Page 1

EX - 99.1 2 cube - 20210729ex99126aeb6.htm EX - 99.1 News Release - July 29 , 2021 Exhibit 99.1 CubeSmart Reports Second Quarter 2021 Results MALVERN , PA -- ( Globe Newswire ) -July 29 , 2021 -- CubeSmart ( NYSE : CUBE ) today announced its operating results for the three and six months ended June 30 , 2021 . " Operating fundamentals continued to strengthen throughout the rental season resulting in an exceptional quarter , ” commented President and Chief Executive Officer Christopher P. Marr . " We believe the foundational elements of consumer demand will continue to have positive implications for growth throughout the balance of this year and into 2022. " Key Highlights for the Second Quarter ● Reported earnings per share ( “ EPS " ) attributable to the Company's common shareholders of $ 0.24 . • Reported funds from operations ( " FFO ” ) per share , as adjusted , of $ 0.50 . Increased same - store ( 511 stores ) net operating income ( “ NOI ” ) 17.6 % year over year , driven by 14.0 % revenue growth and a 6.6 % increase in property operating expenses . Same - store occupancy during the quarter averaged 95.6 % and ended the quarter at 96.1 % . Closed on two property acquisitions for $ 34.1 million . Opened for operation two development properties for a total cost of $ 48.7 million . Added 45 stores to our third - party management platform during the quarter , bringing our total third - party managed store count to 718 . Financial Results Net income attributable to the Company's common shareholders was $ 48.8 million for the second quarter of 2021 , compared with $ 38.5 million for the second quarter of 2020. EPS attributable to the Company's common shareholders was $ 0.24 for the second quarter of 2021 , compared with $ 0.20 for the same period last year . FFO , as adjusted , was $ 105.4 million for the second quarter of 2021 , compared with $ 79.9 million for the second quarter of 2020. FFO per share , as adjusted , increased 22.0 % to $ 0.50 for the second quarter of 2021 , compared with $ 0.41 for the same period last year . Investment Activity Acquisition Activity During the quarter ended June 30 , 2021 , the Company acquired one wholly - owned store in Maryland for $ 22.1 million . In addition , the Company contributed $ 3.4 million to acquire a 50 % ownership interest in a consolidated joint venture that acquired a store located in Minnesota for $ 12.0 million . Subsequent to June 30 , 2021 , the Company acquired two wholly - owned stores in New Jersey ( 1 ) and Pennsylvania ( 1 ) for $ 33.0 million . In total for the year through the date of this press release , the Company has acquired four stores , including the store in Minnesota , for $ 67.1 million . Second Quarter 2021 CUBESMART® self storage Page 1