NYSE: CUBE
CubeSmartCIK 0001298675 · SIC 6798 · Real Estate Investment Trusts
Mid
Revenue $1.1B
Assets $6.6B
as of Sep 13, 2026
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8-K
Filed Sep 14, 2026
· Period ending Sep 14, 2026
Summary not yet generated.
10-Q
Filed Jul 31, 2026
· Period ending Jun 30, 2026
CubeSmart Q2 revenue up 1.5% to $286.5M; net income rises 8.5% to $89.5M
6 material changes detected. Sign up free to read the summary.
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8-K
Filed Jul 31, 2026
· Period ending Jul 30, 2026
Summary not yet generated.
8-K
Filed Jun 24, 2026
· Period ending Jun 24, 2026
Summary not yet generated.
8-K
Filed Jun 1, 2026
· Period ending Jun 1, 2026
Summary not yet generated.
8-K
Filed May 19, 2026
· Period ending May 19, 2026
Summary not yet generated.
10-Q
Filed May 1, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
424B5
Filed Mar 2, 2026
Red flag
CubeSmart offers up to 13.5M common shares; last NYSE price $41.14
6 material changes detected. Sign up free to read the summary.
10-K
Filed Feb 27, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
424B5
Filed Aug 12, 2025
Summary not yet generated.
424B5
Filed Aug 11, 2025
Summary not yet generated.
10-Q
Filed Aug 1, 2025
· Period ending Jun 30, 2025
Summary not yet generated.
10-K
Filed Feb 28, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
Latest financial statements
From 10-Q filed Jul 31, 2026 (period ending Jun 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 June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Rental income | 242,217 | 239,557 | 482,142 | 472,322 |
| Other property related income | 34,240 | 32,596 | 66,312 | 62,362 |
| Property management fee income | 10,029 | 10,150 | 19,961 | 20,655 |
| Total revenues | 286,486 | 282,303 | 568,415 | 555,339 |
| OPERATING EXPENSES | ||||
| Property operating expenses | 96,018 | 89,028 | 186,086 | 171,962 |
| Depreciation and amortization | 55,839 | 66,488 | 117,277 | 125,644 |
| General and administrative | 17,246 | 14,897 | 34,435 | 30,965 |
| Total operating expenses | 169,103 | 170,413 | 337,798 | 328,571 |
| OTHER (EXPENSE) INCOME | ||||
| Interest: | ||||
| Interest expense on loans | (30,341) | (29,090) | (60,172) | (55,190) |
| Loan procurement amortization expense | (1,099) | (1,221) | (2,164) | (2,442) |
| Equity in earnings of real estate ventures | 556 | 547 | 1,163 | 926 |
| Gain from sale of real estate, net | 2,503 | — | 2,503 | — |
| Other | 458 | 306 | 263 | 1,115 |
| Total other expense | (27,923) | (29,458) | (58,407) | (55,591) |
| NET INCOME | 89,460 | 82,432 | 172,210 | 171,177 |
| Net income attributable to noncontrolling interests in the Operating Partnership | (395) | (401) | (752) | (854) |
| Net loss attributable to noncontrolling interests in subsidiaries | 520 | 929 | 1,014 | 1,834 |
| NET INCOME ATTRIBUTABLE TO THE COMPANY | 89,585 | 82,960 | 172,472 | 172,157 |
| Basic earnings per share attributable to common shareholders | 0.40 | 0.36 | 0.76 | 0.75 |
| Diluted earnings per share attributable to common shareholders | 0.39 | 0.36 | 0.76 | 0.75 |
| Weighted average basic shares outstanding | 226,774 | 228,737 | 227,289 | 228,700 |
| Weighted average diluted shares outstanding | 227,189 | 229,303 | 227,676 | 229,273 |
Consolidated Balance Sheets
(in thousands, except share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Storage properties | 8,148,814 | 8,134,189 |
| Less: Accumulated depreciation | (1,842,330) | (1,758,340) |
| Storage properties, net (includes VIE amounts of $379,839 and $373,687, respectively) | 6,306,484 | 6,375,849 |
| Cash and cash equivalents (including VIE amounts of $7,206 and $4,397, respectively) | 14,310 | 5,782 |
| Restricted cash (including VIE amounts of $48 and $2,552, respectively) | 2,273 | 4,451 |
| Loan procurement costs, net of amortization | 6,628 | 1,803 |
| Investment in real estate ventures, at equity | 73,456 | 74,034 |
| Other assets, net | 181,664 | 181,274 |
| Total assets | 6,584,815 | 6,643,193 |
| LIABILITIES AND EQUITY | ||
| Unsecured senior notes, net | 2,927,533 | 2,925,103 |
| Revolving credit facility | 450,843 | 378,800 |
| Mortgage loans and notes payable, net (including VIE amounts of $7,089 and $7,092, respectively) | 97,637 | 98,859 |
| Lease liabilities finance leases | 65,487 | 65,579 |
| Accounts payable, accrued expenses and other liabilities | 241,816 | 229,666 |
| Distributions payable | 120,604 | 121,519 |
| Deferred revenue | 43,883 | 41,591 |
| Total liabilities | 3,947,803 | 3,861,117 |
| Noncontrolling interests in the Operating Partnership | 39,143 | 36,167 |
| Commitments and contingencies | ||
| Equity | ||
| Common shares $.01 par value, 400,000,000 shares authorized, 225,521,694 and 227,269,217 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 2,255 | 2,273 |
| Additional paid-in capital | 4,310,390 | 4,302,554 |
| Accumulated other comprehensive loss | (209) | (249) |
| Accumulated deficit | (1,733,193) | (1,585,135) |
| Total CubeSmart shareholders’ equity | 2,579,243 | 2,719,443 |
| Noncontrolling interests in subsidiaries | 18,626 | 26,466 |
| Total equity | 2,597,869 | 2,745,909 |
| Total liabilities and equity | 6,584,815 | 6,643,193 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net income | 172,210 | 171,177 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization, including amortization of loan procurement costs | 119,441 | 128,086 |
| Non-cash portion of interest expense related to finance leases | (92) | (32) |
| Equity in earnings of real estate ventures | (1,163) | (926) |
| Cash distributed from real estate ventures | 2,007 | 2,010 |
| Gain from sale of real estate, net | (2,503) | — |
| Equity compensation expense | 6,604 | 5,712 |
| Accretion of fair market value adjustment of debt | 415 | 22 |
| Changes in other operating accounts: | ||
| Other assets | (14,041) | (11,658) |
| Accounts payable and accrued expenses | 8,002 | 6,839 |
| Other liabilities | 2,292 | 2,570 |
| Net cash provided by operating activities | 293,172 | 303,800 |
| Investing Activities | ||
| Additions and improvements to storage properties | (22,506) | (24,146) |
| Development costs | (13,044) | (18,264) |
| Cash paid for partner's interest in real estate venture, net of cash acquired | — | (451,141) |
| Investments in real estate ventures | (2,057) | — |
| Cash distributed from real estate ventures | 1,791 | 2,156 |
| Proceeds from note receivable | 5,000 | — |
| Proceeds from sale of real estate, net | 2,982 | — |
| Net cash used in investing activities | (27,834) | (491,395) |
| Financing Activities | ||
| Proceeds from: | ||
| Revolving credit facility | 583,808 | 745,041 |
| Principal payments on: | ||
| Revolving credit facility | (511,765) | (378,741) |
| Mortgage loans and notes payable | (611) | (590) |
| Loan procurement costs | (5,587) | — |
| Issuance of common shares, net | (126) | (289) |
| Repurchase of common shares | (75,887) | — |
| Payments upon net settlement of equity compensation | (2,329) | (3,230) |
| Exercise of stock options | 3,689 | 1,669 |
| Redemption of units for cash | (681) | — |
| Contributions from noncontrolling interests in subsidiaries | 11 | — |
| Distributions paid to noncontrolling interests in subsidiaries | (6,837) | (277) |
| Distributions paid to common shareholders | (241,620) | (238,104) |
| Distributions paid to noncontrolling interests in Operating Partnership | (1,053) | (1,215) |
| Net cash (used in) provided by financing activities | (258,988) | 124,264 |
| Change in cash, cash equivalents and restricted cash | 6,350 | (63,331) |
| Cash, cash equivalents and restricted cash at beginning of period | 10,233 | 77,663 |
| Cash, cash equivalents and restricted cash at end of period | 16,583 | 14,332 |
| Supplemental Cash Flow and Noncash Information | ||
| Cash paid for interest, net of interest capitalized | 64,163 | 53,713 |
| Supplemental disclosure of noncash activities: | ||
| Accretion of put liability | 2,444 | — |
| Derivative valuation adjustment | 40 | 40 |
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 ↗