Final REIT Q4 2025 Recaps & CEO Statements

Posted by Modern Storage Media on Feb 26, 2026 10:30:00 AM

CubeSmart, Extra Space Storage, National Storage Affiliates Trust, and Public Storage have now all released their earnings reports for Q4 2025. In general, REITs report that operating fundamentals are stabilizing and beginning to improve, with moderating new supply, strengthening rental trends, and disciplined capital strategies positioning them for better performance in 2026. While occupancy and same-store metrics remain uneven, leadership broadly signals cautious optimism that momentum is building and long-term growth prospects are strengthening.

 

Below are statements from each CEO and key highlights, as well as links to the full reports and webcasts. 

 

CubeSmart (NYSE: CUBE)

 

“Recent results reinforce our view that we have reached an inflection point as strengthening operating fundamentals are starting to flow through to our key financial metrics...

 

We are increasingly optimistic that 2026 will build on this momentum, driving improving topline growth across most of our key markets, supported by strategic execution and our continued focus on operational excellence.”

- Christopher P. Marr, President and CEO

 

Key Q4 2025 Highlights:
  • Reported diluted earnings per share (EPS) attributable to the company’s common shareholders of $0.34.
  • Reported funds from operations (FFO), as adjusted, per diluted share of $0.64.
  • Same-store (606 stores) net operating income (NOI) decreased 1.1% year over year, resulting from a 0.1% decrease in revenues and a 2.9% increase in operating expenses.
  • Same-store occupancy averaged 88.8% during the quarter, ending at 88.6%.
  • Closed on the acquisition of two stores totaling $49.0 million.
  • Redeemed $300 million of unsecured senior notes.
  • Prepaid a $108.0 million mortgage loan that bore interest at 6.30%.
  • Repurchased 0.9 million common shares of beneficial interest through our share repurchase program for $31.9 million at an average purchase price of $35.84 per share.
  • Increased the quarterly dividend 1.9% to an annualized rate of $2.12 per common share from the previous annualized rate of $2.08 per common share.
  • Added 27 stores to our third-party management platform, bringing our total third-party managed store count to 862.

 

 

Extra Space Storage Inc. (NYSE: EXR)

 

"The team delivered steady results in 2025, achieving industry-leading occupancy and new customer rate growth, resulting in positive same-store revenue growth. Core FFO per share grew 1.1%, driven by the strength of our third-party management and bridge loan platform. Our joint venture relationships and disciplined capital allocation enabled us to source creative, off-market investment opportunities that will generate attractive long-term future returns.

 

As we look ahead to 2026, we are seeing positive trends. We believe customer rates are strengthening, new supply is moderating, and our portfolio is well-positioned to benefit as the operating environment improves. Along with the steady contributions from our ancillary businesses, we expect to deliver improving results in the coming year."

- Joe Margolis, CEO

 

Key Q4 2025 Highlights:
  • Achieved net income attributable to common stockholders of $1.36 per diluted share, representing a 9.7% increase compared to the same period in the prior year.
  • Achieved funds from operations attributable to common stockholders and unit holders (FFO) of $1.99 per diluted share. FFO, excluding adjustments (Core FFO), was $2.08 per diluted share, representing a 2.5% increase compared to the same period in the prior year.
  • Same-store revenue increased by 0.4% and same-store net operating income (NOI) increased by 0.1% compared to the same period in the prior year.
  • Reported ending same-store occupancy of 92.6% as of December 31, 2025, compared to 93.3% as of December 31, 2024.
  • Acquired 27 operating stores for a total cost of $304.8 million.
  • In conjunction with joint venture partners, acquired seven operating stores for a total cost of approximately $106.9 million, of which the Company invested $10.7 million.
  • Repurchased 1,089,659 shares of common stock for $140.9 million at an average share price of $129.32.
  • Originated $80.4 million in mortgage and mezzanine bridge loans and sold $16.2 million in mortgage bridge loans.
  • Added 78 stores (45 stores net) to the Company's third-party management platform. As of December 31, 2025, the Company managed 1,856 stores for third parties and 407 stores in unconsolidated joint ventures, for a total of 2,263 managed stores.
  • Paid a quarterly dividend of $1.62 per share.

 

 

National Storage Affiliates Trust (NYSE: NSA)

 

"We delivered solid results for the quarter as all but one of our reported markets showed sequential improvement from the third to fourth quarters of 2025 in same store revenue growth and our Core FFO per share result came in at the top end of our guidance range. Same store revenue growth improved from the third quarter, while the occupancy delta versus last year continued to narrow, closing another 70 basis points in the fourth quarter, further confirmation that our efforts over the last few years to position NSA for growth are starting to deliver results...

 

We are encouraged that this positive operating momentum has continued into the new year, making us bullish on the prospects for NSA in 2026 and beyond.”

- David Cramer, President and CEO

 

Key Q4 2025 Highlights:
  • Reported net income of $36.8 million for the fourth quarter of 2025, an increase of 40.8% compared to the fourth quarter of 2024. Reported diluted earnings per share of $0.23 for the fourth quarter of 2025 compared to $0.15 for the fourth quarter of 2024.
  • Reported core funds from operations (Core FFO) of $77.4 million, or $0.57 per share for the fourth quarter of 2025, a decrease of 5.0% per share compared to the fourth quarter of 2024.
  • Reported a decrease in same store net operating income (NOI) of 0.7% for the fourth quarter of 2025 compared to the same period in 2024, driven by a 0.7% decrease in same store total revenues, partially offset by a 0.8% decrease in same store property operating expenses.
  • Reported same store period-end occupancy of 84.0% as of December 31, 2025, a decrease of 70 basis points compared to December 31, 2024.
  • Completed the sale of three wholly-owned self storage properties to unaffiliated third parties for net proceeds of approximately $23.8 million.
  • As previously announced, the company has entered into an agreement with an affiliate of Investment Real Estate Management, LLC (IRE Member) to form a new venture to acquire self storage properties (the IRE Investment), whereby the company committed to provide 75% of the equity capital, up to a maximum of $105.0 million, in cash in exchange for preferred equity, and the IRE Member committed to provide 25% of the equity capital, up to a maximum of $35.0 million, in cash in exchange for common equity. An affiliate of the IRE Member will serve as the manager of the IRE Investment and will manage the day-to-day operations of the self storage properties.

 

 

Public Storage (NYSE: PSA)

 

“Public Storage’s fourth quarter results reflect differentiated strategies that continue to drive our performance. As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to capitalize on the opportunities ahead...

 

With the launch of PS4.0, we are building on that foundation by elevating the customer and employee experience, accelerating value creation, and unlocking the next phase of long-term growth for Public Storage.”

- Joe Russell, President and CEO

 

Key Q4 2025 Highlights:
  • Achieved positive Same Store revenue growth in 56% of its markets (by revenues), increasing from 49% during the fourth quarter of 2024.
  • Achieved a 78.4% Same Store net operating income margin.
  • Acquired 13 self-storage facilities with 0.9 million net rentable square feet for $131.0 million.
  • Delivered new developments and completed expansion projects adding 1.0 million net rentable square feet at $140.1 million in cost.
  • Subsequent to year-end, the Company announced PS4.0 TM, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return. Read more here.

 

 

 

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