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CubeSmart

CUBE

CubeSmart • NYSE
$37.23 ▼ -0.32% (-0.12)
Market Cap $8.49 B
52w High $49.76
52w Low $34.24
Dividend Yield 2.08%
P/E 24.02
Volume 714.47K
Outstanding Shares 228.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $285.08M ▲ $83.194M ▲ $82.93M ▼ 29.09% ▼ $0.36 $179.742M ▲
Q2-2025 $282.303M ▲ $14.897M ▼ $82.96M ▼ 29.387% ▼ $0.36 ▼ $179.231M ▲
Q1-2025 $273.036M ▲ $75.224M ▲ $89.197M ▼ 32.669% ▼ $0.39 ▼ $175.222M ▼
Q4-2024 $267.726M ▼ $67.892M ▲ $101.892M ▲ 38.058% ▲ $0.45 $176.827M ▲
Q3-2024 $270.89M $65.475M $100.797M 37.21% $0.45 $174.757M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $108.393M ▲ $6.758B ▲ $3.903B ▲ $2.782B ▼
Q2-2025 $8.741M ▼ $6.709B ▼ $3.82B ▲ $2.814B ▼
Q1-2025 $10.751M ▼ $6.74B ▲ $3.817B ▲ $2.844B ▼
Q4-2024 $71.56M ▲ $6.394B ▲ $3.44B ▲ $2.872B ▲
Q3-2024 $43.507M $6.192B $3.32B $2.786B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $82.93M ▼ $168.954M ▲ $-21.988M ▲ $-46.541M ▲ $100.425M ▲ $182.997M ▲
Q2-2025 $82.96M ▼ $157.479M ▲ $-24.061M ▲ $-134.84M ▼ $-1.422M ▲ $157.479M ▲
Q1-2025 $89.197M ▼ $146.321M ▼ $-467.334M ▼ $259.104M ▲ $-61.909M ▼ $146.321M ▼
Q4-2024 $101.892M ▲ $164.666M ▲ $-101.098M ▼ $-31.26M ▲ $32.308M ▼ $164.666M ▲
Q3-2024 $100.797M $145.396M $-18.298M $-89.013M $38.085M $145.396M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Property Related Income
Other Property Related Income
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Property Management Fee Income
Property Management Fee Income
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a business that has expanded both its footprint and pricing power. Profitability has generally improved as well, with operating earnings moving up over time. That said, earnings recently eased a bit from their peak, suggesting some pressure from higher costs, interest expense, or softer pricing in certain markets. Overall, the income statement still reflects a mature REIT with solid, recurring rental income and relatively stable margins, but no longer in a “surge” phase like the immediate post‑pandemic years.

Balance Sheet

Balance Sheet The balance sheet shows a typical REIT profile: heavy in real estate assets, modest cash, and a meaningful amount of debt. Total assets have been broadly steady in recent years after a jump earlier in the period, indicating a slower pace of expansion. Debt levels have been relatively stable, while equity has built up over time, which points to gradual strengthening of the company’s capital base. The main risk is reliance on borrowing in a higher‑rate environment, but leverage does not appear to be spiraling upward.

Cash Flow

Cash Flow Cash generation from operations has trended higher and has consistently covered the company’s investment needs, leaving positive free cash flow year after year. Capital spending has been quite restrained recently, which supports free cash flow but may also signal a more selective growth approach. For a REIT, this pattern suggests that current properties are throwing off reliable cash, giving the company flexibility to fund dividends, service debt, and pick its spots for new investments.

Competitive Edge

Competitive Edge CubeSmart operates in a fragmented self‑storage market where scale, brand, and technology matter. It benefits from being one of the larger players, with a strong presence in dense, higher‑income urban markets that are hard for new entrants to penetrate. Its third‑party management platform widens its reach without tying up large amounts of capital and creates a pipeline of potential future acquisitions. Against smaller local operators and less tech‑enabled rivals, CubeSmart’s brand, systems, and marketing capabilities give it a noticeable edge, though it still competes head‑to‑head with other large national chains.

Innovation and R&D

Innovation and R&D The company leans heavily on technology rather than traditional “lab” R&D. Its SmartRental online system, mobile app, dynamic pricing, and growing use of AI all aim to make renting units easier and more profitable. Bringing software development in‑house and building a unified data platform should help CubeSmart refine pricing, personalize marketing, and run properties more efficiently. Experiments with video‑based in‑store tools and further upgrades to the management platform show a steady push to blend digital convenience with on‑site service, which could deepen customer loyalty and owner relationships over time.

Summary

CubeSmart looks like a mature, cash‑generative self‑storage REIT with a clear tilt toward technology and high‑quality urban locations. The income statement shows growth and generally improving profitability, even if earnings have recently flattened a bit. The balance sheet carries meaningful but manageable debt backed by a sizable real estate base and growing equity. Strong, consistent free cash flow supports the REIT model and provides flexibility. Competitively, CubeSmart’s scale, brand, and third‑party management platform help it stand out in a fragmented industry. Its digital tools and AI initiatives further strengthen the moat, though the main watch‑items are interest rates, competitive intensity in key markets, and the company’s ability to keep innovating without overextending its balance sheet.

NEWS

October 30, 2025 · 4:15 PM UTC

CubeSmart Reports Third Quarter 2025 Results

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October 2, 2025 · 4:15 PM UTC

CubeSmart Announces the Date of Its Third Quarter 2025 Earnings Release and Conference Call

Read more