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.
For the quarterly period ended March 31, 2026.

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~~April 29, ~~2025~~2026
Common shares, $0.01 par value per share, of CubeSmart		~~228~~226,~~035~~413,~~931~~630

Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended ~~September~~March 3031, ~~2025~~2026 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 and/or the Operating Partnership.

The Parent Company is the sole general partner of the Operating Partnership and, as of ~~September~~March 3031, ~~2025~~2026, owned a 99.56% interest in the Operating Partnership. The remaining 0.54% 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.

Table of Contents

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.

Table of Contents

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	3330
Item 3. Quantitative and Qualitative Disclosures About Market Risk	4439
Item 4. Controls and Procedures	4540

Part II. OTHER INFORMATION
Item 1. Legal Proceedings	4641
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	4642
Item 5. Other Information	4642
Item 6. Exhibits	4743

Filing Format

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

Table of Contents

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~~2025 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~~changes in interest rates and wage stagnation, including ~~the~~impacts ~~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~~or developments of self-storage properties 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;

Table of Contents

●

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~~2025 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.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CUBESMART AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	~~September~~March 3031,		December 31,
	~~2025~~2026		~~2024~~2025
	(unaudited)

ASSETS
Storage properties	$	8,~~108~~142,~~076~~043	$	78,~~628~~134,~~774~~189
Less: Accumulated depreciation		(1,~~730~~804,~~103~~268)		(1,~~590~~758,~~588~~340)
Storage properties, net (includes VIE amounts of $375,821 and $363,315, respectively)		6,377,973		6,038,186
Storage properties, net (includes VIE amounts of $380,588 and $373,687, respectively)		6,337,775		6,375,849
Cash and cash equivalents (includes VIE amounts of $4,783 and $2,907, respectively)		108,393		71,560
Cash and cash equivalents (including VIE amounts of $5,922 and $4,397, respectively)		7,258		5,782
Restricted cash (includes VIE amounts of $4,313 and $4,439, respectively)		6,364		6,103
Restricted cash (including VIE amounts of $48 and $2,552, respectively)		2,212		4,451
Loan procurement costs, net of amortization		1,~~781~~503		21,~~731~~803
Investment in real estate ventures, at equity		74,~~320~~884		9174,~~973~~034
Other assets, net		~~188~~174,~~827~~504		~~183~~181,~~628~~274
Total assets	$	6,~~757~~598,~~658~~136	$	6,~~394~~643,~~181~~193

LIABILITIES AND EQUITY
Unsecured senior notes, net	$	32,~~223~~926,~~866~~318	$	2,~~780~~925,~~631~~103
Revolving credit facility		—415,100		—378,800
Mortgage loans and notes payable, net (includes VIE amounts of $112,306 and $111,728, respectively)		204,681		205,915
Mortgage loans and notes payable, net (including VIE amounts of $7,090 and $7,092, respectively)		98,249		98,859
Lease liabilities - finance leases		65,~~612~~534		65,~~668~~579
Accounts payable, accrued expenses and other liabilities		~~246~~224,~~162~~474		229,~~581~~666
Distributions payable		~~119~~121,~~676~~095		~~119~~121,~~600~~519
Deferred revenue		42,~~723~~707		3841,~~918~~591
Total liabilities		3,~~902~~893,~~720~~477		3,~~440~~861,~~313~~117

Noncontrolling interests in the Operating Partnership		4436,~~858~~072		5136,~~193~~167

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
Common shares $.01 par value, 400,000,000 shares authorized, 226,465,557 and 227,269,217 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		2,265		2,273
Additional paid-in capital		4,~~295~~304,~~941~~254		4,~~285~~302,~~570~~554
Accumulated other comprehensive loss		(~~270~~229)		(~~330~~249)
Accumulated deficit		(1,~~515~~657,~~815~~027)		(1,~~415~~585,~~662~~135)
Total CubeSmart shareholders’ equity		2,~~782~~649,~~136~~263		2,~~871~~719,~~856~~443
Noncontrolling interests in subsidiaries		2719,~~944~~324		3026,~~819~~466
Total equity		2,~~810~~668,~~080~~587		2,~~902~~745,~~675~~909
Total liabilities and equity	$	6,~~757~~598,~~658~~136	$	6,~~394~~643,~~181~~193

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended ~~September~~March 3031,

~~Nine Months Ended September 30,~~

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

REVENUES

Rental income

~~243~~239,~~400~~925

~~230~~232,~~954~~765

~~715,722~~

~~682,935~~

Other property related income

3132,~~730~~072

29,~~268~~766

~~94,092~~

~~84,542~~

Property management fee income

9,~~950~~932

10,~~668~~505

~~30,605~~

~~31,028~~

Total revenues

~~285~~281,~~080~~929

~~270~~273,~~890~~036

~~840,419~~

~~798,505~~

OPERATING EXPENSES

Property operating expenses

90,~~848~~068

8182,~~868~~934

~~262,810~~

~~242,002~~

Depreciation and amortization

6661,~~688~~438

5159,~~210~~156

~~192,332~~

~~152,962~~

General and administrative

1617,~~506~~189

1416,~~265~~068

~~47,471~~

~~44,512~~

Total operating expenses

~~174~~168,~~042~~695

~~147~~158,~~343~~158

~~502,613~~

~~439,476~~

OTHER (EXPENSE) INCOME

Interest:

Interest expense on loans

(29,~~380~~831)

(2226,~~750~~100)

~~(84,570)~~

~~(68,436)~~

Loan procurement amortization expense

(1,~~258~~065)

(~~986~~1,221)

~~(3,700)~~

~~(3,031)~~

Equity in earnings of real estate ventures

~~648~~607

~~418~~379

~~1,574~~

~~1,688~~

Other

~~1,368~~(195)

~~721~~809

~~2,483~~

~~744~~

Total other expense

(2830,~~622~~484)

(2226,~~597~~133)

~~(84,213)~~

~~(69,035)~~

NET INCOME

82,~~416~~750

~~100~~88,~~950~~745

~~253,593~~

~~289,994~~

Net income attributable to noncontrolling interests in the Operating Partnership

(~~396~~357)

(~~551~~453)

~~(1,250)~~

~~(1,616)~~

Net loss attributable to noncontrolling interests in subsidiaries

~~910~~494

~~398~~905

~~2,744~~

~~910~~

NET INCOME ATTRIBUTABLE TO THE COMPANY

82,~~930~~887

~~100~~89,~~797~~197

~~255,087~~

~~289,288~~

Basic earnings per share attributable to common shareholders

0.36

0.4539

~~1.12~~

~~1.28~~

Diluted earnings per share attributable to common shareholders

0.36

0.4439

~~1.11~~

~~1.28~~

Weighted average basic shares outstanding

~~228~~227,~~791~~809

~~226~~228,~~166~~663

~~228,731~~

~~225,941~~

Weighted average diluted shares outstanding

~~229~~228,~~295~~206

~~227~~229,~~149~~169

~~229,237~~

~~226,805~~

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)


	Three Months Ended March 31,				~~Nine Months Ended~~
	~~September 30,~~2026		2025		~~September 30,~~
	~~2025~~		~~2024~~		~~2025~~		~~2024~~

NET INCOME	$	82,750	$	88,745
NET INCOME	$	82,416	$	100,950	$	253,593	$	289,994
Other comprehensive income:
Other comprehensive income:
Reclassification of realized losses on interest rate swaps		20		20
Reclassification of realized losses on interest rate swaps		20		20		60		60
OTHER COMPREHENSIVE INCOME:		20		20
OTHER COMPREHENSIVE INCOME:		20		20		60		60
COMPREHENSIVE INCOME		82,770		88,765
COMPREHENSIVE INCOME		82,436		100,970		253,653		290,054
Comprehensive income attributable to noncontrolling interests in the Operating Partnership		(357)		(453)
Comprehensive income attributable to noncontrolling interests in the Operating Partnership		(396)		(551)		(1,250)		(1,616)
Comprehensive loss attributable to noncontrolling interests in subsidiaries		494		905
Comprehensive loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$	82,907	$	89,217
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$	82,950	$	100,817	$	255,147	$	289,348

See accompanying notes to the unaudited consolidated financial statements.

Table of Contents

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
Balance at December 31, 2025	227,269	$	2,273	$	4,302,554	$	(249)	$	(1,585,135)	$	2,719,443	$	26,466	$	2,745,909	$	36,167
Distributions paid to noncontrolling interests in subsidiaries													(112)		(112)
Contributions from noncontrolling interests in subsidiaries													11		11
Issuance of common shares, net					(168)						(168)				(168)
Distributions paid to noncontrolling interests in subsidiaries													(6,659)		(6,659)
Issuance of restricted shares	103		1								1				1
Issuance of common shares, net					(21)						(21)				(21)
Conversion from units to shares	52				2,209						2,209				2,209		(2,209)
Repurchase of common shares	(911)		(9)						(33,373)		(33,382)				(33,382)
Equity compensation expense					3,208						3,208				3,208
Issuance of restricted shares	85		1								1				1
Taxes withheld upon net settlement of equity compensation					(3,047)						(3,047)				(3,047)
Redemption of OP units for cash									4		4				4		(685)
Adjustment for noncontrolling interests in the Operating Partnership									59		59				59		(59)
Exercise of stock options	23				608						608				608
Net income (loss)									89,197		89,197		(905)		88,292		453
Equity compensation expense					3,284						3,284				3,284
Taxes withheld upon net settlement of equity compensation					(2,171)						(2,171)				(2,171)
Adjustment for noncontrolling interests in the Operating Partnership									(755)		(755)				(755)		755
Net income (loss)									82,887		82,887		(494)		82,393		357
Other comprehensive income, net							20				20				20
Common share distributions ($0.52 per share)									(119,114)		(119,114)				(119,114)		(594)
Common share distributions ($0.53 per share)									(120,655)		(120,655)				(120,655)		(522)
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
Balance at March 31, 2026	226,466	$	2,265	$	4,304,254	$	(229)	$	(1,657,027)	$	2,649,263	$	19,324	$	2,668,587	$	36,072
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.


																									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

Table of Contents

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.

1110

Table of Contents

CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	~~Nine~~Three Months Ended
	~~September~~March 3031,
	~~2025~~2026		~~2024~~2025
Operating Activities
Net income	$	~~253~~82,~~593~~750	$	~~289~~88,~~994~~745
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs		~~196~~62,~~032~~503		~~155~~60,~~993~~377
Non-cash portion of interest expense related to finance leases		(5645)		(3719)
Equity in earnings of real estate ventures		(~~1,574~~607)		(~~1,688~~379)
Cash distributed from real estate ventures		31,~~072~~019		31,~~453~~023
Equity compensation expense		83,~~601~~284		83,~~590~~208
Accretion of fair market value adjustment of debt		~~105~~210		~~(294)~~12
Changes in other operating accounts:
Other assets		(65,~~926)~~020		~~(12~~4,~~732)~~065
Accounts payable and accrued expenses		17(6,~~105~~414)		21(12,~~906~~405)
Other liabilities		21,~~069~~116		1,~~223~~694
Net cash provided by operating activities	$	~~472~~148,~~021~~836	$	~~466~~146,~~408~~321
Investing Activities
Acquisitions of storage properties		—		(20,597)
Additions and improvements to storage properties		(10,394)		(9,370)
Additions and improvements to storage properties		(38,351)		(33,137)
Development costs		(10,040)		(8,017)
Development costs		(25,523)		(23,489)
Cash paid for partner's interest in real estate venture, net of cash acquired		—		(451,141)
Cash paid for partner's interest in real estate venture, net of cash acquired		(451,141)		—
Investments in real estate ventures		(2,057)		—
Investments in real estate ventures		(827)		(316)
Cash distributed from real estate ventures		795		1,194
Cash distributed from real estate ventures		2,889		4,678
Net cash used in investing activities	$	(21,696)	$	(467,334)
Net cash used in investing activities	$	(512,953)	$	(72,861)
Financing Activities
Financing Activities
Proceeds from:
Proceeds from:
Revolving credit facility		263,385		577,589
Unsecured senior notes		443,952		—
Principal payments on:
Revolving credit facility		~~889~~(227,~~552~~085)		~~612~~(195,~~506~~189)
Principal payments on:
Mortgage loans and notes payable		(308)		(301)
Revolving credit facility		(889,552)		(630,606)
Issuance of common shares, net		(20)		(167)
Mortgage loans and notes payable		(885)		(32,089)
Repurchase of common shares		(33,382)		—
Loan procurement costs		(3,933)		—
Payments upon net settlement of equity compensation		(2,172)		(3,047)
Issuance of common shares, net		(400)		32,720
Exercise of stock options		608		—
Payments upon net settlement of equity compensation		(3,250)		(1,028)
Redemption of units for cash		(681)		—
Exercise of stock options		1,669		9,941
Contributions from noncontrolling interests in subsidiaries		11		—
Contributions from noncontrolling interests in subsidiaries		303		309
Distributions paid to noncontrolling interests in subsidiaries		(6,659)		(112)
Distributions paid to noncontrolling interests in subsidiaries		(434)		(309)
Distributions paid to common shareholders		(121,068)		(119,048)
Distributions paid to common shareholders		(357,207)		(345,901)
Distributions paid to noncontrolling interests in Operating Partnership		(532)		(621)
Distributions paid to noncontrolling interests in Operating Partnership		(1,789)		(1,952)
Net cash (used in) provided by financing activities	$	(127,903)	$	259,104
Net cash provided by (used in) financing activities	$	78,026	$	(356,409)
Change in cash, cash equivalents and restricted cash		(763)		(61,909)
Change in cash, cash equivalents and restricted cash		37,094		37,138
Cash, cash equivalents and restricted cash at beginning of period		10,233		77,663
Cash, cash equivalents and restricted cash at beginning of period		77,663		8,217
Cash, cash equivalents and restricted cash at end of period	$	9,470	$	15,754
Cash, cash equivalents and restricted cash at end of period	$	114,757	$	45,355
Supplemental Cash Flow and Noncash Information
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	$	34,780	$	32,319
Cash paid for interest, net of interest capitalized	$	90,291	$	77,953
Supplemental disclosure of noncash activities:
Supplemental disclosure of noncash activities:
Accretion of put liability	$	1,333	$	—
Derivative valuation adjustment	$	6020	$	6020

See accompanying notes to the unaudited consolidated financial statements.

1211

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)


	~~September~~March 3031,		December 31,
	~~2025~~2026		~~2024~~2025
	(unaudited)
ASSETS
Storage properties	$	8,~~108~~142,~~076~~043	$	78,~~628~~134,~~774~~189
Less: Accumulated depreciation		(1,~~730~~804,~~103~~268)		(1,~~590~~758,~~588~~340)
Storage properties, net (includes VIE amounts of $375,821 and $363,315, respectively)		6,377,973		6,038,186
Storage properties, net (includes VIE amounts of $380,588 and $373,687, respectively)		6,337,775		6,375,849
Cash and cash equivalents (includes VIE amounts of $4,783 and $2,907, respectively)		108,393		71,560
Cash and cash equivalents (including VIE amounts of $5,922 and $4,397, respectively)		7,258		5,782
Restricted cash (includes VIE amounts of $4,313 and $4,439, respectively)		6,364		6,103
Restricted cash (including VIE amounts of $48 and $2,552, respectively)		2,212		4,451
Loan procurement costs, net of amortization		1,~~781~~503		21,~~731~~803
Investment in real estate ventures, at equity		74,~~320~~884		9174,~~973~~034
Other assets, net		~~188~~174,~~827~~504		~~183~~181,~~628~~274
Total assets	$	6,~~757~~598,~~658~~136	$	6,~~394~~643,~~181~~193

LIABILITIES AND CAPITAL
Unsecured senior notes, net	$	32,~~223~~926,~~866~~318	$	2,~~780~~925,~~631~~103
Revolving credit facility		—415,100		—378,800
Mortgage loans and notes payable, net (includes VIE amounts of $112,306 and $111,728, respectively)		204,681		205,915
Mortgage loans and notes payable, net (including VIE amounts of $7,090 and $7,092, respectively)		98,249		98,859
Lease liabilities - finance leases		65,~~612~~534		65,~~668~~579
Accounts payable, accrued expenses and other liabilities		~~246~~224,~~162~~474		229,~~581~~666
Distributions payable		~~119~~121,~~676~~095		~~119~~121,~~600~~519
Deferred revenue		42,~~723~~707		3841,~~918~~591
Total liabilities		3,~~902~~893,~~720~~477		3,~~440~~861,~~313~~117

Limited Partnership interests of third parties		4436,~~858~~072		5136,~~193~~167

Commitments and contingencies

Capital
General Partner		2,~~782~~649,~~406~~492		2,~~872~~719,~~186~~692
Accumulated other comprehensive loss		(~~270~~229)		(~~330~~249)
Total CubeSmart, L.P. capital		2,~~782~~649,~~136~~263		2,~~871~~719,~~856~~443
Noncontrolling interests in subsidiaries		2719,~~944~~324		3026,~~819~~466
Total capital		2,~~810~~668,~~080~~587		2,~~902~~745,~~675~~909
Total liabilities and capital	$	6,~~757~~598,~~658~~136	$	6,~~394~~643,~~181~~193

See accompanying notes to the unaudited consolidated financial statements.

1312

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per common unit data)

(unaudited)


	Three Months Ended March 31,				~~Nine Months Ended~~
	~~September 30,~~2026		2025		~~September 30,~~
	~~2025~~		~~2024~~		~~2025~~		~~2024~~

REVENUES
REVENUES
Rental income	$	239,925	$	232,765
Rental income	$	243,400	$	230,954	$	715,722	$	682,935
Other property related income		32,072		29,766
Other property related income		31,730		29,268		94,092		84,542
Property management fee income		9,932		10,505
Property management fee income		9,950		10,668		30,605		31,028
Total revenues		281,929		273,036
Total revenues		285,080		270,890		840,419		798,505
OPERATING EXPENSES
OPERATING EXPENSES
Property operating expenses		90,068		82,934
Property operating expenses		90,848		81,868		262,810		242,002
Depreciation and amortization		61,438		59,156
Depreciation and amortization		66,688		51,210		192,332		152,962
General and administrative		17,189		16,068
General and administrative		16,506		14,265		47,471		44,512
Total operating expenses		168,695		158,158
Total operating expenses		174,042		147,343		502,613		439,476
OTHER (EXPENSE) INCOME
OTHER (EXPENSE) INCOME
Interest:
Interest:
Interest expense on loans		(29,831)		(26,100)
Interest expense on loans		(29,380)		(22,750)		(84,570)		(68,436)
Loan procurement amortization expense		(1,065)		(1,221)
Loan procurement amortization expense		(1,258)		(986)		(3,700)		(3,031)
Equity in earnings of real estate ventures		607		379
Equity in earnings of real estate ventures		648		418		1,574		1,688
Other		(195)		809
Other		1,368		721		2,483		744
Total other expense		(30,484)		(26,133)
Total other expense		(28,622)		(22,597)		(84,213)		(69,035)
NET INCOME		82,750		88,745
NET INCOME		82,416		100,950		253,593		289,994
Net loss attributable to noncontrolling interests in subsidiaries		494		905
Net loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	$	83,244	$	89,650
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	$	0.39
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	$	0.39
Diluted earnings per unit attributable to CubeSmart, L.P.	$	0.36	$	0.44	$	1.11	$	1.28


Weighted average basic units outstanding		228,794		229,834
Weighted average basic units outstanding		229,894		227,403		229,860		227,203
Weighted average diluted units outstanding		229,191		230,340
Weighted average diluted units outstanding		230,398		228,386		230,366		228,067

See accompanying notes to the unaudited consolidated financial statements.

1413

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

Three Months Ended ~~September~~March 3031,

~~Nine Months Ended September 30,~~

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

NET INCOME

82,~~416~~750

~~100~~88,~~950~~745

~~253,593~~

~~289,994~~

Other comprehensive income:

Reclassification of realized losses on interest rate swaps

OTHER COMPREHENSIVE INCOME:

COMPREHENSIVE INCOME

82,~~436~~770

~~100~~88,~~970~~765

~~253,653~~

~~290,054~~

Comprehensive loss attributable to noncontrolling interests in subsidiaries

~~910~~494

~~398~~905

~~2,744~~

~~910~~

COMPREHENSIVE INCOME ATTRIBUTABLE TO CUBESMART, L.P.

83,~~346~~264

~~101~~89,~~368~~670

~~256,397~~

~~290,964~~

See accompanying notes to the unaudited consolidated financial statements.

1514

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
Balance at December 31, 2025	227,269	$	2,719,692	$	(249)	$	2,719,443	$	26,466	$	2,745,909	$	36,167
Distributions paid to noncontrolling interests in subsidiaries									(112)		(112)
Contributions from noncontrolling interests in subsidiaries									11		11
Issuance of OP units, net			(168)				(168)				(168)
Distributions paid to noncontrolling interests in subsidiaries									(6,659)		(6,659)
Issuance of restricted OP units	103		1				1				1
Issuance of OP units, net			(21)				(21)				(21)
Conversion from OP units to shares	52		2,209				2,209				2,209		(2,209)
Repurchase of OP units	(911)		(33,382)				(33,382)				(33,382)
Equity compensation expense			3,208				3,208				3,208
Issuance of restricted OP units	85		1				1				1
Taxes withheld upon net settlement of equity compensation			(3,047)				(3,047)				(3,047)
Redemption of OP units for cash			4				4				4		(685)
Adjustment for Limited Partnership interests of third parties			59				59				59		(59)
Exercise of OP unit options	23		608				608				608
Net income (loss)			89,197				89,197		(905)		88,292		453
Equity compensation expense			3,284				3,284				3,284
Taxes withheld upon net settlement of equity compensation			(2,171)				(2,171)				(2,171)
Adjustment for Limited Partnership interests of third parties			(755)				(755)				(755)		755
Net income (loss)			82,887				82,887		(494)		82,393		357
Other comprehensive income, net					20		20				20
OP unit distributions ($0.52 per unit)			(119,114)				(119,114)				(119,114)		(594)
OP unit distributions ($0.53 per unit)			(120,655)				(120,655)				(120,655)		(522)
Balance at March 31, 2025	227,920	$	2,844,531	$	(310)	$	2,844,221	$	29,802	$	2,874,023	$	48,784
Balance at March 31, 2026	226,466	$	2,649,492	$	(229)	$	2,649,263	$	19,324	$	2,668,587	$	36,072
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)				(110)				(110)
Issuance of restricted OP units	1
Equity compensation expense			2,889				2,889				2,889
Taxes withheld upon net settlement of equity compensation			(20)				(20)				(20)
Adjustment for Limited Partnership interests of third parties			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
OP unit distributions ($0.52 per unit)			(119,103)				(119,103)				(119,103)		(574)
Balance at September 30, 2025	228,035	$	2,782,406	$	(270)	$	2,782,136	$	27,944	$	2,810,080	$	44,858

See accompanying notes to the unaudited consolidated financial statements.


						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

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, 2023	224,921	$	2,799,239	$	(411)	$	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 OP units, net			(10)				(10)				(10)
Issuance of restricted OP units	24		1				1				1
Conversion from OP units to shares	12		561				561				561		(561)
Exercise of OP unit 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 Limited Partnership interests of third parties			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
OP unit distributions ($0.51 per unit)			(115,357)				(115,357)				(115,357)		(657)
Balance at March 31, 2024	224,965	$	2,782,499	$	(391)	$	2,782,108	$	21,678	$	2,803,786	$	58,253
Distributions to noncontrolling interests in subsidiaries									(54)		(54)
Issuance of OP units, net			(39)				(39)				(39)
Issuance of restricted OP units	28
Conversion from OP units to shares	50		2,123				2,123				2,123		(2,123)
Exercise of OP unit options	154		4,518				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 Limited Partnership interests of third parties			93				93				93		(93)
Net income (loss)			93,964				93,964		(302)		93,662		524
Other comprehensive income, net					20		20				20
OP unit distributions ($0.51 per unit)			(115,390)				(115,390)				(115,390)		(631)
Balance at June 30, 2024	225,197	$	2,770,465	$	(371)	$	2,770,094	$	21,322	$	2,791,416	$	55,930
Distributions to noncontrolling interests in subsidiaries									(130)		(130)
Issuance of OP units, net	612		32,768				32,768				32,768
Issuance of restricted OP units	2
Conversion from units to shares	6		324				324				324		(324)
Exercise of OP unit options	186		5,222				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 Operating Partnership interests of third parties			(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
OP unit distributions ($0.51 per unit)			(115,790)				(115,790)				(115,790)		(628)
Balance at September 30, 2024	226,003	$	2,785,859	$	(351)	$	2,785,508	$	20,794	$	2,806,302	$	66,330

See accompanying notes to the unaudited consolidated financial statements.

1715

Table of Contents

CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	~~Nine~~Three Months Ended
	~~September~~March 3031,
	~~2025~~2026		~~2024~~2025
Operating Activities
Net income	$	~~253~~82,~~593~~750	$	~~289~~88,~~994~~745
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs		~~196~~62,~~032~~503		~~155~~60,~~993~~377
Non-cash portion of interest expense related to finance leases		(5645)		(3719)
Equity in earnings of real estate ventures		(~~1,574~~607)		(~~1,688~~379)
Cash distributed from real estate ventures		31,~~072~~019		31,~~453~~023
Equity compensation expense		83,~~601~~284		83,~~590~~208
Accretion of fair market value adjustment of debt		~~105~~210		~~(294)~~12
Changes in other operating accounts:
Other assets		(65,~~926)~~020		~~(12~~4,~~732)~~065
Accounts payable and accrued expenses		17(6,~~105~~414)		21(12,~~906~~405)
Other liabilities		21,~~069~~116		1,~~223~~694
Net cash provided by operating activities	$	~~472~~148,~~021~~836	$	~~466~~146,~~408~~321
Investing Activities
Acquisitions of storage properties		—		(20,597)
Additions and improvements to storage properties		(10,394)		(9,370)
Additions and improvements to storage properties		(38,351)		(33,137)
Development costs		(10,040)		(8,017)
Development costs		(25,523)		(23,489)
Cash paid for partner's interest in real estate venture, net of cash acquired		—		(451,141)
Cash paid for partner's interest in real estate venture, net of cash acquired		(451,141)		—
Investments in real estate ventures		(2,057)		—
Investments in real estate ventures		(827)		(316)
Cash distributed from real estate ventures		795		1,194
Cash distributed from real estate ventures		2,889		4,678
Net cash used in investing activities	$	(21,696)	$	(467,334)
Net cash used in investing activities	$	(512,953)	$	(72,861)
Financing Activities
Proceeds from:
Unsecured senior notes		443,952		—
Revolving credit facility		263,385		577,589
Revolving credit facility		889,552		612,506
Principal payments on:
Revolving credit facility		(~~889~~227,~~552~~085)		(~~630~~195,~~606~~189)
Mortgage loans and notes payable		(~~885~~308)		(~~32,089~~301)
Loan procurement costs		(3,933)		—
Issuance of OP units, net		(20)		(167)
Issuance of OP units, net		(400)		32,720
Repurchase of OP units		(33,382)		—
Payments upon net settlement of equity compensation		(32,~~250~~172)		(13,~~028~~047)
Exercise of OP unit options		~~1,669~~608		~~9,941~~—
Contributions from noncontrolling interests in subsidiaries		303		309
Redemption of OP units for cash		(681)		—
Distributions paid to noncontrolling interests in subsidiaries		(434)		(309)
Contributions from noncontrolling interests in subsidiaries		11		—
Distributions paid to OP unitholders		(358,996)		(347,853)
Distributions paid to noncontrolling interests in subsidiaries		(6,659)		(112)
Net cash provided by (used in) financing activities	$	78,026	$	(356,409)
Distributions paid to OP unitholders		(121,600)		(119,669)
Change in cash, cash equivalents and restricted cash		37,094		37,138
Net cash (used in) provided by financing activities	$	(127,903)	$	259,104
Cash, cash equivalents and restricted cash at beginning of period		77,663		8,217
Change in cash, cash equivalents and restricted cash		(763)		(61,909)
Cash, cash equivalents and restricted cash at end of period	$	114,757	$	45,355
Cash, cash equivalents and restricted cash at beginning of period		10,233		77,663
Cash, cash equivalents and restricted cash at end of period	$	9,470	$	15,754
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	$	9034,~~291~~780	$	7732,~~953~~319
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	$	60	$	60
Accretion of put liability	$	1,333	$	—
Derivative valuation adjustment	$	20	$	20

See accompanying notes to the unaudited consolidated financial statements.

1816

Table of Contents

CUBESMART AND CUBESMART, L.P.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND NATURE OF OPERATIONS

CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the unaudited consolidated financial statements, we use the terms the “Company”, “we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of ~~September~~March 3031, ~~2025~~2026, the Company owned (or partially owned and consolidated) self-storage properties located in the District of Columbia and 25 states throughout the United States, which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties (see note 14).

As of ~~September~~March 3031, ~~2025~~2026, the Parent Company owned approximately 99.56% of the partnership interests (“OP Units” or “common units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.”

The Company typically experiences seasonal fluctuations in the occupancy levels of its stores, which are generally slightly higher during the summer months due to increased moving activity.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, ~~2024~~2025, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025. The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 are not necessarily indicative of the results of operations to be expected for any future period or the full year.

The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt

1917

Table of Contents

is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.

~~Reclassifications~~Recent Accounting Pronouncements

~~Certain~~In ~~amounts~~November ~~within~~2024, the ~~Company’s~~Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03 – Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the ~~Operating~~FASB ~~Partnership’s~~issued ~~unaudited~~ASU ~~consolidated~~2025-01, ~~financial~~Income ~~statements~~Statement ~~have~~- ~~been~~Reporting ~~reclassified~~Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amended guidance requires disclosure, in ~~prior~~the ~~periods~~notes to ~~conform~~the financial statements, of specified information about certain costs and expenses. ASU 2024-03, as clarified by ASU 2025-01, is required to ~~the~~be ~~current~~adopted ~~period~~prospectively ~~presentation~~for annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

3. STORAGE PROPERTIES

The book value of the Company’s real estate assets is summarized as follows:


	~~September~~March 3031,		December 31,
	~~2025~~2026		~~2024~~2025
	(in thousands)
Land	$	1,~~707~~719,~~394~~233	$	1,~~645~~714,~~549~~247
Buildings and improvements		6,~~168~~227,~~400~~022		56,~~759~~203,~~848~~371
Equipment		~~154~~139,~~530~~485		~~147~~140,~~709~~027
Construction in progress		3514,~~807~~358		3334,~~723~~599
Right-of-use assets - finance leases		41,945		41,945
Storage properties		8,~~108~~142,~~076~~043		78,~~628~~134,~~774~~189
Less: Accumulated depreciation		(1,~~730~~804,~~103~~268)		(1,~~590~~758,~~588~~340)
Storage properties, net	$	6,~~377~~337,~~973~~775	$	6,~~038~~375,~~186~~849

The following table summarizes the Company’s acquisition and disposition activity since January 1, ~~2024~~2025.


			Number of	Transaction Price
Asset/Portfolio	Metropolitan Statistical Area	Transaction Date	Stores	(in thousands)

2025 Acquisitions:

HVP IV Assets	Various (see note 4)	February 2025	28	$	452,785	(1)
			28	$	452,785
Arizona Asset	Phoenix-Mesa-Scottsdale, AZ	November 2025	1		17,500

Florida Asset	Miami-Fort Lauderdale-Pompano Beach, FL	December 2025	1		31,500
2024 Acquisitions:
			30	$	501,785

Connecticut Assets	Hartford-West Hartford-East Hartford, CT	January 2024	2	$	20,200
Oregon Asset	Portland-Vancouver-Beaverton, OR-WA	November 2024	1		10,450
Pennsylvania Asset	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	November 2024	1		11,500
Hines Portfolio (2)	Dallas-Fort Worth-Arlington, TX	December 2024	14		157,250
			18	$	199,400

(1)

Amount represents the purchase price for the remaining 80% ownership interest in 191 IV CUBE LLC (“HVP IV”), which, at the time of acquisition, owned 28 stores (see note 4). Purchase price includes $44.4 million to repay the Company’s portion of HVP IV’s existing indebtedness.

(2) These stores are owned by consolidated joint ventures in which the Company acquired an 85% ownership interest. Transaction price represents the acquisition of this ownership interest.

Table of Contents

4. INVESTMENT ACTIVITY

~~2025~~The ~~Acquisitions~~Company did not acquire or dispose of any wholly-owned stores during the three months ended March 31, 2026.

On February 20, 2025, the Company acquired the remaining 80% ownership interest in HVP IV, an unconsolidated real estate venture in which prior to such acquisition the Company owned a 20% noncontrolling interest that was accounted for under the equity method of accounting. As of the date of acquisition, HVP IV owned 28 stores located in Arizona (2), Connecticut (3), Florida (4), Georgia (2), Illinois (5), Maryland (2), Minnesota (1), Pennsylvania (1) and Texas (8) (the “HVP IV Assets”). The purchase price for the 80% ownership interest was $452.8 million, which included $44.4 million to repay the Company’s portion of the venture’s existing indebtedness. The HVP IV Assets were recorded by the Company at $466.9 million, which consisted of the $452.8 million purchase price plus the Company's $14.1 million carryover basis of its previously held equity interest in HVP IV. As a result of the transaction, the HVP IV Assets became wholly owned by the Company and are now consolidated within its financial statements. No gain or loss was recognized as a result of the transaction. In connection with the transaction, which was accounted for as an asset acquisition, the Company allocated the value of the HVP IV Assets and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $32.0 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2025 was approximately $8.0 million and $18.7 million, respectively.

~~2024 Acquisitions~~18

Table of Contents

2025 Acquisitions

InOn ~~December~~February ~~2024~~20, 2025, the Company acquired anthe 85remaining 80% ownership interest in ~~seven~~HVP ~~consolidated~~IV, ~~joint~~an ~~ventures~~unconsolidated ~~(see~~real ~~note~~estate ~~13)~~venture in which, prior to such acquisition, the Company owned a 20% noncontrolling interest that ~~collectively~~was ~~own~~accounted 14for under the equity method of accounting. As of the date of acquisition, HVP IV owned 28 stores located in Arizona (2), Connecticut (3), Florida (4), Georgia (2), Illinois (5), Maryland (2), Minnesota (1), Pennsylvania (1) and Texas (8) (the “~~Hines~~HVP ~~Portfolio~~IV Assets”). The purchase price for ~~approximately~~the 80% ownership interest was $~~157~~452.38 million, which included $44.4 ~~The~~million ~~Hines~~to ~~Portfolio~~repay isthe ~~encumbered~~Company’s byportion ~~two~~of ~~mortgage~~the ~~loans~~venture’s ~~that,~~existing atindebtedness. ~~the~~The ~~time~~HVP ofIV Assets were recorded by the ~~acquisition,~~Company ~~had~~at ~~aggregate~~$466.9 ~~outstanding~~million, ~~principal~~which ~~amounts~~consisted ~~totaling~~of the $~~115~~452.48 million. ~~Upon~~purchase price plus the Company’'s ~~purchase~~$14.1 million carryover basis of its ~~ownership~~previously ~~interest,~~held ~~the~~equity ~~mortgage~~interest ~~debt~~in ~~was~~HVP ~~recorded~~IV. atAs a ~~fair~~result ~~value~~ of ~~$115.8~~the ~~million~~transaction, ~~which~~the ~~included~~HVP anIV ~~aggregate~~Assets ~~net~~became ~~premium~~wholly ofowned ~~$0.4~~by ~~million~~the toCompany ~~reflect~~and ~~the~~are ~~estimated~~now ~~fair~~consolidated ~~value~~within atits ~~the~~financial ~~time~~statements. No gain or loss was recognized as a result of the ~~purchase~~transaction. In connection with ~~this~~the transaction, which was accounted for as an asset acquisition, the Company allocated the ~~purchase~~value ~~price~~of the HVP IV Assets and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $1032.10 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases iswas 12 months and the amortization expense that was recognized during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025 was approximately $2.5.3 million and $72.67 million, respectively. ~~There was no amortization expense recognized for these in-place leases during the three or nine months ended September 30, 2024.~~

During the year ended December 31, ~~2024~~2025, the Company also acquired ~~four~~one ~~additional~~store ~~stores located~~ in ~~Connecticut~~Arizona ~~(2),~~and ~~Oregon~~one ~~(1)~~store ~~and~~in ~~Pennsylvania~~Florida ~~(1)~~ for an aggregate purchase price of $4249.20 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $2.07 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 was approximately $0.37 million ~~and $0~~.9 ~~million,~~There ~~respectively.~~was ~~The~~no amortization expense ~~that~~recognized ~~was~~for ~~recognized~~these in-place leases during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024 was approximately $0~~2025.~~2 million and $0.6 million, respectively.~~

Development Activity

As of ~~September~~March 3031, ~~2025~~2026, the Company held an ownership interest in a consolidated joint venture to develop a single self-storage property located in New York. Construction for this project is expected to be completed during the ~~fourth~~third quarter of ~~2025~~2027. As of ~~September~~March 3031, ~~2025~~2026, development costs incurred to date for this project totaled $259.83 million. Total ~~construction~~ costs for this project are expected to be $2728.20 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets.

21The Company, through two consolidated joint ventures, completed the construction and opened for operation the following stores during the period from January 1, 2025 through March 31, 2026. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets.

Table of Contents

The Company, through three consolidated joint ventures, completed the construction and opened for operation the following stores during the period from January 1, 2024 through September 30, 2025. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets.


			CubeSmart
	Number of		Ownership	Total
Store Location	Stores	Date Opened	Interest	Construction Costs
				(in thousands)

Port Chester, NY	1	Q3 2025	90%	$	18,100
New Rochelle, NY (1)	1	Q1 2026	70%	$	28,000
Astoria, NY	1	Q2 2024	70%		45,900
Port Chester, NY	1	Q3 2025	90%		18,100
Clark, NJ	1	Q2 2024	90%		15,900
	2			$	46,100
	3			$	79,900

(1)

This store is located adjacent to an existing store. Given this proximity, this store has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes.

Table of Contents

5. INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES

The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands):


	CubeSmart	Number of Stores as of		Carrying Value of Investment as of
	Ownership	~~September~~March 3031,	December 31,	~~September~~March 3031,		December 31,
Unconsolidated Real Estate Ventures	Interest	~~2025~~2026	~~2024~~2025	~~2025~~2026		~~2024~~2025
Fontana Self Storage, LLC ("Fontana") (1)	50%	1	1	$	12,935	$	13,200
CBPR Storage Venture, LLC ("CBPR")	15%	1	-	$	2,042	$	-
Rancho Cucamonga Self Storage, LLC ("RCSS") (1)	50%	1	1		19,717		20,107
Fontana Self Storage, LLC ("Fontana") (1)	50%	1	1		12,736		12,837
191 V CUBE LLC ("HVP V")	20%	6	6		10,903		11,353
Rancho Cucamonga Self Storage, LLC ("RCSS") (1)	50%	1	1		19,437		19,568
191 IV CUBE LLC ("HVP IV") (2)	20%	-	28		—		14,591
191 V CUBE LLC ("HVP V")	20%	6	6		10,110		10,505
CUBE HHF Northeast Venture LLC ("HHFNE")	10%	13	13		1,~~257~~217		1,~~469~~230
CUBE HHF Limited Partnership ("HHF")	50%	28	28		29,~~508~~342		3129,~~253~~894
		4950	7749	$	74,~~320~~884	$	9174,~~973~~034

(1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS, each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of ~~September~~March 3031, ~~2025~~2026, the remaining unamortized difference was $12.20 million for Fontana and $1817.29 million for RCSS.

~~(2)~~ On February 20, 2025, the Company purchased the remaining 80% interest in HVP IV for $452.8 million and consolidated the venture’s assets and liabilities. The $452.8 million purchase price included $44.4 million to repay the Company’s portion of the venture’s existing indebtedness, which was repaid in full at the time of the transaction (see note 4).

The Company determined that CBPR, Fontana, RCSS, HVP V, HVP IV, HHFNE and HHF (collectively, the “Ventures”) are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member’s substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting (except for HVP IV, which was consolidated upon the Company’s purchase of the remaining 80% interest on February 20, 2025). The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in earnings of real estate ventures within the Company’s consolidated statements of operations.

22The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of March 31, 2026 and December 31, 2025.

Table of Contents

The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of September 30, 2025 and December 31, 2024.


	~~September~~March 3031,		December 31,
	~~2025~~2026		~~2024~~2025
Assets	(in thousands)
Storage properties, net	$	~~371~~376,~~455~~886	$	~~684~~367,~~067~~994
Other assets		1618,~~328~~673		1715,~~126~~283
Total assets	$	~~387~~395,~~783~~559	$	~~701~~383,~~193~~277

Liabilities and equity
Debt	$	249,~~196~~760	$	~~472~~249,~~633~~449
Other liabilities		86,~~391~~866		175,~~462~~224
Equity
CubeSmart		4344,~~987~~982		6043,~~993~~917
Joint venture partners		8693,~~209~~951		~~150~~84,~~105~~687
Total liabilities and equity	$	~~387~~395,~~783~~559	$	~~701~~383,~~193~~277

~~The following is a summary of results of operations of the Ventures for the three and nine months ended September 30, 2025 and 2024.~~20

Table of Contents

The following is a summary of results of operations of the Ventures for the three months ended March 31, 2026 and 2025.


	Three Months Ended ~~September~~March 3031,				~~Nine Months Ended September 30,~~
	~~2025~~2026		~~2024~~2025 (1)		~~2025 (1)~~		~~2024~~
	(in thousands)
Total revenues	$	14,~~639~~736	$	2520,~~395~~122	$	~~49,057~~	$	~~74,821~~
Operating expenses		(6,~~232~~531)		(108,~~362~~917)		~~(21,405)~~		~~(31,277)~~
Other income (expenses)		10		(99)		(228)		(316)
Other expenses		(12)		(110)
Interest expense, net		(32,~~083~~903)		(74,~~399~~928)		~~(11,024)~~		~~(18,633)~~
Depreciation and amortization		(4,~~101~~351)		(76,~~283~~296)		~~(14,453)~~		~~(22,223)~~
Net income	$	1,233	$	252	$	1,947	$	2,372
Net income (loss)	$	939	$	(129)
Company’s share of net income	$	648	$	418	$	1,574	$	1,688
Company’s share of net income (loss)	$	607	$	379

(1)

HVP IV’s results of operations are included through February 20, 2025 (date of consolidation).

Table of Contents

6. OTHER ASSETS

Other assets were comprised of the following as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.


	~~September~~March 3031,		December 31,
	~~2025~~2026		~~2024~~2025
	(in thousands)
Intangible assets, net of accumulated amortization of $28,081 and $1,782, respectively	$	15,154	$	10,332
Intangible assets, net of accumulated amortization of $895 and $26,880, respectively	$	1,789	$	7,792
Accounts receivable, net		98,~~825~~930		109,~~372~~701
Prepaid property taxes		10,~~204~~534		911,~~272~~202
Prepaid insurance		72,~~116~~219		54,~~768~~101
Amounts due from affiliates (see note 16)		1819,~~524~~594		1819,~~866~~152
Assets related to deferred compensation arrangements		6667,~~963~~066		6367,~~761~~170
Right-of-use assets - operating leases		48,~~671~~156		4948,~~435~~420
Ground lease receivable		—		6,249
Note receivable (1)		5,000		5,000
Other		711,~~370~~216		48,~~573~~736
Total other assets, net	$	~~188~~174,~~827~~504	$	~~183~~181,~~628~~274

(1)

On October 8, 2024, the Company loaned $5.0 million to an owner of five third-party stores managed by the Company, in exchange for a note receivable of the same amount bearing interest at 10.00% per year. The note matures on May 7, 2026 and is collateralized by a pledge of the ownership interests in the underlying properties. The Company believes that this note receivable is fully collectible. The interest income related to this note is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

Table of Contents

7. UNSECURED SENIOR NOTES

The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”):


	~~September~~March 3031,		December 31,		Effective		Issuance	Maturity
Unsecured Senior Notes	~~2025~~2026		~~2024~~2025		Interest Rate		Date	Date
	(in thousands)
$300M 4.000% Guaranteed Notes due 2025 (1)	$	300,000	$	300,000	3.99	%	Various (1)	Nov-25
$300M 3.125% Guaranteed Notes due 2026	$	300,000	$	300,000	3.18	%	Aug-16	Sep-26
$300M 3.125% Guaranteed Notes due 2026		300,000		300,000	3.18	%	Aug-16	Sep-26
$550M 2.250% Guaranteed Notes due 2028		550,000		550,000	2.33	%	Nov-21	Dec-28
$350M 4.375% Guaranteed Notes due 2029		350,000		350,000	4.46	%	Jan-19	Feb-29
$350M 3.000% Guaranteed Notes due 2030		350,000		350,000	3.04	%	Oct-19	Feb-30
$450M 2.000% Guaranteed Notes due 2031		450,000		450,000	2.10	%	Oct-20	Feb-31
$500M 2.500% Guaranteed Notes due 2032		500,000		500,000	2.59	%	Nov-21	Feb-32
$450M 5.125% Guaranteed Notes due 2035		450,000		—450,000	5.30	%	Aug-25	Nov-35
Principal balance outstanding		32,~~250~~950,000		2,~~800~~950,000
Less: Discount on issuance of unsecured senior notes, net		(1312,~~229~~104)		(812,~~495~~669)
Less: Loan procurement costs, net		(1211,~~905~~578)		(1012,~~874~~228)
Total unsecured senior notes, net	$	32,~~223~~926,~~866~~318	$	2,~~780~~925,~~631~~103

~~(1)~~The Onindenture ~~April~~under 4,which ~~2017,~~the Senior Notes were issued restricts the ability of the Operating Partnership ~~issued~~and ~~$50.0~~its ~~million~~subsidiaries ofto incur debt unless the Operating Partnership and its ~~4.000%~~consolidated ~~senior~~subsidiaries ~~notes~~comply ~~due~~with ~~2025,~~a ~~which~~leverage ~~are~~ratio ~~part~~not to exceed 60% and an interest coverage ratio of ~~the~~more ~~same~~than ~~series~~1.5:1.0 asafter giving effect to the ~~$250~~incurrence of the debt.0 ~~million~~The ~~principal~~indenture ~~amount~~also restricts the ability of the Operating Partnership’s ~~4.000%~~and ~~senior~~its ~~notes~~subsidiaries ~~due~~to ~~November~~incur ~~15,~~secured ~~2025~~debt ~~issued~~unless onthe ~~October~~Operating ~~26,~~Partnership ~~2015~~and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The ~~$50.0~~indenture ~~million~~also contains other financial and ~~$250.0~~customary ~~million~~covenants, ~~tranches~~including ~~were~~a ~~priced~~covenant atnot ~~101.343%~~to ~~and~~own ~~99.735~~unencumbered assets with a value less than 150%, ~~respectively,~~of the unsecured indebtedness of the ~~principal~~Operating ~~amount~~Partnership toand ~~yield~~its 3consolidated subsidiaries.~~811%~~ As of and ~~4.032%~~for the three months ended March 31, ~~respectively~~2026, tothe ~~maturity.~~Operating ~~The~~Partnership ~~combined~~was ~~weighted~~in ~~average~~compliance ~~effective~~with ~~interest~~all ~~rate~~ of the ~~2025~~financial ~~notes~~covenants isunder 3the Senior Notes.~~994%.~~

Table of Contents

The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the three and nine months ended September 30, 2025, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

8. REVOLVING CREDIT FACILITY

On October 26, 2022, the Company amended and restated, in its entirety, its unsecured revolving credit agreement (the “Second Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of an $850.0 million unsecured revolving credit facility (the “Revolver”) maturing on February 15, 2027. The Second Amended and Restated Credit Facility provides for two six-month options to extend the maturity date to, at the latest, February 2028 upon the satisfaction of certain conditions. Under the Second Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings and leverage levels. At the Company’s current unsecured debt credit ratings and leverage levels, amounts drawn under the Revolver are priced using a margin of 0.775% plus a facility fee of 0.15% over the Secured Overnight Financing Rate (“SOFR”) plus a 0.10% SOFR adjustment.

As of ~~September~~March 3031, ~~2025~~2026, the Revolver had an effective interest rate of 54.2771%. Additionally, as of ~~September~~March 3031, ~~2025~~2026, $~~849~~434.32 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by outstanding letters of credit totaling $0.7 million.

Under the Second Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, the Operating Partnership was in compliance with all financial covenants ~~related~~of to the Second Amended and Restated Credit Facility.

Table of Contents

9. MORTGAGE LOANS AND NOTES PAYABLE

The Company’s mortgage loans and notes payable are summarized as follows:


	Carrying Value as of
	~~September~~March 3031,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	~~2025~~2026		~~2024~~2025		Interest Rate		Date
	(in thousands)
Long Island City II, NY	$	1716,~~004~~752	$	1716,~~368~~880	2.25	%	Jul-26
Long Island City III, NY		1716,~~005~~752		1716,~~371~~880	2.25	%	Aug-26
Allen, TX (1)		7,~~277~~174		7,~~432~~226	6.29	%	Aug-26
Dallas-Fort Worth, TX (1)		108,000		108,000	6.23	%	May-29
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		~~203~~94,~~586~~978		~~204~~95,~~471~~286
Plus: Unamortized fair value adjustment		43,~~928~~615		63,~~137~~969
Less: Loan procurement costs, net		(~~3,833~~344)		(~~4,693~~396)
Total mortgage loans and notes payable, net	$	~~204~~98,~~681~~249	$	~~205~~98,~~915~~859

(1) The Company owns an 85% interest in a consolidated joint ~~ventures~~venture that ~~are~~is the ~~borrowers~~borrower on ~~these~~this mortgage ~~loans~~loan.

25As of March 31, 2026 and December 31, 2025, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with aggregate net book values of approximately $238.7 million and $240.0 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2026 (in thousands):

Table of Contents

As of September 30, 2025 and December 31, 2024, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $397.6 million and $403.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2025 (in thousands):


2025	$	300
2026	$	40,678
2026		40,986
2027		—
2028		—
2029		~~162~~54,300
2030 and thereafter		—
2030		—
Total principal payments	$	203,586
2031 and thereafter		—
Total principal payments	$	94,978

10. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 11). The following table summarizes the changes in accumulated other comprehensive loss for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 (in thousands).


Beginning balance at December 31, 2024	$	(332)
Beginning balance at December 31, 2025	$	(251)
Reclassification of realized losses on interest rate swaps (1)		6020
Ending balance at September 30, 2025		(272)
Ending balance at March 31, 2026		(231)
Less: portion included in noncontrolling interests in the Operating Partnership		2
Total accumulated other comprehensive loss included in equity as of September 30, 2025	$	(270)
Total accumulated other comprehensive loss included in equity as of March 31, 2026	$	(229)

(1)

See note 11 for additional information about the effects of the amounts reclassified.

11. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS

The Company is exposed to credit risk with regard to its cash accounts. The Company holds deposits at certain financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company’s cash accounts are held with major financial institutions and management believes that the risk of loss due to disruption at these financial institutions is low.

Table of Contents

The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks.

The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects within its consolidated statements of operations realized and unrealized gains and losses with respect to the derivative. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, all derivative instruments entered into by the Company had been settled.

26On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the Company’s consolidated balance sheets at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of $350.0 million of outstanding 4.375% senior notes due 2029 (the “2029 Notes”), the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2026. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

Table of Contents

On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the Company’s consolidated balance sheets at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of $350.0 million of outstanding 4.375% senior notes due 2029 (the “2029 Notes”), the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars and sixty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three and nine months ended September 30, 2025, respectively. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

12. FAIR VALUE MEASUREMENTS

The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

Table of Contents

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value.

The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other financial instruments included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

The following table summarizes the carrying value and estimated fair value of the Company’s debt as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:


	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
		(in thousands)
Carrying value	$	3,~~428~~439,~~547~~667	$	23,~~986~~402,~~546~~762
Fair value	$	3,~~280~~277,~~620~~802	$	23,~~728~~264,~~503~~666

The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations atas ~~September~~of 30March 31, ~~2025~~2026 and December 31, ~~2024~~2025. The Company estimates the fair value of its fixed-rate debt and the credit spreads over variable market rates on its variable-rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within Level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and the respective debt maturities.

Table of Contents

with similar credit policies, which is classified within Level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and the respective debt maturities.

13. NONCONTROLLING INTERESTS

Interests in Consolidated Joint Ventures

Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka and Hines (both defined below), which both owned existing stores that had commenced operations prior to the Company’s acquisition of its ownership interest. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs:


		CubeSmart	~~September~~March 3031, ~~2025~~2026
	Number	Ownership	Total		Total		Related Party
Consolidated Joint Ventures	of Stores	Interest	Assets		Liabilities		Loans (1)
			(in thousands)
Hines Capital ("Hines") (2)	14	85%	$	175,998	$	117,926	$	—
CS 114 S Kensico Ave, LLC ("White Plains")	1	51%	$	9,341	$	1,358	$	—
New Rochelle Investors, LLC ("New Rochelle")	1	70%		40,554		17,801		16,352
Hines Capital ("Hines") (2)	14	85%		168,124		117,987		109,588
1074 Raritan Road, LLC ("Clark")	1	90%		15,399		10,978		10,623
New Rochelle Investors, LLC ("New Rochelle")	1	70%		44,399		43,676		42,853
350 Main Street, LLC ("Port Chester")	1	90%		17,430		11,364		10,415
1074 Raritan Road, LLC ("Clark")	1	90%		15,018		10,981		10,647
Astoria Investors, LLC ("Astoria")	1	70%		44,769		30,823		29,964
350 Main Street, LLC ("Port Chester")	1	90%		17,013		11,576		11,278
CS Lock Up Anoka, LLC ("Anoka")	1	50%		9,401		5,636		5,540
Astoria Investors, LLC ("Astoria")	1	70%		44,126		30,792		29,982
CS Valley Forge Village Storage, LLC ("VFV")	1	70%		18,016		14,887		14,792
CS Lock Up Anoka, LLC ("Anoka")	1	50%		9,186		5,646		5,542
CS Vienna, LLC ("Vienna")	1	80%		28,875		34,587		34,049
CS Valley Forge Village Storage, LLC ("VFV")	1	70%		17,511		14,751		14,617
SH3, LLC ("SH3")	1	90%		35,695		511		—
CS Vienna, LLC ("Vienna")	1	80%		28,137		34,249		33,737
	22		$	386,137	$	244,513	$	121,735
SH3, LLC ("SH3")	1	90%		35,176		515		—
	23		$	388,031	$	271,531	$	258,244

(1)

Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes.

(2) Consists of ~~seven~~two consolidated joint ventures.

Table of Contents

Operating Partnership Ownership

AsDuring ofthe ~~September~~three ~~30,~~months ~~2025~~ended ~~and~~March ~~December~~ 31, ~~2024~~2026, 119,~~103,240~~011 ~~and 1,194,705~~ OP Units, ~~respectively,~~ were ~~owned~~redeemed byfor ~~third parties. The per unit~~ cash redemption amount of the outstanding OP Units owned by third parties was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. ~~Based~~During on the ~~Company’s~~three ~~evaluation~~months ofended ~~the~~March ~~redemption value of the redeemable noncontrolling interests~~31, ~~the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of September 30,~~ 2025 ~~and December 31~~, ~~2024. The aggregate redemption value of the 1~~52,~~103,240~~500 OP ~~Units~~units ~~owned~~were byredeemed ~~third~~for ~~parties~~common asshares of ~~September~~the ~~30, 2025 was $44~~Company.~~9 million.~~

As of March 31, 2026 and December 31, 2025, 984,229 and 1,003,240 OP Units, respectively, were owned by third parties. The per unit cash redemption amount of the outstanding OP Units owned by third parties was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of March 31, 2026 and December 31, 2025. The aggregate redemption value of the 984,229 OP Units owned by third parties as of March 31, 2026 was $36.1 million.

14. SEGMENT INFORMATION

Overview

The Company has one operating segment: the ownership, operation, development, management, and acquisition of self-storage properties (the “self-storage segment”). Accordingly, the self-storage segment is the Company’s only reportable segment. The self-storage segment derives substantially all of its revenue from customers who lease self-storage space at the Company’s self-storage properties and fees earned from managing self-storage properties. Expenses incurred by the segment ~~relate~~are ~~to expenses~~ directly related to ~~these~~the revenue-generating activities, the depreciation and amortization of the Company’s assets, and other expenses incurred for the administration and financing of the Company’s operations.

28The accounting policies applicable to the self-storage segment are the same as those described in the summary of significant accounting policies included in note 2 to the consolidated financial statements included in the Parent Company’s and Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025. The Company does not have intra-entity sales or transfers. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

Table of Contents

The accounting policies applicable to the self-storage segment are the same as those described in the summary of significant accounting policies included in note 2 to the consolidated financial statements included in the Parent Company’s and Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not have intra-entity sales or transfers. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer.

In determining the Company’s operating segment, management considered the reports and information that the CODM reviews, the Company’s organizational structure, the basis of the Company’s incentive compensation, and the information discussed on the Company’s earnings calls and presented on its website. After such analysis, management determined that the Company is primarily and fundamentally managed at the consolidated level, with one operating segment.

Segment Assets

The CODM does not regularly review total assets for ~~the~~our single reportable segment as total assets are not used to assess performance or allocate resources.

Segment Profit or Loss

As a single-segment entity, the Company’s measure of segment profit or loss is net income, which is reported on the Company’s consolidated statements of operations. This measure includes all of the Company’s revenues and expenses, allowing the CODM to evaluate the self-storage segment’s overall performance and informing the CODM’s decisions to allocate resources to different operational, investing and financing aspects of the self-storage segment.

Table of Contents

The following table details the revenues and significant segment-level expenses of the self-storage segment.


	Three Months Ended March 31,				~~Nine Months Ended~~
	~~September 30,~~2026		2025		~~September 30,~~
	~~2025~~(in thousands)		~~2024~~		~~2025~~		~~2024~~
	(in thousands)
Total revenues	$	281,929	$	273,036
Total revenues	$	285,080	$	270,890	$	840,419	$	798,505


Significant segment-level expenses (income):
Significant segment-level expenses (income):
Property taxes		32,034		30,179
Property taxes		29,927		26,390		90,193		80,438
Personnel expense		22,224		21,380
Personnel expense		24,009		21,561		67,793		66,229
Advertising		5,552		4,421
Advertising		9,791		9,343		24,198		21,359
Repair and maintenance		3,082		2,864
Repair and maintenance		3,689		2,848		9,737		8,654
Utilities		7,184		6,669
Utilities		6,699		6,901		19,126		18,811
Property insurance		3,449		4,173
Property insurance		3,385		3,993		11,414		11,496
Other property operating expenses		16,543		13,248
Other property operating expenses		13,348		10,832		40,349		35,015
Total property operating expenses		90,068		82,934
Total property operating expenses		90,848		81,868		262,810		242,002


Depreciation and amortization		61,438		59,156
Depreciation and amortization		66,688		51,210		192,332		152,962
General and administrative		17,189		16,068
General and administrative		16,506		14,265		47,471		44,512
Interest expense on loans		29,831		26,100
Interest expense on loans		29,380		22,750		84,570		68,436
Loan procurement amortization expense		1,065		1,221
Loan procurement amortization expense		1,258		986		3,700		3,031
Equity in earnings of real estate ventures		(607)		(379)
Equity in earnings of real estate ventures		(648)		(418)		(1,574)		(1,688)
Other		195		(809)
Other		(1,368)		(721)		(2,483)		(744)
Net income	$	82,750	$	88,745
Net income	$	82,416	$	100,950	$	253,593	$	289,994

Table of Contents

15. COMMITMENTS AND CONTINGENCIES

Development Commitments

~~The~~As of March 31, 2026, the Company ~~has~~had agreements with developers for the construction of one new self-storage property (see note 4), ~~which~~with ~~will~~remaining ~~require~~ payments ofanticipated ~~approximately~~to approximate $220.60 million,. These amounts are due in installments upon completion of certain construction milestones~~, during the remainder of 2025~~.

Litigation

From time to time, the Company is involved in claims which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

16. RELATED PARTY TRANSACTIONS

The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest totaled $0.6 million and $20.29 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively, compared to $1.2 million~~ and ~~$3.6 million~~2025, respectively~~, during the same periods in 2024~~.

The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $1819.56 million and $18.9 million as of September 30, 2025 and December 31, 2024, respectively, and are included in Other assets, net on the Company’s consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $121.7 million and $101.4 million as of September 30, 2025 and December 31, 2024, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party amounts are fully collectible.

Table of Contents

million and $19.2 million as of March 31, 2026 and December 31, 2025, respectively, and are included in Other assets, net on the Company’s consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $258.2 million and $232.5 million as of March 31, 2026 and December 31, 2025, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party amounts are fully collectible.

The CBPR, HVP V, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from CBPR, HVP V, HVP IV and HHFNE to the Company upon the closing of certain property transactions by CBPR, HVP V, HVP IV and HHFNE or any of their subsidiaries and completion of certain measures as defined in the operating agreements. There were no such fees recognized during the three ~~or nine~~ months ended ~~September~~March 3031, ~~2025~~2026 or ~~2024~~2025.

Prior to the Company’s purchase of the remaining interest in HVP IV (see note 4), the Company served as lessor in a ground lease related to land underlying an HVP IV property located in Texas. The Company recognized income associated with this ground lease of $0.1 million during the ~~nine~~three months ended ~~September~~March 3031, 2025 ~~and recognized income associated with this ground lease of $0~~.1 ~~million and $0.3 million during the three and nine months ended September 30, 2024, respectively.~~ No income associated with this ground lease was recognized during the three months ended ~~September~~March 3031, ~~2025~~2026. This income is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

Table of Contents

17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL

Earnings per share and shareholders’ equity

The following is a summary of the elements used in calculating basic and diluted earnings per share:


	Three Months Ended March 31,				~~Nine Months Ended~~
	~~September 30,~~2026		2025		~~September 30,~~
	~~2025~~(in thousands, except per share amounts)		~~2024~~		~~2025~~		~~2024~~
	(in thousands, except per share amounts)
Net income	$	82,750	$	88,745
Net income	$	82,416	$	100,950	$	253,593	$	289,994
Net income attributable to noncontrolling interests in the Operating Partnership		(357)		(453)
Net income attributable to noncontrolling interests in the Operating Partnership		(396)		(551)		(1,250)		(1,616)
Net loss attributable to noncontrolling interests in subsidiaries		494		905
Net loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
Net income attributable to the Company's common shareholders	$	82,887	$	89,197
Net income attributable to the Company's common shareholders	$	82,930	$	100,797	$	255,087	$	289,288


Weighted average basic shares outstanding		227,809		228,663
Weighted average basic shares outstanding		228,791		226,166		228,731		225,941
Share options and restricted share units		397		506
Share options and restricted share units		504		983		506		864
Weighted average diluted shares outstanding		228,206		229,169
Weighted average diluted shares outstanding		229,295		227,149		229,237		226,805


Basic earnings per share attributable to common shareholders	$	0.36	$	0.39
Basic earnings per share attributable to common shareholders	$	0.36	$	0.45	$	1.12	$	1.28
Diluted earnings per share attributable to common shareholders (1)	$	0.36	$	0.39
Diluted earnings per share attributable to common shareholders (1)	$	0.36	$	0.44	$	1.11	$	1.28


Dividends declared per common share	$	0.53	$	0.52
Dividends declared per common share	$	0.52	$	0.51	$	1.56	$	1.53

(1) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share ~~were 1.4 million~~ for ~~both~~ the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and 02025 were 1.79 million ~~for both the three~~ and ~~nine~~1.5 ~~months ended September 30~~million, ~~2024~~respectively.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP Units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP Units owned by third parties ~~were 1.1 million~~ for ~~both~~ the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and 2025 were 1.20 and 1.32 million ~~for the three and nine months ended September 30~~, ~~2024,~~ respectively.

Table of Contents

Earnings per unit and capital

The following is a summary of the elements used in calculating basic and diluted earnings per unit:


	Three Months Ended March 31,				~~Nine Months Ended~~
	~~September 30,~~2026		2025		~~September 30,~~
	~~2025~~(in thousands, except per unit amounts)		~~2024~~		~~2025~~		~~2024~~
	(in thousands, except per unit amounts)
Net income	$	82,750	$	88,745
Net income	$	82,416	$	100,950	$	253,593	$	289,994
Net loss attributable to noncontrolling interests in subsidiaries		494		905
Net loss attributable to noncontrolling interests in subsidiaries		910		398		2,744		910
Net income attributable to CubeSmart, L.P.	$	83,244	$	89,650
Net income attributable to CubeSmart, L.P.	$	83,326	$	101,348	$	256,337	$	290,904


Weighted average basic units outstanding		228,794		229,834
Weighted average basic units outstanding		229,894		227,403		229,860		227,203
Unit options and restricted share units		397		506
Unit options and restricted share units		504		983		506		864
Weighted average diluted units outstanding		229,191		230,340
Weighted average diluted units outstanding		230,398		228,386		230,366		228,067


Basic earnings per unit attributable to CubeSmart, L.P.	$	0.36	$	0.39
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. (1)	$	0.36	$	0.39
Diluted earnings per unit attributable to CubeSmart, L.P. (1)	$	0.36	$	0.44	$	1.11	$	1.28


Dividends declared per common unit	$	0.53	$	0.52
Dividends declared per common unit	$	0.52	$	0.51	$	1.56	$	1.53

(1) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit ~~were 1.4 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and 02025 were 1.79 million ~~for both the three~~ and ~~nine~~1.5 ~~months ended September 30~~million, ~~2024~~respectively.

The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding:


	As of March 31,	~~As of September 30,~~
	2026	~~2025~~	~~2024~~2025
Outstanding OP Units owned by third parties		1984,~~103,240~~229	~~1,232,205~~	1,142,205
Outstanding OP Units owned by the General Partner		~~228~~226,~~035~~465,~~275~~557	~~226,002,624~~	227,920,222

3229

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Report. Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Report entitled “Forward-Looking Statements.” Certain risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a complete discussion of such risk factors, see the section entitled “Risk Factors” in the Parent Company’s and Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025.

Overview

We are an integrated self-storage real estate company, and as such we have in-house capabilities in the design, development, acquisition, operation, leasing, and management of self-storage properties. The Parent Company’s operations are conducted solely through the Operating Partnership and its subsidiaries. The Parent Company has elected to be taxed as a REIT for U.S. federal income tax purposes. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, we owned (or partially owned and consolidated) ~~660~~662 self-storage properties containing an aggregate of approximately 48.25 million rentable square feet and ~~631~~662 self-storage properties containing an aggregate of approximately 4548.84 million rentable square feet, respectively. As of ~~September~~March 3031, ~~2025~~2026, we owned stores in the District of Columbia and the following 25 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah and Virginia. In addition, as of ~~September~~March 3031, ~~2025~~2026, we managed ~~863~~854 stores for third parties (including 4950 stores containing an aggregate of approximately 3.34 million rentable square feet as part of ~~five~~six separate unconsolidated real estate ventures) bringing the total number of stores we owned and/or managed to 1,~~523~~516. As of ~~September~~March 3031, ~~2025~~2026, we managed stores for third parties in the following 3841 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin.

We derive substantially all of our revenue from customers who lease self-storage space at our stores and fees earned from managing stores. Therefore, our operating results depend materially on our ability to retain our existing customers and lease our available self-storage ~~cubes~~units to new customers while maintaining and, where possible, increasing our pricing levels. In addition, our operating results depend on the ability of our customers to make required rental payments to us. Our approach to the management and operation of our stores combines centralized marketing, revenue management and other operational support with local operations teams that provide market-level oversight and management. We believe this approach allows us to respond quickly and effectively to changes in local market conditions and maximize revenues by managing rental rates and occupancy levels.

We typically experience seasonal fluctuations in the occupancy levels of our stores, which are generally slightly higher during the summer months due to increased moving activity.

Our results of operations may be sensitive to changes in overall economic conditions that impact consumer spending, including discretionary spending and moving trends, as well as to increased bad debts due to ~~recessionary~~economic pressures. Adverse economic conditions affecting disposable consumer income, such as employment levels, business conditions, inflation, deflation, tariffs, interest rates, tax rates, fuel and energy costs, and other matters could reduce consumer spending or cause consumers to shift their spending to other products and services. A general reduction in the level of discretionary spending or shifts in consumer discretionary spending could adversely affect our growth and profitability.

We continue our focus on maximizing internal growth opportunities and selectively pursuing targeted acquisitions, co-investment partnerships and developments of self-storage properties.

We have one operating segment: we own, operate, develop, manage and acquire self-storage properties.

3330

Table of Contents

Our self-storage properties are located in major metropolitan and suburban areas and have numerous customers per store. No single customer represents a significant concentration of our revenues for the three months ended ~~September~~March 3031, ~~2025~~2026. Our stores in New York, Florida, Texas and California provided approximately 1718%, 14%, 11% and 10%, respectively, of total revenues for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026.

Summary of Critical Accounting Policies and Estimates

Set forth below is a summary of the accounting policies and estimates that management believes are critical to the preparation of the unaudited consolidated financial statements included in this Report. Certain of the accounting policies used in the preparation of these unaudited consolidated financial statements are particularly important for an understanding of the financial position and results of operations presented in this Report. For additional discussion of the Company’s significant accounting policies, see note 2 to the consolidated financial statements included in the Parent Company’s and Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025. These policies require the application of judgment and assumptions by management and, as a result, are subject to a degree of uncertainty. Due to this uncertainty, actual results could differ materially from estimates calculated and utilized by management.

Basis of Presentation

The accompanying unaudited consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation.

When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) on the consolidation of VIEs. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE’s losses or receive its benefits, then the Company is considered the primary beneficiary. The Company may also consider additional factors included in the authoritative guidance, such as whether or not it is the partner in the VIE that is most closely associated with the VIE. When an entity is not deemed to be a VIE, the Company considers the provisions of ~~applicable~~additional FASB guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary and (ii) entities that are non-VIEs which the Company controls and in which the limited partners do not have substantive participating rights, or the ability to dissolve the entity or remove the Company without cause ~~nor substantive participating rights~~.

Self-Storage Properties

The Company records self-storage properties at cost less accumulated depreciation. Depreciation on buildings, and improvements, ~~and~~as well as equipment is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years. Expenditures for significant renovations or improvements that extend the useful life of assets are capitalized. Repair and maintenance costs are expensed as incurred.

When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated relative fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective relative fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible asset is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. To date, no intangible asset has been

Allocations to land, buildings and improvements, and equipment are recorded based upon their respective relative fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible asset is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place lease and management’s estimate of fair market lease rates. These amounts are

Table of Contents

amortized over the term of the lease. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.

Long-lived assets classified as “held for use” are reviewed for impairment when events or circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of the net carrying value over the related fair value of the asset. There were no impairment losses recognized in accordance with these procedures during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

The Company considers long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Assets classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. There were no stores classified as held for sale as of ~~September~~March 3031, ~~2025~~2026.

Investments in Unconsolidated Real Estate Ventures

The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate entities, and subsequently adjusted for equity in earnings (losses), cash contributions, cash distributions and impairments. On a periodic basis, management also assesses whether there are any indicators that the carrying value of the Company’s investments in unconsolidated real estate entities may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. Fair value is determined through various valuation techniques, including, but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were no impairment losses related to the Company’s investments in unconsolidated real estate ventures recognized during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 or ~~2024~~2025.

Differences between the Company’s net investment in unconsolidated real estate ventures and its underlying equity in the net assets of the ventures are primarily a result of the Company acquiring interests in existing unconsolidated real estate ventures. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company’s net investment in unconsolidated real estate ventures was greater than its underlying equity in the net assets of the unconsolidated real estate ventures by an aggregate of $3029.39 million and $3130.01 million, respectively. These differences are amortized over the estimated useful lives of the self-storage properties owned by the real estate ventures. This amortization is included in equity in earnings of real estate ventures within our consolidated statements of operations.

Table of Contents

Results of Operations

The following discussion of our results of operations should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes thereto. Historical results set forth in our consolidated statements of operations reflect only the existing stores for each period presented and should not be taken as indicative of future operations. We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self-storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, developments or dispositions. As of March 31, 2026, we owned 623 same-store properties and 39 non same-store properties. The non same-store property portfolio results include 2025 and 2026 acquisitions, dispositions, newly developed stores, stores with a significant portion of net rentable square footage taken out of service or stores that have not yet reached stabilization as defined above. For analytical presentation, all percentages are calculated using the numbers presented in the unaudited consolidated financial statements contained in this Report.

Table of Contents

operations reflect only the existing stores for each period presented and should not be taken as indicative of future operations. We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self-storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, developments or dispositions. As of September 30, 2025, we owned 606 same-store properties and 54 non same-store properties. The non same-store property portfolio results include 2024 and 2025 acquisitions, dispositions, newly developed stores, stores with a significant portion of rentable square footage taken out of service or stores that have not yet reached stabilization as defined above. For analytical presentation, all percentages are calculated using the numbers presented in the unaudited consolidated financial statements contained in this Report.

Acquisition and Development Activities

The comparability of our results of operations is affected by the timing of acquisition and disposition activities during the periods reported. The following table summarizes the change in the number of owned (or partially owned and consolidated) stores from January 1, ~~2024~~2025 through ~~September~~March 3031, ~~2025~~2026:


	~~2025~~2026	~~2024~~2025

Balance - January 1	~~631~~662	~~611~~631
Stores acquired	28—	228
Balance - March 31	659	613
Stores developed	1	—
Stores developed	—	2
Stores combined (1)	(1)	—
Balance - June 30	659	615
Balance - March 31	662	659
Stores developed	1	—
Stores acquired		—
Balance - September 30	660	615
Balance - June 30		659
Stores acquired		16
Stores developed		1
Balance - December 31		631
Balance - September 30		660

Stores acquired		2
Balance - December 31		662

Table of Contents

Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024 (in thousands)


											Non Same-Store						Other/
	Same-Store Property Portfolio										Property Portfolio						Eliminations				Total Portfolio
									%																				%
	2025			2024			Change		Change		2025			2024			2025		2024		2025			2024			Change		Change
REVENUES:
Rental income	$	226,181		$	228,332		$	(2,151)	(0.9)	%	$	17,219		$	2,622		$	—	$	—	$	243,400		$	230,954		$	12,446	5.4	%
Other property related income		11,066			11,212			(146)	(1.3)	%		1,095			612			19,569		17,444		31,730			29,268			2,462	8.4	%
Property management fee income		—			—			—	0.0	%		—			—			9,950		10,668		9,950			10,668			(718)	(6.7)	%
Total revenues		237,247			239,544			(2,297)	(1.0)	%		18,314			3,234			29,519		28,112		285,080			270,890			14,190	5.2	%

OPERATING EXPENSES:
Property operating expenses		70,793			70,578			215	0.3	%		7,178			1,105			12,877		10,185		90,848			81,868			8,980	11.0	%
NET OPERATING INCOME:		166,454			168,966			(2,512)	(1.5)	%		11,136			2,129			16,642		17,927		194,232			189,022			5,210	2.8	%

Store count		606			606							54			9							660			615
Total rentable square feet		43,777			43,777							4,405			657							48,182			44,434
Period end occupancy		89.0	%		90.2	%						84.6	%		63.2	%						88.6	%		89.7	%
Period average occupancy		89.9	%		90.7	%
Realized annual rent per occupied sq. ft. (1)	$	22.99		$	23.00

Depreciation and amortization																						66,688			51,210			15,478	30.2	%
General and administrative																						16,506			14,265			2,241	15.7	%
Subtotal																						83,194			65,475			17,719	27.1	%

OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans																						(29,380)			(22,750)			(6,630)	(29.1)	%
Loan procurement amortization expense																						(1,258)			(986)			(272)	(27.6)	%
Equity in earnings of real estate ventures																						648			418			230	55.0	%
Other																						1,368			721			647	89.7	%
Total other expense																						(28,622)			(22,597)			(6,025)	(26.7)	%
NET INCOME																						82,416			100,950			(18,534)	(18.4)	%
Net income attributable to noncontrolling interests in the Operating Partnership																						(396)			(551)			155	28.1	%
Net loss attributable to noncontrolling interests in subsidiaries																						910			398			512	128.6	%
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS																					$	82,930		$	100,797		$	(17,867)	(17.7)	%

(1)

During the quarter ended March 31, 2026, we completed development of a new store located in New Rochelle, NY for approximately $28.0 million. The developed store is located adjacent to an existing store. Given this proximity, the developed store has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes.

(1) Realized annual rent per occupied square foot is computed by dividing rental income by the weighted average occupied square feet for the period.

~~Revenues~~33

Total revenues increased from $270.9 million for the three months ended September 30, 2024 to $285.1 million for the three months ended September 30, 2025, an increase of $14.2 million, or 5.2%. This increase was primarily attributable to additional revenues from stores acquired or opened in 2024 and 2025 included in our non same-store portfolio.

Operating Expenses

Property operating expenses increased from $81.9 million for the three months ended September 30, 2024 to $90.8 million for the three months ended September 30, 2025, an increase of $9.0 million, or 11.0%. This increase was primarily attributable to additional expenses from stores acquired or opened in 2024 and 2025 included in our non same-store portfolio.

Depreciation and amortization increased from $51.2 million for the three months ended September 30, 2024 to $66.7 million for the three months ended September 30, 2025, an increase of $15.5 million, or 30.2%. This increase was primarily attributable to depreciation and amortization associated with newly acquired or developed stores.

General and administrative increased from $14.3 million for the three months ended September 30, 2024 to $16.5 million for the three months ended September 30, 2025, an increase of $2.2 million, or 15.7%. This increase was primarily attributable to increased personnel expenses.

Other (Expense) Income

Interest expense on loans increased from $22.8 million during the three months ended September 30, 2024 to $29.4 million during the three months ended September 30, 2025, an increase of $6.6 million, or 29.1%. The increase was attributable to an increase in the average outstanding debt balance and higher interest rates during the 2025 period

Table of Contents

~~compared~~Comparison toof the ~~2024 period. The average outstanding debt balance increased from $2.94 billion during the~~ three months ended ~~September~~March 3031, ~~2024~~2026 to ~~$3.44 billion during~~ the three months ended ~~September~~March 3031, 2025. ~~The~~(in ~~weighted average effective interest rate on our outstanding debt increased from 2.99% during the three months ended September 30, 2024 to 3.32% for the three months ended September 30, 2025.~~thousands)

Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024 (in thousands)


											Non Same-Store						Other/
	Same-Store Property Portfolio										Property Portfolio						Eliminations				Total Portfolio
									%																				%
	~~2025~~2026			~~2024~~2025			Change		Change		~~2025~~2026			~~2024~~2025			~~2025~~2026		~~2024~~2025		~~2025~~2026			~~2024~~2025			Change		Change
REVENUES:
Rental income	$	~~669~~226,~~738~~190		$	~~675~~225,~~236~~678		$	~~(5,498)~~512	(0.8)2	%	$	4513,~~984~~735		$	7,~~699~~087		$	—	$	—	$	~~715~~239,~~722~~925		$	~~682~~232,~~935~~765		$	327,~~787~~160	43.81	%
Other property related income		3311,~~607~~784			3210,~~353~~795			~~1,254~~989	3.9.2	%		~~2,685~~630			~~1,238~~397			5719,~~800~~658		5018,~~951~~574		9432,~~092~~072			8429,~~542~~766			92,~~550~~306	117.37	%
Property management fee income		—			—			—	0.0	%		—			—			309,~~605~~932		3110,~~028~~505		309,~~605~~932			3110,~~028~~505			(~~423~~573)	(15.45)	%
Total revenues		~~703~~237,~~345~~974			~~707~~236,~~589~~473			(41,~~244)~~501	(0.6)	%		4814,~~669~~365			87,~~937~~484			8829,~~405~~590		8129,~~979~~079		~~840~~281,~~419~~929			~~798~~273,~~505~~036			418,~~914~~893	53.23	%

OPERATING EXPENSES:
Property operating expenses		~~206~~72,197			~~204~~68,~~767~~211			13,~~430~~986	05.78	%		185,~~862~~152			32,~~065~~771			3712,~~751~~719		3411,~~170~~952		~~262~~90,~~810~~068			~~242~~82,~~002~~934			207,~~808~~134	8.6	%
NET OPERATING INCOME:		~~497~~165,~~148~~777			~~502~~168,~~822~~262			(52,~~674~~485)	(1.15)	%		299,~~807~~213			54,~~872~~713			5016,~~654~~871		4717,~~809~~127		~~577~~191,~~609~~861			~~556~~190,~~503~~102			211,~~106~~759	30.89	%

Store count		~~606~~623			~~606~~623							5439			936							~~660~~662			~~615~~659
Total rentable square feet		4345,~~777~~252			4345,~~777~~252							43,~~405~~222			~~657~~2,869							48,~~182~~474			4448,~~434~~121
Period end occupancy		89.03	%		9089.26	%						8482.6	%		6383.29	%						88.68	%		89.72	%
Period average occupancy		9089.0	%		9089.74	%
Realized annual rent per occupied sq. ft. (1)	$	22.6646		$	22.6732

Depreciation and amortization																						~~192~~61,~~332~~438			~~152~~59,~~962~~156			392,~~370~~282	253.79	%
General and administrative																						4717,~~471~~189			4416,~~512~~068			21,~~959~~121	67.60	%
Subtotal																						~~239~~78,~~803~~627			~~197~~75,~~474~~224			423,~~329~~403	~~21.~~4.5	%

OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans																						(8429,~~570~~831)			(6826,~~436~~100)			(163,~~134~~731)	(2314.63)	%
Loan procurement amortization expense																						(31,~~700~~065)			(31,~~031~~221)			~~(669)~~156	~~(22~~12.1)8	%
Equity in earnings of real estate ventures																						~~1,574~~607			~~1,688~~379			~~(114)~~228	(660.8)2	%
Other																						~~2,483~~(195)			~~744~~809			(1,~~739~~004)	~~233~~(124.71)	%
Total other expense																						(8430,~~213~~484)			(6926,~~035~~133)			(154,~~178~~351)	(2216.06)	%

NET INCOME																						82,750			88,745			(5,995)	(6.8)	%
NET INCOME																						253,593			289,994			(36,401)	(12.6)	%
Net income attributable to noncontrolling interests in the Operating Partnership																						(357)			(453)			96	21.2	%
Net income attributable to noncontrolling interests in the Operating Partnership																						(1,250)			(1,616)			366	22.6	%
Net loss attributable to noncontrolling interests in subsidiaries																						494			905			(411)	(45.4)	%
Net loss attributable to noncontrolling interests in subsidiaries																						2,744			910			1,834	201.5	%
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS																					$	82,887		$	89,197		$	(6,310)	(7.1)	%
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS																					$	255,087		$	289,288		$	(34,201)	(11.8)	%

(1)	Realized annual rent per occupied square foot is computed by dividing rental income by the weighted average occupied square feet for the period.

Revenues

Total revenues increased from $~~798~~273.50 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 to $~~840~~281.49 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, an increase of $418.9 million, or 53.23%. This increase was primarily attributable to additional revenues from stores acquired or opened in ~~2024~~2025 and ~~2025~~2026 included in our non same-store portfolio.

Operating Expenses

Property operating expenses increased from $~~242~~82.09 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 to $~~262~~90.81 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, an increase of $207.81 million, or 8.6%. This increase was primarily attributable to increases in expenses from same-store properties largely related to advertising and personnel expenses as well as additional expenses from stores acquired or opened in ~~2024~~2025 and ~~2025~~2026 included in our non same-store portfolio.

Depreciation and amortization increased from $153.0 million for the nine months ended September 30, 2024 to $192.3 million for the nine months ended September 30, 2025, an increase of $39.4 million, or 25.7%. This increase was primarily attributable to depreciation and amortization associated with newly acquired or developed stores.

Other (Expense) Income

Interest expense on loans increased from $6826.41 million during the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 to $8429.68 million during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, an increase of $163.17 million, or 2314.63%. The increase was attributable to an increase in the average outstanding debt balance and higher interest rates during the 2026 period compared to the 2025 period. The average outstanding debt balance increased from $3.20 billion during the three months ended March 31, 2025 to $3.48 billion during the three months ended March 31, 2026. The weighted average effective interest rate on our outstanding debt increased from 3.19% during the three months ended March 31, 2025 to 3.33% for the three months ended March 31, 2026.

Table of Contents

attributable to an increase in the average outstanding debt balance and higher interest rates during the 2025 period compared to the 2024 period. The average outstanding debt balance increased from $2.97 billion during the nine months ended September 30, 2024 to $3.35 billion during the nine months ended September 30, 2025. The weighted average effective interest rate on our outstanding debt increased from 3.01% during the nine months ended September 30, 2024 to 3.28% for the nine months ended September 30, 2025.

Table of Contents

Cash Flows

Comparison of the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 to the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025

A comparison of cash flows from operating, investing and financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 is as follows:


	~~Nine~~Three Months Ended ~~September~~March 3031,
Net cash provided by (used in):	~~2025~~2026		~~2024~~2025		Change
	(in thousands)

Operating activities	$	~~472~~148,~~021~~836	$	~~466~~146,~~408~~321	$	52,~~613~~515
Investing activities	$	(~~512~~21,~~953~~696)	$	(72467,~~861~~334)	$	~~(440~~445,~~092)~~638
Financing activities	$	78(127,~~026~~903)	$	~~(356~~259,~~409)~~104	$	~~434~~(387,~~435~~007)

Cash provided by operating activities increased from $~~466~~146.43 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 to $~~472~~148.08 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, reflecting an increase of $52.65 million. The increased cash flow from operating activities was primarily attributable to ~~cash~~the ~~flow~~timing ~~generated~~and byamounts ~~stores~~of ~~acquired~~the orpayments ~~opened~~of incertain ~~2024~~accounts payable and ~~2025~~accrued expenses.

Cash used in investing activities ~~increased~~decreased from $72467.93 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 to $~~513~~21.07 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, reflecting ana ~~increase~~change of $~~440~~445.16 million. This change was primarily the result of $451.1 million paid to acquire the remaining 80% ownership interest in 191 IV CUBE LLC during the 2025 period. There were no acquisitions during the 2026 period.

Cash ~~used~~provided inby financing activities was $~~356~~259.41 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 compared to $78127.09 million of cash ~~provided~~used byin financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, reflecting a change of $~~434~~387.40 million. The change was primarily the result of a $~~444~~346.01 million increase in net proceeds from ~~unsecured~~our ~~senior~~revolving ~~notes~~credit ~~issued~~facility during the 2026 period as compared to the corresponding 2025 period as well as $33.4 million in payments to repurchase common shares during the 2026 period. There were no such repurchases during the 2025 period.

Liquidity and Capital Resources

Liquidity Overview

Our cash flow from operations has historically been one of our primary sources of liquidity used to fund debt service, distributions and capital expenditures. We derive substantially all of our revenue from customers who lease self-storage space at our stores and fees earned from managing stores. Therefore, our ability to generate cash from operations is dependent on the rents and management fees that we are able to charge and collect from our customers and clients. We believe that the properties in which we invest, self-storage properties, are less sensitive than other real estate product types to ~~near-term~~changes in economic ~~downturns~~conditions. However, prolonged economic ~~downturns~~pressures could adversely affect our cash flows from operations.

In order to qualify as a REIT for federal income tax purposes, the Parent Company is required to distribute at least 90% of its REIT taxable income, excluding capital gains, to its shareholders on an annual basis, and must pay federal income tax on undistributed income to the extent it distributes less than 100% of its REIT taxable income. The nature of our business, coupled with the requirement that we distribute a substantial portion of our income on an annual basis, will cause us to have substantial liquidity needs over both the short and long term.

Our short-term liquidity needs consist primarily of funds necessary to pay operating expenses associated with our stores,; ~~refinancing~~repay of certain indebtedness,; pay interest expense and scheduled principal payments on debt,; fund expected distributions to limited partners and shareholders; and fund capital expenditures and the acquisition and development of new stores. These funding requirements will vary from year to year, in some cases significantly. For the remainder of the 2026 fiscal year, we expect recurring capital expenditures to be approximately $20.0 million to $25.0 million, planned capital improvements and store upgrades to be approximately $14.5 million to $19.5 million and costs associated with

3935

Table of Contents

~~distributions to limited partners and shareholders, capital expenditures and~~ the ~~acquisition and~~ development of new stores. ~~These funding requirements will vary from year~~ to ~~year, in some cases significantly. For the remainder of the 2025 fiscal year, we expect recurring capital expenditures to~~ be approximately $23.~~0 million to $7.0 million, planned capital improvements and store upgrades to be approximately $2.~~5 ~~million~~ to $78.5 million ~~and costs associated with the development of new stores to be approximately $1~~.~~5 to $4.5 million.~~ Our currently scheduled principal payments on our outstanding debt, including the repayment of unsecured senior notes, are approximately $~~300~~340.37 million for the remainder of ~~2025~~2026.

Our most restrictive financial covenants limit the amount of additional leverage we can add; however, we believe cash flows from operations, access to equity financing, including through our at-the-market equity program, and available borrowings under our Revolver (defined below) provide adequate sources of liquidity to enable us to execute our current business plan and remain in compliance with our covenants.

Our liquidity needs beyond ~~2025~~2026 consist primarily of contractual obligations which include repayments of indebtedness at maturity, as well as potential discretionary expenditures such as (i) non-recurring capital expenditures; (ii) redevelopment of operating stores; (iii) acquisitions of additional stores; and (iv) development of new stores. We will have to satisfy the portion of our needs not covered by cash flow from operations through additional borrowings, including borrowings under our Revolver, sales of common or preferred shares of the Parent Company and common or preferred units of the Operating Partnership and/or cash generated through store dispositions and joint venture transactions.

We believe that, as a publicly traded REIT, we will have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt and the issuance of additional equity. However, we cannot provide any assurance that this will be the case. Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. In addition, dislocation in the United States debt markets may significantly reduce the availability and increase the cost of long-term debt capital, including conventional mortgage financing and commercial mortgage-backed securities financing. There can be no assurance that such capital will be readily available in the future. Our ability to access the equity capital markets will be dependent on a number of factors ~~as well~~, including general market conditions for REITs and market perceptions ofabout us.

As of ~~September~~March 3031, ~~2025~~2026, we had approximately $~~108~~7.43 million in available cash and cash equivalents. In addition, we had approximately $~~849~~434.32 million of availability for borrowings under our Revolver.

Unsecured Senior Notes

On August 20, 2025, we issued $450.0 million in aggregate principal amount of unsecured senior notes due November 1, 2035, which bear interest at a rate of 5.125% per annum (the “2035 Notes”). The 2035 Notes were priced at 98.656% of the principal amount to yield 5.295% at maturity. Net proceeds from the offering were used to repay outstanding indebtedness on our Revolver and for working capital and other general corporate purposes.

Table of Contents

Our unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”):


	~~September~~March 3031,		December 31,		Effective		Issuance	Maturity
Unsecured Senior Notes	~~2025~~2026		~~2024~~2025		Interest Rate		Date	Date
	(in thousands)
$300M 4.000% Guaranteed Notes due 2025 (1)	$	300,000	$	300,000	3.99	%	Various (1)	Nov-25
$300M 3.125% Guaranteed Notes due 2026	$	300,000	$	300,000	3.18	%	Aug-16	Sep-26
$300M 3.125% Guaranteed Notes due 2026		300,000		300,000	3.18	%	Aug-16	Sep-26
$550M 2.250% Guaranteed Notes due 2028		550,000		550,000	2.33	%	Nov-21	Dec-28
$350M 4.375% Guaranteed Notes due 2029		350,000		350,000	4.46	%	Jan-19	Feb-29
$350M 3.000% Guaranteed Notes due 2030		350,000		350,000	3.04	%	Oct-19	Feb-30
$450M 2.000% Guaranteed Notes due 2031		450,000		450,000	2.10	%	Oct-20	Feb-31
$500M 2.500% Guaranteed Notes due 2032		500,000		500,000	2.59	%	Nov-21	Feb-32
$450M 5.125% Guaranteed Notes due 2035		450,000		—450,000	5.30	%	Aug-25	Nov-35
Principal balance outstanding		32,~~250~~950,000		2,~~800~~950,000
Less: Discount on issuance of unsecured senior notes, net		(1312,~~229~~104)		(812,~~495~~669)
Less: Loan procurement costs, net		(1211,~~905~~578)		(1012,~~874~~228)
Total unsecured senior notes, net	$	32,~~223~~926,~~866~~318	$	2,~~780~~925,~~631~~103

~~(1)~~The Onindenture ~~April~~under 4,which ~~2017,~~ the ~~Operating~~Senior ~~Partnership~~Notes were issued ~~$50.0~~restricts ~~million~~the ability of ~~its~~the ~~4.000%~~Operating ~~senior~~Partnership ~~notes~~and ~~due~~its ~~2025,~~subsidiaries ~~which~~to ~~are~~incur ~~part~~debt ofunless the ~~same~~Operating ~~series~~Partnership asand ~~the~~its ~~$250.0~~consolidated ~~million~~subsidiaries ~~principal~~comply ~~amount~~with ofa ~~the~~leverage ~~Operating~~ratio ~~Partnership’s~~not ~~4.000%~~to ~~senior~~exceed ~~notes~~60% ~~due~~and ~~November~~an ~~15,~~interest ~~2025~~coverage ~~issued~~ratio onof ~~October~~more ~~26,~~than ~~2015~~1. ~~The $50~~5:1.0 ~~million~~after ~~and~~giving ~~$250.0~~effect ~~million~~to ~~tranches~~the ~~were~~incurrence ~~priced~~of atthe ~~101~~debt.~~343%~~ ~~and~~The ~~99.735%,~~indenture ~~respectively,~~also ofrestricts the ~~principal~~ability ~~amount~~of tothe ~~yield~~Operating ~~3.811%~~Partnership and ~~4.032%,~~its ~~respectively,~~subsidiaries to ~~maturity.~~incur ~~The~~secured ~~combined~~debt ~~weighted~~unless ~~average~~the ~~effective~~Operating ~~interest~~Partnership ~~rate~~and ofits ~~the~~consolidated ~~2025~~subsidiaries ~~notes~~comply iswith ~~3.994~~a secured debt leverage ratio not to exceed 40%.

Table of Contents

after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the three months ended March 31, 2026, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

Revolving Credit Facility

On October 26, 2022, we amended and restated, in its entirety, our unsecured revolving credit agreement (the “Second Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of an $850.0 million unsecured revolving credit facility (the “Revolver”) maturing on February 15, 2027. The Second Amended and Restated Credit Facility provides for two six-month options to extend the maturity date to, at the latest, February 2028 upon the satisfaction of certain conditions. Under the Second Amended and Restated Credit Facility, pricing on the Revolver is dependent upon our unsecured debt credit ratings and leverage levels. At our current unsecured debt credit ratings and leverage levels, amounts drawn under the Revolver are priced using a margin of 0.775% plus a facility fee of 0.15% over the Secured Overnight Financing Rate (“SOFR”) plus a 0.10% SOFR adjustment.

Under the Second Amended and Restated Credit Facility, our ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, the Operating Partnership was in compliance with all financial covenants of the Second Amended and Restated Credit Facility.

Table of Contents

Mortgage Loans and Notes Payable

Our mortgage loans and notes payable are summarized as follows:


	Carrying Value as of
	~~September~~March 3031,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	~~2025~~2026		~~2024~~2025		Interest Rate		Date
	(in thousands)
Long Island City II, NY	$	1716,~~004~~752	$	1716,~~368~~880	2.25	%	Jul-26
Long Island City III, NY		1716,~~005~~752		1716,~~371~~880	2.25	%	Aug-26
Allen, TX (1)		7,~~277~~174		7,~~432~~226	6.29	%	Aug-26
Dallas-Fort Worth, TX (1)		108,000		108,000	6.23	%	May-29
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		~~203~~94,~~586~~978		~~204~~95,~~471~~286
Plus: Unamortized fair value adjustment		43,~~928~~615		63,~~137~~969
Less: Loan procurement costs, net		(~~3,833~~344)		(~~4,693~~396)
Total mortgage loans and notes payable, net	$	~~204~~98,~~681~~249	$	~~205~~98,~~915~~859

(1) We own an 85% interest in a consolidated joint ~~ventures~~venture that ~~are~~is the ~~borrowers~~borrower on ~~these~~this mortgage ~~loans~~loan.

At-the-Market Equity Program

On March 3, 2025, we replaced our prior at-the-market equity distribution program with a new at-the-market equity distribution program. Under the new program, we may sell, from time to time, up to an aggregate of 13,510,817 common shares of CubeSmart through agents acting as our sales agents or as forward sellers of common shares borrowed from third parties (if acting as forward sellers). Sales of common shares, if any, made through the agents, as our sales agents, or as forward sellers, may be made by any method permitted by law to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or by any other method permitted by applicable law. We may also sell common shares to a sales agent, as principal for its own account, at a price to be agreed upon at the time of sale. Actual sales, if any, under the program will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of our common shares, capital needs and determinations by us of the appropriate sources of our funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the program for working capital and general corporate purposes. As of September 30, 2025, we had not sold any common shares under the new program.

Table of Contents

sale. Actual sales, if any, under the program will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of our common shares, capital needs and determinations by us of the appropriate sources of our funding. As of March 31, 2026, we had not sold any common shares under the new program.

Repurchase of Common Shares

During the three months ended March 31, 2026, we repurchased, under our share repurchase program, a total of 0.9 million common shares of beneficial interest for an average purchase price of $36.64 per share. There were no such repurchases during the three months ended March 31, 2025. Additionally, on February 24, 2026, the Company’s Board of Trustees (the “Board”) authorized additional share repurchases of up to 10.0 million of the Parent Company’s outstanding common shares. As of March 31, 2026, 11.2 million common shares remained available for repurchase under this program.

Non-GAAP Financial Measures

NOI

We define net operating income, which we refer to as “NOI”, as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition-related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sales of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is not a measure of performance calculated in accordance with GAAP.

We use NOI as a measure of operating performance at each of our stores, and for all of our stores in the aggregate. NOI should not be considered as a substitute for operating income, net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

Table of Contents

We believe NOI is useful to investors in evaluating our operating performance because:

●

it is one of the primary measures used by our management to evaluate the economic productivity of our stores, including our ability to lease our stores, increase pricing and occupancy and control our property operating expenses;

●

it is widely used in the real estate and self-storage industries to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets; and

●

it helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of our basis in our assets from our operating results.

There are material limitations to using a measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income. We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, total operating expenses, and net income.

Table of Contents

FFO

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts, as amended and restated, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of our stores. Given the nature of our business as a real estate owner and operator, we consider FFO a key measure of our operating performance that is not specifically defined by accounting principles generally accepted in the United States. We believe that FFO is useful to management and investors as a starting point in measuring our operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of our operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO should be compared with our reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in our unaudited consolidated financial statements.

The following table presents a reconciliation of net income attributable to the Company’s common shareholders to FFO attributable to the Company’s common shareholders and third-party OP unitholders for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.


		Three Months Ended March 31,
		2026			2025

		(in thousands)
Net income attributable to the Company’s common shareholders		$	82,887		$	89,197

Add:
Real estate depreciation and amortization:
Real property			59,508			56,689
Company’s share of unconsolidated real estate ventures			1,478			1,810
Net income attributable to noncontrolling interests in the Operating Partnership			357			453
FFO attributable to the Company's common shareholders and third-party OP unitholders		$	144,230		$	148,149

Weighted average diluted shares outstanding			228,206			229,169
Weighted average diluted units outstanding owned by third parties			985			1,171
Weighted average diluted shares and units outstanding			229,191			230,340

Table of Contents


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in thousands)
Net income attributable to the Company’s common shareholders	$	82,930	$	100,797	$	255,087	$	289,288

Add:
Real estate depreciation and amortization:
Real property		64,207		49,639		185,014		148,324
Company’s share of unconsolidated real estate ventures		1,438		2,025		4,681		6,163
Net income attributable to noncontrolling interests in the Operating Partnership		396		551		1,250		1,616
FFO attributable to the Company's common shareholders and third-party OP unitholders	$	148,971	$	153,012	$	446,032	$	445,391

Weighted average diluted shares outstanding		229,295		227,149		229,237		226,805
Weighted average diluted units outstanding owned by third parties		1,103		1,237		1,129		1,262
Weighted average diluted shares and units outstanding		230,398		228,386		230,366		228,067

Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements, financings or other relationships with other unconsolidated entities (other than our co-investment partnerships) or other persons, also known as variable interest entities, not previously discussed.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our future income, cash flows and fair values relevant to financial instruments depend upon prevailing market interest rates.

Table of Contents

Market Risk

Our investment policy relating to cash and cash equivalents is to preserve principal and liquidity while maximizing returns through the investment of available funds.

Effect of Changes in Interest Rates on our Outstanding Debt

Our interest rate risk objectives are to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, we may, from time to time, choose to manage our exposure to fluctuations in market interest rates for a portion of our borrowings through the use of derivative financial instruments such as interest rate swaps or caps to mitigate our interest rate risk on a related financial instrument or to effectively lock the interest rate on a portion of our variable-rate debt. The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market interest rates. The range of changes chosen reflects our view of changes which are reasonably possible over a one-year period. Market values are the present value of projected future cash flows based on the market interest rates chosen.

As of ~~September~~March 3031, ~~2025~~2026, our consolidated debt consisted of $3.4504 billion of outstanding mortgage loans and notes payable and unsecured senior notes that are subject to fixed rates. ~~Borrowings~~Additionally, ~~under~~as ~~our~~of March 31, 2026, there were $415.1 million of outstanding unsecured credit facility ~~are~~borrowings subject to floating rates. Changes in market interest rates have different impacts on the fixed- and variable-rate portions of our debt portfolio. A change in market interest rates on the fixed portion of the debt portfolio impacts the net financial instrument position, but has no impact on interest incurred or cash flows. A change in market interest rates on the variable portion of the debt portfolio impacts the interest incurred and cash flows, but does not impact the net financial instrument position.

44If market interest rates on our variable-rate debt increase by 100 basis points, the increase in annual interest expense on our variable-rate debt would decrease future earnings and cash flows by approximately $4.2 million a year. If market interest rates on our variable-rate debt decrease by 100 basis points, the decrease in interest expense on our variable-rate debt would increase future earnings and cash flows by approximately $4.2 million a year.

Table of Contents

If market interest rates increase by 100 basis points, the fair value of our outstanding fixed-rate mortgage debt and unsecured senior notes would decrease by approximately $125.3 million. If market interest rates decrease by 100 basis points, the fair value of our outstanding fixed-rate mortgage debt and unsecured senior notes would increase by approximately $133.0 million.

If market interest rates increase by 100 basis points, the fair value of our outstanding fixed-rate mortgage debt and unsecured senior notes would decrease by approximately $109.4 million. If market interest rates decrease by 100 basis points, the fair value of our outstanding fixed-rate mortgage debt and unsecured senior notes would increase by approximately $115.6 million.

ITEM 4. CONTROLS AND PROCEDURES

Controls and Procedures (Parent Company)

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Report, the Parent Company carried out an evaluation, under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act).

Based on that evaluation, the Parent Company’s chief executive officer and chief financial officer have concluded that the Parent Company’s disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information required to be disclosed by the Parent Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Parent Company’s management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Table of Contents

Changes in Internal Control Over Financial Reporting

There has been no change in the Parent Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Controls and Procedures (Operating Partnership)

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Report, the Operating Partnership carried out an evaluation, under the supervision and with the participation of its management, including the Operating Partnership’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Operating Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act).

Based on that evaluation, the Operating Partnership’s chief executive officer and chief financial officer have concluded that the Operating Partnership’s disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information required to be disclosed by the Operating Partnership in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Operating Partnership’s management, including the Operating Partnership’s chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

To our knowledge and except as otherwise disclosed in this quarterly report, no legal proceedings are pending against us, other than routine actions and administrative proceedings, and other actions not deemed material, and which, in the aggregate, are not expected to have a material adverse effect on our financial condition, results of operations or cash flows.

Table of Contents

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Repurchases of Parent Company Common Shares

The following table provides information about repurchases of the Parent Company’s common shares during the three months ended ~~September~~March 3031, ~~2025~~2026:


	TotalNumber ofSharesPurchased ~~(1)~~		AveragePrice PaidPer Share		TotalNumber ofSharesPurchasedas Part ofPubliclyAnnouncedPlans or Programs	MaximumNumber ofShares thatMay Yet BePurchasedUnder thePlans orPrograms (2)

July 1 - July 31	459		$	42.61	N/A	3,000,000
January 1 - January 31	317,653	(1)	$	35.71	259,200	1,850,784
August 1 - August 31	—		$	—	N/A	3,000,000
February 1 - February 28	—		$	—	—	11,850,784
September 1 - September 30	—		$	—	N/A	3,000,000
March 1 - March 31	651,500		$	37.13	651,500	11,199,284
Total	~~459~~969,153		$	4236.6167	~~N/A~~910,700	311,~~000~~199,~~000~~284

(1) ~~Represents~~Of this total, 58,453 shares represent common shares withheld by the Parent Company upon the vesting of restricted shares to cover employee tax obligations.

(2) On June 26, 2007, the Board ofapproved ~~Trustees~~a share repurchase program for up to 3.0 million of the Parent Company’s (outstanding common shares. Additionally, on February 24, 2026, the “Board”) ~~approved~~authorized aadditional share ~~repurchase~~repurchases ~~program~~of ~~for~~ up to 310.0 million of the Parent Company’s outstanding common shares. This share repurchase authorization is in addition to, and does not supersede, the existing share repurchase authorization made in 2007. Unless terminated earlier by resolution of the Board, the program will expire when the number of authorized shares has been repurchased. ~~The Parent Company has made no repurchases under this program to date.~~

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the three months ended ~~September~~March 3031, ~~2025~~2026, none of our trustees or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

4642

Table of Contents

ITEM 6. EXHIBITS

Exhibit No.			Exhibit Description

4.1			Form of the Operating Partnership’s 5.125% senior notes due 2035, incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2025.
31.1			Certification of Chief Executive Officer of CubeSmart as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
4.2			Form of CubeSmart Guarantee, incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2025.

4.3			Eleventh Supplemental Indenture, dated as of August 20, 2025, among CubeSmart, CubeSmart, L.P. and U.S. Bank Trust Company, National Association, incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2025.
31.2			Certification of Chief Financial Officer of CubeSmart as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
31.1			Certification of Chief Executive Officer of CubeSmart as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)


31.3			Certification of Chief Executive Officer of CubeSmart, L.P., as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
31.2			Certification of Chief Financial Officer of CubeSmart as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)


31.4			Certification of Chief Financial Officer of CubeSmart, L.P., as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
31.3			Certification of Chief Executive Officer of CubeSmart, L.P., as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)


32.1			Certification of Chief Executive Officer and Chief Financial Officer of CubeSmart pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
31.4			Certification of Chief Financial Officer of CubeSmart, L.P., as required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)


32.2			Certification of Chief Executive Officer and Chief Financial Officer of CubeSmart, L.P., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
32.1			Certification of Chief Executive Officer and Chief Financial Officer of CubeSmart pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)


101			The following CubeSmart and CubeSmart, L.P. financial information for the three months ended March 31, 2026 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to Unaudited Consolidated Financial Statements, tagged as blocks of text. (filed herewith)
32.2			Certification of Chief Executive Officer and Chief Financial Officer of CubeSmart, L.P., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)


104			Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101			The following CubeSmart and CubeSmart, L.P. financial information for the three months ended September 30, 2025 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to Unaudited Consolidated Financial Statements, tagged as blocks of text. (filed herewith)


104			Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

4743

Table of Contents

SIGNATURES OF REGISTRANT

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CUBESMART
	(Registrant)


Date: October 31, 2025	By:	/s/ Christopher P. Marr
Date: May 1, 2026	By:	/s/ Christopher P. Marr
		Christopher P. Marr, Chief Executive Officer
		(Principal Executive Officer)


Date: October 31, 2025	By:	/s/ Timothy M. Martin
Date: May 1, 2026	By:	/s/ Timothy M. Martin
		Timothy M. Martin, Chief Financial Officer
		(Principal Financial Officer)


Date: October 31, 2025	By:	/s/ Matthew D. DeNarie
Date: May 1, 2026	By:	/s/ Matthew D. DeNarie
		Matthew D. DeNarie, Chief Accounting Officer
		(Principal Accounting Officer)

SIGNATURES OF REGISTRANT

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

, L.P
	CUBESMART, L.P.
	(Registrant)


Date: October 31, 2025	By:	/s/ Christopher P. Marr
Date: May 1, 2026	By:	/s/ Christopher P. Marr
		Christopher P. Marr, Chief Executive Officer
		(Principal Executive Officer)


Date: October 31, 2025	By:	/s/ Timothy M. Martin
Date: May 1, 2026	By:	/s/ Timothy M. Martin
		Timothy M. Martin, Chief Financial Officer
		(Principal Financial Officer)


Date: October 31, 2025	By:	/s/ Matthew D. DeNarie
Date: May 1, 2026	By:	/s/ Matthew D. DeNarie
		Matthew D. DeNarie, Chief Accounting Officer
		(Principal Accounting Officer)

4844

Filing Compare · CubeSmart