CubeSmart Q4 EPS $0.34, FFO $0.64, Same-Store NOI Drops 1.1%
In Q4 2025, CubeSmart delivered diluted EPS of $0.34 and adjusted FFO of $0.64 per share, while same-store net operating income fell 1.1% as occupancy averaged 88.6%. The company closed two acquisitions for $49.0 million, redeemed $300 million of senior notes and raised its annualized dividend 1.9% to $2.12.
1. Q4 Financial Performance
For the quarter ending December 31, 2025, CubeSmart reported diluted earnings per share of $0.34 and adjusted funds from operations of $0.64 per diluted share. Same-store net operating income across 606 stores declined 1.1% year over year as revenues dipped 0.1% and operating expenses rose 2.9%, with physical occupancy averaging 88.6%.
2. Annual Results
For the full year, CubeSmart generated net income attributable to common shareholders of $333.8 million, down from $391.2 million in 2024, translating to diluted EPS of $1.46 versus $1.72. Adjusted FFO totaled $593.3 million, or $2.58 per share, compared with $600.8 million, or $2.63 per share, in the prior year.
3. Capital Deployment
During Q4, CubeSmart invested $49.0 million to acquire two self-storage properties and prepaid a $108.0 million mortgage loan at 6.3% interest. The company also redeemed $300 million of unsecured senior notes, repurchased 0.9 million shares for $31.9 million at an average price of $35.84, and increased its annualized dividend by 1.9% to $2.12 per share.
4. Operational Expansion
CubeSmart expanded its third-party management platform by adding 27 stores in Q4, bringing the total managed count to 862 stores covering 56.8 million rentable square feet. The company continues agreements for development properties, including a New York joint venture expected to open in early 2026.