CubeSmart CUBE

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States.

The Parent Company was formed in July 2004 as a Maryland REIT. The Parent Company owns its assets and conducts its business through the Operating Partnership and its subsidiaries. The Parent Company controls the Operating Partnership as its sole general partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. The Operating Partnership was formed in July 2004 as a Delaware limited partnership and has been engaged in virtually all aspects of the self-storage business, including the ownership, operation, development, management, and acquisition of self-storage properties.

Last close 40.16 2026-10-23
Market cap $9.09B 2026-03-31 share count
52-week range 35.09 - 43.26

Valuation FY2025 figures against the last close

P/S8.1x
P/E27.5x
P/FCF14.9x
EV/EBITDA—
Dividend yield5.2%
Diluted EPS1.46

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.12B$1.07B$1.05B$1.01B$822.6M$679.2M$643.9M$597.9M$558.9M—
Cost of revenue $351.4M$317.8M$294.8M$293.3M$252.1M$223.6M$209.7M$196.9M$181.5M$165.8M
Gross profit $771.7M$748.5M$755.6M$716.4M$570.5M$455.5M$434.2M$401.1M$377.4M—
SG&A $64.7M$59.7M$57.0M$54.6M$47.8M$41.4M$38.6M$37.7M$34.7M$32.8M
Total operating expenses $674.2M$583.1M$553.1M$658.5M$532.0M$421.6M$411.8M$377.9M$363.2M$367.1M
Operating income ————————$195.7M$143.0M
Net income $331.3M$391.9M$412.4M$292.5M$230.8M$167.6M$170.8M$165.5M$135.6M$87.9M
EPS, basic 1.461.731.821.291.100.850.890.890.740.45
EPS, diluted 1.461.721.821.291.090.850.880.880.740.45
Shares, diluted (wtd. avg.) 229.2M227.2M226.2M225.9M205.0M194.9M191.6M185.5M181.4M179.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $5.8M$71.6M$8.2M$8.9M$13.3M$6.2M$58.4M$6.5M$9.2M$10.9M
Other intangibles $7.8M$10.3M$1.8M$1.2M$108.8M$57.8M$10.3M$8.1M$1.7M$8.3M
Total assets $6.64B$6.39B$6.23B$6.33B$6.55B$4.78B$4.03B$3.75B$3.55B$3.48B
Total liabilities $3.86B$3.44B$3.34B$3.43B$3.55B$2.69B$2.16B$1.98B$1.86B$1.76B
Retained earnings -$1.59B-$1.42B-$1.35B-$1.30B-$1.22B-$974.8M-$876.6M-$791.9M-$729.3M-$658.6M
Total equity $2.72B$2.87B$2.82B$2.84B$2.89B$1.84B$1.81B$1.72B$1.64B$1.66B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $608.5M$631.1M$611.1M$591.5M$449.2M$351.0M$331.8M$304.3M$291.9M$263.3M
Depreciation and amortisation $263.1M$209.8M$205.4M$314.5M$232.0M$156.6M$163.5M$143.3M$145.7M$161.9M
Stock-based compensation $11.5M$11.5M$10.1M$9.1M$8.1M$7.1M$6.7M$5.6M$5.6M$4.8M
Capital expenditure ——————$118.3M$227.5M$80.7M—
Investing cash flow -$571.3M-$174.0M-$93.8M-$48.8M-$1.85B-$511.4M-$375.7M-$322.3M-$150.3M-$559.3M
Financing cash flow -$104.6M-$387.7M-$518.0M-$547.1M$1.41B$108.2M$95.9M$15.2M-$143.3M$219.4M
Dividends paid $476.3M$461.8M$442.2M$387.1M$273.8M$256.3M$243.9M$221.3M$195.0M$149.3M
Buybacks $31.9M—————————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001298675-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Net income, FY2016: 87.9M Revenue, FY2017: 558.9M Gross profit, FY2017: 377.4M Net income, FY2017: 135.6M Revenue, FY2018: 597.9M Gross profit, FY2018: 401.1M Net income, FY2018: 165.5M Revenue, FY2019: 643.9M Gross profit, FY2019: 434.2M Net income, FY2019: 170.8M Revenue, FY2020: 679.2M Gross profit, FY2020: 455.5M Net income, FY2020: 167.6M Revenue, FY2021: 822.6M Gross profit, FY2021: 570.5M Net income, FY2021: 230.8M Revenue, FY2022: 1B Gross profit, FY2022: 716.4M Net income, FY2022: 292.5M Revenue, FY2023: 1.1B Gross profit, FY2023: 755.6M Net income, FY2023: 412.4M Revenue, FY2024: 1.1B Gross profit, FY2024: 748.5M Net income, FY2024: 391.9M Revenue, FY2025: 1.1B Gross profit, FY2025: 771.7M Net income, FY2025: 331.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $558.9M $597.9M $643.9M $679.2M $822.6M $1.01B $1.05B $1.07B $1.12B
Gross profit — $377.4M $401.1M $434.2M $455.5M $570.5M $716.4M $755.6M $748.5M $771.7M
Net income $87.9M $135.6M $165.5M $170.8M $167.6M $230.8M $292.5M $412.4M $391.9M $331.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
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O REALTY INCOME CORP $53.83B 48.6x 9.1%