CubeSmart recently released its 10-Q report. CubeSmart is a self-administered, self-managed real estate investment trust based in Malvern, Pennsylvania, incorporated in Maryland in 2004. It owns, operates, manages and develops self-storage properties for residential and commercial customers, with a portfolio designed to provide accessible storage space, often with climate control.
In Item 2, management said the company’s operations run through the Operating Partnership and its subsidiaries, and that it had 662 owned or partially owned and consolidated self-storage properties as of June 30, 2026, up from 662 at year-end 2025, with about 48.5 million rentable square feet versus 48.4 million at December 31, 2025. The company also managed 872 third-party stores, including 50 stores in six unconsolidated real estate ventures, bringing its total owned and/or managed count to 1,534 stores at June 30, 2026. Its owned properties were spread across the District of Columbia and 25 states, while its managed portfolio covered 41 states.
CubeSmart said substantially all revenue comes from leasing storage space and fees from managed stores, making retention, new leasing and pricing the main drivers of results. Management also noted that performance depends on customers’ ability to make rental payments and that the business is exposed to economic conditions affecting discretionary spending, moving activity, bad debts, inflation, interest rates, fuel and energy costs, tariffs and employment levels. Seasonal patterns remain part of the business, with occupancy generally slightly higher in the summer.
The company said its stores in New York, Florida, Texas and California generated about 18%, 13%, 11% and 10% of total revenue, respectively, for the six months ended June 30, 2026. It also said there was no single customer concentration significant to revenue for the three months ended June 30, 2026. CubeSmart continued to emphasize internal growth, targeted acquisitions, co-investment partnerships and developments.
On accounting and asset quality, CubeSmart reported no impairment losses for self-storage properties or unconsolidated real estate ventures during the three or six months ended June 30, 2026 and 2025. It also said no stores were classified as held for sale as of June 30, 2026. The company’s net investment in unconsolidated real estate ventures exceeded its underlying equity in those ventures by $29.7 million at June 30, 2026, down from $30.1 million at December 31, 2025, and that difference is being amortized over the useful lives of the related properties.
For same-store reporting, CubeSmart said it owned 623 same-store properties and 39 non same-store properties as of June 30, 2026. The company described same-store assets as those owned and operated on a stabilized basis at the beginning and end of the period. As a result of these announcements, the company's shares have moved 0.53% on the market, and are now trading at a price of $41.46. If you want to know more, read the company's complete 10-Q report here.
