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CUBESMART® self storage Source : CubeSmart November 04 , 2021 16:15 ET CubeSmart Reports Third Quarter 2021 Results MALVERN , Pa . , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- CubeSmart ( NYSE : CUBE ) today announced its operating results for the three and nine months ended September 30 , 2021 . " Once again , we saw strong performance across our portfolio as our sophisticated systems and talented teammates continue to maximize the opportunities provided by favorable market conditions , ” commented President and Chief Executive Officer Christopher P. Marr . “ The current fundamental backdrop positions us to end the year strong and head into next year on a positive note . " Key Highlights for the Third Quarter • Reported earnings per share ( " EPS " ) attributable to the Company's common shareholders of $ 0.43 . Reported funds from operations ( " FFO " ) per share , as adjusted , of $ 0.56 . • • Increased same - store ( 507 stores ) net operating income ( " NOI " ) 21.1 % year over year , driven by 15.6 % revenue growth and a 3.9 % increase in property operating expenses . • Same - store occupancy during the quarter averaged 95.6 % and ended the quarter at 94.8 % . • Closed on two property acquisitions totaling $ 33.0 million . • Closed on four property dispositions totaling $ 38.6 million . • Added 33 stores to our third - party management platform during the quarter , bringing our total third - party managed store count to 706 . • Subsequent to September 30 , 2021 , increased the quarterly dividend 26.5 % to an annualized rate of $ 1.72 per common share from the previous annualized rate of $ 1.36 per common share . Financial Results Net income attributable to the Company's common shareholders was $ 87.7 million for the third quarter of 2021 , compared with $ 46.9 million for the third quarter of 2020. A significant driver of the year over year increase was the $ 28.8 million of gains from the sale of four properties during the third quarter of 2021. EPS attributable to the Company's common shareholders was $ 0.43 for the third quarter of 2021 , compared with $ 0.24 for the same period last year . FFO , as adjusted , was $ 118.4 million for the third quarter of 2021 , compared with $ 86.3 million for the third quarter of 2020. FFO per share , as adjusted , increased 27.3 % to $ 0.56 for the third quarter of 2021 , compared with $ 0.44 for the same period last year . Investment Activity Acquisition Activity During the quarter ended September 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 for $ 67.1 million . Additionally , the Company has five properties in Florida ( 1 ) , Georgia ( 1 ) , Illinois ( 1 ) , Nevada ( 1 ) and Pennsylvania ( 1 ) under contract for $ 85.8 million . These properties are expected to close during the fourth quarter of 2021 . Disposition Activity During the three and nine months ended September 30 , 2021 , the Company sold four properties located in Colorado ( 1 ) , Nevada ( 1 ) and North Carolina ( 2 ) for $ 38.6 million . Additionally , the Company has a property located in Texas under contract to sell for $ 5.2 million . The sale of this property is expected to close during the fourth quarter of 2021 . Development Activity