MALVERN, Pa. (AP) — MALVERN, Pa. (AP) — CubeSmart (CUBE) on Thursday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $147.5 million, or 65 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 65 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 $97.6 million, or 43 cents per share.
The self-storage company, based in Malvern, Pennsylvania, posted revenue of $256.5 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $258.6 million.
For the current quarter ending in June, CubeSmart expects its per-share funds from operations to range from 65 cents to 67 cents.
The company expects full-year funds from operations in the range of $2.64 to $2.71 per share.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CUBE at https://www.zacks.com/ap/CUBE
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