While CubeSmart will lose third-party management fees on the 68 facilities, Martin said the REIT is able to offset the disappearing income thanks to the attractive investment yield it achieved with the 18-facility acquisition. Increases in property operating expenses were primarily attributable to a $1.8 million increase in same-store expenses primarily due to higher property taxes and advertising costs, and $0.7 million of increased expenses associated with newly acquired or developed stores. We strive to offer our customers, teammates, and third-party management partners the highest levels of service. Why Consider Third-Party Management?. During the three and six months ended June 30, 2020, the Company added 27 stores and 93 stores, respectively, to its third-party management platform. Third-Party Management. Ryan Rapolas joined CubeSmart in 2010 with the beginning of the 3rd party management platform. During the three and nine months ended September 30, 2020, the Company added 37 stores and 130 stores, respectively, to its third-party management platform. What are your management agreement details? Maximize your investment with the guidance of an experienced self-storage operator. Here is the list of fees for the trading services offered by the Montréal Exchange. Property management fee income rose 23% to $6.1 million. Same-store NOI decreased 1.6% from the third quarter of 2019 to the third quarter of 2020. Reported funds from operations (“FFO”) per share, as adjusted, of $0.44. As of September 30, 2020, the Company’s third-party management program included 733 stores totaling 48.9 million square feet. During the three and nine months ended September 30, 2019, the Company added 48 stores and 153 stores, respectively, to its third-party management program. Third-Party Management. Post was not sent - check your email addresses! Meet the demands that come with managing employees, budgets, marketing, and maintenance.. Performance rebounded across our portfolio, as strong demand trends drove record-high same-store occupancies in September,” commented President and Chief Executive Officer Christopher P. Marr. The Company did not acquire any stores during the third quarter. FFO, as adjusted, was $86.3 million for the third quarter of 2020, compared with $86.8 million for the third quarter of 2019. Same-Store Results The total count of 1,266 properties it owned or managed as of September 2020 includes 719 stores (representing 48 million square feet) in its third-party management … Please consider supporting us in our efforts. As of June 30, 2020, the Company’s third-party management program included 719 stores totaling 48.0 million square feet. EPS attributable to the Company’s common shareholders was $0.24 for the third quarter of 2020, compared with $0.22 for the same period last year. Show your support today by clicking here and becoming a patron. During the three and six months ended June 30, 2018, the Company added 41 stores and 88 stores, respectively, to its third-party management … As of September 30, 2020, the Company’s third-party management program included 733 stores totaling 48.9 million square feet. MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Third-Party Management. At CubeSmart Management, there are no one-way business relationships. “It is a lesser fee than third-party management, and you make more profits than with a third-party management company,” Goodin said. Same-store revenues for the third quarter of 2020 increased 0.1% and same-store operating expenses increased 4.2% from the same quarter in 2019. Contact Our Team. Franchisees pay a one-time franchise fee of $20,000 per facility. MALVERN, Pa., Oct. 07, 2020 (GLOBE NEWSWIRE) - CubeSmart (NYSE: CUBE) today announced that the Company will release financial results for the three-month period ended September 30, 2020 after the market close on Thursday, November 5, 2020. Your generous donation will help us continue this work and keep it free of charge. As of September 30, 2020, the Company’s total owned portfolio included 527 stores containing 37.1 million rentable square feet and had physical occupancy of 93.2%. Net income attributable to the Company’s common shareholders was $46.9 million for the third quarter of 2020, compared with $42.2 million for the third quarter of 2019. The company has increased that number by 28% to 582 in the first three quarters of 2018, with 60 stores added in the third quarter of 2018 alone. MALVERN, Pa., Aug. 06, 2020 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2020. The properties are located in Brooklyn, NY, Long Island City, NY, Flushing (Queens), NY, College Point (Brooklyn), NY and Bronx, NY. Same-Store Results The Company also entered into purchase agreements to acquire nine additional self-storage properties through the date of this press release for an aggregate purchase price of $103.9 million that are expected to close at various times during the fourth quarter of 2020. Sorry, your blog cannot share posts by email. Find out how our team can improve the performance of your property. CubeSmart's property management program provides extensive operational and managerial support to ensure your investment is well-managed. The increase is attributable to a higher amount of outstanding debt during the 2020 period. As of October 31, 2020, same-store occupancy was 94.1% compared to 92.0% as of October 31, 2019. We have dynamic pricing and promotion strategies that aim to maximize your revenue. Revenues increased $6.0 million and property operating expenses increased $3.6 million in the third quarter of 2020, as compared to the same period in 2019. Same-store (477 stores) net operating income (“NOI”) decreased 1.6% year over year, driven by 0.1% revenue growth and a 4.2% increase in property operating expenses. During the three and six months ended June 30, 2020, the Company added 27 stores and 93 stores, respectively, to its third-party management platform. We keep you informed with daily reports that keep you connected to your investments with ongoing news and financial results. Same-Store Results “In October, we took advantage of our strong financial position and attractively priced debt capital to raise $450 million through our senior unsecured note issuance, allowing us to lower our effective interest rate and extend out our weighted average maturity,” commented Chief Financial Officer Tim Martin. These fees are effective as of August 1, 2020. During the third quarter, the Company did not sell any common shares of beneficial interest through its at-the-market (“ATM”) equity program. Costs range from about $70 for a small unit to $250 for a large-size unit. Revenue in 2017 rose to $560 million, up from $510 million the previous year. CubeSmart’s main focus is on customer service. Same-Store Results Throughout June and July, we began resuming rate increases to existing customers and the company’s normal delinquency processes on a jurisdiction by jurisdiction basis, the impact of which had become fully effective as of September 30, 2020. MALVERN, Pa., July 25, 2019 -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2019. Same-store physical occupancy as of September 30, 2020 and 2019 was 94.3% and 92.5%, respectively. Chester County News and Community Website. CubeSmart collected $14.9 million in third-party management fees in 2017, or nearly 2.7 percent of total revenue. During the three and nine months ended September 30, 2020, the Company added 37 stores and 130 stores, respectively, to its third-party management platform. On October 21, 2020, the Company entered into a purchase agreement to acquire a portfolio of eight open and operating self-storage properties for an aggregate purchase price of approximately $540.0 million. Rely on industry professionals with demonstrated experience to assist with important day-to-day property decisions. We have a specialized training team that ensures a consistent, high-quality experience for your customers. The spread of COVID-19 and the corresponding government regulations have had an impact on the Company’s business since mid-March. After that, a franchisee pays 6 percent of revenue as a royalty fee and a 2.5 percent advertising fee. Due to the continued uncertainty surrounding the duration, scope and severity of the pandemic, and the associated mitigation efforts, it is difficult to predict the impact on future operational and financial results. These stores are located in Massachusetts (1), New York (2), Pennsylvania (1) and Virginia (1) and are expected to open at various times between the fourth quarter of 2020 and the first quarter of 2022. Acquisition in two tranches in December 2020 that keep you informed with daily reports that keep you connected to investments. Redemption of the 3rd party management program included 719 stores totaling 35.3 million square.. Principal amount with a yield to maturity of 2.100 % $ 14.9 million in third-party management.. At 11:00 a.m Company expects to consummate the acquisition in two tranches in December 2020 our! Release, the Company ’ s third-party management program included 535 stores totaling million... 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