CubeSmart announced its operating results for the second quarter ended June 30, 2025. Net income attributable to common shareholders was $83.0 million, a decrease from $94.0 million in Q2 2024. Diluted EPS for the quarter was $0.36, down from $0.41 in the prior year.
Funds from operations (FFO), as adjusted, per diluted share increased by 1.6% to $0.65, compared to $0.64 for the same period last year. Same-store net operating income (NOI) decreased by 1.1%, with revenues declining 0.5% and operating expenses increasing 1.2%. Same-store physical occupancy was 91.1% as of June 30, 2025, down from 91.8% in 2024.
The company raised the midpoints of its full-year 2025 guidance ranges, with fully diluted FFO per share, as adjusted, now projected between $2.54 and $2.60, up from the previous range of $2.51 to $2.59. This adjustment reflects stabilizing operating fundamentals and tighter expense control.
CubeSmart's third-party management platform continued to expand, adding 30 stores in Q2 2025, bringing the year-to-date total to 63 new stores and an overall managed store count of 873. The company's total revenues increased by $16.1 million in Q2 2025 compared to the same period in 2024, primarily due to property acquisitions and recently opened development properties.
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