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EX - 99.1 2 cube - 20210429ex9917af111.htm EX - 99.1 News Release - April 29 , 2021 CubeSmart Reports First Quarter 2021 Results Exhibit 99.1 MALVERN , PA -- ( Globe Newswire ) - April 29 , 2021 -- CubeSmart ( NYSE : CUBE ) today announced its operating results for the three months ended March 31 , 2021 . “ Performance remains strong across the country as we continue to meet the needs of our customers in this rapidly changing environment , ” commented President and Chief Executive Officer Christopher P. Marr . " As we enter the busy rental season , record - high occupancy and an improving macroeconomic backdrop will continue to provide a positive operating environment . We remain disciplined in evaluating external growth opportunities with our continued focus on generating attractive risk- adjusted returns for our shareholders . " Key Highlights for the First Quarter • Reported earnings per share ( “ EPS ” ) attributable to the Company's common shareholders of $ 0.21 . • Reported funds from operations ( “ FFO ” ) per share , as adjusted , of $ 0.47 . • Increased same - store ( 511 stores ) net operating income ( " NOI " ) 8.9 % year over year , driven by 6.7 % revenue growth and a 2.0 % increase in property operating expenses . Same - store occupancy during the quarter averaged 93.8 % and ended the quarter at 94.4 % . • Opened for operation a development project for a total cost of $ 26.4 million . Established a 20 % ownership position in a newly formed joint venture that acquired its initial store during the quarter for a purchase price of $ 14.0 million . • Added 31 stores to our third - party management platform during the quarter . Financial Results Net income attributable to the Company's common shareholders was $ 41.7 million for the first quarter of 2021 , compared with $ 37.9 million for the first quarter of 2020. EPS attributable to the Company's common shareholders was $ 0.21 for the first quarter of 2021 , compared with $ 0.20 for the same period last year . FFO , as adjusted , was $ 98.4 million for the first quarter of 2021 , compared with $ 80.0 million for the first quarter of 2020. FFO per share , as adjusted , increased 14.6 % to $ 0.47 for the first quarter of 2021 , compared with $ 0.41 for the same period last year . Investment Activity Acquisition Activity The Company did not acquire any wholly - owned stores during the first quarter of 2021. Subsequent to March 31 , 2021 , the Company contributed $ 3.4 million to acquire a 50 % interest in a store located in Minnesota . Development Activity The Company has agreements with developers for the construction of Class A self - storage properties in high - barrier - to - entry locations . During the three months ended March 31 , 2021 , the Company opened for operation a First Quarter 2021 CUBESMART self storage Page 1