Financial Ratios CubeSmart

Stocks

CUBE

US2296631094

Specialized REITs

Market Closed - NYSE 16:02:40 2026-08-25 EDT			5-day change	1st Jan Change
40.62 ^USD	-0.71%		-0.83%	+12.68%

08-04	RBC Capital Adjusts Price Target on CubeSmart to $47 From $46, Maintains Outperform Rating	MT
08-04	Analyst recommendations: Walmart, Palantir Technologies, Cigna, Marriott International, Bank of New York Mellon Corporation...

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Published financial data: CUBESMART

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	708M	879M	912M	911M	957M
Property Management Fee	31.21M	34.17M	36.54M	41.42M	40.24M
Other Revenues, Total	85.98M	99.34M	106M	116M	129M
Total Revenues	825M	1.01B	1.05B	1.07B	1.13B
Property Expenses	231M	271M	270M	292M	321M
Selling General & Admin Expenses, Total	68.81M	77.02M	81.54M	85.66M	94.96M
Depreciation & Amortization - (IS) - (Collected)	232M	311M	201M	206M	258M
Total Operating Expenses	532M	658M	553M	583M	674M
Operating Income (REIT / Utility Template)	293M	354M	502M	486M	451M
Interest Expense, Total	-86.62M	-97.18M	-97.21M	-94.89M	-119M
Net Interest Expenses	-86.62M	-97.18M	-97.21M	-94.89M	-119M
Other Non Operating Income (Expenses)	2.62M	191K	6.48M	1.16M	2.72M
EBT, Excl. Unusual Items	209M	257M	411M	392M	335M
Total Merger & Related Restructuring Charges	-14.99M	-10.55M	-	-	-
Gain (Loss) on Sale of Investments	22.9M	45.7M	1.48M	-	-
Gain (Loss) on Sale of Assets	32.7M	-	-200K	-	-
Insurance Settlements	-	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-18.78M	-	-	-	-3.69M
EBT, Incl. Unusual Items	231M	292M	412M	392M	331M
Earnings From Continuing Operations	231M	292M	412M	392M	331M
Net Income to Company	231M	292M	412M	392M	331M
Minority Interest	-7.33M	-1.21M	-1.68M	-705K	2.46M
Net Income - (IS)	223M	291M	411M	391M	334M
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	223M	291M	411M	391M	334M
Net Income to Common Excl. Extra Items	223M	291M	411M	391M	334M
Per Share Items
Net EPS - Basic	1.1	1.29	1.82	1.73	1.46
Basic EPS - Continuing Operations	1.1	1.29	1.82	1.73	1.46
Basic Weighted Average Shares Outstanding	204M	225M	225M	226M	229M
Net EPS - Diluted	1.09	1.29	1.82	1.72	1.46
Diluted EPS - Continuing Operations	1.09	1.29	1.82	1.72	1.46
Diluted Weighted Average Shares Outstanding	205M	226M	226M	227M	229M
Normalized Basic EPS	0.6	0.71	1.13	1.08	0.93
Normalized Diluted EPS	0.6	0.71	1.13	1.08	0.92
Dividend Per Share	1.45	1.78	1.98	2.05	2.09
Payout Ratio	122.53	132.91	107.66	118.05	142.7
Supplemental Items
EBITDA	525M	665M	703M	691M	710M
EBITA	364M	463M	502M	489M	489M
EBIT	293M	354M	502M	486M	451M
EBITDAR	529M	669M	708M	696M	714M
Total Revenues (As Reported)	823M	1.01B	1.05B	1.07B	1.12B
Normalized Net Income	123M	160M	255M	244M	212M
Interest Capitalized	1.9M	1.3M	1.3M	1.2M	1.1M
Interest on Long-Term Debt	4.04M	3.44M	3.44M	3.34M	3.24M
Supplemental Operating Expense Items
Marketing Expenses	21M	22.4M	24.5M	26M	30.3M
Selling and Marketing Expenses	21M	22.4M	24.5M	26M	30.3M
General and Administrative Expenses	47.81M	54.62M	57.04M	59.66M	64.66M
Net Rental Expense, Total	4.45M	3.85M	4.44M	4.24M	4.51M
Imputed Operating Lease Interest Expense	1.1M	951K	1.14M	1.06M	1.31M
Imputed Operating Lease Depreciation	3.35M	2.9M	3.3M	3.18M	3.2M
Maintenance & Repair Expenses, Total	-	-	-	-	13.9M
Stock-Based Comp., G&A Exp. (Total)	8.09M	9.08M	10.09M	11.49M	11.54M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	8.09M	9.08M	10.09M	11.49M	11.54M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	7.24B	7.35B	7.42B	7.68B	8.18B
Accumulated Depreciation	-1.09B	-1.25B	-1.42B	-1.59B	-1.76B
Net Property Plant And Equipment	6.15B	6.1B	6B	6.09B	6.42B
Total Real Estate Assets	6.15B	6.1B	6B	6.09B	6.42B
Cash And Equivalents	11.14M	6.06M	6.53M	71.56M	5.78M
Accounts Receivable, Total	8.14M	14.07M	15.14M	16.62M	9.7M
Other Receivables	15.42M	15.95M	18.04M	18.87M	19.15M
Investment In Debt and Equity Securities	-	-	-	-	-
Other Intangibles, Total	109M	1.18M	1.81M	10.33M	7.79M
Notes Receivable (Collected)	-	-	-	5M	5M
Restricted Cash	2.18M	2.86M	1.69M	6.1M	4.45M
Other Current Assets, Total	59.6M	13.91M	13.05M	15.04M	15.3M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Deferred Charges Long-Term	2.32M	5.18M	4M	2.73M	1.8M
Other Long-Term Assets, Total	188M	169M	163M	160M	150M
Total Assets	6.55B	6.33B	6.23B	6.39B	6.64B
Liabilities
Current Portion of Long-Term Debt	-	-	-	-	341M
Current Portion of Leases	4.85M	4.67M	4.72M	4.75M	4.92M
Long-Term Debt	3.15B	3B	2.92B	2.99B	3.06B
Long-Term Leases	115M	110M	111M	111M	110M
Accounts Payable, Total	131M	165M	151M	180M	180M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	99.92M	113M	116M	120M	122M
Unearned Revenue Non Current	37.14M	38.76M	38.48M	38.92M	41.59M
Other Non Current Liabilities	15.76M	1.09M	-	-	-
Total Liabilities	3.55B	3.43B	3.34B	3.44B	3.86B
Common Stock, Total	2.24M	2.25M	2.25M	2.28M	2.27M
Additional Paid In Capital	4.09B	4.13B	4.14B	4.29B	4.3B
Retained Earnings	-1.22B	-1.3B	-1.35B	-1.42B	-1.59B
Comprehensive Income and Other	-570K	-491K	-411K	-330K	-249K
Total Common Equity	2.87B	2.83B	2.8B	2.87B	2.72B
Minority Interest	127M	71.6M	81.98M	82.01M	62.63M
Total Equity	3B	2.9B	2.88B	2.95B	2.78B
Total Liabilities And Equity	6.55B	6.33B	6.23B	6.39B	6.64B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	224M	225M	225M	228M	227M
ECS Total Common Shares Outstanding	224M	225M	225M	228M	227M
Book Value / Share	12.82	12.58	12.44	12.61	11.97
Tangible Book Value	2.76B	2.83B	2.8B	2.86B	2.71B
Tangible Book Value Per Share	12.34	12.58	12.44	12.56	11.93
Total Debt	3.27B	3.11B	3.04B	3.1B	3.52B
Net Debt	3.25B	3.1B	3.03B	3.03B	3.51B
Debt Equivalent Oper. Leases	35.61M	30.78M	35.51M	33.9M	36.07M
Minority Interest, Total (Incl. Fin. Div)	127M	71.6M	81.98M	82.01M	62.63M
Equity Method Investments, Total	120M	106M	98.29M	91.97M	74.03M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.57B	1.59B	1.59B	1.65B	1.71B
Buildings, Total	5.37B	5.48B	5.52B	5.76B	6.2B
Machinery, Total	130M	145M	144M	148M	140M
Full Time Employees	2.89K	2.8K	3.04K	3.1K	3.12K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	223M	291M	411M	391M	334M
Depreciation, Depletion & Amortization	161M	202M	201M	202M	221M
Amortization of Goodwill and Intangible Assets - (CF)	70.6M	109M	-	3.5M	37.3M
Total Depreciation, Depletion & Amortization	232M	311M	201M	206M	258M
Amortization of Deferred Charges, Total	8.17M	3.9M	4.14M	4.07M	4.97M
(Gain) Loss On Sale of Asset - (CF)	-32.7M	-	5.47M	-	-
(Income) Loss On Equity Investments - (CF)	-25.28M	-48.88M	-6.08M	-2.5M	1.51M
Stock-Based Compensation (CF)	8.09M	9.08M	10.09M	11.49M	11.54M
Change in Accounts Payable	14.87M	20.4M	96K	24.02M	2.48M
Change in Other Net Operating Assets (Collected)	-5.32M	5.03M	-10.49M	-7.91M	-5.33M
Other Operating Activities	25.82M	67K	-4.08M	5.02M	1.41M
Cash from Operations	449M	591M	611M	631M	609M
Acquisition of Real Estate Assets, Total	-256M	-155M	-110M	-116M	-123M
Sale of Real Estate Assets, Total	44.03M	43.19M	238K	-	-
Net Sale / Acquisition of Real Estate Assets	-212M	-111M	-110M	-116M	-123M
Cash Acquisitions	-1.68B	-	-	-57.18M	-451M
Investment in Marketable and Equity Securities, Total	38.33M	62.64M	8.32M	4.15M	2.34M
Other Investing Activities, Total	-	-	7.42M	-5M	-
Cash from Investing	-1.85B	-48.77M	-93.82M	-174M	-571M
Long-Term Debt Issued, Total	1.95B	634M	794M	697M	1.85B
Total Debt Issued	1.95B	634M	794M	697M	1.85B
Long-Term Debt Repaid, Total	-1.2B	-785M	-870M	-747M	-1.43B
Total Debt Repaid	-1.2B	-785M	-870M	-747M	-1.43B
Issuance of Common Stock	974M	6.47M	2.72M	128M	5.41M
Repurchase of Common Stock	-876K	-1.4M	-817K	-1.04M	-35.57M
Repurchase of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-274M	-387M	-442M	-462M	-476M
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-274M	-387M	-442M	-462M	-476M
Other Financing Activities, Total	-36.48M	-13.62M	-2.32M	-2.63M	-11.71M
Cash from Financing	1.41B	-547M	-518M	-388M	-105M
Net Change in Cash	7.09M	-4.39M	-708K	69.45M	-67.43M
Supplemental Items
Cash Interest Paid	79.15M	92.29M	95.5M	92.61M	107M
Net Debt Issued / Repaid	748M	-151M	-75.39M	-50.44M	414M
Levered Free Cash Flow	380M	555M	455M	484M	493M
Unlevered Free Cash Flow	426M	611M	512M	539M	562M
Change In Net Working Capital	-2.55M	-70.27M	12.91M	-18.59M	-10.39M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.23	3.44	5	4.81	4.33
Return on Total Capital	3.38	3.61	5.26	5.07	4.57
Return On Equity %	9.07	9.92	14.27	13.43	11.55
Return on Common Equity	9.5	10.22	14.6	13.8	11.94
Margin Analysis
Gross Profit Margin %	71.99	73.26	74.38	72.7	71.47
SG&A Margin	8.34	7.6	7.73	8.02	8.44
EBITDA Margin %	63.64	65.65	66.65	64.69	63.04
EBITA Margin %	44.07	45.74	47.57	45.77	43.41
EBIT Margin %	35.51	34.98	47.57	45.44	40.1
Income From Continuing Operations Margin %	27.98	28.88	39.1	36.67	29.44
Net Income Margin %	27.09	28.76	38.94	36.6	29.65
Net Avail. For Common Margin %	27.09	28.76	38.94	36.6	29.65
Normalized Net Income Margin	14.94	15.76	24.2	22.85	18.82
Levered Free Cash Flow Margin	46.04	54.76	43.18	45.29	43.78
Unlevered Free Cash Flow Margin	51.62	60.37	48.54	50.46	49.95
Asset Turnover
Asset Turnover	0.15	0.16	0.17	0.17	0.17
Fixed Assets Turnover	0.15	0.17	0.17	0.18	0.18
Receivables Turnover (Average Receivables)	105.76	82.24	64.95	59.99	75.75
Short Term Liquidity
Current Ratio	0.41	0.19	0.2	0.44	0.09
Quick Ratio	0.15	0.13	0.15	0.35	0.05
Operating Cash Flow to Current Liabilities	1.9	2.1	2.25	2.08	0.94
Days Sales Outstanding (Average Receivables)	3.45	4.44	5.62	6.1	4.82
Average Days Payable Outstanding	187.01	209.28	213.92	207.44	204.42
Long Term Solvency
Total Debt/Equity	108.91	107.34	105.48	105.02	126.45
Total Debt / Total Capital	52.13	51.77	51.33	51.22	55.84
LT Debt/Equity	108.75	107.18	105.32	104.86	114.02
Long-Term Debt / Total Capital	52.06	51.69	51.25	51.15	50.35
Total Liabilities / Total Assets	54.21	54.19	53.72	53.8	58.12
EBIT / Interest Expense	3.38	3.65	5.16	5.12	3.79
EBITDA / Interest Expense	6.11	6.88	7.28	7.33	6
(EBITDA - Capex) / Interest Expense	6.11	6.88	7.28	7.33	6
Total Debt / EBITDA	6.17	4.65	4.29	4.46	4.93
Net Debt / EBITDA	6.15	4.64	4.29	4.36	4.92
Total Debt / (EBITDA - Capex)	6.17	4.65	4.29	4.46	4.93
Net Debt / (EBITDA - Capex)	6.15	4.64	4.29	4.36	4.92
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.43	22.77	4.16	1.31	5.32
Gross Profit, 1 Yr. Growth %	25.65	24.94	5.76	-0.98	3.54
EBITDA, 1 Yr. Growth %	26.73	26.64	5.75	-1.68	2.63
EBITA, 1 Yr. Growth %	34.6	27.4	8.35	-2.8	-0.09
EBIT, 1 Yr. Growth %	13.68	20.93	41.65	-3.24	-7.05
Earnings From Cont. Operations, 1 Yr. Growth %	37.71	26.71	41.02	-4.98	-15.46
Net Income, 1 Yr. Growth %	34.94	30.33	41.03	-4.77	-14.67
Diluted EPS Before Extra, 1 Yr. Growth %	28.24	18.35	41.09	-5.49	-15.16
Normalized Net Income, 1 Yr. Growth %	12.24	29.47	59.95	-4.34	-13.26
Net Property, Plant and Equip., 1 Yr. Growth %	34.89	-0.89	-1.57	1.43	5.53
Accounts Receivable, 1 Yr. Growth %	39.73	72.74	7.58	9.8	-41.63
Total Assets, 1 Yr. Growth %	37.04	-3.39	-1.59	2.72	3.89
Common Equity, 1 Yr. Growth %	56.73	-1.58	-0.97	2.61	-5.31
Tangible Book Value, 1 Yr. Growth %	55.7	2.25	-0.99	2.31	-5.24
Cash From Operations, 1 Yr. Growth %	27.96	31.68	3.33	3.26	-3.58
Levered Free Cash Flow, 1 Yr. Growth %	29.7	40.56	-18.03	6.27	1.79
Unlevered Free Cash Flow, 1 Yr. Growth %	25.5	38.8	-16.39	5.31	4.25
Dividend Per Share, 1 Yr. Growth %	9.02	22.76	11.24	3.54	1.95
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.22	22.1	11.55	0.48	3.22
Gross Profit, 2 Yr. CAGR %	14.02	25.29	12.8	-0.68	1.16
EBITDA, 2 Yr. CAGR %	13.61	26.69	13.28	-1.37	0.35
EBITA, 2 Yr. CAGR %	19.78	33.52	23.59	10.26	-1.49
EBIT, 2 Yr. CAGR %	9.76	17.25	26.05	10.18	-5.31
Earnings From Cont. Operations, 2 Yr. CAGR %	16.26	32.1	33.67	15.75	-10.37
Net Income, 2 Yr. CAGR %	14.95	32.61	35.57	15.89	-9.86
Diluted EPS Before Extra, 2 Yr. CAGR %	11.29	23.19	29.22	15.47	-10.46
Normalized Net Income, 2 Yr. CAGR %	8.81	20.55	40.57	15.97	-9.05
Net Property, Plant and Equip., 2 Yr. CAGR %	26.97	15.62	-1.23	-0.08	3.46
Accounts Receivable, 2 Yr. CAGR %	12.94	55.36	36.32	8.69	-19.95
Total Assets, 2 Yr. CAGR %	27.48	15.06	-2.5	0.54	3.3
Common Equity, 2 Yr. CAGR %	26.33	24.2	-1.27	0.8	-1.43
Tangible Book Value, 2 Yr. CAGR %	24.27	26.18	0.62	0.64	-1.54
Cash From Operations, 2 Yr. CAGR %	16.36	29.8	16.64	3.29	-0.21
Levered Free Cash Flow, 2 Yr. CAGR %	30.22	37.61	5.55	-8.97	3.9
Unlevered Free Cash Flow, 2 Yr. CAGR %	25.99	34.24	6.11	-8.28	4.68
Dividend Per Share, 2 Yr. CAGR %	6.02	15.69	16.86	7.32	2.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.38	15.63	15.8	8.02	2.07
Gross Profit, 3 Yr. CAGR %	13.1	17.55	18.41	8	0.71
EBITDA, 3 Yr. CAGR %	13.14	17.8	19.28	8.06	-0.05
EBITA, 3 Yr. CAGR %	17.83	22.27	24.54	14.18	6.7
EBIT, 3 Yr. CAGR %	10.16	13.36	24.88	15.41	4.11
Earnings From Cont. Operations, 3 Yr. CAGR %	11.73	19.64	35.01	19.3	4.24
Net Income, 3 Yr. CAGR %	10.89	19.87	35.36	20.52	4.65
Diluted EPS Before Extra, 3 Yr. CAGR %	7.39	13.6	28.89	16.42	4.2
Normalized Net Income, 3 Yr. CAGR %	8.99	15.3	32.46	23.65	5.27
Net Property, Plant and Equip., 3 Yr. CAGR %	19.55	16.91	9.58	-0.35	1.76
Accounts Receivable, 3 Yr. CAGR %	12.82	30.12	37.45	26.84	-11.66
Total Assets, 3 Yr. CAGR %	20.39	16.22	9.22	-0.79	1.65
Common Equity, 3 Yr. CAGR %	18.87	16.24	15.17	0	-1.28
Tangible Book Value, 3 Yr. CAGR %	17.54	16.45	16.38	1.18	-1.36
Cash From Operations, 3 Yr. CAGR %	13.86	21.25	20.3	12	0.95
Levered Free Cash Flow, 3 Yr. CAGR %	14.14	35.28	15.86	5.79	-5.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	13.21	31.6	14.71	5.84	-4.28
Dividend Per Share, 3 Yr. CAGR %	5.93	11.33	14.18	12.24	5.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.21	12.68	12.06	10.29	10.63
Gross Profit, 5 Yr. CAGR %	11.09	14.05	13.83	11.21	11.22
EBITDA, 5 Yr. CAGR %	11.21	14.36	14.17	11.19	11.36
EBITA, 5 Yr. CAGR %	18.24	18.79	17.69	14.06	13.47
EBIT, 5 Yr. CAGR %	14.81	12.76	18.02	14.83	11.86
Earnings From Cont. Operations, 5 Yr. CAGR %	21.17	16.62	20.04	18.07	14.6
Net Income, 5 Yr. CAGR %	20.52	16.75	20.17	18.26	15.05
Diluted EPS Before Extra, 5 Yr. CAGR %	19.44	11.76	15.64	14.34	11.42
Normalized Net Income, 5 Yr. CAGR %	15.94	13.85	21.8	18.59	14.04
Net Property, Plant and Equip., 5 Yr. CAGR %	13.08	12.33	10.76	9.79	7.09
Accounts Receivable, 5 Yr. CAGR %	12.93	20.68	21.69	21.08	10.72
Total Assets, 5 Yr. CAGR %	13.51	12.28	10.65	9.67	6.81
Common Equity, 5 Yr. CAGR %	11.65	11.65	10.36	9.8	8.22
Tangible Book Value, 5 Yr. CAGR %	10.9	11.66	10.45	9.85	8.85
Cash From Operations, 5 Yr. CAGR %	11.28	15.17	14.96	13.72	11.63
Levered Free Cash Flow, 5 Yr. CAGR %	7.58	13.6	12.26	16.66	10.97
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.68	13.29	11.78	14.99	10.63
Dividend Per Share, 5 Yr. CAGR %	10.01	9.91	10.17	9.71	9.46