What CubeSmart reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we owned (or partially owned and consolidated) 662 self-storage properties that contained an aggregate of approximately 48.4 million rentable square feet and are located in 25 states and the District of Columbia. The following table sets forth summary information regarding our stores by state as of December 31, 2025.
The rest of Item 2
Number of · Number of · Rentable · Rentable · Ending
State · Stores · Units · Square Feet · Square Feet · Occupancy
Texas · 98 · 63,324 · 7,424,649 · 15.3 · 88.7
Florida · 95 · 68,736 · 7,171,875 · 14.8 · 88.0
New York · 61 · 86,603 · 4,878,237 · 10.1 · 88.5
California · 63 · 45,190 · 4,786,592 · 9.9 · 88.2
Arizona · 51 · 29,332 · 3,319,447 · 6.9 · 86.8
Illinois · 47 · 29,514 · 3,167,028 · 6.5 · 90.7
New Jersey · 30 · 22,575 · 2,161,598 · 4.5 · 89.3
Maryland · 22 · 19,014 · 1,860,407 · 3.8 · 86.3
Georgia · 24 · 15,454 · 1,806,693 · 3.7 · 85.5
Nevada · 22 · 14,544 · 1,714,978 · 3.5 · 91.0
Connecticut · 27 · 13,770 · 1,551,182 · 3.2 · 85.7
Ohio · 20 · 11,081 · 1,294,628 · 2.7 · 87.5
Massachusetts · 20 · 13,066 · 1,252,530 · 2.6 · 87.8
Virginia · 11 · 11,026 · 1,060,247 · 2.2 · 88.8
Pennsylvania · 14 · 10,257 · 1,032,539 · 2.1 · 87.7
Tennessee · 9 · 5,699 · 755,798 · 1.6 · 85.6
Colorado · 10 · 5,493 · 654,122 · 1.4 · 89.3
North Carolina · 9 · 5,344 · 612,023 · 1.3 · 88.0
South Carolina · 8 · 3,872 · 432,324 · 0.9 · 85.9
Washington D.C. · 5 · 5,293 · 410,676 · 0.9 · 85.0
Rhode Island · 4 · 2,023 · 247,305 · 0.5 · 89.6
Minnesota · 3 · 2,450 · 246,115 · 0.5 · 91.6
Utah · 4 · 2,514 · 236,063 · 0.5 · 86.4
New Mexico · 3 · 1,686 · 182,261 · 0.4 · 82.3
Indiana · 1 · 584 · 70,486 · 0.1 · 91.3
Oregon · 1 · 560 · 59,863 · 0.1 · 90.7
Total/Weighted average · 662 · 489,004 · 48,389,666 · 100.0 · 88.1
We have grown by adding stores to our portfolio through acquisitions and development. The tables set forth below show the ending occupancy, annual rent per occupied square foot and total revenues related to our stores owned as of December 31, 2025, and for each of the previous three years, grouped by the year during which we first owned or operated the store.
Stores by Year Acquired/Developed– Ending Occupancy
Number of · Rentable · Ending Occupancy
Year Acquired/Developed (1) · Stores · Square Feet · 2025 · 2024 · 2023
2022 and earlier · 610 · 44,123,529 · 88.4 · 89.1 · 89.8
2023 · 1 · 74,465 · 92.9 · 89.3 · 87.6
2024 · 20 · 1,667,065 · 84.3 · 78.8 · —
2025 · 31 · 2,524,607 · 85.4 · — · —
All stores owned as of December 31, 2025 · 662 · 48,389,666 · 88.1 · 88.8 · 89.8
Stores by Year Acquired/Developed - Annual Rent Per Occupied Square Foot (2)
Number of · Annual Rent per Square Foot
Year Acquired/Developed (1) · Stores · 2025 · 2024 · 2023
2022 and earlier · 610 · 23.62 · 23.64 · 23.43
2023 · 1 · 25.59 · 26.41 · 28.01
2024 · 20 · 15.17 · 16.33 · —
2025 · 31 · 20.28 · — · —
All stores owned as of December 31, 2025 · 662 · 23.29 · 23.46 · 23.54
Stores by Year Acquired/Developed - Total Revenues (dollars in thousands)
Number of · Total Revenues
Year Acquired/Developed (1) · Stores · 2025 · 2024 · 2023
2022 and earlier · 610 · 994,641 · 996,105 · 996,175
2023 · 1 · 1,871 · 1,873 · 114
2024 · 20 · 22,030 · 3,741 · —
2025 · 31 · 38,617 · — · —
All stores owned as of December 31, 2025 · 662 · 1,057,159 · 1,001,719 · 996,289
(1) · Represents the year acquired/developed for those stores we acquired from a third party or the year placed in service for those stores we developed. Tables do not include 2023 results for one development property that was partially completed during the year ended December 31, 2023. This development property was fully completed during the year ended December 31, 2024.
(2) · Determined by dividing the aggregate rental revenue for each twelve-month period by the average of the month-end occupied square feet for the period. Rental revenue includes the impact of promotional discounts, which reduce rental income over the promotional period, of $24.2 million, $22.7 million and $19.4 million for the periods ended December 31, 2025, 2024 and 2023, respectively.
Unconsolidated Real Estate Ventures
As of December 31, 2025, we held ownership interests ranging from 10% to 50% in five unconsolidated real estate ventures for an aggregate investment carrying value of $74.0 million. We hold interests in these real estate ventures with unaffiliated third parties to own, operate, and acquire self-storage properties in select markets. As of December 31, 2025, these real estate ventures owned a total of 49 self-storage properties that contained an aggregate of approximately 3.3 million rentable square feet. The self-storage properties owned by these real estate ventures are managed by us and are located in California (2), Connecticut (3), Florida (2), Massachusetts (6), New Jersey (3), New York (1), North Carolina (1), Rhode Island (2), Texas (27) and Vermont (2).
We do not consolidate the assets and liabilities of each of the real estate ventures in our financial statements.
We account for our investments in real estate ventures using the equity method of accounting when it is determined that we have the ability to exercise significant influence over the venture. See note 5 to our consolidated financial statements for further disclosure regarding the assets, liabilities and operating results of our unconsolidated real estate ventures which we account for using the equity method of accounting.
Capital Expenditures
We have a capital improvement program that covers office upgrades, climate-control enhancements, solar panel installations and other store upgrades. In 2026, we anticipate spending approximately $20.0 million to $25.0 million associated with these capital expenditures. In 2026, we also anticipate spending approximately $27.5 million to $32.5 million on recurring capital expenditures and approximately $0.5 million to $2.0 million on the development of new self-storage properties.