MALVERN, Pa. (AP) _ CubeSmart (CUBE) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $86.3 million, or 44 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 41 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $46.9 million, or 24 cents per share.
The self-storage company posted revenue of $172.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $165.7 million.
The company's shares have climbed almost 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $33.93, an increase of slightly more than 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CUBE at https://www.zacks.com/ap/CUBE