MALVERN, Pa. (AP) — MALVERN, Pa. (AP) — CubeSmart (CUBE) on Thursday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $153 million, or 67 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 68 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 $100.8 million, or 44 cents per share.
The self-storage company, based in Malvern, Pennsylvania, posted revenue of $270.9 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $267.5 million.
For the current quarter ending in December, CubeSmart expects its per-share funds from operations to range from 67 cents to 70 cents.
The company expects full-year funds from operations in the range of $2.62 to $2.66 per share.
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