same-store operating expenses increased 4.2% from Q3 2016. CubeSmart's same-store NOI increased 4.1% on a y-o-y basis.
CubeSmart reported a net income attributable to the Company's common shareholders of $37.3 million, or $0.21 per common share, in Q3 2017 compared to $23.4 million, or $0.13 per common share, in Q3 2016.
CubeSmart's adjusted funds from operations (AFFO) was $77.2 million for Q3 2017 compared to $68.7 million for Q3 2016. The Company's AFFO per share jumped 10.5% to $0.42 for the reported quarter compared to $0.38 for the year ago same period. CubeSmart's AFFO numbers exceeded Wall Street's estimates of $0.40 per share.
As of September 30, 2017, CubeSmart's total owned portfolio included 480 stores containing 33.4 million rentable square feet and had a physical occupancy of 91.9%.
During Q3 2017, CubeSmart did not make any acquisitions. Subsequent to September 30, 2017, the Company acquired three stores, two of them located in Texas, and one in Florida, for approximately $28.0 million. In total for the year to date through the earnings release, the Company has acquired five properties for $49.9 million.
During Q3 2017, CubeSmart opened for operation one wholly-owned development property in Washington, DC for a total cost of $27.8 million, and completed a joint venture development property in New York City, New York for a total cost of $81.2 million, in which the Company has a 90% interest.
As of September 30, 2017, the Company had seven joint venture properties under development. The Company anticipates investing a total of $280.3 million related to these projects and had invested $87.4 million of that total as of the end of the reported quarter.
2017 Financial Outlook
For FY17, CubeSmart is forecasting fully diluted earnings per share (EPS) allocated to common stakeholders to be between $0.73 and $0.74 versus the earlier forecasts which were in the range of $0.70 and $0.74. The Company's fully diluted AFFO per share is now expected to be between $1.57 and $1.58 for FY17 from the prior guidance which was between $1.53 and $1.57.
For Q4 2017, CubeSmart is forecasting fully diluted EPS to be in the band of $0.20 and $0.21, and fully diluted AFFO per share to be between $0.40 and $0.41 for the upcoming quarter.
Stock Performance Snapshot
November 30, 2017 - At Thursday's closing bell, CubeSmart's stock slightly rose 0.63%, ending the trading session at $28.54.
Volume traded for the day: 1.69 million shares.
Stock performance in the last month – up 4.85%; previous three-month period – up 15.78%; past twelve-month period – up 15.78%; and year-to-date – up 6.61%
After yesterday's close, CubeSmart's market cap was at $5.16 billion.
Price to Earnings (P/E) ratio was at 43.77.
The stock has a dividend yield of 3.78%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry. This sector was up 0.2% at the end of the session.
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