NYSE: CUBE
CubeSmartCIK 0001298675 · SIC 6798 · Real Estate Investment Trusts
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CubeSmart Q3 revenue +3.1% to $294.0M, net income +14.4% to $94.3M; debt refinanced, $159.9M shares repurchased
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CubeSmart Q2 revenue up 1.5% to $286.5M; net income rises 8.5% to $89.5M
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CubeSmart offers up to 13.5M common shares; last NYSE price $41.14
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Latest financial statements
From 10-Q filed Oct 30, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Rental income | 247,757 | 243,400 | 729,899 | 715,722 |
| Other property related income | 36,053 | 31,730 | 102,365 | 94,092 |
| Property management fee income | 10,158 | 9,950 | 30,119 | 30,605 |
| Total revenues | 293,968 | 285,080 | 862,383 | 840,419 |
| OPERATING EXPENSES | ||||
| Property operating expenses | 95,789 | 90,848 | 281,875 | 262,810 |
| Depreciation and amortization | 55,947 | 66,688 | 173,224 | 192,332 |
| General and administrative | 16,502 | 16,506 | 50,937 | 47,471 |
| Total operating expenses | 168,238 | 174,042 | 506,036 | 502,613 |
| OTHER (EXPENSE) INCOME | ||||
| Interest: | ||||
| Interest expense on loans | (31,082) | (29,380) | (91,254) | (84,570) |
| Loan procurement amortization expense | (1,049) | (1,258) | (3,213) | (3,700) |
| Equity in earnings of real estate ventures | 604 | 648 | 1,767 | 1,574 |
| Gain from sale of real estate, net | — | — | 2,503 | — |
| Other | 108 | 1,368 | 371 | 2,483 |
| Total other expense | (31,419) | (28,622) | (89,826) | (84,213) |
| NET INCOME | 94,311 | 82,416 | 266,521 | 253,593 |
| Net income attributable to noncontrolling interests in the Operating Partnership | (411) | (396) | (1,163) | (1,250) |
| Net loss attributable to noncontrolling interests in subsidiaries | 455 | 910 | 1,469 | 2,744 |
| NET INCOME ATTRIBUTABLE TO THE COMPANY | 94,355 | 82,930 | 266,827 | 255,087 |
| Basic earnings per share attributable to common shareholders | 0.42 | 0.36 | 1.18 | 1.12 |
| Diluted earnings per share attributable to common shareholders | 0.42 | 0.36 | 1.17 | 1.11 |
| Weighted average basic shares outstanding | 225,637 | 228,791 | 226,732 | 228,731 |
| Weighted average diluted shares outstanding | 226,109 | 229,295 | 227,166 | 229,237 |
Consolidated Balance Sheets
(in thousands, except share data)
| Description | September 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Storage properties | 8,168,758 | 8,134,189 |
| Less: Accumulated depreciation | (1,889,960) | (1,758,340) |
| Storage properties, net (includes VIE amounts of $381,351 and $373,687, respectively) | 6,278,798 | 6,375,849 |
| Cash and cash equivalents (including VIE amounts of $7,358 and $4,397, respectively) | 14,311 | 5,782 |
| Restricted cash (including VIE amounts of $47 and $2,552, respectively) | 1,788 | 4,451 |
| Loan procurement costs, net of amortization | 6,312 | 1,803 |
| Investment in real estate ventures, at equity | 72,622 | 74,034 |
| Other assets, net | 172,054 | 181,274 |
| Total assets | 6,545,885 | 6,643,193 |
| LIABILITIES AND EQUITY | ||
| Unsecured senior notes, net | 2,628,715 | 2,925,103 |
| Revolving credit facility | 850,100 | 378,800 |
| Mortgage loans and notes payable, net (including VIE amounts of $0 and $7,092, respectively) | 56,996 | 98,859 |
| Lease liabilities finance leases | 65,431 | 65,579 |
| Accounts payable, accrued expenses and other liabilities | 250,317 | 229,666 |
| Distributions payable | 119,477 | 121,519 |
| Deferred revenue | 43,124 | 41,591 |
| Total liabilities | 4,014,160 | 3,861,117 |
| Noncontrolling interests in the Operating Partnership | 36,987 | 36,167 |
| Commitments and contingencies | ||
| Equity | ||
| Common shares $.01 par value, 400,000,000 shares authorized, 223,401,744 and 227,269,217 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 2,234 | 2,273 |
| Additional paid-in capital | 4,314,197 | 4,302,554 |
| Accumulated other comprehensive loss | (189) | (249) |
| Accumulated deficit | (1,839,683) | (1,585,135) |
| Total CubeSmart shareholders’ equity | 2,476,559 | 2,719,443 |
| Noncontrolling interests in subsidiaries | 18,179 | 26,466 |
| Total equity | 2,494,738 | 2,745,909 |
| Total liabilities and equity | 6,545,885 | 6,643,193 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net income | 266,521 | 253,593 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization, including amortization of loan procurement costs | 176,437 | 196,032 |
| Non-cash portion of interest expense related to finance leases | (148) | (56) |
| Equity in earnings of real estate ventures | (1,767) | (1,574) |
| Cash distributed from real estate ventures | 2,994 | 3,072 |
| Gain from sale of real estate, net | (2,503) | — |
| Equity compensation expense | 9,563 | 8,601 |
| Accretion of fair market value adjustment of debt | 664 | 105 |
| Changes in other operating accounts: | ||
| Other assets | (6,801) | (6,926) |
| Accounts payable and accrued expenses | 17,783 | 17,105 |
| Other liabilities | 1,533 | 2,069 |
| Net cash provided by operating activities | 464,276 | 472,021 |
| Investing Activities | ||
| Additions and improvements to storage properties | (44,886) | (38,351) |
| Development costs | (17,817) | (25,523) |
| Cash paid for partner's interest in real estate venture, net of cash acquired | — | (451,141) |
| Investments in real estate ventures | (2,057) | (827) |
| Cash distributed from real estate ventures | 2,242 | 2,889 |
| Proceeds from note receivable | 5,000 | — |
| Proceeds from sale of real estate, net | 2,982 | — |
| Net cash used in investing activities | (54,536) | (512,953) |
| Financing Activities | ||
| Proceeds from: | ||
| Unsecured senior notes | — | 443,952 |
| Revolving credit facility | 1,218,157 | 889,552 |
| Principal payments on: | ||
| Unsecured senior notes | (300,000) | — |
| Revolving credit facility | (746,857) | (889,552) |
| Mortgage loans and notes payable | (40,986) | (885) |
| Loan procurement costs | (5,651) | (3,933) |
| Issuance of common shares, net | (220) | (400) |
| Repurchase of common shares | (159,858) | — |
| Payments upon net settlement of equity compensation | (2,341) | (3,250) |
| Exercise of stock options | 4,643 | 1,669 |
| Redemption of units for cash | (681) | — |
| Contributions from noncontrolling interests in subsidiaries | 290 | 303 |
| Distributions paid to noncontrolling interests in subsidiaries | (7,108) | (434) |
| Distributions paid to common shareholders | (361,687) | (357,207) |
| Distributions paid to noncontrolling interests in Operating Partnership | (1,575) | (1,789) |
| Net cash (used in) provided by financing activities | (403,874) | 78,026 |
| Change in cash, cash equivalents and restricted cash | 5,866 | 37,094 |
| Cash, cash equivalents and restricted cash at beginning of period | 10,233 | 77,663 |
| Cash, cash equivalents and restricted cash at end of period | 16,099 | 114,757 |
| Supplemental Cash Flow and Noncash Information | ||
| Cash paid for interest, net of interest capitalized | 99,928 | 90,291 |
| Supplemental disclosure of noncash activities: | ||
| Accretion of put liability | 3,556 | — |
| Derivative valuation adjustment | 60 | 60 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗