CubeSmart (CUBE) investor relations material

Executive summary

• Q3 returned to positive same-store NOI and adjusted FFO per-share growth, with results at the high end of expectations and improving trends across most major markets.

• Stable demand, lower supply pressure, stronger occupancy and disciplined expense control supported the inflection; fundamentals are expected to improve gradually in 2027, though recovery timing remains uncertain.

Financial highlights

• Q3 total revenue rose 3.1% YoY to $294.0M; nine-month revenue increased 2.6% to $862.4M.

• Same-store revenue grew 1.9% to $246.7M and NOI rose 2.1% to $172.6M; same-store operating expenses increased 1.3%.

• Q3 net income was $94.3M versus $82.4M; diluted EPS was $0.42 versus $0.36.

• Adjusted FFO was $150.3M, or $0.66 per diluted share, versus $149.0M, or $0.65 per share; nine-month adjusted FFO was $437.6M versus $446.0M.

• Q3 property operating expenses rose 5.4% to $95.8M; lower acquired-lease amortization drove a 16.1% decline in depreciation and amortization to $55.9M.

Outlook and guidance

• FY26 same-store revenue growth guidance increased to 1.0%–1.4%; the Q4 midpoint implies 1.5% growth.

• FY26 same-store expense growth guidance improved to 2.8%–3.8%; the Q4 midpoint implies 1.7% growth.

• FY26 same-store NOI growth is expected to be positive, with a 3.2% midpoint; the Q4 midpoint is 1.6%.

• FY26 adjusted FFO per diluted share guidance is $2.58–$2.60 and diluted EPS guidance is $1.60–$1.62; full-year guidance ranges were raised.

• 2027 fundamentals are expected to improve gradually; housing recovery and further supply declines could accelerate growth, but the pace remains uncertain.