CubeSmart Q3 FFO Tops Estimates at 66 Cents Per Share; Revenue Beats Forecasts

CubeSmart (CUBE) reported third-quarter funds from operations of $150.3 million, or 66 cents per share, topping the 65-cent average estimate of five analysts surveyed by Zacks Investment Research. The Malvern, Pennsylvania-based self-storage REIT posted net income of $94.4 million, or 42 cents per share, on revenue of $294 million, which also exceeded Street forecasts of $290.6 million from four analysts. Funds from operations, a closely watched measure in the REIT industry, adds back items such as depreciation and amortization to net income. CubeSmart guided full-year funds from operations to a range of $2.54 to $2.60 per share.