Cubesmart (CUBE)
NYSE:CUBE
Top Page
Cubesmart
(NYSE:CUBE)
Select Model
Select Model
Rating:71Outperform
Price Target:
$40.00
â–²(7.56% Upside)
Action:ReiteratedDate:03/02/26
Overall score reflects solid underlying financial strength (strong margins/cash flow) and an earnings-call-supported operational inflection with constructive 2026 guidance. Technicals are favorable but somewhat stretched, while valuation is mixed (high P/E offset by a strong dividend yield). Financial data inconsistencies in the latest period are a key restraint.
Positive Factors
Strong cash generation and margin profile
CubeSmart exhibits durable cash generation and clean cash conversion: OCF growth to ~$609M and FCF closely tracking OCF support recurring dividend payments, buybacks, JV funding and reinvestment. Stable cash flow underpins financial flexibility and resilience over the next several quarters.
Negative Factors
Balance sheet reporting inconsistency and leverage uncertainty
Reported 2025 zero debt appears inconsistent with historical leverage (~1.06–1.12 D/E) and introduces uncertainty about true credit exposure. For a capital‑intensive REIT, unclear leverage hinders assessment of refinancing risk and the ability to execute opportunistic acquisitions or withstand rate shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and margin profile
CubeSmart exhibits durable cash generation and clean cash conversion: OCF growth to ~$609M and FCF closely tracking OCF support recurring dividend payments, buybacks, JV funding and reinvestment. Stable cash flow underpins financial flexibility and resilience over the next several quarters.
Read all positive factors
Cubesmart (CUBE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.48B
Dividend Yield5.69%
Average Volume (3M)2.55M
Price to Earnings (P/E)24.7
Beta (1Y)0.56
Revenue Growth4.19%
EPS Growth-12.19%
CountryUS
Employees3,104
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.34
Shares Outstanding227,093,900
10 Day Avg. Volume2,488,434
30 Day Avg. Volume2,546,845
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 Cap1.41
Enterprise Value/Revenue10.66
Enterprise Value/Gross Profit46.88
Enterprise Value/Ebitda16.93
Forecast
1Y Price Target
$42.46Price Target Upside14.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)1.42
Revenue Forecast (FY)$1.13B
Cubesmart Business Overview & Revenue Model
Company Description
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According ...
How the Company Makes Money
CubeSmart primarily makes money by generating rental revenue from self-storage space. Customers rent individual storage units (typically on month-to-month arrangements) and pay recurring rent, with pricing generally varying by unit size, unit type...
Cubesmart Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed an optimistic tone centered on clear operational inflection: move-in rates turned positive, the occupancy gap narrowed, same-store revenue stabilized (Q4 -0.1%), and management provided constructive 2026 FFO guidance ($2.52–$2.60). Strategic capital actions (expanded buyback authorization, a $250M JV with CBRE IM, and selective acquisitions) and a favorable balance sheet support a return-to-growth narrative. Offsetting risks include near-term expense pressures (Q4 expense growth +2.9%), weather-related costs, ongoing variability across supply-impacted markets, limited accretive on-balance-sheet buying opportunities due to public/private valuation disconnect, and localized regulatory/legal risk in New York. Overall, the positive momentum, clear plan for capital deployment, and declining supply headwinds materially outweigh the near-term operational and expense challenges.Positive Updates
Improving Move-in Rate Momentum
Sequential improvement in year-over-year quarterly move-in rates: Q4 2024 -10.0% -> Q1 2025 -8.3% -> Q2 2025 -4.0% -> Q3 2025 +2.5% -> Q4 2025 +2.8%; early 2026 move-ins remain positive and generally in line with Q4 results.
Negative Updates
Q4 Same-Store Expense Growth
Same-store operating expenses increased 2.9% in Q4 2025, driven by timing-related increases in marketing and repairs & maintenance, with upcoming pressure expected from real estate taxes and property insurance comps.
Read all updates
Q4-2025 Updates
Positive
Negative
Improving Move-in Rate Momentum
Sequential improvement in year-over-year quarterly move-in rates: Q4 2024 -10.0% -> Q1 2025 -8.3% -> Q2 2025 -4.0% -> Q3 2025 +2.5% -> Q4 2025 +2.8%; early 2026 move-ins remain positive and generally in line with Q4 results.
Read all positive updates
Company Guidance
CubeSmart guided to 2026 FFO per share of $2.52–$2.60, with a same‑store pool up 16 stores and same‑store revenue assumptions that assume a similar macro backdrop, continued competitive supply impact on ~19% of same‑stores (down from 24% in 2025 and off a 2019 peak of 50%), steadily improving pricing and a narrowing occupancy gap; operating context entering 2026 includes quarter trends of move‑in rates improving from -10% (Q4 2024) to -8.3% (Q1 2025), -4.0% (Q2 2025), +2.5% (Q3 2025) and +2.8% (Q4 2025), occupancy of 88.7% at end‑January (gap improved from -70 bps at year‑end to -40 bps versus Jan‑2025), Q4 same‑store revenue ~‑0.1%, same‑store expenses +2.9% and same‑store NOI ‑1.1%, Q4 adjusted FFO/sh $0.64, a 1.9% dividend raise to $2.12 annualized (5.3% yield at yesterday’s close), net leverage ~4.8x, ~$475M remaining buyback authorization supported by roughly $100M annual free cash flow, recent on‑balance purchases of $49M (and $610M invested in late‑’24/early‑’25), a $250M JV mandate with CBRE IM, and an expectation of steady, gradual improvement through 2026 (with ~5% of cubes turning over each month).Cubesmart Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M |
| Gross Profit | 255.40M | 748.48M | 755.55M | 716.36M | 570.46M |
| EBITDA | 703.57M | 688.82M | 710.88M | 661.74M | 522.65M |
| Net Income | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
Balance Sheet | |||||
| Total Assets | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B |
| Cash, Cash Equivalents and Short-Term Investments | 5.78M | 71.56M | 6.53M | 6.06M | 11.14M |
| Total Debt | 3.53B | 3.05B | 2.99B | 3.06B | 3.21B |
| Total Liabilities | 3.86B | 3.44B | 3.34B | 3.43B | 3.55B |
| Stockholders Equity | 2.72B | 2.87B | 2.80B | 2.83B | 2.87B |
Cash Flow | |||||
| Free Cash Flow | 566.89M | 631.07M | 611.14M | 591.47M | 449.19M |
| Operating Cash Flow | 611.67M | 631.07M | 611.14M | 591.47M | 449.19M |
| Investing Cash Flow | -574.18M | -173.96M | -93.82M | -48.77M | -1.85B |
| Financing Cash Flow | -104.92M | -387.67M | -518.03M | -547.09M | 1.41B |
Cubesmart Technical Analysis
Neutral
37.19
Price Trends
37.95
Negative
36.87
Positive
38.02
Negative
Market Momentum
-0.65
Positive
49.17
Neutral
40.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CUBE, the sentiment is Neutral. The current price of 37.19 is below the 20-day moving average (MA) of 37.27, below the 50-day MA of 37.95, and below the 200-day MA of 38.02, indicating a bearish trend. The MACD of -0.65 indicates Positive momentum. The RSI at 49.17 is Neutral, neither overbought nor oversold. The STOCH value of 40.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.41B | 11.59 | 6.29% | 13.07% | -11.22% | -24.64% | |
75 Outperform | $29.53B | 24.31 | 7.12% | 5.01% | 3.38% | 17.16% | |
71 Outperform | $8.48B | 24.70 | 11.96% | 5.69% | 4.19% | -12.19% | |
67 Neutral | $49.20B | 25.52 | 19.03% | 4.63% | 2.30% | -0.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.25B | 29.30 | 7.46% | 8.28% | -4.98% | -65.45% |
* Real Estate Sector Average
CUBE
Cubesmart
37.19
1.74
4.90%
EXR
Extra Space Storage
133.86
7.38
5.84%
PSA
Public Storage
280.35
15.86
6.00%
NSA
National Storage Affiliates
39.12
7.91
25.34%
IIPR
Innovative Industrial Properties
50.21
5.17
11.48%
Cubesmart Corporate Events
Business Operations and StrategyFinancial Disclosures
CubeSmart Highlights Growth Strategy in March 2026 Presentation
Positive
Mar 2, 2026
CubeSmart used its March 2026 investor presentation to underscore its positioning as a growth-focused self-storage REIT with a large, geographically diverse portfolio and a track record of performance through different economic cycles. As of the y...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
CubeSmart Reports Lower Earnings Amid Ongoing Portfolio Expansion
Negative
Feb 27, 2026
CubeSmart reported that for the fourth quarter and full year ended December 31, 2025, net income and diluted EPS declined versus 2024, with quarterly EPS falling to $0.34 and full‑year EPS to $1.46, while adjusted funds from operations per s...
Business Operations and StrategyFinancial Disclosures
CubeSmart Showcases Long-Term Growth Strategy in Investor Update
Positive
Jan 7, 2026
In a January 2026 investor presentation, CubeSmart highlighted a decade‑plus trajectory of growth in the self‑storage REIT sector, underpinned by 65% five‑year total shareholder return, 56% five‑year growth in adjusted FFO ...
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.