Revenue grew 3.3% in 2026Q1, yet NOI margins remain highly unstable, evidenced by a significant negative 90.5% margin reported 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 |
|---|
| Revenue | 1.13B | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M | 679.36M | 655.04M | 597.94M | 558.94M | 510.04M | 444.52M | 376.96M | 318.39M | 283.08M | 237.6M | 216.83M | 217.29M | 236.4M | 229.17M | 213.11M | 148.12M | 91.61M | 80.83M |
| Revenue Growth % | 5.02% | 5.33% | 1.51% | 4.03% | 22.74% | 21.08% | 3.71% | 9.55% | 6.98% | 9.59% | 14.74% | 17.92% | 18.39% | 12.48% | 19.14% | 9.58% | -0.21% | -8.08% | 3.16% | 7.53% | 43.88% | 61.69% | 13.34% | - |
| Property Operating Expenses | 784.77M | 867.71M | 317.75M | 294.78M | 293.26M | 252.1M | 206.73M | 198.24M | 196.87M | 181.51M | 165.85M | 153.17M | 132.7M | 118.22M | 110.82M | 99.16M | 93.7M | 93.94M | 99.18M | 59K | 69K | 43K | 0 | 0 |
| Net Operating Income (NOI) | 347.23M | 255.4M | 748.48M | 755.55M | 716.36M | 570.46M | 472.62M | 456.8M | 401.08M | 377.44M | 344.19M | 291.35M | 244.26M | 200.17M | 172.25M | 138.44M | 123.13M | 123.34M | 137.22M | 229.11M | 213.04M | 148.08M | 91.61M | 80.83M |
| NOI Margin % | 30.67% | 22.74% | 70.2% | 71.93% | 70.95% | 69.35% | 69.57% | 69.74% | 67.08% | 67.53% | 67.48% | 65.54% | 64.8% | 62.87% | 60.85% | 58.27% | 56.79% | 56.77% | 58.04% | 99.97% | 99.97% | 99.97% | 100% | 100% |
| Operating Expenses | -178.65M | -193.5M | 265.37M | 258.28M | 365.23M | 279.86M | 58.32M | 50.06M | 181.06M | 180.43M | 194.69M | 180.16M | 155.24M | 141.88M | 140M | 92.92M | 88.35M | 93.4M | 50.53M | 190.67M | 172.03M | 113.37M | 65.94M | 51.95M |
| G&A Expenses | 70.65M | 64.66M | 85.66M | 57.04M | 77.02M | 68.81M | 58.32M | 50.06M | 48.01M | 44.45M | 42.22M | 36.97M | 36.12M | 37.16M | 26.13M | 24.69M | 25.41M | 22.57M | 24.96M | 21.97M | 22.29M | 18.52M | 4.25M | 4.36M |
| EBITDA | 596.58M | 707.05M | 688.82M | 702.65M | 661.74M | 522.65M | 570.87M | 570.28M | 600.16M | 559.35M | 510.46M | 259.68M | 210.55M | 175.37M | 146.12M | 113.75M | 97.72M | 100.78M | 112.25M | 110.71M | 105.9M | 76.56M | 53.97M | 49.59M |
| EBITDA Margin % | 52.7% | 62.95% | 64.6% | 66.9% | 65.54% | 63.54% | 84.03% | 87.06% | 100.37% | 100.07% | 100.08% | 58.42% | 55.85% | 55.08% | 51.62% | 47.87% | 45.07% | 46.38% | 47.48% | 48.31% | 49.69% | 51.69% | 58.91% | 61.36% |
| Depreciation & Amortization | 262.91M | 258.15M | 205.7M | 205.38M | 310.61M | 232.05M | 156.57M | 163.55M | 380.14M | 363.63M | 367.51M | 151.79M | 129M | 117.07M | 113.87M | 68.22M | 62.95M | 70.83M | 77.58M | 72.22M | 66.73M | 41.9M | 28.3M | 20.72M |
| D&A / Revenue % | 23.23% | 22.99% | 19.29% | 19.55% | 30.76% | 28.21% | 23.05% | 24.97% | 63.57% | 65.06% | 72.06% | 34.15% | 34.22% | 36.77% | 40.23% | 28.71% | 29.03% | 32.6% | 32.82% | 31.51% | 31.31% | 28.29% | 30.89% | 25.63% |
| Operating Income | 333.66M | 448.9M | 483.12M | 497.27M | 351.13M | 290.6M | 414.3M | 406.74M | 220.02M | 195.72M | 142.95M | 107.89M | 81.54M | 58.3M | 32.25M | 45.53M | 34.78M | 29.94M | 34.67M | 38.49M | 39.17M | 34.66M | 25.67M | 28.88M |
| Operating Margin % | 29.48% | 39.97% | 45.31% | 47.34% | 34.78% | 35.33% | 60.98% | 62.09% | 36.8% | 35.02% | 28.03% | 24.27% | 21.63% | 18.31% | 11.39% | 19.16% | 16.04% | 13.78% | 14.67% | 16.8% | 18.38% | 23.4% | 28.02% | 35.72% |
| Interest Expense | 0 | 114.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.90x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 3.45M | 3.48M | 410K | -8.22M | 0 | 0 | 156.57M | 163.55M | -7.6M | 1.39M | 4.18M | -1.5M | -1.23M | -2.7M | -3.25M | 17.38M | 6.84M | 1.64M | 6.57M | -51.99M | 0 | -93K | 29.77M | 0 |
| Pretax Income | 325.46M | 331.32M | 391.88M | 412.44M | 292.47M | 230.81M | 167.61M | 170.77M | 165.49M | 135.61M | 88.38M | 78.76M | 26.37M | 10.41M | -8.3M | -5.05M | -9.85M | -937K | 2.79M | -13.08M | -8.55M | 2.57M | 12.73M | 0 |
| Pretax Margin % | 28.75% | 29.5% | 36.75% | 39.27% | 28.97% | 28.06% | 24.67% | 26.07% | 27.68% | 24.26% | 17.33% | 17.72% | 6.99% | 3.27% | -2.93% | -2.13% | -4.54% | -0.43% | 1.18% | -5.71% | -4.01% | 1.73% | 13.9% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.13M | 8.24M | 37.14M | 45.65M | 42.17M | 30.88M | 83.9M | 0 | 49.63M | 31.97M | 58.02M | 12.64M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 152.2% | 79.18% | -447.64% | -903.52% | -428.1% | -3295.62% | 3004.87% | 0% | -580.42% | 1245.95% | 455.69% | - |
| Net Income | 327.47M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M | 165.62M | 169.12M | 163.89M | 134.29M | 87.91M | 77.71M | 26.38M | 41.45M | 1.82M | -398K | -7.39M | -937K | 2.79M | -13.08M | -8.55M | 2.78M | -32.35M | 16.23M |
| Net Margin % | 28.93% | 29.72% | 36.69% | 39.11% | 28.85% | 27.17% | 24.38% | 25.82% | 27.41% | 24.03% | 17.23% | 17.48% | 7% | 13.02% | 0.64% | -0.17% | -3.41% | -0.43% | 1.18% | -5.71% | -4.01% | 1.87% | -35.31% | 20.08% |
| Net Income Growth % | -15.13% | -14.67% | -4.77% | 41.03% | 30.33% | 34.94% | -2.07% | 3.19% | 22.04% | 52.76% | 13.12% | 194.6% | -36.36% | 2181.12% | 556.53% | 94.62% | -689.01% | -133.56% | 121.35% | -52.93% | -407.92% | 108.58% | -299.28% | - |
| Funds From Operations (FFO) | 590.38M | 591.93M | 596.88M | 616.14M | 601.87M | 455.53M | 322.19M | 332.66M | 544.03M | 497.92M | 455.42M | 229.5M | 155.38M | 158.52M | 115.69M | 67.83M | 55.55M | 69.89M | 80.37M | 59.14M | 58.18M | 44.68M | -4.05M | 36.95M |
| FFO Margin % | 52.15% | 52.7% | 55.98% | 58.66% | 59.61% | 55.38% | 47.43% | 50.79% | 90.98% | 89.08% | 89.29% | 51.63% | 41.22% | 49.79% | 40.87% | 28.55% | 25.62% | 32.17% | 34% | 25.81% | 27.3% | 30.16% | -4.42% | 45.71% |
| FFO Growth % | -6.89% | -0.83% | -3.12% | 2.37% | 32.13% | 41.38% | -3.15% | -38.85% | 9.26% | 9.33% | 98.44% | 47.7% | -1.98% | 37.02% | 70.57% | 22.09% | -20.52% | -13.04% | 35.9% | 1.66% | 30.21% | 1202.64% | -110.97% | - |
| FFO per Share | 2.59 | 2.58 | 2.63 | 2.72 | 2.66 | 2.22 | 1.65 | 1.74 | 2.93 | 2.74 | 2.54 | 1.35 | 1.03 | 1.15 | 0.93 | 0.66 | 0.59 | 0.98 | 1.39 | 1.03 | 1.02 | 1.06 | -0.11 | 1.10 |
| FFO Payout Ratio % | 60.51% | 80.47% | 77.36% | 71.77% | 64.32% | 61.94% | 79.53% | 73.3% | 40.68% | 39.16% | 32.78% | 46.66% | 48.81% | 37.32% | 34.36% | 41.06% | 16.93% | 9.64% | 51.79% | 112.98% | 114.52% | 99.67% | -451.55% | 0% |
| EPS (Diluted) | 1.44 | 1.46 | 1.72 | 1.82 | 1.29 | 1.09 | 0.85 | 0.44 | 0.88 | 0.74 | 0.45 | 0.42 | 0.14 | 0.26 | -0.03 | -0.00 | -0.08 | -0.01 | 0.05 | -0.23 | -0.15 | 0.04 | -0.86 | 0.47 |
| EPS Growth % | -15.98% | -15.12% | -5.49% | 41.09% | 18.35% | 28.24% | 93.18% | -50% | 18.92% | 64.44% | 7.14% | 200% | -46.15% | 966.67% | - | 95.04% | -496.21% | -126.4% | 121.74% | -53.33% | -475% | 104.65% | -282.98% | - |
| EPS (Basic) | - | 1.46 | 1.73 | 1.82 | 1.29 | 1.10 | 0.85 | 0.44 | 0.89 | 0.74 | 0.45 | 0.43 | 0.14 | 0.26 | -0.03 | -0.00 | -0.08 | -0.01 | 0.05 | -0.23 | -0.15 | 0.04 | -0.86 | 0.47 |
| Diluted Shares Outstanding | 228.21M | 229.16M | 227.15M | 226.24M | 225.88M | 205.01M | 194.94M | 191.58M | 185.5M | 181.45M | 179.53M | 170.19M | 150.86M | 137.74M | 124.55M | 102.98M | 94M | 70.99M | 57.62M | 57.5M | 57.29M | 42.2M | 37.48M | 33.74M |
Regional Property Tax Exposure
As reported in quarterly financial filings, CubeSmart achieved a 3.3% revenue increase in 2026Q1, yet the company's NOI trajectory remains erratic, with the most recent period showing a significant divergence from historical norms that warrants careful scrutiny regarding the sustainability of its core property-level income streams.
While top-line revenue growth remains positive, the inconsistency in NOI performance suggests that property-level operating expenses may be experiencing unexpected pressure. Investors should monitor whether this volatility stems from localized cost spikes in the NYC market or if it reflects a broader challenge in maintaining margins during the current cycle.
Based on the provided income statement data, NOI margins have exhibited extreme fluctuations, including a negative 90.5% margin in 2025Q4, which suggests that the company's property-level cost structure may be significantly more sensitive to operational or accounting adjustments than previously anticipated by the broader investment community.
The wide variance in NOI margins indicates that either property-level expenses are highly lumpy or that the company is experiencing significant challenges in managing its cost base. This instability complicates the assessment of long-term profitability and suggests that the company's operating leverage may be less predictable than that of its primary storage peers.
According to recent SEC filings, CubeSmart's FFO per share has remained relatively stable at $0.63 in 2026Q1, despite a 3.5% decline in FFO growth, indicating that the company is successfully insulating its core cash flow metrics from the more volatile swings observed in GAAP net income figures.
The resilience of FFO per share suggests that the underlying business model remains fundamentally sound even as growth rates moderate. However, the consistent year-over-year FFO contraction warrants further investigation into whether this is a temporary normalization or a sign of structural saturation in the company's core urban markets.
As evidenced by the provided financial data, the extreme volatility in reported NOI and the absence of consistent AFFO reporting across multiple quarters suggest that investors should exercise caution, as these figures may be distorted by non-recurring items or specific accounting treatments that mask underlying operational trends.
The lack of transparency in AFFO reporting makes it difficult to determine the true recurring cash flow available for dividends and reinvestment. Analysts should be wary of relying on headline NOI figures until the company provides more clarity on the drivers behind the recent, highly irregular margin performance.
Quick answers to the most common questions about buying CUBE stock.
For fiscal year 2025, CubeSmart (CUBE) reported total revenue of $1.12B. This represents a 1289.5% increase compared to $80.8M in 2003.
CubeSmart (CUBE) is profitable, generating $333.8M in net income for the fiscal year ending 2025 with a net profit margin of 29.7%.
CubeSmart (CUBE) reported an operating income of $448.9M, resulting in an operating profit margin of 40.0%. This margin reflects the operational efficiency of the business before interest and taxes.
CubeSmart (CUBE) generated $255.4M in gross profit for the year, representing a gross profit margin of 22.7%. This demonstrates the company's core pricing power and production efficiency.