CubeSmart

Listed Company

CUBECIK 0001298675NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.12B

Net Income

$331.32M

Total Assets

$6.64B

Equity

$2.72B

Shares Out

227.09M

Op. Cash Flow

$608.51M

Business

CubeSmart is a self-administered and self-managed real estate company that owns, operates, develops, manages and acquires self-storage properties. The company offers rentable storage units and climate-controlled cubes, vehicle and boat outside storage, customer service via on-site associates or automated kiosks, and third-party management services. It reports a single operating segment focused on ownership, operation, development, management and acquisition of self-storage properties, including consolidated joint ventures and third-party management arrangements. CubeSmart markets and distributes its services across major metropolitan and suburban areas throughout the United States via owned stores and third-party management relationships.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	957	911	912	879	708
Total revenues	1,123	1,066	1,050	1,010	823
Property operating expenses	351	318	295	293	252
Depreciation and amortization	258	206	201	311	—
General and administrative	65	60	57	55	48
Total operating expenses	674	583	553	658	532
Interest expense on loans	−114	−91	−93	−93	−78
Loan procurement amortization expense	−5	−4	−4	−4	−8
Loss on early extinguishment of debt	−4	—	—	—	−20
Equity in earnings of real estate ventures	2	2	6	49	25
Other	3	1	6	−10	−11
Total other expense	−118	−91	−85	−59	−60
NET INCOME	331	392	412	292	231
Net income attributable to noncontrolling interests in the Operating Partnership	−2	−2	−3	−2	−8
Net loss attributable to noncontrolling interests in subsidiaries	4	1	857,000	722,000	542,000
NET INCOME ATTRIBUTABLE TO THE COMPANY	334	391	411	291	223
Basic earnings per share attributable to common shareholders (in dollars per share)	1.46	1.73	1.82	1.29	1.1
Diluted earnings per share attributable to common shareholders (in dollars per share)	1.46	1.72	1.82	1.29	1.09
Weighted average basic units outstanding (in shares)	229	226	225	225	204
Weighted average diluted shares outstanding (in shares)	229	227	226	226	205

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Storage properties	8,134	7,629	7,368	7,296	7,183
Less: Accumulated depreciation	−1,758	−1,591	−1,416	−1,248	−1,086
Storage properties, net	6,376	6,038	5,951	6,048	6,098
Cash and cash equivalents	6	72	7	6	11
Restricted cash	4	6	2	3	2
Loan procurement costs, net of amortization	2	3	4	5	2
Investment in real estate ventures, at equity	74	92	98	106	120
Other assets, net	181	184	163	154	266
Total assets	6,643	6,394	6,225	6,326	6,548
Unsecured senior notes, net	2,925	2,781	2,776	2,772	2,768
Revolving credit facility	379	—	18	61	210
Mortgage loans and notes payable, net	99	206	128	163	168
Lease liabilities - finance leases	66	66	66	66	66
Accounts payable, accrued expenses and other liabilities	230	230	201	214	200
Distributions payable	122	120	116	111	97
Deferred revenue	42	39	38	39	37
Total liabilities	3,861	3,440	3,344	3,428	3,550
Noncontrolling interests in the Operating Partnership	36	51	60	57	108
Commitments and contingencies	—	—	—	—	—
Common shares $.01 par value, 400,000,000 shares authorized, 227,269,217 and 227,764,975 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	2	2	2	2	2
Additional paid-in capital	4,303	4,286	4,142	4,125	4,088
Accumulated other comprehensive loss	−249,000	−330,000	−411,000	−491,000	−570,000
Accumulated deficit	−1,585	−1,416	−1,345	−1,301	−1,218
Total CubeSmart shareholders' equity	2,719	2,872	2,799	2,826	2,872
Noncontrolling interests in subsidiaries	26	31	22	14	19
Total equity	2,746	2,903	2,821	2,840	2,890
Total liabilities and equity	6,643	6,394	6,225	6,326	6,548

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including amortization of loan procurement costs	263	210	205	315	—
Non-cash portion of interest expense related to finance leases	−89,000	−46,000	−44,000	−43,000	202,000
Cash distributed from real estate ventures	4	5	5	—	—
Gain on involuntary conversion, net	—	—	−5	—	—
Equity compensation expense	12	11	10	9	8
Accretion of fair market value adjustment of debt	268,000	−295,000	−886,000	−1	−2
Other assets	−6	−7	−10	3	−9
Accounts payable and accrued expenses	2	24	96,000	20	15
Other liabilities	748,000	−445,000	−350,000	2	4
Net cash provided by operating activities	609	631	611	591	449
Acquisitions of storage properties	−50	−42	−22	−89	−152
Acquisition of controlling interest in consolidated joint ventures, net of cash acquired	—	−57	—	—	−1,679
Additions and improvements to storage properties	−45	−44	−40	−41	−35
Development costs	−28	−30	−48	−24	−70
Cash paid for partner's interest in real estate venture, net of cash acquired	−451	—	—	—	—
Investments in real estate ventures	−827,000	−1	−21,000	−21,000	−28
Cash distributed from real estate ventures	3	5	8	63	67
Funding of note receivable	—	−5	—	—	—
Proceeds from sales of real estate, net	—	—	238,000	43	44
Proceeds from involuntary conversion, net	—	—	7	—	—
Net cash used in investing activities	−571	−174	−94	−49	−1,853
Unsecured senior notes	444	—	—	—	1,043
Revolving credit facility	1,404	697	794	634	907
Unsecured senior notes	−300	—	—	—	−300
Revolving credit facility	−1,025	−715	−837	−783	−814
Mortgage loans and notes payable	−109	−32	−33	−2	−87
Loan procurement costs	−4	—	−69,000	−4	−13
Debt prepayment costs	−1	—	—	—	−20
Issuance of common shares, net	−452,000	118	−276,000	5	966
Repurchase of common shares	−32	—	—	—	—
Payments upon net settlement of equity compensation	−3	−1	−817,000	−1	−876,000
Exercise of stock options	5	10	3	2	8
Redemption of units for cash	−4	—	—	—	—
Contributions from noncontrolling interests in subsidiaries	303,000	372,000	1	350,000	8
Distributions paid to noncontrolling interests in subsidiaries	−566,000	−418,000	−316,000	−7	−246,000
Distributions paid to common shareholders	−476	−462	−442	−387	−274
Distributions paid to noncontrolling interests in Operating Partnership	−2	−3	−3	−3	−8
Net cash used in financing activities	−105	−388	−518	−547	1,411
Change in cash, cash equivalents and restricted cash	−67	69	−708,000	−4	7
Cash paid for interest, net of interest capitalized	107	93	95	92	79
Acquisitions of storage properties	—	−200,000	—	−700,000	—
Mortgage loan assumptions	—	116	—	—	41
Derivative valuation adjustment	81,000	81,000	81,000	81,000	81,000
Contributions from noncontrolling interests in subsidiaries	—	11	8	3	3

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