CubeSmart (CUBE) Company Report

CubeSmart reported $2.58 FFO per share, as adjusted, for the year ended December 31, 2025, and provided a full-year 2026 outlook for FFO, as adjusted, per share between $2.52 and $2.60.
For the year ended December 31, 2025, same-store revenue growth was (0.5)%, same-store expense growth was 1.2%, and same-store Net Operating Income (NOI) growth was (1.1)%. The 2026 outlook projects same-store revenue growth between (0.25%) and 1.25%, expense growth between 3.25% and 4.75%, and NOI growth between (1.75%) and 0.25%.
In 2025, CubeSmart acquired $501.8 million in properties and added 136 stores to its third-party management platform, increasing its quarterly dividend to $0.53 for the period ending December 31, 2025, marking the 16th consecutive annual increase.
The company has demonstrated consistent earnings outperformance, with its three-year average FFO, as adjusted, per share growth at 0.7% compared to the sector average of -1.8% for 2023-2025, driven by sector-leading same-store expense control.

2 days ago

8-K

CubeSmart Reports Q4 2025 Results and Provides 2026 Guidance

CUBE

Earnings

Guidance Update

Share Buyback

CubeSmart reported Q4 2025 FFO per share as adjusted of $0.64, with same-store revenue growth at -0.1% and same-store expenses up 2.9%, leading to a 1.1% decline in same-store NOI.
The company issued 2026 FFO per share guidance in the range of $2.52 to $2.60, anticipating a similar macro environment, reduced impact from new supply, and improving competitive pricing.
Operational trends showed improvement, with year-over-year quarterly move-in rates turning positive at +2.5% in Q3 2025 and reaching +2.8% in Q4 2025, while the occupancy gap narrowed to 88.7% by January 2026. The impact of new supply is projected to affect 19% of the same-store portfolio in 2026, a decrease from previous years.
In capital allocation, CubeSmart increased its quarterly dividend by 1.9% to an annualized $2.12 per share, expanded its share repurchase authorization to $475 million, and formed a new $250 million joint venture with CBRE IM.

5 days ago

Transcript

CubeSmart Reports Q4 2025 Results and Provides 2026 Outlook

CUBE

Earnings

Guidance Update

Share Buyback

For Q4 2025, CubeSmart reported FFO per share as adjusted of $0.64, with same-store revenue growth accelerating to -0.1% and same-store NOI declining 1.1%.
The company projects FFO per share for 2026 to be in the range of $2.52-$2.60. Management anticipates a gradual improvement in operating fundamentals and financial results throughout 2026, expecting a return to historical revenue growth levels by the second half of 2027.
CubeSmart's board expanded its share repurchase authorization to approximately $475 million. The company also established a new joint venture with CBRE IM with a $250 million mandate for investments and completed $49 million in on-balance sheet acquisitions during Q4 2025.
Move-in rates turned positive in Q3 2025 at +2.5% and reached +2.8% in Q4 2025, with similar positive trends continuing into early 2026. Only 19% of same stores are projected to face new supply impact in 2026, the lowest percentage since 2017.

5 days ago

Transcript

CubeSmart Reports Q4 2025 Results and Provides 2026 Guidance

CUBE

Earnings

Guidance Update

Share Buyback

CubeSmart reported Q4 2025 FFO per share as adjusted of $0.64, with same-store revenue growth at negative 0.1% and same-store expenses up 2.9%, leading to a 1.1% decline in same-store NOI.
The company provided 2026 FFO per share guidance in the range of $2.52-$2.60.
Operational metrics showed improvement, with year-over-year move-in rates turning positive to +2.8% in Q4 2025 and the occupancy gap narrowing to 88.7% by January 2026. Only 19% of same stores are projected to face new supply impact in 2026, the lowest percentage since 2017.
Capital allocation included a new joint venture with CBRE IM with a $250 million mandate, $49 million in acquisitions, and an expanded share repurchase authorization of approximately $475 million. The company may also sell assets or contribute to a joint venture to fund additional share repurchases.

5 days ago

Transcript

CubeSmart reports Q4 and FY 2025 results and updates guidance

CUBE

Earnings

Guidance Update

Share Buyback

Q4 2025 diluted EPS was $0.34, down from $0.45 in Q4 2024; full-year 2025 diluted EPS was $1.46, down from $1.72 in 2024.
FFO, as adjusted, per diluted share was $0.64 for Q4 2025 (down 5.9% year-over-year) and $2.58 for FY 2025 (down 1.9% year-over-year).
Same-store NOI decreased 1.1% year-over-year in Q4 2025, with same-store occupancy averaging 88.8% for the quarter.
The company acquired two stores for $49 million in Q4 and completed a major $452.8 million acquisition during the year; it also redeemed $300 million of unsecured senior notes and prepaid a $108 million mortgage loan.
2026 guidance: diluted EPS expected between $1.55 and $1.63; FFO, as adjusted, per share between $2.52 and $2.60.

5 days ago

8-K

CubeSmart Reports Q4 and Annual 2025 Results

CUBE

Earnings

Guidance Update

Dividends

CubeSmart reported diluted earnings per share (EPS) of $0.34 and funds from operations (FFO), as adjusted, per diluted share of $0.64 for the fourth quarter ended December 31, 2025. For the full year ended December 31, 2025, diluted EPS was $1.46 and FFO, as adjusted, per diluted share was $2.58.
Same-store net operating income (NOI) for the fourth quarter of 2025 decreased 1.1% year over year, resulting from a 0.1% decrease in revenues and a 2.9% increase in operating expenses.
During the fourth quarter of 2025, the company acquired two stores for $49.0 million and repurchased 0.9 million common shares for $31.9 million. CubeSmart also increased its quarterly dividend by 1.9% to an annualized rate of $2.12 per common share.
For 2026, CubeSmart estimates its fully diluted EPS to be between $1.55 and $1.63, and fully diluted FFO per share, as adjusted, to be between $2.52 and $2.60.

6 days ago

Press Release

CubeSmart and CBRE Investment Management Announce Strategic Joint Venture

CUBE

New Projects/Investments

M&A

CubeSmart and CBRE Investment Management have formed a $250 million self-storage venture.
The venture's initial acquisition is a self-storage location in Phoenix, AZ, and it will invest in core, core-plus, and value-add opportunities in high growth markets across the United States.
CubeSmart will manage the stores on behalf of the venture, aiming to enhance property value through its operating platform.

Feb 3, 2026, 2:00 PM

Press Release

CubeSmart Provides Q4 2025 Update and Full-Year Outlook

CUBE

Guidance Update

New Projects/Investments

Debt Issuance

CubeSmart's full-year 2025 outlook for FFO, as adjusted, per share is projected to be between $2.56 and $2.60, with same-store NOI growth anticipated to be between (1.75%) and (0.75%).
The company's portfolio expanded to 1,523 properties as of September 30, 2025, reflecting a 231% increase in stores since 2010, and it has completed $6.1 billion in consolidated acquisitions since 2010.
CubeSmart maintains an investment-grade credit rating (BBB/Baa2) with a Net Debt/EBITDA of 4.7x as of September 30, 2025, and issued $450.0 million in senior unsecured notes in August 2025.
The company has a history of fifteen consecutive years of dividend increases and delivered a 10-year total shareholder return of +182% as of December 31, 2024.

Jan 7, 2026, 9:39 PM

8-K

CubeSmart Reports Q3 2025 Results and Provides Full-Year Outlook

CUBE

Guidance Update

Debt Issuance

New Projects/Investments

CubeSmart reported $0.65 FFO per share, as adjusted, for Q3 2025 and updated its full-year 2025 outlook for FFO, as adjusted, per share to be between $2.56 and $2.60. Year-to-date (as of September 30, 2025), same-store revenue growth was (0.6%) and same-store net operating income (NOI) growth was (1.1%).
As of September 30, 2025, the company's portfolio consisted of 1,523 properties with an enterprise value of $12.7 billion. Strategic activities included the $452.8 million acquisition of the remaining 80% interest in the HVP IV joint venture in February 2025 and the addition of 109 stores to its third-party management platform, totaling 863 managed stores.
CubeSmart maintains an investment-grade credit rating of BBB/Baa2 and a net debt to EBITDA ratio of 4.7x as of September 30, 2025. The company also issued $450.0 million in senior unsecured notes with a 5.125% interest rate due in 2035 in August 2025.

Dec 2, 2025, 9:44 PM

8-K

CubeSmart Reports Q3 2025 Results and Updates Full-Year Guidance

CUBE

Earnings

Guidance Update

New Projects/Investments

CubeSmart reported Q3 2025 FFO per share as adjusted of $0.65, with same-store revenues declining 1% and same-store NOI growth at negative 1.5%.
The company updated its full-year guidance, raising the midpoint of FFO per share as adjusted by a penny and improving the midpoint for same-store revenue growth and same-store NOI expectations to negative 1.25%.
Operational trends are stabilizing, with positive year-over-year move-in rates in the same-store portfolio for the first time since Q1 2022, and October move-in rates at approximately 1.92%.
CubeSmart is expanding through acquisitions, with three stores under contract for Q4, and grew its third-party management platform by 46 stores to a total of 863.
The company also completed a $450 million issuance of 10-year senior unsecured notes with a yield to maturity of 5.29% on August 20.

Oct 31, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for CubeSmart.

Q4 2025

Feb 27, 2026

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Q3 2025

Oct 31, 2025

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Q2 2025

Aug 1, 2025

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CubeSmart (CUBE)

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Amy Cross

Guy Middlebrooks

Jeffrey P. Foster

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Matthew D. DeNarie

Timothy M. Martin

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Daniel Tricarico

Spenser Allaway

Brad Heffern

Jeffrey Spector

Mike Mueller

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Viktor Fediv

Hong Zhang

Jon Petersen

Nicholas Joseph

Nick Kuran

Omotayo Okusanya

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