CubeSmart reported its financial results for the second quarter of 2025, revealing total revenues of $282.3 million, a 6.0% increase from $266.2 million in the same period last year. The growth was primarily driven by additional revenues from newly acquired and opened stores. For the six months ended June 30, 2025, total revenues reached $555.3 million, up 5.3% from $527.6 million in the prior year. However, net income attributable to the company decreased to $82.96 million, or $0.36 per share, compared to $93.96 million, or $0.42 per share, in the previous year’s quarter.
The company experienced a rise in operating expenses, which increased from $148.8 million in Q2 2024 to $170.4 million in Q2 2025, largely due to costs associated with newly acquired properties. Depreciation and amortization expenses also rose significantly, reflecting the impact of recent acquisitions. Interest expenses on loans increased by 27.8% to $29.1 million, attributed to a higher average outstanding debt balance and increased interest rates.
In terms of strategic developments, CubeSmart completed the acquisition of the remaining 80% interest in HVP IV, a real estate venture that owns 28 self-storage facilities, for $452.8 million. This acquisition, finalized on February 20, 2025, has been consolidated into CubeSmart's financial statements, enhancing its asset base. As of June 30, 2025, the company owned or partially owned 659 self-storage properties, representing approximately 48.1 million rentable square feet, compared to 631 properties and 45.8 million square feet at the end of 2024.
Operationally, CubeSmart managed 873 stores for third parties, bringing the total number of stores owned and/or managed to 1,532 across 39 states. The company reported a period-end occupancy rate of 91.1% for its same-store portfolio, slightly down from 91.8% in the previous year. The average realized annual rent per occupied square foot was $22.45, reflecting a marginal increase from the prior year.
Looking ahead, CubeSmart aims to continue maximizing internal growth opportunities while selectively pursuing targeted acquisitions and developments. The company anticipates ongoing challenges from economic conditions that could impact consumer spending and rental payments. Despite these challenges, CubeSmart remains focused on maintaining its operational performance and financial stability, with plans for capital expenditures and store upgrades in the coming months.
About CubeSmart
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