Companies · CUBE
CubeSmart
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 30, 2026
CubeSmart Q3 2026: Same-store occupancy lifts to 89.9%, but NOI flat year-to-date as operating cost inflation absorbs revenue gains
CubeSmart's Q3 2026 10-Q reveals a portfolio stabilizing at scale — 662 owned stores, 882 third-party managed — with same-store occupancy improving 90 basis points year-over-year to 89.9% and total Q3 revenues rising 3.1% to $294.0 million. The critical read is the nine-month same-store NOI figure: essentially flat at $505.0 million versus $505.1 million in the prior-year period, as property operating expense growth of 7.3% absorbed the 1.1% same-store revenue gain. Capital allocation shifted decisively toward buybacks — $159.9 million in share repurchases with zero acquisitions — signaling management's view that owned-asset value exceeds acquisition opportunities at current market pricing.
Tone: mixedRevenue
$1.1B
CUBE 10-K · FY 2025
Employees
3,121
Revenue FY2024
$1.1B
Founded
2004
Profile
CUBE 10-K Item 1 · Feb 27, 2026CubeSmart is a self-administered and self-managed Maryland REIT focused on the ownership, operation, development, management, and acquisition of self-storage properties across the United States. As of December 31, 2025, the company owned 662 properties in 25 states and the District of Columbia and managed 862 additional stores for third parties. Its properties serve both residential and commercial customers on predominantly month-to-month leases.
Read filing description ↓ Collapse description ↑
We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States. The Parent Company was formed in July 2004 as a Maryland REIT. The Parent Company owns its assets and conducts its business through the Operating Partnership and its subsidiaries. The Parent Company controls the Operating Partnership as its sole general partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. As of December 31, 2025, we owned (or partially owned and consolidated) 662 self-storage properties located in 25 states and in the District of Columbia containing an aggregate of approximately 48.4 million rentable square feet. As of December 31, 2025, approximately 88.1% of the rentable square footage at our owned stores was leased to approximately 399,000 customers, and no single customer represented a significant concentration of our revenues. In addition, as of December 31, 2025, we managed 862 stores for third parties bringing the total number of stores we owned and/or managed to 1,524. Our self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. Our customers rent storage units for their exclusive use, typically on a month-to-month basis. We offer climate-controlled units at 560, or approximately 84.6%, of our owned stores, and some of our stores offer outside storage areas for vehicles and boats.
Primary products
- self-storage unit rentals
- climate-controlled storage units
- outside storage areas for vehicles and boats
- third-party property management services
Business segments
End markets
Geographies
Named competitors
“We believe that our experience in owning, operating, developing, managing, acquiring, and obtaining financing for self-storage properties should enable us to compete effectively.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from approximately $1.07 billion in 2024 to approximately $1.12 billion in 2025, driven primarily by growth in rental income and other property related income alongside an expanded owned store count.
The rest of CUBE is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.