CubeSmart Same-Store Income Rises 2.1% as Self-Storage Landlord Buys Back $83.9 Million of Stock

Published October 30, 2026 at 9:20 AM EDT

CubeSmart grew same-store operating income 2.1% in the third quarter as occupancy and rental activity improved, and the self-storage landlord kept buying back its own shares, the company said in its earnings release.

Net income attributable to common shareholders rose to $94.4 million, or $0.42 a diluted share, from $82.9 million, or $0.36 a share, a year earlier, according to the release filed with an 8-K. Funds from operations as adjusted, the measure REIT investors watch most closely, rose 1.5% to $0.66 a share from $0.65. Total FFO as adjusted was $150.3 million, up from $149.0 million.

Same-store results

Across 623 same-store locations, revenue rose 1.9% and operating expenses increased 1.3%, producing net operating income growth of 2.1%. Same-store occupancy averaged 90.5% during the quarter and ended it at 89.9%.

"We are encouraged by the broadening momentum across the portfolio, reinforcing our confidence in the trajectory of the business and our ability to generate durable growth," President and CEO Christopher P. Marr said.

Capital moves

CubeSmart repurchased 2.1 million shares for $83.9 million during the quarter, at an average price of $39.09. It also redeemed $300 million of unsecured senior notes.

The company added 32 stores to its third-party management platform, bringing the number of stores it manages for other owners to 882.

Why it matters

Self-storage demand has been sluggish as the housing market slowed. CubeSmart's positive same-store revenue and income growth, along with rising occupancy, suggest conditions are firming, and the buybacks show management sees value in its own stock.

By the numbers

$0.66: FFO as adjusted per share, up 1.5%
$0.42: diluted EPS, up from $0.36
2.1%: same-store NOI growth
90.5%: average same-store occupancy
$83.9 million: spent on 2.1 million shares repurchased
$300 million: unsecured notes redeemed

Sources

CubeSmart Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 30, 2026 (accession 0001298675-26-000047)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.