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sts

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


(Mark one)
☑	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025.

or

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to .

Commission file number:
001-32324 (CubeSmart)
000-54462 (CubeSmart, L.P.)

CUBESMART

CUBESMART, L.P.

(Exact Name of Registrant as Specified in its Charter)


Maryland (CubeSmart) Delaware (CubeSmart, L.P.)		20-1024732 34-1837021
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

5 Old Lancaster Rd. Malvern, Pennsylvania		19355
(Address of Principal Executive Offices)		(Zip Code)

(610) 535-5000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Shares, $0.01 par value per share, of CubeSmart	CUBE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


CubeSmart	Yes ☑ No ◻
CubeSmart, L.P.	Yes ☑ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


CubeSmart	Yes ☑ No ◻
CubeSmart, L.P.	Yes ☑ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


CubeSmart:
Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

CubeSmart, L.P.:
Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☑	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


CubeSmart	◻
CubeSmart, L.P.	◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


CubeSmart	Yes ☐ No ☑
CubeSmart, L.P.	Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class		Outstanding at October 29, 2025
Common shares, $0.01 par value per share, of CubeSmart		228,035,931

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2025 of CubeSmart (the “Parent Company” or “CubeSmart”) and CubeSmart, L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust (“REIT”) that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, terms such as “we”, “us” or “our” used in this report may refer to the Company, the Parent Company or the Operating Partnership.

The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2025, owned a 99.5% interest in the Operating Partnership. The remaining 0.5% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical, and their constituents are officers of both the Parent Company and of the Operating Partnership.

There are a few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.

The substantive difference between the Parent Company’s and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the consolidated financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the consolidated statements of equity (or capital). Apart from the different equity treatment, the unaudited consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:

●

facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

●

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

●

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

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In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective consolidated financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 4 - Controls and Procedures sections, signature pages and Exhibits 31 and 32 certifications for each of the Parent Company and the Operating Partnership, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.

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TABLE OF CONTENTS


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3. Quantitative and Qualitative Disclosures About Market Risk	44
Item 4. Controls and Procedures	45

Part II. OTHER INFORMATION
Item 1. Legal Proceedings	46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 5. Other Information	46
Item 6. Exhibits	47

Filing Format

This combined Form 10-Q is being filed separately by CubeSmart and CubeSmart, L.P.

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Forward-Looking Statements

This Quarterly Report on Form 10-Q, or “this Report”, together with other statements and information publicly disseminated by the Parent Company and the Operating Partnership, contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes”, “expects”, “estimates”, “may”, “will”, “should”, “anticipates”, or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this Report, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this Report or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this Report, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this Report. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission (“SEC”). These risks include, but are not limited to, the following:

●

adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties;

●

the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;

●

the failure to execute our business plan;

●

adverse consumer impacts and declines in general economic conditions from inflation, tariffs, rising interest rates and wage stagnation including the impact on the demand for self-storage, rental rates and fees and rent collection levels;

●

reduced availability and increased costs of external sources of capital;

●

financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt;

●

counterparty non-performance related to the use of derivative financial instruments;

●

risks related to our ability to maintain our Parent Company’s qualification as a REIT for federal income tax purposes;

●

the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected;

●

increases in taxes, fees and assessments from state and local jurisdictions;

●

the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;

●

reductions in asset valuations and related impairment charges;

●

negative publicity relating to our business or industry, which could adversely affect our reputation;

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●

increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results;

●

cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments;

●

risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation;

●

changes in real estate, zoning, use and occupancy laws or regulations;

●

risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate;

●

potential environmental and other material liabilities;

●

governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships;

●

uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses;

●

changes in the availability of and the cost of labor;

●

other factors affecting the real estate industry generally or the self-storage industry in particular; and

●

other risks identified in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024 and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate.

Given these uncertainties and the other risks identified elsewhere in this Report, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in or incorporated by reference in this Report may not occur and actual results, performance or achievement could differ materially from that anticipated or implied in the forward-looking statements.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CUBESMART AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	September 30,		December 31,
	2025		2024
	(unaudited)

ASSETS
Storage properties	$	8,108,076	$	7,628,774
Less: Accumulated depreciation		(1,730,103)		(1,590,588)
Storage properties, net (includes VIE amounts of $375,821 and $363,315, respectively)		6,377,973		6,038,186
Cash and cash equivalents (includes VIE amounts of $4,783 and $2,907, respectively)		108,393		71,560
Restricted cash (includes VIE amounts of $4,313 and $4,439, respectively)		6,364		6,103
Loan procurement costs, net of amortization		1,781		2,731
Investment in real estate ventures, at equity		74,320		91,973
Other assets, net		188,827		183,628
Total assets	$	6,757,658	$	6,394,181

LIABILITIES AND EQUITY
Unsecured senior notes, net	$	3,223,866	$	2,780,631
Revolving credit facility		—		—
Mortgage loans and notes payable, net (includes VIE amounts of $112,306 and $111,728, respectively)		204,681		205,915
Lease liabilities - finance leases		65,612		65,668
Accounts payable, accrued expenses and other liabilities		246,162		229,581
Distributions payable		119,676		119,600
Deferred revenue		42,723		38,918
Total liabilities		3,902,720		3,440,313

Noncontrolling interests in the Operating Partnership		44,858		51,193

Commitments and contingencies

Equity
Common shares $.01 par value, 400,000,000 shares authorized, 228,035,275 and 227,764,975 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		2,280		2,278
Additional paid-in capital		4,295,941		4,285,570
Accumulated other comprehensive loss		(270)		(330)
Accumulated deficit		(1,515,815)		(1,415,662)
Total CubeSmart shareholders’ equity		2,782,136		2,871,856
Noncontrolling interests in subsidiaries		27,944		30,819
Total equity		2,810,080		2,902,675
Total liabilities and equity	$	6,757,658	$	6,394,181

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

REVENUES
Rental income	$	243,400	$	230,954	$	715,722	$	682,935
Other property related income		31,730		29,268		94,092		84,542
Property management fee income		9,950		10,668		30,605		31,028
Total revenues		285,080		270,890		840,419		798,505
OPERATING EXPENSES
Property operating expenses		90,848		81,868		262,810		242,002
Depreciation and amortization		66,688		51,210		192,332		152,962
General and administrative		16,506		14,265		47,471		44,512
Total operating expenses		174,042		147,343		502,613		439,476
OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans		(29,380)		(22,750)		(84,570)		(68,436)
Loan procurement amortization expense		(1,258)		(986)		(3,700)		(3,031)
Equity in earnings of real estate ventures		648		418		1,574		1,688
Other		1,368		721		2,483		744
Total other expense		(28,622)		(22,597)		(84,213)		(69,035)
NET INCOME		82,416		100,950		253,593		289,994
Net income attributable to noncontrolling interests in the Operating Partnership		(396)		(551)		(1,250)		(1,616)
Net loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
NET INCOME ATTRIBUTABLE TO THE COMPANY	$	82,930	$	100,797	$	255,087	$	289,288

Basic earnings per share attributable to common shareholders	$	0.36	$	0.45	$	1.12	$	1.28
Diluted earnings per share attributable to common shareholders	$	0.36	$	0.44	$	1.11	$	1.28

Weighted average basic shares outstanding		228,791		226,166		228,731		225,941
Weighted average diluted shares outstanding		229,295		227,149		229,237		226,805

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

NET INCOME	$	82,416	$	100,950	$	253,593	$	289,994
Other comprehensive income:
Reclassification of realized losses on interest rate swaps		20		20		60		60
OTHER COMPREHENSIVE INCOME:		20		20		60		60
COMPREHENSIVE INCOME		82,436		100,970		253,653		290,054
Comprehensive income attributable to noncontrolling interests in the Operating Partnership		(396)		(551)		(1,250)		(1,616)
Comprehensive loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$	82,950	$	100,817	$	255,147	$	289,348

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands)

(unaudited)



																Noncontrolling
				Additional		Accumulated Other				Total CubeSmart		Noncontrolling				Interests in the
	Common Shares			Paid-in		Comprehensive		Accumulated		Shareholders’		Interests in		Total		Operating
	Number	Amount		Capital		(Loss) Income		Deficit		Equity		Subsidiaries		Equity		Partnership

Balance at December 31, 2024	227,765	$	2,278	$	4,285,570	$	(330)	$	(1,415,662)	$	2,871,856	$	30,819	$	2,902,675	$	51,193
Distributions paid to noncontrolling interests in subsidiaries													(112)		(112)
Issuance of common shares, net					(168)						(168)				(168)
Issuance of restricted shares	103		1								1				1
Conversion from units to shares	52				2,209						2,209				2,209		(2,209)
Equity compensation expense					3,208						3,208				3,208
Taxes withheld upon net settlement of equity compensation					(3,047)						(3,047)				(3,047)
Adjustment for noncontrolling interests in the Operating Partnership									59		59				59		(59)
Net income (loss)									89,197		89,197		(905)		88,292		453
Other comprehensive income, net							20				20				20
Common share distributions ($0.52 per share)									(119,114)		(119,114)				(119,114)		(594)
Balance at March 31, 2025	227,920	$	2,279	$	4,287,772	$	(310)	$	(1,445,520)	$	2,844,221	$	29,802	$	2,874,023	$	48,784
Distributions paid to noncontrolling interests in subsidiaries													(165)		(165)
Issuance of common shares, net					(122)						(122)				(122)
Issuance of restricted shares	29
Conversion from units to shares	39				1,543						1,543				1,543		(1,543)
Exercise of stock options	46		1		1,668						1,669				1,669
Equity compensation expense					2,504						2,504				2,504
Taxes withheld upon net settlement of equity compensation					(183)						(183)				(183)
Adjustment for noncontrolling interests in the Operating Partnership									180		180				180		(180)
Net income (loss)									82,960		82,960		(929)		82,031		401
Other comprehensive income, net							20				20				20
Common share distributions ($0.52 per share)									(119,114)		(119,114)				(119,114)		(574)
Balance at June 30, 2025	228,034	$	2,280	$	4,293,182	$	(290)	$	(1,481,494)	$	2,813,678	$	28,708	$	2,842,386	$	46,888
Contributions from noncontrolling interests in subsidiaries													303		303
Distributions paid to noncontrolling interests in subsidiaries													(157)		(157)
Issuance of common shares, net					(110)						(110)				(110)
Issuance of restricted shares	1
Equity compensation expense					2,889						2,889				2,889
Taxes withheld upon net settlement of equity compensation					(20)						(20)				(20)
Adjustment for noncontrolling interests in the Operating Partnership									1,852		1,852				1,852		(1,852)
Net income (loss)									82,930		82,930		(910)		82,020		396
Other comprehensive income, net							20				20				20
Common share distributions ($0.52 per share)									(119,103)		(119,103)				(119,103)		(574)
Balance at September 30, 2025	228,035	$	2,280	$	4,295,941	$	(270)	$	(1,515,815)	$	2,782,136	$	27,944	$	2,810,080	$	44,858

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands)

(unaudited)


																Noncontrolling
				Additional		Accumulated Other				Total CubeSmart		Noncontrolling				Interests in the
	Common Shares			Paid-in		Comprehensive		Accumulated		Shareholders’		Interests in		Total		Operating
	Number	Amount		Capital		(Loss) Income		Deficit		Equity		Subsidiaries		Equity		Partnership

Balance at December 31, 2023	224,921	$	2,249	$	4,142,229	$	(411)	$	(1,345,239)	$	2,798,828	$	21,704	$	2,820,532	$	60,276
Contributions from noncontrolling interests in subsidiaries													309		309
Distributions paid to noncontrolling interests in subsidiaries													(125)		(125)
Issuance of common shares, net					(10)						(10)				(10)
Issuance of restricted shares	24		1								1				1
Conversion from units to shares	12				561						561				561		(561)
Exercise of stock options	8				201						201				201
Equity compensation expense					2,829						2,829				2,829
Taxes withheld upon net settlement of equity compensation					(838)						(838)				(838)
Adjustment for noncontrolling interests in the Operating Partnership									1,346		1,346				1,346		(1,346)
Net income (loss)									94,527		94,527		(210)		94,317		541
Other comprehensive income, net							20				20				20
Common share distributions ($0.51 per share)									(115,357)		(115,357)				(115,357)		(657)
Balance at March 31, 2024	224,965	$	2,250	$	4,144,972	$	(391)	$	(1,364,723)	$	2,782,108	$	21,678	$	2,803,786	$	58,253
Distributions paid to noncontrolling interests in subsidiaries													(54)		(54)
Issuance of common shares, net					(39)						(39)				(39)
Issuance of restricted shares	28
Conversion from units to shares	50		1		2,122						2,123				2,123		(2,123)
Exercise of stock options	154		1		4,517						4,518				4,518
Equity compensation expense					2,858						2,858				2,858
Taxes withheld upon net settlement of equity compensation					(161)						(161)				(161)
Adjustment for noncontrolling interest in the Operating Partnership									93		93				93		(93)
Net income (loss)									93,964		93,964		(302)		93,662		524
Other comprehensive income, net							20				20				20
Common share distributions ($0.51 per share)									(115,390)		(115,390)				(115,390)		(631)
Balance at June 30, 2024	225,197	$	2,252	$	4,154,269	$	(371)	$	(1,386,056)	$	2,770,094	$	21,322	$	2,791,416	$	55,930
Distributions paid to noncontrolling interests in subsidiaries													(130)		(130)
Issuance of common shares, net	612		6		32,762						32,768				32,768
Issuance of restricted shares	2
Conversion from units to shares	6				324						324				324		(324)
Exercise of stock options	186		2		5,220						5,222				5,222
Equity compensation expense					2,903						2,903				2,903
Taxes withheld upon net settlement of equity compensation					(29)						(29)				(29)
Adjustment for noncontrolling interest in the Operating Partnership									(10,801)		(10,801)				(10,801)		10,801
Net income (loss)									100,797		100,797		(398)		100,399		551
Other comprehensive income, net							20				20				20
Common share distributions ($0.51 per share)									(115,790)		(115,790)				(115,790)		(628)
Balance at September 30, 2024	226,003	$	2,260	$	4,195,449	$	(351)	$	(1,411,850)	$	2,785,508	$	20,794	$	2,806,302	$	66,330

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Nine Months Ended
	September 30,
	2025		2024
Operating Activities
Net income	$	253,593	$	289,994
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs		196,032		155,993
Non-cash portion of interest expense related to finance leases		(56)		(37)
Equity in earnings of real estate ventures		(1,574)		(1,688)
Cash distributed from real estate ventures		3,072		3,453
Equity compensation expense		8,601		8,590
Accretion of fair market value adjustment of debt		105		(294)
Changes in other operating accounts:
Other assets		(6,926)		(12,732)
Accounts payable and accrued expenses		17,105		21,906
Other liabilities		2,069		1,223
Net cash provided by operating activities	$	472,021	$	466,408
Investing Activities
Acquisitions of storage properties		—		(20,597)
Additions and improvements to storage properties		(38,351)		(33,137)
Development costs		(25,523)		(23,489)
Cash paid for partner's interest in real estate venture, net of cash acquired		(451,141)		—
Investments in real estate ventures		(827)		(316)
Cash distributed from real estate ventures		2,889		4,678
Net cash used in investing activities	$	(512,953)	$	(72,861)
Financing Activities
Proceeds from:
Unsecured senior notes		443,952		—
Revolving credit facility		889,552		612,506
Principal payments on:
Revolving credit facility		(889,552)		(630,606)
Mortgage loans and notes payable		(885)		(32,089)
Loan procurement costs		(3,933)		—
Issuance of common shares, net		(400)		32,720
Payments upon net settlement of equity compensation		(3,250)		(1,028)
Exercise of stock options		1,669		9,941
Contributions from noncontrolling interests in subsidiaries		303		309
Distributions paid to noncontrolling interests in subsidiaries		(434)		(309)
Distributions paid to common shareholders		(357,207)		(345,901)
Distributions paid to noncontrolling interests in Operating Partnership		(1,789)		(1,952)
Net cash provided by (used in) financing activities	$	78,026	$	(356,409)
Change in cash, cash equivalents and restricted cash		37,094		37,138
Cash, cash equivalents and restricted cash at beginning of period		77,663		8,217
Cash, cash equivalents and restricted cash at end of period	$	114,757	$	45,355
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	$	90,291	$	77,953
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	$	60	$	60

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)


	September 30,		December 31,
	2025		2024
	(unaudited)
ASSETS
Storage properties	$	8,108,076	$	7,628,774
Less: Accumulated depreciation		(1,730,103)		(1,590,588)
Storage properties, net (includes VIE amounts of $375,821 and $363,315, respectively)		6,377,973		6,038,186
Cash and cash equivalents (includes VIE amounts of $4,783 and $2,907, respectively)		108,393		71,560
Restricted cash (includes VIE amounts of $4,313 and $4,439, respectively)		6,364		6,103
Loan procurement costs, net of amortization		1,781		2,731
Investment in real estate ventures, at equity		74,320		91,973
Other assets, net		188,827		183,628
Total assets	$	6,757,658	$	6,394,181

LIABILITIES AND CAPITAL
Unsecured senior notes, net	$	3,223,866	$	2,780,631
Revolving credit facility		—		—
Mortgage loans and notes payable, net (includes VIE amounts of $112,306 and $111,728, respectively)		204,681		205,915
Lease liabilities - finance leases		65,612		65,668
Accounts payable, accrued expenses and other liabilities		246,162		229,581
Distributions payable		119,676		119,600
Deferred revenue		42,723		38,918
Total liabilities		3,902,720		3,440,313

Limited Partnership interests of third parties		44,858		51,193

Commitments and contingencies

Capital
General Partner		2,782,406		2,872,186
Accumulated other comprehensive loss		(270)		(330)
Total CubeSmart, L.P. capital		2,782,136		2,871,856
Noncontrolling interests in subsidiaries		27,944		30,819
Total capital		2,810,080		2,902,675
Total liabilities and capital	$	6,757,658	$	6,394,181

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per common unit data)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

REVENUES
Rental income	$	243,400	$	230,954	$	715,722	$	682,935
Other property related income		31,730		29,268		94,092		84,542
Property management fee income		9,950		10,668		30,605		31,028
Total revenues		285,080		270,890		840,419		798,505
OPERATING EXPENSES
Property operating expenses		90,848		81,868		262,810		242,002
Depreciation and amortization		66,688		51,210		192,332		152,962
General and administrative		16,506		14,265		47,471		44,512
Total operating expenses		174,042		147,343		502,613		439,476
OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans		(29,380)		(22,750)		(84,570)		(68,436)
Loan procurement amortization expense		(1,258)		(986)		(3,700)		(3,031)
Equity in earnings of real estate ventures		648		418		1,574		1,688
Other		1,368		721		2,483		744
Total other expense		(28,622)		(22,597)		(84,213)		(69,035)
NET INCOME		82,416		100,950		253,593		289,994
Net loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	$	83,326	$	101,348	$	256,337	$	290,904

Basic earnings per unit attributable to CubeSmart, L.P.	$	0.36	$	0.45	$	1.12	$	1.28
Diluted earnings per unit attributable to CubeSmart, L.P.	$	0.36	$	0.44	$	1.11	$	1.28

Weighted average basic units outstanding		229,894		227,403		229,860		227,203
Weighted average diluted units outstanding		230,398		228,386		230,366		228,067

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

NET INCOME	$	82,416	$	100,950	$	253,593	$	289,994
Other comprehensive income:
Reclassification of realized losses on interest rate swaps		20		20		60		60
OTHER COMPREHENSIVE INCOME:		20		20		60		60
COMPREHENSIVE INCOME		82,436		100,970		253,653		290,054
Comprehensive loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUBESMART, L.P.	$	83,346	$	101,368	$	256,397	$	290,964

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CAPITAL

(in thousands)

(unaudited)


						Total						Limited
	General Partner			Accumulated Other		CubeSmart		Noncontrolling				Partnership
	OP Units			Comprehensive		L.P.		Interests in		Total		Interests
	Outstanding	Amount		(Loss) Income		Capital		Subsidiaries		Capital		of Third Parties

Balance at December 31, 2024	227,765	$	2,872,186	$	(330)	$	2,871,856	$	30,819	$	2,902,675	$	51,193
Distributions paid to noncontrolling interests in subsidiaries									(112)		(112)
Issuance of OP units, net			(168)				(168)				(168)
Issuance of restricted OP units	103		1				1				1
Conversion from OP units to shares	52		2,209				2,209				2,209		(2,209)
Equity compensation expense			3,208				3,208				3,208
Taxes withheld upon net settlement of equity compensation			(3,047)				(3,047)				(3,047)
Adjustment for Limited Partnership interests of third parties			59				59				59		(59)
Net income (loss)			89,197				89,197		(905)		88,292		453
Other comprehensive income, net					20		20				20
OP unit distributions ($0.52 per unit)			(119,114)				(119,114)				(119,114)		(594)
Balance at March 31, 2025	227,920	$	2,844,531	$	(310)	$	2,844,221	$	29,802	$	2,874,023	$	48,784
Distributions to noncontrolling interests in subsidiaries									(165)		(165)
Issuance of OP units, net			(122)				(122)				(122)
Issuance of restricted OP units	29
Conversion from OP units to shares	39		1,543				1,543				1,543		(1,543)
Exercise of OP unit options	46		1,669				1,669				1,669
Equity compensation expense			2,504				2,504				2,504
Taxes withheld upon net settlement of equity compensation			(183)				(183)				(183)
Adjustment for Limited Partnership interests of third parties			180				180				180		(180)
Net income (loss)			82,960				82,960		(929)		82,031		401
Other comprehensive income, net					20		20				20
OP unit distributions ($0.52 per unit)			(119,114)				(119,114)				(119,114)		(574)
Balance at June 30, 2025	228,034	$	2,813,968	$	(290)	$	2,813,678	$	28,708	$	2,842,386	$	46,888
Contributions from noncontrolling interests in subsidiaries									303		303
Distributions to noncontrolling interests in subsidiaries									(157)		(157)
Issuance of OP units, net			(110)

CubeSmart 10-Q