CubeSmart recently released its latest 10-Q report. CubeSmart is a self-administered and self-managed real estate investment trust based in Malvern, Pennsylvania, incorporated in Maryland in 2004. The company owns or manages self-storage properties across the United States and, as of June 30, 2026, said it operated in the self-storage business through ownership, management, development, acquisition and leasing of those properties.
In Item 2, Management’s Discussion and Analysis, CubeSmart said it owned or partially owned and consolidated 662 self-storage properties as of June 30, 2026, up from 662 at December 31, 2025, with those properties totaling about 48.5 million rentable square feet versus 48.4 million square feet at year-end 2025. It also managed 872 stores for third parties, including 50 stores in six unconsolidated real estate ventures, bringing its total owned and/or managed count to 1,534 stores. The company said its owned stores were located in the District of Columbia and 25 states, while its managed stores were spread across 41 states.
CubeSmart said substantially all of its revenue comes from leasing self-storage space and from management fees, making occupancy, rental rates and customer payment behavior central to results. It said its operating model combines centralized marketing, revenue management and operational support with local teams overseeing market-level conditions. The company also noted that occupancy is typically slightly higher in summer because of moving activity.
The company said its results are sensitive to broader economic conditions that affect consumer spending, moving trends and bad debts, and it specifically cited employment levels, inflation, deflation, tariffs, interest rates, tax rates, fuel and energy costs as factors that can affect demand. It said it continues to focus on internal growth, targeted acquisitions, co-investment partnerships and developments. CubeSmart described itself as having one operating segment: owning, operating, developing, managing and acquiring self-storage properties.
CubeSmart said no single customer represented a significant concentration of revenue for the three months ended June 30, 2026. For the six months ended June 30, 2026, its stores in New York, Florida, Texas and California generated approximately 18%, 13%, 11% and 10% of total revenue, respectively.
On accounting matters, the company said there were no impairment losses recognized for held-for-use long-lived assets during the three or six months ended June 30, 2026 and 2025. It also said there were no stores classified as held for sale as of June 30, 2026. For investments in unconsolidated real estate ventures, CubeSmart said its net investment exceeded its underlying equity in net assets by $29.7 million as of June 30, 2026, compared with $30.1 million at December 31, 2025, and that the difference is amortized over the estimated useful lives of the properties. The market has reacted to these announcements by moving the company's shares 0.53% to a price of $41.46. For more information, read the company's full 10-Q submission here.
