Investors Attention Alert: Stock News in Focus: CubeSmart (NYSE: CUBE)

On 31 Oct 2019, CubeSmart stock identified change of 14.11% away from 52-week low price and recently located move of -12.72% off 52-week high price. It has market worth of $6100.67M and dividend yield of 4.04%. CUBE stock has been recorded -9.18% away from 50 day moving average and -4.26% away from 200 day moving average. Moving closer, we can see that shares have been trading -7.15% off 20-day moving average.

CubeSmart (CUBE) recently reported its operating results for the three and nine months ended September 30, 2019.

Key Highlights for the Quarter

  • Stated earnings per share (“EPS”) attributable to the Company’s ordinary shareholders of $0.22.
  • Stated funds from operations (“FFO”) per share, as adjusted, of $0.44, representing a year-over-year increase of 2.3%.
  • Increased same-store (467 stores) net operating income (“NOI”) 0.1% year over year, driven by 1.5% revenue growth and a 5.3% increase in property operating expenses.
  • Averaged 93.1% same-store occupancy during the quarter and ended the quarter at 92.5%.
  • Closed on two property acquisitions totaling $17.9M.
  • Opened for operation one development property for a total cost of $18.0M.
  • Sold 1.8M ordinary shares at an average sales price of $34.93 per share, resulting in net proceeds of $61.2M.
  • Added 48 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 652.

Financial Results

Net income attributable to the Company’s ordinary shareholders was $42.2M for the third quarter of 2019, contrast with $42.9M for the third quarter of 2018. EPS attributable to the Company’s ordinary shareholders was $0.22 for the third quarter of 2019, contrast with $0.23 for the same period last year.

FFO, as adjusted, was $86.8M for the third quarter of 2019, contrast with $80.7M for the third quarter of 2018. FFO per share, as adjusted, increased 2.3% to $0.44 for the third quarter of 2019, contrast with $0.43 for the same period last year.

Investment Activity

Acquisition Activity

During the quarter ended September 30, 2019, the Company purchased two stores located in Georgia and South Carolina for $17.9M. In total for the year through the date of this press release, the Company has purchased 24 properties for $188.7M and presently has five additional properties under contract for $87.9M that are predictable to close by the first quarter of 2020.

Disposition Activity

Subsequent to September 30, 2019, the Company sold a store located in Texas for a sales price of $4.1M.

Unconsolidated Joint Venture Activity

During the third quarter of 2019, the Company’s joint venture, HVP IV, purchased two properties located in Texas for $46.0M. In total for the year through the date of this press release, HVP IV has purchased six properties for $88.2M and presently has two additional properties under contract for $34.3M that are predictable to close by year end.

 The Financial sector company, CubeSmart noticed change of -0.09% to $31.7 along volume of 2552159 shares in recent session compared to an average volume of 1455.31K. The stock observed return of -7.58% in 5 days trading activity. The stock was at -8.28% over one-month performance. CUBE’s shares are at -8.96% for the quarter and driving a 7.97% return over the course of the past year and is now at 10.49% since this point in 2018.   The average volatility for the week at 2.54% and for month was at 1.61%. There are 192.45M shares outstanding and 190.18M shares are floated in market. Right now, the stock beta is 0.12.

 

Ronald Hemphill

Ronald Hemphill– Business Stories My Name is Ronald Hemphill and I am also the main source from the ‘Journalnewsbulletin.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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