CubeSmart (CUBE) Financial Statements (2025 and earlier)

Company Profile

Business Address 5 OLD LANCASTER ROAD
MALVERN, PA 19355
State of Incorp. MD
Fiscal Year End December 31
Industry (SIC) 6798 - Real Estate Investment Trusts (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments6,5266,06411,1403,59254,8573,764
Cash and cash equivalents6,5266,06411,1403,59254,8573,764
Prepaid expense13,05010,16210,2908,9606,8975,885
Total current assets:19,57616,22621,43012,55261,7549,649
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 41,94541,94540,93241,896 
Operating lease, right-of-use asset50,47649,49154,74155,30241,698
Long-term investments and receivables98,2886,138119,7515,0005,0005,000
Long-term investments98,2886,138119,7515,0005,0005,000
Intangible assets, net (including goodwill)1,8061,181108,79457,82010,2838,145
Intangible assets, net (excluding goodwill)1,8061,181108,79457,82010,2838,145
Total noncurrent assets:192,51598,755324,218160,01856,98113,145
Other undisclosed assets6,012,9296,210,8496,202,4314,605,5723,910,8103,730,178
TOTAL ASSETS:6,225,0206,325,8306,548,0794,778,1424,029,5453,752,972
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities3,344,2123,428,0303,549,6992,687,8802,160,1211,980,704
Total liabilities:3,344,2123,428,0303,549,6992,687,8802,160,1211,980,704
Temporary equity, carrying amount60,27657,419108,220249,41462,08855,819
Equity
Equity, attributable to parent2,798,8282,826,2032,871,5631,832,2161,799,3461,709,678
Common stock2,2492,2462,2391,9741,9361,871
Additional paid in capital4,142,2294,125,4784,088,3922,805,6732,674,7452,500,751
Accumulated other comprehensive loss(411)(491)(570)(632)(729)(1,029)
Accumulated deficit(1,345,239)(1,301,030)(1,218,498)(974,799)(876,606)(791,915)
Equity, attributable to noncontrolling interest21,70414,17818,5978,6327,9906,771
Total equity:2,820,5322,840,3812,890,1601,840,8481,807,3361,716,449
TOTAL LIABILITIES AND EQUITY:6,225,0206,325,8306,548,0794,778,1424,029,5453,752,972

Income Statement (P&L) ($ in thousands)

9/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues1,050,3341,009,624822,564679,177643,915597,944
Revenue, net597,944
Operating lease, lease income911,999879,289707,751581,009552,404
Cost of revenue(294,780)(293,260)(252,104)(223,634)(209,739)(196,866)
Gross profit:755,554716,364570,460455,543434,176401,078
Operating expenses(57,041)(54,623)(69,773)(41,423)(38,560)(48,012)
Operating income:698,513661,741500,687414,120395,616353,066
Nonoperating income (expense)
(Other Nonoperating Income (Expense))
6,281(10,355)(10,818)(240)1,416206
Interest and debt expense (2,138)(2,140)(22,467)(20,694)(2,819)(64,445)
Other undisclosed loss from continuing operations before equity method investments, income taxes      
Income from continuing operations before equity method investments, income taxes:702,656649,246467,402393,186394,213288,827
Income (loss) from equity method investments6,08548,87725,27517811,122(865)
Income from continuing operations before income taxes:708,741698,123492,677393,364405,335287,962
Other undisclosed loss from continuing operations      (122,474)
Income from continuing operations:708,741698,123492,677393,364405,335165,488
Income before gain (loss) on sale of properties:492,677393,364405,335165,488
Other undisclosed net loss(296,306)(405,651)(261,864)(225,753)(234,564) 
Net income:412,435292,472230,813167,611170,771165,488
Net loss attributable to noncontrolling interest(1,678)(1,209)(7,331)(1,990)(1,654)(1,599)
Net income available to common stockholders, diluted:410,757291,263223,482165,621169,117163,889

Comprehensive Income ($ in thousands)

9/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:412,435292,472230,813167,611170,771165,488
Other comprehensive income (loss)81818181302(1,039)
Comprehensive income:412,516292,553230,894167,692171,073164,449
Other undisclosed comprehensive loss, net of tax, attributable to parent(1,679)(1,211)(7,350)(1,974)(1,656)(1,593)
Comprehensive income, net of tax, attributable to parent:410,837291,342223,544165,718169,417162,856

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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