REITs Q3 2025 Earnings: Recaps & CEO Statement

Posted by Modern Storage Media on Nov 3, 2025 5:03:04 PM

CubeSmart, Extra Space Storage, Public Storage and now National Storage Affiliates Trust (NSA) have all released their earnings reports for Q3 2025. Below are statements from each CEO and key highlights, as well as links to the full reports and webcasts.

 

 

CubeSmart (NYSE: CUBE)

 

“Overall, third quarter results were in line with our expectations. Our coastal and more urban markets maintained their strong performance while our sunbelt properties continued to experience tradeoffs between rate and occupancy. We are encouraged as operating trends continue to stabilize and are confident that our systems position us well to maximize long-term revenue within our highest-quality portfolio.”

- Christopher P. Marr, President and CEO

 

Key Q3 2025 Highlights:
  • Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.36.
  • Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.65.
  • Same-store (606 stores) net operating income (“NOI”) decreased 1.5% year over year, resulting from a 1.0% decrease in revenues and a 0.3% increase in operating expenses.
  • Same-store occupancy averaged 89.9% during the quarter, ending at 89.0%.
  • Opened for operation one development property for a total cost of $18.1 million.
  • Issued $450 million of unsecured senior notes due 2035.
  • Added 46 stores to its third-party management platform, bringing the total third-party managed store count to 863.

 

 

Extra Space Storage Inc. (NYSE: EXR)

 

"We delivered solid third quarter results, while navigating a challenging operational landscape, allowing us to increase our annual Core FFO guidance. Although same-store revenue remained relatively flat, we are encouraged by the gradual improvement in market fundamentals. This improvement has resulted in accelerating new customer rate growth. Our external growth initiatives remained active during the quarter, highlighted by significant additions to our third-party management platform, substantial bridge loan originations, and strategic property acquisitions." 

- Joe Margolis, CEO

 

Key Q3 2025 Highlights:
  • Achieved net income attributable to common stockholders of $0.78 per diluted share, representing a (14.3%) decrease compared to the same period in the prior year, including a loss of $105.1 million related to assets held for sale and sold.
  • Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.01 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.08 per diluted share, representing a 0.5% increase compared to the same period in the prior year.
  • Same-store revenue decreased by (0.2)% and same-store net operating income ("NOI") decreased by (2.5)% compared to the same period in the prior year.
  • Reported ending same-store occupancy of 93.7% as of September 30, 2025, compared to 93.6% as of September 30, 2024.
  • Acquired one operating store for a total cost of $12.8 million.
  • In conjunction with joint venture partners, acquired one operating store for a total cost of approximately $14.2 million, of which the Company invested $1.4 million.
  • Originated $122.7 million in mortgage and mezzanine bridge loans and sold $71.1 million in mortgage bridge loans.
  • Added 95 stores (62 stores net) to the Company's third-party management platform. As of September 30, 2025, the Company managed 1,811 stores for third parties and 411 stores in unconsolidated joint ventures, for a total of 2,222 managed stores.
  • Paid a quarterly dividend of $1.62 per share.

 


National Storage Affiliates Trust (NYSE: NSA)

 

“During the third quarter, the majority of our markets showed sequential improvement in same store revenue growth, which supports our view that fundamentals have found a bottom and are beginning to trend upward. While the current operating environment remains competitive, the backdrop for self storage going forward is the best that we have seen in a number of years. Given the potential positive impacts on the housing market from expected interest rates cuts and a more favorable supply environment, we expect to see an improvement in self storage fundamentals supported by an improving supply/demand balance in 2026 and beyond.”

- David Cramer, President and CEO

 

Key Q3 2025 Highlights:
  • Reported net income of $29.0 million for the third quarter of 2025, a decrease of 2.5% compared to the third quarter of 2024. Reported diluted earnings per share of $0.17 for the third quarter of 2025 compared to $0.18 for the third quarter of 2024.
  • Reported core funds from operations ("Core FFO") of $76.5 million, or $0.57 per share for the third quarter of 2025, a decrease of 8.1% per share compared to the third quarter of 2024.
  • Reported a decrease in same store net operating income ("NOI") of 5.7% for the third quarter of 2025 compared to the same period in 2024, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.
  • Reported same store period-end occupancy of 84.5% as of September 30, 2025, a decrease of 140 basis points compared to September 30, 2024.
  • Acquisition of two self storage properties for approximately $32.0 million by one of NSA's unconsolidated real estate ventures during the third quarter of 2025.
  • Completed the rebranding of all NSA-owned Moove In branded stores to iStorage, reducing the number of NSA operated brands to six.

 

 

Public Storage (NYSE: PSA)

 

“Public Storage’s third 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 continue advancing our compounding returns platform. We are raising our 2025 outlook for the second consecutive quarter based on outperformance in NOI growth, acquisition activity, and Core FFO per share growth.”

- Joe Russell, President and CEO

 

Key Q3 2025 Highlights:
  • Reported net income allocable to common shareholders of $2.62 per diluted share.
  • Reported core FFO allocable to common shareholders (“Core FFO”) of $4.31 per diluted share.
  • Achieved 78.5% Same Store (as defined below) direct net operating income margin.
  • Acquired 49 self-storage facilities with 3.4 million net rentable square feet for $511.4 million. Subsequent to September 30, 2025, acquired or were under contract to acquire 12 self-storage facilities with 0.9 million net rentable square feet for $119.9 million. Year-to-date, have completed or are under contract to acquire facilities totaling 6.1 million net rentable square feet for an aggregate investment of approximately $934.5 million.
  • Completed various expansion projects, which together added 0.3 million and 1.1 million net rentable square feet at a cost of $60.4 million and $268.8 million for the three and nine months ended September 30, 2025, respectively. At September 30, 2025, had various facilities in development and expansion expected to add 3.9 million net rentable square feet at an estimated cost of $649.2 million.

 

 

 

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