CubeSmart Q3 revenue rises as occupancy and rental activity improve
CUBE•CubeSmart reported modest year-over-year growth in Q3 revenue and adjusted FFO per share, while diluted EPS rose to $0.42 from $0.36. It raised its 2026 same-store revenue and NOI growth outlook and forecast adjusted FFO per diluted share of $2.58-$2.60.
1. Q3 results
CubeSmart said increased occupancy and improving rental activity drove same-store revenue and NOI growth, with higher rental rates also contributing to revenue growth. Q3 rental income was $247.76 million, net income was $94.31 million and adjusted FFO was $150.30 million. Diluted EPS increased to $0.42 from $0.36 a year earlier. Property operating expenses rose due to higher property taxes and personnel expenses.
2. Raised 2026 outlook
CubeSmart raised its 2026 same-store revenue growth outlook to 1.00%-1.40% from 0.50%-1.25%, and now expects same-store NOI growth of 0.00%-0.80%, up from (1.00%)-0.25%. It sees 2026 adjusted FFO per diluted share of $2.58-$2.60.
3. Capital actions
The company repurchased 2.1 million shares for $83.9 million and redeemed $300 million in senior notes.
