CubeSmart CUBE
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.46 | 1.73 | 1.82 | 1.29 | 1.10 | 0.85 | 0.89 | 0.89 | 0.74 | 0.45 |
| EPS, diluted | 1.46 | 1.72 | 1.82 | 1.29 | 1.09 | 0.85 | 0.88 | 0.88 | 0.74 | 0.45 |
| Shares, diluted (wtd. avg.) | $229.2M | $227.2M | $226.2M | $225.9M | $205.0M | $194.9M | $191.6M | $185.5M | $181.4M | $179.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |