CubeSmart (CUBE)

CubeSmart Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	356.98	391.18	410.76	291.26	223.48	165.62
Depreciation & Amortization	245.07	205.7	201.24	310.61	232.05	156.57
Other Amortization	4.74	4.07	4.14	3.9	8.17	2.67
Gain (Loss) on Sale of Assets	4.66	4.66	5.47	-	-32.7	-6.71
Stock-Based Compensation	11.5	11.49	10.09	9.08	8.09	7.14
Income (Loss) on Equity Investments	-2.39	-2.5	-6.09	-48.88	-25.28	-0.18
Change in Accounts Payable	19.22	24.03	0.1	20.4	14.87	13.92
Change in Other Net Operating Assets	-1.26	-7.91	-10.49	5.03	-5.32	-7.76
Other Operating Activities	-1.84	0.36	-4.08	0.07	25.82	19.75
Operating Cash Flow	636.69	631.07	611.14	591.47	449.19	351.03
Operating Cash Flow Growth	4.60%	3.26%	3.33%	31.67%	27.96%	5.81%
Acquisition of Real Estate Assets	-102.59	-115.94	-109.8	-154.6	-256.04	-523.13
Sale of Real Estate Assets	-	-	0.24	43.19	44.03	12.47
Net Sale / Acq. of Real Estate Assets	-102.59	-115.94	-109.57	-111.4	-212.02	-510.67
Cash Acquisition	-57.18	-57.18	-	-	-1,679	-
Investment in Marketable & Equity Securities	-449.29	4.15	8.32	62.64	38.33	-0.78
Other Investing Activities	-5	-5	7.42	-	-	-
Investing Cash Flow	-614.05	-173.96	-93.82	-48.77	-1,853	-511.44
Long-Term Debt Issued	-	697.04	794.45	633.95	1,950	874.92
Long-Term Debt Repaid	-	-747.48	-869.84	-785.38	-1,202	-607.38
Net Debt Issued (Repaid)	442.82	-50.44	-75.39	-151.43	748.26	267.54
Issuance of Common Stock	87.22	128.21	2.72	6.47	973.5	121.69
Repurchase of Common Stock	-1.04	-1.04	-0.82	-1.4	-0.88	-0.69
Common Dividends Paid	-473.08	-461.77	-442.22	-387.11	-273.84	-256.25
Total Dividends Paid	-473.08	-461.77	-442.22	-387.11	-273.84	-256.25
Other Financing Activities	-9.15	-2.63	-2.32	-13.62	-36.48	-24.09
Net Cash Flow	69.4	69.45	-0.71	-4.39	7.09	-52.21
Cash Interest Paid	104.95	92.61	95.5	92.29	79.15	80.79
Levered Free Cash Flow	504.39	484.05	455.49	584.21	408.85	292.85
Unlevered Free Cash Flow	569.47	539.29	512.1	641.05	454.81	339.28
Change in Working Capital	17.96	16.11	-10.39	25.43	9.55	6.16

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

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