CubeSmart

CubeSmart has raised its full-year 2026 same-store revenue growth guidance to a range of 0.5% to 1.25%, up from its prior outlook, while also announcing a new joint venture with Heitman. CFO Timothy Martin said same-store revenue growth accelerated from 0.6% in the first quarter to 0.8% in the second quarter, and the midpoint of the new guidance implies further acceleration in the back half of the year. The company also improved its same-store expense growth guidance to 3.25% to 4.5%, citing moderating expense growth. In a separate move, CubeSmart will contribute 15 noncore assets to a newly formed joint venture with Heitman, in which it will hold a 20% ownership stake, and proceeds from the transaction will be used to fund share repurchases. CEO Christopher Marr described 2026 as a year of inflection with a return to positive growth, supported by strong customer health and lower vacate activity, while noting that primary markets are outperforming.

Barclays upgraded CubeSmart to Overweight from Equal Weight and downgraded Public Storage to Equal Weight from Overweight, citing relative valuations after CubeSmart's weaker year-to-date performance. The brokerage maintained its Overweight rating on Extra Space Storage. Barclays raised its price target on CubeSmart to $46 from $45, noting the company's urban-heavy portfolio and improving move-in trends, while leaving its $349 target on Public Storage unchanged. It also lifted its target on Extra Space Storage to $172 from $170, pointing to stronger move-in rates and growth from its third-party management platform.