CubeSmart

CUBE 10-Q · Q1 2026

CUBE Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Operating Lease Lease Income 239,925 232,765 +3.1%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 239,925 232,765 +3.1%
Revenue (Q)
Show Product Lines breakouts
Management Service 9,932 10,505 -5.5%
Management Service · CubeSmart, L.P. and Subsidiaries 9,932 10,505 -5.5%
Real Estate Other 32,072 29,766 +7.7%
Real Estate Other · CubeSmart, L.P. and Subsidiaries 32,072 29,766 +7.7%
Revenue 281,929 273,036 +3.3%
Show Business Segments breakouts
Self-storage segment 281,929 273,036 +3.3%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 281,929 273,036 +3.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 14,736 20,122 -26.8%
Cost of Revenue 90,068 82,934 +8.6%
Show Business Segments breakouts
Self-storage segment 90,068 82,934 +8.6%
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CubeSmart, L.P. and Subsidiaries 90,068 82,934 +8.6%
Depreciation And Amortization 61,438 59,156 +3.9%
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Self-storage segment 61,438 59,156 +3.9%
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CubeSmart, L.P. and Subsidiaries 61,438 59,156 +3.9%
General & Administrative 17,189 16,068 +7.0%
Show Business Segments breakouts
Self-storage segment 17,189 16,068 +7.0%
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CubeSmart, L.P. and Subsidiaries 17,189 16,068 +7.0%
Total Costs & Expenses 168,695 158,158 +6.7%
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CubeSmart, L.P. and Subsidiaries 168,695 158,158 +6.7%
Interest Expense Debt Excluding Amortization -29,831 -26,100 -14.3%
Show Business Segments breakouts
Self-storage segment -29,831 -26,100 -14.3%
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CubeSmart, L.P. and Subsidiaries -29,831 -26,100 -14.3%
Amortization of Financing Costs -1,065 -1,221 +12.8%
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Self-storage segment -1,065 -1,221 +12.8%
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CubeSmart, L.P. and Subsidiaries -1,065 -1,221 +12.8%
Income Loss From Equity Method Investments 607 379 +60.2%
Show Business Segments breakouts
Self-storage segment 607 379 +60.2%
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CubeSmart, L.P. and Subsidiaries 607 379 +60.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Ventures 607 379 +60.2%
Other Non-Operating Income (Expense) -195 809 -124.1%
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Self-storage segment -195 809 -124.1%
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CubeSmart, L.P. and Subsidiaries -195 809 -124.1%
Other Nonoperating Income Expense Net -30,484 -26,133 -16.6%
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CubeSmart, L.P. and Subsidiaries -30,484 -26,133 -16.6%
Net Income 82,750 88,745 -6.8%
Show Business Segments breakouts
Self-storage segment 82,750 88,745 -6.8%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 82,750 88,745 -6.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 939 -129 +827.9%
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable -357 -453 +21.2%
Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable 494 905 -45.4%
Net Income Loss Available To Common Stockholders Basic 82,887 89,197 -7.1%
EPS (Basic) 0.36 0.39 -7.7%
EPS (Diluted) 0.36 0.39 -7.7%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 0.36 0.39 -7.7%
Wtd Avg Shares (Basic) 227,809 228,663 -0.4%
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CubeSmart, L.P. and Subsidiaries 228,794 229,834 -0.5%
Wtd Avg Shares (Diluted) 228,206 229,169 -0.4%
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CubeSmart, L.P. and Subsidiaries 229,191 230,340 -0.5%
Income Loss Including Portion Attributable To Noncontrolling Interest (Q)
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CubeSmart, L.P. and Subsidiaries 82,750 88,745 -6.8%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest (Q)
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CubeSmart, L.P. and Subsidiaries 494 905 -45.4%
Net Income Loss Allocated To General Partners (Q)
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CubeSmart, L.P. and Subsidiaries 83,244 89,650 -7.1%
Net Income Loss Per Outstanding General Partnership Unit Net Of Tax (Q)
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CubeSmart, L.P. and Subsidiaries 0.36 0.39 -7.7%
Comprehensive Income 82,907 89,217 -7.1%
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CubeSmart, L.P. and Subsidiaries 83,264 89,670 -7.1%
Labor And Related Expense (Q)
Show Business Segments breakouts
Self-storage segment 22,224 21,380 +3.9%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 7,258 10,751 -32.5%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 7,258 10,751 -32.5%
CubeSmart, L.P. and Subsidiaries · Variable Interest Entity Primary Beneficiary 5,922 4,416 +34.1%
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Variable Interest Entity Primary Beneficiary 5,922 4,416 +34.1%
Non-Current Assets
Total Assets 6,598,136
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CubeSmart, L.P. and Subsidiaries 6,598,136
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 388,031
Variable Interest Entity Primary Beneficiary · 1074 Raritan Road, LLC 15,018
Variable Interest Entity Primary Beneficiary · 350 Main Street, LLC 17,013
Variable Interest Entity Primary Beneficiary · Astoria Investors, LLC 44,126
Variable Interest Entity Primary Beneficiary · C S Lock Up Anoka LLC 9,186
Variable Interest Entity Primary Beneficiary · CS 114 S Kensico Ave LLC 9,341
Variable Interest Entity Primary Beneficiary · CS Valley Forge Village Storage LLC 17,511
Variable Interest Entity Primary Beneficiary · CS Vienna LLC 28,137
Variable Interest Entity Primary Beneficiary · Hines Capital 168,124
Variable Interest Entity Primary Beneficiary · New Rochelle Investors LLC 44,399
Variable Interest Entity Primary Beneficiary · SH3, LLC 35,176
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 395,559
Operating Lease Right-of-Use Assets 48,156 49,175 -2.1%
Other Assets
Real Estate Investment Property At Cost 8,142,043 8,084,827 +0.7%
Show Schedule of Real Estate Investment, Property [Axis] breakouts
Building And Building Improvements 6,227,022 6,139,464 +1.4%
Construction In Progress 14,358 40,994 -65.0%
Equipment 139,485 159,410 -12.5%
Land 1,719,233 1,703,014 +1.0%
Right-of-use assets - finance leases 41,945 41,945 0.0%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 8,142,043 8,084,827 +0.7%
Real Estate Investment Property Accumulated Depreciation -1,804,268 -1,638,631 -10.1%
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CubeSmart, L.P. and Subsidiaries -1,804,268 -1,638,631 -10.1%
Real Estate Investment Property Net 6,337,775
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CubeSmart, L.P. and Subsidiaries 6,337,775
CubeSmart, L.P. and Subsidiaries · Variable Interest Entity Primary Beneficiary 380,588
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 380,588
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 376,886
Show Long-Term Debt Type breakouts
Mortgages 238.7
Restricted Cash And Cash Equivalents 2,212 5,003 -55.8%
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CubeSmart, L.P. and Subsidiaries 2,212 5,003 -55.8%
CubeSmart, L.P. and Subsidiaries · Variable Interest Entity Primary Beneficiary 48 3,035 -98.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 48 3,035 -98.4%
Debt Issuance Costs Line Of Credit Arrangements Net 1,503 2,415 -37.8%
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CubeSmart, L.P. and Subsidiaries 1,503 2,415 -37.8%
Equity Method Investments 74,884
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CubeSmart, L.P. and Subsidiaries 74,884
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
CBPR 2,042
Fontana 12,736
HHF 29,342
HHFNE 1,217
HVP V 10,110
RCSS 19,437
Ventures 74,884
Other Assets 174,504 199,873 -12.7%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 174,504 199,873 -12.7%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 224,474 220,271 +1.9%
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CubeSmart, L.P. and Subsidiaries 224,474 220,271 +1.9%
Dividends Payable Current And Noncurrent 121,095 119,639 +1.2%
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CubeSmart, L.P. and Subsidiaries 121,095 119,639 +1.2%
Total Liabilities 3,893,477
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CubeSmart, L.P. and Subsidiaries 3,893,477
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 271,531
Variable Interest Entity Primary Beneficiary · 1074 Raritan Road, LLC 10,981
Variable Interest Entity Primary Beneficiary · 350 Main Street, LLC 11,576
Variable Interest Entity Primary Beneficiary · Astoria Investors, LLC 30,792
Variable Interest Entity Primary Beneficiary · C S Lock Up Anoka LLC 5,646
Variable Interest Entity Primary Beneficiary · CS 114 S Kensico Ave LLC 1,358
Variable Interest Entity Primary Beneficiary · CS Valley Forge Village Storage LLC 14,751
Variable Interest Entity Primary Beneficiary · CS Vienna LLC 34,249
Variable Interest Entity Primary Beneficiary · Hines Capital 117,987
Variable Interest Entity Primary Beneficiary · New Rochelle Investors LLC 43,676
Variable Interest Entity Primary Beneficiary · SH3, LLC 515
Long-Term Debt (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 3,439,667
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 249,760
Other Liabilities
Unsecured Senior Notes Net 2,926,318 2,781,666 +5.2%
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Senior Notes 2,926,318 2,781,666 +5.2%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 2,926,318 2,781,666 +5.2%
Line Of Credit 415,100
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CubeSmart, L.P. and Subsidiaries 415,100
Notes And Loans Payable 98,249 205,500 -52.2%
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CubeSmart, L.P. and Subsidiaries 98,249 205,500 -52.2%
CubeSmart, L.P. and Subsidiaries · Variable Interest Entity Primary Beneficiary 7,090 111,915 -93.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 7,090 111,915 -93.7%
Show Long-Term Debt Type breakouts
Mortgages 98,249 205,500 -52.2%
Finance Lease Liability 65,534 65,649 -0.2%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 65,534 65,649 -0.2%
Deferred Revenue 42,707 42,348 +0.8%
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CubeSmart, L.P. and Subsidiaries 42,707 42,348 +0.8%
Redeemable Noncontrolling Interest Equity Carrying Amount 36,072 48,784 -26.1%
Show Temporary Equity [Axis] breakouts
Noncontrolling Interests in the Operating Partnership 36,072 48,784 -26.1%
Noncontrolling Interests in the Operating Partnership · CubeSmart, L.P. and Subsidiaries 36,072 48,784 -26.1%
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CubeSmart, L.P. and Subsidiaries 36,072 48,784 -26.1%
Stockholders' Equity
Total Liabilities & Equity 6,598,136
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CubeSmart, L.P. and Subsidiaries 6,598,136
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 395,559
Common Stock 2,265 2,279 -0.6%
Additional Paid-In Capital 4,304,254 4,287,772 +0.4%
Accumulated Other Comprehensive Income -229 -310 +26.1%
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CubeSmart, L.P. and Subsidiaries -229 -310 +26.1%
Retained Earnings -1,657,027 -1,445,520 -14.6%
Total Stockholders' Equity 2,649,263
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 44,982
Minority Interest 19,324
Show Equity Method Investment Nonconsolidated Investee breakouts
Ventures 93,951
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 2,668,587 2,874,023 -7.1%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -229 -310 +26.1%
Additional Paid In Capital 4,304,254 4,287,772 +0.4%
Aoci Attributable To Noncontrolling Interest 2 2 0.0%
Aoci Including Portion Attributable To Noncontrolling Interest -231 -312 +26.0%
Common Stock 2,265 2,279 -0.6%
Noncontrolling Interest 19,324 29,802 -35.2%
Parent 2,649,263 2,844,221 -6.9%
Retained Earnings -1,657,027 -1,445,520 -14.6%
General Partners Capital Account (Q)
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CubeSmart, L.P. and Subsidiaries 2,649,492 2,844,531 -6.9%
Partners Capital (Q)
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CubeSmart, L.P. and Subsidiaries 2,649,263 2,844,221 -6.9%
Partners Capital Attributable To Noncontrolling Interest (Q)
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CubeSmart, L.P. and Subsidiaries 19,324 29,802 -35.2%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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CubeSmart, L.P. and Subsidiaries 2,668,587 2,874,023 -7.1%
CubeSmart, L.P. and Subsidiaries · Accumulated Other Comprehensive Income -229 -310 +26.1%
CubeSmart, L.P. and Subsidiaries · General Partner 2,649,492 2,844,531 -6.9%
CubeSmart, L.P. and Subsidiaries · Noncontrolling Interest 19,324 29,802 -35.2%
CubeSmart, L.P. and Subsidiaries · Parent 2,649,263 2,844,221 -6.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Depreciation & Amortization 62,503 60,377 +3.5%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 62,503 60,377 +3.5%
Finance Lease Non Cash Portion Of Interest Expense -45 -19 -136.8%
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CubeSmart, L.P. and Subsidiaries -45 -19 -136.8%
Equity Method Investment Dividends Or Distributions 1,019 1,023 -0.4%
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CubeSmart, L.P. and Subsidiaries 1,019 1,023 -0.4%
Stock-Based Compensation 3,284 3,208 +2.4%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 3,284 3,208 +2.4%
Fair Value Adjustment Of Debt 210 12 +1650.0%
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CubeSmart, L.P. and Subsidiaries 210 12 +1650.0%
Increase Decrease In Other Operating Assets 5,020 4,065 +23.5%
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CubeSmart, L.P. and Subsidiaries 5,020 4,065 +23.5%
Increase Decrease In Accounts Payable And Accrued Liabilities -6,414 -12,405 +48.3%
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CubeSmart, L.P. and Subsidiaries -6,414 -12,405 +48.3%
Increase Decrease In Other Operating Liabilities 1,116 1,694 -34.1%
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CubeSmart, L.P. and Subsidiaries 1,116 1,694 -34.1%
Net Cash from Operations 148,836 146,321 +1.7%
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CubeSmart, L.P. and Subsidiaries 148,836 146,321 +1.7%
Investing Activities
Payments For Additions And Improvements To Real Estate -10,394 -9,370 -10.9%
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CubeSmart, L.P. and Subsidiaries -10,394 -9,370 -10.9%
Payments To Develop Real Estate Assets -10,040 -8,017 -25.2%
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CubeSmart, L.P. and Subsidiaries -10,040 -8,017 -25.2%
Distributions Payable To Real Estate Partnerships -2,057
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CubeSmart, L.P. and Subsidiaries -2,057
Proceeds From Distributions Received From Real Estate Partnerships 795 1,194 -33.4%
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CubeSmart, L.P. and Subsidiaries 795 1,194 -33.4%
Net Cash from Investing -21,696 -467,334 +95.4%
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CubeSmart, L.P. and Subsidiaries -21,696 -467,334 +95.4%
Accretion Of Liability 1,333
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CubeSmart, L.P. and Subsidiaries 1,333
Derivative Valuation Adjustment 20 20 0.0%
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CubeSmart, L.P. and Subsidiaries 20 20 0.0%
Financing Activities
Proceeds From Lines Of Credit 263,385 577,589 -54.4%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 263,385 577,589 -54.4%
Repayments Of Lines Of Credit -227,085 -195,189 -16.3%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries -227,085 -195,189 -16.3%
Payments Of Mortgage Loans And Notes Payable -308 -301 -2.3%
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CubeSmart, L.P. and Subsidiaries -308 -301 -2.3%
Proceeds From Issuance Of General Partners Units (Q)
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CubeSmart, L.P. and Subsidiaries -20 -167 +88.0%
Payments For Repurchase Of Operating Partnership Units (Q)
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CubeSmart, L.P. and Subsidiaries -33,382
Tax Withholding for Share Compensation -2,172 -3,047 +28.7%
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CubeSmart, L.P. and Subsidiaries -2,172 -3,047 +28.7%
Payments For Redemption Of Operating Partnership Units -681
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CubeSmart, L.P. and Subsidiaries -681
Proceeds From Unit Options Exercised (Q)
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CubeSmart, L.P. and Subsidiaries 608
Proceeds From Minority Shareholders 11
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CubeSmart, L.P. and Subsidiaries 11
Payments To Minority Shareholders -6,659 -112 -5845.5%
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CubeSmart, L.P. and Subsidiaries -6,659 -112 -5845.5%
Payments Of Dividends Common Stock -121,068 -119,048 -1.7%
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CubeSmart, L.P. and Subsidiaries -121,600 -119,669 -1.6%
Net Cash from Financing -127,903 259,104 -149.4%
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CubeSmart, L.P. and Subsidiaries -127,903 259,104 -149.4%
Proceeds From Issuance Of Common Stock -20 -167 +88.0%
Share Repurchases -33,382
Proceeds From Stock Options Exercised 608
Payments To Minority Shareholders In Operating Partnership -532 -621 +14.3%
Debt Repayments (Q)
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
HVP IV 44.4
Supplemental
Interest Paid 34,780 32,319 +7.6%
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CubeSmart, L.P. and Subsidiaries 34,780 32,319 +7.6%
Other Cash Flow
Net Change in Cash -763 -61,909 +98.8%
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CubeSmart, L.P. and Subsidiaries -763 -61,909 +98.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 9,470 15,754 -39.9%
Show Legal Entity breakouts
CubeSmart, L.P. and Subsidiaries 9,470 15,754 -39.9%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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