Revenues increased $49.4 million and property operating expenses increased $9.7 million in the second quarter of 2022, as compared to the same period in 2021. Same-store NOI increased 19.0% from the second quarter of 2021 to the second quarter of 2022.Īs of June 30, 2022, the Company’s total consolidated portfolio included 609 stores containing 43.9 million rentable square feet and had physical occupancy of 93.6%. Same-store revenues for the second quarter of 2022 increased 14.0% and same-store operating expenses increased 2.5% from the same quarter in 2021. Same-store physical occupancy as of Jand 2021 was 95.3% and 96.0%, respectively. These same-store properties represented approximately of property NOI for the three months ended June 30, 2022. The Company’s same-store portfolio at Jincluded 523 stores containing approximately million rentable square feet, or approximately of the aggregate rentable square feet of the Company’s 609 consolidated stores. During the three and six months ended June 30, 2022, the Company added 35 stores and 68 stores, respectively, to its third-party management platform. Unconsolidated Real Estate Venture Activityĭuring the second quarter of 2022, the Company’s joint venture, HVP V, acquired a property located in New Jersey for $33.2 million.Īs of June 30, 2022, the Company’s third-party management platform included 680 stores totaling 45.9 million rentable square feet. Both stores are located in New York and are expected to open at various times between the third quarter of 2022 and the fourth quarter of 2023. The Company anticipates investing a total of $78.0 million related to these projects and had invested $37.7 million of that total as of June 30, 2022. The project is in close proximity to an existing store and has been combined with the existing store in our store count, as well as for operational and reporting purposes.Īs of June 30, 2022, the Company had two joint venture development properties under construction. During the three months ended June 30, 2022, the Company opened for operation one development project in Virginia for a total cost of $21.8 million. The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. Opened for operation one development project for a total cost of $21.8 million.Īdded 35 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 680.
Same-store occupancy during the quarter averaged 95.1% and ended the quarter at 95.3%.Ĭlosed on one property acquisition for $23.0 million. Increased same-store (523 stores) net operating income (“NOI”) 19.0% year over year, driven by 14.0% revenue growth and a 2.5% increase in property operating expenses. Reported funds from operations (“FFO”) per share, as adjusted, of $0.62. Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.26. “We believe that the demand characteristics created by the attractive demographics of our portfolio position us to perform well through all macroeconomic backdrops.” “The rental season got off to a solid start, generating strong performance through the second quarter as all aspects of the operating platform worked effectively to maximize cash flows,” commented President and Chief Executive Officer Christopher P. 04, 2022 (GLOBE NEWSWIRE) - CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2022.
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