WAYNE, PA -- (Marketwire) -- 02/21/13 -- CubeSmart (NYSE: CUBE) announced its operating results for the three months and year ended December 31, 2012.
"We saw accelerating operational performance throughout 2012," commented Chief Executive Officer Dean Jernigan. "Importantly, we are positioned to maintain this fundamental momentum into 2013. With a high-quality team, property portfolio, operating platform, and balance sheet in place, all in the context of steady demand and limited new supply, we remain optimistic about our business."
Key Highlights for the Quarter
•Reported funds from operations ("FFO") per share, as adjusted, of $0.21, representing a year-over-year increase of 23.5%. •Increased same-store (313 facilities) net operating income ("NOI") 7.4% year over year, driven by 5.2% revenue growth and a 1.2% increase in property operating expenses. •Gained 550 basis points year over year in period ending same-store occupancy, up from 79.1% at the end of 2011 to 84.6% at the end of 2012. •Closed on five acquisitions totaling $25.6 million, bringing full-year acquisition volume to $442.7 million. •Closed on dispositions totaling $24.3 million, including eight assets in Ohio, two in Florida and one in Tennessee. Full-year disposition volume totaled $60.0 million.
Funds from Operations
FFO, as adjusted, was $28.9 million for the fourth quarter of 2012, compared with $20.5 million for the fourth quarter of 2011. FFO per share, as adjusted, increased 23.5% to $0.21 for the fourth quarter of 2012, compared with $0.17 for the same quarter last year.
FFO, as adjusted, for the year ended December 31, 2012 was $96.4 million, compared with $70.9 million for the year ended December 31, 2011. FFO per share, as adjusted, increased 13.8% to $0.74 for the year ended December 31, 2012, compared with $0.65 for the year ended December 31, 2011.
"Our keen focus on operational execution continues to drive accelerating occupancy and revenue performance," noted Chris Marr, President, Chief Operating Officer, and Chief Investment Officer. "We also had a very productive 2012 from an external growth perspective, as we exceeded our targets for acquisitions, dispositions, and third-party management contracts in a disciplined manner that meaningfully enhanced our portfolio."
The Company acquired five assets for $25.6 million during the three months ended December 31, 2012. These properties are located in Florida, New Jersey, Pennsylvania and Texas. For the full year, excluding assets associated with the previously announced Storage Deluxe and joint venture transactions, the Company closed on the acquisition of 22 assets for $128.4 million. Including these transactions, full-year acquisition volume totaled $442.7 million.
On the disposition front during the quarter, the Company sold 11 assets for total proceeds of $24.3 million. The facilities are located in Ohio, Florida, and Tennessee. For the year, the Company disposed of 26 assets for $60.0 million.
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