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CUBE logoCubeSmart(CUBE)Earnings, Financials & Key Ratios

CUBE•NYSE•REIT / Real Estate
$39.17
$8.93B mkt cap·26.8× P/E·Price updated May 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustrySelf-Storage REITs
AboutCubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.Show more
  • Revenue$1.12B+5.3%
  • FFO$592M-0.8%
  • FFO/Share2.58-1.7%
  • FFO Payout80.47%+4.0%
  • FFO per Share2.58-1.7%
  • NOI Margin22.74%-67.6%
  • FFO Margin52.7%-5.9%
  • ROE11.64%-13.2%
  • ROA5.12%-17.4%
  • Debt/Assets53.2%+11.4%
  • Net Debt/EBITDA4.99+15.3%
  • Book Value/Share12.14-6.6%
Technical→

CUBE Key Insights

CubeSmart (CUBE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 15.0%
  • ✓16 consecutive years of dividend growth
  • ✓Healthy dividend yield of 5.3%

✗Weaknesses

  • ✗Low NOI margin of 22.7%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CUBE Price & Volume

CubeSmart (CUBE) stock price & volume — 10-year historical chart

Loading chart...

CUBE Growth Metrics

CubeSmart (CUBE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.71%
5 Years10.58%
3 Years3.61%
TTM5.02%

Profit CAGR

10 Years15.69%
5 Years15.05%
3 Years4.65%
TTM-15.13%

EPS CAGR

10 Years13.27%
5 Years11.43%
3 Years4.21%
TTM-15.98%

Return on Capital

10 Years7.42%
5 Years7.08%
3 Years7.97%
Last Year7.3%

CUBE Recent Earnings

CubeSmart (CUBE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 30, 2026
EPS
$0.63
Est $0.34
+83.6%
Revenue
$282M
Est $275M
+2.4%
Q1 2026
Feb 26, 2026
EPS
$0.64
Est $0.37
+73.1%
Revenue
$283M
Est $277M
+2.2%
Q4 2025
Oct 30, 2025
EPS
$0.65
Est $0.65
+0.0%
Revenue
$285M
Est $280M
+1.8%
Q3 2025
Jul 31, 2025
EPS
$0.65
Est $0.63
+3.2%
Revenue
$282M
Est $283M
-0.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.63vs $0.34+83.6%
$282Mvs $275M+2.4%
Q1 2026Feb 26, 2026
$0.64vs $0.37+73.1%
$283Mvs $277M+2.2%
Q4 2025Oct 30, 2025
$0.65vs $0.65+0.0%
$285Mvs $280M+1.8%
Q3 2025Jul 31, 2025
$0.65vs $0.63+3.2%
$282Mvs $283M-0.1%
Based on last 12 quarters of dataView full earnings history →

CUBE Peer Comparison

CubeSmart (CUBE) competitors in Self-Storage REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PSA logoPSAPublic StorageDirect Competitor52.46B298.8233.172.74%39.16%20.27%5.52%1.10
EXR logoEXRExtra Space Storage Inc.Direct Competitor29.52B139.7930.461.19%28.84%6.69%6.2%1.05
NSA logoNSANational Storage Affiliates TrustDirect Competitor3.23B41.9059.85-2.26%11.92%5.74%9.28%2.23
NNN logoNNNNNN REIT, Inc.Product Competitor8.45B44.4121.456.55%41.38%8.81%7.9%1.09
SELF logoSELFGlobal Self Storage, Inc.Product Competitor63.05M5.5630.891.4%16.04%4.34%6.58%0.34
SST logoSSTSystem1, Inc.Product Competitor32.19M3.98-0.48-22.62%-24.55%-151.28%0.55
URI logoURIUnited Rentals, Inc.Supply Chain58.51B933.9524.194.91%15.32%27.88%1.13%1.84
UHAL logoUHALU-Haul Holding CompanySupply Chain9.03B51.1730.283.61%2.32%1.8%0.97

Compare CUBE vs Peers

CubeSmart (CUBE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PSA

Most directly comparable listed peer for CUBE.

Scale Benchmark

vs PLD

Larger-name benchmark to compare CUBE against a more recognizable public peer.

Peer Set

Compare Top 5

vs PSA, EXR, NSA, NNN

CUBE Income Statement

CubeSmart (CUBE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue558.94M597.94M655.04M679.36M822.56M1.01B1.05B1.07B1.12B1.13B
Revenue Growth %9.59%6.98%9.55%3.71%21.08%22.74%4.03%1.51%5.33%5.02%
Property Operating Expenses181.51M196.87M198.24M206.73M252.1M293.26M294.78M317.75M867.71M784.77M
Net Operating Income (NOI)
377.44M▲ 0%
401.08M▲ 6.3%
456.8M▲ 13.9%
472.62M▲ 3.5%
570.46M▲ 20.7%
716.36M▲ 25.6%
755.55M▲ 5.5%
748.48M▼ 0.9%
255.4M▼ 65.9%
347.23M▲ 0%
NOI Margin %67.53%67.08%69.74%69.57%69.35%70.95%71.93%70.2%22.74%30.67%
Operating Expenses180.43M181.06M50.06M58.32M279.86M365.23M258.28M265.37M-193.5M-178.65M
G&A Expenses44.45M48.01M50.06M58.32M68.81M77.02M57.04M85.66M64.66M70.65M
EBITDA559.35M600.16M570.28M570.87M522.65M661.74M702.65M688.82M707.05M596.58M
EBITDA Margin %100.07%100.37%87.06%84.03%63.54%65.54%66.9%64.6%62.95%52.7%
Depreciation & Amortization363.63M380.14M163.55M156.57M232.05M310.61M205.38M205.7M258.15M262.91M
D&A / Revenue %65.06%63.57%24.97%23.05%28.21%30.76%19.55%19.29%22.99%23.23%
Operating Income
195.72M▲ 0%
220.02M▲ 12.4%
406.74M▲ 84.9%
414.3M▲ 1.9%
290.6M▼ 29.9%
351.13M▲ 20.8%
497.27M▲ 41.6%
483.12M▼ 2.8%
448.9M▼ 7.1%
333.66M▲ 0%
Operating Margin %35.02%36.8%62.09%60.98%35.33%34.78%47.34%45.31%39.97%29.48%
Interest Expense00000000114.1M0
Interest Coverage--------3.90x-
Non-Operating Income1.39M-7.6M163.55M156.57M00-8.22M410K3.48M3.45M
Pretax Income
135.61M▲ 0%
165.49M▲ 22.0%
170.77M▲ 3.2%
167.61M▼ 1.9%
230.81M▲ 37.7%
292.47M▲ 26.7%
412.44M▲ 41.0%
391.88M▼ 5.0%
331.32M▼ 15.5%
325.46M▲ 0%
Pretax Margin %24.26%27.68%26.07%24.67%28.06%28.97%39.27%36.75%29.5%28.75%
Income Tax0000000000
Effective Tax Rate %0%0%0%0%0%0%0%0%0%0%
Net Income
134.29M▲ 0%
163.89M▲ 22.0%
169.12M▲ 3.2%
165.62M▼ 2.1%
223.48M▲ 34.9%
291.26M▲ 30.3%
410.76M▲ 41.0%
391.18M▼ 4.8%
333.78M▼ 14.7%
327.47M▲ 0%
Net Margin %24.03%27.41%25.82%24.38%27.17%28.85%39.11%36.69%29.72%28.93%
Net Income Growth %52.76%22.04%3.19%-2.07%34.94%30.33%41.03%-4.77%-14.67%-15.13%
Funds From Operations (FFO)
497.92M▲ 0%
544.03M▲ 9.3%
332.66M▼ 38.9%
322.19M▼ 3.1%
455.53M▲ 41.4%
601.87M▲ 32.1%
616.14M▲ 2.4%
596.88M▼ 3.1%
591.93M▼ 0.8%
590.38M▲ 0%
FFO Margin %89.08%90.98%50.79%47.43%55.38%59.61%58.66%55.98%52.7%52.15%
FFO Growth %9.33%9.26%-38.85%-3.15%41.38%32.13%2.37%-3.12%-0.83%-6.89%
FFO per Share2.742.931.741.652.222.662.722.632.582.59
FFO Payout Ratio %39.16%40.68%73.3%79.53%61.94%64.32%71.77%77.36%80.47%60.51%
EPS (Diluted)
0.74▲ 0%
0.88▲ 18.9%
0.44▼ 50.0%
0.85▲ 93.2%
1.09▲ 28.2%
1.29▲ 18.3%
1.82▲ 41.1%
1.72▼ 5.5%
1.46▼ 15.1%
1.44▲ 0%
EPS Growth %64.44%18.92%-50%93.18%28.24%18.35%41.09%-5.49%-15.12%-15.98%
EPS (Basic)0.740.890.440.851.101.291.821.731.46-
Diluted Shares Outstanding181.45M185.5M191.58M194.94M205.01M225.88M226.24M227.15M229.16M228.21M

CUBE Balance Sheet

CubeSmart (CUBE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets3.55B3.75B4.03B4.78B6.55B6.33B6.23B6.39B6.64B6.6B
Asset Growth %2.02%5.86%7.37%18.58%37.04%-3.39%-1.59%2.72%3.89%19.4%
Real Estate & Other Assets3.41B3.61B3.79B4.52B6.11B6.06B5.96B6.05B93.01M0
PP&E (Net)0041.7M55.3M54.74M49.49M50.48M49.44M48.42M0
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets37.59M38.27M95.45M51.35M156.78M108.42M114.49M196.95M44.09M7.26M
Cash & Equivalents5.27M3.76M54.86M3.59M11.14M6.06M6.53M71.56M5.78M7.26M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets13.28M12.36M16.86M19.84M111.79M62.18M61.73M69.86M4.45M0
Intangible Assets1.72M8.14M10.28M57.82M108.79M1.18M1.81M10.33M7.79M0
Total Liabilities1.86B1.98B2.16B2.69B3.55B3.43B3.34B3.44B3.86B3.89B
Total Debt1.63B1.75B1.93B2.43B3.21B3.06B2.99B3.05B3.53B0
Net Debt1.63B1.74B1.88B2.43B3.2B3.06B2.98B2.98B3.53B-7.26M
Long-Term Debt1.55B1.55B1.93B2.25B2.94B2.94B2.9B2.99B3B0
Short-Term Borrowings81.7M195.53M0117.8M209.9M60.9M18.1M0345.91M0
Capital Lease Obligations00065.6M65.8M65.76M65.71M65.67M173.37M304.61M
Total Current Liabilities301.87M428.66M227.88M374.33M546.95M427M373.82M388.1M345.91M42.71M
Accounts Payable143.34M149.91M137.88M159.14M199.99M214.38M201.42M229.58M00
Deferred Revenue21.53M22.59M25.31M29.09M37.14M38.76M38.48M38.92M41.59M42.71M
Other Liabilities-21.04M-22.12M-24.84M-28.01M-36.08M000301.72M3.85B
Total Equity
1.69B▲ 0%
1.77B▲ 4.9%
1.87B▲ 5.5%
2.09B▲ 11.8%
3B▲ 43.4%
2.9B▼ 3.4%
2.88B▼ 0.6%
2.95B▲ 2.5%
2.78B▼ 5.8%
2.67B▲ 0%
Equity Growth %-1.51%4.89%5.48%11.81%43.45%-3.35%-0.59%2.54%-5.82%-13.66%
Shareholders Equity1.63B1.71B1.8B1.83B2.87B2.83B2.8B2.87B2.72B2.65B
Minority Interest60.56M62.59M70.08M258.05M126.82M71.6M81.98M82.01M62.63M36.07M
Common Stock1.82M1.87M1.94M1.97M2.24M2.25M2.25M2.28M2.27M2.27M
Additional Paid-in Capital2.36B2.5B2.67B2.81B4.09B4.13B4.14B4.29B4.3B0
Retained Earnings-729.31M-791.91M-876.61M-974.8M-1.22B-1.3B-1.35B-1.42B-1.59B-1.66B
Preferred Stock0000000000
Return on Assets (ROA)3.83%4.49%4.35%3.76%3.95%4.52%6.55%6.2%5.12%4.9%
Return on Equity (ROE)7.89%9.47%9.29%8.37%8.78%9.88%14.22%13.41%11.64%11.7%
Debt / Assets46.12%46.55%47.94%50.86%49.05%48.4%48.01%47.73%53.2%0%
Debt / Equity0.97x0.99x1.03x1.16x1.07x1.06x1.04x1.03x1.27x1.27x
Net Debt / EBITDA2.91x2.90x3.29x4.25x6.12x4.62x4.24x4.33x4.99x4.99x
Book Value per Share9.319.559.7610.7214.6312.8312.7313.0012.1411.69

CUBE Cash Flow Statement

CubeSmart (CUBE) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations291.91M304.33M331.77M351.03M449.19M591.47M611.14M631.07M611.67M611.67M
Operating CF Growth %10.88%4.25%9.01%5.81%27.96%31.68%3.33%3.26%-3.07%-7.02%
Operating CF / Revenue %52.23%50.9%50.65%51.67%54.61%58.58%58.18%59.19%54.46%54.03%
Net Income134.29M163.89M166.3M165.62M223.48M291.26M410.76M391.18M333.78M327.47M
Depreciation & Amortization148.32M145.66M166.37M159.25M240.22M314.51M205.38M209.77M258.15M265.25M
Stock-Based Compensation5.59M5.57M6.69M7.2M8.09M9.08M10.09M11.49M011.62M
Other Non-Cash Items566K-8.85M-8.88M12.8M-32.15M-48.81M-4.7M2.53M22.59M4.74M
Working Capital Changes3.1M-1.94M1.28M6.16M9.55M25.43M-10.39M16.11M-2.85M3.79M
Cash from Investing-150.3M-322.26M-375.66M-511.44M-1.85B-48.77M-93.82M-173.96M-574.18M-126.11M
Acquisitions (Net)-301K-19.22M-128.22M-7.02M-1.71B-21K-21K-58.48M-450.84M303K
Purchase of Investments0000000-5M-78.56M390.85M
Sale of Investments0000000000
Other Investing-81.22M-217.04M-144.62M-504.42M-145.42M-48.75M-93.8M-110.48M0-496.63M
Cash from Financing-143.32M15.25M95.86M108.2M1.41B-547.09M-518.03M-387.67M-104.92M-491.93M
Dividends Paid-195.01M-221.33M-243.86M-256.25M-282.14M-387.11M-442.22M-461.77M-476.31M-357.26M
Common Dividends-195.01M-221.33M-243.86M-256.25M-282.14M-387.11M-442.22M-461.77M-476.31M-357.26M
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K-1000K-1000K1000K-1000K
Share Repurchases000-686K00-276K0-36.02M-69.24M
Other Financing-10.88M737K-41.9M-23.13M-21.19M-13.44M-142K6.27M-6.19M-128.65M
Net Change in Cash
2.29M▲ 0%
-2.68M▼ 216.6%
51.96M▲ 2041.7%
-52.21M▼ 200.5%
7.09M▲ 113.6%
-4.39M▼ 162.0%
-708K▲ 83.9%
69.45M▲ 9908.8%
-67.43M▼ 197.1%
-6.28M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning2.97M9.16M6.48M58.44M6.23M13.32M8.93M8.22M77.66M10.23M
Cash at End5.27M6.48M58.44M6.23M13.32M8.93M8.22M77.66M10.23M9.47M
Free Cash Flow
291.91M▲ 0%
304.33M▲ 4.3%
331.77M▲ 9.0%
351.03M▲ 5.8%
449.19M▲ 28.0%
591.47M▲ 31.7%
611.14M▲ 3.3%
631.07M▲ 3.3%
566.89M▼ 10.2%
611.03M▲ 0%
FCF Growth %10.88%4.25%9.01%5.81%27.96%31.68%3.33%3.26%-10.17%-2.59%
FCF / Revenue %52.23%50.9%50.65%51.67%54.61%58.58%58.18%59.19%50.47%53.98%

CUBE Key Ratios

CubeSmart (CUBE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share2.742.931.741.652.222.662.722.632.582.59
FFO Payout Ratio39.16%40.68%73.3%79.53%61.94%64.32%71.77%77.36%80.47%60.51%
NOI Margin67.53%67.08%69.74%69.57%69.35%70.95%71.93%70.2%22.74%30.67%
Net Debt / EBITDA2.91x2.90x3.29x4.25x6.12x4.62x4.24x4.33x4.99x4.99x
Debt / Assets46.12%46.55%47.94%50.86%49.05%48.4%48.01%47.73%53.2%0%
Interest Coverage--------3.90x-
Book Value / Share9.319.559.7610.7214.6312.8312.731312.1411.69
Revenue Growth9.59%6.98%9.55%3.71%21.08%22.74%4.03%1.51%5.33%5.02%

CUBE SEC Filings & Documents

CubeSmart (CUBE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 2, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Feb 27, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 1, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

CUBE Frequently Asked Questions

CubeSmart (CUBE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CubeSmart (CUBE) reported $1.13B in revenue for fiscal year 2025. This represents a 1301% increase from $80.8M in 2003.

CubeSmart (CUBE) grew revenue by 5.3% over the past year. This is steady growth.

Yes, CubeSmart (CUBE) is profitable, generating $327.5M in net income for fiscal year 2025 (29.7% net margin).

Dividend & Returns

Yes, CubeSmart (CUBE) pays a dividend with a yield of 5.31%. This makes it attractive for income-focused investors.

CubeSmart (CUBE) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Industry Metrics

CubeSmart (CUBE) generated Funds From Operations (FFO) of $590.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

CubeSmart (CUBE) offers a 5.31% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More CUBE

CubeSmart (CUBE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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