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Jun 30
CubeSmart Q2 2025 Earnings Report
CubeSmart reported lower net income but modest growth in FFO per share during Q2 2025.
Key Takeaways
CubeSmart delivered stable operational results in Q2 2025, with FFO per share at the high end of guidance despite year-over-year declines in net income and occupancy.
Reported EPS was $0.36 and Adjusted FFO per share was $0.65.
Net income attributable to common shareholders totaled $82.96 million.
Same-store NOI declined 1.1% year-over-year on 0.5% lower revenue and 1.2% higher expenses.
Total period-end occupancy for the consolidated portfolio was 91.1%.
CubeSmart
CubeSmart
CubeSmart Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comOther Property Income Revenue
CapyFin.comProperty Mgmt Fees Revenue
CapyFin.com Forward Guidance
CubeSmart raised its midpoint guidance for full-year FFO per share and narrowed ranges for same-store metrics, reflecting stabilization across operations.
Positive Outlook
- 2025 FFO per share guidance raised to $2.54–$2.60.
- Q3 2025 FFO per share expected between $0.64–$0.66.
- Expense growth guidance lowered to 1.5%–3.0%.
- Same-store NOI decline narrowed in updated guidance.
- Guidance reflects improved seasonal pricing and reduced supply pressure.
Challenges Ahead
- Same-store NOI still projected to decline 2.75% to 1.25%.
- Q2 2025 occupancy lower than prior year (91.1% vs. 91.8%).
- Net income decreased from $94M to $83M YoY.
- Revenue growth modest despite higher total portfolio.
- Property management fee income guidance reduced by $1M at low end.