Self-Storage REITs Report Mixed Q2 2026 Earnings
The top U.S. self-storage REITs—CubeSmart, Extra Space Storage, and Public Storage—reported mixed results in their second-quarter earnings for 2026. While occupancy levels remained strong across the sector, revenue growth varied significantly among companies due to diverging expense trends and strategic moves like acquisitions. Extra Space outperformed peers with a 3.5% increase in same-store NOI and lower expenses, while CubeSmart saw a slight decline in same-store NOI amid rising costs. Public Storage reported strong margins but faced a revenue dip despite higher occupancy levels after completing its $10.5 billion acquisition of NSA Self Storage. Despite these challenges, all three REITs are pursuing expansion strategies through acquisitions and third-party management platforms to offset increasing operating expenses such as payroll and property taxes.
Topics: acquisition activity noi growth q2 earnings self-storage