Self-Storage REITs Show Stable Q4

Self-storage REITs report stable Q4 2025 earnings, modest rent growth, steady occupancy, and continued acquisitions and dividend strength.

February 28, 2026

Nina Dale

Self-storage REITs saw stabilized occupancy rates and modest revenue growth in Q4 2025.
Major REITs increased investments in properties and management platforms despite flat or declining income metrics.
Dividends were raised or maintained by all four leading self-storage REITs in the quarter.
Strategic acquisitions and new joint ventures remain key growth drivers across the sector.

Key Takeaways

Modest Operating Growth

The four largest US self-storage REITs—CubeSmart, Extra Space, National Storage Affiliates Trust (NSAT), and Public Storage—reported continued stability and modest growth in the fourth quarter of 2025. ISS reports that companies pointed to stabilized occupancy, slow but steady rent growth, and ongoing investment as they prepare for improved conditions in 2026.

CubeSmart’s quarterly FFO dropped to $0.64 per share, down year-over-year, with same-store NOI falling 1.1% due to higher operating expenses. Physical occupancy for CubeSmart was 88.8%. By contrast, Extra Space delivered a core FFO increase of 2.5% and stable same-store revenue and NOI. NSAT’s net income rose by 40.8% but its core FFO per share dropped 5%. Public Storage saw positive same-store revenue in more than half its markets, though NOI margin and average occupancy both ticked slightly down.

Ongoing Investments and Expansion

Despite flat or declining income metrics, all four REITs focused on expansion and efficiency. CubeSmart and Extra Space each added nearly 30 sites to their management platforms in Q4. CubeSmart closed on two acquisitions and is investing $19M in a new joint-venture project, while Extra Space completed 27 acquisitions for $304.8M and expanded its managed portfolio to over 2,260 facilities.

NSAT acquired one new facility and formed a joint venture for future acquisitions. Public Storage acquired 13 facilities for $131M, ramped up third-party management, and progressed on development projects slated to add more than 3.5M net rentable SF over the next two years, as operators continue positioning themselves for stronger dividend performance later this year amid broader expectations of rising REIT payouts.

Dividend Increases and Sector Position

Dividends were a bright spot. CubeSmart raised its quarterly payout by 1.9%. Extra Space maintained its dividend at $1.62 per share. NSAT and Public Storage also delivered stable or increased dividends to shareholders.

With management signaling an inflection point and positive trends in customer rates and supply, the self-storage REIT sector remains focused on strategic acquisitions and operational discipline as it heads into 2026.