Financial Data and Key Metrics - Same-store revenues declined by 0.8% year-over-year, with average occupancy down 120 basis points to 90.8% [15] - Same-store operating expenses grew by 5.3% year-over-year, driven by property insurance and increased marketing spend [15] - Same-store NOI growth was negative 3.1%, with FFO per share as adjusted at $0.67, meeting the midpoint of guidance [15] - The company raised $32.8 million through its at-the-market equity program at an average sales price of $54.20 per share [17] Business Line Performance - The New York MSA outperformed other markets, with rentals up year-over-year, led by a 7.4% increase in New York City boroughs, offset by an 11.6% decline in Northern New Jersey [9] - Same-store revenue growth in the New York MSA was strong, with the Bronx at 6.6% and Brooklyn at 5.8%, while Northern New Jersey lagged at negative 1.1% [10] - The DMV (District of Columbia, Maryland, Northern Virginia) showed a 3.2% year-over-year same-store revenue growth and a 110 basis point sequential improvement from Q2 [11] - Florida and Arizona markets underperformed due to new supply impacts [12] Market Performance - Lower beta urban markets, particularly New York, outperformed Sun Belt markets [8] - The New York MSA demonstrated solid demand, with rentals up year-over-year despite supply challenges in Northern New Jersey [9] - Florida and Arizona markets faced headwinds from new supply, impacting performance [12] Company Strategy and Industry Competition - The company remains disciplined in capital allocation and is prepared to act decisively on opportunities that fit its investment thesis [12] - CubeSmart continues to be a third-party manager of choice, adding 24 stores in Q3, bringing the total to 893 stores under management [17] - The company is seeing more constructive acquisition opportunities, with two stores under contract for Q4 and other transactions in progress [16] Management Commentary on Operating Environment and Future Outlook - Management noted a high beta environment with mixed demand signals, making it difficult to predict future performance with certainty [20] - The company is focused on attracting high-quality customers who are less sensitive to rate increases and tend to stay longer [27] - Management expects supply impacts to lessen in 2025, particularly in markets like New York and the DMV [64][65] Other Important Information - The company's balance sheet remains strong, with low leverage, no floating rate exposure, and full capacity on its line of credit [17] - CubeSmart celebrated its 20th anniversary as a NYSE-listed company, highlighting its long-term resilience and commitment to customer service [95] Q&A Session Summary Question: State of the market heading into 2025 - Management described the current environment as high beta, with mixed demand signals and significant volatility in interest rates [20] Question: Move-in, move-out rate spread - The churn gap was negative 27.4% in Q3 [21] Question: Marketing and pricing strategy - Marketing spend grew by 10% year-over-year for the first nine months, with web sales traffic up 26% in Q3 [24][28] - The company focuses on balancing marketing investment, price, and ECRIs to attract high-quality customers [27] Question: Competitive environment - Competition varies by market, with some stabilization in pricing but continued pressure in markets like West Coast Florida [30] Question: Customer behavior and quality - Customers who move in with significant discounts tend to have lower lengths of stay and higher credit issues, while those less sensitive to price stay longer [33] Question: Guidance and performance - The company tightened its full-year FFO per share range but maintained the midpoint, with same-store revenue and NOI guidance unchanged [36][37] Question: Acquisition market - The transaction market is becoming more constructive, with a narrowing bid-ask spread and higher-quality opportunities [42][43] Question: Impact of supply - Supply impacts have decreased, with 27% of stores affected in 2024, down from 50% in 2019 [68][69] Question: New development and capital allocation - The company is cautious about new development due to challenging market conditions but remains open to opportunities in specific markets [91][92] Question: Occupancy and ECRI trends - October occupancy was 89.9%, down 130 basis points year-over-year [60] - ECRI increases averaged in the high teens, with Street rates down 9.4% in late October [61]

For the quarter ended September 2024, CubeSmart (CUBE) reported revenue of $270.89 million, up 1.1% over the same period last year. EPS came in at $0.67, compared to $0.45 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $267.5 million, representing a surprise of +1.27%. The company delivered an EPS surprise of -1.47%, with the consensus EPS estimate being $0.68.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

CubeSmart (CUBE) came out with quarterly funds from operations (FFO) of $0.67 per share, missing the Zacks Consensus Estimate of $0.68 per share. This compares to FFO of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.47%. A quarter ago, it was expected that this self-storage company would post FFO of $0.64 per share when it actually produced FFO of $0.64, delivering no surprise.Over the last four quarters, the company has ...

MALVERN, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and nine months ended September 30, 2024. “The third quarter saw a continuation of trends as we remain in a competitive environment for new customer rental rates while the existing customer remains very resilient,” commented President and Chief Executive Officer Christopher P. Marr. “This month, we celebrated our 20th anniversary as a public company. While it’s exciting to celebrate our ...

CubeSmart (CUBE) has been on a downward spiral lately with significant selling pressure. After declining 10.8% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is ...

CubeSmart (NYSE: CUBE ) is a big player in the self-storage game, and they've set themselves up nicely to cash in on the growing need for extra space. Urban sprawl, tiny apartments, and people spending more all play into their hand, and CubeSmart The mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small- to mid-cap companies, offerin ...

MALVERN, Pa., Oct. 01, 2024 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced that the Company will release financial results for the three-month period ended September 30, 2024 after the market close on Thursday, October 31, 2024. An accompanying conference call will be held at 11:00 a.m. ET on Friday, November 1, 2024. 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 participant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): September 9, 2024 CUBESMART CUBESMART, L.P. (Exact Name of Registrant as Specified in Its Charter) Maryland (CubeSmart) 001-32324 20-1024732 Delaware (CubeSmart, L.P.) 000-54462 34-1837021 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 5 ...

In recent years, real estate investment trusts (REITs) have notably underperformed compared to broader market indices, largely due to elevated interest rates. High interest rates place significant pressure on REIT share prices for two primary reasons. Firstly, REITs often rely on debt to finance growth, and with borrowing costs rising, their interest expenses have surged. Secondly, the allure of fixed-income securities, such as Treasury bills, has increased as investors seek safer, more predictable returns ...

Table of Contents sts UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number: 001-32324 (CubeSmart) 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. (Exact Name of Registrant as Sp ...