CubeSmart's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CubeSmart reported revenue of $1.1B (+5.3% year on year) and net income of $333.8M (-14.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental income | $956.6M | $911.2M | $912.0M | $879.3M |
| Property related income | $166.5M | $155.1M | $138.3M | $130.3M |
| Total revenues | $1.1B | $1.1B | $1.1B | $1.0B |
| Property operating expenses | $351.4M | $317.8M | $294.8M | $293.3M |
| Depreciation and amortization | $258.2M | $205.7M | $201.2M | $310.6M |
| General and administrative | $64.7M | $59.7M | $57.0M | $54.6M |
| Total operating expenses | $674.2M | $583.1M | $553.1M | $658.5M |
| Interest expense on loans | ($114.1M) | ($90.8M) | ($93.1M) | ($93.3M) |
| Loan procurement amortization expense | ($5.0M) | ($4.1M) | ($4.1M) | ($3.9M) |
| Loss on early extinguishment of debt | ($3.7M) | — | — | — |
| Equity in earnings of real estate ventures | $2.5M | $2.5M | $6.1M | $48.9M |
| Other | $2.7M | $1.2M | $6.3M | ($10.4M) |
| Total other expense | ($117.6M) | ($91.2M) | ($84.8M) | ($58.7M) |
| NET INCOME | $331.3M | $391.9M | $412.4M | $292.5M |
| Net income attributable to noncontrolling interests in the Operating Partnership | ($1.6M) | ($2.2M) | ($2.5M) | ($1.9M) |
| Net loss attributable to noncontrolling interests in subsidiaries | $4.1M | $1.5M | $857.0K | $722.0K |
| NET INCOME ATTRIBUTABLE TO THE COMPANY | $333.8M | $391.2M | $410.8M | $291.3M |
| Basic earnings per share attributable to common shareholders (in dollars per share) | $1.46 | $1.73 | $1.82 | $1.29 |
| Diluted earnings per share attributable to common shareholders (in dollars per share) | $1.46 | $1.72 | $1.82 | $1.29 |
| Weighted average basic units outstanding (in shares) | 228.7M | 226.4M | 225.4M | 224.9M |
| Weighted average diluted shares outstanding (in shares) | 229.2M | 227.2M | 226.2M | 225.9M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental income | $242.2M | $239.9M | $243.4M | $239.6M |
| Property related income | $44.3M | $42.0M | $41.7M | $42.7M |
| Total revenues | $286.5M | $281.9M | $285.1M | $282.3M |
| Property operating expenses | $96.0M | $90.1M | $90.8M | $89.0M |
| Depreciation and amortization | $55.8M | $61.4M | $66.7M | $66.5M |
| General and administrative | $17.2M | $17.2M | $16.5M | $14.9M |
| Total operating expenses | $169.1M | $168.7M | $174.0M | $170.4M |
| Interest expense on loans | ($30.3M) | ($29.8M) | ($29.4M) | ($29.1M) |
| Loan procurement amortization expense | ($1.1M) | ($1.1M) | ($1.3M) | ($1.2M) |
| Equity in earnings of real estate ventures | $556.0K | $607.0K | $648.0K | $547.0K |
| Gain from sale of real estate, net | $2.5M | — | — | — |
| Other | $458.0K | ($195.0K) | $1.4M | $306.0K |
| Total other expense | ($27.9M) | ($30.5M) | ($28.6M) | ($29.5M) |
| NET INCOME | $89.5M | $82.8M | $82.4M | $82.4M |
| Net income attributable to noncontrolling interests in the Operating Partnership | ($395.0K) | ($357.0K) | ($396.0K) | ($401.0K) |
| Net loss attributable to noncontrolling interests in subsidiaries | $520.0K | $494.0K | $910.0K | $929.0K |
| NET INCOME ATTRIBUTABLE TO THE COMPANY | $89.6M | $82.9M | $82.9M | $83.0M |
| Basic earnings per share attributable to common shareholders (in dollars per share) | $0.40 | $0.36 | $0.36 | $0.36 |
| Diluted earnings per share attributable to common shareholders (in dollars per share) | $0.39 | $0.36 | $0.36 | $0.36 |
| Weighted average basic units outstanding (in shares) | 226.8M | 227.8M | 228.8M | 228.7M |
| Weighted average diluted shares outstanding (in shares) | 227.2M | 228.2M | 229.3M | 229.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Storage properties | $8.1B | $7.6B | $7.4B | $7.3B |
| Less: Accumulated depreciation | ($1.8B) | ($1.6B) | ($1.4B) | ($1.2B) |
| Storage properties, net | $6.4B | $6.0B | $6.0B | $6.0B |
| Cash and cash equivalents | $5.8M | $71.6M | $6.5M | $6.1M |
| Restricted cash | $4.5M | $6.1M | $1.7M | $2.9M |
| Loan procurement costs, net of amortization | $1.8M | $2.7M | $4.0M | $5.2M |
| Investment in real estate ventures, at equity | $74.0M | $92.0M | $98.3M | $106.0M |
| Other assets, net | $181.3M | $183.6M | $163.3M | $154.0M |
| Total assets | $6.6B | $6.4B | $6.2B | $6.3B |
| Unsecured senior notes, net | $2.9B | $2.8B | $2.8B | $2.8B |
| Revolving credit facility | $378.8M | — | $18.1M | $60.9M |
| Mortgage loans and notes payable, net | $98.9M | $205.9M | $128.2M | $162.9M |
| Lease liabilities - finance leases | $65.6M | $65.7M | $65.7M | $65.8M |
| Accounts payable, accrued expenses and other liabilities | $229.7M | $229.6M | $201.4M | $213.3M |
| Distributions payable | $121.5M | $119.6M | $115.8M | $111.2M |
| Deferred revenue | $41.6M | $38.9M | $38.5M | $38.8M |
| Total liabilities | $3.9B | $3.4B | $3.3B | $3.4B |
| Noncontrolling interests in the Operating Partnership | $36.2M | $51.2M | $60.3M | $57.4M |
| Common shares $.01 par value, 400,000,000 shares authorized, 227,269,217 and 227,764,975 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 2.3M | 2.3M | 2.2M | 2.2M |
| Additional paid-in capital | $4.3B | $4.3B | $4.1B | $4.1B |
| Accumulated other comprehensive loss | ($249.0K) | ($330.0K) | ($411.0K) | ($491.0K) |
| Accumulated deficit | ($1.6B) | ($1.4B) | ($1.3B) | ($1.3B) |
| Total CubeSmart shareholders' equity | $2.7B | $2.9B | $2.8B | $2.8B |
| Noncontrolling interests in subsidiaries | $26.5M | $30.8M | $21.7M | $14.2M |
| Total equity | $2.7B | $2.9B | $2.8B | $2.8B |
| Total liabilities and equity | $6.6B | $6.4B | $6.2B | $6.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Storage properties | $8.1B | $8.1B | $8.1B | $8.1B |
| Less: Accumulated depreciation | ($1.8B) | ($1.8B) | ($1.7B) | ($1.7B) |
| Storage properties, net | $6.3B | $6.3B | $6.4B | $6.4B |
| Cash and cash equivalents | $14.3M | $7.3M | $108.4M | $8.7M |
| Restricted cash | $2.3M | $2.2M | $6.4M | $5.6M |
| Loan procurement costs, net of amortization | $6.6M | $1.5M | $1.8M | $2.1M |
| Investment in real estate ventures, at equity | $73.5M | $74.9M | $74.3M | $74.6M |
| Other assets, net | $181.7M | $174.5M | $188.8M | $204.6M |
| Total assets | $6.6B | $6.6B | $6.8B | $6.7B |
| Unsecured senior notes, net | $2.9B | $2.9B | $3.2B | $2.8B |
| Revolving credit facility | $450.8M | $415.1M | — | $366.3M |
| Mortgage loans and notes payable, net | $97.6M | $98.2M | $204.7M | $205.1M |
| Lease liabilities - finance leases | $65.5M | $65.5M | $65.6M | $65.6M |
| Accounts payable, accrued expenses and other liabilities | $241.8M | $224.5M | $246.2M | $237.4M |
| Distributions payable | $120.6M | $121.1M | $119.7M | $119.7M |
| Deferred revenue | $43.9M | $42.7M | $42.7M | $43.2M |
| Total liabilities | $3.9B | $3.9B | $3.9B | $3.8B |
| Noncontrolling interests in the Operating Partnership | $39.1M | $36.1M | $44.9M | $46.9M |
| 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 | 2.3M | 2.3M | 2.3M | 2.3M |
| Additional paid-in capital | $4.3B | $4.3B | $4.3B | $4.3B |
| Accumulated other comprehensive loss | ($209.0K) | ($229.0K) | ($270.0K) | ($290.0K) |
| Accumulated deficit | ($1.7B) | ($1.7B) | ($1.5B) | ($1.5B) |
| Total CubeSmart shareholders' equity | $2.6B | $2.6B | $2.8B | $2.8B |
| Noncontrolling interests in subsidiaries | $18.6M | $19.3M | $27.9M | $28.7M |
| Total equity | $2.6B | $2.7B | $2.8B | $2.8B |
| Total liabilities and equity | $6.6B | $6.6B | $6.8B | $6.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $331.3M | $391.9M | $412.4M | $292.5M |
| Depreciation and amortization, including amortization of loan procurement costs | $263.1M | $209.8M | — | — |
| Non-cash portion of interest expense related to finance leases | ($89.0K) | ($46.0K) | ($44.0K) | ($43.0K) |
| Loss on early extinguishment of debt | $3.7M | — | — | — |
| Equity in earnings of real estate ventures | ($2.5M) | ($2.5M) | ($6.1M) | ($48.9M) |
| Cash distributed from real estate ventures | $4.0M | $4.7M | $5.5M | $62.7M |
| Equity compensation expense | $11.5M | $11.5M | $10.1M | $9.1M |
| Accretion of fair market value adjustment of debt | $268.0K | ($295.0K) | ($886.0K) | ($1.1M) |
| Other assets | ($6.1M) | ($7.5M) | ($10.1M) | $3.5M |
| Accounts payable and accrued expenses | $2.5M | $24.0M | $96.0K | $20.4M |
| Other liabilities | $748.0K | ($445.0K) | ($350.0K) | $1.5M |
| Net cash provided by operating activities | $608.5M | $631.1M | $611.1M | $591.5M |
| Acquisitions of storage properties | ($49.7M) | ($42.4M) | ($22.4M) | ($89.0M) |
| Additions and improvements to storage properties | ($44.8M) | ($43.6M) | ($39.9M) | ($41.2M) |
| Development costs | ($28.1M) | ($30.0M) | ($47.5M) | ($24.4M) |
| Cash paid for partner's interest in real estate venture, net of cash acquired | ($451.1M) | — | — | — |
| Investments in real estate ventures | ($827.0K) | ($1.3M) | ($21.0K) | ($21.0K) |
| Cash distributed from real estate ventures | $3.2M | $5.5M | $8.3M | — |
| Net cash used in investing activities | ($571.3M) | ($174.0M) | ($93.8M) | ($48.8M) |
| Unsecured senior notes | $444.0M | — | — | — |
| Revolving credit facility | $1.4B | $697.0M | $794.4M | $634.0M |
| Unsecured senior notes | ($300.0M) | — | — | — |
| Revolving credit facility | ($1.0B) | ($715.1M) | ($837.2M) | ($783.0M) |
| Mortgage loans and notes payable | ($109.2M) | ($32.3M) | ($32.6M) | ($2.4M) |
| Loan procurement costs | ($4.3M) | — | ($69.0K) | ($3.9M) |
| Debt prepayment costs | ($1.1M) | — | — | — |
| Issuance of common shares, net | -452.0K | 118.3M | -276.0K | 4.9M |
| Repurchase of common shares | -31.9M | — | — | — |
| Payments upon net settlement of equity compensation | ($3.3M) | ($1.0M) | ($817.0K) | ($1.4M) |
| Redemption of preferred shares | -3.7M | — | — | — |
| Exercise of stock options | $5.4M | $9.9M | $2.7M | $1.6M |
| Redemption of units for cash | ($3.7M) | — | — | — |
| Contributions from noncontrolling interests in subsidiaries | $303.0K | $372.0K | $1.1M | $350.0K |
| Distributions paid to noncontrolling interests in subsidiaries | ($566.0K) | ($418.0K) | ($316.0K) | ($7.4M) |
| Distributions paid to common shareholders | ($476.3M) | ($461.8M) | ($442.2M) | ($387.1M) |
| Distributions paid to noncontrolling interests in Operating Partnership | ($2.4M) | ($2.6M) | ($2.8M) | ($2.7M) |
| Net cash used in financing activities | ($104.6M) | ($387.7M) | ($518.0M) | ($547.1M) |
| Change in cash, cash equivalents and restricted cash | ($67.4M) | $69.4M | ($708.0K) | ($4.4M) |
| Cash, cash equivalents and restricted cash at beginning of period | $77.7M | $8.2M | $8.9M | $13.3M |
| Cash, cash equivalents and restricted cash at end of period | $10.2M | $77.7M | $8.2M | $8.9M |
| Cash paid for interest, net of interest capitalized | $106.8M | $92.6M | $95.5M | $92.3M |
| Derivative valuation adjustment | $81.0K | $81.0K | $81.0K | $81.0K |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $172.2M | $82.8M | $253.6M | $171.2M |
| Depreciation and amortization, including amortization of loan procurement costs | $119.4M | $62.5M | $196.0M | $128.1M |
| Non-cash portion of interest expense related to finance leases | ($92.0K) | ($45.0K) | ($56.0K) | ($32.0K) |
| Equity in earnings of real estate ventures | ($1.2M) | ($607.0K) | ($1.6M) | ($926.0K) |
| Cash distributed from real estate ventures | $2.0M | $1.0M | $3.1M | $2.0M |
| Gains from sales of real estate, net | ($2.5M) | — | — | — |
| Equity compensation expense | $6.6M | $3.3M | $8.6M | $5.7M |
| Accretion of fair market value adjustment of debt | $415.0K | $210.0K | $105.0K | $22.0K |
| Other assets | ($14.0M) | $5.0M | ($6.9M) | ($11.7M) |
| Accounts payable and accrued expenses | $8.0M | ($6.4M) | $17.1M | $6.8M |
| Other liabilities | $2.3M | $1.1M | $2.1M | $2.6M |
| Net cash provided by operating activities | $293.2M | $148.8M | $472.0M | $303.8M |
| Additions and improvements to storage properties | ($22.5M) | ($10.4M) | ($38.4M) | ($24.1M) |
| Development costs | ($13.0M) | ($10.0M) | ($25.5M) | ($18.3M) |
| Investments in real estate ventures | ($2.1M) | ($2.1M) | ($827.0K) | — |
| Cash distributed from real estate ventures | $1.8M | $795.0K | $2.9M | $2.2M |
| Proceeds from notes receivable | $5.0M | — | — | — |
| Proceeds from sales of real estate, net | $3.0M | — | — | — |
| Net cash used in investing activities | ($27.8M) | ($21.7M) | ($513.0M) | ($491.4M) |
| Revolving credit facility | $583.8M | $263.4M | $889.6M | $745.0M |
| Revolving credit facility | ($511.8M) | ($227.1M) | ($889.6M) | ($378.7M) |
| Mortgage loans and notes payable | ($611.0K) | ($308.0K) | ($885.0K) | ($590.0K) |
| Loan procurement costs | ($5.6M) | — | ($3.9M) | — |
| Issuance of common shares, net | -126.0K | -20.0K | -400.0K | -289.0K |
| Repurchase of common shares | -75.9M | -33.4M | — | — |
| Payments upon net settlement of equity compensation | ($2.3M) | ($2.2M) | ($3.3M) | ($3.2M) |
| Exercise of stock options | $3.7M | $608.0K | $1.7M | $1.7M |
| Redemption of units for cash | ($681.0K) | ($681.0K) | — | — |
| Contributions from noncontrolling interests in subsidiaries | $11.0K | $11.0K | $303.0K | — |
| Distributions paid to noncontrolling interests in subsidiaries | ($6.8M) | ($6.7M) | ($434.0K) | ($277.0K) |
| Distributions paid to common shareholders | ($241.6M) | ($121.1M) | ($357.2M) | ($238.1M) |
| Distributions paid to noncontrolling interests in Operating Partnership | ($1.1M) | ($532.0K) | ($1.8M) | ($1.2M) |
| Net cash used in financing activities | ($259.0M) | ($127.9M) | $78.0M | $124.3M |
| Change in cash, cash equivalents and restricted cash | $6.3M | ($763.0K) | $37.1M | ($63.3M) |
| Cash, cash equivalents and restricted cash at beginning of period | $10.2M | $10.2M | $77.7M | $77.7M |
| Cash, cash equivalents and restricted cash at end of period | $16.6M | $9.5M | $114.8M | $14.3M |
| Cash paid for interest, net of interest capitalized | $64.2M | $34.8M | $90.3M | $53.7M |
| Accretion of put liability | $2.4M | $1.3M | — | — |
| Derivative valuation adjustment | $40.0K | $20.0K | $60.0K | $40.0K |
CubeSmart score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.