CubeSmart
CUBENYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $45.02 Prior regular-session close from the quote source.
- $44.55–$45.14 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $35.09–$46.41 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CUBE if CubeSmart is a quality self-storage REIT whose business value depends on dense-location storage demand and pricing discipline converting into cash, but the stock case needs proof that external growth and leverage are still accretive.
CUBE price history
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Investment thesis
What must happen next
Life-event and space-constraint demand must keep CubeSmart’s convenience-based self-storage locations relevant enough that occupancy and rental rates continue converting into revenue.StrengtheningMateriality: High
GAAP annual revenue increased to $1.123 billion in FY2025 from $1.066 billion in FY2024. If this holds, CubeSmart has an organic growth base; if it breaks, portfolio growth has to fight a weakening core demand pool.
Watch: A prolonged housing-mobility freeze reduces move-related storage demand before reported revenue rolls over.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased to $1.123 billion in FY2025 from $1.066 billion in FY2024.
Open source ↗CubeSmart’s locations and operating discipline must preserve enough pricing power to absorb property-level cost inflation without sustained margin erosion.HoldingMateriality: High
Derived GAAP annual gross profit increased to $771.7 million in FY2025 from $748.5 million in FY2024. Self-storage is attractive only if high property-level margins endure; margin loss would turn revenue growth into lower-quality growth.
Watch: Public Storage or Extra Space Storage use promotional move-in pricing in overlapping markets, limiting CubeSmart’s ability to raise existing-customer rents.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Derived GAAP annual gross profit increased to $771.7 million in FY2025 from $748.5 million in FY2024.
Open source ↗The recurring-rental REIT model must keep converting CubeSmart’s storage revenue into operating cash flow despite depreciation-heavy GAAP earnings and cyclical storage demand.HoldingMateriality: Medium
GAAP annual operating cash flow was $608.5 million in FY2025. Operating cash flow funds dividends, debt service, redevelopment, and reinvestment; if cash conversion weakens, the REIT’s financial flexibility shrinks.
Watch: Tenant delinquencies, bad debt, or move-outs rise because household budgets weaken.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $608.5 million in FY2025.
Open source ↗CubeSmart’s acquisition, development, and management platform must add properties at returns above financing costs rather than relying on balance-sheet expansion that fails to compound per-share value.WeakeningMateriality: Medium
Total assets increased to $6.64 billion at FY2025 year-end from $6.39 billion at FY2024 year-end. External growth is valuable only if it is accretive; otherwise the company can get larger while owners earn less per share.
Watch: Storage asset cap rates do not reprice upward while CubeSmart’s debt and equity costs rise, making acquisitions unattractive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total assets increased to $6.64 billion at FY2025 year-end from $6.39 billion at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Life-event and space-constraint demand must keep CubeSmart’s convenience-based self-storage locations relevant enough that occupancy and rental rates continue converting into revenue. If this holds, CubeSmart has an organic growth base; if it breaks, portfolio growth has to fight a weakening core demand pool.
CubeSmart’s locations and operating discipline must preserve enough pricing power to absorb property-level cost inflation without sustained margin erosion. Self-storage is attractive only if high property-level margins endure; margin loss would turn revenue growth into lower-quality growth.
The recurring-rental REIT model must keep converting CubeSmart’s storage revenue into operating cash flow despite depreciation-heavy GAAP earnings and cyclical storage demand. Operating cash flow funds dividends, debt service, redevelopment, and reinvestment; if cash conversion weakens, the REIT’s financial flexibility shrinks.
CubeSmart’s acquisition, development, and management platform must add properties at returns above financing costs rather than relying on balance-sheet expansion that fails to compound per-share value. External growth is valuable only if it is accretive; otherwise the company can get larger while owners earn less per share.
All standing thesis claims
Original report summary
CubeSmart is a quality self-storage REIT whose business value depends on dense-location storage demand and pricing discipline converting into cash, but the stock case needs proof that external growth and leverage are still accretive.
Bull case and bear case
Bull case and bear case for CubeSmart
Where the evidence on CubeSmart disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Life-event and space-constraint demand must keep CubeSmart’s convenience-based self-storage locations relevant enough that occupancy and rental rates continue converting into revenue.
CubeSmart’s locations and operating discipline must preserve enough pricing power to absorb property-level cost inflation without sustained margin erosion.
The recurring-rental REIT model must keep converting CubeSmart’s storage revenue into operating cash flow despite depreciation-heavy GAAP earnings and cyclical storage demand.
Bear case: what the evidence questions
CubeSmart’s acquisition, development, and management platform must add properties at returns above financing costs rather than relying on balance-sheet expansion that fails to compound per-share value.
Thesis-Break Engine
Thesis-break watch · CubeSmart
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
CubeSmart filed an SEC 8-K on 2026-09-14: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
CubeSmart filed an SEC 8-K on 2026-07-31: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
CubeSmart filed an SEC 8-K on 2026-06-24: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A prolonged housing-mobility freeze reduces move-related storage demand before reported revenue rolls over.
- Public Storage or Extra Space Storage use promotional move-in pricing in overlapping markets, limiting CubeSmart’s ability to raise existing-customer rents.
- Tenant delinquencies, bad debt, or move-outs rise because household budgets weaken.
- Storage asset cap rates do not reprice upward while CubeSmart’s debt and equity costs rise, making acquisitions unattractive.
CUBE news
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Financial statements
CUBE income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CUBE: quick answers
- Which well-known investors own CUBE?
- 1 of the 37 well-known funds tracked here reported CUBE shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
CUBE in well-known investors’ portfolios
1 of 37 funds reported CUBE shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $2.3M | −48.6% | Q2 2026 |