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    CUBE   US2296631094


Delayed Nyse  -  04:00 2022-08-09 pm EDT
48.69 USD   +1.23%
08/05TRANSCRIPT : CubeSmart, Q2 2022 Earnings Call, Aug 05, 2022
08/05CUBESMART : Reports Second Quarter 2022 Results - Form 8-K
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CubeSmart Reports Second Quarter 2022 Results

08/04/2022 | 04:22pm EDT

MALVERN, Pa., Aug. 04, 2022 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2022.

“The rental season got off to a solid start, generating strong performance through the second quarter as all aspects of the operating platform worked effectively to maximize cash flows,” commented President and Chief Executive Officer Christopher P. Marr. “We believe that the demand characteristics created by the attractive demographics of our portfolio position us to perform well through all macroeconomic backdrops.”

Key Highlights for the Second Quarter

  • Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.26.
  • Reported funds from operations (“FFO”) per share, as adjusted, of $0.62.
  • Increased same-store (523 stores) net operating income (“NOI”) 19.0% year over year, driven by 14.0% revenue growth and a 2.5% increase in property operating expenses.
  • Same-store occupancy during the quarter averaged 95.1% and ended the quarter at 95.3%.
  • Closed on one property acquisition for $23.0 million.
  • Opened for operation one development project for a total cost of $21.8 million.
  • Added 35 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 680.

Financial Results

Net income attributable to the Company’s common shareholders was $58.4 million for the second quarter of 2022, compared with $48.8 million for the second quarter of 2021. EPS attributable to the Company’s common shareholders was $0.26 for the second quarter of 2022, compared with $0.24 for the same period last year.

FFO, as adjusted, was $140.2 million for the second quarter of 2022, compared with $105.4 million for the second quarter of 2021. FFO per share, as adjusted, increased 24.0% to $0.62 for the second quarter of 2022, compared with $0.50 for the same period last year.  

Investment Activity

Acquisition Activity

During the three months ended June 30, 2022, the Company acquired one wholly-owned store in Texas for $23.0 million. Subsequent to June 30, 2022, the Company acquired one wholly-owned store in Georgia for $20.7 million. In total for the year through the date of this press release, the Company has acquired three stores for $75.7 million.

Development Activity

The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. During the three months ended June 30, 2022, the Company opened for operation one development project in Virginia for a total cost of $21.8 million. The project is in close proximity to an existing store and has been combined with the existing store in our store count, as well as for operational and reporting purposes.

As of June 30, 2022, the Company had two joint venture development properties under construction. The Company anticipates investing a total of $78.0 million related to these projects and had invested $37.7 million of that total as of June 30, 2022. Both stores are located in New York and are expected to open at various times between the third quarter of 2022 and the fourth quarter of 2023.

Unconsolidated Real Estate Venture Activity

During the second quarter of 2022, the Company’s joint venture, HVP V, acquired a property located in New Jersey for $33.2 million.

Third-Party Management

As of June 30, 2022, the Company’s third-party management platform included 680 stores totaling 45.9 million rentable square feet. During the three and six months ended June 30, 2022, the Company added 35 stores and 68 stores, respectively, to its third-party management platform.

Same-Store Results

The Company’s same-store portfolio at June 30, 2022 included 523 stores containing approximately million rentable square feet, or approximately of the aggregate rentable square feet of the Company’s 609 consolidated stores. These same-store properties represented approximately of property NOI for the three months ended June 30, 2022.

Same-store physical occupancy as of June 30, 2022 and 2021 was 95.3% and 96.0%, respectively. Same-store revenues for the second quarter of 2022 increased 14.0% and same-store operating expenses increased 2.5% from the same quarter in 2021. Same-store NOI increased 19.0% from the second quarter of 2021 to the second quarter of 2022.

Operating Results

As of June 30, 2022, the Company’s total consolidated portfolio included 609 stores containing 43.9 million rentable square feet and had physical occupancy of 93.6%.

Revenues increased $49.4 million and property operating expenses increased $9.7 million in the second quarter of 2022, as compared to the same period in 2021. Increases in revenues were primarily attributable to increased rental rates on our same-store portfolio as well as revenues generated from property acquisitions and recently opened development properties. Increases in property operating expenses were primarily attributable to a $7.1 million increase from stores acquired or opened in 2021 and 2022 included in our non-same store portfolio as well as increases in expenses from same-store properties primarily related to property taxes.

Interest expense increased from $19.1 million during the three months ended June 30, 2021 to $23.1 million during the three months ended June 30, 2022, an increase of $4.0 million. The increase was attributable to a higher amount of outstanding debt that was used to fund a portion of the Company’s growth. This increase was partially offset by lower interest rates during the 2022 period. The average outstanding debt balance was $3.16 billion during the three months ended June 30, 2022 as compared to $2.25 billion during the three months ended June 30, 2021. The weighted average effective interest rate on our outstanding debt for the three months ended June 30, 2022 and 2021 was 2.91% and 3.41%, respectively.

Financing Activity

During the three months ended June 30, 2022, the Company did not sell any common shares of beneficial interest through its at-the-market (“ATM”) equity program. As of June 30, 2022, the Company had 5.9 million shares available for issuance under the existing equity distribution agreements.

Quarterly Dividend

On May 17, 2022, the Company declared a quarterly dividend of $0.43 per common share. The dividend was paid on July 15, 2022 to common shareholders of record on July 1, 2022.

2022 Financial Outlook

“Strong second quarter results have further improved our outlook for the balance of 2022 which is reflected in the increases to our same store and FFO guidance ranges,” commented Chief Financial Officer Tim Martin. “Our investment-grade balance sheet is well positioned in this volatile interest rate environment, with 94.6% of our debt fixed and no major debt maturities until 2024.”

The Company estimates that its fully diluted earnings per share for the year will be between $1.05 and $1.09 (previously $0.95 to $1.00), and that its fully diluted FFO per share, as adjusted, for 2022 will be between $2.47 and $2.51 (previously $2.37 to $2.42). Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2022, the same-store pool consists of 523 properties totaling 37.0 million rentable square feet.

    Current Ranges for    
2022 Full Year Guidance Range Summary      Annual Assumptions   Prior Guidance(1)
Same-store revenue growth    11.50%  to  12.50%     8.75%  to  10.25% 
Same-store expense growth    3.50%  to  4.50%     5.50%  to  6.50% 
Same-store NOI growth    15.00%  to  16.00%     10.25%  to  11.75% 
Acquisition of consolidated operating properties   $100.0M  to $300.0M    $100.0M  to $300.0M 
New development openings (2)   $54.9M  to $54.9M    $54.9M  to $54.9M 
Dispositions   $0.0M  to $50.0M    $0.0M  to $50.0M 
Accretion from Storage West transaction   $0.02  to $0.03    $0.02  to $0.03 
Dilution from properties in lease-up   $(0.05) to $(0.06)   $(0.05) to $(0.06)
Property management fee income   $32.0M  to $33.0M    $30.5M  to $32.5M 
General and administrative expenses   $54.0M  to $56.0M    $54.0M  to $56.0M 
Interest and loan amortization expense   $98.0M  to $100.0M    $99.0M  to $101.0M 
Full year weighted average shares and units    227.4M     227.4M     227.6M     227.6M 
Earnings per diluted share allocated to common shareholders   $1.05  to $1.09    $0.95  to $1.00 
Plus: real estate depreciation and amortization    1.37      1.37     1.37      1.37 
Plus: transaction-related expenses    0.05      0.05     0.05      0.05 
FFO per diluted share, as adjusted   $2.47  to $2.51    $2.37  to $2.42 

      (1)   Prior guidance as included in our first quarter earnings release dated April 28, 2022.
      (2)   Includes Vienna, VA property opened in June at $17.0 million, representing the Company’s contribution.

3rd Quarter 2022 Guidance      Range or Value
Earnings per diluted share allocated to common shareholders   $0.29  to $0.30 
Plus: real estate depreciation and amortization    0.35  to  0.35 
FFO per diluted share, as adjusted   $0.64  to $0.65 

Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, August 5, 2022 to discuss financial results for the three and six months ended June 30, 2022.

A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at www.cubesmart.com. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: https://ige.netroadshow.com/registration/q4inc/11338/cubesmart-second-quarter-2022-earnings-call/.

Telephone participants who are unable to pre-register for the conference call may join on the day of the call using 1-844-200-6205 for domestic and Canadian callers and +1-929-526-1599 for international callers using access code 806912.

After the live webcast, the call will remain available on CubeSmart’s website for 15 days. In addition, a telephonic replay of the call will be available through August 19, 2022. The replay numbers are 1-866-813-9403 for domestic and Canadian callers and +1-929-458-6194 for international callers. For callers accessing a telephonic replay, the conference number is 376979.

Supplemental operating and financial data as of June 30, 2022 is available on the Company’s corporate website under Investor Relations - Financial Information - Financial Reports.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2022 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Non-GAAP Financial Measures

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”), as amended, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's stores. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its Consolidated Financial Statements.

FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and other non-recurring items, which the Company believes are not indicative of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sales of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is not a measure of performance calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of its stores, and for all of its stores in the aggregate. NOI should not be considered as a substitute for net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP. The Company believes NOI is useful to investors in evaluating operating performance because it is one of the primary measures used by management and store managers to evaluate the economic productivity of the Company’s stores, including the ability to lease stores, increase pricing and occupancy, and control property operating expenses. Additionally, NOI helps the Company’s investors meaningfully compare the results of its operating performance from period to period by removing the impact of its capital structure (primarily interest expense on outstanding indebtedness) and depreciation of the basis in its assets from operating results.

Forward-Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart (“we,” “us,” “our” or the “Company”), contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this presentation, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this presentation, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this presentation. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (“SEC”).

These risks include, but are not limited to, the following:

  • adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties;
  • the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;
  • the failure to execute our business plan;
  • adverse impacts from the COVID-19 pandemic, other pandemics, quarantines and stay at home orders, including the impact on our ability to operate our self-storage properties, the demand for self-storage, rental rates and fees and rent collection levels;
  • reduced availability and increased costs of external sources of capital;
  • increases in interest rates and operating costs;
  • financing risks, including the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt;
  • increases in interest rates and operating costs;
  • counterparty non-performance related to the use of derivative financial instruments;
  • risks related to our ability to maintain our qualification as a real estate investment trust (“REIT”) for federal income tax purposes;
  • the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected;
  • increases in taxes, fees and assessments from state and local jurisdictions;
  • the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;
  • reductions in asset valuations and related impairment charges;
  • cyber security breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments;
  • changes in real estate, zoning, use and occupancy laws or regulations;
  • risks related to or a consequence of natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that affect the markets in which we operate;
  • potential environmental and other liabilities;
  • governmental, administrative and executive orders and laws, which could adversely impact our business operations, customer and employee relationships;
  • uninsured or uninsurable losses and the ability to obtain insurance coverage or recovery from insurance against risks and losses;
  • our ability to attract and retain talent in the current labor market;
  • other factors affecting the real estate industry generally or the self-storage industry in particular; and
  • other risks identified in Item 1A of our Annual Report on Form 10-K and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate.

Given these uncertainties, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required in securities laws.


Josh Schutzer
Vice President, Finance
(610) 535-5700

(in thousands, except share data)

  June 30 December 31, 
     2022     2021  
Storage properties $7,268,162  $7,183,494  
Less: Accumulated depreciation  (1,174,746)  (1,085,824) 
Storage properties, net (including VIE assets of $162,334 and $149,467, respectively)  6,093,416   6,097,670  
Cash and cash equivalents  5,148   11,140  
Restricted cash  2,956   2,178  
Loan procurement costs, net of amortization  1,826   2,322  
Investment in real estate ventures, at equity  114,527   119,751  
Assets held for sale  2,315   49,313  
Other assets, net  208,611   265,705  
Total assets $6,428,799  $6,548,079  
Unsecured senior notes, net $2,770,280  $2,768,209  
Revolving credit facility  168,900   209,900  
Mortgage loans and notes payable, net  165,305   167,676  
Lease liabilities - finance leases  65,771   65,801  
Accounts payable, accrued expenses and other liabilities  217,040   199,985  
Distributions payable  97,444   97,417  
Deferred revenue  40,124   37,144  
Security deposits  1,026   1,065  
Liabilities held for sale  390   2,502  
Total liabilities  3,526,280   3,549,699  
Noncontrolling interests in the Operating Partnership  62,393   108,220  
Commitments and contingencies       
Common shares $.01 par value, 400,000,000 shares authorized, 224,452,547 and 223,917,993
shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
  2,245   2,239  
Additional paid-in capital  4,114,149   4,088,392  
Accumulated other comprehensive loss  (531)  (570) 
Accumulated deficit  (1,291,916)  (1,218,498) 
Total CubeSmart shareholders’ equity  2,823,947   2,871,563  
Noncontrolling interests in subsidiaries  16,179   18,597  
Total equity  2,840,126   2,890,160  
Total liabilities and equity $6,428,799  $6,548,079  

(in thousands, except share data)

  Three Months Ended June 30 Six Months Ended June 30
     2022     2021     2022     2021 
Rental income $216,133  $170,359  $424,504  $332,835 
Other property related income  23,861   21,218   46,141   40,522 
Property management fee income  8,670   7,670   16,584   14,731 
Total revenues  248,664   199,247   487,229   388,088 
Property operating expenses  73,472   63,751   144,039   124,979 
Depreciation and amortization  79,046   54,139   161,603   107,949 
General and administrative  13,725   11,560   28,250   22,476 
Total operating expenses  166,243   129,450   333,892   255,404 
Interest expense on loans  (23,055)  (19,112)  (45,879)  (38,346)
Loan procurement amortization expense  (959)  (1,012)  (1,916)  (2,047)
Equity in earnings of real estate ventures  680   316   974   336 
Other  (493)  377   (9,656)  1,054 
Total other expense  (23,827)  (19,431)  (56,477)  (39,003)
NET INCOME  58,594   50,366   96,860   93,681 
Noncontrolling interests in the Operating Partnership  (379)  (1,768)  (671)  (3,317)
Noncontrolling interest in subsidiaries  143   154   324   120 
Basic earnings per share attributable to common shareholders $0.26  $0.24  $0.43  $0.45 
Diluted earnings per share attributable to common shareholders $0.26  $0.24  $0.43  $0.45 
Weighted average basic shares outstanding  224,960   201,414   224,812   200,293 
Weighted average diluted shares outstanding  225,895   202,809   225,820   201,527 

Same-Store Facility Results (523 stores)
(in thousands, except percentage and per square foot data)

  Three Months Ended    Six Months Ended   
  June 30 Percent   June 30 Percent 
  2022     2021  Change 2022     2021     Change
Rental income $184,257  $161,307  14.2 % $362,331  $315,381  14.9 %
Other property related income  7,731   7,170  7.8 %  14,935   13,354  11.8 %
Total revenues  191,988   168,477  14.0 %  377,266   328,735  14.8 %
OPERATING EXPENSES                  
Property taxes (1)  20,500   19,183  6.9 %  40,701   38,758  5.0 %
Personnel expense  12,067   12,175  (0.9)%  24,102   24,408  (1.3)%
Advertising  4,578   5,570  (17.8)%  7,170   8,013  (10.5)%
Repair and maintenance  2,186   1,965  11.2 %  3,936   3,658  7.6 %
Utilities  4,380   4,039  8.4 %  9,456   8,951  5.6 %
Property insurance  1,727   1,638  5.4 %  3,394   3,145  7.9 %
Other expenses  7,208   6,814  5.8 %  15,094   14,235  6.0 %
Total operating expenses  52,646   51,384  2.5 %  103,853   101,168  2.7 %
Net operating income (2) $139,342  $117,093  19.0 % $273,413  $227,567  20.1 %
Gross margin  72.6 % 69.5 %    72.5 % 69.2 %  
Period end occupancy  95.3 % 96.0 %    95.3 % 96.0 %  
Period average occupancy  95.1 % 95.4 %    94.3 % 94.5 %  
Total rentable square feet  36,977         36,977       
Realized annual rent per occupied square foot (3) $20.96  $18.30  14.5 % $20.77  $18.05  15.1 %
Reconciliation of Same-Store Net Operating Income to Operating Income                  
Same-store net operating income (2) $139,342  $117,093     $273,413  $227,567    
Non same-store net operating income (2)  22,721   6,185      44,666   12,026    
Indirect property overhead (4)  13,129   12,218      25,111   23,516    
Depreciation and amortization  (79,046)  (54,139)     (161,603)  (107,949)   
General and administrative expense  (13,725)  (11,560)     (28,250)  (22,476)   
Interest expense on loans  (23,055)  (19,112)     (45,879)  (38,346)   
Loan procurement amortization expense  (959)  (1,012)     (1,916)  (2,047)   
Equity in earnings of real estate ventures  680   316      974   336    
Other  (493)  377      (9,656)  1,054    
Net income $58,594  $50,366     $96,860  $93,681    

(1)For comparability purposes, current year amounts related to the expiration of certain real estate tax abatements have been excluded from the same-store portfolio results ($98k and $196k for the three and six months ended June 30, 2022, respectively).
(2)Net operating income (“NOI”) is a non-GAAP (generally accepted accounting principles) financial measure. The above table reconciles same-store NOI to GAAP Net income.
(3)Realized annual rent per occupied square foot is computed by dividing rental income by the weighted average occupied square feet for the period.
(4)Includes property management income earned in conjunction with managed properties.

Non-GAAP Measure – Computation of Funds From Operations

(in thousands, except percentage and per share data)

  Three Months Ended  Six Months Ended  
  June 30 June 30 
  2022  2021 2022 2021 
Net income attributable to the Company's common shareholders $58,358 $48,752 $96,513 $90,484 
Real estate depreciation and amortization:             
Real property  77,989  52,747  159,492  105,599 
Company's share of unconsolidated real estate ventures  2,368  2,014  4,906  3,887 
Noncontrolling interests in the Operating Partnership  379  1,768  671  3,317 
FFO attributable to common shareholders and OP unitholders $139,094 $105,281 $261,582 $203,287 
Loss on early repayment of debt (1)    133    556 
Transaction-related expenses (2)  1,138    10,546   
FFO, as adjusted, attributable to common shareholders and OP unitholders $140,232 $105,414 $272,128 $203,843 
Earnings per share attributable to common shareholders - basic $0.26 $0.24 $0.43 $0.45 
Earnings per share attributable to common shareholders - diluted $0.26 $0.24 $0.43 $0.45 
FFO per share and unit - fully diluted $0.61 $0.50 $1.15 $0.97 
FFO, as adjusted per share and unit - fully diluted $0.62 $0.50 $1.20 $0.98 
Weighted average basic shares outstanding  224,960  201,414  224,812  200,293 
Weighted average diluted shares outstanding  225,895  202,809  225,820  201,527 
Weighted average diluted shares and units outstanding  227,355  210,137  227,408  208,882 
Dividend per common share and unit $0.43 $0.34 $0.86 $0.68 
Payout ratio of FFO, as adjusted  69.4% 68.0% 71.7% 69.4%

(1)For the three and six months ended June 30, 2021, loss on early repayment of debt relates to costs that are included in the Company's share of equity in earnings of real estate ventures.
(2)For the three months ended June 30, 2022, transaction-related expenses represent severance expenses. For the six months ended June 30, 2022, transaction-related expenses include severance expenses ($10.3 million) and other transaction expenses ($0.2 million). Prior to our acquisition of LAACO, Ltd. on December 9, 2021, the predecessor company entered into severance agreements with certain employees, including members of their executive team. These costs were known to us and the assumption of the obligation to make these payments post-closing was contemplated in our net consideration paid in the transaction. In accordance with GAAP, and based on the specific details of the arrangements with the employees prior to closing, these costs are considered post-combination compensation expenses. Transaction-related expenses are included in the component of other income (expense) designated as Other.

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Source: CubeSmart

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All news about CUBESMART
08/05TRANSCRIPT : CubeSmart, Q2 2022 Earnings Call, Aug 05, 2022
08/05CUBESMART : Reports Second Quarter 2022 Results - Form 8-K
08/05CUBESMART : Results of Operations and Financial Condition, Regulation FD Disclosure, Finan..
08/04CubeSmart Q2 Adjusted FFO, Revenue Higher; Increases 2022 Guidance; Issues Q3 Guidance
08/04Earnings Flash (CUBE) CUBESMART Reports Q2 AFFO $0.62
08/04CubeSmart Reports Second Quarter 2022 Results
08/04CubeSmart Provides Earnings Guidance for the Third Quarter and Year of 2022
08/04CubeSmart Reports Earnings Results for the Second Quarter and Six Months Ended June 30,..
07/26CubeSmart Keeps Quarterly Dividend at $0.43 a Share, Payable Oct. 17 to Holders as of O..
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Financials (USD)
Sales 2022 1 002 M - -
Net income 2022 221 M - -
Net Debt 2022 3 385 M - -
P/E ratio 2022 50,0x
Yield 2022 3,59%
Capitalization 10 929 M 10 929 M -
EV / Sales 2022 14,3x
EV / Sales 2023 13,5x
Nbr of Employees 2 892
Free-Float 99,4%
Duration : Period :
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Technical analysis trends CUBESMART
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 48,69 $
Average target price 51,20 $
Spread / Average Target 5,16%
EPS Revisions
Managers and Directors
Christopher P. Marr President & Treasurer
Timothy M. Martin Chief Financial Officer & Treasurer
Deborah Ratner Salzberg Non-Executive Chairman
Joel D. Keaton Senior Vice President-Operations
John F. Remondi Independent Trustee
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