CUBE on NYSE

CubeSmart

Real estate investment trust

CubeSmart is a real estate investment trust that invests in self storage facilities in the United States. As of December 31, 2024, it owned 631 self storage properties in 25 states and the District of Columbia containing 45.8 million rentable square feet.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

Jul 2004Founded1

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  • TickerCUBE on NYSE1
  • Industryreal estate investment trust, self storage1
  • HeadquartersMalvern1
  • Founded inMaryland1
  • Websitewww.cubesmart.com
  • Incorporated inMD5
  • Business address5 Old Lancaster Road, Malvern, Pa 193555
  • Filer categoryLarge accelerated filer5
  • Legal formLimited Partnership4
  • Kind of organizationLimited partnership1
  • LEI549300MPHKO3I3FJRA974
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 26474154

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CubeSmart
Photo: 123Apple1234, CC BY-SA 4.0, via Wikimedia Commons7

CubeSmart is a real estate investment trust that invests in self storage facilities in the United States. As of December 31, 2024, it owned 631 self storage properties in 25 states and the District of Columbia containing 45.8 million rentable square feet. It is the 3rd largest self storage company in the United States.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.5%Net margin8
5.3%Revenue growth, 20258
12.2%Return on equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Real Estate, Other brought in 76% of the revenue CubeSmart broke down this way in fiscal 2025.

  1. Real Estate, Other$126.2M876%up 11% from 2024
  2. Management Service$40.2M824%down 3% from 2024
Products and services by year
Products and services202320242025
Real Estate, Other$101.8M$113.6M$126.2M
Management Service$36.5M$41.4M$40.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue31¢$351.4M
  • Other costs39¢$440.4M
  • Profit29¢$331.3M

Out of $1.1B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid78¢$476.3M
  • Share buybacks5¢$31.9M
  • Kept or used elsewhere16¢$100.3M

Out of $608.5M of cash from operations.8

Financial statements

Revenue91011128$1.1B in 2025+74% since 2019
0$500.0M$1.0B$1.5B2019: $643.9M$643.9M20192020: $679.2M$679.2M2020+5%2021: $822.6M$822.6M2021+21%2022: $1.0B$1.0B2022+23%2023: $1.1B$1.1B2023+4%2024: $1.1B$1.1B2024+2%2025: $1.1B$1.1B2025+5%
Net income91011128$331.3M in 2025+94% since 2019
0$200.0M$400.0M$600.0M2019: $170.8M$170.8M20192020: $167.6M$167.6M2020−2%2021: $230.8M$230.8M2021+38%2022: $292.5M$292.5M2022+27%2023: $412.4M$412.4M2023+41%2024: $391.9M$391.9M2024−5%2025: $331.3M$331.3M2025−15%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Rental income$956.6M$911.2M$912.0M
Total revenues$1.1B$1.1B$1.1B
Property operating expenses$351.4M$317.8M$294.8M
Depreciation and amortization$258.2M$205.7M$201.2M
General and administrative$64.7M$59.7M$57.0M
Total operating expenses$674.2M$583.1M$553.1M
Interest expense on loans-$114.1M-$90.8M-$93.1M
Loan procurement amortization expense-$5.0M-$4.1M-$4.1M
Loss on early extinguishment of debt-$3.7M
Equity in earnings of real estate ventures$2.5M$2.5M$6.1M
Other$2.7M$1.2M$6.3M
Total other expense-$117.6M-$91.2M-$84.8M
NET INCOME$331.3M$391.9M$412.4M
Net income attributable to noncontrolling interests in the Operating Partnership-$1.6M-$2.2M-$2.5M
Net loss attributable to noncontrolling interests in subsidiaries$4.1M$1.5M$857.0K
NET INCOME ATTRIBUTABLE TO THE COMPANY$333.8M$391.2M$410.8M
Basic earnings per share attributable to common shareholders (in dollars per share)$1.46$1.73$1.82
Diluted earnings per share attributable to common shareholders (in dollars per share)$1.46$1.72$1.82
Weighted average basic units outstanding (in shares)228.7M shares226.4M shares225.4M shares
Weighted average diluted shares outstanding (in shares)229.2M shares227.2M shares226.2M shares

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The story

The company was founded in July 2004 as U-Store-It Trust.

In October 2004, the company became a public company via an initial public offering.

In December 2008, the company transferred its headquarters to Malvern, Pennsylvania.

On September 14, 2011, the company changed its name to CubeSmart.

In December 2021, the company acquired Storage West for $1.7 billion.

From Wikipedia’s article on CubeSmart, shared under CC BY-SA 4.0.6

Leadership

Who has led CubeSmart, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert J. Amsdell2006
  2. Dean Jernigan2006–2014
  3. Christopher P. Marr2014–now

President

  1. Steven G. Osgood2006
  2. Dean Jernigan2006–2008
  3. Christopher P. Marr2009–2013

Chief financial officer

  1. Steven G. Osgood2006
  2. Christopher P. Marr2006–2008

Chief operating officer

  1. Todd C. Amsdell2006
  2. Christopher P. Marr2012–2013
  3. Joel D. Keaton2021–now
20052010201520202025
Board members and other officers (27)

Products and brands

  • self storage

Listed on Wikidata.1

Former names

  • U-Store-It TrustAug 2, 2004 to Aug 30, 20115

Timeline

  1. Jan 15, 2014New chief executive Christopher P. Marr becomes CEO18
  2. Sep 19, 2011Went public Listed on NYSE1
  3. Apr 24, 2006New chief executive Dean Jernigan becomes CEO20
  4. Jan 11, 2006New chief executive Robert J. Amsdell becomes CEO19
  5. Jul 2004Founded Founded in Maryland1

Filings

323 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 154 insider forms, 27 large holders, 49 other. The latest 20:

  1. Sep 14, 20268-K EDGAR
  2. Jul 31, 202610-Q EDGAR
  3. Jul 31, 20268-K EDGAR
  4. Jul 16, 20264 EDGAR
  5. Jul 16, 20264 EDGAR
  6. Jul 16, 20264 EDGAR
  7. Jun 24, 20268-K EDGAR
  8. Jun 12, 20264 EDGAR
  9. Jun 1, 20268-K EDGAR
  10. May 20, 20264 EDGAR
  11. May 20, 20264 EDGAR
  12. May 20, 20264 EDGAR
  13. May 20, 20264 EDGAR
  14. May 20, 20264 EDGAR
  15. May 20, 20264 EDGAR
  16. May 20, 20264 EDGAR
  17. May 20, 20264 EDGAR
  18. May 19, 20268-K EDGAR
  19. May 19, 20263 EDGAR
  20. May 19, 20263 EDGAR

The 323 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

18 open-market trades by officers, directors and large owners since October 2021: 0 buys and 18 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 10, 2026MARR CHRISTOPHER PCEOSale108,932$42.24$4.6MForm 4
Mar 3, 2026Foster Jeffrey PCLO & SecretarySale23,148$41.02$949.5KForm 4
Dec 15, 2025MARR CHRISTOPHER PCEOSale679$36.55$24.8KForm 4
Dec 12, 2025MARR CHRISTOPHER PCEOSale46,925$36.55$1.7MForm 4
May 5, 2025Foster Jeffrey PCLO & SecretarySale18,616$42.17$785.0KForm 4
Sep 13, 2024DeNarie Matthew DChief Accounting OfficerSale868$53.64$46.6KForm 4
Sep 11, 2024Schulte JenniferChief Human Resources OfficerSale15,942$52.56$837.9KForm 4
Aug 14, 2024MARTIN TIMOTHY MCFOSale30,765$49.02$1.5MForm 4
Aug 13, 2024MARR CHRISTOPHER PCEOSale37,906$48.66$1.8MForm 4
Aug 7, 2024MARR CHRISTOPHER PCEOSale37,000$48.45$1.8MForm 4
Aug 6, 2024Keaton Joel DCOOSale43,478$47.97$2.1MForm 4
Aug 5, 2024Foster Jeffrey PCLO & SecretarySale7,739$47.30$366.1KForm 4
Mar 4, 2024Keaton Joel DCOOSale8,026$44.58$357.8KForm 4
Jun 7, 2023MARR CHRISTOPHER PCEOSale22,057$45.41$1.0MForm 4
Jun 5, 2023MARR CHRISTOPHER PCEOSale16,948$45.10$764.4KForm 4
Jun 5, 2023Foster Jeffrey PCLO & SecretarySale15,000$45.05$675.8KForm 4
May 5, 2023MARTIN TIMOTHY MCFOSale42,537$45.87$2.0MForm 4
Mar 3, 2023MARR CHRISTOPHER PCEOSale19,000$48.33$918.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.33,924,159$1.3B0.0%+707,395
Vanguard Portfolio Management LLC19,495,185$775.3M0.0%+61,972
Norges Bank12,236,433$486.6M0.0%New
State Street Corp11,037,783$439.0M0.0%−157,097
Vanguard Capital Management LLC10,240,990$407.3M0.0%−3,848
Fmr LLC7,515,446$298.9M0.0%+112,088
Aqr Capital Management LLC7,279,554$289.5M0.1%+5,135,312
Canada Pension Plan Investment Board7,254,520$288.5M0.2%−11,200
Geode Capital Management, LLC4,767,570$189.6M0.0%+13,215
Charles Schwab Investment Management Inc3,762,337$149.6M0.0%+173,979
Cbre Investment Management Listed Real Assets LLC3,359,278$133.6M1.9%+264,987
Dimensional Fund Advisors LP3,352,420$133.3M0.0%−2,501
Northern Trust Corp3,348,078$133.2M0.0%+15,967
Duff & Phelps Investment Management Co3,239,472$128.8M1.2%+501,816
Jpmorgan Chase & Co2,745,082$112.2M0.0%−1,055,237
Millennium Management LLC2,693,221$107.1M0.1%−499,840
Daiwa Securities Group Inc.2,449,870$97.4M0.2%+2,359,608
Arrowstreet Capital, Limited Partnership2,421,670$96.3M0.0%+1,590,580
Lasalle Investment Management Securities LLC2,343,438$93.2M3.3%+1,052,226
Aew Capital Management L P2,292,708$91.2M5.4%+170,983
Alliancebernstein L.P.2,277,505$83.5M0.0%−181,494
Alyeska Investment Group, L.P.2,060,726$82.0M0.2%−384,743
Bank of New York Mellon Corp1,865,695$74.2M0.0%−50,782
Nuveen, LLC1,854,504$73.8M0.0%+2,821
UBS Group AG1,736,112$69.0M0.0%+327,957

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 13, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+21.1%Report
Aug 4, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−24.1%Report
Sep 21, 2023Pete RickettsRepublican, SenateSale$50,001 - $100,000+78.7%Report
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+87.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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