CubeSmart Reports First Quarter 2026 Results
Rhea-AI Summary
CubeSmart (NYSE: CUBE) reported results for Q1 2026 showing reported diluted EPS of $0.36 and FFO, as adjusted, per diluted share of $0.63. Same-store NOI declined 1.5% as revenues rose 0.6% and operating expenses rose 5.8%.
The company opened one development property (total cost $28.0M), formed an acquisition joint venture (acquired a store for $13.6M; company contributed $2.1M), repurchased $33.4M of shares and added 33 third-party managed stores, bringing management total to 854. Full-year 2026 guidance: EPS $1.55–$1.63 and FFO, as adjusted, per share $2.52–$2.60.
Positive
- Share repurchases of $33.4M (0.9M shares) at average $36.64 per share
- 2026 FFO guidance of $2.52 to $2.60 per diluted share
- Opened development with total cost of $28.0M and one JV property under construction
- Third-party management growth: added 33 stores, total managed stores 854
Negative
- Interest expense increased by $3.7M to $29.8M for Q1 2026, reflecting higher debt costs
Key Figures
Market Reality Check
Peers on Argus
CUBE is up 0.28% while key REIT peers like EGP, FR, STAG, TRNO and NSA show declines between roughly -0.36% and -2.69%, indicating a stock-specific reaction to earnings rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Quarterly earnings | Neutral | -3.6% | Q3 2025 EPS and FFO slightly down with same-store NOI decline. |
| Jul 31 | Quarterly earnings | Positive | +2.5% | Q2 2025 EPS and FFO up modestly with raised full-year guidance. |
| May 01 | Quarterly earnings | Neutral | +4.0% | Q1 2025 EPS down, FFO flat, NOI slightly negative, guidance maintained. |
| Oct 31 | Quarterly earnings | Negative | -1.1% | Q3 2024 EPS and FFO declined with weaker same-store NOI metrics. |
| Aug 01 | Quarterly earnings | Neutral | +1.9% | Q2 2024 EPS and FFO stable with modest same-store revenue growth. |
Earnings releases have typically produced modest single-day moves, with a mix of positive and negative reactions around small changes in EPS and FFO.
Over the past several earnings cycles, CubeSmart’s results have shown slight pressure on EPS and FFO per share, alongside modest declines in same-store NOI and occupancy drifting around the high-80s to low-90s range. The company has remained active on development, acquisitions, and third-party management expansion while generally maintaining guidance bands. Today’s Q1 2026 update, with small year-over-year declines in EPS and FFO but stable full-year guidance, fits this pattern of incremental shifts rather than major inflections.
Historical Comparison
In the past 5 earnings releases, CUBE’s average move was about 0.75%. Today’s 0.28% move sits well within that typical earnings-day range.
Across recent earnings, CubeSmart has shown small year-over-year EPS and FFO fluctuations, consistent same-store NOI pressure, and ongoing development and acquisition activity, with full-year guidance generally maintained within narrow bands.
Regulatory & Risk Context
CubeSmart has an effective Form S-3ASR universal shelf filed on March 2, 2026, allowing issuance of various securities over time, and it has been used at least once via a 424B5 prospectus supplement.
Market Pulse Summary
This announcement details Q1 2026 performance with diluted EPS of $0.36 and FFO, as adjusted, per share of $0.63, both slightly below the prior year. Same-store NOI declined 1.5% as expenses rose faster than revenues, while full-year 2026 EPS and FFO guidance ranges were reaffirmed. Investors may track same-store revenue and expense trends, interest expense levels, execution in the CBRE joint venture, use of the effective Form S-3ASR, and ongoing share repurchases as key metrics going forward.
Key Terms
funds from operations financial
ffo financial
net operating income financial
noi financial
joint venture financial
weighted average effective interest rate financial
AI-generated analysis. Not financial advice.
MALVERN, Pa., April 30, 2026 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three months ended March 31, 2026.
“The first quarter progressed largely as expected, with stable operating trends across the portfolio,” commented Chris Marr, President and Chief Executive Officer. “Same store revenue growth inflected to positive during the quarter, reflecting focused execution and improving underlying fundamentals.”
Key Highlights for the First Quarter
- Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of
$0.36 . - Reported funds from operations (“FFO”), as adjusted, per diluted share of
$0.63 . - Same-store (623 stores) net operating income (“NOI”) decreased
1.5% year over year, resulting from a0.6% increase in revenues and a5.8% increase in operating expenses. - Same-store occupancy averaged
89.0% during the quarter, ending at89.3% . - Opened for operation one development property for a total cost of
$28.0 million . - Acquired initial store in a newly-formed joint venture during the quarter for a purchase price of
$13.6 million . - Repurchased 0.9 million common shares of beneficial interest through our share repurchase program for
$33.4 million at an average purchase price of$36.64 per share. - Added 33 stores to our third-party management platform, bringing our total third-party managed store count to 854.
Financial Results
Net income attributable to the Company’s common shareholders was
FFO, as adjusted was
Investment Activity
Acquisition Activity
During the quarter ended March 31, 2026, a newly-formed unconsolidated joint venture with an affiliate of CBRE Investment Management acquired a store in Arizona for a purchase price of
Development Activity
The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. During the quarter ended March 31, 2026, the Company opened for operation one joint venture development property located in New York for a total cost of
As of March 31, 2026, the Company had one joint venture development property under construction. The Company anticipates investing a total of
Third-Party Management
As of March 31, 2026, the Company’s third-party management platform included 854 stores totaling 56.3 million rentable square feet. During the three months ended March 31, 2026, the Company added 33 stores to its third-party management platform.
Same-Store Results
The Company’s same-store portfolio as of March 31, 2026 included 623 stores containing 45.3 million rentable square feet, or approximately
Same-store physical occupancy as of March 31, 2026 and 2025 was
Operating Results
As of March 31, 2026, the Company’s total consolidated portfolio included 662 stores containing 48.5 million rentable square feet with physical occupancy of
Total revenues increased
Interest expense increased from
Financing Activity
During the three months ended March 31, 2026, the Company repurchased 0.9 million common shares of beneficial interest through its share repurchase program for
Quarterly Dividend
On February 24, 2026, the Company declared a quarterly dividend of
2026 Financial Outlook
“We maintained our consistent approach to capital allocation during the first quarter, identifying opportunities to invest through our newly formed acquisition joint venture with CBRE and remaining active with share repurchases,” commented Tim Martin, Chief Financial Officer. “Our disciplined approach underscores our confidence in the long-term value of the platform and continued advancement of our strategy.”
The Company estimates that its fully diluted earnings per share for 2026 will be between
| Current Ranges for | Current Ranges for | |||||||||||||||
| 2026 Full Year Guidance Range Summary | Annual Assumptions | Prior Guidance (1) | ||||||||||||||
| Same-store revenue growth | ( | to | ( | to | ||||||||||||
| Same-store expense growth | to | | to | |||||||||||||
| Same-store NOI growth | ( | to | ( | to | ||||||||||||
| Property management fee income | $ | 39.0M | to | $ | 41.0M | $ | 39.0M | to | $ | 41.0M | ||||||
| General and administrative expenses | $ | 66.5M | to | $ | 68.5M | $ | 66.5M | to | $ | 68.5M | ||||||
| Interest and loan amortization expense | $ | 124.5M | to | $ | 128.5M | $ | 124.5M | to | $ | 128.5M | ||||||
| Full year weighted average shares and units | 228.8M | 229.4M | ||||||||||||||
| Diluted earnings per share attributable to common | ||||||||||||||||
| shareholders | $ | 1.55 | to | $ | 1.63 | $ | 1.55 | to | $ | 1.63 | ||||||
| Plus: real estate depreciation and amortization | 0.97 | 0.97 | 0.97 | 0.97 | ||||||||||||
| FFO, as adjusted, per diluted share | $ | 2.52 | to | $ | 2.60 | $ | 2.52 | to | $ | 2.60 | ||||||
(1) Prior guidance as indicated in our fourth quarter earnings release dated February 26, 2026.
| 2nd Quarter 2026 Guidance | Range | |||||||||||||||
| Diluted earnings per share attributable to common shareholders | $ | 0.38 | to | $ | 0.40 | |||||||||||
| Plus: real estate depreciation and amortization | 0.24 | 0.24 | ||||||||||||||
| FFO, as adjusted, per diluted share | $ | 0.62 | to | $ | 0.64 | |||||||||||
Conference Call
Management will host a conference call at 11:00 a.m. ET on Friday, May 1, 2026 to discuss financial results for the three months ended March 31, 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 144313429. Registered financial analysts participating on the call may avoid delays by pre-registering using the following link: https://events.q4inc.com/analyst/144313429?pwd=lYxu9njp. A replay of the webcast will be available on the Company’s website following the live event.
Supplemental operating and financial data as of March 31, 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.
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.
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;
- 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
CUBESMART AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Storage properties | $ | 8,142,043 | $ | 8,134,189 | ||||
| Less: Accumulated depreciation | (1,804,268 | ) | (1,758,340 | ) | ||||
| Storage properties, net (includes VIE amounts of | 6,337,775 | 6,375,849 | ||||||
| Cash and cash equivalents (including VIE amounts of | 7,258 | 5,782 | ||||||
| Restricted cash (including VIE amounts of | 2,212 | 4,451 | ||||||
| Loan procurement costs, net of amortization | 1,503 | 1,803 | ||||||
| Investment in real estate ventures, at equity | 74,884 | 74,034 | ||||||
| Other assets, net | 174,504 | 181,274 | ||||||
| Total assets | $ | 6,598,136 | $ | 6,643,193 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Unsecured senior notes, net | $ | 2,926,318 | $ | 2,925,103 | ||||
| Revolving credit facility | 415,100 | 378,800 | ||||||
| Mortgage loans and notes payable, net (including VIE amounts of | 98,249 | 98,859 | ||||||
| Lease liabilities - finance leases | 65,534 | 65,579 | ||||||
| Accounts payable, accrued expenses and other liabilities | 224,474 | 229,666 | ||||||
| Distributions payable | 121,095 | 121,519 | ||||||
| Deferred revenue | 42,707 | 41,591 | ||||||
| Total liabilities | 3,893,477 | 3,861,117 | ||||||
| Noncontrolling interests in the Operating Partnership | 36,072 | 36,167 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| Common shares $.01 par value, 400,000,000 shares authorized, 226,465,557 and 227,269,217 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 2,265 | 2,273 | ||||||
| Additional paid-in capital | 4,304,254 | 4,302,554 | ||||||
| Accumulated other comprehensive loss | (229 | ) | (249 | ) | ||||
| Accumulated deficit | (1,657,027 | ) | (1,585,135 | ) | ||||
| Total CubeSmart shareholders’ equity | 2,649,263 | 2,719,443 | ||||||
| Noncontrolling interests in subsidiaries | 19,324 | 26,466 | ||||||
| Total equity | 2,668,587 | 2,745,909 | ||||||
| Total liabilities and equity | $ | 6,598,136 | $ | 6,643,193 | ||||
CUBESMART AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| REVENUES | ||||||||
| Rental income | $ | 239,925 | $ | 232,765 | ||||
| Other property related income | 32,072 | 29,766 | ||||||
| Property management fee income | 9,932 | 10,505 | ||||||
| Total revenues | 281,929 | 273,036 | ||||||
| OPERATING EXPENSES | ||||||||
| Property operating expenses | 90,068 | 82,934 | ||||||
| Depreciation and amortization | 61,438 | 59,156 | ||||||
| General and administrative | 17,189 | 16,068 | ||||||
| Total operating expenses | 168,695 | 158,158 | ||||||
| OTHER (EXPENSE) INCOME | ||||||||
| Interest: | ||||||||
| Interest expense on loans | (29,831 | ) | (26,100 | ) | ||||
| Loan procurement amortization expense | (1,065 | ) | (1,221 | ) | ||||
| Equity in earnings of real estate ventures | 607 | 379 | ||||||
| Other | (195 | ) | 809 | |||||
| Total other expense | (30,484 | ) | (26,133 | ) | ||||
| NET INCOME | 82,750 | 88,745 | ||||||
| Net income attributable to noncontrolling interests in the Operating Partnership | (357 | ) | (453 | ) | ||||
| Net loss attributable to noncontrolling interests in subsidiaries | 494 | 905 | ||||||
| NET INCOME ATTRIBUTABLE TO THE COMPANY | $ | 82,887 | $ | 89,197 | ||||
| Basic earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.39 | ||||
| Diluted earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.39 | ||||
| Weighted average basic shares outstanding | 227,809 | 228,663 | ||||||
| Weighted average diluted shares outstanding | 228,206 | 229,169 | ||||||
Same-Store Results (623 stores)
(in thousands, except percentages and per square foot data)
(unaudited)
| Three Months Ended | ||||||||||||
| March 31, | Percent | |||||||||||
| 2026 | 2025 | Change | ||||||||||
| REVENUES | ||||||||||||
| Rental income | $ | 226,190 | $ | 225,678 | 0.2 | % | ||||||
| Other property related income | 11,784 | 10,795 | 9.2 | % | ||||||||
| Total revenues | 237,974 | 236,473 | 0.6 | % | ||||||||
| OPERATING EXPENSES | ||||||||||||
| Property taxes (1) | 29,481 | 28,656 | 2.9 | % | ||||||||
| Personnel expense | 14,902 | 13,899 | 7.2 | % | ||||||||
| Advertising | 4,540 | 2,941 | 54.4 | % | ||||||||
| Repair and maintenance | 2,918 | 2,745 | 6.3 | % | ||||||||
| Utilities | 6,462 | 6,293 | 2.7 | % | ||||||||
| Property insurance | 2,716 | 3,449 | (21.3 | ) | % | |||||||
| Other expenses | 11,178 | 10,228 | 9.3 | % | ||||||||
| Total operating expenses | 72,197 | 68,211 | 5.8 | % | ||||||||
| Net operating income (2) | $ | 165,777 | $ | 168,262 | (1.5 | ) | % | |||||
| Gross margin | 69.7 | % | 71.2 | % | ||||||||
| Period end occupancy | 89.3 | % | 89.6 | % | ||||||||
| Period average occupancy | 89.0 | % | 89.4 | % | ||||||||
| Total rentable square feet | 45,252 | |||||||||||
| Realized annual rent per occupied square foot (3) | $ | 22.46 | $ | 22.32 | 0.6 | % | ||||||
| Reconciliation of Same-Store Net Operating Income to Net Income | ||||||||||||
| Same-store net operating income (2) | $ | 165,777 | $ | 168,262 | ||||||||
| Non same-store net operating income (2) | 9,213 | 4,713 | ||||||||||
| Indirect property overhead (4) | 16,871 | 17,127 | ||||||||||
| Depreciation and amortization | (61,438 | ) | (59,156 | ) | ||||||||
| General and administrative expense | (17,189 | ) | (16,068 | ) | ||||||||
| Interest expense on loans | (29,831 | ) | (26,100 | ) | ||||||||
| Loan procurement amortization expense | (1,065 | ) | (1,221 | ) | ||||||||
| Equity in earnings of real estate ventures | 607 | 379 | ||||||||||
| Other | (195 | ) | 809 | |||||||||
| Net income | $ | 82,750 | $ | 88,745 | ||||||||
| (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 ( | |
| (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. |
Non-GAAP Measure – Computation of Funds From Operations
(in thousands, except percentages and per share and unit data)
(unaudited)
| Three Months Ended | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income attributable to the Company's common shareholders | $ | 82,887 | $ | 89,197 | |||
| Add: | |||||||
| Real estate depreciation and amortization: | |||||||
| Real property | 59,508 | 56,689 | |||||
| Company's share of unconsolidated real estate ventures | 1,478 | 1,810 | |||||
| Net income attributable to noncontrolling interests in the Operating Partnership | 357 | 453 | |||||
| FFO attributable to the Company's common shareholders and third-party OP unitholders | $ | 144,230 | $ | 148,149 | |||
| Basic earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.39 | |||
| Diluted earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.39 | |||
| FFO per diluted share and unit | $ | 0.63 | $ | 0.64 | |||
| FFO, as adjusted per diluted share and unit | $ | 0.63 | $ | 0.64 | |||
| Weighted average basic shares outstanding | 227,809 | 228,663 | |||||
| Weighted average diluted shares outstanding | 228,206 | 229,169 | |||||
| Weighted average diluted shares and units outstanding | 229,191 | 230,340 | |||||
| Dividends per common share and unit | $ | 0.53 | $ | 0.52 | |||
| Payout ratio of FFO, as adjusted | 84.1 | % | 81.3 | % | |||
