CubeSmart (CUBE) Company Report

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

CubeSmart Reports Q3 2025 Results and Raises Full-Year Guidance

CUBE

Earnings

Guidance Update

Debt Issuance

CubeSmart reported Q3 2025 FFO per share as adjusted of $0.65, with same-store revenues declining 1% and same-store operating expenses growing 0.3%, resulting in negative 1.5% same-store NOI growth.
The company updated its full-year 2025 expectations, including a penny raise at the midpoint of its FFO per share as adjusted guidance, an improved midpoint for same-store revenue growth, and a revised expense growth midpoint of 1.5%, leading to a revised same-store NOI expectation of negative 1.25%.
Operational metrics show stabilizing trends, with move-in rates in the same-store portfolio being positive year over year for the first time since Q1 2022, and average rent-on-rentals for Q3 at 2.5%.
CubeSmart successfully completed the issuance of $450 million of 10-year senior unsecured notes on August 20, with a yield to maturity of 5.29%, and is under contract to acquire three stores in the fourth quarter.
The company anticipates same-store revenue growth to turn positive in the back half of 2026, driven by continued stabilization and diminishing headwinds from new supply.

Oct 31, 2025, 3:00 PM

Transcript

CubeSmart Reports Q3 2025 Results and Raises Full-Year Guidance

CUBE

Earnings

Guidance Update

Debt Issuance

CubeSmart reported Q3 2025 FFO per share as adjusted of $0.65 and experienced a 1% decline in same-store revenues, resulting in negative 1.5% same-store NOI growth.
The company raised its full-year FFO per share as adjusted guidance midpoint by a penny and improved its same-store revenue and expense growth guidance, leading to a revised midpoint of negative 1.25% for same-store NOI for the year.
Management observed diminishing headwinds from new supply and a more constructive pricing environment, with move-in rates in the same-store portfolio being positive year over year for the first time since Q1 2022.
CubeSmart is under contract to acquire three stores in Q4 and successfully completed an issuance of $450 million of 10-year senior unsecured notes with a yield to maturity of 5.29% on August 20.

Oct 31, 2025, 3:00 PM

Transcript

CubeSmart Reports Third Quarter 2025 Results and Updates Full-Year Guidance

CUBE

Earnings

Guidance Update

Debt Issuance

CubeSmart reported diluted earnings per share (EPS) of $0.36 and Funds From Operations (FFO), as adjusted, per diluted share of $0.65 for the third quarter of 2025.
Same-store net operating income (NOI) decreased 1.5% year over year in Q3 2025, resulting from a 1.0% decrease in revenues and a 0.3% increase in operating expenses.
The company issued $450 million of unsecured senior notes due November 1, 2035, in August 2025, with net proceeds used to repay outstanding indebtedness and for general corporate purposes.
CubeSmart increased the midpoints of its full-year 2025 FFO per share guidance to a range of $2.56 to $2.60.
A quarterly dividend of $0.52 per common share was declared on July 29, 2025, and paid on October 15, 2025.

Oct 31, 2025, 11:37 AM

8-K

CubeSmart Reports Third Quarter 2025 Results and Updates Full-Year Guidance

CUBE

Earnings

Guidance Update

Debt Issuance

CubeSmart reported diluted earnings per share of $0.36 and Funds From Operations (FFO), as adjusted, per diluted share of $0.65 for the third quarter ended September 30, 2025.
Same-store net operating income (NOI) decreased 1.5% year over year, with same-store occupancy averaging 89.9% during the quarter.
The company increased the midpoints of its full-year 2025 guidance ranges, with diluted EPS now projected between $1.46 and $1.50 and FFO per share, as adjusted, between $2.56 and $2.60.
CubeSmart issued $450 million of unsecured senior notes due 2035.
The third-party management platform expanded by 46 stores in Q3 2025, reaching a total of 863 stores as of September 30, 2025.

Oct 30, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CubeSmart.

Q3 2025

Oct 31, 2025

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Q2 2025

Aug 1, 2025

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Q1 2025

May 2, 2025

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CubeSmart (CUBE)

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