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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

CubeSmart CUBE

17 fiscal years on record · USD · FY2025 reported · SEC filings only
16 YEARS OF DIVIDEND GROWTH
$1.1B
▲ 5.3% YoY
$331.3M
▼ 15.5% YoY
$558.8M
▼ 5.1% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

CubeSmart is a self-administered and self-managed real estate company that focuses primarily on the ownership, operation, development, management and acquisition of self-storage properties in the United States. As of December 31, 2025, it owned or partially owned and consolidated 662 self-storage properties located in 25 states and the District of Columbia, containing an aggregate of approximately 48.4 million rentable square feet. As of that date, approximately 88.1% of the rentable square footage at its owned stores was leased to approximately 399,000 customers. As of December 31, 2025, it employed 3,121 teammates, all within the United States. It operates in a single operating segment. The Parent Company was formed in July 2004 as a Maryland REIT. The Operating Partnership was formed in July 2004 as a Delaware limited partnership.

Written from the business description in CubeSmart's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.1B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.1 · Net income 0.3
0.5B1.0B
2009201220152018202120242025
Compound annual growth
+3.6%
+10.6%
+9.7%
+12.2%
+4.2%
+14.6%
+4.2%
+11.4%
+13.3%
+5.5%
+9.5%
+11.7%
+19.5%
+9.5%
+14.7%
+16.8%
+30.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.6% a year over the five years to FY2025 — but profit grew faster: net income at +14.6%, earnings per share at +11.4%.

The share count rose from 0.20B to 0.23B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

29 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating · · Net 29.5%
10%20%30%
200920172025
ROE
FY2018 · ROE 9.8%
5%
200920172025
Three returns, three denominators.
Return on equityNot available: we don't have a clean profit figure for this period.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin68.7%
Operating margin·
Net margin29.5%
EBITDA·

Cash & shareholders

USD 507.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 558.8
250.0M500.0M-150.0M-300.0M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends 476.3 · Net buybacks 31.5
200M400MDividendsNet buybacks
200920112013201520172019202120232025
Dividends paidUSD 476.3M
Net buybacksUSD 31.5M
Share of profit·
Consecutive raises16 years

USD 476.3M in dividends and USD 31.5M in buybacks — Not available: we don't have a clean profit figure for this period.

Total assetsUSD 6.6B
EquityUSD 2.7B
CashUSD 5.8M

Equity funds 41% of total assets.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
CUBE, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B1.11.11.11.00.80.70.60.60.60.50.40.40.30.30.20.20.2
Operating income $B◌◌◌◌◌◌◌◌0.20.10.10.10.10.00.00.00.0
EBITDA $B◌◌◌◌◌◌◌◌0.30.30.30.20.20.10.10.10.1
Income tax $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Net income $B0.30.40.40.30.20.20.20.20.10.10.10.00.00.0−0.0−0.0−0.0
Free cash flow $B0.60.60.60.50.3−0.10.20.10.2−0.1−0.1−0.4−0.0−0.1−0.4−0.00.0
EPS, diluted $1.461.721.821.291.090.850.880.880.740.450.420.140.260.03−0.02−0.08−0.01
Dividend / sh $2.092.051.981.781.451.331.291.221.110.900.690.550.460.350.290.140.10
Payout %◌◌◌◌◌◌◌1351451701382881432188−6997−127−719
ROE %◌◌◌◌◌◌◌9.88.25.35.02.14.00.2−0.0−1.0−0.1
Shares out B0.230.230.220.220.220.200.190.190.180.180.170.160.140.130.120.10◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 50 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Three checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2009

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