MALVERN, Pa. (AP) — MALVERN, Pa. (AP) — CubeSmart (CUBE) on Thursday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $146.4 million, or 64 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 64 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $94.5 million, or 42 cents per share.
The self-storage company, based in Malvern, Pennsylvania, posted revenue of $261.4 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $258 million.
For the current quarter ending in June, CubeSmart expects its per-share funds from operations to range from 63 cents to 65 cents.
The company expects full-year funds from operations in the range of $2.59 to $2.69 per share.
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