CubeSmart, in reporting its third-quarter results, outlined its expectations for the fourth quarter and updated its outlook for 2019 funds from operations per share, as adjusted.
The self-storage real estate investment trust expects fourth-quarter FFO, as adjusted, in a per-share range of 41 cents to 42 cents. For 2019, the company projects FFO per share, as adjusted, in a range of $1.67 to $1.69, compared to its earlier guidance range of $1.66 to $1.69.
The S&P Global Market Intelligence consensus FFO-per-share estimates for the fourth quarter and full year are 42 cents and $1.67, respectively.
During the third quarter, the REIT acquired two stores in Georgia and South Carolina for $17.9 million. It has five properties under contract for $87.9 million that are expected to close by the first quarter of 2020. Subsequent to Sept. 30, the REIT sold a store in Texas for $4.1 million.
During the third quarter, the company's HVP IV joint venture acquired two properties in Texas for $46.0 million. The joint venture has two properties under contract for $34.3 million that are expected to close by the end of 2019.
In the third quarter, the REIT sold 1.8 million common shares of beneficial interest through its at-the-market equity program to raise net proceeds of $61.2 million.