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CubeSmart (CUBE) Financials

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$40.87 +0.38 (+0.94%)
As of 03:58 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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 72 80 134 164 169 166 223 291 411 391 334
Consolidated Net Income / (Loss)		 79 88 136 165 171 168 231 292 412 392 331
Net Income / (Loss) Continuing Operations		 79 88 136 165 171 168 231 292 412 392 331
Total Pre-Tax Income 		79 88 136 165 171 168 231 292 412 392 331
Total Revenue		 398 457 499 544 570 607 769 912 953 971 1,004
Net Interest Income / (Expense)		 -46 -53 -60 -64 -75 -79 -87 -97 -97 -95 -119
Total Interest Income		 0.00 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 95 119
Long-Term Debt Interest Expense		 44 50 57 62 73 76 78 93 93 91 114
Other Interest Expense		 2.32 2.58 2.64 2.31 2.82 2.67 8.17 3.90 4.14 4.07 4.97
Total Non-Interest Income		 445 510 559 609 645 686 855 1,010 1,050 1,066 1,123
Other Service Charges		 52 60 70 80 92 98 115 130 138 155 166
Other Non-Interest Income		 392 450 489 518 552 581 708 879 912 911 957
Total Non-Interest Expense		 337 367 363 378 412 422 532 658 553 583 674
Other Operating Expenses		 182 199 216 235 248 265 300 348 352 377 416
Depreciation Expense		 152 162 146 143 164 157 232 311 201 206 258
Nonoperating Income / (Expense), net		 17 -1.60 -0.51 -0.66 13 -18 -5.87 39 12 3.66 1.49
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 -4.09
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 1.63
Basic Earnings per Share		 $0.43 $0.45 $0.74 $0.89 $0.89 $0.85 $1.10 $1.29 $1.82 $1.73 $1.46
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 228.73M
Diluted Earnings per Share		 $0.42 $0.45 $0.74 $0.88 $0.88 $0.85 $1.09 $1.29 $1.82 $1.72 $1.46
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 229.16M
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 227.09M
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 $2.09

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 103 113 95 94 101 102 89 83 83 79 83
Consolidated Net Income / (Loss)		 103 113 95 94 101 102 89 82 82 78 83
Net Income / (Loss) Continuing Operations		 103 113 95 94 101 102 89 82 82 78 83
Total Pre-Tax Income 		103 113 95 94 101 102 89 82 82 78 83
Total Revenue		 244 241 237 242 247 244 246 252 254 252 251
Net Interest Income / (Expense)		 -24 -24 -24 -24 -24 -23 -27 -30 -31 -31 -31
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 24 24 24 24 24 23 27 30 31 31 31
Long-Term Debt Interest Expense		 23 23 23 23 23 22 26 29 29 30 30
Other Interest Expense		 1.03 1.03 1.03 1.02 0.99 1.04 1.22 1.22 1.26 1.27 1.07
Total Non-Interest Income		 268 265 261 266 271 268 273 282 285 283 282
Other Service Charges		 35 35 36 39 40 40 40 43 42 42 42
Other Non-Interest Income		 232 230 225 227 231 228 233 240 243 241 240
Total Non-Interest Expense		 142 136 143 149 147 144 158 170 174 172 169
Other Operating Expenses		 92 85 93 98 96 91 99 104 107 106 107
Depreciation Expense		 50 51 51 51 51 53 59 66 67 66 61
Nonoperating Income / (Expense), net		 1.02 7.50 0.78 0.51 1.14 1.23 1.19 0.85 2.02 -2.57 0.41
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.21 -0.20 -0.21 -0.30 -0.40 -0.54 -0.91 -0.93 -0.91 -1.35 -0.49
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 0.64 0.67 0.54 0.52 0.55 0.54 0.45 0.40 0.40 0.38 0.36
Basic Earnings per Share		 $0.46 $0.50 $0.42 $0.42 $0.45 $0.44 $0.39 $0.36 $0.36 $0.35 $0.36
Weighted Average Basic Shares Outstanding		 225.47M 225.42M 225.77M 225.89M 226.17M 226.35M 228.66M 228.74M 228.79M 228.73M 227.81M
Diluted Earnings per Share		 $0.45 $0.51 $0.42 $0.41 $0.44 $0.45 $0.39 $0.36 $0.36 $0.35 $0.36
Weighted Average Diluted Shares Outstanding		 226.21M 226.24M 226.58M 226.62M 227.15M 227.15M 229.17M 229.30M 229.30M 229.16M 228.21M
Weighted Average Basic & Diluted Shares Outstanding		 224.86M 224.95M 224.97M 225.20M 226.15M 227.88M 227.95M 228.04M 228.04M 227.09M 226.41M
Cash Dividends to Common per Share		 $0.49 - $0.51 $0.51 $0.51 - $0.52 $0.52 $0.52 - $0.53

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 60 -77 -1.71 -2.68 52 -52 7.09 -4.39 -0.71 69 -67
Net Cash From Operating Activities		 217 263 292 304 332 351 449 591 611 631 609
Net Cash From Continuing Operating Activities		 217 263 292 304 332 351 449 591 611 631 609
Net Income / (Loss) Continuing Operations		 79 88 136 165 171 168 231 292 412 392 331
Consolidated Net Income / (Loss)		 79 88 136 165 171 168 231 292 412 392 331
Depreciation Expense		 154 164 148 146 166 159 240 315 205 210 263
Non-Cash Adjustments to Reconcile Net Income		 -15 6.37 6.41 -4.87 -6.65 18 -31 -41 3.71 13 17
Changes in Operating Assets and Liabilities, net		 -0.73 4.08 1.57 -1.94 1.29 6.16 9.55 25 -10 16 -2.85
Net Cash From Investing Activities		 -375 -559 -150 -322 -376 -511 -1,853 -49 -94 -174 -571
Net Cash From Continuing Investing Activities		 -375 -559 -150 -322 -376 -511 -1,853 -49 -94 -174 -571
Purchase of Property, Leasehold Improvements and Equipment		 -25 -30 -27 -28 -38 -50 -35 -41 -40 -44 -45
Acquisitions		 - - - - - - - - 0.00 0.00 -451
Purchase of Investment Securities		 -370 -526 -138 -301 -221 -473 -1,900 -113 -70 -135 -78
Sale and/or Maturity of Investments		 20 8.11 16 25 11 19 111 106 16 5.45 3.16
Other Investing Activities, net		 0.07 -12 -0.30 -19 -128 -7.02 -28 -0.02 -0.02 -1.30 -0.83
Net Cash From Financing Activities		 217 219 -143 15 96 108 1,411 -547 -518 -388 -105
Net Cash From Continuing Financing Activities		 217 219 -143 15 96 108 1,411 -547 -518 -388 -105
Issuance of Debt		 981 1,257 732 680 1,556 875 1,950 634 794 697 1,848
Issuance of Common Equity		 234 136 30 132 196 121 966 4.88 -0.28 118 -0.45
Repayment of Debt		 -899 -955 -700 -576 -1,376 -629 -1,234 -789 -870 -747 -1,440
Repurchase of Preferred Equity		 - -78 - - - - - - 0.00 0.00 0.00
Repurchase of Common Equity		 - - - - - - - - 0.00 0.00 -32
Payment of Dividends		 -113 -156 -195 -221 -244 -256 -274 -387 -442 -462 -476
Other Financing Activities, Net		 15 15 -9.93 0.91 -36 -2.47 3.08 -9.55 -0.07 6.27 -4.14
Cash Interest Paid		 46 53 63 67 69 81 79 92 95 93 107

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1.25 -1.68 -0.60 -0.34 38 32 -62 -1.42 100 -105 -0.76
Net Cash From Operating Activities		 170 142 150 171 145 165 146 157 168 136 149
Net Cash From Continuing Operating Activities		 170 142 150 171 145 165 146 157 168 136 149
Net Income / (Loss) Continuing Operations		 103 113 95 94 101 102 89 82 82 78 83
Consolidated Net Income / (Loss)		 103 113 95 94 101 102 89 82 82 78 83
Depreciation Expense		 51 52 52 52 52 54 60 68 68 67 63
Non-Cash Adjustments to Reconcile Net Income		 2.61 -2.29 3.02 3.41 3.60 3.28 3.85 2.94 3.36 6.78 3.86
Changes in Operating Assets and Liabilities, net		 13 -20 0.53 21 -11 5.71 -6.65 4.40 14 -15 -0.28
Net Cash From Investing Activities		 -11 -35 -34 -20 -18 -101 -467 -24 -22 -58 -22
Net Cash From Continuing Investing Activities		 -11 -35 -34 -20 -18 -101 -467 -24 -22 -58 -22
Purchase of Property, Leasehold Improvements and Equipment		 -6.37 -8.21 -9.66 -11 -12 -10 -9.37 -15 -14 -6.44 -10
Acquisitions		 - - - - - - -451 - - - 0.00
Purchase of Investment Securities		 -6.51 -36 -26 -10 -7.41 -90 -8.02 -10 -7.26 -52 -10
Sale and/or Maturity of Investments		 1.80 8.65 1.99 1.50 1.19 0.78 1.19 0.96 0.73 0.27 0.80
Other Investing Activities, net		 -0.01 -0.01 -0.31 -0.01 -0.01 -0.99 0.00 451 -0.83 - -2.06
Net Cash From Financing Activities		 -160 -109 -117 -151 -89 -31 259 -135 -46 -183 -128
Net Cash From Continuing Financing Activities		 -160 -109 -117 -151 -89 -31 259 -135 -46 -183 -128
Issuance of Debt		 159 180 214 197 202 85 578 167 588 514 263
Issuance of Common Equity		 -0.08 -0.05 -0.01 -0.04 33 86 -0.17 -0.12 -0.11 -0.05 -0.02
Repayment of Debt		 -208 -178 -214 -236 -213 -85 -195 -184 -515 -545 -227
Repurchase of Common Equity		 - - - - - - 0.00 - - - -33
Payment of Dividends		 -111 -111 -115 -115 -115 -116 -119 -119 -119 -119 -121
Other Financing Activities, Net		 -0.82 -0.44 -1.12 3.65 4.43 -0.69 -3.78 0.73 -0.45 -0.64 -9.43
Cash Interest Paid		 32 15 32 15 31 15 32 21 37 17 35

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 2025
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 12/31/2025
Total Assets		 3,104 3,475 3,545 3,753 4,030 4,778 6,548 6,326 6,225 6,394 6,643
Cash and Due from Banks		 63 2.97 5.27 3.76 55 3.59 11 6.06 6.53 72 5.78
Restricted Cash		 25 7.89 3.89 2.72 3.58 2.64 2.18 2.86 1.69 6.10 4.45
Trading Account Securities		 97 99 91 96 91 92 120 106 98 92 74
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 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 6,376
Intangible Assets		 - - - - - - 2.32 5.18 4.00 2.73 1.80
Other Assets		 44 37 35 49 101 171 315 158 163 184 181
Total Liabilities & Shareholders' Equity		 3,104 3,475 3,545 3,753 4,030 4,778 6,548 6,326 6,225 6,394 6,643
Total Liabilities		 1,393 1,759 1,856 1,981 2,160 2,688 3,550 3,428 3,344 3,440 3,861
Short-Term Debt		 - 43 82 196 0.00 118 210 61 18 0.00 379
Other Short-Term Payables		 124 143 199 211 203 227 - 326 116 349 351
Long-Term Debt		 1,252 1,552 1,553 1,552 1,932 2,247 2,936 2,935 2,905 2,987 3,024
Other Long-Term Liabilities		 18 20 22 23 25 95 403 106 306 105 107
Commitments & Contingencies		 0.00 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 36
Total Equity & Noncontrolling Interests		 1,645 1,661 1,635 1,716 1,807 1,841 2,890 2,840 2,821 2,903 2,746
Total Preferred & Common Equity		 1,643 1,655 1,629 1,710 1,799 1,832 2,872 2,826 2,799 2,872 2,719
Total Common Equity		 1,643 1,655 1,629 1,710 1,799 1,832 2,872 2,826 2,799 2,872 2,719
Common Stock		 2,233 2,316 2,358 2,503 2,677 2,808 4,091 4,128 4,144 4,288 4,305
Retained Earnings		 -585 -659 -729 -792 -877 -975 -1,218 -1,301 -1,345 -1,416 -1,585
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 -0.25
Noncontrolling Interest		 1.53 5.86 6.24 6.77 7.99 8.63 19 14 22 31 26

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 6,371 6,291 6,281 6,233 6,209 6,184 6,192 6,740 6,709 6,758 6,598
Cash and Due from Banks		 5.18 5.51 9.22 8.03 5.59 5.66 44 11 8.74 108 7.26
Restricted Cash		 3.02 3.27 1.93 1.87 2.03 1.61 1.85 5.00 5.59 6.36 2.21
Trading Account Securities		 108 104 101 100 96 94 92 76 75 74 75
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 0.00
Premises and Equipment, Net		 6,077 6,014 5,990 5,957 5,939 5,912 5,878 6,446 6,414 6,378 6,338
Intangible Assets		 1.72 4.91 4.59 4.28 3.68 3.36 3.05 2.42 2.10 1.78 1.50
Other Assets		 176 160 174 162 163 168 174 200 205 189 175
Total Liabilities & Shareholders' Equity		 6,371 6,291 6,281 6,233 6,209 6,184 6,192 6,740 6,709 6,758 6,598
Total Liabilities		 3,447 3,404 3,402 3,360 3,347 3,337 3,320 3,817 3,820 3,903 3,893
Short-Term Debt		 86 61 63 15 18 11 0.00 382 366 - 415
Other Short-Term Payables		 - 111 111 333 319 346 116 340 357 366 346
Long-Term Debt		 2,935 2,935 2,904 2,905 2,905 2,874 2,874 2,987 2,988 3,429 3,025
Other Long-Term Liabilities		 424 295 322 106 105 106 329 108 109 108 108
Commitments & Contingencies		 0.00 0.00 0.00 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 47 45 36
Total Equity & Noncontrolling Interests		 2,866 2,822 2,816 2,821 2,804 2,791 2,806 2,874 2,842 2,810 2,669
Total Preferred & Common Equity		 2,852 2,808 2,801 2,807 2,782 2,770 2,786 2,844 2,814 2,782 2,649
Total Common Equity		 2,852 2,808 2,801 2,807 2,782 2,770 2,786 2,844 2,814 2,782 2,649
Common Stock		 4,124 4,131 4,135 4,140 4,147 4,157 4,198 4,290 4,295 4,298 4,307
Retained Earnings		 -1,272 -1,323 -1,333 -1,332 -1,365 -1,386 -1,412 -1,446 -1,481 -1,516 -1,657
Accumulated Other Comprehensive Income / (Loss)		 -0.51 -0.47 -0.45 -0.43 -0.39 -0.37 -0.35 -0.31 -0.29 -0.27 -0.23
Noncontrolling Interest		 14 14 14 14 22 21 21 30 29 28 19

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 228,035,931.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 228,035,931.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.45
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.49% 14.71% 9.25% 8.96% 4.78% 6.53% 26.56% 18.71% 4.46% 1.91% 3.37%
EBITDA Growth		 33.66% 17.82% 11.80% 9.62% 4.10% 6.27% 38.26% 19.20% 6.51% -1.23% -0.84%
EBIT Growth		 89.94% 45.53% 51.29% 22.05% -4.76% 17.35% 27.46% 7.30% 57.54% -2.96% -15.04%
NOPAT Growth		 89.94% 45.53% 51.29% 22.05% -4.76% 17.35% 27.46% 7.30% 57.54% -2.96% -15.04%
Net Income Growth		 194.94% 12.21% 53.45% 22.03% 3.19% -1.85% 37.71% 26.71% 41.02% -4.98% -15.46%
EPS Growth		 200.00% 7.14% 64.44% 18.92% 0.00% -3.41% 28.24% 18.35% 41.09% -5.49% -15.12%
Operating Cash Flow Growth		 30.86% 21.17% 10.88% 4.26% 9.01% 5.81% 27.96% 31.68% 3.33% 3.26% -3.58%
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% -66.03%
Invested Capital Growth		 10.82% 11.78% 0.40% 5.86% 8.01% 17.20% 37.92% -4.07% -1.53% 2.36% 4.11%
Revenue Q/Q Growth		 3.75% 3.51% 1.93% 7.57% -6.07% 6.33% 4.65% 4.19% 0.53% 0.29% 0.76%
EBITDA Q/Q Growth		 7.03% 4.16% 2.83% 10.93% -6.39% 4.61% 6.55% 4.30% 0.88% -0.46% -1.18%
EBIT Q/Q Growth		 28.36% 9.57% 9.97% 19.82% -13.77% 11.28% -2.41% 11.57% 6.42% -1.26% -5.82%
NOPAT Q/Q Growth		 28.36% 9.57% 9.97% 19.82% -13.77% 11.28% -2.41% 11.57% 6.42% -1.26% -5.82%
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% -6.80%
EPS Q/Q Growth		 75.00% -15.09% 12.12% 4.76% -4.35% 0.00% 0.00% 13.16% 8.98% -3.37% -6.41%
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% -4.43%
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% 145.85%
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% -1.57%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 54.19% 55.66% 56.96% 57.31% 56.94% 56.80% 62.04% 62.30% 63.52% 61.56% 59.06%
EBIT Margin		 15.52% 19.69% 27.26% 30.54% 27.76% 30.58% 30.79% 27.83% 41.97% 39.97% 32.85%
Profit (Net Income) Margin		 19.77% 19.34% 27.16% 30.42% 29.96% 27.60% 30.03% 32.05% 43.27% 40.34% 33.00%
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		 127.38% 98.22% 99.62% 99.60% 107.92% 90.26% 97.52% 115.17% 103.09% 100.94% 100.45%
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)		 2.19% 2.87% 4.10% 4.86% 4.32% 4.50% 4.47% 4.22% 6.84% 6.61% 5.44%
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% 5.49%
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% 6.11%
Return on Equity (ROE)		 4.91% 5.16% 7.96% 9.56% 9.38% 8.47% 9.07% 9.92% 14.27% 13.43% 11.55%
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% 1.41%
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% 5.06%
Return on Assets (ROA)		 2.67% 2.69% 3.86% 4.54% 4.39% 3.81% 4.08% 4.54% 6.57% 6.21% 5.08%
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% 11.26%
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% 12.18%
Net Operating Profit after Tax (NOPAT)		 62 90 136 166 158 186 237 254 400 388 330
NOPAT Margin		 15.52% 19.69% 27.26% 30.54% 27.76% 30.58% 30.79% 27.83% 41.97% 39.97% 32.85%
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% -0.05%
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		 84.48% 80.31% 72.74% 69.46% 72.24% 69.42% 69.21% 72.17% 58.03% 60.03% 67.15%
Earnings before Interest and Taxes (EBIT)		 62 90 136 166 158 186 237 254 400 388 330
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 216 254 284 312 325 345 477 568 605 598 593
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 2.98
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 2.98
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 8.07
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 24.27
Dividend Yield		 3.16% 4.57% 5.00% 5.32% 4.93% 4.55% 2.84% 4.84% 4.47% 4.82% 5.86%
Earnings Yield		 1.91% 2.26% 3.35% 3.84% 3.34% 2.90% 2.15% 3.52% 4.12% 4.09% 4.12%
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 1.87
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 11.51
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 19.49
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 35.03
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 35.03
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 18.99
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 49.98 135.30
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 1.22
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 1.09
Financial Leverage		 0.76 0.83 0.95 0.98 1.01 1.09 1.08 1.04 1.02 1.01 1.11
Leverage Ratio		 1.83 1.92 2.06 2.11 2.14 2.22 2.23 2.18 2.17 2.16 2.27
Compound Leverage Factor		 2.34 1.89 2.05 2.10 2.31 2.01 2.17 2.51 2.24 2.18 2.28
Debt to Total Capital		 42.25% 48.19% 49.18% 49.64% 50.82% 53.08% 51.20% 50.83% 50.36% 50.28% 55.02%
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% 6.12%
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% 48.89%
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		 2.28% 1.82% 1.82% 1.78% 1.84% 5.79% 2.06% 1.21% 1.41% 1.38% 1.01%
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% 43.97%
Debt to EBITDA		 5.80 6.27 5.75 5.60 5.95 6.86 6.60 5.27 4.83 4.99 5.74
Net Debt to EBITDA		 5.39 6.23 5.72 5.58 5.77 6.84 6.57 5.26 4.81 4.86 5.72
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 5.10
Debt to NOPAT		 20.24 17.74 12.01 10.52 12.21 12.73 13.29 11.80 7.31 7.69 10.32
Net Debt to NOPAT		 18.83 17.61 11.94 10.48 11.84 12.70 13.23 11.76 7.29 7.49 10.29
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 9.17
Noncontrolling Interest Sharing Ratio		 3.71% 3.73% 3.55% 3.56% 3.64% 8.29% 7.56% 3.37% 2.66% 2.81% 2.52%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -227 -259 123 -29 -124 -468 -1,453 504 490 251 85
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% 1,358.71%
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 0.72
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 5.11
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 4.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.14 0.14 0.15 0.15 0.14 0.14 0.14 0.15 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 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 6,185
Invested Capital Turnover		 0.14 0.15 0.15 0.16 0.16 0.15 0.15 0.15 0.16 0.17 0.17
Increase / (Decrease) in Invested Capital		 289 349 13 195 282 654 1,689 -250 -90 137 244
Enterprise Value (EV)		 4,995 5,187 5,698 6,076 7,010 8,324 13,633 11,322 12,966 12,564 11,555
Market Capitalization		 3,763 3,542 4,012 4,273 5,066 5,708 10,374 8,263 9,970 9,573 8,100
Book Value per Share		 $9.52 $9.19 $9.01 $9.18 $9.30 $9.38 $14.13 $12.58 $12.45 $12.70 $11.93
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 $11.92
Total Capital		 2,963 3,311 3,325 3,519 3,801 4,455 6,144 5,894 5,804 5,940 6,185
Total Debt		 1,252 1,596 1,635 1,747 1,932 2,365 3,146 2,996 2,923 2,987 3,403
Total Long-Term Debt		 1,252 1,552 1,553 1,552 1,932 2,247 2,936 2,935 2,905 2,987 3,024
Net Debt		 1,164 1,585 1,626 1,741 1,873 2,358 3,132 2,987 2,915 2,909 3,393
Capital Expenditures (CapEx)		 25 30 27 28 38 50 35 41 40 44 45
Net Nonoperating Expense (NNE)		 -17 1.60 0.51 0.66 -13 18 5.87 -39 -12 -3.66 -1.49
Net Nonoperating Obligations (NNO)		 1,252 1,596 1,635 1,747 1,932 2,365 3,146 2,996 2,923 2,987 3,403
Total Depreciation and Amortization (D&A)		 154 164 148 146 166 159 240 315 205 210 263
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 $1.46
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 228.73M
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 $1.46
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 229.16M
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		 175.73M 180.17M 182.28M 187.16M 193.58M 199.70M 224.00M 224.63M 224.95M 227.88M 227.09M
Normalized Net Operating Profit after Tax (NOPAT)		 46 68 96 116 111 130 166 178 280 272 231
Normalized NOPAT Margin		 11.44% 14.78% 19.26% 21.38% 19.43% 21.40% 21.55% 19.48% 29.38% 27.98% 23.00%
Pre Tax Income Margin		 19.77% 19.34% 27.16% 30.42% 29.96% 27.60% 30.03% 32.05% 43.27% 40.34% 33.00%
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 2.77
NOPAT to Interest Expense		 1.34 1.70 2.28 2.58 2.10 2.36 2.73 2.61 4.12 4.09 2.77
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 2.39
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 2.39
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% 143.76%
Augmented Payout Ratio		 143.61% 176.32% 143.80% 133.84% 142.80% 152.89% 118.64% 132.36% 107.22% 117.83% 153.40%

Quarterly Metrics And Ratios for CubeSmart

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 228,035,931.00 227,093,909.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 228,035,931.00 227,093,909.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.34 0.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.98% 2.14% 2.44% 2.63% 1.44% 1.17% 3.48% 3.95% 2.95% 3.10% 2.16%
EBITDA Growth		 3.82% 3.47% -0.82% -1.62% -0.69% -1.77% 1.45% 2.45% -2.41% -4.57% -2.09%
EBIT Growth		 52.55% 29.60% -1.66% -3.15% -2.20% -4.70% -6.93% -12.91% -19.45% -20.24% -5.96%
NOPAT Growth		 52.55% 29.60% -1.66% -3.15% -2.20% -4.70% -6.93% -12.91% -19.45% -20.24% -5.96%
Net Income Growth		 -9.14% 37.68% -3.15% -4.17% -2.06% -9.94% -6.44% -12.48% -18.36% -23.72% -6.76%
EPS Growth		 -10.00% 41.67% -2.33% -4.65% -2.22% -11.76% -7.14% -12.20% -18.18% -22.22% -7.69%
Operating Cash Flow Growth		 4.66% -1.84% 9.83% 5.23% -14.35% 15.72% -2.55% -7.83% 15.70% -17.11% 1.72%
Free Cash Flow Firm Growth		 118.30% -40.91% -29.37% -18.90% -42.81% -118.45% -317.94% -306.23% -412.97% -353.85% 154.90%
Invested Capital Growth		 -2.57% -1.53% -1.67% -1.96% -0.79% 2.36% 8.77% 8.92% 9.33% 4.11% -2.35%
Revenue Q/Q Growth		 3.14% -0.89% -1.66% 2.09% 1.95% -1.15% 0.58% 2.55% 0.97% -1.00% -0.34%
EBITDA Q/Q Growth		 3.34% 2.72% -7.25% -0.07% 4.31% 1.60% -4.21% 0.92% -0.63% -0.65% -1.72%
EBIT Q/Q Growth		 5.52% 3.51% -10.94% -0.43% 6.55% 0.86% -13.02% -6.83% -1.45% -0.13% 2.55%
NOPAT Q/Q Growth		 5.52% 3.51% -10.94% -0.43% 6.55% 0.86% -13.02% -6.83% -1.45% -0.13% 2.55%
Net Income Q/Q Growth		 4.87% 9.76% -16.16% -0.71% 7.18% 0.93% -12.90% -7.11% -0.02% -5.69% 6.47%
EPS Q/Q Growth		 4.65% 13.33% -17.65% -2.38% 7.32% 2.27% -13.33% -7.69% 0.00% -2.78% 2.86%
Operating Cash Flow Q/Q Growth		 4.55% -16.18% 2.84% 13.79% -14.90% 13.25% -11.14% 7.63% 6.82% -18.86% 9.04%
Free Cash Flow Firm Q/Q Growth		 -0.87% -23.07% -1.78% 8.27% -30.09% -124.82% -1,060.31% -2.45% -6.09% 64.01% 240.37%
Invested Capital Q/Q Growth		 -0.92% 0.18% -0.32% -0.92% 0.26% 3.37% 5.92% -0.78% 0.64% -1.57% -0.66%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 62.82% 65.11% 61.41% 60.11% 61.50% 63.22% 60.21% 59.24% 58.30% 58.51% 57.70%
EBIT Margin		 41.89% 43.75% 39.62% 38.64% 40.38% 41.20% 35.63% 32.37% 31.60% 31.88% 32.80%
Profit (Net Income) Margin		 42.31% 46.85% 39.95% 38.85% 40.85% 41.71% 36.12% 32.71% 32.39% 30.86% 32.96%
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		 101.00% 107.10% 100.83% 100.55% 101.14% 101.22% 101.36% 101.05% 102.51% 96.80% 100.50%
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)		 6.77% 7.13% 6.51% 6.44% 6.78% 6.82% 5.78% 5.35% 5.23% 5.28% 5.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.80% 7.38% 6.54% 6.46% 6.82% 6.86% 5.82% 5.38% 5.30% 5.20% 5.34%
Return on Net Nonoperating Assets (RNNOA)		 6.97% 7.56% 6.73% 6.60% 6.88% 6.95% 6.33% 5.85% 5.83% 5.79% 6.46%
Return on Equity (ROE)		 13.73% 14.69% 13.24% 13.04% 13.65% 13.76% 12.11% 11.19% 11.07% 11.07% 11.78%
Cash Return on Invested Capital (CROIC)		 9.01% 8.39% 8.52% 8.81% 7.61% 4.28% -2.08% -2.37% -3.10% 1.41% 7.60%
Operating Return on Assets (OROA)		 6.30% 6.64% 6.08% 5.98% 6.30% 6.34% 5.39% 4.97% 4.86% 4.91% 4.96%
Return on Assets (ROA)		 6.36% 7.12% 6.13% 6.02% 6.37% 6.42% 5.46% 5.02% 4.98% 4.75% 4.99%
Return on Common Equity (ROCE)		 13.41% 14.30% 12.87% 12.69% 13.29% 13.37% 11.78% 10.90% 10.76% 10.79% 11.50%
Return on Equity Simple (ROE_SIMPLE)		 13.59% 0.00% 14.71% 14.63% 14.47% 0.00% 13.56% 13.29% 12.78% 0.00% 12.28%
Net Operating Profit after Tax (NOPAT)		 102 106 94 94 100 101 88 82 80 80 82
NOPAT Margin		 41.89% 43.75% 39.62% 38.64% 40.38% 41.20% 35.63% 32.37% 31.60% 31.88% 32.80%
Net Nonoperating Expense Percent (NNEP)		 -0.03% -0.25% -0.03% -0.02% -0.04% -0.04% -0.04% -0.03% -0.06% 0.08% -0.01%
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		 58.11% 56.25% 60.38% 61.36% 59.62% 58.80% 64.37% 67.63% 68.40% 68.12% 67.20%
Earnings before Interest and Taxes (EBIT)		 102 106 94 94 100 101 88 82 80 80 82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 153 157 146 146 152 154 148 149 148 147 145
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.93 3.56 3.62 3.63 4.31 3.33 3.38 3.40 3.29 2.98 3.10
Price to Tangible Book Value (P/TBV)		 2.93 3.57 3.62 3.63 4.32 3.34 3.38 3.40 3.29 2.98 3.10
Price to Revenue (P/Rev)		 8.66 10.46 10.49 10.41 12.40 9.86 9.81 9.67 9.19 8.07 8.13
Price to Earnings (P/E)		 21.61 24.27 24.67 24.88 29.87 24.47 24.92 25.53 25.64 24.27 25.05
Dividend Yield		 5.37% 4.47% 4.47% 4.48% 3.79% 4.82% 4.86% 4.91% 5.16% 5.86% 5.79%
Earnings Yield		 4.63% 4.12% 4.05% 4.02% 3.35% 4.09% 4.01% 3.92% 3.90% 4.12% 3.99%
Enterprise Value to Invested Capital (EV/IC)		 1.93 2.23 2.26 2.27 2.60 2.12 2.07 2.08 2.00 1.87 1.90
Enterprise Value to Revenue (EV/Rev)		 11.80 13.60 13.61 13.47 15.41 12.93 13.32 13.13 12.58 11.51 11.58
Enterprise Value to EBITDA (EV/EBITDA)		 18.64 21.42 21.60 21.60 24.84 21.01 21.74 21.51 20.90 19.49 19.82
Enterprise Value to EBIT (EV/EBIT)		 29.76 32.41 32.76 32.88 37.95 32.36 34.18 35.13 35.81 35.03 36.01
Enterprise Value to NOPAT (EV/NOPAT)		 29.76 32.41 32.76 32.88 37.95 32.36 34.18 35.13 35.81 35.03 36.01
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.23 21.22 20.90 20.54 24.52 19.91 20.80 21.15 19.70 18.99 19.13
Enterprise Value to Free Cash Flow (EV/FCFF)		 21.16 26.44 26.27 25.48 33.99 49.98 0.00 0.00 0.00 135.30 24.73
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.02 1.01 1.02 1.01 1.00 1.01 1.15 1.16 1.20 1.22 1.27
Long-Term Debt to Equity		 1.01 1.01 1.01 1.01 1.00 1.01 1.02 1.03 1.20 1.09 1.12
Financial Leverage		 1.02 1.02 1.03 1.02 1.01 1.01 1.09 1.09 1.10 1.11 1.21
Leverage Ratio		 2.17 2.17 2.17 2.18 2.16 2.16 2.24 2.25 2.26 2.27 2.37
Compound Leverage Factor		 2.20 2.33 2.19 2.19 2.19 2.19 2.27 2.27 2.32 2.20 2.38
Debt to Total Capital		 50.40% 50.36% 50.53% 50.32% 50.02% 50.28% 53.55% 53.72% 54.56% 55.02% 55.98%
Short-Term Debt to Total Capital		 0.26% 0.31% 0.32% 0.18% 0.00% 0.00% 6.08% 5.87% 0.00% 6.12% 6.76%
Long-Term Debt to Total Capital		 50.14% 50.05% 50.21% 50.14% 50.02% 50.28% 47.47% 47.86% 54.56% 48.89% 49.23%
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		 1.14% 1.41% 1.38% 1.35% 1.52% 1.38% 1.25% 1.21% 1.16% 1.01% 0.90%
Common Equity to Total Capital		 48.46% 48.23% 48.09% 48.33% 48.47% 48.34% 45.20% 45.07% 44.28% 43.97% 43.12%
Debt to EBITDA		 4.86 4.83 4.84 4.79 4.78 4.99 5.61 5.56 5.71 5.74 5.83
Net Debt to EBITDA		 4.85 4.81 4.83 4.78 4.71 4.86 5.59 5.53 5.52 5.72 5.82
Long-Term Debt to EBITDA		 4.84 4.80 4.81 4.78 4.78 4.99 4.98 4.95 5.71 5.10 5.13
Debt to NOPAT		 7.77 7.31 7.34 7.29 7.31 7.69 8.83 9.07 9.79 10.32 10.60
Net Debt to NOPAT		 7.74 7.29 7.32 7.28 7.19 7.49 8.79 9.04 9.46 10.29 10.57
Long-Term Debt to NOPAT		 7.73 7.26 7.29 7.27 7.31 7.69 7.83 8.08 9.79 9.17 9.32
Noncontrolling Interest Sharing Ratio		 2.39% 2.66% 2.77% 2.71% 2.66% 2.81% 2.74% 2.66% 2.79% 2.52% 2.38%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 255 196 193 208 146 -36 -420 -430 -456 -164 230
Operating Cash Flow to CapEx		 2,665.80% 1,732.99% 1,554.99% 1,497.21% 1,204.71% 1,577.56% 1,561.59% 1,065.78% 1,184.24% 2,121.07% 1,431.94%
Free Cash Flow to Firm to Interest Expense		 10.51 8.29 8.04 8.77 6.14 -1.54 -15.36 -14.18 -14.89 -5.33 7.46
Operating Cash Flow to Interest Expense		 7.01 6.02 6.27 7.18 6.13 7.03 5.36 5.20 5.49 4.43 4.82
Operating Cash Flow Less CapEx to Interest Expense		 6.74 5.67 5.87 6.70 5.62 6.59 5.01 4.71 5.03 4.22 4.48
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.15 0.15 0.15 0.15 0.16 0.15 0.15 0.15 0.15 0.15 0.15
Fixed Asset Turnover		 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,793 5,804 5,785 5,732 5,747 5,940 6,292 6,243 6,283 6,185 6,144
Invested Capital Turnover		 0.16 0.16 0.16 0.17 0.17 0.17 0.16 0.17 0.17 0.17 0.16
Increase / (Decrease) in Invested Capital		 -153 -90 -98 -115 -46 137 507 511 536 244 -148
Enterprise Value (EV)		 11,187 12,966 13,053 13,002 14,924 12,564 13,047 12,985 12,540 11,555 11,688
Market Capitalization		 8,211 9,970 10,058 10,047 12,008 9,573 9,614 9,570 9,153 8,100 8,203
Book Value per Share		 $12.49 $12.45 $12.37 $12.31 $12.37 $12.70 $12.48 $12.34 $12.20 $11.93 $11.67
Tangible Book Value per Share		 $12.47 $12.43 $12.35 $12.30 $12.36 $12.69 $12.47 $12.33 $12.19 $11.92 $11.66
Total Capital		 5,793 5,804 5,785 5,732 5,747 5,940 6,292 6,243 6,283 6,185 6,144
Total Debt		 2,920 2,923 2,923 2,885 2,874 2,987 3,370 3,354 3,429 3,403 3,440
Total Long-Term Debt		 2,905 2,905 2,905 2,874 2,874 2,987 2,987 2,988 3,429 3,024 3,025
Net Debt		 2,910 2,915 2,916 2,877 2,829 2,909 3,354 3,340 3,314 3,393 3,430
Capital Expenditures (CapEx)		 6.37 8.21 9.66 11 12 10 9.37 15 14 6.44 10
Net Nonoperating Expense (NNE)		 -1.02 -7.50 -0.78 -0.51 -1.14 -1.23 -1.19 -0.85 -2.02 2.57 -0.41
Net Nonoperating Obligations (NNO)		 2,920 2,923 2,923 2,885 2,874 2,987 3,370 3,354 3,429 3,403 3,440
Total Depreciation and Amortization (D&A)		 51 52 52 52 52 54 60 68 68 67 63
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.46 $0.50 $0.42 $0.42 $0.45 $0.44 $0.39 $0.36 $0.36 $0.35 $0.36
Adjusted Weighted Average Basic Shares Outstanding		 225.47M 225.42M 225.77M 225.89M 226.17M 226.35M 228.66M 228.74M 228.79M 228.73M 227.81M
Adjusted Diluted Earnings per Share		 $0.45 $0.51 $0.42 $0.41 $0.44 $0.45 $0.39 $0.36 $0.36 $0.35 $0.36
Adjusted Weighted Average Diluted Shares Outstanding		 226.21M 226.24M 226.58M 226.62M 227.15M 227.15M 229.17M 229.30M 229.30M 229.16M 228.21M
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		 224.86M 224.95M 224.97M 225.20M 226.15M 227.88M 227.95M 228.04M 228.04M 227.09M 226.41M
Normalized Net Operating Profit after Tax (NOPAT)		 71 74 66 66 70 70 61 57 56 56 58
Normalized NOPAT Margin		 29.32% 30.62% 27.73% 27.05% 28.27% 28.84% 24.94% 22.66% 22.12% 22.31% 22.96%
Pre Tax Income Margin		 42.31% 46.85% 39.95% 38.85% 40.85% 41.71% 36.12% 32.71% 32.39% 30.86% 32.96%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.21 4.47 3.93 3.94 4.21 4.30 3.20 2.69 2.62 2.61 2.67
NOPAT to Interest Expense		 4.21 4.47 3.93 3.94 4.21 4.30 3.20 2.69 2.62 2.61 2.67
EBIT Less CapEx to Interest Expense		 3.95 4.12 3.53 3.46 3.70 3.85 2.86 2.20 2.16 2.40 2.33
NOPAT Less CapEx to Interest Expense		 3.95 4.12 3.53 3.46 3.70 3.85 2.86 2.20 2.16 2.40 2.33
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 112.32% 107.22% 109.19% 111.47% 113.24% 117.83% 120.68% 125.49% 133.08% 143.76% 147.03%
Augmented Payout Ratio		 112.32% 107.22% 109.19% 111.47% 113.24% 117.83% 120.68% 125.49% 133.08% 153.40% 167.10%

Financials Breakdown Chart

Key Financial Trends

CubeSmart’s latest quarter shows solid operating performance, but also a balance sheet and capital allocation profile that investors should watch closely. In Q1 2026, the company posted strong net income and cash from operations, while continuing to carry meaningful debt and paying a dividend that still exceeds quarterly earnings on a per-share basis.

  • Q1 2026 net income attributable to common shareholders rose to $82.9 million, up slightly from $78.7 million in Q4 2025 and $82.9 million in Q3 2025.
  • Operating cash flow remained strong at $148.8 million in Q1 2026, compared with $136.5 million in Q4 2025 and $168.2 million in Q3 2025.
  • CubeSmart has consistently generated over $136 million in quarterly operating cash flow across the last several quarters, indicating durable cash generation.
  • Total revenue in Q1 2026 was $251.0 million, modestly above Q4 2025 and above Q1 2025 levels, suggesting stable top-line performance.
  • Net income in Q1 2026 improved from $77.7 million in Q4 2025, showing earnings resilience despite higher interest costs.
  • Basic and diluted EPS were both $0.36 in Q1 2026, roughly in line with recent quarters.
  • The company continued to use debt actively, with Q1 2026 debt issuance of $263.4 million and repayments of $227.4 million.
  • Dividend payments remained substantial at $121.1 million in Q1 2026, underscoring a shareholder-friendly capital return policy.
  • Cash and equivalents fell sharply to $7.3 million in Q1 2026 from $108.4 million in Q3 2025, leaving the company with a relatively thin cash cushion.
  • Long-term debt remained high at $3.02 billion in Q1 2026, and interest expense stayed elevated at $30.9 million for the quarter.

Looking at the trend over the last four years, CubeSmart appears to be a steady cash-generating real estate operator with fairly consistent quarterly earnings. Revenue and operating income have not shown dramatic swings, and the business has been able to support both capital spending and dividends.

At the same time, leverage remains a key issue. Total liabilities were $3.89 billion in Q1 2026 versus $2.67 billion in equity and noncontrolling interests, so the company is still meaningfully financed with debt. That is common for REITs, but it makes the stock more sensitive to interest rates and refinancing conditions.

Another point for investors: dividends have generally exceeded quarterly earnings per share. In Q1 2026, CubeSmart paid $0.53 per share in dividends versus $0.36 in EPS. That does not automatically signal danger for a REIT, but it means investors should keep an eye on cash flow coverage and balance sheet flexibility.

Bottom line: CubeSmart looks financially stable and cash-generative, with consistent revenue and strong operating cash flow. The main offsets are elevated debt, ongoing interest expense, and a dividend payout that appears aggressive relative to reported EPS.

06/23/26 03:13 PM ETAI Generated. May Contain Errors.

CubeSmart Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CubeSmart's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

CubeSmart's net income appears to be on an upward trend, with a most recent value of $331.32 million in 2025, rising from $78.76 million in 2015. The previous period was $391.89 million in 2024. See where experts think CubeSmart is headed by visiting CubeSmart's forecast page.

Over the last 10 years, CubeSmart's total revenue changed from $398.46 million in 2015 to $1.00 billion in 2025, a change of 152.0%.

CubeSmart's total liabilities were at $3.86 billion at the end of 2025, a 12.2% increase from 2024, and a 177.1% increase since 2015.

In the past 10 years, CubeSmart's cash and equivalents has ranged from $2.97 million in 2016 to $71.56 million in 2024, and is currently $5.78 million as of their latest financial filing in 2025.

Over the last 10 years, CubeSmart's book value per share changed from 9.52 in 2015 to 11.93 in 2025, a change of 25.2%.


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Financial statements for NYSE:CUBE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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