CubeSmart

Latest Results (14.11.2025):

CubeSmart reported its operating results for the third quarter of 2025 with mixed financial performance. The company’s third quarter earnings showed a net income of $82.9 million and diluted EPS of $0.36, down from last year’s figures, alongside adjusted FFO of $149.0 million. Strategic initiatives, including property development, acquisitions, and a $450 million senior note issuance, underline CubeSmart’s efforts to stabilize and drive future revenue growth.

Financial Performance

In the third quarter of 2025, CubeSmart’s net income reached $82.9 million and diluted EPS was $0.36, while adjusted FFO totaled $149.0 million, marking moderate declines compared to the same period in 2024. Rising interest expenses driven by higher debt levels and increased rates impacted results.

Same-Store Results

CubeSmart’s same-store portfolio, covering 606 stores, saw a 1.5% decrease in net operating income. Revenues dropped by 1.0% and operating expenses increased by 0.3% year over year, with physical occupancy averaging around 89% during the quarter.

Investment & Development Activity

The company opened a new development property in New York at a cost of $18.1 million and completed an acquisition of the remaining 80% in a 28-store real estate venture for $452.8 million. Additionally, contracts were signed to acquire properties in Arizona, Florida, and New Jersey for an aggregate of $65.3 million.

Financing Initiatives

CubeSmart issued $450 million in unsecured senior notes due 2035, which helped refinance existing debt and provided additional working capital. This issuance reflects the company’s proactive approach to managing its balance sheet amid rising interest rates.

Full-Year Outlook

Looking ahead, CubeSmart anticipates a full-year diluted EPS range of $1.46 to $1.50 and adjusted FFO per share between $2.56 and $2.60, indicating a cautious yet positive outlook as operating trends stabilize.