CubeSmart: Q4 Earnings Snapshot
By AP nullMALVERN, Pa. (AP) — MALVERN, Pa. (AP) — CubeSmart (CUBE) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $147.3 million, or 64 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 66 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 $78.7 million, or 34 cents per share.
The self-storage company, based in Malvern, Pennsylvania, posted revenue of $282.7 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $280.5 million.
For the year, the company reported funds from operations of $593.3 million. Revenue was reported as $1.12 billion.
For the current quarter ending in March, CubeSmart expects its per-share funds from operations to range from 61 cents to 63 cents.
The company expects full-year funds from operations in the range of $2.52 to $2.60 per share.
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