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Cubesmart
(NYSE:CUBE)
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Rating:67Neutral
Price Target:
$45.00
â–²(6.91% Upside)
Action:Downgraded
Date:08/01/26
The score is primarily shaped by mixed financial quality: strong profitability and a TTM revenue growth rebound are tempered by rising leverage and volatile/weakening recent free-cash-flow growth. Technicals are supportive with the stock above major moving averages, while valuation is balanced (strong dividend yield but a relatively high P/E). The latest earnings call adds a modest positive tilt due to improved operating trends and raised guidance, partially offset by expense-driven NOI pressure.
Positive Factors
Leading NYC market position
Concentrated scale in New York gives durable demand and pricing advantages: dense demographics, low sq ft per capita and regulatory limits on new supply support steadier occupancy and pricing, reducing downside risk versus more cyclic, supply-exposed markets.
Negative Factors
Above‑average leverage
Leverage above equity reduces financial flexibility and increases refinancing risk during rate volatility. With elevated debt levels and equity erosion, incremental shocks to cash flow could force higher financing costs or constrain capital allocation, limiting long-term optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Leading NYC market position
Concentrated scale in New York gives durable demand and pricing advantages: dense demographics, low sq ft per capita and regulatory limits on new supply support steadier occupancy and pricing, reducing downside risk versus more cyclic, supply-exposed markets.
Read all positive factors
Cubesmart (CUBE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.44B
Dividend Yield5.09%
Average Volume (3M)1.88M
Price to Earnings (P/E)28.4
Beta (1Y)0.52
Revenue Growth3.86%
EPS Growth-10.98%
CountryUS
Employees3,121
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)1.46
Shares Outstanding225,162,250
10 Day Avg. Volume2,163,586
30 Day Avg. Volume1,875,205
Financial Highlights & Ratios
PEG Ratio-1.58
Price to Book (P/B)3.03
Price to Sales (P/S)7.34
P/FCF Ratio14.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$44.64Price Target Upside6.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)1.53
Revenue Forecast (FY)$1.13B
Cubesmart Business Overview & Revenue Model
Company Description
CubeSmart functions as an independent real estate investment trust (REIT), overseeing both its administration and management. The company's self-storage facilities deliver secure, convenient, and budget-friendly storage options for both private in...
How the Company Makes Money
CubeSmart primarily makes money by generating rental revenue from self-storage units at properties it owns and operates. Customers (households and businesses) typically rent units on a month-to-month basis, paying recurring rent for storage space;...
Cubesmart Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed an overall optimistic and constructive outlook: operating fundamentals (move-ins, occupancy, and same-store revenue) are improving and guidance was raised modestly, supported by strategic capital allocation actions (JVs, share repurchases) and improved liquidity (extended revolver). However, near-term challenges persist — same-store NOI was negative due to elevated expense growth, and some Sunbelt markets remain pressured by supply and pricing headwinds. Balance sheet flexibility and JV/share-repurchase strategies are positioned to accelerate value creation as the recovery continues.Positive Updates
Return to Positive Revenue Momentum
Same-store revenue growth accelerated to 0.8% year-over-year in Q2 (up from 0.6% in Q1), and management raised full-year same-store revenue guidance to a new range of 0.5% to 1.25%, signaling an expected acceleration in the back half of 2026.
Negative Updates
Same-Store NOI Decline
Despite revenue growth of 0.8% and move-in improvements, same-store operating expenses grew 4.4% year-over-year in Q2, resulting in a negative 0.7% same-store NOI decline for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Return to Positive Revenue Momentum
Same-store revenue growth accelerated to 0.8% year-over-year in Q2 (up from 0.6% in Q1), and management raised full-year same-store revenue guidance to a new range of 0.5% to 1.25%, signaling an expected acceleration in the back half of 2026.
Read all positive updates
Company Guidance
CubeSmart raised its full‑year 2026 same‑store revenue guidance to 0.5%–1.25% (midpoint implying continued back‑half acceleration) after Q2 same‑store revenue of +0.8% (Q1 +0.6%) and move‑in rates +1.7% YoY; Q2 same‑store NOI was -0.7% with same‑store operating expenses up 4.4%, and management narrowed full‑year same‑store expense guidance to 3.25%–4.5%; Q2 FFO per share as‑adjusted was $0.63 (at the prior midpoint) and the company expects FFO and NOI to return to positive growth in H2 2026; operational momentum as of July 30 showed physical occupancy at 91.1% (+30 bps YoY), July rentals +3% and vacates -3%; capital actions include a new JV (15 noncore assets, Cube retains a 20% stake, implied cap rates mid‑5s, potential ~50% venture leverage, expected to close in Q4), continued share repurchases ($42.5M in Q2, $75.8M YTD) and an expanded revolver to $1.0B (from $850M) maturing June 2030.Cubesmart Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M |
| Gross Profit | 197.97M | 255.40M | 748.48M | 755.55M | 716.36M | 570.46M |
| EBITDA | 757.05M | 703.57M | 688.82M | 710.88M | 603.08M | 462.86M |
| Net Income | 334.10M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
Balance Sheet | ||||||
| Total Assets | 6.58B | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B |
| Cash, Cash Equivalents and Short-Term Investments | 14.31M | 5.78M | 71.56M | 6.53M | 6.06M | 11.14M |
| Total Debt | 3.54B | 3.53B | 3.05B | 2.99B | 3.06B | 3.21B |
| Total Liabilities | 3.95B | 3.86B | 3.44B | 3.34B | 3.43B | 3.55B |
| Stockholders Equity | 2.58B | 2.72B | 2.87B | 2.80B | 2.83B | 2.87B |
Cash Flow | ||||||
| Free Cash Flow | 562.33M | 566.89M | 631.07M | 611.14M | 591.47M | 449.19M |
| Operating Cash Flow | 597.88M | 611.67M | 631.07M | 611.14M | 591.47M | 449.19M |
| Investing Cash Flow | -108.19M | -574.18M | -173.96M | -93.82M | -48.77M | -1.85B |
| Financing Cash Flow | -488.17M | -104.92M | -387.67M | -518.03M | -547.09M | 1.41B |
Cubesmart Technical Analysis
Positive
42.09
Price Trends
40.90
Positive
39.66
Positive
38.07
Positive
Market Momentum
0.16
Positive
51.71
Neutral
48.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CUBE, the sentiment is Positive. The current price of 42.09 is above the 20-day moving average (MA) of 41.61, above the 50-day MA of 40.90, and above the 200-day MA of 38.07, indicating a neutral trend. The MACD of 0.16 indicates Positive momentum. The RSI at 51.71 is Neutral, neither overbought nor oversold. The STOCH value of 48.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CUBE.
Cubesmart Risk Analysis
Cubesmart disclosed 51 risk factors in its most recent earnings report. Cubesmart reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cubesmart Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $61.30B | 31.01 | 22.12% | 3.72% | 2.97% | 14.30% | |
73 Outperform | $32.96B | 32.65 | 7.14% | 4.39% | 4.16% | -1.68% | |
68 Neutral | $1.59B | 12.41 | 7.39% | 12.36% | -8.42% | -3.98% | |
67 Neutral | $9.44B | 28.41 | 12.45% | 5.01% | 3.86% | -10.98% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
CUBE
Cubesmart
41.48
4.12
11.02%
EXR
Extra Space Storage
147.90
16.95
12.94%
PSA
Public Storage
325.93
54.26
19.97%
IIPR
Innovative Industrial Properties
55.99
10.69
23.60%
Cubesmart Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
CubeSmart Raises 2026 Guidance After Solid Quarter
Positive
Jul 31, 2026
CubeSmart reported second‑quarter 2026 net income attributable to common shareholders of $89.6 million and diluted EPS of $0.39, up from $0.36 a year earlier, while adjusted FFO per diluted share slipped 3.1% to $0.63 as same‑store NOI...
Business Operations and StrategyPrivate Placements and Financing
CubeSmart Expands Credit Facility to Enhance Financial Flexibility
Positive
Jun 24, 2026
On June 24, 2026, CubeSmart and its operating partnership entered into a Third Amended and Restated Credit Agreement, replacing a prior facility last updated in October 2022. The new unsecured revolving credit facility increases borrowing capacity...
Business Operations and StrategyFinancial Disclosures
CubeSmart Highlights Growth, Stability in June 2026 Update
Positive
Jun 1, 2026
CubeSmart used its June 2026 investor presentation to underline its positioning as a leading self-storage REIT, with 1,516 properties and 48.5 million owned square feet as of March 31, 2026, and exposure to diversified, resilient demand drivers. T...
Business Operations and Strategy
CubeSmart Highlights NYC Self-Storage Growth and Strategy
Positive
May 14, 2026
In a May 2026 New York City portfolio presentation, CubeSmart highlighted its strategy of creating long-term value through a concentrated focus on the New York metropolitan self-storage market. Management emphasized that New York City remains the ...
Business Operations and StrategyFinancial Disclosures
CubeSmart Highlights Strategy and Growth Outlook to Investors
Positive
May 4, 2026
In May 2026, CubeSmart outlined to investors how its quality-focused strategy and scale in the self-storage sector position it to perform through economic cycles, emphasizing strong five-year growth in FFO, dividends and shareholder returns, along...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
CubeSmart Posts Lower Q1 Earnings, Provides 2026 Outlook
Neutral
May 1, 2026
CubeSmart reported first-quarter 2026 results on April 30, 2026, posting net income attributable to common shareholders of $82.9 million and diluted EPS of $0.36, both down from a year earlier, while adjusted funds from operations per share slippe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.