CubeSmart, Other Self-Storage REITs Signal Continued Recovery Following Q3 Results, BofA Says

12:18 PM EST, 11/02/2026 (MT Newswires) -- CubeSmart (CUBE), Extra Space Storage (EXR), and Public Storage (PSA) reported better-than-expected Q3 results and raised guidance, signaling a continued recovery in self-storage fundamentals, BofA Securities said in a note Monday. During the quarter, CubeSmart saw lower move-in rates but stronger rental activity, fewer vacancies, and improved occupancy, with move-in rates turning positive in October, the analysts said. Extra Space Storage reported slightly lower move-in rates but continued occupancy growth, while Public Storage prioritized pricing, the analysts added. "Overall, results reinforce a continued recovery in storage fundamentals, with moderating supply and lower churn supporting improving revenue growth despite relatively stable demand," the analysts added. BofA updated its estimates for CubeSmart to $2.59, $2.68, $2.77 and $2.89 for 2026, 2027, 2028, and 2029, respectively. Extra Space Storage estimates increased to $8.46, $8.70, $8.96, and $9.25, while Public Storage estimates rose to $17.10, $17.73, $18.54, and $19.78 over the same period. BofA also raised its price target on Public Storage to $348 from $341. Price: 43.74, Change: +1.00, Percent Change: +2.34