CubeSmart reported a 1.1% decrease in same-store net operating income for the second quarter of 2025. Occupancy averaged 90.6% and ended at 91.1%. Financially, net income for the quarter was $83.0 million, down from $94.0 million in 2024. Diluted EPS was $0.36 compared to $0.41 last year. FFO, as adjusted, per diluted share increased to $0.65.

CubeSmart acquired an 80% interest in HVP IV for $452.8 million, with an additional $44.4 million to repay existing debt. They have two joint venture development properties under construction in New York, with an anticipated investment of $36.9 million. As of June 30, 2025, their third-party management platform includes 873 stores.

CubeSmart provided a 2025 financial outlook, estimating fully diluted earnings per share between $1.44 and $1.50, and FFO per share, as adjusted, between $2.54 and $2.60. They anticipate raising the midpoints of their full-year FFO per share and same-store ranges. Quarterly dividend of $0.52 per common share was paid on July 15, 2025.

A conference call will be held on August 1, 2025, to discuss financial results for the second quarter. CubeSmart’s properties are designed to offer affordable, easily accessible self-storage space. FFO is used as a performance measure, excluding various items not indicative of operating performance. NOI is used to evaluate store performance.

CubeSmart’s consolidated balance sheet as of June 30, 2025, shows total assets of $6.7 billion, with storage properties accounting for $6.4 billion. Revenues for the second quarter of 2025 were $282.3 million, with net income of $82.4 million. FFO per diluted share and unit was $0.65, with a payout ratio of 80.0%.

Forward-looking statements caution investors not to rely solely on predictions of future events. Risks include economic conditions, competition, financing, and natural disasters. CubeSmart aims to provide accessible and climate-controlled storage solutions. Non-GAAP measures include FFO and NOI to evaluate operational performance.

Read more at GlobeNewswire: CubeSmart Reports Second Quarter 2025 Results