CubeSmart reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenues for Q3 2024 reached $270.9 million, a slight increase of 1.1% from $267.9 million in Q3 2023. This growth was attributed to additional revenues from newly acquired or opened stores, increased fee income, and higher participation in customer storage protection plans. However, rental income decreased to $231.0 million from $232.5 million year-over-year.
Net income for Q3 2024 was $100.95 million, down 2.1% from $103.07 million in Q3 2023. Similarly, net income attributable to common shareholders decreased to $100.80 million from $102.65 million. For the nine months ended September 30, 2024, net income totaled $289.99 million, a decline from $299.30 million in the same period of 2023. The company’s net cash provided by operating activities also saw a slight decrease, totaling $466.4 million compared to $468.8 million in the prior year.
CubeSmart's total assets increased to $7.42 billion as of September 30, 2024, from $7.37 billion at the end of 2023. Cash and cash equivalents significantly rose to $43.5 million from $6.5 million, reflecting improved liquidity. Total liabilities decreased to $3.32 billion from $3.34 billion, while total shareholders’ equity slightly declined to $2.79 billion from $2.80 billion.
The company made strategic acquisitions, including two self-storage properties in Connecticut for $20.2 million during the nine months ended September 30, 2024. This follows a previous acquisition of a New Jersey property for $22 million in 2023. Additionally, CubeSmart disposed of an asset in Illinois for $8 million, which was subject to an involuntary conversion.
Operating expenses for Q3 2024 increased to $81.9 million, up from $77.5 million in Q3 2023, primarily due to higher advertising costs and expenses from newly acquired stores. Interest expenses decreased slightly, reflecting a reduction in the average outstanding debt balance from $3.00 billion in 2023 to $2.94 billion in 2024.
The company continues to focus on maximizing internal growth while selectively pursuing acquisitions and developments in the self-storage sector, operating 615 properties with approximately 44.4 million rentable square feet as of September 30, 2024.
About CubeSmart
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