Quarterly ResultApr 30, 2026, 04:16 PM
CUBE Q1 EPS $0.36, FFO $0.63; Same-Store NOI -1.5%
AI Summary
CubeSmart reported Q1 2026 diluted EPS of $0.36 and FFO, as adjusted, of $0.63 per diluted share. Same-store net operating income decreased 1.5% year-over-year, resulting from a 0.6% increase in revenues and a 5.8% increase in operating expenses, though same-store revenue growth inflected positive. The company also opened one development property, acquired an initial store in a newly-formed joint venture for $13.6 million, and repurchased $33.4 million in common shares. Full-year 2026 guidance for EPS and FFO per share was maintained.
Key Highlights
- Reported diluted EPS attributable to common shareholders was $0.36.
- Reported FFO, as adjusted, per diluted share was $0.63.
- Same-store net operating income (NOI) decreased 1.5% year-over-year.
- Same-store revenues increased 0.6%, while operating expenses increased 5.8%.
- Acquired initial store in a new joint venture for $13.6 million.
- Opened one development property for a total cost of $28.0 million.
- Repurchased 0.9 million common shares for $33.4 million at $36.64 per share.
- Maintained 2026 full-year FFO guidance of $2.52 to $2.60 per diluted share.