CubeSmart Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	943.95	911.16	912	879.29	707.75	581.01
Property Management Fees	41	41.42	36.54	34.17	31.21	27.45
Other Revenue	125.58	116.15	106.4	145.04	108.88	70.9
Total Revenue	1,111	1,069	1,055	1,059	847.84	679.36
Revenue Growth (YoY	4.09%	1.31%	-0.34%	24.85%	24.80%	3.71%
Property Expenses	309.72	291.75	270.28	270.86	231.1	206.73
Selling, General & Administrative	91.46	85.66	81.54	77.02	68.81	58.32
Depreciation & Amortization	245.07	205.7	201.24	310.61	232.05	156.57
Total Operating Expenses	646.25	583.12	553.06	658.49	531.96	421.63
Operating Income	464.28	485.61	501.88	400.01	315.88	257.73
Interest Expense	-111.69	-94.89	-97.21	-97.18	-86.62	-78.56
Other Non-Operating Income	2.9	1.16	6.48	-10.36	-10.82	-0.24
EBT Excluding Unusual Items	355.48	391.89	411.16	292.47	218.44	178.92
Gain (Loss) on Sale of Investments	-	-	1.48	-	-	-
Gain (Loss) on Sale of Assets	-	-	-0.2	-	32.7	6.71
Other Unusual Items	-	-	-	-	-20.33	-18.02
Pretax Income	355.48	391.89	412.44	292.47	230.81	167.61
Earnings From Continuing Operations	355.48	391.89	412.44	292.47	230.81	167.61
Net Income to Company	355.48	391.89	412.44	292.47	230.81	167.61
Minority Interest in Earnings	1.5	-0.71	-1.68	-1.21	-7.33	-1.99
Net Income	356.98	391.18	410.76	291.26	223.48	165.62
Net Income to Common	356.98	391.18	410.76	291.26	223.48	165.62
Net Income Growth	-11.19%	-4.77%	41.03%	30.33%	34.94%	-2.07%
Basic Shares Outstanding	228	226	225	225	204	194
Diluted Shares Outstanding	229	227	226	226	205	195
Shares Change (YoY)	1.01%	0.40%	0.16%	10.18%	5.16%	1.76%
EPS (Basic)	1.56	1.73	1.82	1.29	1.10	0.85
EPS (Diluted)	1.55	1.72	1.82	1.29	1.09	0.85
EPS Growth	-12.93%	-5.50%	41.09%	18.35%	28.23%	-3.41%
Dividend Per Share	2.080	2.050	1.980	1.780	1.450	1.330
Dividend Growth	1.96%	3.54%	11.24%	22.76%	9.02%	3.10%
Operating Margin	41.81%	45.44%	47.57%	37.79%	37.26%	37.94%
Profit Margin	32.15%	36.60%	38.94%	27.52%	26.36%	24.38%
EBITDA	709.35	691.32	703.12	710.62	547.93	414.3
EBITDA Margin	63.88%	64.69%	66.65%	67.13%	64.63%	60.98%
D&A For Ebitda	245.07	205.7	201.24	310.61	232.05	156.57
EBIT	464.28	485.61	501.88	400.01	315.88	257.73
EBIT Margin	41.81%	45.44%	47.57%	37.79%	37.26%	37.94%
Funds From Operations (FFO)	601.4	600.76	615.11	-	-	-
FFO Per Share	2.61	2.63	2.70	-	-	-
Adjusted Funds From Operations (AFFO)	-	600.76	609.44	-	-	-
AFFO Per Share	-	2.63	2.68	-	-	-
FFO Payout Ratio	78.66%	76.86%	71.89%	-	-	-
Revenue as Reported	1,108	1,066	1,050	1,010	822.56	679.18

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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