REITs Release Q2 2026 Earnings Reports: Recaps & Webcasts

Posted by MSM on Jul 30, 2026, 5:07:05 PM

The largest players in the self-storage industry, CubeSmart, Extra Space, and Public Storage, have released financial statements for Q2 2026 with all three positioning for growth through acquisitions, third-party management, and other investment activity.

 

Overall, the Q2 reports suggest that the self-storage recovery continues to take shape, a theme highlighted by Extra Space CEO Joe Margolis. The company posted gains in same-store revenue and NOI, while occupancy remained on par with the same period last year. CubeSmart CEO Chris Marr focused on the company's new Heitman joint venture, while the company reported improving occupancy and customer pricing despite a slight NOI decline as operating expenses increased. Public Storage, meanwhile, raised its full-year outlook, with CEO Tom Boyle noting PS4.0 was “on full display” following the acquisition of NSA and the agreement to acquire Public Storage Canada.

 

 

CubeSmart (NYSE: CUBE)

 

“Second quarter results reflected continued momentum in operating fundamentals, highlighted by steady acceleration in same-store revenue growth driven by improving occupancy trends and strengthening new customer pricing across the portfolio... The formation of our new Heitman joint venture unlocks value from our portfolio and provides an accretive source of capital to support share repurchases, while maintaining the financial flexibility to capitalize on future investment opportunities.”
- Chris Marr, President & CEO

 

Key Q2 2026 Highlights:
  • Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.39.
  • Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.63.
  • Same-store (623 stores) net operating income (“NOI”) decreased 0.7% year over year, resulting from a 0.8% increase in revenues and a 4.4% increase in operating expenses.
  • Same-store occupancy averaged 90.4% during the quarter, ending at 91.0%.
  • Amended and restated unsecured revolving credit facility, increasing the size from $850 million to $1 billion, improving the pricing, and extending the maturity date to June 2030.
  • Repurchased 1.1 million common shares of beneficial interest through the share repurchase program for $42.5 million at an average purchase price of $38.96 per share.
  • Added 25 stores to its third-party management platform, bringing the total third-party managed store count to 872.

Friday, July 31, 11am ET

Dial-in number: 833.461.5787
Conference ID number: 57486086

 

Extra Space Storage Inc. (NYSE: EXR)

 

"Our operating systems and platform continue to optimize performance as we get deeper into the storage sector's recovery. Core FFO growth of 4.9% for the quarter was driven by strong occupancy, improving store performance, and smart expense control — with meaningful contributions from our ancillary businesses, including third-party management and bridge lending. We are never satisfied with, and always seek to improve, our technology, systems, process, and people, and it is gratifying to see that commitment reflected in our results."

- Joe Margolis, CEO

 

Key Q2 2026 Highlights:
  • Achieved net income attributable to common stockholders of $1.25 per diluted share, representing a 5.9% increase compared to the same period in the prior year.
  • Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.07 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.15 per diluted share, representing a 4.9% increase compared to the same period in the prior year.
  • Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, resulting in a same-store net operating income ("NOI") increase of 3.5% compared to the same period in the prior year.
  • Reported ending same-store occupancy of 94.2% as of June 30, 2026, compared to 94.4% as of June 30, 2025.
  • Purchased 17 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $90.7 million.
  • Originated $140.6 million in mortgage and mezzanine bridge loans.
  • Added 67 stores (48 stores net) to the Company's third-party management platform. As of June 30, 2026, the Company managed 1,964 stores for third parties and 409 stores in unconsolidated joint ventures, for a total of 2,373 managed stores.
  • Paid a quarterly dividend of $1.62 per share.

 

 

Public Storage (NYSE: PSA)

 

“Public Storage’s second quarter results reflect the strength of our platform and the disciplined execution of our longterm strategy, allowing us to raise our outlook for the back half of the year. With the successful closing of the NSA acquisition and our announced agreement to acquire Public Storage Canada, the power of our PS4.0 Value Creation Engine and the operational advantages of the PS Next Platform are on full display... These strategic expansions allow us to deepen and broaden our portfolio, deliver value creation to our stakeholders, and improve customer experience across a rapidly growing footprint.”

- Tom Boyle, Chief Executive Officer

 

Key Q2 2026 Highlights:
  • Increased outlook for the full-year 2026, following a strong performance in the first half of the year and optimism for the second half of 2026, including $0.02 of accretion from financing the Strategic Acquisitions of National Storage Affiliates Trust (NYSE: NSA) and Public Storage Canada (“PS Canada”).
  • Entered into an agreement to acquire PS Canada for US$1.2 billion. The portfolio consists of 68 properties totaling 5.3 million square feet.
  • Acquired 20 self-storage facilities with 1.5 million net rentable square feet for $222.5 million. Year to date, including activity subsequent to June 30, 2026, PSA acquired or were under contract to acquire 44 self-storage facilities with 3.2 million net rentable square feet, for $454.9 million.
  • Expanded company's financial flexibility by executing forward sale agreements under the ATM program totaling 796,009 shares (at a weighted price of $326.32 per share) during the second quarter, and subsequent to quarter end, securing approximately $258 million in future settlement proceeds, to further bolster its value creation engine.
  • Entered into a new $3.0 billion unsecured revolving credit facility (the “Revolver”), plus a $500 million delayed draw term loan facility (the “Term Loan”), and established a $1.0 billion unsecured commercial paper program (the “Commercial Paper Program”).
  • Completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035.

 

 

 

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