CubeSmart: Q2 Earnings Snapshot

MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The Malvern, Pennsylvania-based real estate investment trust said it had funds from operations of $140.2 million, or 62 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 59 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 $58.4 million, or 26 cents per share.

The self-storage company posted revenue of $248.7 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $246.8 million.

For the current quarter ending in October, CubeSmart expects its per-share funds from operations to range from 64 cents to 65 cents.

The company expects full-year funds from operations in the range of $2.47 to $2.51 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CUBE at https://www.zacks.com/ap/CUBE

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