CubeSmart Q3 Adjusted FFO Falls, Revenue Rises; Shares Drop After Hours

MT Newswires Live11-01

CubeSmart (CUBE) reported Q3 adjusted funds from operations late Thursday of $0.67 per diluted share, down from $0.68 a year earlier.

Analysts polled by Capital IQ expected $0.67.

Revenue for the quarter ended Sept. 30 rose to $270.9 million from $267.9 million a year earlier.

Analysts surveyed by Capital IQ expected $269.5 million.

For Q4, the company expects AFFO of $0.67 to $0.70 per share.

The consensus is for $0.68.

For 2024, CubeSmart now projects AFFO at $2.62 to $2.66 per share, compared with its prior range of $2.61 to $2.67.

Analysts are looking for $2.64.

The company's shares were down 2.8% in after-hours activity.

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