CubeSmart SEC 10-Q Report

CubeSmart, a leading self-storage real estate investment trust (REIT), has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial and operational performance, highlighting key metrics and business activities that have shaped its recent performance.

Financial Highlights

CubeSmart reported a solid financial performance for the second quarter of 2025, with notable metrics as follows:

• Total Revenues: $282.3 million, reflecting an increase from $266.2 million in the same period last year, driven by higher rental income and other property-related income.
• Net Income: $82.4 million, a decrease from $94.2 million in the prior year period, primarily due to increased depreciation and amortization expenses.
• Net Income Attributable to the Company's Common Shareholders: $83.0 million, compared to $94.0 million in the previous year, impacted by higher interest expenses.
• Basic Earnings Per Share Attributable to Common Shareholders: $0.36, down from $0.42 in the prior year, reflecting the decrease in net income.
• Diluted Earnings Per Share Attributable to Common Shareholders: $0.36, compared to $0.41 in the previous year, consistent with the decline in net income.

Business Highlights

CubeSmart's business performance for the second quarter of 2025 showcased significant operational activities and strategic initiatives:

• Revenue Segments: The company derives its revenue primarily from customers leasing self-storage space and fees from managing stores. The self-storage segment is the only reportable segment, focusing on ownership, operation, development, management, and acquisition of self-storage properties.
• Geographical Performance: The company's stores in New York, Florida, Texas, and California contributed approximately 17%, 14%, 11%, and 10% of total revenues, respectively, for the six months ended June 30, 2025. This indicates a strong performance in these key states.
• Sales Units: As of June 30, 2025, the company owned or partially owned and consolidated 659 self-storage properties, totaling approximately 48.1 million rentable square feet. Additionally, the company managed 873 stores for third parties, bringing the total number of stores owned and/or managed to 1,532.
• New Production Launches: The company completed the construction and opened two new stores in Astoria, NY, and Clark, NJ, during the second quarter of 2024, with construction costs totaling $61.8 million.
• Future Outlook: The company continues to focus on maximizing internal growth opportunities and selectively pursuing targeted acquisitions and developments of self-storage properties. Seasonal fluctuations in occupancy levels are expected, with higher occupancy during the summer months due to increased moving activity.

SEC Filing: CubeSmart [ CUBE ] - 10-Q - Aug. 01, 2025