Revenue: As of FY2026 Q1, the actual value is USD 281.93 M.EPS: As of FY2026 Q1, the actual value is USD 0.36, beating the estimate of USD 0.3416.EBIT: As of FY2026 Q1, the actual value is USD 143.07 M.<h4>Financial Results</h4>CubeSmart reported net income attributable to its common shareholders of $82.9 million for the first quarter of 2026, a decrease from $89.2 million for the first quarter of 2025 . Diluted EPS attributable to common shareholders decreased to $0.36 for the first quarter of 2026, compared with $0.39 for the same period last year . Funds from operations (FFO), as adjusted, were $144.2 million for the first quarter of 2026, down from $148.1 million in the first quarter of 2025 . FFO, as adjusted, per diluted share decreased by 1.6% to $0.63 for the first quarter of 2026, compared with $0.64 for the same period last year .<h4>Revenue and Operating Expenses</h4>Total revenues for the first quarter of 2026 increased by $8.9 million compared to the same period in 2025, primarily due to revenues from property acquisitions and recently opened development properties . Property operating expenses increased by $7.1 million, mainly due to increases in expenses from same-store properties related to advertising and personnel expenses .For the same-store portfolio (623 stores), total revenues increased by 0.6% in the first quarter of 2026 compared to the first quarter of 2025, reaching $237,974 thousand from $236,473 thousand . Rental income within same-store revenues increased by 0.2% to $226,190 thousand, and other property related income increased by 9.2% to $11,784 thousand . Same-store operating expenses increased by 5.8%, totaling $72,197 thousand in Q1 2026 compared to $68,211 thousand in Q1 2025 . This increase was driven by a 54.4% rise in advertising expenses to $4,540 thousand, a 7.2% increase in personnel expense to $14,902 thousand, and a 9.3% increase in other expenses to $11,178 thousand . Property insurance expenses decreased by -21.3% to $2,716 thousand . As a result, same-store net operating income (NOI) decreased by 1.5% to $165,777 thousand from $168,262 thousand . The gross margin for the same-store portfolio was 69.7% in Q1 2026 compared to 71.2% in Q1 2025 .<h4>Interest Expense</h4>Interest expense increased from $26.1 million in the first quarter of 2025 to $29.8 million in the first quarter of 2026, an increase of $3.7 million . This was attributed to an increase in the average outstanding debt balance, which rose from $3.20 billion to $3.48 billion, and higher interest rates, with the weighted average effective interest rate increasing from 3.19% to 3.33% .<h4>Operational Metrics</h4>Same-store physical occupancy averaged 89.0% during the first quarter of 2026, ending at 89.3% . CubeSmart opened one development property for a total cost of $28.0 million and acquired an initial store in a newly-formed joint venture for $13.6 million . The company repurchased 0.9 million common shares of beneficial interest for $33.4 million at an average price of $36.64 per share . The third-party management platform added 33 stores, bringing the total managed store count to 854 . The total consolidated portfolio included 662 stores with 48.5 million rentable square feet and physical occupancy of 88.8% as of March 31, 2026 .<h4>Quarterly Dividend</h4>CubeSmart declared a quarterly dividend of $0.53 per common share on February 24, 2026, which was paid on April 15, 2026 .<h4>2026 Financial Outlook</h4>CubeSmart estimates its fully diluted earnings per share for 2026 will be between $1.55 and $1.63 . The company also projects its fully diluted FFO per share, as adjusted, for 2026 to be between $2.52 and $2.60 . This guidance excludes the impact of any potential future speculative investment activity due to timing and transaction uncertainties .

CubeSmart | 8-K: FY2026 Q1 Revenue: USD 281.93 M