CubeSmart Q3 FFO Up - Quick Facts

(RTTNews) - CubeSmart (CUBE) Thursday said third-quarter funds from operations, or FFO, increased to $34.58 million from $22.83 million in the same period last year. On a per-share basis, earnings were $0.11, compared to breakeven earnings last year.

Adjusted FFO for the quarter was $35.05 million or $0.25 per share. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the quarter. Analysts' estimates typically exclude special items.

Earnings attributable to common shareholders surged to $14.84 million or $0.11 per share from $134 million or $0.0 per share last year.

Net operating income totaled $42.51 million, up from $38.64 million last year.

Revenues increased to $82.83 million from $69.36 million last year. Analysts expected revenues of $84.38 million.

Looking ahead to the fourth-quarter, the company has forecast adjusted FFO in the range of $0.22 to $0.23 per share. Analysts currently expect fourth-quarter FFO of $0.24 per share.

For the fiscal 2013, adjusted FFO is projected in a range of $0.90 to $0.91 per share, up from its previous guidance range of $0.86 to $0.90 per share. Analysts currently expect full-year earnings of $0.89 per share.