CubeSmart Q2 Adj. FFO Tops View - Quick Facts

(RTTNews) - CubeSmart (CUBE) Thursday reported second-quarter funds from operations, or FFO, of $29.9 million or $0.22 per share, compared with $22.3 million or $0.17 per share last year.

Excluding items, adjusted FFO for the quarter was $31.6 million or $0.23 per share, compared with $22.6 million or $0.18 per share a year ago. On average, eleven analysts polled by Thomson Reuters estimated FFO of $0.21 per share. Analysts' estimates typically exclude special items.

Net income attributable to common shareholders for the latest second quarter was $1.05 million or $0.01 per share.

Total revenues for the quarter were $82.30 million, compared with $67.27 million a year ago, while six analysts expected revenues of $78.91 million for the quarter.

Looking ahead to the third quarter, CubeSmart estimates FFO of $0.23 to $0.24 per share, while analysts currently estimate $0.22 per share.

The company expects earnings per share allocated to common shareholders of $0.03 to $0.04.

For fiscal year 2013, the company expects FFO of $0.86 to $0.90 per share, up from its previous estimate of $0.81 to $0.86 per share. Analysts currently expect $0.86 per share.

The company expects earnings per share for the period to be between $0.04 and $0.08.