Same-store revenue fell at Public Storage and climbed 2.4% at Extra Space in Q2 2026

Three self-storage REITs reported second-quarter same-store results in late July 2026: Public Storage’s revenue fell 0.6%, CubeSmart’s rose 0.8%, and Extra Space Storage’s rose 2.4%.

How each pool is constructed

A same-store figure compares one fixed group of properties across two periods. Properties acquired recently, or still filling up, are excluded; their occupancy trajectory would distort the comparison.

The three pools differ in size and in their qualifying rules. Public Storage’s held 2,755 facilities totaling 192.1 million net rentable square feet, which the company said made up about 83% of the net rentable square feet in its U.S. consolidated portfolio. It counts facilities owned and operated at a stabilized level since January 1, 2024.

Extra Space’s pool held 1,870 stores. Its qualifying date is January 1, 2025, one year later than Public Storage’s. The company considers a store stabilized after three years of operation, or after one year of averaging 80.0% or greater square foot occupancy.

CubeSmart’s pool held 623 stores with 45.2 million rentable square feet, which the company said was about 93.3% of the aggregate rentable square footage in its 662 consolidated stores. Those properties represented about 94.8% of CubeSmart’s property net operating income for the quarter.

A pool built with a later qualifying date captures different properties than one built with an earlier cutoff. The three pools share a structure but not an identical composition.

Revenue, occupancy, and rent per foot

Public Storage’s same-store revenue fell to $1,006,549 thousand from $1,012,439 thousand in Q2 2025. Square foot occupancy at quarter end rose from 91.9% to 92.4%. Realized annual rent per occupied square foot fell to $21.89 from $22.06, a decline of 0.8%.

CubeSmart’s same-store revenue rose to $241,387 thousand from $239,466 thousand. Occupancy at quarter end was 91.0% in both years. Realized annual rent per occupied square foot was $22.34, up 0.7% from $22.18.

Extra Space’s same-store revenues rose to $690,192 thousand from $674,261 thousand. Occupancy at quarter end was 94.2%, compared with 94.4% a year earlier. Extra Space’s release does not provide a realized rent per occupied square foot figure.

At Public Storage, occupancy moved up while revenue moved down. That is consistent with the decline in rent per foot, though the company’s release does not frame it that way.

Costs and net operating income

Expense trends separated the results further. Public Storage’s same-store direct costs rose 4.3%, and its indirect costs rose 5.7%. Same-store net operating income fell 2.2%, to $746,373 thousand from $763,333 thousand.

CubeSmart’s same-store operating expenses rose 4.4%, with personnel expense up 7.5% and property taxes up 5.3%. Net operating income fell 0.7%.

Extra Space’s same-store operating expenses fell 0.5%. Net operating income rose 3.5%. Chief Executive Joe Margolis said: “Our operating systems and platform continue to optimize performance as we get deeper into the storage sector’s recovery.”

What the figures do and do not show

Same-store results describe a fixed group of stores. They leave out everything else.

Public Storage reported results for a non-same-store pool of 441 facilities in various stages of lease-up. That pool’s revenue grew 25.6% in the quarter and net operating income grew 21.5%. A company can report a declining same-store result and growth elsewhere in the same release.

CubeSmart’s funds from operations, as adjusted, were $0.63 per diluted share for the quarter, down 3.1% from $0.65 in Q2 2025. Its same-store NOI fell 0.7% over the same period. FFO and same-store NOI measure different things. One describes a fixed property pool; the other reflects the full company, including financing costs.

After the quarter ended, CubeSmart said it had reached an agreement to place 15 wholly owned stores into a new joint venture with a Heitman Capital Management affiliate, at an agreed value of $197.0 million. CubeSmart said it would keep a 20% interest and that closing was expected in the fourth quarter of 2026. Chief Executive Christopher Marr said the arrangement “provides an accretive source of capital to support share repurchases.”

On full-year guidance, Public Storage put its 2026 same-store revenue growth range at negative 0.7% to positive 0.3%. Extra Space put its range at 1.00% to 2.00%. Both are projections, not results.

The releases do not explain what drove the spread among the three companies. Pricing decisions, market geography, expense management, and tenant mix could each play a role; the headline figures do not separate them. The three pools cover large publicly traded operators, and independent operators do not appear in any of these figures; the results reflect a single quarter.