- CubeSmart press release ( NYSE: CUBE ): Q4 FFO of $0.67 beats by $0.01 .
- EPS attributable to the Company’s common shareholders was $0.36 for the fourth quarter of 2022.
- Revenue of $200.71M (+9.5% Y/Y) misses by $59.77M .
- The Company’s same-store portfolio at December 31, 2022 included 521 stores containing approximately 36.9 million rentable square feet, or approximately 83.5% of the aggregate rentable square feet of the Company’s 611 consolidated stores.
- As of December 31, 2022, the Company’s total consolidated portfolio included 611 stores containing 44.1 million rentable square feet and had physical occupancy of 90.3%.
- 2023 Financial Outlook: The Company estimates that its fully diluted earnings per share for the year will be between $1.76 and $1.83, and that its fully diluted FFO per share, as adjusted, for 2023 will be between $2.64 and $2.71 vs. consensus of $2.69.
- For 2023, the same-store pool will consist of 594 properties totaling 42.6 million rentable square feet.
- Q1 guidance: The Company estimates that its fully diluted earnings per share for the Q1 will be between $0.41 and $0.43, and that its fully diluted FFO per share, as adjusted, for Q1 2023 will be between $0.63 and $0.65 vs. consensus of $0.64.
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CubeSmart reports mixed Q4 earnings; initiates Q1 and FY23 outlook