CubeSmart announced its financial results for the three and nine months ended September 30, 2026, reporting higher occupancy and net operating income (NOI). The company reported diluted earnings per share attributable to common shareholders of $0.42 for the third quarter of 2026, compared to $0.36 in the prior year. Net income attributable to the company was $94.4 million for the third quarter of 2026, up from $82.9 million in the same period last year.
Funds from operations, as adjusted, per diluted share increased to $0.66 for the third quarter of 2026, compared to $0.65 in the prior year. The company’s same-store portfolio, consisting of 623 stores, saw net operating income rise by 2.1% year over year. This growth was driven by a 1.9% increase in same-store revenues, which was partially offset by a 1.3% increase in operating expenses. Same-store occupancy averaged 90.5% during the quarter and ended at 89.9%.
In terms of financial activity, CubeSmart repurchased 2.1 million common shares of beneficial interest for $83.9 million at an average price of $39.09 per share. The company also redeemed $300 million of unsecured senior notes and repaid three mortgage loans with an aggregate balance of $40.3 million. Additionally, the company added 32 stores to its third-party management platform, bringing the total to 882 stores.
The company entered into a joint venture agreement with Heitman Capital Management to contribute 15 wholly-owned stores for an agreed-upon value of $197.0 million. The stores, located in Connecticut, Georgia, North Carolina, Ohio, Texas, Utah, and Virginia, contain approximately 0.9 million square feet. The company also entered into a $300 million unsecured term loan maturing on January 10, 2031, with an effective interest rate of SOFR + 0.80%.
Regarding the 2026 financial outlook, CubeSmart estimates that its fully diluted earnings per share will be between $1.60 and $1.62, and its fully diluted FFO per share, as adjusted, will be between $2.58 and $2.60.
