Financial Data and Key Metrics Changes - Same-store NOI declined by 3.7% in Q4 2024, with same-store revenue growth at negative 1.6%, driven by pressure on asking rates and a 120 basis points drop in occupancy levels compared to last year [17][18] - FFO per share as adjusted was reported at $0.68 for the quarter, with a 2% increase in the quarterly dividend to an annualized $2.08 per share, representing a 4.9% dividend yield [19][20] - Real estate taxes grew by 17.5% in Q4 2024 compared to the previous year, contributing to a 4.7% increase in same-store expenses [18][19] Business Line Data and Key Metrics Changes - The year-over-year same-store occupancy gap narrowed from negative 100 basis points at year-end 2024 to negative 50 basis points as of the end of February 2025 [7] - Rents for new customer rentals improved from a negative 10.3% year-over-year gap in Q4 to negative 7.4% recently [7][67] Market Data and Key Metrics Changes - Lower beta urban markets are outperforming the Sunbelt, with New York City continuing to be a bright spot and the highest growing market [9] - The occupancy gap to last year has closed to negative 50 basis points, with the overall store pool occupancy at 89.5% [76] Company Strategy and Development Direction - The company remains optimistic about long-term business health and is focused on creative external growth methods, including recent joint venture acquisitions [11][12] - The 2025 guidance assumes a gradual improvement in same-store revenue, with expectations for occupancy levels to be slightly down compared to 2024 and rates improving but still down in the mid-single digits [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic health of existing customers, while acknowledging the challenges posed by high core inflation [8][10] - The company is being prudently cautious in its initial 2025 outlook, recognizing that previous forecasts around housing market improvements have proven overly optimistic [10][63] Other Important Information - The company successfully closed a joint venture investment by acquiring an 80% interest in a portfolio of stores, which is expected to provide significant value creation opportunities [21][24] - The company raised $85.6 million in net proceeds during the quarter through its at-the-market equity program to fund acquisitions [25][100] Q&A Session Summary Question: Inquiry about the joint venture transaction and future opportunities - Management indicated no imminent opportunities for other joint ventures, as the recent transaction was motivated by a liquidity need from their partner [36][37] Question: Clarification on catalysts for demand acceleration - Management noted that clarity in mortgage rates and overall economic conditions are needed to boost consumer confidence and demand [45][46] Question: Concerns about potential street rate wars in 2025 - Management expressed caution but noted recent improvements in rates for new customers, indicating a need for consistent positive trends [56][58] Question: Update on occupancy and performance through February - Management confirmed that occupancy has improved, with a negative gap of 50 basis points, and expressed confidence in long-term health despite recent challenges [76][78] Question: Discussion on operating expenses and potential efficiencies - Management acknowledged that operating expenses are returning to normal inflation levels and emphasized a service-first approach to customer service [146][148]

CubeSmart (CUBE) came out with quarterly funds from operations (FFO) of $0.68 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.70 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this self-storage company would post FFO of $0.68 per share when it actually produced FFO of $0.67, delivering a surprise of -1.47%.Over the last four quarters, the company has not been able to surpass consensus FFO estimates.CubeSmart, whic ...

MALVERN, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and twelve months ended December 31, 2024. “Operating trends in the quarter were in line with our expectations given the volatile self-storage environment,” commented President and Chief Executive Officer Christopher P. Marr. “Looking forward to 2025, we are optimistic that we have reached an inflection point in the trend of decelerating growth rates, although we remain cautious given t ...

Company Overview - CubeSmart is a self-administered and self-managed real estate investment trust (REIT) that owns or manages 1,533 self-storage properties across the United States [1] - According to the 2024 Self Storage Almanac, CubeSmart ranks as one of the top three owners and operators of self-storage properties in the U.S. [1] Dividend Announcement - The Board of Trustees of CubeSmart declared a quarterly dividend of $0.52 per common share for the period ending March 31, 2025 [1] - This dividend is payable on April 15, 2025, to common shareholders of record on April 1, 2025 [1] Mission and Services - The company's mission is to simplify organizational and logistical challenges for customers through innovative solutions, unparalleled service, and genuine care [2] - CubeSmart's self-storage properties are designed to provide affordable, easily accessible, and, in most locations, climate-controlled storage space for both residential and commercial customers [2]

Core Insights - The joint venture between Hines and CubeSmart represents one of the largest self-storage portfolio transactions in the United States for 2024, highlighting the strength of the Dallas-Fort Worth market and the appeal of high-quality storage assets across the country [2][3] Company Overview - Hines is a leading global real estate investment manager with $93.0 billion in assets under management across various property types, serving a diverse group of institutional and private wealth clients [4][5] - CubeSmart is a self-administered and self-managed real estate investment trust, recognized as one of the top three owners and operators of self-storage properties in the United States, offering affordable and accessible storage solutions [6] Market Dynamics - The self-storage portfolio includes over 9,700 units and more than 1.25 million net rentable square feet, strategically located in key submarkets of Dallas-Fort Worth, benefiting from rapid population growth and increasing demand for self-storage [2][3] - According to Newmark's Q3 2024 Self-Storage Report, Dallas ranks third in projected population growth, indicating a strong correlation between favorable macroeconomic trends and significant investment activity in the self-storage market [3] Financial Performance - Newmark generated approximately $2.6 billion in revenues for the twelve months ended September 30, 2024, and operates nearly 170 offices globally with over 7,800 professionals [7]

MALVERN, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced that the Company will release financial results for the three-month period ended December 31, 2024 after the market close on Thursday, February 27, 2025. An accompanying conference call will be held at 11:00 a.m. ET on Friday, February 28, 2025. A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at investors.cubesmart.com. Telephone participan ...

Distribution Summary - CubeSmart announced its 2024 distributions for common shares, with a total distribution of $2.04 per share, broken down into ordinary dividends and other components [1] - Each quarterly distribution is set at $0.51 per share, with the ordinary dividend portion being $0.485746 [1] - The fourth quarter 2024 distribution is considered a 2025 distribution for federal income tax purposes [2] Company Overview - CubeSmart is a self-administered and self-managed real estate investment trust (REIT) that owns or manages 1,528 self-storage properties across the United States [2] - The company ranks among the top three owners and operators of self-storage properties in the U.S., according to the 2024 Self Storage Almanac [2] Mission and Services - The company's mission focuses on simplifying organizational and logistical challenges for customers through innovative solutions and exceptional service [3] - CubeSmart's self-storage properties are designed to provide affordable, easily accessible, and climate-controlled storage options for both residential and commercial customers [3]

Leadership Changes - Joel Keaton, Chief Operating Officer, will retire effective April 30, 2025, and will serve as a consultant post-retirement to ensure a smooth transition [1][3] - Guy Middlebrooks will be promoted to Executive Vice President, Operations, overseeing field operations and third-party management [2][7] - Amy Cross will be promoted to Executive Vice President, Technology, Data Science, and Marketing, having led the transformation of CubeSmart's IT function [7] Company Overview - CubeSmart is a self-administered and self-managed real estate investment trust, owning or managing 1,528 self-storage properties across the United States [4] - The company is recognized as one of the top three owners and operators of self-storage properties in the U.S. according to the 2024 Self Storage Almanac [4] Company Mission - CubeSmart's mission is to simplify organizational and logistical challenges for customers through innovative solutions, unparalleled service, and genuine care [5] - The self-storage properties are designed to offer affordable, easily accessible, and climate-controlled storage space for both residential and commercial customers [5]

Leadership Changes - Joel Keaton, Chief Operating Officer, will retire on April 30, 2025, and will serve as a consultant to ensure a smooth transition [1][2] - Amy Cross will be promoted to Executive Vice President, Technology, Data Science, and Marketing, having led the transformation of CubeSmart's IT function [6] - Guy Middlebrooks will be promoted to Executive Vice President, Operations, overseeing field operations and third-party management [6] Company Overview - CubeSmart is a self-administered and self-managed real estate investment trust, owning or managing 1,528 self-storage properties across the U.S. [3] - The company is recognized as one of the top three owners and operators of self-storage properties in the U.S. according to the 2024 Self Storage Almanac [3] Company Mission - CubeSmart aims to simplify organizational and logistical challenges for customers through innovative solutions, unparalleled service, and genuine care [4] - The self-storage properties are designed to provide affordable, easily accessible, and climate-controlled storage space for both residential and commercial customers [4]

Investment Strategy - The company combines a business education background with professional experience across various industries to identify investment opportunities in sectors such as Media, Marketing, Public Relations, Travel, Tourism, Hospitality, Corporate Events, and Software as a Service [1] - The investment approach focuses on long-term wealth building, with a typical holding period of 10 years or more, emphasizing the compounding effect of reinvesting dividends from well-managed organizations [1] - The strategy includes balancing current income with sustainable growth, seeking investments with substantial margin of safety and a wide moat, and capitalizing on short-term market fears to acquire quality assets at fair prices [1] Asset Management - The company has been managing personal and family assets for 15 years, aiming to build wealth that compounds across multiple generations [1] - The best investment ideas have been in Real Estate Investment Trusts (REITs) and dividend growth stocks, utilizing fundamental analysis alongside reasonable future cash flow expectations [1] - A general asset location strategy involves holding dividend growth stocks in taxable brokerage accounts while utilizing a Roth IRA for REIT and Business Development Company (BDC) investments [1]