At a glance
CubeSmart is worth $9.01B, about 28 times its fiscal 2025 earnings. Revenue grew 5.3% to $1.12B in fiscal 2025, with 29.7% kept as profit; over 5 years it has grown 10.6% a year. It pays a 5.26% dividend yield, raised every year for at least 9 years, and returned $2.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.2% over the past year with dividends reinvested and −1.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.5% in the 2020 crash (S&P 500: 33.7%) and 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 22 months after the lows.
The business in plain English
CubeSmart is a real estate investment trust (REIT), a company that owns property and pays out most of its taxable income as dividends. It owns, operates, develops and buys self-storage properties in the United States. As of December 31, 2025, it owned 662 stores (some through joint ventures) in 25 states and the District of Columbia, with about 48.4 million rentable square feet. About 88.1% of that space was leased to roughly 399,000 customers.
The business runs on rent. Households and businesses rent units for their own use, usually month to month. About 84.6% of owned stores offer climate-controlled units, and some have outdoor spaces for vehicles and boats. Occupancy tends to run slightly higher in summer, when more people move. CubeSmart also runs a third-party management business. At that date it managed 862 stores for other owners in 39 states, for a total of 1,524 stores owned or managed.
CubeSmart reports one business segment: self-storage. Revenue was about $1.12 billion in fiscal 2025, up 5.3%. Stores in New York produced about 17% of total revenue, Florida 14%, Texas 11% and California 10%. The company grows partly through acquisitions. In February 2025 it paid $452.8 million for its partner's 80% stake in a joint venture that owned 28 stores.
Price history
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CUBE +3.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $294.0M, up 3.1% from a year earlier, and net income was $94.4M (+13.8%).
- For fiscal 2025, revenue was $1.12B (+5.3% year over year; +10.6% a year from FY2020 to FY2025) with a 29.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.6% good |
|---|---|
| Return on equity (FY2025) | 12.3% watch |
| Return on assets (FY2025) | 5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $679.2M | $165.6M | — |
| FY2021 | $822.6M | $223.5M | — |
| FY2022 | $1.01B | $291.3M | — |
| FY2023 | $1.05B | $410.8M | — |
| FY2024 | $1.07B | $391.2M | — |
| FY2025 | $1.12B | $333.8M | — |
Valuation snapshot
| Market value | $9.01B |
|---|---|
| P/E ratio | 27.6 |
| Dividend yield | 5.26% |
Rank among 1514 US companies
Market value at each year end
CubeSmart’s market value went from $4.82B at the end of 2016 to $9.01B on Oct 28, 2026, up 87%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.01B | +9.6% |
| 2025 | $8.22B | -15.2% |
| 2024 | $9.69B | -7.0% |
| 2023 | $10.42B | +15.3% |
| 2022 | $9.04B | -21.9% |
| 2021 | $11.57B | +76.3% |
| 2020 | $6.56B | +7.7% |
| 2019 | $6.09B | +14.0% |
| 2018 | $5.35B | +2.2% |
| 2017 | $5.23B | +8.5% |
| 2016 | $4.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CUBE price data to Oct 28, 2026 | +18.4% | +3.2% | +11.3% | -1.5% | +9.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.4% |
| 2025 | -11.6% |
| 2024 | -4.5% |
| 2023 | +20.5% |
| 2022 | -26.3% |
| 2021 | +74.6% |
| 2020 | +11.6% |
| 2019 | +14.1% |
| 2018 | +3.4% |
| 2017 | +12.7% |
| 2016 | -9.8% |
| 2015 | +42.4% |
| 2014 | +42.5% |
| 2013 | +12.5% |
| 2012 | +41.8% |
| 2011 | +15.0% |
| 2010 | +32.2% |
| 2009 | +69.7% |
| 2008 | -48.0% |
| 2007 | -52.3% |
| 2006 | +3.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 87.8% over that stretch · deepest drop along the way 89.4%, back to its old high 37 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.6% over that stretch · deepest drop along the way 36.5%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.8% over that stretch · deepest drop along the way 28.9%, back to its old high 22.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($5.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 10, 2026 | Christopher P Marr CEO, Director | sell | $4.6M |
| Mar 3, 2026 | Jeffrey P Foster CLO & Secretary | sell | $949K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.56% | Mar 31, 2026 |
| Vanguard Capital Management | 5.34% | Mar 31, 2026 |
| Norges Bank | 5.2064% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Dec 31, 2025 |
| FMR LLC | 4.6% | Mar 31, 2025 |
ETFs with the most weight in CUBE
| INDS Pacer Industrial Real Estate ETF | 4.46% |
| PSR Invesco Active U.S. Real Estate Fund | 3.65% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 3.55% |
| REIT ALPS Active REIT ETF | 3.46% |
| ABLD Abacus FCF Real Assets Leaders ETF | 3.23% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.07% |
| REZ iShares Residential and Multisector Real Estate ETF | 2.03% |
| RITA ETFB Green SRI REITs ETF | 1.82% |
What could go wrong
- Heavy exposure to four big states. Stores in New York, Florida, Texas and California produced about 17%, 14%, 11% and 10% of 2025 revenue. A downturn, layoffs or a property slump in these markets could hit results hard.
- Only one type of property. CubeSmart focuses on self-storage. If demand for storage space falls, its rental revenue would likely suffer more than that of a landlord owning a mix of property types.
- Short leases mean rents can reset fast. Customers usually rent month to month. If units empty out or re-rent at lower rates, revenue can drop quickly. Occupancy at owned stores slipped to 88.1% at end-2025 from 88.8% a year earlier.
- Tied to consumers and the housing market. Job losses, weaker wages or a slow housing market can reduce demand for storage and lead to more unpaid rent, pressuring rental rates and occupancy.
- Acquisitions may not pay off. CubeSmart grows partly by buying stores, such as 28 in a $452.8 million deal in 2025. Purchases can underperform, cost more to integrate or carry hidden liabilities, and it often skips outside appraisals.
- Debt and refinancing risk. Debt equaled 29.3% of total enterprise value (debt plus shares at market value) at end-2025, up from 23.3% a year earlier. Refinancing maturing debt at higher rates could squeeze cash for dividends.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
CubeSmart has raised its dividend for at least 9 straight fiscal years through 2025, possibly longer. Dividends per share rose from $1.33 in 2020 to $2.09 in 2025, about 9.5% a year, though the 2025 step up from $2.05 was small. The yield was 5.26% as of October 28, 2026. Dividends equaled about 143% of 2025 net income. That is common for REITs (real estate investment trusts), because profits are reduced by depreciation, a non-cash charge, but reported earnings did not cover the payout. Buybacks were modest: $31.9 million in 2025, while the share count rose 9.9% between November 2021 and October 2026.
The shares have fallen hard in past downturns: 89.4% in the 2008 financial crisis, not recovering until April 2012; 36.5% in the 2020 COVID crash, recovered by September 2020; and 28.9% in the 2022 bear market, recovered by August 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does CubeSmart make money?
CubeSmart makes money by renting self-storage units to households and businesses, usually on month-to-month terms. As of December 31, 2025, it owned 662 stores in 25 states and the District of Columbia, with about 88.1% of its space leased to roughly 399,000 customers. It also managed 862 stores for other owners. Revenue was about $1.12 billion in 2025. In the quarter ended September 30, 2026, revenue was $294.0 million, up 3.1% from a year earlier.
Does CubeSmart raise its dividend every year?
Yes, for at least 9 straight fiscal years through 2025. SEC filings covering fiscal 2016 through 2025 show a higher dividend per share every year, and the streak may be longer. Dividends per share went from $1.33 in 2020 to $2.09 in 2025, about 9.5% a year. The 2025 increase was smaller, from $2.05. The company's 10-K warns that future dividends cannot be assured.
What is CubeSmart's dividend yield?
CubeSmart's dividend yield was 5.26% as of October 28, 2026, and it paid $2.09 per share in dividends for fiscal 2025. As a real estate investment trust (REIT), its dividends generally don't qualify for the reduced tax rates that apply to many other stock dividends, a point its 10-K flags. That matters less inside tax-deferred accounts such as traditional IRAs. Dividends also equaled about 143% of 2025 net income, which is common for REITs because depreciation reduces reported profit.
Where are CubeSmart's storage units located?
CubeSmart owned 662 stores across 25 states and the District of Columbia as of December 31, 2025. Four states provide the biggest shares of revenue: New York about 17%, Florida 14%, Texas 11% and California 10% in 2025. That concentration means local economic trouble in those markets could weigh on results. The company also managed stores for other owners in 39 states, for a total of 1,524 stores owned or managed.
How has CubeSmart stock performed over time?
Results have been uneven. As of October 28, 2026, the stock returned 3.2% over one year, lost an average of 1.5% a year over five years and gained an average of 9.3% a year over ten years. It fell 89.4% in the 2008 financial crisis, 36.5% in the 2020 COVID crash and 28.9% in the 2022 bear market. It lost 11.6% in 2025 and was up 18.4% for 2026 through October 28.