Financials CubeSmart

Stocks

CUBE

US2296631094

Specialized REITs

Market Closed - NYSE 16:03:14 2026-09-24 EDT			5-day change	1st Jan Change
37.61 ^USD	-1.39%		-5.24%	+4.33%

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...

Projected Income Statement: CubeSmart

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	822.6	1,010	1,050	1,066	1,123	1,134	1,170	1,211
Change	-	22.74%	4.03%	1.51%	5.33%	1%	3.11%	3.57%
EBITDA ¹	522.7	661.7	698.5	688.8	707	708.1	726.6	748.9
Change	-	26.61%	5.56%	-1.39%	2.65%	0.16%	2.61%	3.07%
EBIT ¹	290.6	351.1	497.3	483.1	448.9	471.2	488	515.2
Change	-	20.83%	41.62%	-2.85%	-7.08%	4.96%	3.59%	5.57%
Interest Paid ¹	-78.45	-93.28	-93.06	-90.82	-114.1	-124.3	-130.2	-138.1
Earnings before Tax (EBT) ¹	230.8	292.5	412.4	391.9	331.3	346.5	355	363.2
Change	-	26.71%	41.02%	-4.98%	-15.46%	4.6%	2.42%	2.31%
Net income ¹	223.5	291.3	410.8	391.2	333.8	349.5	359.1	367.8
Change	-	30.33%	41.03%	-4.77%	-14.67%	4.71%	2.75%	2.41%
Announcement Date	2/24/22	2/23/23	2/29/24	2/27/25	2/26/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	212.6	221.9	238.6	248.7	261.4	261	256.5	260.8	267.9	265.1	261.4	266.2	270.9	267.7	273	282.3	285.1	282.7	281.9	286.5	288	284.9	288.9	295.5	300.3	298.5	-	-
Change	-	4.4%	7.5%	4.23%	5.12%	-0.16%	-1.71%	1.67%	2.71%	-1.03%	-1.4%	1.84%	1.76%	-1.17%	1.98%	3.39%	0.98%	-0.84%	-0.27%	1.62%	0.53%	-1.07%	1.41%	2.27%	1.64%	-0.61%	-	-
EBITDA ¹	136.4	145.6	145.6	161.5	171.3	175.5	170.7	171.7	176.3	179.9	168.7	168.5	174.8	176.8	174	178.4	177.7	176.9	174.7	173.2	179.6	181.3	175.5	177.9	183.1	184.2	175.4	178.8
Change	-	6.75%	-0.04%	10.93%	6.08%	2.46%	-2.73%	0.55%	2.69%	2.03%	-6.18%	-0.15%	3.72%	1.18%	-1.58%	2.5%	-0.37%	-0.46%	-1.27%	-0.83%	3.66%	0.95%	-3.19%	1.4%	2.91%	0.59%	-4.79%	1.97%
EBIT ¹	80.53	77.38	63	82.42	91.72	106.1	120.4	121.3	126.3	129.3	118	117.5	123.5	124.1	114.9	111.9	111	111.1	113.2	117.4	117.3	120.5	118.1	120.3	117.2	119.1	126	133.5
Change	-	-3.91%	-18.59%	30.82%	11.28%	15.66%	13.5%	0.75%	4.11%	2.38%	-8.71%	-0.48%	5.19%	0.44%	-7.42%	-2.6%	-0.76%	0.05%	1.93%	3.66%	-0.07%	2.69%	-1.96%	1.84%	-2.52%	1.62%	5.79%	5.94%
Charge d'intérêts ¹	-19.12	-20.98	-22.82	-23.06	-23.85	-23.56	-23.69	-23.54	-23.2	-22.63	-22.92	-22.77	-22.75	-22.38	-26.1	-29.09	-29.38	-29.53	-29.83	-30.34	-31.3	-31.35	-32.28	-32.75	-33.1	-32.93	-	-
Earnings before Tax (EBT) ¹	90.57	46.56	38.27	58.59	113.4	82.17	97.94	98.28	103.1	113.1	94.86	94.19	101	101.9	88.74	82.43	82.42	77.72	82.75	89.46	86.37	86.75	86.37	88.43	88.06	87.85	91.28	98.76
Change	-	-48.59%	-17.82%	53.12%	93.6%	-27.56%	19.19%	0.35%	4.87%	9.76%	-16.16%	-0.71%	7.18%	0.93%	-12.9%	-7.11%	-0.02%	-5.69%	6.47%	8.11%	-3.46%	0.45%	-0.44%	2.39%	-0.42%	-0.24%	3.91%	8.2%
Net income ¹	87.65	45.35	38.16	58.36	112.9	81.86	97.57	97.88	102.6	112.7	94.53	93.96	100.8	101.9	89.2	82.96	82.93	78.7	82.89	89.58	87.64	89.72	85.96	87.32	91.38	91.81	85.95	92.84
Change	-	-48.26%	-15.86%	52.95%	93.44%	-27.48%	19.18%	0.32%	4.87%	9.76%	-16.1%	-0.6%	7.27%	1.09%	-12.46%	-6.99%	-0.04%	-5.11%	5.33%	8.08%	-2.17%	2.37%	-4.19%	1.58%	4.65%	0.47%	-6.39%	8.02%
Announcement Date	11/4/21	2/24/22	4/28/22	8/4/22	10/27/22	2/23/23	4/27/23	8/3/23	11/2/23	2/29/24	4/25/24	8/1/24	10/31/24	2/27/25	5/1/25	7/31/25	10/30/25	2/26/26	4/30/26	7/30/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: CubeSmart

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	3,200	2,990	2,916	2,915	3,397	3,475	3,593	3,761
Change	-	-6.56%	-2.47%	-0.03%	16.54%	2.3%	3.4%	4.68%
Announcement Date	2/24/22	2/23/23	2/29/24	2/27/25	2/26/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: CubeSmart

Fiscal Period: December	2021	2024	2025	2026	2027	2028
CAPEX ¹	28.26	43.58	44.79	44.42	32.52	29.07
Change	-	-	2.78%	-0.81%	-26.8%	-10.6%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	2/24/22	2/27/25	2/26/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: CubeSmart

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	63.54%	65.54%	66.5%	64.6%	62.95%	62.43%	62.13%	61.82%
EBIT Margin (%)	35.33%	34.78%	47.34%	45.31%	39.97%	41.54%	41.73%	42.53%
EBT Margin (%)	28.06%	28.97%	39.27%	36.75%	29.5%	30.55%	30.35%	29.98%
Net margin (%)	27.17%	28.85%	39.11%	36.69%	29.72%	30.81%	30.7%	30.36%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	3.95%	4.52%	6.55%	6.2%	5.12%	5.25%	5.58%	5.92%
ROE	9.5%	10.22%	14.6%	13.8%	11.94%	13.1%	14.7%	16.33%
Financial Health
Leverage (Debt/EBITDA)	6.12x	4.52x	4.17x	4.23x	4.8x	4.91x	4.95x	5.02x
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.44%	-	-	4.09%	3.99%	3.92%	2.78%	2.4%
CAPEX / EBITDA (%)	5.41%	-	-	6.33%	6.33%	6.27%	4.48%	3.88%
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	2.701	2.778	2.655	2.606	2.696	2.786
Change	-	-	-	2.85%	-4.42%	-1.85%	3.43%	3.36%
Dividend per Share ¹	1.45	1.78	1.98	2.05	2.09	2.13	2.181	2.238
Change	-	22.76%	11.24%	3.54%	1.95%	1.9%	2.43%	2.61%
Book Value Per Share ¹	12.72	12.58	12.42	12.61	11.97	11.12	10.52	9.831
Change	-	-1.05%	-1.33%	1.56%	-5.1%	-7.08%	-5.42%	-6.51%
EPS ¹	1.09	1.29	1.82	1.72	1.46	1.546	1.572	1.613
Change	-	18.35%	41.09%	-5.49%	-15.12%	5.87%	1.7%	2.64%
Nbr of stocks (in thousands)	218,811	224,575	224,861	226,153	228,036	225,162	225,162	225,162
Announcement Date	2/24/22	2/23/23	2/29/24	2/27/25	2/26/26	-	-	-