NYSE : CUBE
CubeSmart — Financial statements
Real Estate · REIT - Industrial · United States
Last price 42.74 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 9.59B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 970.82M | 956.65M | 911.16M | 912.00M | 879.29M | 707.75M |
| Property Management Fees | 39.76M | 40.24M | 41.42M | 36.54M | 34.17M | 31.21M |
| Other Revenue | 137.15M | 128.68M | 116.14M | 107.88M | 145.04M | 108.88M |
| Total Revenue | 1.15B | 1.13B | 1.07B | 1.06B | 1.06B | 847.84M |
| Property Expenses | 339.21M | 321.11M | 291.75M | 270.28M | 270.86M | 231.10M |
| Selling, General & Administrative | 99.38M | 94.95M | 85.66M | 81.54M | 77.02M | 68.81M |
| Depreciation & Amortization | 239.04M | 258.15M | 205.70M | 201.24M | 310.61M | 232.05M |
| Total Operating Expenses | 677.63M | 674.21M | 583.12M | 553.06M | 658.49M | 531.96M |
| Operating Income | 470.09M | 451.36M | 485.61M | 503.36M | 400.01M | 315.88M |
| Interest Expense | -125.27M | -119.07M | -94.89M | -97.21M | -97.18M | -86.62M |
| Other Non-Operating Income | 609.00K | 2.72M | 1.16M | 6.28M | -10.36M | -10.82M |
| EBT Excluding Unusual Items | 345.43M | 335.01M | 391.88M | 412.44M | 292.47M | 218.44M |
| Gain (Loss) on Sale of Assets | 2.50M | 32.70M | ||||
| Other Unusual Items | -3.69M | -3.69M | -20.33M | |||
| Pretax Income | 344.25M | 331.32M | 391.88M | 412.44M | 292.47M | 230.81M |
| Earnings From Continuing Operations | 344.25M | 331.32M | 391.88M | 412.44M | 292.47M | 230.81M |
| Minority Interest in Earnings | 1.28M | 2.46M | -705.00K | -1.68M | -1.21M | -7.33M |
| Net Income | 345.52M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
| Net Income to Common | 345.52M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
| Basic Shares Outstanding | 227.23M | 228.73M | 226.35M | 225.42M | 224.93M | 203.83M |
| Diluted Shares Outstanding | 227.61M | 229.16M | 227.15M | 226.24M | 225.88M | 205.01M |
| EPS (Basic) | 1.52 | 1.46 | 1.73 | 1.82 | 1.29 | 1.10 |
| EPS (Diluted) | 1.52 | 1.46 | 1.72 | 1.82 | 1.29 | 1.09 |
| Dividend Per Share | 2.12 | 2.09 | 2.05 | 1.98 | 1.78 | 1.45 |
| Operating Margin | 40.96% | 40.10% | 45.44% | 47.65% | 37.79% | 37.26% |
| Profit Margin | 30.10% | 29.65% | 36.60% | 38.88% | 27.52% | 26.36% |
| EBITDA | 709.14M | 709.51M | 691.32M | 704.60M | 710.62M | 547.93M |
| EBITDA Margin | 61.79% | 63.04% | 64.69% | 66.70% | 67.13% | 64.63% |
| D&A For Ebitda | 239.04M | 258.15M | 205.70M | 201.24M | 310.61M | 232.05M |
| EBIT | 470.09M | 451.36M | 485.61M | 503.36M | 400.01M | 315.88M |
| EBIT Margin | 40.96% | 40.10% | 45.44% | 47.65% | 37.79% | 37.26% |
| Funds From Operations (FFO) | 581.71M | 590.18M | 600.76M | 615.11M | 562.65M | 410.28M |
| FFO Per Share | 2.54 | 2.56 | 2.63 | 2.70 | 2.47 | 1.93 |
| Adjusted Funds From Operations (AFFO) | 584.92M | 593.32M | 600.76M | 609.43M | 574.47M | 448.61M |
| AFFO Per Share | 2.56 | 2.58 | 2.63 | 2.68 | 2.53 | 2.11 |
| FFO Payout Ratio | 82.65% | 80.71% | 76.86% | 71.89% | 68.80% | 66.74% |
| Revenue as Reported | 1.15B | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 6.32B | 6.42B | 6.09B | 6.00B | 6.10B | 6.15B |
| Cash & Equivalents | 14.31M | 5.78M | 71.56M | 6.53M | 6.06M | 11.14M |
| Accounts Receivable | 9.90M | 9.70M | 16.62M | 15.14M | 14.07M | 8.14M |
| Other Receivables | 19.92M | 19.15M | 18.87M | 18.05M | 15.95M | 15.42M |
| Other Intangible Assets | 447.00K | 7.79M | 10.33M | 1.81M | 1.18M | 108.79M |
| Loans Receivable Current | 5.00M | 5.00M | ||||
| Restricted Cash | 1.79M | 4.45M | 6.10M | 1.69M | 2.86M | 2.18M |
| Other Current Assets | 17.45M | 15.30M | 15.04M | 13.05M | 13.91M | 59.60M |
| Deferred Long-Term Charges | 6.31M | 1.80M | 2.73M | 4.00M | 5.18M | 2.32M |
| Other Long-Term Assets | 151.81M | 149.94M | 160.31M | 163.06M | 169.12M | 188.07M |
| Total Assets | 6.55B | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B |
| Current Portion of Long-Term Debt | 340.99M | 300.00M | ||||
| Current Portion of Leases | 4.92M | |||||
| Long-Term Debt | 3.54B | 3.06B | 2.69B | 2.92B | 3.00B | 3.15B |
| Long-Term Leases | 65.43M | 110.26M | 115.64M | 116.04M | 114.42M | 119.82M |
| Accounts Payable | 250.32M | 180.06M | 179.61M | 151.09M | 165.72M | 145.97M |
| Other Current Liabilities | 119.48M | 121.52M | 119.60M | 115.82M | 112.96M | 99.92M |
| Long-Term Unearned Revenue | 43.12M | 41.59M | 38.92M | 38.48M | 38.76M | 37.14M |
| Other Long-Term Liabilities | 1.06M | |||||
| Total Liabilities | 4.01B | 3.86B | 3.44B | 3.34B | 3.43B | 3.55B |
| Common Stock | 2.23M | 2.27M | 2.28M | 2.25M | 2.25M | 2.24M |
| Additional Paid-In Capital | 4.31B | 4.30B | 4.29B | 4.14B | 4.13B | 4.09B |
| Retained Earnings | -1.84B | -1.59B | -1.42B | -1.35B | -1.30B | -1.22B |
| Comprehensive Income & Other | -189.00K | -249.00K | -330.00K | -411.00K | -491.00K | -570.00K |
| Total Common Equity | 2.48B | 2.72B | 2.87B | 2.80B | 2.83B | 2.87B |
| Minority Interest | 55.17M | 62.63M | 82.01M | 81.98M | 71.60M | 126.82M |
| Shareholders' Equity | 2.53B | 2.78B | 2.95B | 2.88B | 2.90B | 3.00B |
| Total Liabilities & Equity | 6.55B | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B |
| Total Debt | 3.60B | 3.52B | 3.10B | 3.04B | 3.11B | 3.27B |
| Net Cash (Debt) | -3.59B | -3.51B | -3.03B | -3.03B | -3.10B | -3.25B |
| Net Cash Per Share | -15.76 | -15.33 | -13.34 | -13.40 | -13.74 | -15.87 |
| Filing Date Shares Outstanding | 223.40M | 227.09M | 227.88M | 224.95M | 224.63M | 224.00M |
| Total Common Shares Outstanding | 223.40M | 227.27M | 227.76M | 224.92M | 224.60M | 223.92M |
| Book Value Per Share | 11.09 | 11.97 | 12.61 | 12.44 | 12.58 | 12.82 |
| Tangible Book Value | 2.48B | 2.71B | 2.86B | 2.80B | 2.83B | 2.76B |
| Tangible Book Value Per Share | 11.08 | 11.93 | 12.56 | 12.44 | 12.58 | 12.34 |
| Land | 1.73B | 1.71B | 1.65B | 1.59B | 1.59B | 1.57B |
| Buildings | 6.24B | 6.20B | 5.76B | 5.52B | 5.48B | 5.37B |
| Construction In Progress | 27.19M | 34.60M | 33.72M | 69.01M | 37.58M | 78.22M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 345.52M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
| Depreciation & Amortization | 239.04M | 258.15M | 205.70M | 201.24M | 310.61M | 232.05M |
| Other Amortization | 4.49M | 4.97M | 4.07M | 4.14M | 3.90M | 8.17M |
| Gain (Loss) on Sale of Assets | -2.50M | -32.70M | ||||
| Stock-Based Compensation | 12.51M | 11.54M | 11.49M | 10.09M | 9.08M | 8.09M |
| Income (Loss) on Equity Investments | 1.24M | 1.51M | 2.16M | -618.00K | -48.88M | -25.27M |
| Change in Accounts Payable | 3.15M | 2.48M | 24.02M | 96.00K | 20.39M | 14.87M |
| Change in Other Net Operating Assets | -5.74M | -5.33M | -7.91M | -10.49M | 5.03M | -5.32M |
| Other Operating Activities | 3.06M | 1.41M | 364.00K | -4.08M | 67.00K | 25.82M |
| Operating Cash Flow | 600.77M | 608.51M | 631.07M | 611.14M | 591.47M | 449.19M |
| Acquisition of Real Estate Assets | -121.35M | -122.52M | -115.94M | -109.80M | -154.59M | -256.04M |
| Sale of Real Estate Assets | 2.98M | 238.00K | 43.19M | 44.03M | ||
| Net Sale / Acq. of Real Estate Assets | -118.36M | -122.52M | -115.94M | -109.56M | -111.40M | -212.02M |
| Cash Acquisition | -451.14M | -57.18M | -1.68B | |||
| Investment in Marketable & Equity Securities | 458.00K | 2.33M | 4.15M | 8.32M | 62.63M | 38.33M |
| Other Investing Activities | 5.00M | -5.00M | 7.42M | |||
| Investing Cash Flow | -112.91M | -571.32M | -173.96M | -93.82M | -48.77M | -1.85B |
| Long-Term Debt Issued | 1.85B | 697.04M | 794.45M | 633.95M | 1.95B | |
| Long-Term Debt Repaid | -1.43B | -747.48M | -869.84M | -785.38M | -1.20B | |
| Net Debt Issued (Repaid) | 100.81M | 413.57M | -50.44M | -75.39M | -151.43M | 748.26M |
| Issuance of Common Stock | 8.38M | 5.41M | 128.21M | 2.72M | 6.47M | 973.50M |
| Repurchase of Common Stock | -196.11M | -35.57M | -1.40M | -876.00K | ||
| Common Dividends Paid | -480.79M | -476.31M | -461.77M | -442.22M | -387.11M | -273.84M |
| Total Dividends Paid | -480.79M | -476.31M | -461.77M | -442.22M | -387.11M | -273.84M |
| Other Financing Activities | -18.82M | -11.71M | -3.67M | -3.13M | -13.62M | -36.48M |
| Net Cash Flow | -98.66M | -67.43M | 69.45M | -708.00K | -4.39M | 7.09M |
| Levered Free Cash Flow | 483.49M | 492.74M | 484.05M | 456.41M | 584.21M | 408.85M |
| Unlevered Free Cash Flow | 557.30M | 562.19M | 539.29M | 513.02M | 641.05M | 454.81M |
| Cash Interest Paid | 116.47M | 106.83M | 92.61M | 95.50M | 92.29M | 79.15M |
| Change in Working Capital | -2.59M | -2.85M | 16.11M | -10.39M | 25.43M | 9.55M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.59B | 8.22B | 9.69B | 10.42B | 9.04B | 12.45B |
| Enterprise Value | 13.18B | 11.68B | 12.67B | 13.47B | 12.19B | 15.11B |
| Last Close Price | 42.74 | 34.05 | 38.52 | 40.34 | 33.48 | 45.43 |
| Price/FFO Ratio | 14.56 | 13.30 | 14.64 | 14.94 | 13.55 | 23.49 |
| Price/AFFO Ratio | 14.46 | 13.20 | 14.64 | 15.05 | 13.23 | 21.48 |
| PE Ratio | 28.12 | 24.63 | 24.77 | 25.37 | 31.03 | 55.72 |
| PS Ratio | 8.36 | 7.30 | 9.07 | 9.87 | 8.54 | 14.69 |
| PB Ratio | 3.86 | 2.96 | 3.28 | 3.62 | 3.12 | 4.15 |
| P/OCF Ratio | 15.96 | 13.51 | 15.36 | 17.05 | 15.28 | 27.72 |
| EV/Sales Ratio | 11.48 | 10.38 | 11.86 | 12.75 | 11.52 | 17.82 |
| EV/EBITDA Ratio | 18.58 | 16.46 | 18.33 | 19.11 | 17.16 | 27.58 |
| EV/EBIT Ratio | 28.03 | 25.88 | 26.10 | 26.75 | 30.48 | 47.84 |
| Debt / Equity Ratio | 1.42 | 1.26 | 1.05 | 1.05 | 1.07 | 1.09 |
| Debt / EBITDA Ratio | 5.05 | 4.93 | 4.46 | 4.29 | 4.35 | 5.91 |
| Net Debt / Equity Ratio | 1.42 | 1.26 | 1.03 | 1.05 | 1.07 | 1.08 |
| Net Debt / EBITDA Ratio | 5.06 | 4.95 | 4.38 | 4.30 | 4.37 | 5.94 |
| Asset Turnover | 0.17 | 0.17 | 0.17 | 0.17 | 0.16 | 0.15 |
| Quick Ratio | 0.12 | 0.05 | 0.18 | 0.15 | 0.13 | 0.14 |
| Current Ratio | 0.17 | 0.09 | 0.22 | 0.20 | 0.19 | 0.39 |
| Return on Equity (ROE) | 12.78% | 11.55% | 13.43% | 14.27% | 9.92% | 9.07% |
| Return on Assets (ROA) | 4.42% | 4.33% | 4.81% | 5.01% | 3.88% | 3.49% |
| Earnings Yield | 3.56% | 4.06% | 4.04% | 3.94% | 3.22% | 1.80% |
| Dividend Yield | 4.96% | 5.78% | 4.82% | 4.27% | 4.42% | 2.61% |
| Payout Ratio | 139.50% | 142.70% | 118.05% | 107.66% | 132.91% | 122.53% |
| Buyback Yield / Dilution | 0.60% | -0.89% | -0.40% | -0.16% | -10.18% | -5.16% |
| Total Shareholder Return | 5.56% | 4.89% | 4.42% | 4.11% | -5.76% | -2.56% |