Workflow
CubeSmart(CUBE) - 2019 Q4 - Earnings Call Presentation

Financial Performance - Net income attributable to the Company's common shareholders was $42 million for the fourth quarter of 2019, compared with $48.2 million for the fourth quarter of 2018[10] - EPS attributable to the Company's common shareholders was $0.22 for the fourth quarter of 2019, compared with $0.26 for the same period last year[10] - FFO, as adjusted, was $82.9 million for the fourth quarter of 2019, compared with $79.9 million for the fourth quarter of 2018[11] - FFO per share, as adjusted, was $0.42 for the quarters ended December 31, 2019 and 2018[11] - For the year ended December 31, 2019, FFO per share, as adjusted, increased 3% to $1.69, compared with $1.64 for the year ended December 31, 2018[12] - The company estimates its fully diluted FFO per share, as adjusted, for 2020 will be between $1.67 and $1.71[31] - The company declared a dividend of $0.33 per common share, a 3.1% increase compared to the Company's previously declared quarterly dividend of $0.32 per common share[29] Portfolio Performance - Same-store (466 stores) net operating income ("NOI") increased 0.4% year over year, driven by 1.6% revenue growth and a 4.6% increase in property operating expenses[9] - Same-store occupancy during the quarter averaged 91.7% and ended the quarter at 91.2%[9] - For the year ended December 31, 2019, same-store revenues increased 1.9%, same-store operating expenses increased 4%, and same-store NOI increased 1.1%, as compared with the year ended December 31, 2018[22] - As of December 31, 2019, the Company's total owned portfolio included 523 stores containing 36.6 million rentable square feet and had physical occupancy of 89.5%[23] Investment and Development Activities - The Company acquired five stores for $57.9 million during the three months ended December 31, 2019[14] - For the year ended December 31, 2019, the Company acquired 29 stores for $246.6 million[14] - The Company sold one property for $4.1 million during the three months and full year ended December 31, 2019[14] - The Company issued $350 million of unsecured senior notes in sixth public bond offering[9] - The Company added 46 stores to its third-party management platform during the quarter, bringing the total third-party managed store count to 649[9]