CubeSmart (CUBE) investor relations material

Executive summary

• Delivered a solid third quarter with strong performance in coastal and urban markets, leading to increased guidance for key same-store and earnings metrics.

• Owned or managed 1,523 self-storage properties as of September 30, 2025, with 660 owned or partially owned and consolidated, totaling 48.2 million rentable square feet.

• Operational KPIs remain strong, with credit and attrition metrics within historical norms and seasonal occupancy fluctuations observed.

• Diminishing headwinds from new supply and a constructive pricing environment contributed to better-than-expected results.

• Gradual improvement in operational metrics is expected, with no catalyst for rapid acceleration.

Financial highlights

• Q3 2025 total revenues were $285.1 million, up 5.2% year-over-year, but net income fell 17.7% to $82.9 million due to higher interest and operating expenses.

• FFO, as adjusted, was $149.0 million ($0.65 per share), down from $153.0 million ($0.67 per share) in Q3 2024.

• Same-store revenues declined 1% year-over-year; average same-store occupancy fell 80 bps to 89.9%.

• Same-store NOI declined 1.5% year-over-year, with a 0.3% increase in operating expenses.

• Rent per occupied square foot was $22.99 for Q3 2025, flat year-over-year.

Outlook and guidance

• Full-year 2025 diluted EPS guidance is $1.46 to $1.50; FFO per share, as adjusted, is $2.56 to $2.60.

• Midpoint for same-store revenue growth guidance is (1.00%) to (0.25%); same-store NOI growth: (1.75%) to (0.75%).

• Recurring capital expenditures for the remainder of 2025 expected to be $2.0–$7.0 million; scheduled principal debt payments are $300.3 million.

• Management believes current liquidity, including $108.4 million in cash and $849.3 million available under the revolver, is sufficient to meet business needs.

• Expecting continued stabilization into 2026, with positive same-store revenue growth likely in the back half of 2026.