CubeSmart operates 1,524 properties with 48.4 million total owned square feet as of December 31, 2025, and has an Enterprise Value of $11.6 billion. The company achieved a 35% 5-year total shareholder return and 50% 5-year growth in FFO per share, as adjusted, for the period ended December 31, 2025. CubeSmart reported $2.6 billion in 5-year acquisition volume and 57% 5-year dividend growth, maintaining a Baa2/BBB credit rating. The portfolio is concentrated in quality markets, with 91% of owned Net Operating Income (NOI) derived from top-40 MSAs, and holds a market-leading position in New York City. For 2025, same-store revenue growth was (0.5)%, same-store expense growth was 1.2%, and same-store NOI growth was (1.1)%. FFO per share, as adjusted, was $2.58. In 2025, CubeSmart completed $501.8 million in acquisitions, including the remaining 80% interest in the HVP IV joint venture for $452.8 million, and added 136 stores to its third-party management platform, totaling 862 managed stores. The quarterly dividend increased to $0.53 for Q4 2025, marking the 16th consecutive annual increase. The company issued $450.0 million in senior unsecured notes at 5.125% due 2035 on August 20, 2025. The full-year 2026 outlook projects same-store revenue growth between (0.25%) and 1.25%, same-store expense growth between 3.25% and 4.75%, same-store NOI growth between (1.75%) and 0.25%, and FFO per share, as adjusted, between $2.52 and $2.60. Year-to-date same-store occupancy through February 26, 2026, was 89.0%, a 40 basis point decrease year-over-year.