CubeSmart Sees Occupancy at 88.7%, Guides 2026 FFO at $2.52–$2.60
CubeSmart reported January 2026 occupancy of 88.7%, narrowing the year-over-year gap to 40 basis points, and noted move-in rates have improved to +2.8% in Q4 2025. Q4 same-store revenue declined 0.1%, NOI fell 1.1%, adjusted FFO per share was $0.64, and 2026 guidance was set at $2.52–$2.60.
1. Operating Trends
Management said occupancy at the end of January reached 88.7%, reducing the year-over-year gap to 40 basis points from a 70-basis-point gap at year-end 2025. Move-in rates turned positive in H2 2025, rising from -10% in Q4 2024 to +2.8% in Q4 2025, and early 2026 trends remain in line with those gains.
2. Q4 Financial Results
In Q4, same-store revenue was essentially flat, down 0.1%, while same-store NOI declined 1.1%. The company reported adjusted FFO per share of $0.64 and raised its quarterly dividend by 1.9% to an annualized $2.12 per share, reflecting a 5.3% yield.
3. 2026 Outlook and Guidance
CubeSmart guides 2026 FFO per share to a range of $2.52–$2.60, with the same-store pool expanding by 16 properties. Management projects only 19% of the same-store portfolio will face new supply in 2026, the lowest impacted share since 2017.
4. Capital Allocation
The company launched a $250 million joint venture with CBRE to target high-growth markets and expanded its share repurchase authorization with $475 million remaining. CubeSmart generates about $100 million of annual free cash flow and completed $49 million of on-balance acquisitions in Q4.