ES
MARKETS / NYSE / CUBE
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Cubesmart CUBE

17 fiscal years on record · USD · FY2025 reported
SEC FILINGS ONLY16 YEARS OF DIVIDEND GROWTH
Revenue · FY2025
$1.1B
▲ 5.3% vs FY2024
Dividend streak
16 yrs
Raised every year since 2010
EPS · FY25
$1.46
Dividend / sh · FY25
$2.09
Payout · FY25
144%
ROE · FY25
11.9%
Net margin · FY25
29.5%
Dividend coverage
0.7×
Advertisement
AdSense · Leaderboard 728×90320×100
Result
USD 1.1B
Revenue, FY2025 · full 17-year series below
Revenue Net income
0.40.81.21.10.32009201220152018202120242025
0.40.81.21.10.32016201920222025

29 cents of every revenue dollar became profit this year.

Per share
USD 1.46
Diluted EPS, FY2025
EPS Dividend
0.81.62.42.091.462009201220152018202120242025
0.81.62.42.091.462016201920222025

Earnings covered only a fraction of the dividend — the rest came from cash or borrowing.

Profitability
11.9%
Return on equity, FY2025
ROE
48121611.9%2009201220152018202120242025
48121611.9%2016201920222025
Operating margin—
Net margin29.5%
Return on assets5.1%

Each USD of equity produced 12 cents of profit this year.

Returned to shareholders
USD 507.8M
returned in FY2025 · dividends + net buybacks
Dividends paidUSD 476.3M
Net buybacksUSD 31.5M
Share of profit153.3%
Consecutive raises16 years

USD 476.3M in dividends and USD 31.5M in buybacks — 153% of the year's profit, so the payout drew on cash built up earlier.

Growth
+10.6% a year
revenue, compounded over five years
CAGR
3 yrs
5 yrs
10 yrs
15 yrs
Revenue
+3.6%
+10.6%
Net income
+4.2%
+14.6%
+15.6%
EPS, diluted
+4.2%
+11.4%
+13.3%
Dividend / share
+5.5%
+9.5%
+11.7%
+19.5%
Returned to shareholders
+9.5%
+14.7%
+16.8%
+30.5%

Compound annual rates per period — left blank where the series crosses a loss.

Share base
0.23B
Shares outstanding, FY2025
0.100.232009201220152018202120242025
0.180.232016201920222025
Change, 5 years+15.1%
Change, 10 years+30.1%

The share count grew 15% in five years — the same company, cut into more, smaller slices.

Advertisement
AdSense · Leaderboard 728×90300×250
Balance sheet
USD 6.6B
total assets, end of FY2025
Total assetsUSD 6.6B
EquityUSD 2.7B
CashUSD 5.8M

Equity funds 41% of total assets.

History
17 fiscal years
Every figure from documents filed with the SEC · USD
Metric
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
Revenue $B
1.1
1.1
1.1
1.0
0.8
0.7
0.6
0.6
0.6
·
·
·
·
·
·
·
·
Operating income $B
·
·
·
·
·
·
·
·
0.2
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
EBITDA $B
·
·
·
·
·
·
·
·
0.3
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.1
Income tax $B
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
Net income $B
0.3
0.4
0.4
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.0
0.0
0.0
−0.0
−0.0
−0.0
EPS, diluted $
1.46
1.72
1.82
1.29
1.09
0.85
0.88
0.88
0.74
0.45
0.42
0.14
0.26
0.03
−0.02
−0.08
−0.01
Dividend / sh $
2.09
2.05
1.98
1.78
1.45
1.33
1.29
1.22
1.11
0.90
0.69
0.55
0.46
0.35
0.29
0.14
0.10
Payout %
144
118
107
132
119
153
143
134
144
170
138
288
143
2188
−6997
−127
−719
ROE %
11.9
13.8
14.7
10.3
9.8
9.2
9.7
9.9
8.3
5.3
5.0
2.1
4.0
0.2
−0.0
−1.0
·
Shares out B
0.23
0.23
0.22
0.22
0.22
0.20
0.19
0.19
0.18
0.18
0.17
0.16
0.14
0.13
0.12
0.10
·

Slide the table for earlier years · "·" marks figures not disclosed in the filing for that year.

How we verifyAUDITED
33 of 33
checks passed before publication
EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidity

Every figure was compared against the original statement: 0 failures and 0 presentation gaps.

What we don’t show

We’d rather say what’s missing than fill the gap with an estimate.

P/E rationeeds a market quote — not yet licensed
Market capitalizationneeds a market quote — not yet licensed
Dividend yieldneeds a market quote — not yet licensed
Price-to-bookneeds a market quote — not yet licensed