Cubesmart (CUBE)
NYSE:CUBE
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Cubesmart
(NYSE:CUBE)
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Rating:71Outperform
Price Target:
$44.00
â–²(10.55% Upside)
Action:Upgraded
Date:05/14/26
The score is driven primarily by solid financial performance (profitability and strong cash generation) and a steady earnings outlook with signs of operating improvement, partially offset by leverage/TTM data uncertainty and near-term expense-driven NOI pressure. Technicals are modestly positive, while valuation is mixed—supported by a high dividend yield but constrained by a higher P/E.
Positive Factors
Strong cash generation and FCF quality
Consistent operating cash flow and free cash flow that tracks net income indicate durable earnings quality. That reliability funds dividends, opportunistic buybacks, JV investments and debt servicing, giving CubeSmart long-term financial flexibility and support for shareholder returns.
Negative Factors
Meaningful balance-sheet leverage
Leverage near 1.1–1.3x equity is material for a REIT and raises interest-rate and refinancing sensitivity. The inconsistent TTM debt snapshot suggests data timing rather than true deleveraging; leverage constrains agility for large acquisitions or aggressive buybacks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and FCF quality
Consistent operating cash flow and free cash flow that tracks net income indicate durable earnings quality. That reliability funds dividends, opportunistic buybacks, JV investments and debt servicing, giving CubeSmart long-term financial flexibility and support for shareholder returns.
Read all positive factors
Cubesmart (CUBE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.72B
Dividend Yield5.69%
Average Volume (3M)2.28M
Price to Earnings (P/E)25.2
Beta (1Y)0.57
Revenue Growth5.02%
EPS Growth-15.68%
CountryUS
Employees3,104
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)1.42
Shares Outstanding226,413,640
10 Day Avg. Volume1,871,183
30 Day Avg. Volume2,277,881
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 Cap1.40
Enterprise Value/Revenue10.80
Enterprise Value/Gross Profit91.07
Enterprise Value/Ebitda17.29
Forecast
1Y Price Target
$42.60Price Target Upside7.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)1.44
Revenue Forecast (FY)$1.11B
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: operational inflection points (positive same-store revenue, rising move-in rates, narrowing occupancy gap, market-level recoveries) and disciplined capital actions (FFO at high end, share buybacks, a CBRE JV, growth in third-party management) were emphasized. Near-term margin pressure from expense growth (marketing, snow removal, personnel) produced a slight same-store NOI decline. Management reaffirmed full-year guidance and signaled gradual improvement through 2026 without relying on a macro catalyst.Positive Updates
Same-Store Revenue Turned Positive
Same-store revenue grew 0.6% year-over-year, marking the first quarter of positive top-line same-store growth since mid-2024; 21 of the top 25 MSAs showed sequential improvement.
Negative Updates
Same-Store NOI Decline
Same-store NOI decreased by 1.5% for the quarter as revenue growth (+0.6%) was outpaced by higher operating expenses (+5.8%).
Read all updates
Q1-2026 Updates
Positive
Negative
Same-Store Revenue Turned Positive
Same-store revenue grew 0.6% year-over-year, marking the first quarter of positive top-line same-store growth since mid-2024; 21 of the top 25 MSAs showed sequential improvement.
Read all positive updates
Company Guidance
Management reiterated its 2026 earnings guidance with no change to the range or underlying assumptions (aside from a slightly lower share count from repurchases), citing a Q1 performance that was at the high end of expectations: same-store revenue +0.6% YoY, same-store NOI -1.5%, same-store operating expenses +5.8% (with ~120 bps attributable to elevated snow removal), and adjusted FFO per share of $0.63 for the quarter. They noted improving operating trends underpinning the outlook — occupancy gap narrowed from -70 bps at year-end to about -30 bps (and to -20 bps by end‑April), move-in rents were +2% (April), rentals were down 1.8% in Q1 but up ~1% in April, vacates -3.9%, net rentals +240% in the quarter — while marketing was front‑loaded in Q1 but is expected to normalize as a percent of revenue and personnel costs should moderate in the back half. Capital allocation highlights tied to the guidance include continued opportunistic share repurchases (a little over $30M each in Q4 and Q1, with roughly $100M of free cash flow run‑rate), a $250M CBRE IM JV (first store closed), 33 third‑party stores added in Q1 (854 managed total), and a September 2026 bond maturity they plan to address opportunistically (pricing discussed around ~5% for 7‑year and low‑to‑mid‑5s for 10‑year).Cubesmart Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
64
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.13B | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M |
| Gross Profit | 134.29M | 255.40M | 748.48M | 755.55M | 716.36M | 570.46M |
| EBITDA | 707.13M | 703.57M | 688.82M | 710.88M | 661.74M | 522.65M |
| Net Income | 327.47M | 333.78M | 391.18M | 410.76M | 291.26M | 223.48M |
Balance Sheet | ||||||
| Total Assets | 6.60B | 6.64B | 6.39B | 6.23B | 6.33B | 6.55B |
| Cash, Cash Equivalents and Short-Term Investments | 7.26M | 5.78M | 71.56M | 6.53M | 6.06M | 11.14M |
| Total Debt | 3.51B | 3.53B | 3.05B | 2.99B | 3.06B | 3.21B |
| Total Liabilities | 3.89B | 3.86B | 3.44B | 3.34B | 3.43B | 3.55B |
| Stockholders Equity | 2.65B | 2.72B | 2.87B | 2.80B | 2.83B | 2.87B |
Cash Flow | ||||||
| Free Cash Flow | 611.03M | 566.89M | 631.07M | 611.14M | 591.47M | 449.19M |
| Operating Cash Flow | 611.03M | 611.67M | 631.07M | 611.14M | 591.47M | 449.19M |
| Investing Cash Flow | -126.11M | -574.18M | -173.96M | -93.82M | -48.77M | -1.85B |
| Financing Cash Flow | -491.93M | -104.92M | -387.67M | -518.03M | -547.09M | 1.41B |
Cubesmart Technical Analysis
Positive
39.80
Price Trends
38.24
Positive
37.19
Positive
37.94
Positive
Market Momentum
0.44
Negative
65.05
Neutral
81.15
Negative
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 39.8 is above the 20-day moving average (MA) of 37.38, above the 50-day MA of 38.24, and above the 200-day MA of 37.94, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 65.05 is Neutral, neither overbought nor oversold. The STOCH value of 81.15 is Negative, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.55B | 10.70 | 6.41% | 13.07% | -13.63% | -24.40% | |
74 Outperform | $51.34B | 22.59 | 20.48% | 4.63% | 2.90% | -3.92% | |
73 Outperform | $30.21B | 28.69 | 6.97% | 5.01% | 4.16% | 3.52% | |
71 Outperform | $8.72B | 25.18 | 11.95% | 5.69% | 5.02% | -15.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $5.50B | 40.91 | 8.20% | 8.28% | -1.65% | 27.25% |
* Real Estate Sector Average
CUBE
Cubesmart
38.36
-2.91
-7.04%
EXR
Extra Space Storage
136.90
-8.89
-6.10%
PSA
Public Storage
292.47
-4.42
-1.49%
NSA
National Storage Affiliates
41.02
6.76
19.73%
IIPR
Innovative Industrial Properties
53.98
4.72
9.57%
Cubesmart Corporate Events
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...
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...
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.