CubeSmart Raises Quarterly Dividend 1.9% to $0.53 Per Share
CubeSmart (NYSE: CUBE), a self-storage real estate investment trust, increased its quarterly dividend to $0.53 per common share from $0.52, lifting the annualized rate to $2.12 from $2.08. The dividend was paid January 16, 2026 to shareholders of record as of January 2, 2026.
CubeSmart (NYSE: CUBE), a self-storage real estate investment trust, increased its quarterly dividend to $0.53 per common share from $0.52, lifting the annualized rate to $2.12 from $2.08. The dividend was paid January 16, 2026 to shareholders of record as of January 2, 2026. Read more dividend announcements.
The 1.9% increase marks the company's latest dividend adjustment as it navigates what management describes as an inflection point in operating fundamentals. President and Chief Executive Officer Christopher P. Marr stated that strengthening fundamentals are beginning to flow through to key financial metrics.
| Dividend Details | Amount |
|---|---|
| Dividend Amount | $0.53 per share |
| Previous Amount | $0.52 per share |
| Increase | 1.9% |
| Annualized Rate | $2.12 |
| Record Date | January 2, 2026 |
| Payment Date | January 16, 2026 |
Fourth Quarter Financial Performance
CubeSmart reported diluted earnings per share of $0.34 for the fourth quarter of 2025, down from $0.45 in the same period of 2024. Funds from operations, as adjusted, per diluted share declined 5.9% to $0.64 from $0.68 year over year.
Net income attributable to common shareholders totaled $78.7 million for the fourth quarter, compared with $101.9 million in the prior-year period. For the full year ended December 31, 2025, net income attributable to common shareholders was $333.8 million versus $391.2 million in 2024.
Same-store net operating income across 606 stores decreased 1.1% year over year in the fourth quarter, driven by a 0.1% decline in revenues and a 2.9% increase in operating expenses. Same-store occupancy averaged 88.8% during the quarter and ended at 88.6%.
Capital Activity and Debt Management
The company redeemed $300 million of unsecured senior notes bearing 4.000% interest that matured in November 2025. Additionally, consolidated joint ventures in which CubeSmart owns an 85% interest prepaid a $108.0 million mortgage loan that was scheduled to mature in May 2029 and carried a 6.30% interest rate.
CubeSmart repurchased 0.9 million common shares through its share repurchase program during the fourth quarter for $31.9 million, at an average price of $35.84 per share. As of December 31, 2025, 2.1 million shares remained available for repurchase under the program.
Chief Financial Officer Tim Martin described the share repurchase program as a compelling use of capital while preserving future flexibility for strategic growth initiatives. The company closed on the acquisition of two stores totaling $49.0 million during the quarter.
2026 Outlook
CubeSmart provided initial 2026 guidance projecting fully diluted earnings per share between $1.55 and $1.63, and fully diluted funds from operations per share, as adjusted, between $2.52 and $2.60. The 2026 same-store pool consists of 622 properties totaling 45.1 million rentable square feet.
The company's outstanding debt balance stood at $3.44 billion as of December 31, 2025, up from $2.92 billion during the same period in 2024. The weighted average effective interest rate on outstanding debt increased to 3.34% from 2.97% year over year.
CubeSmart added 27 stores to its third-party management platform during the quarter, bringing the total third-party managed store count to 862.