<span item_type="fundamental" item_id="7924406e6f1e868c509182c391b59685" counter_id="ST/US/CUBE" env="prod"></span><span item_type="announcement" item_id="643669855694493825" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 281.93 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD 0.36, beating the estimate of USD 0.3416.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 143.07 M.</p><p></p><h4>Total Revenues</h4><p>CubeSmart’s total revenues increased by $8.9 million, or 3.3%, from $273.0 million for the three months ended March 31, 2025, to $281.9 million for the three months ended March 31, 2026, primarily due to additional revenues from non same-store properties acquired or opened in 2025 and 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Rental income increased by 3.1% from $232.8 million in Q1 2025 to $239.9 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Same-Store Property Portfolio rental income increased by $0.5 million (0.2%) to $226.2 million in Q1 2026 from $225.7 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Non Same-Store Property Portfolio rental income increased to $13.7 million in Q1 2026 from $7.1 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Other property related income increased by 7.7% from $29.8 million in Q1 2025 to $32.1 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Property management fee income decreased by -5.5% from $10.5 million in Q1 2025 to $9.9 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></p><h4>Operating Expenses</h4><p>Total property operating expenses increased by $7.1 million, or 8.6%, from $82.9 million for the three months ended March 31, 2025, to $90.1 million for the three months ended March 31, 2026, mainly due to increases in advertising and personnel expenses in same-store properties and additional expenses from non same-store properties.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Same-Store Property Portfolio property operating expenses increased by $4.0 million (5.8%) to $72.2 million in Q1 2026 from $68.2 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> Depreciation and amortization increased by $2.3 million (3.9%) to $61.4 million in Q1 2026 from $59.2 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> General and administrative expenses increased by $1.1 million (7.0%) to $17.2 million in Q1 2026 from $16.1 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></p><h4>Net Operating Income (NOI)</h4><p>NOI for the total portfolio increased by $1.8 million, or 0.9%, from $190.1 million in Q1 2025 to $191.9 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> The Same-Store Property Portfolio NOI decreased by -1.5% to $165.8 million in Q1 2026 from $168.3 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></p><h4>Net Income</h4><p>Net income attributable to CubeSmart’s common shareholders decreased by $6.3 million, or -7.1%, from $89.2 million in Q1 2025 to $82.9 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></p><h4>Other (Expense) Income</h4><ul><li>Interest expense on loans increased by $3.7 million (14.3%) to $29.8 million in Q1 2026 from $26.1 million in Q1 2025, driven by a higher average outstanding debt balance of $3.48 billion in Q1 2026 (up from $3.20 billion in Q1 2025) and an increased weighted average effective interest rate of 3.33% (up from 3.19%).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Loan procurement amortization expense decreased by $0.2 million (-12.8%) to $1.1 million in Q1 2026 from $1.2 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Equity in earnings of real estate ventures increased by $0.2 million (60.2%) to $0.6 million in Q1 2026 from $0.4 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Other (expense) income changed from $0.8 million income in Q1 2025 to -$0.2 million expense in Q1 2026, a -124.1% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li></ul><h4>Cash Flows</h4><ul><li>Net cash provided by operating activities increased by $2.5 million from $146.3 million in Q1 2025 to $148.8 million in Q1 2026, primarily due to the timing and amounts of payments for accounts payable and accrued expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Net cash used in investing activities decreased by $445.6 million from -$467.3 million in Q1 2025 to -$21.7 million in Q1 2026, mainly due to the absence of a similar acquisition in Q1 2026 compared to the $451.1 million paid in Q1 2025 for an ownership interest.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Net cash (used in) provided by financing activities changed from $259.1 million provided in Q1 2025 to -$127.9 million used in Q1 2026, a change of -$387.0 million, influenced by a $346.1 million increase in net proceeds from the revolving credit facility and -$33.4 million in common share repurchases during Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li></ul><h4>Key Operational Metrics</h4><ul><li>Store Count: As of March 31, 2026, CubeSmart owned 662 self-storage properties, an increase from 659 properties as of March 31, 2025, with a total of 1,516 owned and/or managed stores.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Total Rentable Square Feet increased from 48.1 million in Q1 2025 to 48.5 million in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Period End Occupancy decreased slightly from 89.2% in Q1 2025 to 88.8% in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Realized Annual Rent per Occupied Square Foot increased from $22.32 in Q1 2025 to $22.46 in Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li></ul><h4>Debt and Liquidity</h4><ul><li>Unsecured Senior Notes: The principal balance outstanding was $2.95 billion as of March 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Revolving Credit Facility: As of March 31, 2026, it had an effective interest rate of 4.71% and $434.2 million available for borrowing.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Mortgage Loans and Notes Payable: Total net were $98.2 million as of March 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li><li>Cash and Cash Equivalents: CubeSmart had approximately $7.3 million as of March 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></li></ul><h4>Future Outlook and Strategy</h4><p>For the remainder of the 2026 fiscal year, CubeSmart anticipates recurring capital expenditures of approximately $20.0 million to $25.0 million, planned capital improvements and store upgrades of about $14.5 million to $19.5 million, and new store development costs of approximately $3.5 million to $8.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> The company also has scheduled principal payments on outstanding debt, including unsecured senior notes, totaling approximately $340.7 million for the remainder of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span> CubeSmart’s strategy is focused on maximizing internal growth opportunities and selectively pursuing targeted acquisitions, co-investment partnerships, and developments of self-storage properties.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1298675/000129867526000018/cube-20260331x10q.htm"></span></p>

CubeSmart | 10-Q: FY2026 Q1 Revenue: USD 281.93 M