CubeSmart (CUBE) 10-Year Financial Performance & Capital Metrics

CUBE • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITsNational Self-Storage Leaders

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 $1.07B +1.5%
FFO $597M -3.1%
FFO/Share 2.63 -3.5%
FFO Payout 77.36% +7.8%
FFO per Share 2.63 -3.5%
NOI Margin 70.2% -2.4%
FFO Margin 55.98% -4.6%
ROE 13.41% -5.7%
ROA 6.2% -5.3%
Debt/Assets 47.73% -0.6%
Net Debt/EBITDA 4.33 +2.0%
Book Value/Share 13.00 +2.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.3%
✓Sustainable FFO payout ratio of 77.4%
✓15 consecutive years of dividend growth
✓High NOI margin of 70.2%
✓Healthy dividend yield of 5.2%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.96%

5Y10.23%

3Y9.03%

TTM4.03%

Profit (Net Income) CAGR

10Y30.95%

5Y18.26%

3Y20.52%

TTM-11.19%

EPS CAGR

10Y28.51%

5Y31.35%

3Y16.42%

TTM-11.86%

ROCE

10Y Avg7.08%

5Y Avg7.64%

3Y Avg7.5%

Latest8.15%

Peer Comparison

National Self-Storage Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXRExtra Space Storage Inc.	31.23B	147.13	36.51	27.64%	28.88%	6.57%	5.98%	0.88
NSANational Storage Affiliates Trust	2.58B	33.54	28.42	-10.22%	8.94%	4.27%	13.27%	1.97
PSAPublic Storage	51.42B	293.03	27.54	3.94%	39.53%	20.11%	5.27%	0.95
CUBECubeSmart	8.93B	39.14	22.76	1.51%	32.21%	12.5%	7.07%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	444.52M	510.04M	558.94M	597.94M	655.04M	679.36M	822.56M	1.01B	1.05B	1.07B
Revenue Growth %	0.18%	0.15%	0.1%	0.07%	0.1%	0.04%	0.21%	0.23%	0.04%	0.02%
Property Operating Expenses	153.17M	165.85M	181.51M	196.87M	198.24M	206.73M	252.1M	293.26M	294.78M	317.75M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	180.16M	194.69M	180.43M	181.06M	50.06M	58.32M	279.86M	365.23M	258.28M	265.37M
G&A Expenses	36.97M	42.22M	44.45M	48.01M	50.06M	58.32M	68.81M	77.02M	57.04M	85.66M
EBITDA+	259.68M	510.46M	559.35M	600.16M	570.28M	570.87M	522.65M	661.74M	702.65M	688.82M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	151.79M	367.51M	363.63M	380.14M	163.55M	156.57M	232.05M	310.61M	205.38M	205.7M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	107.89M	142.95M	195.72M	220.02M	406.74M	414.3M	290.6M	351.13M	497.27M	483.12M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	0
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1.5M	4.18M	1.39M	-7.6M	163.55M	156.57M	0	0	-8.22M	410K
Pretax Income+	78.76M	88.38M	135.61M	165.49M	170.77M	167.61M	230.81M	292.47M	412.44M	391.88M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	77.71M	87.91M	134.29M	163.89M	169.12M	165.62M	223.48M	291.26M	410.76M	391.18M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.95%	0.13%	0.53%	0.22%	0.03%	-0.02%	0.35%	0.3%	0.41%	-0.05%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.48%	0.98%	0.09%	0.09%	-0.39%	-0.03%	0.41%	0.32%	0.02%	-0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.42	0.45	0.74	0.88	0.44	0.85	1.09	1.29	1.82	1.72
EPS Growth %	2%	0.07%	0.64%	0.19%	-0.5%	0.93%	0.28%	0.18%	0.41%	-0.05%
EPS (Basic)	0.43	0.45	0.74	0.89	0.44	0.85	1.10	1.29	1.82	1.73
Diluted Shares Outstanding	170.19M	179.53M	181.45M	185.5M	191.58M	194.94M	205.01M	225.88M	226.24M	227.15M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.11B	3.48B	3.55B	3.75B	4.03B	4.78B	6.55B	6.33B	6.23B	6.39B
Asset Growth %	0.12%	0.12%	0.02%	0.06%	0.07%	0.19%	0.37%	-0.03%	-0.02%	0.03%
Real Estate & Other Assets+	2.9B	3.34B	3.41B	3.61B	3.79B	4.52B	6.11B	6.06B	5.96B	6.05B
PP&E (Net)	0	0	0	0	41.7M	55.3M	54.74M	49.49M	50.48M	49.44M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	96.46M	30.09M	37.59M	38.27M	95.45M	51.35M	156.78M	108.42M	114.49M	196.95M
Cash & Equivalents	62.87M	2.97M	5.27M	3.76M	54.86M	3.59M	11.14M	6.06M	6.53M	71.56M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	24.6M	14.64M	13.28M	12.36M	16.86M	19.84M	111.79M	62.18M	61.73M	69.86M
Intangible Assets	12.81M	8.28M	1.72M	8.14M	10.28M	57.82M	108.79M	1.18M	1.81M	10.33M
Total Liabilities	1.4B	1.76B	1.86B	1.98B	2.16B	2.69B	3.55B	3.43B	3.34B	3.44B
Total Debt+	1.25B	1.6B	1.63B	1.75B	1.93B	2.43B	3.21B	3.06B	2.99B	3.05B
Net Debt	1.19B	1.59B	1.63B	1.74B	1.88B	2.43B	3.2B	3.06B	2.98B	2.98B
Long-Term Debt	1.25B	1.55B	1.55B	1.55B	1.93B	2.25B	2.94B	2.94B	2.9B	2.99B
Short-Term Borrowings	0	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	0
Capital Lease Obligations	0	0	0	0	46.39M	65.6M	65.8M	65.76M	65.71M	65.67M
Total Current Liabilities+	141.24M	206.53M	301.87M	428.66M	227.88M	374.33M	546.95M	427M	373.82M	388.1M
Accounts Payable	85.03M	93.76M	143.34M	149.91M	137.88M	159.14M	199.99M	214.38M	201.42M	229.58M
Deferred Revenue	17.52M	20.23M	21.53M	22.59M	25.31M	29.09M	37.14M	38.76M	38.48M	38.92M
Other Liabilities	-17.12M	-19.81M	-21.04M	-22.12M	-24.84M	-28.01M	-36.08M	0	0	0
Total Equity+	1.71B	1.72B	1.69B	1.77B	1.87B	2.09B	3B	2.9B	2.88B	2.95B
Equity Growth %	0.14%	0%	-0.02%	0.05%	0.05%	0.12%	0.43%	-0.03%	-0.01%	0.03%
Shareholders Equity	1.64B	1.66B	1.63B	1.71B	1.8B	1.83B	2.87B	2.83B	2.8B	2.87B
Minority Interest	67.65M	60.26M	60.56M	62.59M	70.08M	258.05M	126.82M	71.6M	81.98M	82.01M
Common Stock	1.75M	1.8M	1.82M	1.87M	1.94M	1.97M	2.24M	2.25M	2.25M	2.28M
Additional Paid-in Capital	2.23B	2.31B	2.36B	2.5B	2.67B	2.81B	4.09B	4.13B	4.14B	4.29B
Retained Earnings	-584.65M	-658.58M	-729.31M	-791.91M	-876.61M	-974.8M	-1.22B	-1.3B	-1.35B	-1.42B
Preferred Stock	31K	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.07%	0.06%
Return on Equity (ROE)	0.05%	0.05%	0.08%	0.09%	0.09%	0.08%	0.09%	0.1%	0.14%	0.13%
Debt / Assets	0.4%	0.46%	0.46%	0.47%	0.48%	0.51%	0.49%	0.48%	0.48%	0.48%
Debt / Equity	0.73x	0.93x	0.97x	0.99x	1.03x	1.16x	1.07x	1.06x	1.04x	1.03x
Net Debt / EBITDA	4.58x	3.12x	2.91x	2.90x	3.29x	4.25x	6.12x	4.62x	4.24x	4.33x
Book Value per Share	10.05	9.56	9.31	9.55	9.76	10.72	14.63	12.83	12.73	13.00

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	217.27M	263.27M	291.91M	304.33M	331.77M	351.03M	449.19M	591.47M	611.14M	631.07M
Operating CF Growth %	0.31%	0.21%	0.11%	0.04%	0.09%	0.06%	0.28%	0.32%	0.03%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	80.04M	87.91M	134.29M	163.89M	166.3M	165.62M	223.48M	291.26M	410.76M	391.18M
Depreciation & Amortization	154.11M	164.44M	148.32M	145.66M	166.37M	159.25M	240.22M	314.51M	205.38M	209.77M
Stock-Based Compensation	2.15M	3.21M	5.59M	5.57M	6.69M	7.2M	8.09M	9.08M	10.09M	11.49M
Other Non-Cash Items	-16.8M	696K	566K	-8.85M	-8.88M	12.8M	-32.15M	-48.81M	-4.7M	2.53M
Working Capital Changes	-734K	5.97M	3.1M	-1.94M	1.28M	6.16M	9.55M	25.43M	-10.39M	16.11M
Cash from Investing+	-374.61M	-559.29M	-150.3M	-322.26M	-375.66M	-511.44M	-1.85B	-48.77M	-93.82M	-173.96M
Acquisitions (Net)	-8.43M	-12.18M	-301K	-19.22M	-128.22M	-7.02M	-1.71B	-21K	-21K	-58.48M
Purchase of Investments	-4.1M	0	0	0	0	0	0	0	0	-5M
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-280.76M	-410.2M	-81.22M	-217.04M	-144.62M	-504.42M	-145.42M	-48.75M	-93.8M	-110.48M
Cash from Financing+	217.3M	219.41M	-143.32M	15.25M	95.86M	108.2M	1.41B	-547.09M	-518.03M	-387.67M
Dividends Paid	-113.1M	-155.82M	-195.01M	-221.33M	-243.86M	-256.25M	-282.14M	-387.11M	-442.22M	-461.77M
Common Dividends	-107.09M	-149.28M	-195.01M	-221.33M	-243.86M	-256.25M	-282.14M	-387.11M	-442.22M	-461.77M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	0	0	0	0	0	-686K	0	0	-276K	0
Other Financing	9.91M	12.14M	-10.88M	737K	-41.9M	-23.13M	-21.19M	-13.44M	-142K	6.27M
Net Change in Cash+	59.97M	-59.9M	2.29M	-2.68M	51.96M	-52.21M	7.09M	-4.39M	-708K	69.45M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.9M	62.87M	2.97M	9.16M	6.48M	58.44M	6.23M	13.32M	8.93M	8.22M
Cash at End	62.87M	2.97M	5.27M	6.48M	58.44M	6.23M	13.32M	8.93M	8.22M	77.66M
Free Cash Flow+	217.27M	263.27M	291.91M	304.33M	331.77M	351.03M	449.19M	591.47M	611.14M	631.07M
FCF Growth %	0.31%	0.21%	0.11%	0.04%	0.09%	0.06%	0.28%	0.32%	0.03%	0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.35	2.54	2.74	2.93	1.74	1.65	2.22	2.66	2.72	2.63
FFO Payout Ratio	46.66%	32.78%	39.16%	40.68%	73.3%	79.53%	61.94%	64.32%	71.77%	77.36%
NOI Margin	65.54%	67.48%	67.53%	67.08%	69.74%	69.57%	69.35%	70.95%	71.93%	70.2%
Net Debt / EBITDA	4.58x	3.12x	2.91x	2.90x	3.29x	4.25x	6.12x	4.62x	4.24x	4.33x
Debt / Assets	40.18%	45.92%	46.12%	46.55%	47.94%	50.86%	49.05%	48.4%	48.01%	47.73%
Book Value / Share	10.05	9.56	9.31	9.55	9.76	10.72	14.63	12.83	12.73	13
Revenue Growth	17.92%	14.74%	9.59%	6.98%	9.55%	3.71%	21.08%	22.74%	4.03%	1.51%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Other Property Related Income	-	-	83.61M	96.17M	101.79M	113.65M
Other Property Related Income Growth	-	-	-	15.02%	5.85%	11.64%
Property Management Fee Income	-	-	31.21M	34.17M	36.54M	41.42M
Property Management Fee Income Growth	-	-	-	9.49%	6.94%	13.36%
Real Estate Other	67.56M	70.72M	-	-	-	-
Real Estate Other Growth	-	4.68%	-	-	-	-
Management Service	23.95M	27.45M	-	-	-	-
Management Service Growth	-	14.58%	-	-	-	-

Frequently Asked Questions

Valuation & Price

CubeSmart (CUBE) has a price-to-earnings (P/E) ratio of 22.8x. This is roughly in line with market averages.

Growth & Financials

CubeSmart (CUBE) reported $1.11B in revenue for fiscal year 2024. This represents a 366% increase from $237.6M in 2011.

CubeSmart (CUBE) grew revenue by 1.5% over the past year. Growth has been modest.

Yes, CubeSmart (CUBE) is profitable, generating $357.0M in net income for fiscal year 2024 (36.7% net margin).

Dividend & Returns

Yes, CubeSmart (CUBE) pays a dividend with a yield of 5.19%. This makes it attractive for income-focused investors.

CubeSmart (CUBE) has a return on equity (ROE) of 13.4%. This is reasonable for most industries.

Industry Metrics

CubeSmart (CUBE) generated Funds From Operations (FFO) of $605.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

CubeSmart (CUBE) offers a 5.19% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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