CubeSmart (CUBE) reported FFO as adjusted of $0.66 a share for the third quarter of 2026, up 1.5% from $0.65 a year earlier, and diluted earnings of $0.42 a share versus $0.36. Same-store net operating income rose 2.1% on 623 stores, with revenue up 1.9% and operating expenses up 1.3%. Occupancy averaged 90.5% and ended the quarter at 89.9%, up from 89.0% a year earlier. The company also raised its 2026 guidance.
Front Page › Markets & Main Street › From Wall Street
CubeSmart (CUBE): The New York Storage Case After a 2.1% NOI Gain and a $197 Million JV
CubeSmart beat last year's third quarter, raised 2026 guidance and agreed to a $197 million Heitman joint venture. A REIT investor on X says its New York stores are a high-barrier asset; flat nine-month NOI and weak rent growth are the counterpoints.
Questions readers actually ask
How did CubeSmart do in the third quarter of 2026?
After the third quarter, CubeSmart raised its 2026 FFO as adjusted guidance to $2.58 to $2.60 a share, from $2.54 to $2.60. It now expects same-store NOI growth of 0.00% to 0.80%, up from a range of -1.00% to 0.25%.
What is CubeSmart's 2026 guidance?
CubeSmart agreed to put 15 stores in Connecticut, Georgia, North Carolina, Ohio, Texas, Utah and Virginia into a joint venture with Heitman, valued at $197.0 million. CubeSmart keeps a 20% stake and receives cash for the rest. The venture is taking on a $99.7 million loan, and closing is expected in the fourth quarter of 2026.
What is the Heitman joint venture?
At the November 3, 2026 close of $44.26, CubeSmart was worth about $9.9 billion on 223.4 million shares, by our math. That is about 17.1 times the midpoint of its 2026 FFO as adjusted guidance. The $0.53 quarterly dividend works out to a yield of about 4.8%. Management said private buyers price similar assets at cap rates of about 5.25% to 5.5%, against an implied cap rate above 6% on its shares for much of 2026.
How is CubeSmart valued?
Mr. Neutral Man (@Mr_Neutral_Man), an investor who writes about REITs, says the New York City and northern New Jersey stores, which he puts at about a quarter of NOI, grew NOI 5.5% in the quarter. He calls the market a high-barrier asset. Jussi Askola, CFA (@askjussi) argued in September that CubeSmart trades more cheaply than Public Storage despite better long-term growth prospects.
Who is bullish on CubeSmart?
In our tracking, Mr. Neutral Man has no scored stock calls yet; only one options call has been scored. His October 13, 2026 CubeSmart call at $37.95 leads the S&P 500 by about 20 points through the November 3 close, but it is provisional.
What is Mr. Neutral Man's track record?
CubeSmart calls New York City its largest market and its least-supplied one. Its September 2026 investor presentation put storage space per person in the outer boroughs at about 2.8, against about 7.2 nationally. Little new supply can support rent growth. Management said New York-area revenue rose 5.4% in the third quarter of 2026.
Why does New York matter to CubeSmart?
Same-store NOI was flat for the first nine months of 2026, and rent per occupied sq ft rose only 0.5% in the third quarter. Property taxes and personnel costs grew faster than revenue. Occupancy of 89.9% trails Extra Space Storage's 94.0%, and Sunbelt markets still face new supply.
What are the risks for CubeSmart?
Extra Space Storage reported third-quarter 2026 same-store NOI up 4.6% and occupancy of 94.0%, both stronger than CubeSmart's 2.1% NOI growth and 89.9% ending occupancy.
How does CubeSmart compare with Extra Space Storage?
Yes. CubeSmart repurchased 2.1 million shares for $83.9 million, an average of $39.09 a share. It also redeemed $300 million of notes and took out a new $300 million term loan that matures in January 2031.
Is CubeSmart buying back stock?
The case gains support if New York keeps growing faster than the rest of the portfolio, same-store NOI turns clearly positive in 2027 and occupancy climbs back above 90%. It weakens if rents stay flat, Sunbelt markets keep falling or the 2027 out
More from Market Calls, Investigated
Golfzon Holdings (121440): Four Demands Seek About 250 Billion Won Returned by November 10
From Wall Street · Nov 6
Cheesecake Factory (CAKE): A Short Seller Maps 21% Downside to an $89-$92 Gap
From Wall Street · Nov 6
A.k.a. Brands (AKA): U.S. Sales Rebound 14% While the Profit Plan Gets Cut
From Wall Street · Nov 6
More in Markets & Main Street
Entravision (EVC): $30 Million Tampa Station Sale Meets an 88% Revenue Print
From Wall Street · Nov 6
IRhythm (IRTC): Short Seller Calls VitalConnect a Defensive Band-Aid After a Soft Zio AT Print
From Wall Street · Nov 6
Top Trades for November 6, 2026: What Our Best-Scoring Callers Are Saying Before the Open
From Wall Street · Nov 6
From MCAFax
Markets
Who is actually right on Wall Street: investors ranked on how their public stock calls turned out. Not investment advice.
