REITs Release Q3 2025 Earnings Report: Recaps Here

Posted by Modern Storage Media on Oct 31, 2025 7:52:42 PM

CubeSmart, Extra Space Storage, and Public Storage have all released their earnings reports for Q3 2025 (NSA will release theirs next week). Below are statements from each CEO and key highlights, as well as links to the full reports and webcasts. We'll update this to include NSA when they release their report; you can still catch that live:

  • Tuesday, November 4, at 1:00 p.m. ET
  • Webcast link available at: www.nsastorage.com
  • Domestic: 877-407-9711 | International: 412-902-1014

 

 

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.

 

 

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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