CubeSmart Stock Research

Market Summary

USD45.50+0.38

Delayedas of 27 Mar 2023, 02:00 pm

0.84%

CUBE Alerts

1 major insider sales recently.
Big jump in Earnings (Y/Y)

CUBE Stock Price

CUBE RSI Chart

CUBE Valuation

Market Cap

10.1B

Price/Earnings (Trailing)

34.65

Price/Sales (Trailing)

10.04

Price/Free Cashflow

17.13

CUBE Price/Sales (Trailing)

CUBE Profitability

Operating Margin

70.95%

Return on Equity

10.35%

Return on Assets

4.62%

Free Cashflow Yield

5.84%

CUBE Fundamentals

CUBE Revenue

Revenue (TTM)

1.0B

Revenue Y/Y

17.61%

Revenue Q/Q

-0.16%

CUBE Earnings

Earnings (TTM)

292.5M

Earnings Y/Y

76.47%

Earnings Q/Q

-27.56%

Price Action

52 Week Range

36.8253.81

(Low)(High)

Last 7 days

-3.3%

Last 30 days

3.1%

Last 90 days

10.9%

Trailing 12 Months

-7.9%

CUBE Financial Health

CUBE Investor Care

Dividend Yield

3.95%

Dividend/Share (TTM)

1.78

Shares Dilution (1Y)

0.31%

Diluted EPS (TTM)

1.29

Peers (Alternatives to CubeSmart)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	50.2B	4.2B	-1.95%	-19.53%	11.55	12.01	22.43%	122.66%
DLR	27.5B	4.7B	-11.51%	-30.78%	72.75	5.86	5.96%	-77.90%
EQR	21.2B	2.7B	-12.90%	-34.85%	27.27	7.81	11.91%	-41.71%
ARE	20.5B	2.6B	-23.09%	-36.12%	39.23	7.91	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.5B	1.1B	-12.78%	-19.56%	19.52	7	12.95%	47.42%
KRG	4.3B	802.0M	-9.18%	-8.49%	-338.08	5.33	114.83%	84.36%
VNO	2.6B	1.8B	-34.87%	-68.35%	-7.52	1.45	13.26%	-296.88%
MAC	2.0B	859.2M	-22.66%	-32.73%	-30.92	2.38	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	1.35%	15.46%	23.02	4.64	3.35%	1705.32%
SLG	1.3B	826.7M	-42.91%	-73.34%	-17.18	1.62	-2.04%	-117.36%
AIV	1.0B	190.3M	-3.26%	-2.73%	11.34	5.49	12.08%	1950.56%
PGRE	909.5M	740.4M	-23.50%	-61.25%	-24.99	1.23	1.87%	-78.85%

Financials for CubeSmart

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	4.0%	1,010	971	922	872	823
Cost Of Revenue	3.3%	293	284	271	261	252
S&GA Expenses	-0.5%	55.00	55.00	54.00	51.00	48.00
Costs and Expenses	1.6%	658	648	610	574	532
Interest Expenses	1.7%	92.00	91.00	81.00	80.00	79.00
Net Income	13.9%	292	257	234	226	231
Net Income Margin	9.5%	0.29*	0.26*	0.25*	0.26*	-
Free Cahsflow	7.0%	591	553	516	482	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.7%	6,326	6,371	6,429	6,462	6,548
Cash Equivalents	17.0%	6.00	5.00	5.00	8.00	11.00
Liabilities	-0.5%	3,428	3,447	3,526	3,522	3,550
Shareholder's Equity	-0.9%	2,826	2,852	2,840	2,863	2,872
Retained Earnings	-2.3%	-1,301	-1,271	-1,291	-1,266	-1,218
Additional Paid-In Capital	0.1%	4,125	4,122	4,114	4,112	4,088
Shares Outstanding	0.0%	225	225	224	224	224
Minority Interest	0.5%	14.00	14.00	16.00	16.00	19.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	7.0%	591	553	516	482	449
Share Based Compensation	2.9%	9.00	9.00	9.00	8.00	8.00
Cashflow From Investing	97.2%	-48.77	-1,753	-1,814	-1,841	-1,852
Cashflow From Financing	-147.6%	-547	1,149	1,301	1,364	1,411
Dividend Payments	7.7%	387	360	332	303	274

Risks for CUBE

What is the probability of a big loss on CUBE?

37.7%

Probability that CubeSmart stock will be more than 20% underwater in next one year

23.9%

Probability that CubeSmart stock will be more than 30% underwater in next one year.

Probability that CubeSmart stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CUBE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if CubeSmart was unfortunately bought at previous high price.

Drawdowns

Returns for CUBE

Cumulative Returns on CUBE

14.9%

10-Year Cumulative Returns

8.9%

7-Year Cumulative Returns

14.9%

5-Year Cumulative Returns

29.8%

3-Year Cumulative Returns

What are the long-term rolling returns for CUBE?

FIve years rolling returns for CubeSmart.

Annualized Returns

Which funds bought or sold CUBE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.04	4,670	1,099,670	-%
2023-03-06	Rockefeller Capital Management L.P.	added	1.31	1,000	58,000	-%
2023-02-28	Voya Investment Management LLC	added	454	5,371,580	6,546,580	0.01%
2023-02-24	NATIXIS	new	-	4,894,400	4,894,400	0.03%
2023-02-22	CVA Family Office, LLC	new	-	201	201	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	new	-	1,137,000	1,137,000	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-5.15	-920	17,080	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	new	-	836,516	836,516	0.02%
2023-02-21	MACQUARIE GROUP LTD	added	17.71	689,002	4,999,000	0.01%
2023-02-21	CENTERSQUARE INVESTMENT MANAGEMENT LLC	added	676	43,255,800	49,617,800	0.58%

Latest Funds Activity

Are funds buying CUBE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CUBE

No. of Funds

CubeSmart News

Schedule 13G FIlings of CubeSmart

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 15, 2023	principal real estate investors llc	5.17%	11,619,403	SC 13G
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	14.59%	32,768,312	SC 13G/A
Jan 20, 2023	state street corp	5.46%	12,251,583	SC 13G
Jan 20, 2023	state street corp	5.46%	12,251,583	SC 13G
Jan 06, 2023	blackrock inc.	11.6%	26,087,060	SC 13G/A
Feb 09, 2022	vanguard group inc	14.01%	30,663,122	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 01, 2022	blackrock inc.	9.4%	20,598,563	SC 13G/A
Oct 12, 2021	pggm investments	4.99%	10	SC 13G

CUBE Fair Value

CubeSmart fair value in different scenarios

The table shows the Fair Value estimates for CubeSmart for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	23.59 -48.15%	28.79 -36.73%	39.01 -14.26%	52.48 15.34%	64.37 41.47%
Current Inflation	21.71 -52.29%	26.11 -42.62%	34.67 -23.80%	45.90 0.88%	55.76 22.55%
Very High Inflation	19.42 -57.32%	22.88 -49.71%	29.57 -35.01%	38.31 -15.80%	45.94 0.97%

Historical CubeSmart Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of CubeSmart

View All Filings

Date Filed	Form Type	Document
Mar 17, 2023	3	Insider Trading
Mar 17, 2023	3	Insider Trading
Mar 17, 2023	8-K	Current Report
Mar 07, 2023	4	Insider Trading
Mar 03, 2023	424B5	Prospectus Filed
Mar 03, 2023	8-K	Current Report
Mar 03, 2023	8-K	Current Report
Mar 03, 2023	S-3ASR	S-3ASR
Feb 24, 2023	10-K	Annual Report
Feb 24, 2023	8-K	Current Report

Latest Insider Trading transactions for CUBE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-03	MARR CHRISTOPHER P	sold	-918,270	48.33	-19,000	ceo
2023-03-03	MARR CHRISTOPHER P	acquired	297,730	15.67	19,000	ceo
2023-01-01	Keaton Joel D	sold (taxes)	-27,450	40.25	-682	coo
2023-01-01	MARR CHRISTOPHER P	acquired	2,441,930	25.8069	94,623	ceo
2023-01-01	Foster Jeffrey P	acquired	351,463	24.9	14,115	clo & secretary
2023-01-01	Keaton Joel D	acquired	369,978	21.4269	17,267	coo
2023-01-01	MARTIN TIMOTHY M	acquired	614,175	21.8606	28,095	cfo
2022-10-25	Chin Jit Kee	acquired	-	-	1,249	-
2022-05-17	Lynch Jair K	acquired	-	-	2,032	-
2022-05-17	FAIN JOHN W	acquired	-	-	2,438	-

About CubeSmart

CUBE Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental income	$ 879,289	$ 707,751	$ 581,009
Total revenues	1,009,624	822,564	679,177
OPERATING EXPENSES
Property operating expenses	293,260	252,104	223,634
Depreciation and amortization	310,610	232,049	156,573
General and administrative	54,623	47,809	41,423
Total operating expenses	658,493	531,962	421,630
Interest:
Interest expense on loans	(93,284)	(78,448)	(75,890)
Loan procurement amortization expense	(3,897)	(8,168)	(2,674)
Loss on early extinguishment of debt		(20,328)	(18,020)
Equity in earnings of real estate ventures	48,877	25,275	178
Gains from sales of real estate, net		32,698	6,710
Other	(10,355)	(10,818)	(240)
Total other expense	(58,659)	(59,789)	(89,936)
NET INCOME	292,472	230,813	167,611
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(1,931)	(7,873)	(1,825)
Noncontrolling interest in subsidiaries	722	542	(165)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 291,263	$ 223,482	$ 165,621
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.10	$ 0.85
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Weighted average basic shares outstanding (in shares)	224,928	203,832	194,147
Weighted average diluted shares outstanding (in shares)	225,881	205,009	194,943
Other Property Related Income
REVENUES
Property related income	$ 96,166	$ 83,605	$ 70,723
Property Management Fee Income
REVENUES
Property related income	$ 34,169	$ 31,208	$ 27,445

CUBE Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Storage properties	$ 7,295,778	$ 7,183,494
Less: Accumulated depreciation	(1,247,775)	(1,085,824)
Storage properties, net (including VIE assets of $167,180 and $149,467, respectively)	6,048,003	6,097,670
Cash and cash equivalents	6,064	11,140
Restricted cash	2,861	2,178
Loan procurement costs, net of amortization	5,182	2,322
Investment in real estate ventures, at equity	105,993	119,751
Assets held for sale	3,745	49,313
Other assets, net	153,982	265,705
Total assets	6,325,830	6,548,079
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,772,350	2,768,209
Revolving credit facility	60,900	209,900
Mortgage loans and notes payable, net	162,918	167,676
Lease liabilities - finance leases	65,758	65,801
Accounts payable, accrued expenses and other liabilities	213,297	199,985
Distributions payable	111,190	97,417
Deferred revenue	38,757	37,144
Security deposits	1,087	1,065
Liabilities held for sale	1,773	2,502
Total liabilities	3,428,030	3,549,699
Noncontrolling interests in the Operating Partnership	57,419	108,220
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 224,603,462 and 223,917,993 shares issued and outstanding at December 31, 2022, and 2021, respectively	2,246	2,239
Additional paid-in capital	4,125,478	4,088,392
Accumulated other comprehensive loss	(491)	(570)
Accumulated deficit	(1,301,030)	(1,218,498)
Total CubeSmart shareholders' equity	2,826,203	2,871,563
Noncontrolling interests in subsidiaries	14,178	18,597
Total equity	2,840,381	2,890,160
Total liabilities and equity	$ 6,325,830	$ 6,548,079