The company's financial leverage has trended upward, with the debt-to-equity ratio increasing from 1.04 in 2023Q4 to 1.27 in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Assets | 6.6B | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B | 4.78B | 4.03B | 3.75B | 3.55B | 3.48B | 3.11B | 2.79B | 2.36B | 2.15B | 1.88B | 1.48B | 1.6B | 1.6B | 1.69B | 1.62B | 1.48B | 775.87M | 412.22M |
| Asset Growth % | 19.4% | 3.89% | 2.72% | -1.59% | -3.39% | 37.04% | 18.58% | 7.37% | 5.86% | 2.02% | 11.56% | 11.79% | 18.13% | 9.69% | 14.62% | 26.86% | -7.51% | 0.08% | -5.34% | 4.49% | 9.03% | 90.94% | 88.22% | - |
| Real Estate & Other Assets | 0 | 93.01M | 6.05B | 5.96B | 6.06B | 6.11B | 4.52B | 3.79B | 3.61B | 3.41B | 3.34B | 2.9B | 2.65B | 2.18B | 2.1B | 22.35M | 34.19M | 49.19M | 0 | -1.65B | -1.57B | -1.25B | -729.15M | -395.6M |
| PP&E (Net) | 0 | 48.42M | 49.44M | 50.48M | 49.49M | 54.74M | 55.3M | 41.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.79B | 1.43B | 1.43B | 1.56B | 1.65B | 1.57B | 1.25B | 729.15M | 395.6M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 7.26M | 44.09M | 196.95M | 114.49M | 108.42M | 156.78M | 51.35M | 95.45M | 38.27M | 37.59M | 30.09M | 96.46M | 14.41M | 15.36M | 24.14M | 26.55M | 16.14M | 119.15M | 37.7M | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 7.26M | 5.78M | 71.56M | 6.53M | 6.06M | 11.14M | 3.59M | 54.86M | 3.76M | 5.27M | 2.97M | 62.87M | 2.9M | 3.18M | 4.5M | 9.07M | 5.89M | 102.77M | 3.74M | 4.52M | 19.72M | 0 | 28.48M | 7.5M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 4.45M | 69.86M | 61.73M | 62.18M | 111.79M | 19.84M | 16.86M | 12.36M | 13.28M | 14.64M | 24.6M | 3.31M | 4.03M | 6.07M | 11.29M | 10.25M | -3.73M | 33.96M | -4.52M | -19.72M | -95.17M | -28.48M | -7.5M |
| Intangible Assets | 0 | 7.79M | 10.33M | 1.81M | 1.18M | 108.79M | 57.82M | 10.28M | 8.14M | 1.72M | 8.28M | 12.81M | 22.49M | 9.46M | 21.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.89B | 3.86B | 3.44B | 3.34B | 3.43B | 3.55B | 2.69B | 2.16B | 1.98B | 1.86B | 1.76B | 1.4B | 1.29B | 1.23B | 1.11B | 880.66M | 713.41M | 859.54M | 1.03B | 1.04B | 889.51M | 669.34M | 380.65M | 271.94M |
| Total Debt | 0 | 3.53B | 3.05B | 2.99B | 3.06B | 3.21B | 2.43B | 1.93B | 1.75B | 1.63B | 1.6B | 1.25B | 1.17B | 1.14B | 1.02B | 758.44M | 615.46M | 1.34B | 977.5M | 1.03B | 879.43M | 669.34M | 380.65M | 271.94M |
| Net Debt | -7.26M | 3.53B | 2.98B | 2.98B | 3.06B | 3.2B | 2.43B | 1.88B | 1.74B | 1.63B | 1.59B | 1.19B | 1.17B | 1.14B | 1.02B | 749.37M | 609.57M | 1.24B | 973.76M | 1.02B | 859.71M | 669.34M | 352.17M | 264.44M |
| Long-Term Debt | 0 | 3B | 2.99B | 2.9B | 2.94B | 2.94B | 2.25B | 1.93B | 1.55B | 1.55B | 1.55B | 1.25B | 1.1B | 1.1B | 978.76M | 758.44M | 615.46M | 769.03M | 429.42M | 808.5M | 879.43M | 669.28M | 380.5M | 271.57M |
| Short-Term Borrowings | 0 | 345.91M | 0 | 18.1M | 60.9M | 209.9M | 117.8M | 0 | 195.53M | 81.7M | 43.3M | 0 | 78M | 38.6M | 45M | 0 | 0 | 569.03M | 548.09M | 219M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 304.61M | 173.37M | 65.67M | 65.71M | 65.76M | 65.8M | 65.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56K | 156K | 374K |
| Total Current Liabilities | 42.71M | 345.91M | 388.1M | 373.82M | 427M | 546.95M | 374.33M | 227.88M | 428.66M | 301.87M | 206.53M | 141.24M | 190.65M | 128.55M | 133.22M | 71.99M | 43.45M | 36.22M | 599.29M | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 229.58M | 201.42M | 214.38M | 199.99M | 159.14M | 137.88M | 149.91M | 143.34M | 93.76M | 85.03M | 69.2M | 57.6M | 60.71M | 51.02M | 36.17M | 33.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 42.71M | 41.59M | 38.92M | 38.48M | 38.76M | 37.14M | 29.09M | 25.31M | 22.59M | 21.53M | 20.23M | 17.52M | 15.31M | 12.39M | 11.09M | 9.57M | 8.87M | 8.45M | 9.72M | 10.15M | 9.74M | 0 | 0 | 0 |
| Other Liabilities | 3.85B | 301.72M | 0 | 0 | 0 | -36.08M | -28.01M | -24.84M | -22.12M | -21.04M | -19.81M | -17.12M | -14.91M | -12.02M | -10.65M | -9.08M | 45.63M | 45.85M | 46.03M | -818.65M | -889.17M | -669.34M | -380.65M | -271.94M |
| Total Equity | 2.67B | 2.78B | 2.95B | 2.88B | 2.9B | 3B | 2.09B | 1.87B | 1.77B | 1.69B | 1.72B | 1.71B | 1.5B | 1.13B | 1.04B | 995.32M | 765.41M | 739.33M | 568.95M | 604.6M | 684.39M | 767.11M | 370.44M | 131.75M |
| Equity Growth % | -13.66% | -5.82% | 2.54% | -0.59% | -3.35% | 43.45% | 11.81% | 5.48% | 4.89% | -1.51% | 0.27% | 14.11% | 32.75% | 8.82% | 4.28% | 30.04% | 3.53% | 29.95% | -5.9% | -11.66% | -10.78% | 107.08% | 181.17% | - |
| Shareholders Equity | 2.65B | 2.72B | 2.87B | 2.8B | 2.83B | 2.87B | 1.83B | 1.8B | 1.71B | 1.63B | 1.66B | 1.64B | 1.45B | 1.09B | 989.79M | 955.91M | 724.22M | 695.31M | 522.93M | 555.62M | 627.49M | 703M | 359.38M | 131.75M |
| Minority Interest | 36.07M | 62.63M | 82.01M | 81.98M | 71.6M | 126.82M | 258.05M | 70.08M | 62.59M | 60.56M | 60.26M | 67.65M | 51.41M | 37.21M | 48.11M | 39.41M | 41.19M | 44.02M | 46.03M | 48.98M | 56.9M | 64.11M | 11.06M | 0 |
| Common Stock | 2.27M | 2.27M | 2.28M | 2.25M | 2.25M | 2.24M | 1.97M | 1.94M | 1.87M | 1.82M | 1.8M | 1.75M | 1.64M | 1.39M | 1.32M | 1.22M | 986K | 927K | 576K | 576K | 573K | 570K | 373K | 0 |
| Additional Paid-in Capital | 0 | 4.3B | 4.29B | 4.14B | 4.13B | 4.09B | 2.81B | 2.67B | 2.5B | 2.36B | 2.31B | 2.23B | 1.97B | 1.54B | 1.42B | 1.31B | 1.03B | 974.93M | 801.03M | 797.94M | 794.63M | 795.24M | 396.66M | 0 |
| Retained Earnings | -1.66B | -1.59B | -1.42B | -1.35B | -1.3B | -1.22B | -974.8M | -876.61M | -791.91M | -729.31M | -658.58M | -584.65M | -519.19M | -440.84M | -410.23M | -342.01M | -302.6M | -279.67M | -271.12M | -241.23M | -167.71M | -91.25M | -37.43M | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31K | 31K | 31K | 31K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.9% | 5.12% | 6.2% | 6.55% | 4.52% | 3.95% | 3.76% | 4.35% | 4.49% | 3.83% | 2.67% | 2.63% | 1.03% | 1.84% | 0.09% | -0.02% | -0.48% | -0.06% | 0.17% | -0.79% | -0.55% | 0.25% | -5.45% | 3.94% |
| Return on Equity (ROE) | 11.7% | 11.64% | 13.41% | 14.22% | 9.88% | 8.78% | 8.37% | 9.29% | 9.47% | 7.89% | 5.13% | 4.84% | 2.01% | 3.82% | 0.18% | -0.05% | -0.98% | -0.14% | 0.48% | -2.03% | -1.18% | 0.49% | -12.88% | 12.32% |
| Debt / Assets | 0% | 53.2% | 47.73% | 48.01% | 48.4% | 49.05% | 50.86% | 47.94% | 46.55% | 46.12% | 45.92% | 40.18% | 42.13% | 48.28% | 47.61% | 40.43% | 41.62% | 83.69% | 61.18% | 60.88% | 54.44% | 45.18% | 49.06% | 65.97% |
| Debt / Equity | 0.00x | 1.27x | 1.03x | 1.04x | 1.06x | 1.07x | 1.16x | 1.03x | 0.99x | 0.97x | 0.93x | 0.73x | 0.78x | 1.01x | 0.99x | 0.76x | 0.80x | 1.81x | 1.72x | 1.70x | 1.28x | 0.87x | 1.03x | 2.06x |
| Net Debt / EBITDA | -0.01x | 4.99x | 4.33x | 4.24x | 4.62x | 6.12x | 4.25x | 3.29x | 2.90x | 2.91x | 3.12x | 4.58x | 5.56x | 6.48x | 6.98x | 6.59x | 6.24x | 12.26x | 8.67x | 9.24x | 8.12x | 8.74x | 6.53x | 5.33x |
| Book Value per Share | 11.69 | 12.14 | 13.00 | 12.73 | 12.83 | 14.63 | 10.72 | 9.76 | 9.55 | 9.31 | 9.56 | 10.05 | 9.94 | 8.20 | 8.33 | 9.67 | 8.14 | 10.41 | 9.87 | 10.52 | 11.95 | 18.18 | 9.88 | 3.90 |
Regional Property Tax Exposure
Based on reported financial statements, CubeSmart’s total assets have expanded from $6.2 billion in 2023Q4 to $6.6 billion in 2026Q1, reflecting a measured growth trajectory that appears to be balanced against a fluctuating equity base and evolving debt obligations throughout the observed period.
The expansion of the asset base suggests a continued commitment to portfolio growth, yet the stagnation in equity value over the same period warrants investigation into whether this growth is being funded primarily through debt or if asset revaluations are failing to keep pace. Investors should monitor whether this capital deployment is yielding sufficient incremental returns to justify the current leverage profile.
As indicated by the provided quarterly data, CubeSmart’s debt-to-equity ratio has trended upward from 1.04 in 2023Q4 to 1.27 in 2025Q4, suggesting a shift toward higher financial leverage that may impact the company's risk profile in a volatile interest rate environment.
The increase in the debt-to-equity ratio appears to coincide with periods of stagnant equity growth, which may imply that the company is relying more heavily on debt financing to maintain its acquisition pace. This trend warrants close monitoring, as elevated leverage levels could constrain future financial flexibility if property-level NOI continues to exhibit the volatility observed in recent quarters.
According to recent SEC filings, CubeSmart’s cash reserves have shown significant variability, dropping to a low of $5.6 million in 2024Q1 before reaching $108.4 million in 2025Q3, which highlights a potentially inconsistent approach to maintaining liquidity buffers for operational or development needs.
The wide swings in cash balances suggest that the company may be managing liquidity on a just-in-time basis, which could leave it vulnerable to sudden capital requirements or market disruptions. Analysts should evaluate whether this cash volatility is a result of strategic capital allocation or an indication of tighter liquidity management that could limit the company's ability to respond to unforeseen property-level expenses.
As evidenced by the provided financial data, the net property, plant, and equipment (PPE) figures remain remarkably low and stagnant, which may indicate that the company is aggressively depreciating its assets or failing to reflect the true market value of its core real estate holdings.
This discrepancy between total assets and net PPE suggests that the balance sheet may not accurately capture the underlying value of the portfolio, potentially masking deferred maintenance or capital expenditure requirements. Investors should consider whether this accounting treatment obscures the true economic cost of maintaining the company's competitive position in high-barrier urban markets.
Quick answers to the most common questions about buying CUBE stock.
As of 2025, CubeSmart (CUBE) had total assets of $6.64B including $44.1M in current assets.
CubeSmart (CUBE) carries total debt of $3.53B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CubeSmart (CUBE) has total shareholders' equity (book value) of $2.72B ($12.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CubeSmart (CUBE) reported a current ratio of 0.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.