MALVERN, Pa. (AP) — MALVERN, Pa. (AP) — CubeSmart (CUBE) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $148.1 million, or 64 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $89.2 million, or 39 cents per share.
The self-storage company, based in Malvern, Pennsylvania, posted revenue of $273 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $267.1 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 $2.51 to $2.59 per share.
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