Cash conversion remains a focal point, as FFO consistently exceeds GAAP net income by a factor often approaching 2.0x, while dividend payouts are supported by an 80% payout ratio.
| 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 |
|---|
| Cash from Operations | 611.76M | 611.67M | 631.07M | 611.14M | 591.47M | 449.19M | 351.03M | 331.77M | 304.33M | 291.91M | 263.27M | 217.27M | 166.03M | 142.86M | 118.43M | 84.33M | 71.52M | 62.21M | 67.01M | 62.87M | 64.57M | 46.11M | 34.94M | 34.23M |
| Operating CF Growth % | -7.02% | -3.07% | 3.26% | 3.33% | 31.68% | 27.96% | 5.81% | 9.01% | 4.25% | 10.88% | 21.17% | 30.86% | 16.22% | 20.63% | 40.44% | 17.91% | 14.95% | -7.16% | 6.58% | -2.62% | 40.04% | 31.97% | 2.08% | - |
| Operating CF / Revenue % | 54.04% | 54.46% | 59.19% | 58.18% | 58.58% | 54.61% | 51.67% | 50.65% | 50.9% | 52.23% | 51.62% | 48.88% | 44.04% | 44.87% | 41.84% | 35.49% | 32.98% | 28.63% | 28.35% | 27.44% | 30.3% | 31.13% | 38.14% | 42.35% |
| Net Income | 327.47M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M | 165.62M | 166.3M | 163.89M | 134.29M | 87.91M | 80.04M | 26.05M | 10.4M | -9.82M | -7.6M | -11.22M | -17.62M | -17.54M | -15.48M | -8.55M | 2.57M | -32.35M | 16.23M |
| Depreciation & Amortization | 265.25M | 258.15M | 209.77M | 205.38M | 314.51M | 240.22M | 159.25M | 166.37M | 145.66M | 148.32M | 164.44M | 154.11M | 129M | 112.31M | 113.87M | 73.7M | 70.85M | 75.91M | 80.13M | 72.22M | 66.73M | 41.9M | 28.3M | 20.72M |
| Stock-Based Compensation | 11.62M | 0 | 11.49M | 10.09M | 9.08M | 8.09M | 7.2M | 6.69M | 5.57M | 5.59M | 3.21M | 2.15M | 1.74M | 5.62M | 4.55M | 3.2M | 3.64M | 3.4M | 2.72M | 1.84M | 1.27M | 2.24M | 0 | 0 |
| Other Non-Cash Items | 4.74M | 22.59M | 2.53M | -4.7M | -48.81M | -32.15M | 12.8M | -8.88M | -8.85M | 566K | 696K | -16.8M | 1.43M | -4.07M | 802K | 3.89M | -707K | 2.69M | 166K | -46K | 747K | -54K | 27.37M | -3.33M |
| Working Capital Changes | 3.79M | -2.85M | 16.11M | -10.39M | 25.43M | 9.55M | 6.16M | 1.28M | -1.94M | 3.1M | 5.97M | -734K | 4.5M | 5.07M | 8.47M | 1.08M | 5.55M | -2.16M | 1.22M | 4.25M | 4.37M | 2.19M | 8.18M | 608K |
| Cash from Investing | -126.11M | -574.18M | -173.96M | -93.82M | -48.77M | -1.85B | -511.44M | -375.66M | -322.26M | -150.3M | -559.29M | -374.61M | -522.7M | -282.92M | -271.94M | -442.1M | -44.78M | 98.85M | 27.18M | -153.58M | -248.05M | -489.06M | -237.28M | -2.51M |
| Acquisitions (Net) | 303K | -450.84M | -58.48M | -21K | -21K | -1.71B | -7.02M | -128.22M | -19.22M | -301K | -12.18M | -8.43M | -2.55M | -157.46M | -81.16M | -15.46M | 0 | 30.76M | -30.74M | -169.82M | 0 | 0 | -2.91M | 0 |
| Purchase of Investments | 390.85M | -78.56M | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.1M | 0 | 0 | 0 | -15.46M | 0 | 0 | 0 | 0 | -19M | -125M | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.64M | 0 | 0 | 114.17M | 29.82M | 0 | 0 |
| Other Investing | -496.63M | 0 | -110.48M | -93.8M | -48.75M | -145.42M | -504.42M | -144.62M | -217.04M | -81.22M | -410.2M | -280.76M | -496.58M | -71.48M | -186.55M | 60.01M | 59.66M | 37.33M | 88.65M | 64.26M | -30.86M | -12.81M | -6.53M | 6.3M |
| Cash from Financing | -491.93M | -104.92M | -387.67M | -518.03M | -547.09M | 1.41B | 108.2M | 95.86M | 15.25M | -143.32M | 219.41M | 217.3M | 356.39M | 138.74M | 148.93M | 360.95M | -123.61M | -62.04M | -94.96M | 75.5M | 104.3M | 516.55M | 220.23M | -25.73M |
| Dividends Paid | -357.26M | -476.31M | -461.77M | -442.22M | -387.11M | -282.14M | -256.25M | -243.86M | -221.33M | -195.01M | -155.82M | -113.1M | -81.86M | -65.17M | -45.48M | -27.85M | -9.41M | -6.74M | -41.62M | -66.82M | 0 | -44.53M | -18.3M | 0 |
| Common Dividends | -357.26M | -476.31M | -461.77M | -442.22M | -387.11M | -282.14M | -256.25M | -243.86M | -221.33M | -195.01M | -149.28M | -107.09M | -75.85M | -59.16M | -39.76M | -27.85M | -9.41M | -6.74M | -41.62M | -66.82M | -66.62M | -44.53M | -18.3M | 0 |
| Debt Issuance (Net) | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Share Repurchases | -69.24M | -36.02M | 0 | -276K | 0 | 0 | -686K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -128.65M | -6.19M | 6.27M | -142K | -13.44M | -21.19M | -23.13M | -41.9M | 737K | -10.88M | 12.14M | 9.91M | 12.99M | -972K | -65.96M | -86.13M | -8.57M | -18.14M | -3.79M | 122.38M | -6.02M | -2.16M | 108K | -27.26M |
| Net Change in Cash | -6.28M | -67.43M | 69.45M | -708K | -4.39M | 7.09M | -52.21M | 51.96M | -2.68M | 2.29M | -59.9M | 59.97M | -275K | -1.32M | -4.57M | 3.18M | -96.88M | 99.02M | -773K | -15.2M | -79.18M | 172.61M | 20.98M | 5.99M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 10.23M | 77.66M | 8.22M | 8.93M | 13.32M | 6.23M | 58.44M | 6.48M | 9.16M | 2.97M | 62.87M | 2.9M | 3.18M | 4.5M | 9.07M | 5.89M | 102.77M | 3.74M | 4.52M | 19.72M | 98.9M | 28.48M | 9.57M | 1.51M |
| Cash at End | 9.47M | 10.23M | 77.66M | 8.22M | 8.93M | 13.32M | 6.23M | 58.44M | 6.48M | 5.27M | 2.97M | 62.87M | 2.9M | 3.18M | 4.5M | 9.07M | 5.89M | 102.77M | 3.74M | 4.52M | 19.72M | 201.1M | 30.55M | 7.5M |
| Free Cash Flow | 611.03M | 566.89M | 631.07M | 611.14M | 591.47M | 449.19M | 351.03M | 331.77M | 304.33M | 291.91M | 263.27M | 217.27M | 166.03M | 142.86M | 118.43M | 84.33M | 71.52M | 44.33M | 36.27M | 62.87M | -247.78M | -334.98M | -192.9M | 25.42M |
| FCF Growth % | -2.59% | -10.17% | 3.26% | 3.33% | 31.68% | 27.96% | 5.81% | 9.01% | 4.25% | 10.88% | 21.17% | 30.86% | 16.22% | 20.63% | 40.44% | 17.91% | 61.32% | 22.21% | -42.31% | 125.37% | 26.03% | -73.65% | -858.89% | - |
| FCF / Revenue % | 53.98% | 50.47% | 59.19% | 58.18% | 58.58% | 54.61% | 51.67% | 50.65% | 50.9% | 52.23% | 51.62% | 48.88% | 44.04% | 44.87% | 41.84% | 35.49% | 32.98% | 20.4% | 15.34% | 27.44% | -116.27% | -226.15% | -210.57% | 31.45% |
Regional Property Tax Exposure
As reported in financial statements, CubeSmart consistently generates FFO figures that exceed GAAP net income by a factor often approaching 2.0x, highlighting the significant impact of non-cash depreciation charges on the company's reported earnings profile relative to its actual cash-generating capacity.
The persistent spread between FFO and GAAP net income suggests that headline earnings are a poor proxy for the company's true operational performance. Investors should monitor this conversion quality, as the reliance on non-cash add-backs may mask underlying volatility in property-level cash flows.
Based on the limited AFFO data available, CubeSmart maintains a dividend payout ratio hovering near 80%, which suggests that the company retains a sufficient buffer to cover its distributions while funding necessary recurring capital expenditures from its internal cash flow generation.
The consistency of the dividend payout ratio indicates a disciplined approach to capital allocation, though the lack of comprehensive AFFO reporting in several periods warrants further investigation. This coverage level appears sustainable, provided that the company avoids significant spikes in maintenance capital requirements.
According to recent SEC filings, the substantial gap between GAAP net income and FFO confirms that non-cash depreciation and amortization charges significantly distort the company's reported profitability, necessitating a focus on cash-based metrics to evaluate the true economic health of the portfolio.
The consistent add-back of these non-cash items is essential for understanding the REIT's actual liquidity. Relying on GAAP net income would likely lead to an undervaluation of the company's ability to sustain its current dividend and operational commitments.
As evidenced by the provided financial data, the intermittent reporting of capital expenditures suggests that the company may be capitalizing maintenance costs or deferring necessary property upgrades, which could obscure the true recurring cash requirements needed to maintain the portfolio's competitive standing.
The absence of consistent CapEx data across multiple quarters may hide the true cost of maintaining urban assets in high-barrier markets. Analysts should be wary that these figures might understate the long-term capital intensity required to preserve the value of the company's core NYC-centric footprint.
Quick answers to the most common questions about buying CUBE stock.
CubeSmart (CUBE) generated $611.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CubeSmart (CUBE) generated $566.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CubeSmart (CUBE) spent $44.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CubeSmart (CUBE) returned $476.3M to shareholders via cash dividends and spent $36.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.