Financial PerformanceCubeSmart's 2024 FFO per share guidance was narrowed to a range slightly below consensus, representing a year-over-year earnings contraction of 1.5%.
Operational ChallengesDue to weak top-line growth and a 4.2% year-over-year increase in same-store operating expenses, same-store net operating income decreased by 1.2% year-over-year.
Revenue GrowthExcluding NY, CUBE's Q2 same-store revenue growth dips to -1.0% (from +0.3% reported) and NOI declines to -3.4% (vs. -1.2% reported).