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CubeSmart (CUBE) investor relations material
CubeSmart Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Delivered a solid third quarter with strong performance in coastal, urban, Mid-Atlantic, and Northeast markets, while Sun Belt properties continued to stabilize amid ongoing rate-occupancy tradeoffs.
Owned or managed 1,523 self-storage properties as of September 30, 2025, with 660 owned or consolidated properties totaling 48.2 million rentable square feet.
Revenue primarily derived from leasing self-storage space and management fees, with a business model focused on internal growth and targeted acquisitions.
Seasonal occupancy fluctuations observed, with higher occupancy in summer months due to increased moving activity.
First quarter since Q1 2022 with positive year-over-year move-in rates in the same-store portfolio, indicating improving fundamentals.
Financial highlights
Q3 2025 total revenues were $285.1 million, up 5.2% year-over-year, but net income fell 17.7% to $82.9 million due to higher interest and operating expenses.
FFO per share as adjusted was $0.65 for the quarter; FFO totaled $149.0 million, down 3.0% year-over-year.
Same-store revenues declined 1% year-over-year; average same-store occupancy fell to 89.9%, ending at 89.0%.
Same-store NOI declined 1.5% year-over-year, with a 0.3% increase in operating expenses.
Realized annual rent per occupied square foot was $22.99, essentially flat year-over-year.
Outlook and guidance
Full-year 2025 diluted EPS guidance is $1.46 to $1.50; FFO per share, as adjusted, is $2.56 to $2.60.
Midpoint of FFO per share as adjusted guidance increased by $0.01; same-store revenue and expense growth guidance improved.
Expense growth now expected at 1.5% for the year; same-store NOI guidance midpoint revised to negative 1.25%.
Recurring capital expenditures for the remainder of 2025 expected to be $2.0–$7.0 million; new development costs $1.5–$4.5 million.
Trends expected to continue stabilizing into 2026, with positive same-store revenue growth likely in the back half of 2026.
How do sunbelt rate/occupancy tradeoffs impact NOI?
Evaluate third-party management platform growth.
What is the impact of rising interest rates on future debt?
Given sunbelt market challenges, what's the strategy?
What drives H2 2026 positive revenue growth?
Acquisition deal flow and pricing trends?
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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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