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Cubesmart (CUBE)
NYSE:CUBE
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.46Last Year’s EPS
$0.5Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: -10.83%
|Next Earnings Date:Feb 20, 2025
Earnings Call Sentiment|Neutral
The earnings call revealed a mixed performance with significant strengths in specific markets like New York and the DMV, and growth in third-party management. However, overall same-store revenue and NOI faced declines, reflecting challenges in competitive pricing and occupancy rates. The strength of the balance sheet and strategic marketing investments offer positive outlook amid challenges.Company Guidance
During CubeSmart's third-quarter 2024 earnings call, executives highlighted several key metrics and guidance insights. Same-store revenues declined by 0.8% year-over-year, with average occupancy decreasing by 120 basis points to 90.8%, and same-store operating expenses rising 5.3% due to increased property insurance costs and marketing expenses. The company's same-store NOI growth was negative 3.1%, while the FFO per share was reported at $0.67, aligning with the midpoint of their guidance range. The New York MSA showed strong performance, with rentals up 7.4% in the NYC boroughs, offset by a decline of 11.6% in Northern New Jersey. CubeSmart added 24 stores to its third-party management platform, totaling 893 stores under management. The company raised $32.8 million through its at-the-market equity program, maintaining a robust balance sheet poised for external growth opportunities. For full-year guidance, CubeSmart narrowed the FFO per share range but kept its same-store revenue and NOI growth expectations unchanged, reflecting a stable outlook despite a challenging market environment.New York MSA Outperformance
The New York MSA significantly outperformed the balance of the portfolio with rentals up 7.4% in NYC boroughs, despite Northern New Jersey being down 11.6%.
Top Performing Major Market
The DMV (District of Columbia, Maryland, Northern Virginia) was the top-performing major market with a 3.2% year-over-year same-store revenue growth.
Strong Third-Party Management Growth
Added 24 stores to the third-party management platform, bringing the total to 893 stores under management at quarter end.
Strong Balance Sheet
Low leverage, no floating rate exposure, and full capacity of the line of credit position the company well for external growth opportunities.
Improved Marketing Impact
Web sales traffic was up about 26% on all stores during the quarter, indicating effective marketing strategies.
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CUBE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CUBE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 31, 2024 | $47.84 | $47.33 | -1.07% |
| Aug 01, 2024 | $47.36 | $48.26 | +1.90% |
| Apr 25, 2024 | $40.52 | $39.92 | -1.48% |
| Feb 29, 2024 | $42.23 | $42.22 | -0.02% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Cubesmart (CUBE) report earnings?
Cubesmart (CUBE) is schdueled to report earning on Feb 20, 2025, TBA Not Confirmed.
What is Cubesmart (CUBE) earnings time?
Cubesmart (CUBE) earnings time is at Feb 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CUBE EPS forecast?
CUBE EPS forecast for the fiscal quarter 2024 (Q4) is $0.46.
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