CubeSmart Q2 FFO Rises

(RTTNews) - CubeSmart (CUBE) Thursday reported second-quarter funds from operations of $39.3 million or $0.26 per share, up from $29.9 million or $0.22 per share last year.

Net income for the quarter rose to $6.4 million or $0.04 per share, up from $1.1 million or $0.01 per share last year.

Total reveneus for the quarter rose to $92.3 million from $78.3 million a year ago.

Analysts polled by Thomson Reuters estimated FFO of $0.22 per share with revenues of $90.98 million. Analysts' estimates typically exclude one-time items.

The company now expects adjusted FFO per share of $1.03 to $1.06, up from previously $0.99 to $1.02 per share. The company now expects earnings of $0.13 to $0.16 per share, up from prior outlook of $0.08 to $0.11 per share. Analysts currently estimate FFO of $1.03 per share.

The company expects third-quarter FFO per share of $0.26 to $0.27, and earnings of $0.04 to $0.05 per share. Analysts currently estimate FFO of $0.27 per share.