CubeSmart (CUBE) Financials

$39.30 -0.20 (-0.51%)

As of 11:58 AM Eastern

Annual Income Statements for CubeSmart

This table shows CubeSmart's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	72	80	134	164	169	166	223	291	411	391
Consolidated Net Income / (Loss)	79	88	136	165	171	168	231	292	412	392
Net Income / (Loss) Continuing Operations	79	88	136	165	171	168	231	292	412	392
Total Pre-Tax Income	79	88	136	165	171	168	231	292	412	392
Total Revenue	398	457	499	544	570	607	769	912	953	971
Net Interest Income / (Expense)	-46	-53	-60	-64	-75	-79	-87	-97	-97	-95
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	46	53	60	64	75	79	87	97	97	95
Long-Term Debt Interest Expense	44	50	57	62	73	76	78	93	93	91
Other Interest Expense	2.32	2.58	2.64	2.31	2.82	2.67	8.17	3.90	4.14	4.07
Total Non-Interest Income	445	510	559	609	645	686	855	1,010	1,050	1,066
Other Service Charges	52	60	70	80	92	98	115	130	138	155
Net Realized & Unrealized Capital Gains on Investments	-	-	-	11	1.51	6.71	33	0.00	0.00	0.00
Other Non-Interest Income	392	450	489	518	552	581	708	879	912	911
Total Non-Interest Expense	337	367	363	378	412	422	532	658	553	583
Other Operating Expenses	182	199	216	235	248	265	300	348	352	377
Depreciation Expense	152	162	146	143	164	157	232	311	201	206
Nonoperating Income / (Expense), net	17	-1.60	-0.51	-0.66	13	-18	-5.87	39	12	3.66
Net Income / (Loss) Attributable to Noncontrolling Interest	0.08	-0.47	-0.27	-0.22	1.65	0.17	-0.54	-0.72	-0.86	-1.45
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	0.96	0.94	1.59	1.82	-	1.83	7.87	1.93	2.54	2.16
Basic Earnings per Share	$0.43	$0.45	$0.74	$0.89	$0.89	$0.85	$1.10	$1.29	$1.82	$1.73
Weighted Average Basic Shares Outstanding	168.64M	178.25M	180.53M	184.65M	190.87M	194.15M	203.83M	224.93M	225.42M	226.35M
Diluted Earnings per Share	$0.42	$0.45	$0.74	$0.88	$0.88	$0.85	$1.09	$1.29	$1.82	$1.72
Weighted Average Diluted Shares Outstanding	170.19M	179.53M	181.45M	185.50M	191.58M	194.94M	205.01M	225.88M	226.24M	227.15M
Weighted Average Basic & Diluted Shares Outstanding	166.80M	177.60M	181.50M	184.10M	193.58M	199.70M	224.00M	224.63M	224.95M	227.88M
Cash Dividends to Common per Share	$0.69	$0.90	$1.11	$1.22	$1.29	$1.33	$1.45	$1.78	$1.98	$2.05

This table shows CubeSmart's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	113	82	98	98	103	113	95	94	101	102	89
Consolidated Net Income / (Loss)	113	82	98	98	103	113	95	94	101	102	89
Net Income / (Loss) Continuing Operations	113	82	98	98	103	113	95	94	101	102	89
Total Pre-Tax Income	113	82	98	98	103	113	95	94	101	102	89
Total Revenue	237	236	232	236	244	241	237	242	247	244	246
Net Interest Income / (Expense)	-25	-25	-25	-25	-24	-24	-24	-24	-24	-23	-27
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	25	25	25	25	24	24	24	24	24	23	27
Long-Term Debt Interest Expense	24	24	24	24	23	23	23	23	23	22	26
Other Interest Expense	0.97	1.01	1.04	1.04	1.03	1.03	1.03	1.02	0.99	1.04	1.22
Total Non-Interest Income	261	261	257	261	268	265	261	266	271	268	273
Other Service Charges	35	33	33	35	35	35	36	39	40	40	40
Other Non-Interest Income	227	228	224	226	232	230	225	227	231	228	233
Total Non-Interest Expense	170	155	136	140	142	136	143	149	147	144	158
Other Operating Expenses	90	85	86	89	92	85	93	98	96	91	99
Depreciation Expense	80	69	50	50	50	51	51	51	51	53	59
Nonoperating Income / (Expense), net	47	0.66	2.28	1.57	1.02	7.50	0.78	0.51	1.14	1.23	1.19
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.18	-0.22	-0.24	-0.21	-0.21	-0.20	-0.21	-0.30	-0.40	-0.54	-0.91
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	0.73	0.53	0.61	0.62	0.64	0.67	0.54	0.52	0.55	0.54	0.45
Basic Earnings per Share	$0.50	$0.36	$0.43	$0.43	$0.46	$0.50	$0.42	$0.42	$0.45	$0.44	$0.39
Weighted Average Basic Shares Outstanding	225.02M	224.93M	225.29M	225.39M	225.47M	225.42M	225.77M	225.89M	226.17M	226.35M	228.66M
Diluted Earnings per Share	$0.50	$0.36	$0.43	$0.43	$0.45	$0.51	$0.42	$0.41	$0.44	$0.45	$0.39
Weighted Average Diluted Shares Outstanding	225.97M	225.88M	226.18M	226.28M	226.21M	226.24M	226.58M	226.62M	227.15M	227.15M	229.17M
Weighted Average Basic & Diluted Shares Outstanding	224.57M	224.63M	224.68M	224.81M	224.86M	224.95M	224.97M	225.20M	226.15M	227.88M	227.95M
Cash Dividends to Common per Share	$0.43	-	$0.49	$0.49	$0.49	-	$0.51	$0.51	$0.51	-	$0.52

This table details how cash moves in and out of CubeSmart's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	60	-77	-1.71	-2.68	52	-52	7.09	-4.39	-0.71	69
Net Cash From Operating Activities	217	263	292	304	332	351	449	591	611	631
Net Cash From Continuing Operating Activities	217	263	292	304	332	351	449	591	611	631
Net Income / (Loss) Continuing Operations	79	88	136	165	171	168	231	292	412	392
Consolidated Net Income / (Loss)	79	88	136	165	171	168	231	292	412	392
Depreciation Expense	154	164	148	146	166	159	240	315	205	210
Non-Cash Adjustments to Reconcile Net Income	-15	6.37	6.41	-4.87	-6.65	18	-31	-41	3.71	13
Changes in Operating Assets and Liabilities, net	-0.73	4.08	1.57	-1.94	1.29	6.16	9.55	25	-10	16
Net Cash From Investing Activities	-375	-559	-150	-322	-376	-511	-1,853	-49	-94	-174
Net Cash From Continuing Investing Activities	-375	-559	-150	-322	-376	-511	-1,853	-49	-94	-174
Purchase of Property, Leasehold Improvements and Equipment	-25	-30	-27	-28	-38	-50	-35	-41	-40	-44
Purchase of Investment Securities	-370	-526	-138	-301	-221	-473	-1,900	-113	-70	-135
Sale and/or Maturity of Investments	20	8.11	16	25	11	19	111	106	16	5.45
Other Investing Activities, net	0.07	-12	-0.30	-19	-128	-7.02	-28	-0.02	-0.02	-1.30
Net Cash From Financing Activities	217	219	-143	15	96	108	1,411	-547	-518	-388
Net Cash From Continuing Financing Activities	217	219	-143	15	96	108	1,411	-547	-518	-388
Issuance of Debt	981	1,257	732	680	1,556	875	1,950	634	794	697
Issuance of Common Equity	234	136	30	132	196	121	966	4.88	-0.28	118
Repayment of Debt	-899	-955	-700	-576	-1,376	-629	-1,234	-789	-870	-747
Payment of Dividends	-113	-156	-195	-221	-244	-256	-274	-387	-442	-462
Other Financing Activities, Net	15	15	-9.93	0.91	-36	-2.47	3.08	-9.55	-0.07	6.27
Cash Interest Paid	46	53	63	67	69	81	79	92	95	93

This table details how cash moves in and out of CubeSmart's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	0.10	0.72	-0.14	2.36	-1.25	-1.68	-0.60	-0.34	38	32	-62
Net Cash From Operating Activities	162	145	137	162	170	142	150	171	145	165	146
Net Cash From Continuing Operating Activities	162	145	137	162	170	142	150	171	145	165	146
Net Income / (Loss) Continuing Operations	113	82	98	98	103	113	95	94	101	102	89
Consolidated Net Income / (Loss)	113	82	98	98	103	113	95	94	101	102	89
Depreciation Expense	81	70	51	51	51	52	52	52	52	54	60
Non-Cash Adjustments to Reconcile Net Income	-45	0.66	0.91	2.49	2.61	-2.29	3.02	3.41	3.60	3.28	3.85
Changes in Operating Assets and Liabilities, net	13	-8.30	-14	10	13	-20	0.53	21	-11	5.71	-6.65
Net Cash From Investing Activities	19	-18	-26	-22	-11	-35	-34	-20	-18	-101	-467
Net Cash From Continuing Investing Activities	19	-18	-26	-22	-11	-35	-34	-20	-18	-101	-467
Purchase of Property, Leasehold Improvements and Equipment	-9.88	-14	-11	-14	-6.37	-8.21	-9.66	-11	-12	-10	-9.37
Purchase of Investment Securities	-25	-6.91	-18	-9.65	-6.51	-36	-26	-10	-7.41	-90	-8.02
Sale and/or Maturity of Investments	53	3.11	3.66	1.89	1.80	8.65	1.99	1.50	1.19	0.78	1.19
Other Investing Activities, net	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.31	-0.01	-0.01	-0.99	-451
Net Cash From Financing Activities	-181	-127	-111	-138	-160	-109	-117	-151	-89	-31	259
Net Cash From Continuing Financing Activities	-181	-127	-111	-138	-160	-109	-117	-151	-89	-31	259
Issuance of Debt	205	133	220	235	159	180	214	197	202	85	578
Issuance of Common Equity	5.05	-0.01	-0.09	-0.06	-0.08	-0.05	-0.01	-0.04	33	86	-0.17
Repayment of Debt	-289	-163	-220	-264	-208	-178	-214	-236	-213	-85	-195
Payment of Dividends	-97	-97	-110	-111	-111	-111	-115	-115	-115	-116	-119
Other Financing Activities, Net	-5.54	-0.35	-0.53	1.71	-0.82	-0.44	-1.12	3.65	4.43	-0.69	-3.78
Cash Interest Paid	34	17	32	16	32	15	32	15	31	15	32

This table presents CubeSmart's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,104	3,475	3,545	3,753	4,030	4,778	6,548	6,326	6,225	6,394
Cash and Due from Banks	63	2.97	5.27	3.76	55	3.59	11	6.06	6.53	72
Restricted Cash	25	7.89	3.89	2.72	3.58	2.64	2.18	2.86	1.69	6.10
Trading Account Securities	97	99	91	96	91	92	120	106	98	92
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	2,873	3,327	3,409	3,601	3,774	4,506	6,098	6,048	5,951	6,038
Intangible Assets	-	-	-	-	-	-	2.32	5.18	4.00	2.73
Other Assets	44	37	35	49	101	171	315	158	163	184
Total Liabilities & Shareholders' Equity	3,104	3,475	3,545	3,753	4,030	4,778	6,548	6,326	6,225	6,394
Total Liabilities	1,393	1,759	1,856	1,981	2,160	2,688	3,550	3,428	3,344	3,440
Short-Term Debt	-	43	82	196	0.00	118	210	61	18	0.00
Other Short-Term Payables	124	143	199	211	203	227	-	326	116	120
Long-Term Debt	1,252	1,552	1,553	1,552	1,932	2,247	2,936	2,935	2,905	2,987
Other Long-Term Liabilities	18	20	22	23	25	95	403	106	306	334
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	66	54	54	56	62	249	108	57	60	51
Total Equity & Noncontrolling Interests	1,645	1,661	1,635	1,716	1,807	1,841	2,890	2,840	2,821	2,903
Total Preferred & Common Equity	1,643	1,655	1,629	1,710	1,799	1,832	2,872	2,826	2,799	2,872
Total Common Equity	1,643	1,655	1,629	1,710	1,799	1,832	2,872	2,826	2,799	2,872
Common Stock	2,233	2,316	2,358	2,503	2,677	2,808	4,091	4,128	4,144	4,288
Retained Earnings	-585	-659	-729	-792	-877	-975	-1,218	-1,301	-1,345	-1,416
Accumulated Other Comprehensive Income / (Loss)	-4.98	-1.85	0.00	-1.03	-0.73	-0.63	-0.57	-0.49	-0.41	-0.33
Noncontrolling Interest	1.53	5.86	6.24	6.77	7.99	8.63	19	14	22	31

This table presents CubeSmart's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,371	6,291	6,281	6,233	6,209	6,184	6,192	6,740
Cash and Due from Banks	5.18	5.51	9.22	8.03	5.59	5.66	44	11
Restricted Cash	3.02	3.27	1.93	1.87	2.03	1.61	1.85	5.00
Trading Account Securities	108	104	101	100	96	94	92	76
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	6,077	6,014	5,990	5,957	5,939	5,912	5,878	6,446
Intangible Assets	1.72	4.91	4.59	4.28	3.68	3.36	3.05	2.42
Other Assets	176	160	174	162	163	168	174	200
Total Liabilities & Shareholders' Equity	6,371	6,291	6,281	6,233	6,209	6,184	6,192	6,740
Total Liabilities	3,447	3,404	3,402	3,360	3,347	3,337	3,320	3,817
Short-Term Debt	86	61	63	15	18	11	0.00	382
Other Short-Term Payables	-	111	111	333	319	346	116	340
Long-Term Debt	2,935	2,935	2,904	2,905	2,905	2,874	2,874	2,987
Other Long-Term Liabilities	424	295	322	106	105	106	329	108
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	59	66	63	52	58	56	66	49
Total Equity & Noncontrolling Interests	2,866	2,822	2,816	2,821	2,804	2,791	2,806	2,874
Total Preferred & Common Equity	2,852	2,808	2,801	2,807	2,782	2,770	2,786	2,844
Total Common Equity	2,852	2,808	2,801	2,807	2,782	2,770	2,786	2,844
Common Stock	4,124	4,131	4,135	4,140	4,147	4,157	4,198	4,290
Retained Earnings	-1,272	-1,323	-1,333	-1,332	-1,365	-1,386	-1,412	-1,446
Accumulated Other Comprehensive Income / (Loss)	-0.51	-0.47	-0.45	-0.43	-0.39	-0.37	-0.35	-0.31
Noncontrolling Interest	14	14	14	14	22	21	21	30

This table displays calculated financial ratios and metrics derived from CubeSmart's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.49%	14.71%	9.25%	8.96%	4.78%	6.53%	26.56%	18.71%	4.46%	1.91%
EBITDA Growth	33.66%	17.82%	11.80%	9.62%	4.10%	6.27%	38.26%	19.20%	6.51%	-1.23%
EBIT Growth	89.94%	45.53%	51.29%	22.05%	-4.76%	17.35%	27.46%	7.30%	57.54%	-2.96%
NOPAT Growth	89.94%	45.53%	51.29%	22.05%	-4.76%	17.35%	27.46%	7.30%	57.54%	-2.96%
Net Income Growth	194.94%	12.21%	53.45%	22.03%	3.19%	-1.85%	37.71%	26.71%	41.02%	-4.98%
EPS Growth	200.00%	7.14%	64.44%	18.92%	0.00%	-3.41%	28.24%	18.35%	41.09%	-5.49%
Operating Cash Flow Growth	30.86%	21.17%	10.88%	4.26%	9.01%	5.81%	27.96%	31.68%	3.33%	3.26%
Free Cash Flow Firm Growth	38.94%	-13.85%	147.45%	-123.23%	-333.13%	-278.70%	-210.34%	134.71%	-2.72%	-48.74%
Invested Capital Growth	10.82%	11.78%	0.40%	5.86%	8.01%	17.20%	37.92%	-4.07%	-1.53%	2.36%
Revenue Q/Q Growth	3.75%	3.51%	1.93%	7.57%	-6.07%	6.33%	4.65%	4.19%	0.53%	0.29%
EBITDA Q/Q Growth	7.03%	4.16%	2.83%	10.93%	-6.39%	4.61%	6.55%	4.30%	0.88%	-0.46%
EBIT Q/Q Growth	28.36%	9.57%	9.97%	19.82%	-13.77%	11.28%	-2.41%	11.57%	6.42%	-1.26%
NOPAT Q/Q Growth	28.36%	9.57%	9.97%	19.82%	-13.77%	11.28%	-2.41%	11.57%	6.42%	-1.26%
Net Income Q/Q Growth	69.16%	-10.79%	10.43%	5.60%	-3.46%	0.27%	1.59%	13.86%	8.12%	-2.79%
EPS Q/Q Growth	75.00%	-15.09%	12.12%	4.76%	-4.35%	0.00%	0.00%	13.16%	8.98%	-3.37%
Operating Cash Flow Q/Q Growth	3.66%	2.11%	2.83%	0.50%	0.65%	3.32%	5.41%	7.01%	-0.44%	3.68%
Free Cash Flow Firm Q/Q Growth	24.43%	47.02%	-37.56%	-218.89%	-2.33%	-589.13%	-214.80%	140.92%	-7.24%	-42.75%
Invested Capital Q/Q Growth	6.02%	-1.59%	0.99%	3.31%	2.43%	17.79%	36.96%	-0.87%	0.18%	3.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	54.19%	55.66%	56.96%	57.31%	56.94%	56.80%	62.04%	62.30%	63.52%	61.56%
EBIT Margin	15.52%	19.69%	27.26%	30.54%	27.76%	30.58%	30.79%	27.83%	41.97%	39.97%
Profit (Net Income) Margin	19.77%	19.34%	27.16%	30.42%	29.96%	27.60%	30.03%	32.05%	43.27%	40.34%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	127.38%	98.22%	99.62%	99.60%	107.92%	90.26%	97.52%	115.17%	103.09%	100.94%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.19%	2.87%	4.10%	4.86%	4.32%	4.50%	4.47%	4.22%	6.84%	6.61%
ROIC Less NNEP Spread (ROIC-NNEP)	3.59%	2.76%	4.07%	4.82%	5.00%	3.66%	4.25%	5.47%	7.26%	6.74%
Return on Net Nonoperating Assets (RNNOA)	2.71%	2.29%	3.86%	4.71%	5.06%	3.97%	4.61%	5.70%	7.43%	6.82%
Return on Equity (ROE)	4.91%	5.16%	7.96%	9.56%	9.38%	8.47%	9.07%	9.92%	14.27%	13.43%
Cash Return on Invested Capital (CROIC)	-8.07%	-8.25%	3.70%	-0.83%	-3.38%	-11.34%	-27.41%	8.38%	8.39%	4.28%
Operating Return on Assets (OROA)	2.10%	2.74%	3.88%	4.55%	4.07%	4.22%	4.18%	3.95%	6.38%	6.15%
Return on Assets (ROA)	2.67%	2.69%	3.86%	4.54%	4.39%	3.81%	4.08%	4.54%	6.57%	6.21%
Return on Common Equity (ROCE)	4.72%	4.97%	7.68%	9.22%	9.04%	7.76%	8.39%	9.59%	13.90%	13.06%
Return on Equity Simple (ROE_SIMPLE)	4.79%	5.34%	8.32%	9.68%	9.49%	9.15%	8.04%	10.35%	14.74%	13.65%
Net Operating Profit after Tax (NOPAT)	62	90	136	166	158	186	237	254	400	388
NOPAT Margin	15.52%	19.69%	27.26%	30.54%	27.76%	30.58%	30.79%	27.83%	41.97%	39.97%
Net Nonoperating Expense Percent (NNEP)	-1.40%	0.11%	0.03%	0.04%	-0.68%	0.84%	0.21%	-1.25%	-0.42%	-0.12%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	84.48%	80.31%	72.74%	69.46%	72.24%	69.42%	69.21%	72.17%	58.03%	60.03%
Earnings before Interest and Taxes (EBIT)	62	90	136	166	158	186	237	254	400	388
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	216	254	284	312	325	345	477	568	605	598
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.29	2.14	2.46	2.50	2.82	3.12	3.61	2.92	3.56	3.33
Price to Tangible Book Value (P/TBV)	2.29	2.14	2.46	2.50	2.82	3.12	3.62	2.93	3.57	3.34
Price to Revenue (P/Rev)	9.44	7.75	8.03	7.85	8.89	9.40	13.50	9.06	10.46	9.86
Price to Earnings (P/E)	52.48	44.32	29.87	26.07	29.96	34.46	46.42	28.37	24.27	24.47
Dividend Yield	3.16%	4.57%	5.00%	5.32%	4.93%	4.55%	2.84%	4.84%	4.47%	4.82%
Earnings Yield	1.91%	2.26%	3.35%	3.84%	3.34%	2.90%	2.15%	3.52%	4.12%	4.09%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.57	1.71	1.73	1.84	1.87	2.22	1.92	2.23	2.12
Enterprise Value to Revenue (EV/Rev)	12.54	11.35	11.41	11.17	12.30	13.71	17.74	12.41	13.60	12.93
Enterprise Value to EBITDA (EV/EBITDA)	23.13	20.39	20.03	19.49	21.59	24.13	28.59	19.92	21.42	21.01
Enterprise Value to EBIT (EV/EBIT)	80.78	57.65	41.86	36.57	44.30	44.83	57.60	44.58	32.41	32.36
Enterprise Value to NOPAT (EV/NOPAT)	80.78	57.65	41.86	36.57	44.30	44.83	57.60	44.58	32.41	32.36
Enterprise Value to Operating Cash Flow (EV/OCF)	22.99	19.70	19.52	19.97	21.13	23.71	30.35	19.14	21.22	19.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	46.39	0.00	0.00	0.00	0.00	22.46	26.44	49.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.93	0.97	0.99	1.03	1.13	1.05	1.03	1.01	1.01
Long-Term Debt to Equity	0.73	0.90	0.92	0.88	1.03	1.07	0.98	1.01	1.01	1.01
Financial Leverage	0.76	0.83	0.95	0.98	1.01	1.09	1.08	1.04	1.02	1.01
Leverage Ratio	1.83	1.92	2.06	2.11	2.14	2.22	2.23	2.18	2.17	2.16
Compound Leverage Factor	2.34	1.89	2.05	2.10	2.31	2.01	2.17	2.51	2.24	2.18
Debt to Total Capital	42.25%	48.19%	49.18%	49.64%	50.82%	53.08%	51.20%	50.83%	50.36%	50.28%
Short-Term Debt to Total Capital	0.00%	1.31%	2.46%	5.56%	0.00%	2.64%	3.42%	1.03%	0.31%	0.00%
Long-Term Debt to Total Capital	42.25%	46.88%	46.72%	44.09%	50.82%	50.44%	47.78%	49.80%	50.05%	50.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.28%	1.82%	1.82%	1.78%	1.84%	5.79%	2.06%	1.21%	1.41%	1.38%
Common Equity to Total Capital	55.47%	49.99%	49.00%	48.58%	47.34%	41.13%	46.74%	47.95%	48.23%	48.34%
Debt to EBITDA	5.80	6.27	5.75	5.60	5.95	6.86	6.60	5.27	4.83	4.99
Net Debt to EBITDA	5.39	6.23	5.72	5.58	5.77	6.84	6.57	5.26	4.81	4.86
Long-Term Debt to EBITDA	5.80	6.10	5.46	4.98	5.95	6.51	6.16	5.16	4.80	4.99
Debt to NOPAT	20.24	17.74	12.01	10.52	12.21	12.73	13.29	11.80	7.31	7.69
Net Debt to NOPAT	18.83	17.61	11.94	10.48	11.84	12.70	13.23	11.76	7.29	7.49
Long-Term Debt to NOPAT	20.24	17.25	11.41	9.34	12.21	12.10	12.40	11.56	7.26	7.69
Noncontrolling Interest Sharing Ratio	3.71%	3.73%	3.55%	3.56%	3.64%	8.29%	7.56%	3.37%	2.66%	2.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-227	-259	123	-29	-124	-468	-1,453	504	490	251
Operating Cash Flow to CapEx	879.82%	887.28%	1,066.24%	1,101.63%	883.09%	704.08%	1,297.92%	1,434.45%	1,533.48%	1,448.25%
Free Cash Flow to Firm to Interest Expense	-4.94	-4.89	2.06	-0.44	-1.64	-5.96	-16.77	5.19	5.05	2.65
Operating Cash Flow to Interest Expense	4.72	4.97	4.90	4.72	4.40	4.47	5.19	6.09	6.29	6.65
Operating Cash Flow Less CapEx to Interest Expense	4.18	4.41	4.44	4.29	3.90	3.83	4.79	5.66	5.88	6.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.15	0.15	0.14	0.14	0.14	0.15	0.15
Fixed Asset Turnover	0.14	0.15	0.15	0.16	0.15	0.15	0.15	0.15	0.16	0.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,963	3,311	3,325	3,519	3,801	4,455	6,144	5,894	5,804	5,940
Invested Capital Turnover	0.14	0.15	0.15	0.16	0.16	0.15	0.15	0.15	0.16	0.17
Increase / (Decrease) in Invested Capital	289	349	13	195	282	654	1,689	-250	-90	137
Enterprise Value (EV)	4,995	5,187	5,698	6,076	7,010	8,324	13,633	11,322	12,966	12,564
Market Capitalization	3,763	3,542	4,012	4,273	5,066	5,708	10,374	8,263	9,970	9,573
Book Value per Share	$9.52	$9.19	$9.01	$9.18	$9.30	$9.38	$14.13	$12.58	$12.45	$12.70
Tangible Book Value per Share	$9.52	$9.19	$9.01	$9.18	$9.30	$9.38	$14.11	$12.56	$12.43	$12.69
Total Capital	2,963	3,311	3,325	3,519	3,801	4,455	6,144	5,894	5,804	5,940
Total Debt	1,252	1,596	1,635	1,747	1,932	2,365	3,146	2,996	2,923	2,987
Total Long-Term Debt	1,252	1,552	1,553	1,552	1,932	2,247	2,936	2,935	2,905	2,987
Net Debt	1,164	1,585	1,626	1,741	1,873	2,358	3,132	2,987	2,915	2,909
Capital Expenditures (CapEx)	25	30	27	28	38	50	35	41	40	44
Net Nonoperating Expense (NNE)	-17	1.60	0.51	0.66	-13	18	5.87	-39	-12	-3.66
Net Nonoperating Obligations (NNO)	1,252	1,596	1,635	1,747	1,932	2,365	3,146	2,996	2,923	2,987
Total Depreciation and Amortization (D&A)	154	164	148	146	166	159	240	315	205	210
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.43	$0.45	$0.74	$0.89	$0.89	$0.85	$1.10	$1.29	$1.82	$1.73
Adjusted Weighted Average Basic Shares Outstanding	168.64M	178.25M	180.53M	184.65M	190.87M	194.15M	203.83M	224.93M	225.42M	226.35M
Adjusted Diluted Earnings per Share	$0.42	$0.45	$0.74	$0.88	$0.88	$0.85	$1.09	$1.29	$1.82	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	170.19M	179.53M	181.45M	185.50M	191.58M	194.94M	205.01M	225.88M	226.24M	227.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	175.73M	180.17M	182.28M	187.16M	193.58M	199.70M	224.00M	224.63M	224.95M	227.88M
Normalized Net Operating Profit after Tax (NOPAT)	46	68	96	116	111	130	166	178	280	272
Normalized NOPAT Margin	11.44%	14.78%	19.26%	21.38%	19.43%	21.40%	21.55%	19.48%	29.38%	27.98%
Pre Tax Income Margin	19.77%	19.34%	27.16%	30.42%	29.96%	27.60%	30.03%	32.05%	43.27%	40.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.34	1.70	2.28	2.58	2.10	2.36	2.73	2.61	4.12	4.09
NOPAT to Interest Expense	1.34	1.70	2.28	2.58	2.10	2.36	2.73	2.61	4.12	4.09
EBIT Less CapEx to Interest Expense	0.81	1.14	1.82	2.15	1.60	1.73	2.33	2.19	3.71	3.63
NOPAT Less CapEx to Interest Expense	0.81	1.14	1.82	2.15	1.60	1.73	2.33	2.19	3.71	3.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	143.61%	176.32%	143.80%	133.84%	142.80%	152.89%	118.64%	132.36%	107.22%	117.83%
Augmented Payout Ratio	143.61%	176.32%	143.80%	133.84%	142.80%	152.89%	118.64%	132.36%	107.22%	117.83%

This table displays calculated financial ratios and metrics derived from CubeSmart's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.94%	18.38%	7.92%	5.15%	2.98%	2.14%	2.44%	2.63%	1.44%	1.17%	3.48%
EBITDA Growth	0.92%	18.24%	12.54%	7.01%	3.82%	3.47%	-0.82%	-1.62%	-0.69%	-1.77%	1.45%
EBIT Growth	-25.02%	47.72%	102.96%	65.59%	52.55%	29.60%	-1.66%	-3.15%	-2.20%	-4.70%	-6.93%
NOPAT Growth	-25.02%	47.72%	102.96%	65.59%	52.55%	29.60%	-1.66%	-3.15%	-2.20%	-4.70%	-6.93%
Net Income Growth	25.25%	76.47%	155.95%	67.74%	-9.14%	37.68%	-3.15%	-4.17%	-2.06%	-9.94%	-6.44%
EPS Growth	16.28%	71.43%	152.94%	65.38%	-10.00%	41.67%	-2.33%	-4.65%	-2.22%	-11.76%	-7.14%
Operating Cash Flow Growth	29.15%	36.45%	4.57%	5.73%	4.66%	-1.84%	9.83%	5.23%	-14.35%	15.72%	-2.55%
Free Cash Flow Firm Growth	-126.54%	120.30%	117.11%	116.86%	118.30%	-40.91%	-29.37%	-18.90%	-42.81%	-118.45%	-317.94%
Invested Capital Growth	32.53%	-4.07%	-2.92%	-2.67%	-2.57%	-1.53%	-1.67%	-1.96%	-0.79%	2.36%	8.77%
Revenue Q/Q Growth	5.31%	-0.07%	-1.96%	1.91%	3.14%	-0.89%	-1.66%	2.09%	1.95%	-1.15%	0.58%
EBITDA Q/Q Growth	6.52%	3.06%	-3.24%	0.73%	3.34%	2.72%	-7.25%	-0.07%	4.31%	1.60%	-4.21%
EBIT Q/Q Growth	14.54%	21.85%	17.37%	1.10%	5.52%	3.51%	-10.94%	-0.43%	6.55%	0.86%	-13.02%
NOPAT Q/Q Growth	14.54%	21.85%	17.37%	1.10%	5.52%	3.51%	-10.94%	-0.43%	6.55%	0.86%	-13.02%
Net Income Q/Q Growth	93.60%	-27.56%	19.19%	0.35%	4.87%	9.76%	-16.16%	-0.71%	7.18%	0.93%	-12.90%
EPS Q/Q Growth	92.31%	-28.00%	19.44%	0.00%	4.65%	13.33%	-17.65%	-2.38%	7.32%	2.27%	-13.33%
Operating Cash Flow Q/Q Growth	5.62%	-10.62%	-5.70%	18.78%	4.55%	-16.18%	2.84%	13.79%	-14.90%	13.25%	-11.14%
Free Cash Flow Firm Q/Q Growth	8.67%	123.82%	-17.82%	-5.70%	-0.87%	-23.07%	-1.78%	8.27%	-30.09%	-124.82%	-1,060.31%
Invested Capital Q/Q Growth	-1.02%	-0.87%	-0.17%	-0.63%	-0.92%	0.18%	-0.32%	-0.92%	0.26%	3.37%	5.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	62.32%	64.27%	63.43%	62.70%	62.82%	65.11%	61.41%	60.11%	61.50%	63.22%	60.21%
EBIT Margin	28.28%	34.48%	41.27%	40.94%	41.89%	43.75%	39.62%	38.64%	40.38%	41.20%	35.63%
Profit (Net Income) Margin	47.95%	34.76%	42.25%	41.61%	42.31%	46.85%	39.95%	38.85%	40.85%	41.71%	36.12%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	169.57%	100.81%	102.38%	101.62%	101.00%	107.10%	100.83%	100.55%	101.14%	101.22%	101.36%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.75%	5.23%	6.42%	6.50%	6.77%	7.13%	6.51%	6.44%	6.78%	6.82%	5.78%
ROIC Less NNEP Spread (ROIC-NNEP)	6.53%	5.25%	6.50%	6.55%	6.80%	7.38%	6.54%	6.46%	6.82%	6.86%	5.82%
Return on Net Nonoperating Assets (RNNOA)	6.55%	5.47%	6.82%	6.88%	6.97%	7.56%	6.73%	6.60%	6.88%	6.95%	6.33%
Return on Equity (ROE)	11.29%	10.69%	13.25%	13.38%	13.73%	14.69%	13.24%	13.04%	13.65%	13.76%	12.11%
Cash Return on Invested Capital (CROIC)	-23.62%	8.38%	8.03%	8.46%	9.01%	8.39%	8.52%	8.81%	7.61%	4.28%	-2.08%
Operating Return on Assets (OROA)	4.42%	4.89%	6.02%	6.06%	6.30%	6.64%	6.08%	5.98%	6.30%	6.34%	5.39%
Return on Assets (ROA)	7.49%	4.93%	6.16%	6.16%	6.36%	7.12%	6.13%	6.02%	6.37%	6.42%	5.46%
Return on Common Equity (ROCE)	10.36%	10.33%	12.85%	13.02%	13.41%	14.30%	12.87%	12.69%	13.29%	13.37%	11.78%
Return on Equity Simple (ROE_SIMPLE)	9.01%	0.00%	12.54%	13.99%	13.59%	0.00%	14.71%	14.63%	14.47%	0.00%	13.56%
Net Operating Profit after Tax (NOPAT)	67	82	96	97	102	106	94	94	100	101	88
NOPAT Margin	28.28%	34.48%	41.27%	40.94%	41.89%	43.75%	39.62%	38.64%	40.38%	41.20%	35.63%
Net Nonoperating Expense Percent (NNEP)	-1.78%	-0.02%	-0.07%	-0.05%	-0.03%	-0.25%	-0.03%	-0.02%	-0.04%	-0.04%	-0.04%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.72%	65.52%	58.73%	59.06%	58.11%	56.25%	60.38%	61.36%	59.62%	58.80%	64.37%
Earnings before Interest and Taxes (EBIT)	67	82	96	97	102	106	94	94	100	101	88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	152	147	148	153	157	146	146	152	154	148
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.91	2.92	3.49	3.42	2.93	3.56	3.62	3.63	4.31	3.33	3.38
Price to Tangible Book Value (P/TBV)	2.91	2.93	3.50	3.43	2.93	3.57	3.62	3.63	4.32	3.34	3.38
Price to Revenue (P/Rev)	9.48	9.06	10.55	10.18	8.66	10.46	10.49	10.41	12.40	9.86	9.81
Price to Earnings (P/E)	32.58	28.37	27.96	24.55	21.61	24.27	24.67	24.88	29.87	24.47	24.92
Dividend Yield	4.65%	4.84%	4.22%	4.46%	5.37%	4.47%	4.47%	4.48%	3.79%	4.82%	4.86%
Earnings Yield	3.07%	3.52%	3.58%	4.07%	4.63%	4.12%	4.05%	4.02%	3.35%	4.09%	4.01%
Enterprise Value to Invested Capital (EV/IC)	1.92	1.92	2.19	2.16	1.93	2.23	2.26	2.27	2.60	2.12	2.07
Enterprise Value to Revenue (EV/Rev)	13.00	12.41	13.85	13.41	11.80	13.60	13.61	13.47	15.41	12.93	13.32
Enterprise Value to EBITDA (EV/EBITDA)	20.89	19.92	22.01	21.22	18.64	21.42	21.60	21.60	24.84	21.01	21.74
Enterprise Value to EBIT (EV/EBIT)	50.02	44.58	42.56	37.02	29.76	32.41	32.76	32.88	37.95	32.36	34.18
Enterprise Value to NOPAT (EV/NOPAT)	50.02	44.58	42.56	37.02	29.76	32.41	32.76	32.88	37.95	32.36	34.18
Enterprise Value to Operating Cash Flow (EV/OCF)	20.60	19.14	21.55	20.81	18.23	21.22	20.90	20.54	24.52	19.91	20.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.46	26.85	25.17	21.16	26.44	26.27	25.48	33.99	49.98	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.03	1.04	1.03	1.02	1.01	1.02	1.01	1.00	1.01	1.15
Long-Term Debt to Equity	1.00	1.01	1.02	1.01	1.01	1.01	1.01	1.01	1.00	1.01	1.02
Financial Leverage	1.00	1.04	1.05	1.05	1.02	1.02	1.03	1.02	1.01	1.01	1.09
Leverage Ratio	2.15	2.18	2.19	2.20	2.17	2.17	2.17	2.18	2.16	2.16	2.24
Compound Leverage Factor	3.65	2.20	2.24	2.23	2.20	2.33	2.19	2.19	2.19	2.19	2.27
Debt to Total Capital	50.82%	50.83%	50.93%	50.76%	50.40%	50.36%	50.53%	50.32%	50.02%	50.28%	53.55%
Short-Term Debt to Total Capital	1.45%	1.03%	1.04%	1.08%	0.26%	0.31%	0.32%	0.18%	0.00%	0.00%	6.08%
Long-Term Debt to Total Capital	49.37%	49.80%	49.89%	49.68%	50.14%	50.05%	50.21%	50.14%	50.02%	50.28%	47.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.22%	1.21%	1.35%	1.33%	1.14%	1.41%	1.38%	1.35%	1.52%	1.38%	1.25%
Common Equity to Total Capital	47.96%	47.95%	47.72%	47.91%	48.46%	48.23%	48.09%	48.33%	48.47%	48.34%	45.20%
Debt to EBITDA	5.54	5.27	5.12	4.99	4.86	4.83	4.84	4.79	4.78	4.99	5.61
Net Debt to EBITDA	5.53	5.26	5.11	4.97	4.85	4.81	4.83	4.78	4.71	4.86	5.59
Long-Term Debt to EBITDA	5.39	5.16	5.02	4.89	4.84	4.80	4.81	4.78	4.78	4.99	4.98
Debt to NOPAT	13.27	11.80	9.91	8.71	7.77	7.31	7.34	7.29	7.31	7.69	8.83
Net Debt to NOPAT	13.24	11.76	9.88	8.68	7.74	7.29	7.32	7.28	7.19	7.49	8.79
Long-Term Debt to NOPAT	12.90	11.56	9.70	8.52	7.73	7.26	7.29	7.27	7.31	7.69	7.83
Noncontrolling Interest Sharing Ratio	8.29%	3.37%	2.95%	2.70%	2.39%	2.66%	2.77%	2.71%	2.66%	2.81%	2.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,393	332	273	257	255	196	193	208	146	-36	-420
Operating Cash Flow to CapEx	1,641.45%	1,055.09%	1,226.06%	1,149.65%	2,665.80%	1,732.99%	1,554.99%	1,497.21%	1,204.71%	1,577.56%	1,561.59%
Free Cash Flow to Firm to Interest Expense	-56.11	13.50	11.02	10.46	10.51	8.29	8.04	8.77	6.14	-1.54	-15.36
Operating Cash Flow to Interest Expense	6.54	5.90	5.53	6.60	7.01	6.02	6.27	7.18	6.13	7.03	5.36
Operating Cash Flow Less CapEx to Interest Expense	6.14	5.34	5.08	6.03	6.74	5.67	5.87	6.70	5.62	6.59	5.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.15	0.15
Fixed Asset Turnover	0.17	0.15	0.15	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,946	5,894	5,884	5,847	5,793	5,804	5,785	5,732	5,747	5,940	6,292
Invested Capital Turnover	0.17	0.15	0.16	0.16	0.16	0.16	0.16	0.17	0.17	0.17	0.16
Increase / (Decrease) in Invested Capital	1,460	-250	-177	-160	-153	-90	-98	-115	-46	137	507
Enterprise Value (EV)	11,386	11,322	12,872	12,615	11,187	12,966	13,053	13,002	14,924	12,564	13,047
Market Capitalization	8,300	8,263	9,805	9,581	8,211	9,970	10,058	10,047	12,008	9,573	9,614
Book Value per Share	$12.70	$12.58	$12.50	$12.47	$12.49	$12.45	$12.37	$12.31	$12.37	$12.70	$12.48
Tangible Book Value per Share	$12.70	$12.56	$12.48	$12.45	$12.47	$12.43	$12.35	$12.30	$12.36	$12.69	$12.47
Total Capital	5,946	5,894	5,884	5,847	5,793	5,804	5,785	5,732	5,747	5,940	6,292
Total Debt	3,021	2,996	2,996	2,968	2,920	2,923	2,923	2,885	2,874	2,987	3,370
Total Long-Term Debt	2,935	2,935	2,935	2,904	2,905	2,905	2,905	2,874	2,874	2,987	2,987
Net Debt	3,013	2,987	2,988	2,957	2,910	2,915	2,916	2,877	2,829	2,909	3,354
Capital Expenditures (CapEx)	9.88	14	11	14	6.37	8.21	9.66	11	12	10	9.37
Net Nonoperating Expense (NNE)	-47	-0.66	-2.28	-1.57	-1.02	-7.50	-0.78	-0.51	-1.14	-1.23	-1.19
Net Nonoperating Obligations (NNO)	3,021	2,996	2,996	2,968	2,920	2,923	2,923	2,885	2,874	2,987	3,370
Total Depreciation and Amortization (D&A)	81	70	51	51	51	52	52	52	52	54	60
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.36	$0.43	$0.43	$0.46	$0.50	$0.42	$0.42	$0.45	$0.44	$0.39
Adjusted Weighted Average Basic Shares Outstanding	225.02M	224.93M	225.29M	225.39M	225.47M	225.42M	225.77M	225.89M	226.17M	226.35M	228.66M
Adjusted Diluted Earnings per Share	$0.50	$0.36	$0.43	$0.43	$0.45	$0.51	$0.42	$0.41	$0.44	$0.45	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	225.97M	225.88M	226.18M	226.28M	226.21M	226.24M	226.58M	226.62M	227.15M	227.15M	229.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	224.57M	224.63M	224.68M	224.81M	224.86M	224.95M	224.97M	225.20M	226.15M	227.88M	227.95M
Normalized Net Operating Profit after Tax (NOPAT)	47	57	67	68	71	74	66	66	70	70	61
Normalized NOPAT Margin	19.79%	24.13%	28.89%	28.66%	29.32%	30.62%	27.73%	27.05%	28.27%	28.84%	24.94%
Pre Tax Income Margin	47.95%	34.76%	42.25%	41.61%	42.31%	46.85%	39.95%	38.85%	40.85%	41.71%	36.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.70	3.32	3.87	3.93	4.21	4.47	3.93	3.94	4.21	4.30	3.20
NOPAT to Interest Expense	2.70	3.32	3.87	3.93	4.21	4.47	3.93	3.94	4.21	4.30	3.20
EBIT Less CapEx to Interest Expense	2.30	2.76	3.42	3.36	3.95	4.12	3.53	3.46	3.70	3.85	2.86
NOPAT Less CapEx to Interest Expense	2.30	2.76	3.42	3.36	3.95	4.12	3.53	3.46	3.70	3.85	2.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	139.98%	132.36%	113.87%	105.84%	112.32%	107.22%	109.19%	111.47%	113.24%	117.83%	120.68%
Augmented Payout Ratio	139.98%	132.36%	113.87%	105.84%	112.32%	107.22%	109.19%	111.47%	113.24%	117.83%	120.68%

Key Financial Trends

CubeSmart (NYSE: CUBE) has demonstrated steady financial performance in the last few years through Q1 2025. Here is an analysis of key trends from their income statements, cash flow statements, and balance sheets over the last four years.

Net income attributable to common shareholders has grown from approximately $82 million in Q4 2022 to about $89 million in Q1 2025, reflecting consistent profitability.
Total revenue has increased from about $236 million in Q4 2022 to approximately $245 million by Q1 2025, indicating steady top-line growth.
Depreciation expense, while increasing (e.g., $69 million in Q4 2022 to $60 million in Q1 2025), likely corresponds to ongoing investment in capital assets, supporting future operations.
Operating cash flow remains strong and growing, with net cash from continuing operating activities rising from around $145 million in Q4 2022 to $146 million in Q1 2025, indicating good cash generation from core business.
CubeSmart continues to invest substantially in property and equipment, with quarterly capital expenditures averaging $8-14 million, supporting long-term growth.
The company maintains a sizable long-term debt position, approximately $2.9-3.0 billion consistently, with interest expenses around $23-$26 million per quarter, which investors should monitor for potential risks.
Common equity fluctuated modestly around $2.8 to $2.85 billion and total assets rose from about $6.2 billion to $6.7 billion, indicating an expanding asset base.
Cash and equivalents show seasonal fluctuations, with declines sometimes offset by financing activities; net changes vary quarter to quarter.
Cash dividends per share have gradually increased from $0.43 in 2022 to $0.52 in Q1 2025, suggesting growing shareholder returns but also cash outflow pressure.
The company issued and repaid significant amounts of debt regularly, indicating active capital management but also potential refinancing risks amid large debt volumes.

Summary: CubeSmart has shown solid and consistent revenue growth, profitability, and operating cash flow generation over the last several years. The company invests continually in its property and equipment, supporting sustainable growth. However, the high levels of debt and increasing dividend payments warrant monitoring to assess financial flexibility. Overall, CubeSmart's financials indicate a stable REIT with moderate growth and stable cash flows, attractive for investors seeking consistent income with growth potential.

08/08/25 10:59 AMAI Generated. May Contain Errors.

Frequently Asked Questions About CubeSmart's Financials

When does CubeSmart's fiscal year end?

According to the most recent income statement we have on file, CubeSmart's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CubeSmart's net income changed over the last 9 years?

CubeSmart's net income appears to be on an upward trend, with a most recent value of $391.89 million in 2024, rising from $78.76 million in 2015. The previous period was $412.44 million in 2023. Find out what analysts predict for CubeSmart in the coming months.

How has CubeSmart's revenue changed over the last 9 years?

Over the last 9 years, CubeSmart's total revenue changed from $398.46 million in 2015 to $971.34 million in 2024, a change of 143.8%.

How much debt does CubeSmart have?

CubeSmart's total liabilities were at $3.44 billion at the end of 2024, a 2.9% increase from 2023, and a 146.9% increase since 2015.

How much cash does CubeSmart have?

In the past 9 years, CubeSmart's cash and equivalents has ranged from $2.97 million in 2016 to $71.56 million in 2024, and is currently $71.56 million as of their latest financial filing in 2024.

How has CubeSmart's book value per share changed over the last 9 years?

Over the last 9 years, CubeSmart's book value per share changed from 9.52 in 2015 to 12.70 in 2024, a change of 33.3%.

Related Companies

This page (NYSE:CUBE) was last updated on 8/8/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

CubeSmart (CUBE) Financials

Key Financial Trends

Frequently Asked Questions About CubeSmart's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

CubeSmart (CUBE) Financials

Annual Income Statements for CubeSmart

Quarterly Income Statements for CubeSmart

Annual Cash Flow Statements for CubeSmart

Quarterly Cash Flow Statements for CubeSmart

Annual Balance Sheets for CubeSmart

Quarterly Balance Sheets for CubeSmart

Annual Metrics And Ratios for CubeSmart

Quarterly Metrics And Ratios for CubeSmart

Key Financial Trends

Frequently Asked Questions About CubeSmart's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools