Form 8-K

8-K — CubeSmart

Accession: 0001298675-26-000035

Filed: 2026-07-31

Period: 2026-07-30

CIK: 0001298675

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — cube-20260730x8k.htm (Primary)

EX-99.1 (cube-20260730xex99d1.htm)

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8-K

8-K (Primary)

Filename: cube-20260730x8k.htm · Sequence: 1

CUBESMART_July 30, 2026

0001298675false8-K2026-07-305 Old Lancaster RoadMalvernPA19355610535-5000falsefalsefalsefalse0001300485false0001298675cube:CubesmartL.p.Member2026-07-302026-07-3000012986752026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 31, 2026 (July 30, 2026)

CUBESMART

CUBESMART, L.P.

(Exact Name of Registrant as Specified in Its Charter)

Maryland (CubeSmart)

001-32324

20-1024732

Delaware (CubeSmart, L.P.)

000-54462

34-1837021

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

5 Old Lancaster Road

Malvern,

Pennsylvania

19355

(Address of Principal

Executive Offices)

(610) 535-5000

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares, $0.01 par value per share, of CubeSmart

CUBE

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging Growth Company (CubeSmart) ☐

Emerging Growth Company (CubeSmart, L.P.) ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

CubeSmart ☐

CubeSmart, L.P. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, CubeSmart (the “Company”) announced its financial results for the three and six months ended June 30, 2026. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

The Company believes that certain statements in the information attached as Exhibit 99.1 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.

Exhibit No.

Description

99.1

CubeSmart Earnings Press Release, dated July 30, 2026, announcing the financial results for the three and six months ended June 30, 2026.

104

Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CUBESMART

By:

/s/ Timothy M. Martin

Name:

Timothy M. Martin

Title:

Chief Financial Officer

Date: July 31, 2026

CUBESMART, L.P.

By: CUBESMART, its general partner

By:

/s/ Timothy M. Martin

Name:

Timothy M. Martin

Title:

Chief Financial Officer

Date: July 31, 2026

EXHIBIT INDEX

Exhibit No.

Description

99.1

CubeSmart Earnings Press Release, dated July 30, 2026, announcing the financial results for the three and six months ended June 30, 2026.

104

Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

EX-99.1

Filename: cube-20260730xex99d1.htm · Sequence: 2

Exhibit 99.1

Earnings Release

CubeSmart Reports Second Quarter 2026 Results

MALVERN, PA -- (Globe Newswire) – July 30, 2026 -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2026.

“Second quarter results reflected continued momentum in operating fundamentals, highlighted by steady acceleration in same-store revenue growth driven by improving occupancy trends and strengthening new customer pricing across the portfolio,” commented President and Chief Executive Officer Christopher P. Marr. “The formation of our new Heitman joint venture unlocks value from our portfolio and provides an accretive source of capital to support share repurchases, while maintaining the financial flexibility to capitalize on future investment opportunities.”

Key Highlights for the Second Quarter

● Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.39.

● Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.63.

● Same-store (623 stores) net operating income (“NOI”) decreased 0.7% year over year, resulting from a 0.8% increase in revenues and a 4.4% increase in operating expenses.

● Same-store occupancy averaged 90.4% during the quarter, ending at 91.0%.

● Amended and restated our unsecured revolving credit facility, increasing the size from $850 million to $1 billion, improving the pricing, and extending the maturity date to June 2030.

● Repurchased 1.1 million common shares of beneficial interest through our share repurchase program for $42.5 million at an average purchase price of $38.96 per share.

● Added 25 stores to our third-party management platform, bringing our total third-party managed store count to 872.

Financial Results

Net income attributable to the Company’s common shareholders was $89.6 million for the second quarter of 2026, compared with $83.0 million for the second quarter of 2025. Diluted EPS attributable to the Company’s common shareholders increased to $0.39 for the second quarter of 2026, compared with $0.36 for the same period last year.

FFO, as adjusted was $143.1 million for the second quarter of 2026 compared with $148.9 million for the second quarter of 2025. FFO, as adjusted, per diluted share decreased 3.1% to $0.63 for the second quarter of 2026, compared with $0.65 for the same period last year.

Investment Activity

Disposition Activity

Subsequent to June 30, 2026, the Company entered into an agreement to contribute 15 wholly-owned stores to a newly-formed joint venture with an affiliate of Heitman Capital Management (“Heitman”) for an agreed-upon value of $197.0 million. The Company will receive cash and own a 20% interest in the joint venture, while Heitman will contribute cash and own the remaining 80% interest. The stores subject to the agreement contain approximately 0.9 million square feet and are located in Connecticut (3), Georgia (1), North Carolina (2), Ohio (1), Texas (2), Utah (4) and Virginia (2). The transaction is expected to close in the fourth quarter of 2026.

SECOND QUARTER 2026

PAGE 1

Earnings Release

Development Activity

The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. As of June 30, 2026, the Company had one joint venture development property under construction. The Company anticipates investing a total of $28.0 million related to this project and had invested $8.7 million of that total as of June 30, 2026. The development property is located in New York and is expected to open during the third quarter of 2027.

Third-Party Management

As of June 30, 2026, the Company’s third-party management platform included 872 stores totaling 57.5 million rentable square feet. During the three and six months ended June 30, 2026, the Company added 25 and 58 stores, respectively, to its third-party management platform.

Same-Store Results

The Company’s same-store portfolio as of June 30, 2026 included 623 stores containing 45.2 million rentable square feet, or approximately 93.3% of the aggregate rentable square feet of the Company’s 662 consolidated stores. These same-store properties represented approximately 94.8% of the Company’s property NOI for the three months ended June 30, 2026.

Same-store physical occupancy as of both June 30, 2026 and 2025 was 91.0%. Same-store total revenues for the second quarter of 2026 increased 0.8% and same-store operating expenses increased 4.4% compared to the same quarter in 2025. Same-store NOI decreased 0.7% from the second quarter of 2025 to the second quarter of 2026.

Operating Results

As of June 30, 2026, the Company’s total consolidated portfolio included 662 stores containing 48.5 million rentable square feet with physical occupancy of 90.7%.

Total revenues increased $4.2 million and property operating expenses increased $7.0 million for the second quarter of 2026, as compared to the same period in 2025. The increase in revenues was primarily attributable to higher rental rates in our same-store portfolio, while the increase in property operating expenses was primarily attributable to increases in personnel expenses and property taxes.

Interest expense increased from $29.1 million during the three months ended June 30, 2025 to $30.3 million during the three months ended June 30, 2026, an increase of $1.2 million. The increase was attributable to an increase in the average outstanding debt balance and higher interest rates during the 2026 period compared to the 2025 period.

The average outstanding debt balance increased from $3.43 billion during the three months ended June 30, 2025 to $3.51 billion during the three months ended June 30, 2026. The weighted average effective interest rate on our outstanding debt increased from 3.32% during the three months ended June 30, 2025 to 3.33% for the three months ended June 30, 2026.

Financing Activity

In June 2026, the Company amended and restated its unsecured revolving credit facility. The amendment increased the size of the facility from $850 million to $1 billion, improved the pricing, and extended the maturity date from February 2027 to June 2030.

SECOND QUARTER 2026

PAGE 2

Earnings Release

During the three months ended June 30, 2026, the Company repurchased 1.1 million common shares of beneficial interest through its share repurchase program for $42.5 million, resulting in an average purchase price of $38.96 per share. As of June 30, 2026, 10.1 million shares remained available for repurchase under this program.

Quarterly Dividend

On May 19, 2026, the Company declared a quarterly dividend of $0.53 per common share. The dividend was paid on July 15, 2026 to common shareholders of record on July 1, 2026.

2026 Financial Outlook

“Strong operating performance through the first half of the year has resulted in increases to the midpoint of our same-store revenue, same-store NOI, and FFO guidance ranges,” commented Chief Financial Officer Tim Martin. “In the quarter, we continued to enhance our liquidity profile and execute our disciplined capital allocation strategy through the expansion of our revolving credit facility and through share repurchases at prices that represent compelling long-term value.”

The Company estimates that its fully diluted earnings per share for 2026 will be between $1.58 and $1.64, and that its fully diluted FFO per share, as adjusted, for 2026 will be between $2.54 and $2.60. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2026, the same-store pool consists of 623 properties totaling 45.2 million rentable square feet.

SECOND QUARTER 2026

PAGE 3

Earnings Release

(1) Prior guidance as indicated in our first quarter earnings release dated April 30, 2026.

Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, July 31, 2026 to discuss financial results for the three months ended June 30, 2026.

A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at investors.cubesmart.com. Telephone participants may join on the day of the call by dialing 1 (833) 461-5787 using conference ID number 574860863. Registered financial analysts participating on the call may avoid delays by pre-registering using the following link: https://events.q4inc.com/analyst/574860863?pwd=XXrIBM1q. A replay of the webcast will be available on the Company’s website following the live event.

Supplemental operating and financial data as of June 30, 2026 is available in the investor relations section of the Company’s corporate website.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust (“REIT”). The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2026 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

SECOND QUARTER 2026

PAGE 4

Earnings Release

Non-GAAP Financial Measures

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”), as amended, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's stores. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its consolidated financial statements.

FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and other non-recurring items, which the Company believes are not indicative of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sales of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is a measure of performance that is not calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of its stores, and for all of its stores in the aggregate. NOI should not be considered as a substitute for net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

The Company believes NOI is useful to investors in evaluating operating performance because it is one of the primary measures used by management and store managers to evaluate the economic productivity of the Company’s stores, including the ability to lease stores, increase pricing and occupancy, and control property operating expenses. Additionally, NOI helps the Company’s investors meaningfully compare the results of its operating performance from period to period by removing the impact of its capital structure (primarily interest expense on outstanding indebtedness) and depreciation of the basis in its assets from operating results.

SECOND QUARTER 2026

PAGE 5

Earnings Release

Forward-Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart (“we,” “us,” “our” or the “Company”), contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this presentation, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this presentation, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this presentation. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (“SEC”).

These risks include, but are not limited to, the following:

● adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties;

● the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;

● the failure to execute our business plan;

● adverse consumer impacts and declines in general economic conditions from inflation, tariffs, changes in interest rates and wage stagnation, including impacts on the demand for self-storage, rental rates and fees and rent collection levels;

● reduced availability and increased costs of external sources of capital;

● financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt;

● counterparty non-performance related to the use of derivative financial instruments;

● risks related to our ability to maintain our qualification as a REIT for federal income tax purposes;

● the failure of acquisitions or developments of self-storage properties to close on expected terms, or at all, or to perform as expected;

● increases in taxes, fees and assessments from state and local jurisdictions;

SECOND QUARTER 2026

PAGE 6

Earnings Release

● the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;

● reductions in asset valuations and related impairment charges;

● negative publicity relating to our business or industry, which could adversely affect our reputation;

● increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results;

● cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments;

● risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation;

● changes in real estate, zoning, use and occupancy laws or regulations;

● risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate;

● potential environmental and other material liabilities;

● governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships;

● uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses;

● changes in the availability of and the cost of labor;

● other factors affecting the real estate industry generally or the self-storage industry in particular; and

● other risks identified in Item 1A of our Annual Report on Form 10-K and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate.

Given these uncertainties, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in this presentation may not occur and actual results, performance or achievement could differ materially from that anticipated or implied in the forward-looking statements.

Contact:

CubeSmart

Josh Schutzer

Senior Vice President, Finance

(610) 535-5700

SECOND QUARTER 2026

PAGE 7

CUBESMART AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

June 30,

December 31,

2026

2025

(unaudited)

ASSETS

Storage properties

8,148,814

8,134,189

Less: Accumulated depreciation

(1,842,330)

(1,758,340)

Storage properties, net (includes VIE amounts of $379,839 and $373,687, respectively)

6,306,484

6,375,849

Cash and cash equivalents (including VIE amounts of $7,206 and $4,397, respectively)

14,310

5,782

Restricted cash (including VIE amounts of $48 and $2,552, respectively)

2,273

4,451

Loan procurement costs, net of amortization

6,628

1,803

Investment in real estate ventures, at equity

73,456

74,034

Other assets, net

181,664

181,274

Total assets

6,584,815

6,643,193

LIABILITIES AND EQUITY

Unsecured senior notes, net

2,927,533

2,925,103

Revolving credit facility

450,843

378,800

Mortgage loans and notes payable, net (including VIE amounts of $7,089 and $7,092, respectively)

97,637

98,859

Lease liabilities - finance leases

65,487

65,579

Accounts payable, accrued expenses and other liabilities

241,816

229,666

Distributions payable

120,604

121,519

Deferred revenue

43,883

41,591

Total liabilities

3,947,803

3,861,117

Noncontrolling interests in the Operating Partnership

39,143

36,167

Commitments and contingencies

Equity

Common shares $.01 par value, 400,000,000 shares authorized, 225,521,694 and 227,269,217 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

2,255

2,273

Additional paid-in capital

4,310,390

4,302,554

Accumulated other comprehensive loss

(209)

(249)

Accumulated deficit

(1,733,193)

(1,585,135)

Total CubeSmart shareholders’ equity

2,579,243

2,719,443

Noncontrolling interests in subsidiaries

18,626

26,466

Total equity

2,597,869

2,745,909

Total liabilities and equity

6,584,815

6,643,193

SECOND QUARTER 2026

PAGE 8

CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

Rental income

242,217

239,557

482,142

472,322

Other property related income

34,240

32,596

66,312

62,362

Property management fee income

10,029

10,150

19,961

20,655

Total revenues

286,486

282,303

568,415

555,339

OPERATING EXPENSES

Property operating expenses

96,018

89,028

186,086

171,962

Depreciation and amortization

55,839

66,488

117,277

125,644

General and administrative

17,246

14,897

34,435

30,965

Total operating expenses

169,103

170,413

337,798

328,571

OTHER (EXPENSE) INCOME

Interest:

Interest expense on loans

(30,341)

(29,090)

(60,172)

(55,190)

Loan procurement amortization expense

(1,099)

(1,221)

(2,164)

(2,442)

Equity in earnings of real estate ventures

556

547

1,163

926

Gain from sale of real estate, net

2,503

—

2,503

—

Other

458

306

263

1,115

Total other expense

(27,923)

(29,458)

(58,407)

(55,591)

NET INCOME

89,460

82,432

172,210

171,177

Net income attributable to noncontrolling interests in the Operating Partnership

(395)

(401)

(752)

(854)

Net loss attributable to noncontrolling interests in subsidiaries

520

929

1,014

1,834

NET INCOME ATTRIBUTABLE TO THE COMPANY

89,585

82,960

172,472

172,157

Basic earnings per share attributable to common shareholders

0.40

0.36

0.76

0.75

Diluted earnings per share attributable to common shareholders

0.39

0.36

0.76

0.75

Weighted average basic shares outstanding

226,774

228,737

227,289

228,700

Weighted average diluted shares outstanding

227,189

229,303

227,676

229,273

SECOND QUARTER 2026

PAGE 9

Same-Store Results (623 stores)

(in thousands, except percentages and per square foot data)

(unaudited)

Three Months Ended

Six Months Ended

June 30,

Percent

June 30,

Percent

2026

2025

Change

2026

2025

Change

REVENUES

Rental income

228,357

227,135

0.5

454,547

452,813

0.4

Other property related income

13,030

12,331

5.7

24,814

23,126

7.3

Total revenues

241,387

239,466

0.8

479,361

475,939

0.7

OPERATING EXPENSES

Property taxes (1)

29,570

28,073

5.3

59,051

56,729

4.1

Personnel expense

15,337

14,271

7.5

30,239

28,170

7.3

Advertising

8,085

8,328

(2.9)

12,625

11,269

12.0

Repair and maintenance

3,761

2,972

26.5

6,679

5,717

16.8

Utilities

5,302

5,159

2.8

11,764

11,452

2.7

Property insurance

2,612

3,094

(15.6)

5,328

6,543

(18.6)

Other expenses

10,157

9,793

3.7

21,335

20,021

6.6

Total operating expenses

74,824

71,690

4.4

147,021

139,901

5.1

Net operating income (2)

166,563

167,776

(0.7)

332,340

336,038

(1.1)

Gross margin

69.0

70.1

69.3

70.6

Period end occupancy

91.0

Period average occupancy

90.4

90.5

89.7

90.0

Total rentable square feet

45,241

Realized annual rent per occupied square foot (3)

22.34

22.18

0.7

22.40

22.25

0.7

Reconciliation of Same-Store Net Operating Income to Net Income

Same-store net operating income (2)

166,563

167,776

332,340

336,038

Non same-store net operating income (2)

9,180

8,235

18,393

12,947

Indirect property overhead (4)

14,725

17,264

31,596

34,392

Depreciation and amortization

(55,839)

(66,488)

(117,277)

(125,644)

General and administrative expense

(17,246)

(14,897)

(34,435)

(30,965)

Interest expense on loans

(30,341)

(29,090)

(60,172)

(55,190)

Loan procurement amortization expense

(1,099)

(1,221)

(2,164)

(2,442)

Equity in earnings of real estate ventures

556

547

1,163

926

Gain from sale of real estate, net

2,503

Other

458

306

263

1,115

Net income

89,460

82,432

172,210

171,177

(1) For comparability purposes, current year amounts related to the expiration of certain real estate tax abatements have been excluded from the same-store portfolio results ($206k and $411k for the three and six months ended June 30, 2026, respectively).

(2) Net operating income (“NOI”) is a non-GAAP (“generally accepted accounting principles”) financial measure. The above table reconciles same-store NOI to GAAP Net income.

(3) Realized annual rent per occupied square foot is calculated by dividing annualized rental income by the weighted average occupied square feet for the period.

(4) Includes property management fee income earned in conjunction with managed properties.

SECOND QUARTER 2026

PAGE 10

Non-GAAP Measure – Computation of Funds From Operations

(in thousands, except percentages and per share and unit data)

(unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Net income attributable to the Company's common shareholders

89,585

82,960

172,472

172,157

Add (deduct):

Real estate depreciation and amortization:

Real property

54,023

64,118

113,531

120,807

Company's share of unconsolidated real estate ventures

1,493

1,433

2,971

3,243

Gain from sale of real estate, net (1)

(2,503)

—

(2,503)

—

Net income attributable to noncontrolling interests in the Operating Partnership

395

401

752

854

FFO attributable to the Company's common shareholders and third-party OP unitholders

142,993

148,912

287,223

297,061

Add:

Loss on early extinguishment of debt (2)

FFO, as adjusted, attributable to the Company's common shareholders and third-party OP unitholders

143,052

148,912

287,282

297,061

Basic earnings per share attributable to common shareholders

0.40

0.36

0.76

0.75

Diluted earnings per share attributable to common shareholders

0.39

0.36

0.76

0.75

FFO per diluted share and unit

0.63

0.65

1.26

1.29

FFO, as adjusted per diluted share and unit

0.63

0.65

1.26

1.29

Weighted average basic shares outstanding

226,774

228,737

227,289

228,700

Weighted average diluted shares outstanding

227,189

229,303

227,676

229,273

Weighted average diluted shares and units outstanding

228,173

230,418

228,661

230,415

Dividends per common share and unit

0.53

0.52

1.06

1.04

Payout ratio of FFO, as adjusted

84.1

80.0

84.1

80.6

(1) Relates to a gain from the sale of a land parcel adjacent to a Company store.

(2) Relates to the write-off of unamortized loan procurement costs associated with the Company’s amendment and restatement of its unsecured revolving credit facility.

SECOND QUARTER 2026

PAGE 11

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