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MALVERN, Pa., Oct. 25, 2018 (GLOBE NEWSWIRE) — CubeSmart (CUBE) today appear its operating after-effects for the three and nine months concluded September 30, 2018.

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“Third-quarter achievement continues to reflect advantageous appeal trends and a aggressive appraisement environment,” commented President and Chief Executive Officer Christopher P. Marr. “Our scalable, adult operating belvedere and chump account focus generated solid after-effects beyond our portfolio. We abide alive and acclimatized in advancing beforehand opportunities that bear attractive, risk-adjusted allotment to our shareholders.”

Net assets attributable to the Company’s accustomed shareholders was $42.9 actor for the third division of 2018, compared with $37.3 actor for the third division of 2017. EPS attributable to the Company’s accustomed shareholders was $0.23 for the third division of 2018, compared to $0.21 for the aforementioned aeon aftermost year.

FFO, as adjusted, was $80.7 actor for the third division of 2018, compared with $77.2 actor for the third division of 2017. FFO per share, as adjusted, added 2.4% to $0.43 for the third division of 2018, compared with $0.42 for the aforementioned aeon aftermost year. 

The Company acquired three food in Washington, D.C., Nevada and North Carolina for $59.6 actor during the three months concluded September 30, 2018 and consecutive to quarter-end, acquired two food in California and Texas for $76.4 million. In absolute for the year to date through this columnist release, the Company has acquired seven backdrop for $167.2 actor and currently has two added backdrop beneath arrangement for $41.3 million.

During the third division of 2018, the Company’s collective venture, HVP IV, acquired two backdrop amid in Florida and Georgia for $20.5 million. Year to date through the date of this release, HVP IV has acquired ten backdrop for $114.4 million, of which the Company has contributed $14.1 million. Additionally, HVP IV has two backdrop beneath arrangement for $15.1 actor that are accustomed to aing during the fourth division of 2018. 

On August 15, 2018, HVP IV accustomed a added beforehand of $24.4 actor on its $107.0 actor accommodation facility, which encumbers an added bristles food that were acquired by the venture, bringing the absolute outstanding debt antithesis to $68.1 actor as of September 30, 2018. The accommodation bears absorption at LIBOR added 1.70% and matures on May 16, 2021 with options to extend the adeptness date through May 16, 2023, accountable to achievement of assertive altitude and acquittal of the addendum fees as assured in the accommodation agreement.

The Company has agreements with developers for the architecture of Class A self-storage properties. These agreements are structured as either purchases at achievement of architecture and arising of affidavit of ascendancy (“C/O”) or as collective adventure developments. During the three and nine months concluded September 30, 2018, the Company opened for operation one collective adventure development acreage in New York for a absolute amount of $91.5 million.

As of September 30, 2018, the Company had one acreage beneath arrangement to acquirement at C/O for a absolute accretion amount of $19.2 million.  The abundance is amid in California and closing is accustomed to action during the fourth division of 2018. This accretion is accountable to due action and added accustomed closing conditions, and no affirmation can be provided that the accretion will be completed on the agreement described, or at all.

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As of September 30, 2018, the Company had six collective adventure development backdrop beneath construction. The Company anticipates advance a absolute of $160.0 actor accompanying to these projects and had invested $70.1 actor of that absolute as of September 30, 2018. These food are amid in New York (3), Massachusetts (2), and New Jersey. The six projects are accustomed to attainable at assorted times amid the aboriginal division of 2019 and the fourth division of 2019.

As of September 30, 2018, the Company’s third-party administration affairs included 582 food accretion 38.8 actor aboveboard feet. During the three and nine months concluded September 30, 2018, the Company added 60 food and 148 stores, respectively, to its third-party administration program.

Same-Store After-effects

The Company’s same-store portfolio at September 30, 2018 included 458 food absolute about 31.6 actor rentable aboveboard feet, or about 91.8% of the accumulated rentable aboveboard anxiety of the Company’s 490 endemic stores.  These same-store backdrop represented about 94.7% of acreage net operating assets for the division concluded September 30, 2018.

Same-store concrete ascendancy at aeon end for the third division of 2018 was 92.7%, compared with 93.5% for the aforementioned division of aftermost year. In the 2017 quarter, catastrophe ascendancy was absolutely impacted by rentals from hurricanes Harvey and Irma. Same-store revenues for the third division of 2018 added 3.0% and same-store

operating costs added 0.6% from the aforementioned division in 2017. Same-store net operating assets added 3.9%, as compared with the aforementioned aeon in 2017.

Operating Results

As of September 30, 2018, the Company’s absolute endemic portfolio included 490 food absolute 34.5 actor rentable aboveboard anxiety and had a concrete ascendancy of 90.4%.

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Revenues added $9.5 actor and acreage operating costs added $1.6 actor in the third division of 2018, as compared with the aforementioned aeon in 2017.  Increases in revenues were primarily attributable to added net able rents in the same-store portfolio as able-bodied as revenues generated from acreage acquisitions and afresh opened development properties. Increases in acreage operating costs were primarily attributable to a $0.2 actor access in same-store costs apprenticed by college acreage taxes and a $1.3 actor access in costs associated with anew acquired or developed stores.

Financing Activity

During the third quarter, the Company awash 0.4 actor accustomed shares of benign absorption through its “at-the-market” disinterestedness affairs (“ATM”) at an boilerplate sales amount of $31.38 per share, consistent in net gain of $12.9 million, afterwards deducting alms costs. As of September 30, 2018, the Company had 11.2 actor shares attainable for arising beneath the absolute disinterestedness administration agreements.

On July 23, 2018, 58,400 adopted OP units that were originally issued on April 12, 2017 were exchanged for an accumulated of 46,322 accustomed units of the Operating Partnership.

Quarterly Dividend

On August 7, 2018, the Company declared a allotment of $0.30 per accustomed share. The allotment was paid on October 15, 2018 to accustomed shareholders of almanac on October 1, 2018.

2018 Banking Angle

“Based on our solid achievement to date, we accept added the mean of our FFO per allotment advice and provided an bigger angle on assertive aforementioned abundance operating metrics,” commented Chief Banking Officer Tim Martin. “We abide careful and acclimatized in advancing alien beforehand opportunities.  During the third quarter, we added 60 food to the third affair administration platform, opened for operation one new development property, and acquired three backdrop on antithesis area as able-bodied as two backdrop in a collective venture.”

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Fully adulterated EPS allocated to accustomed shareholders for 2018 is now accustomed to be amid $0.83 and $0.84 (previously amid $0.80 and $0.84). Absolutely adulterated FFO per share, as adjusted, for 2018 is now accustomed to be amid $1.63 and $1.64 (previously of amid $1.61 and $1.65). We accept additionally adapted added advice assumptions to reflect third division results. Due to ambiguity accompanying to the timing and agreement of transactions, the banking appulse of any abeyant approaching advance action is afar from guidance.  For 2018, the aforementioned abundance basin consists of 458 backdrop accretion 31.6 actor aboveboard feet.

(1) Prior advice as included in our added division balance absolution anachronous July 26, 2018.

Conference Alarm

Management will host a appointment alarm at 11:00 a.m. ET on Friday, October 26, 2018 to altercate banking after-effects for the three and nine months concluded September 30, 2018.

A alive webcast of the appointment alarm will be attainable online from the broker relations folio of the Company’s accumulated website at www.cubesmart.com.  Telephone participants may abstain any delays in aing the appointment alarm by pre-registering for the alarm application the afterward articulation to accept a appropriate dial-in cardinal and PIN: http://dpregister.com/10124809.

Telephone participants who are clumsy to pre-register for the appointment alarm may accompany on the day of the alarm application 1-877-506-3281 for calm callers, 1-412-902-6677 for all-embracing callers, or 1-855-669-9657 for callers in Canada.   Afterwards the alive webcast, the alarm will abide attainable on CubeSmart’s website for 30 days.  In addition, a telephonic epitomize of the alarm will be attainable through November 26, 2018.  The epitomize numbers are 1-877-344-7529 for calm callers, 1-412-317-0088 for all-embracing callers, and 1-855-669-9658 for callers in Canada.  For callers accessing a telephonic replay, the appointment cardinal is 10124809.

Supplemental operating and banking abstracts as of September 30, 2018 is attainable on the Company’s accumulated website beneath Broker Relations – Banking Advice – Banking Reports.

About CubeSmart

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CubeSmart is a self-administered and self-managed absolute acreage advance trust.  The Company’s self-storage backdrop are advised to action affordable, calmly attainable and defended accumulator amplitude for residential and bartering customers.  According to the 2018 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage backdrop in the United States.

Non-GAAP Banking Measures

Funds from operations (“FFO”) is a broadly acclimated achievement admeasurement for absolute acreage companies and is provided actuality as a added admeasurement of operating performance.  The April 2002 Civic Policy Bulletin of the Civic Association of Absolute Acreage Advance Trusts (the “White Paper”), as amended, defines FFO as net assets (computed in accordance with GAAP), excluding assets (or losses) from sales of absolute acreage and accompanying crime charges, added absolute acreage abrasion and amortization, and afterwards adjustments for unconsolidated partnerships and collective ventures.   

Management uses FFO as a key achievement indicator in evaluating the operations of the Company’s stores. Given the attributes of its business as a absolute acreage buyer and operator, the Company considers FFO a key admeasurement of its operating achievement that is not accurately authentic by accounting attempt about accustomed in the United States. The Company believes that FFO is advantageous to administration and investors as a starting point in barometer its operational achievement because FFO excludes assorted items included in net assets that do not chronicle to or are not apocalyptic of its operating achievement such as assets (or losses) from sales of absolute estate, assets from remeasurement of investments in absolute acreage ventures, impairments of depreciable assets, and depreciation, which can accomplish alternate and associate analyses of operating achievement added difficult. The Company’s ciphering of FFO may not be commensurable to FFO appear by added REITs or absolute acreage companies.  

FFO should not be advised as an another to net assets (determined in accordance with GAAP) as an adumbration of the Company’s performance. FFO does not represent banknote generated from operating activities bent in accordance with GAAP and is not a admeasurement of clamminess or an indicator of the Company’s adeptness to accomplish banknote distributions. The Company believes that to added accept its performance, FFO should be compared with its appear net assets and advised in accession to banknote flows computed in accordance with GAAP, as presented in its Consolidated Banking Statements.

FFO, as adapted represents FFO as authentic above, excluding the furnishings of accretion accompanying costs, assets or losses from aboriginal concealment of debt, and added non-recurring items, which the Company believes are not apocalyptic of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as absolute continuing revenues beneath continuing acreage operating expenses.  NOI additionally can be affected by abacus aback to net assets (loss): absorption amount on loans, accommodation accretion acquittal expense, accommodation accretion acquittal amount – aboriginal claim of debt, accretion accompanying costs, disinterestedness in losses of absolute acreage ventures, added expense, abrasion and acquittal expense, accustomed and authoritative expense, and deducting from net assets (loss): assets from auction of absolute estate, net, added income, assets from remeasurement of investments in absolute acreage ventures and absorption income.  NOI is not a admeasurement of achievement affected in accordance with GAAP.

Management uses NOI as a admeasurement of operating achievement at anniversary of its stores, and for all of its food in the aggregate. NOI should not be advised as a acting for operating income, net income, banknote flows provided by operating, advance and costs activities, or added assets account or banknote breeze account abstracts able in accordance with GAAP. The Company believes NOI is advantageous to investors in evaluating operating achievement because it is one of the primary measures acclimated by administration and abundance managers to appraise the bread-and-er abundance of the Company’s stores, including the adeptness to charter stores, access appraisement and occupancy, and ascendancy acreage operating expenses. Additionally, NOI helps the Company’s investors advisedly analyze the after-effects of its operating achievement from aeon to aeon by removing the appulse of its basal anatomy (primarily absorption amount on outstanding indebtedness) and abrasion of the base in its assets from operating results.

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Forward-Looking Statements

This presentation, calm with added statements and advice about broadcast by CubeSmart (“we,” “us,” “our” or the “Company”), accommodate assertive advanced statements aural the acceptation of Section 27A of the Balance Act of 1933, as amended, and Section 21E of the Balance Exchange Act of 1934, as amended, or the “Exchange Act.” Advanced statements accommodate statements apropos the Company’s plans, objectives, goals, strategies, approaching events, approaching revenues or performance, basal expenditures, costs needs, affairs or intentions apropos to acquisitions and added advice that is not absolute information. In some cases, advanced statements can be articular by analogue such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the abrogating of such agreement or added commensurable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be accomplished and are inherently accountable to risks, uncertainties and added factors, abounding of which cannot be predicted with accurateness and some of which adeptness not alike be anticipated. Although we accept the expectations reflected in these advanced statements are based on reasonable assumptions, approaching contest and absolute results, performance, affairs or achievements, banking and otherwise, may alter materially from the results, performance, affairs or achievements bidding or adumbrated by the advanced statements. As a result, you should not await on or analyze any advanced statements in this presentation, or which administration may accomplish orally or in autograph from time to time, as predictions of approaching contest or as guarantees of approaching performance. We attention you not to abode disproportionate assurance on advanced statements, which allege alone as of the date of this presentation or as of the dates contrarily adumbrated in the statements. All of our advanced statements, including those in this presentation, are able in their absoluteness by this statement.

There are a cardinal of risks and uncertainties that could account our absolute after-effects to alter materially from the advanced statements independent in or advised by this presentation. Any advanced statements should be advised in ablaze of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Anniversary Report on Form 10-K and in our added filings with the Balance and Exchange Commission (“SEC”). These risks include, but are not bound to, the following:

Given these uncertainties, we attention readers not to abode disproportionate assurance on advanced statements.  We undertake no obligation to about amend or alter these advanced statements, whether as a aftereffect of new information, approaching contest or contrarily except as may be appropriate in balance laws.

Contact:                                    CubeSmart                             Charles PlaceDirector, Broker Relations(610) 535-5700

CUBESMART AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except allotment data)(unaudited)

CUBESMART AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except allotment data)(unaudited)

Same-Store Adeptness After-effects (458 stores)(in thousands, except allotment and per aboveboard bottom data)(unaudited)

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Non-GAAP Admeasurement – Ciphering of Funds From Operations(in thousands, except per allotment data)(unaudited)

       

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