REIT Reports Q2 2025: Highlights, CEO Statement, Full Report

Posted by MSM on Aug 1, 2025 4:17:51 PM

CubeSmart, Extra Space Storage, and Public Storage have all released their financial statements for Q2 2025. Below are statements from each CEO and key highlights, as well as links to the full reports. We'll update next week following the release of NSA's results.

 

CubeSmart (NYSE: CUBE)

 

“The rental season saw modestly better seasonal performance compared to last year as key operating metrics maintained their positive momentum throughout the second quarter and into July...

 

Fundamentals have continued to stabilize, supported by a lessening impact of new supply, better seasonal pricing to new customers, and the continued health of the existing customer.”

 

- Christopher P. Marr, President and CEO

 

Key Q2 2025 Highlights:
  • Reported diluted earnings per share (EPS) attributable to the Company’s common shareholders of $0.36.
  • Reported fund from operations (FFO), as adjusted, per diluted share of $0.65.
  • Same-store (606 stores) NOI decreased 1.1% year over year, resulting from a 0.5% decrease in revenues and a 1.2% increase in operating expenses.
  • Same-store occupancy averaged 90.6% during the quarter, ending at 91.1%.
  • Added 30 stores to its third-party management platform, bringing total third-party managed store count to 873.

 

 

Extra Space Storage (NYSE: EXR)

 

"We delivered solid second quarter results, driven by historically high occupancy, steady existing customer behavior and gradually improving new customer rates. We have been active on the external growth front, with significant third party management and bridge loan activity, as well as the buy out of our partners' interest in two joint ventures...

 

Based on our year to date performance, and our current outlook, we have maintained our annual FFO and same-store guidance at the midpoints, while we continue to monitor gradually improving storage fundamentals."

 

- Joe Margolis, CEO

 

Key Q2 2025 Highlights:
  • Achieved net income attributable to common stockholders of $1.18 per diluted share, representing a 34.1% increase compared to the same period in the prior year.
  • Achieved funds from operations (FFO) attributable to common stockholders and unit holders of $1.98 per diluted share. FFO, excluding adjustments, was $2.05 per diluted share, representing a (0.5%) decrease compared to the same period in the prior year.
  • Same-store revenue remained flat and same-store net operating income (NOI) decreased by (3.1)% compared to the same period in the prior year.
  • Reported ending same-store occupancy of 94.6% as of June 30, 2025, compared to 94.0% as of June 30, 2024.
  • Acquired one operating store for a total cost of $12.1 million.
  • Acquired the interest of our joint venture partners in two separate partnerships for $326.4 million. The Company now wholly owns the 27 properties previously owned by these entities.
  • In conjunction with joint venture partners, acquired one store at completion of construction and completed the development of one store for a total cost of approximately $24.2 million, of which the Company invested $16.9 million.
  • Originated $157.8 million in mortgage and mezzanine bridge loans and sold $7.0 million in mortgage bridge loans.
  • Added 93 stores (74 stores net) to the Company's third-party management platform. As of June 30, 2025, the Company managed 1,749 stores for third parties and 414 stores in unconsolidated joint ventures, for a total of 2,163 managed stores.
  • Paid a quarterly dividend of $1.62 per share.

 

 

National Storage Affiliates (NYSE: NSA)

 

Will Be Updated Next Tuesday

Results Release: Monday, August 4 after market close

Conference Call: Tuesday, August 5, 1pm ET

Live Webcast Page

Dial-in US: 877-407-9711 | International: 412-902-1014

 

 

Public Storage (NYSE: PSA)

 

““We are raising our outlook based on stabilizing operations and accelerated acquisition volume. Strategic initiatives across the company are distinguishing our performance. Public Storage’s operating model transformation is enhancing the customer experience while bolstering our leading growth and profitability...

 

Leveraging our platform strength, strong retained cash flow, reputation as a preferred acquirer, and unique in-house development team, we are executing on accretive acquisitions and development with more than $1.1 billion of investment anticipated this year.””

 

- Joe Russell, President and CEO

 

Key Q2 2025 Highlights:
  • Reported net income allocable to common shareholders of $1.76 per diluted share.
  • Reported core FFO allocable to common shareholders of $4.28 per diluted share.
  • Achieved 78.8% Same Store (as defined below) direct net operating income margin.
  • Acquired sixteen self-storage facilities with 1.1 million net rentable square feet for $162.3 million. Subsequent to June 30, 2025, PSA acquired or were under contract to acquire 47 self-storage facilities with 3.1 million net rentable square feet for $481.9 million.
  • Opened two newly developed facilities and completed various expansion projects, which together added 0.2 million net rentable square feet at a cost of $64.0 million. At June 30, 2025, PSA had various facilities in development and expansion expected to add 3.8 million net rentable square feet at an estimated cost of $648.2 million.
  • Completed a public offering of $875 million aggregate principal amount of unsecured senior notes in various tranches and maturities.