CubeSmart

cubesmart.com

What Do They Do?

Owns and rents self-storage properties to residential and commercial customers, and manages self-storage properties for third-party owners.

How Do They Make Money?

Customers pay rent for self-storage space under generally month-to-month leases, and third-party property owners pay fees for CubeSmart to manage their stores.

revenue

Segment	Share	Revenue	How money arrives
Other Property Related Income Recurring	76% FY2022: 74%		Recurring
Property Management Fee Income	24% FY2022: 26%

Who Are Their Customers?

Residential and commercial customers rent storage units at CubeSmart stores. Third-party property owners pay CubeSmart to manage their stores.

Do Revenues Turn Into Profits?

Yes. It kept 29 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

29% of revenue

▼ −15% vs FY2024 ($391.9M, 37%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $282.3M in Q2 FY2025
Net income: ▲ +9%; vs $82.4M in Q2 FY2025

Other Property Related Income share of property related income vs 76.3% in Q2 FY2025

Jul 31, 2026 Raised the midpoint of financial guidance The company raised midpoint ranges for same-store revenue and net operating income, plus adjusted funds from operations.

Growing. Revenue grew 37% in 4 years, from $822.6M in FY2021 to $1.1B in FY2025, about 8% a year.

Revenue over time

Other Property Related Income Property Management Fee Income

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Public Storage, Extra Space Storage, and National Storage Affiliates

Comments