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CubeSmart (CUBE) Financials

CubeSmart logo
$40.66 -0.06 (-0.14%)
Closing price 03:59 PM Eastern
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$40.63 -0.02 (-0.06%)
As of 06:30 PM Eastern
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Annual Income Statements for CubeSmart

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

Quarterly Income Statements for CubeSmart

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

Annual Cash Flow Statements for CubeSmart

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

Quarterly Cash Flow Statements for CubeSmart

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

Annual Balance Sheets for CubeSmart

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

Quarterly Balance Sheets for CubeSmart

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

Annual Metrics And Ratios for CubeSmart

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%

Quarterly Metrics And Ratios for CubeSmart

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 has demonstrated stable profitability over the last four years with quarterly net income attributable to common shareholders consistently positive and generally increasing year over year. For example, net income in Q1 2025 was approximately $89.2 million, which shows some moderation from previous quarters like Q4 2024 where it was around $101.9 million, but still reflects strong profitability relative to earlier years.

Positive Financial Trends:

  • Consistent net income growth with Q1 2025 net income of $89.2M compared to Q1 2024’s $94.5M and increasing from $81.9M in late 2022.
  • Stable EBITDA support reflected by depreciation expense growing moderately, indicating ongoing investment in property and equipment ($60.4M in Q1 2025 vs $51.7M in Q1 2024).
  • Operating cash flows are strong and positive each quarter, with $146.3M in Q1 2025 operating cash flow indicating solid cash generation ability.
  • Consistent dividend payments, with quarterly cash dividends per share increasing modestly to $0.52 in Q1 2025 from $0.49-$0.51 in prior quarters.
  • Total revenues have shown a gradual increase from roughly $237.5M in Q1 2024 to $245.7M in Q1 2025.
  • Long-term debt interest expense has increased slightly but remains manageable relative to strong operating income and cash flows.
  • Equity position remained healthy and stable, with total common equity around $2.84 billion in Q1 2025, supporting financial flexibility.
  • Issuance of debt in Q1 2025 ($577.6M) suggests possible strategic investments or refinancing, supported by ample cash flow and equity metrics.

Neutral Financial Observations:

  • Net interest expense continues to be a significant cost component (~$27.3M in Q1 2025) but consistent over recent years, reflecting debt financing levels.
  • Large capital expenditures and investment securities purchases (combined ~$17.4M in Q1 2025) show ongoing asset maintenance and growth but may impact free cash flow if sustained without increased operating income.

Potential Challenges and Risks:

  • Net cash used in investing activities was significant in Q1 2025 (-$467.3M), far exceeding operating cash flows, driven by other investing activities (-$451.1M), which could pressure liquidity if not matched by strong financing and operating cash.
  • Increase in short-term debt to $382.4M in Q1 2025 compared to zero in prior quarters could reflect short-term funding needs, raising short-term liquidity risk.
  • Depreciation expense increased substantially in Q4 2022 (~$69.4M) and fluctuated, indicating high asset base but also meaning potentially large ongoing capital maintenance costs.

Summary: CubeSmart displays steady profitability with resilient earnings and strong cash flows supporting dividends and investments. The company’s ability to generate operating cash exceeds its reported net income, a healthy signal for cash-based performance. However, elevated investing cash outflows and increased short-term debt in recent quarters highlight areas to monitor for liquidity and capital allocation strategy. Investors should watch upcoming quarters for how these investing activities translate into revenue growth and cash flow enhancement, as well as any shifts in debt structure.

08/28/25 11:41 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About CubeSmart's Financials

When does CubeSmart's financial year end?

According to the most recent income statement we have on file, CubeSmart's fiscal year ends in December. Their fiscal 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%.


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This page (NYSE:CUBE) was last updated on 8/28/2025 by MarketBeat.com Staff
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