Third-quarter 2026 results from CubeSmart, Extra Space Storage, and Public Storage highlighted improving operating momentum, with all three reporting positive same-store revenue and NOI growth. Extra Space posted same-store NOI growth of 4.6% and Core FFO per share growth of 4.3%, while CubeSmart recorded a 1.9% increase in revenues and an NOI gain of 2.1%. Public Storage raised its full-year outlook and completed acquisitions of National Storage Affiliates and Public Storage Canada, adding more than 1,100 stores to its operating platform. Together, the results reflected strengthening fundamentals alongside continued acquisitions, expansion of management platforms, and share repurchases.
CubeSmart (NYSE: CUBE)
“Third quarter results reflected strong execution across our operating platform, with positive same-store revenue and NOI growth supported by higher occupancy and improving rental activity. We are encouraged by the broadening momentum across the portfolio, reinforcing our confidence in the trajectory of the business and our ability to generate durable growth.”
- Chris Marr, President & CEO
Key Q3 2026 Highlights:
- Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.42.
- Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.66.
- Same-store (623 stores) net operating income (“NOI”) increased 2.1% year over year, resulting from a 1.9% increase in revenues and a 1.3% increase in operating expenses.
- Same-store occupancy averaged 90.5% during the quarter, ending at 89.9%.
- Repurchased 2.1 million common shares of beneficial interest through its share repurchase program for $83.9 million at an average purchase price of $39.09 per share.
- Redeemed $300 million of unsecured senior notes.
- Added 32 stores to its third-party management platform, bringing its total third-party managed store count to 882.
Extra Space Storage Inc. (NYSE: EXR)
"Our platform, portfolio and people continue to outperform, with Core FFO per share growth of 4.3% and accelerating same-store performance. We remain focused on disciplined capital allocation and compounding long-term value per share, including through the opportunistic repurchase of our shares this quarter. Our differentiating capabilities in pricing, customer acquisition and growth continue to drive strong results. Extra Space is entering its leadership transition from a position of strength, and I am confident in the opportunities ahead."
- Joe Margolis, CEO
Key Q3 2026 Highlights:
- Achieved net income attributable to common stockholders of $1.17 per diluted share, representing a 50.0% increase compared to the same period in the prior year, which included a loss from real estate assets sold in 2025.
- Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.12 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.17 per diluted share, representing a 4.3% increase compared to the same period in the prior year.
- Same-store revenue increased by 2.7% and same-store expense decreased by 1.8%, resulting in a same-store net operating income ("NOI") increase of 4.6% compared to the same period in the prior year.
- Reported ending same-store occupancy of 94.0% as of September 30, 2026, compared to 93.7% as of September 30, 2025.
- Announced leadership transition promoting Noah Springer, President, as next Chief Executive Officer effective January 1, 2027.
- Repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share using its stock repurchase program.
- Purchased four operating stores for a total cost of $48.6 million.
- In conjunction with a joint venture partner, completed the development of one store for a total cost of approximately $16.6 million, of which the Company invested $15.7 million.
- Originated $19.5 million in mortgage and mezzanine bridge loans.
- Added 78 stores (-1 store net) to the Company's third-party management platform. As of September 30, 2026, the Company managed 1,963 stores for third parties and 408 stores in unconsolidated joint ventures, for a total of 2,371 managed stores.
- Paid a quarterly dividend of $1.62 per share.
Public Storage (NYSE: PSA)
“Public Storage’s third quarter performance was better than expected and demonstrates the strength and scalability of our platform as well as improving industry fundamentals. We continue to post encouraging trends on churn, occupancy, and move-in rates, which drove positive Same Store revenue, NOI and Core FFO per share growth,” said Tom Boyle, Chief Executive Officer. “The successful completion of the National Storage Affiliates and Public Storage Canada acquisitions marks an important advancement of our PS4.0 strategy. We are moving quickly to integrate these portfolios, deploy the operational advantages of PS Next, and capture the significant value creation opportunities available across our broader North American footprint.”
- Tom Boyle, Chief Executive Officer
Key Q3 2026 Highlights:
- Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.10, following strong year-to-date performance and reaffirming optimism for the remainder of 2026.
- Closed the acquisitions of National Storage Affiliates and Public Storage Canada, adding over 1,100 stores to the PS Next™ operating platform as part of our PS4.0™ strategy to drive shareholder value.
- Acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million, excluding the impacts of NSA and PS Canada. Year to date, including activity subsequent to September 30, 2026, the Company acquired or was under contract to acquire 65 self-storage facilities with 4.7 million net rentable square feet, for $713.2 million.
- Expanded the Company’s financial flexibility by executing forward sale agreements under its ATM program totaling 1.2 million shares (at a weighted price of $326.51 per share) during the year, securing approximately $399 million in future settlement proceeds, to further bolster its value creation engine.
- Completed inaugural Canadian public offering of C$400 million principal amount of senior notes, bearing interest at an interest rate of 4.54%.
- Completed a public offering of $900 million aggregate principal amount of senior notes at an interest rate of 4.85%, after giving effect to related derivative hedging activities.
- Published our annual Corporate Sustainability Report and earned the distinction of being named a Great Place to Work Certification™ for the 5th consecutive year..
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