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Investor Relations14 Oct 2025
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CubeSmart (CUBE) investor relations material
CubeSmart Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Delivered a solid beat and raise quarter, with stabilization trends from Q1 continuing into Q2 and July, exceeding initial expectations for key performance indicators year-to-date.
Owns or manages 1,532 self-storage properties across 39 states and DC, with 659 owned or partially owned and consolidated as of June 30, 2025.
Urban markets, especially along the Acela Corridor, Chicago, and New York MSA, outperformed, while Sunbelt markets lagged due to new supply and housing mobility reliance.
Net income attributable to common shareholders was $83.0 million, down from $94.0 million year-over-year; diluted EPS decreased to $0.36 from $0.41.
Third-party management platform expanded by 30 stores in Q2, totaling 873 managed stores.
Financial highlights
Total revenues for Q2 2025 were $282.3 million, up 6% year-over-year; net income fell 12.5% to $82.4 million due to higher expenses and interest costs.
FFO per share as adjusted was $0.65, at the high end of guidance, up 1.6% year-over-year.
Same-store revenue declined 0.5% year-over-year; same-store NOI decreased 1.1%; average same-store occupancy fell to 90.6%.
Property operating expenses increased to $89.0 million from $83.1 million year-over-year; same-store operating expenses grew 1.2%.
Weighted average effective interest rate on outstanding debt rose to 3.32% from 3.01% year-over-year.
Outlook and guidance
Raised full-year guidance midpoint, but narrowed the top end due to tempered expectations for demand improvement.
Full-year 2025 diluted EPS guidance: $1.44–$1.50; FFO per diluted share, as adjusted: $2.54–$2.60.
Same-store revenue growth expected between (1.25%) and (0.25%), expense growth 2.75%–3.00%, and NOI growth (2.75%) to (1.25%).
Recurring capital expenditures for the remainder of 2025 expected to be $5.5M–$10.5M; new development costs $9.0M–$14.0M.
Management believes current liquidity, including $8.7M in cash and $483.1M available under the revolver, is sufficient to execute the business plan.
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Frequently asked questions
CubeSmart is a real estate investment trust (REIT) that owns, operates, and manages self-storage facilities. The company provides storage solutions for personal and business customers, offering units of various sizes, climate-controlled options, and related services. CubeSmart's facilities are primarily located in metropolitan markets across the United States. The company is headquartered in Malvern, Pennsylvania, and its shares are listed on the NYSE.
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