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. 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. Same-Store Results The average monthly cost for a CubeSmart storage unit is approximately $150 (not including a one-time $24 administrative fee due at the time of move-in). MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Some limited service management companies charge a fixed fee. The 2031 Notes were priced at 99.074% of the principal amount with a yield to maturity of 2.100%. These same-store properties represented approximately 89.3% and 90.4% of property NOI for the three and nine months ended September 30, 2020, respectively. 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. The weighted average effective interest rate on the company’s outstanding debt for the three months ended September 30, 2020 and 2019 was 3.89% and 4.05%, respectively. During the three and six months ended June 30, 2018, the Company added 41 stores and 88 stores, respectively, to its third-party management … Consideration for the properties will consist of approximately $201.7 million payable in cash, approximately $183.7 million payable in OP Units and the assumption of approximately $154.6 million of existing fixed-rate secured debt. Consult CDCC's site for the list of clearing fees.. Definitions. As of October 31, 2020, same-store occupancy was 94.1% compared to 92.0% as of October 31, 2019. Third-Party Management. As of September 30, 2020, the Company’s third-party management program included 733 stores totaling 48.9 million square feet. Here is the list of fees for the trading services offered by the Montréal Exchange. Our exceptional team of self-storage professionals has successfully added hundreds of stores to our management platform over the last few years. “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. Save time and resources so you can focus on other business pursuits. * Storage unit sizes are approximate. The success of actions taken to contain or treat COVID-19 and reactions by consumers, companies, governmental entities and capital markets are highly uncertain and cannot be predicted, therefore the Company is not reinstating guidance for 2020 at this time. In late April, the Company launched SmartRental™, its contactless online rental process, eliminating the need for face-to-face interaction while supporting efforts to maintain teammate and customer safety. 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. Others, like Crescendo Self Storage Management structure the fee as a percentage of gross revenue (typically 6%) and a percentage of the tenant insurance proceeds, but customize the proposal based on the details of the specific engagement. Franchisees pay a one-time franchise fee of $20,000 per facility. Same-Store Results An accompanying conference call will be held at 11:00 a.m. 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 … The dividend was paid on October 15, 2020 to common shareholders of record on October 1, 2020. On October 6, 2020, the Operating Partnership issued $450 million in aggregate principal amount of unsecured senior notes due February 15, 2031, which bear interest at a rate of 2.00% per annum (the “2031 Notes”). “We also continue to effectively execute on our external growth strategy with a robust pipeline of high-quality acquisitions, including the recently announced Storage Deluxe transaction that represents the culmination of our ten-year New York City portfolio strategy.”. Third-Party Management. * Added 37 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 733.COVID-19 UpdateThe spread of … As of June 30, 2020, the Company’s third-party management program included 719 stores totaling 48.0 million square feet. Lastly, unlike some operators, our stores are open 7 days a week to maximize revenue. 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. Ryan Rapolas joined CubeSmart in 2010 with the beginning of the 3rd party management platform. 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. After that, a franchisee pays 6 percent of revenue as a royalty fee and a 2.5 percent advertising fee. “It is a lesser fee than third-party management, and you make more profits than with a third-party management company,” Goodin said. 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, 2020, the Company added 37 stores and 130 stores, respectively, to its third-party management platform. We feature powerful customer acquisition from our multi-million dollar marketing platform. Please consider supporting us in our efforts. CubeSmart Q2 2020 ... And during the quarter, we added 27 stores to our third-party management platform. During the third quarter, the Company did not sell any common shares of beneficial interest through its at-the-market (“ATM”) equity program. ET on Friday, November 6, 2020. 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. Same-Store Results “We had a very active and. Same-Store Results Find out how our team can improve the performance of your property. 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. As of March 31, 2020, the Company’s third-party management program included 707 stores totaling 47.0 million square feet. The spread of COVID-19 and the corresponding government regulations have had an impact on the Company’s business since mid-March. 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. Revenue in 2017 rose to $560 million, up from $510 million the previous year. Other restrictions, taxes and fees may apply. Why Consider Third-Party Management?. The third-party management business is CubeSmart's fastest-growing revenue stream. Same-Store Results We believe the best business decisions are smart for all parties involved. Meet the demands that come with managing employees, budgets, marketing, and maintenance.. Franchisees pay a one-time franchise fee of $20,000 per facility. When you partner with us, you gain extensive operational and managerial support to propel your business performance and maximize the value of your investment. Due to the continued uncertainty surrounding the ongoing impact of the COVID-19 pandemic, the Company is not reinstating 2020 guidance at this time. Prior to joining the asset management team, he had been an integral part of the 3rd party accounting department serving as a Senior Property Accountant. Same-store occupancy during the quarter averaged 94.4% and ended the quarter at 94.3%. At CubeSmart Management, there are no one-way business relationships. We also offer generous compensation from insurance to owners. Gain economies of scale from a large platform that smaller operators are unable to match. Knauer Performing Arts Center To Host One Of The Most Extravagant NYE Livestreams To Celebrate Fifth Anniversary, IRS Issues Standard Mileage Rates for 2021. 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. Find out how our team can improve the performance of your property. 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. * Storage unit sizes are approximate. We keep you informed with daily reports that keep you connected to your investments with ongoing news and financial results. We lead the industry with expertise where it counts. At the end of 2017, CubeSmart reported 452 third-party stores under management. CubeSmart Storage Management: Guaranteed Results Or You Will Not Pay A Management Fee Jim Coyle Jim Coyle Asset Manager Jim Coyle joined the CubeSmart Third Party Management team in September 2018. FFO, as adjusted, was $86.3 million for the third quarter of 2020, compared with $86.8 million for the third quarter of 2019. As of September 30, 2020, the Company’s third-party management program included 733 stores totaling 48.9 million square feet. Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.24. CubeSmart's property management program provides extensive operational and managerial support to ensure your investment is well-managed. Public Storage Advantage ® third party management fees are only 4%, the lowest in the industry! Other restrictions, taxes and fees may apply. Because of the various approaches and types of properties managed, the answer to “How much does full-service third party self storage management cost… PQ Group Holdings Completes Sale of Performance Materials; Board Declares Special Cash Dividend, Federal Government Awards $78 Million to Help Families Reach Self-Sufficiency, 6 Unique Museums You'll Definitely Want to Visit in Chester County, Ocugen and Bharat Biotech to Co-Develop COVAXIN™, a Whole-Virion Inactivated COVID-19 Vaccine, Wolf Administration and United Way of PA Highlight Resources, 211 Program for Out-of-Work Pennsylvanians, IRS Has Begun Sending Letters Related to Qualified Opportunity Funds, Woman Sentenced to State Prison for Drug Delivery Resulting in Death, Intro to Practical Defensive Pistol (Indoor), Uptown! Increases in revenues were primarily attributable to revenues generated from property acquisitions and recently opened development properties as well as increased property management fee income resulting from additional stores under management. As of September 30, 2020, the Company had 14.6 million shares available for issuance under the existing equity distribution agreements. 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 provide comprehensive support from a dedicated relationship manager and a back-office team that handles everything from accounting to staffing. 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. 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