On this page of StockholderLetter.com we present the latest annual shareholder letter from CubeSmart — ticker symbol CUBE. Reading current and past CUBE letters to shareholders can bring important insights into the investment thesis.
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CUBESMART ANNUAL REPORT | 2025 2025 HIGHLIGHTS 1,524 1,287 Properties Properties 1 $501.8 M Acquisitions 31% 5- year total shareholder return 50% 5- year growth in FFO per share, as adjusted 1 1.9% Dividend increase 2 6.6% 5- year same store NOI growth CAGR 1 136 New management contracts 1. 2. FFO and NOI are non - GAAP financial measures. See our Form 10 - K or Appendix A to our proxy statement for a discussion of non- GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures. Increase to the quarterly dividend announced December 15, 2025 for the period ending December 31, 2025 and paid on January 16, 2026. 1
CUBESMART ANNUAL REPORT | 2025 LETTER FROM THE CEO 2025 was a year defined by disciplined execution at CubeSmart. The self storage operating environment stabilized, following years of normalization off the unprecedented growth of 2020 - 2022. Our strategy centered on operational excellence, thoughtful capital allocation, and a high - quality portfolio continues to differentiate CubeSmart within the sector and drive long - term performance. As we reflect on the past year, I am proud of our team s ability to remain focused on delivering strong results and create long - term value for our shareholders. 2
CUBESMART ANNUAL REPORT | 2025 Quality Platform Our portfolio s industry - leading demographics drove performance in 2025, as our core urban markets outperformed secondary markets across the sunbelt. New York City continued to showcase its stability, generating same - store revenue growth at the top of the portfolio. Late in the year, we saw an inflection across many of our markets as lessening headwinds from new supply helped to drive improving same - store revenue growth in the fourth quarter in 76% of our top 25 markets. Our focus on managing expenses continued to bear fruit, as we were able to post sector - leading same - store expense control. 3
CUBESMART ANNUAL REPORT | 2025 Quality Portfolio We remain disciplined in our approach to external growth as our focus remains on finding accretive opportunities to enhance our industry - leading portfolio. During 2025, we completed the acquisition of our partner s 80% interest in the HVP IV joint venture for $452.8 million, consolidating ownership of high - quality portfolio of 28 newer vintage stores across our core markets. In addition, we acquired two wholly owned stores for $49.0 million and opened one newly developed store in the New York MSA for $18.1 million. Alongside our investment activity, we continued to successfully add stores to our third - party management platform, adding 136 new stores in 2025, marking the ninth consecutive year adding over 130 stores. As the disconnect between public and private markets grew in late 2025, we executed on our share repurchase program for the first time, repurchasing 0.9 million shares for $31.9 million. These repurchases reflect our disciplined capital allocation framework deploying capital where we see the most compelling risk adjusted returns and reinforcing our commitment to creating long - term shareholder value. 4
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CUBE Shareholder/Stockholder Letter Transcript:



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CUBESMART ANNUAL REPORT | 2025
2025 HIGHLIGHTS
1,524
1,287
Properties
Properties
1
$501.8 M
Acquisitions
31%
5- year total
shareholder
return
50%
5- year growth in
FFO per share,
as adjusted 1
1.9%
Dividend
increase 2
6.6%
5- year same store NOI growth
CAGR 1
136
New
management
contracts
1.
2.
FFO and NOI are non - GAAP financial measures. See our Form 10
- K or Appendix A to our proxy statement for a discussion
of non- GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures.
Increase to the quarterly dividend announced December 15,
2025 for the period ending December 31, 2025 and paid on
January 16, 2026.
1

CUBESMART ANNUAL REPORT | 2025
LETTER FROM
THE CEO
2025 was a year defined by disciplined execution at CubeSmart. The self
storage operating environment stabilized, following years of normalization off
the unprecedented growth of 2020 - 2022. Our strategy    centered on operational
excellence, thoughtful capital allocation, and a high
- quality portfolio    continues
to differentiate CubeSmart within the sector and drive long
- term performance.
As we reflect on the past year, I am proud of our team   s ability to remain
focused on delivering strong results and create long
- term value for our
shareholders.
2

CUBESMART ANNUAL REPORT | 2025
Quality Platform
Our portfolio   s industry - leading demographics drove performance in 2025, as our
core urban markets outperformed secondary markets across the sunbelt. New
York City continued to showcase its stability, generating same
- store revenue
growth at the top of the portfolio. Late in the year, we saw an inflection across
many of our markets as lessening headwinds from new supply helped to drive
improving same - store revenue growth in the fourth quarter in 76% of our top 25
markets. Our focus on managing expenses continued to bear fruit, as we were
able to post sector - leading same - store expense control.
3

CUBESMART ANNUAL REPORT | 2025
Quality Portfolio
We remain disciplined in our approach to external growth as our focus remains on
finding accretive opportunities to enhance our industry - leading portfolio. During
2025, we completed the acquisition of our partner   s 80% interest in the HVP IV joint
venture for $452.8 million, consolidating ownership of high
- quality portfolio of 28
newer vintage stores across our core markets. In addition, we acquired two wholly
owned stores for $49.0 million and opened one newly developed store in the New
York MSA for $18.1 million. Alongside our investment activity, we continued to
successfully add stores to our third - party management platform, adding 136 new
stores in 2025, marking the ninth consecutive year adding over 130 stores.
As the disconnect between public and private markets grew in late 2025, we
executed on our share repurchase program for the first time, repurchasing 0.9
million shares for $31.9 million. These repurchases reflect our disciplined capital
allocation framework    deploying capital where we see the most compelling risk
adjusted returns and reinforcing our commitment to creating long
- term
shareholder value.

4


shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 

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