CubeSmart
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CubeSmart is a self-administered and self-managed real estate investment trust. The last earnings update was 26 days ago. More info.
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CUBE Share Price and Events
7 Day Returns
1 Year Returns
CUBE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| CubeSmart (CUBE) | 1.2% | 8.6% | 12.4% | 10.7% | 6.1% | 82.1% |
| US REITs | 1.2% | 2.9% | 3.3% | 15.2% | 13.3% | 25.8% |
| US Market | 1.6% | -1.7% | 2.1% | 2.6% | 38.5% | 41.4% |
1 Year Return vs Industry and Market
- CUBE underperformed the REITs industry which returned 15.2% over the past year.
- CUBE outperformed the Market in United States of America which returned 2.6% over the past year.
CUBE Value
Is CubeSmart undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
CubeSmart
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for CubeSmart.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (29.39%)) |
0.768 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) |
7.5% |
Discounted Cash Flow Calculation for NYSE:CUBE using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for CubeSmart is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
CubeSmart is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2019 | 304.38 | Analyst x4 | 283.15 |
| 2020 | 316.14 | Analyst x6 | 273.58 |
| 2021 | 332.12 | Analyst x2 | 267.36 |
| 2022 | 361.50 | Analyst x1 | 270.71 |
| 2023 | 389.50 | Analyst x1 | 271.33 |
| 2024 | 412.15 | Est @ 5.81% | 267.08 |
| 2025 | 432.29 | Est @ 4.89% | 260.60 |
| 2026 | 450.63 | Est @ 4.24% | 252.71 |
| 2027 | 467.70 | Est @ 3.79% | 243.98 |
| 2028 | 483.93 | Est @ 3.47% | 234.84 |
| Present value of next 10 years cash flows | $2,625.35 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $483.93 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$10,426.60 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $10,426.60 ÷ (1 + 7.5%)10 |
$5,059.86 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $2,625.35 + $5,059.86 |
$7,685.22 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $7,685.22 / 190.36 |
$40.54 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $40.54 |
| Current discount | Discount to share price of
$33.26
= -1 x ($33.26 - $40.54) / $40.54 |
18% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- CubeSmart's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- CubeSmart's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for CubeSmart's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
CubeSmart's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.89 |
| NYSE:CUBE Share Price ** | NYSE (2019-05-21) in USD | $33.26 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.75x |
| United States of America Market PE Ratio | Median Figure of 3,087 Publicly-Listed Companies | 17.74x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of CubeSmart.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:CUBE Share Price ÷ EPS (both in USD) = 33.26 ÷ 0.89 |
37.48x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CubeSmart is overvalued based on earnings compared to the US REITs industry average.
- CubeSmart is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
CubeSmart's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 37.48x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
6.7%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.58x |
| United States of America Market PEG Ratio | Median Figure of 2,123 Publicly-Listed Companies | 1.53x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 37.48x ÷ 6.7% |
5.61x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CubeSmart is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
CubeSmart's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $9.02 |
| NYSE:CUBE Share Price * | NYSE (2019-05-21) in USD | $33.26 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.89x |
| United States of America Market PB Ratio | Median Figure of 5,202 Publicly-Listed Companies | 1.84x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:CUBE Share Price ÷ Book Value per Share (both in USD) = 33.26 ÷ 9.02 |
3.69x |
* Primary Listing of CubeSmart.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CubeSmart is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess CubeSmart's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) CubeSmart has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
CUBE Future Performance
How is CubeSmart expected to perform in the next 1 to 3 years based on estimates from 5 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- CubeSmart's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- CubeSmart's earnings growth is positive but not above the United States of America market average.
- CubeSmart's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:CUBE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 6.7% |
| NYSE:CUBE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 5.5% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.9% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.8% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 805 | 209 | 1 | |
| 2022-12-31 | 755 | 190 | 1 | |
| 2021-12-31 | 690 | 173 | 2 | |
| 2020-12-31 | 671 | 161 | 5 | |
| 2019-12-31 | 639 | 151 | 5 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 607 | 314 | 165 |
| 2018-12-31 | 597 | 304 | 164 |
| 2018-09-30 | 587 | 304 | 155 |
| 2018-06-30 | 577 | 302 | 150 |
| 2018-03-31 | 568 | 290 | 144 |
| 2017-12-31 | 558 | 292 | 134 |
| 2017-09-30 | 546 | 286 | 118 |
| 2017-06-30 | 534 | 287 | 104 |
| 2017-03-31 | 521 | 270 | 91 |
| 2016-12-31 | 507 | 263 | 80 |
| 2016-09-30 | 490 | 256 | 92 |
| 2016-06-30 | 475 | 241 | 86 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from CubeSmart Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 1.09 | 1.09 | 1.09 | 1.00 |
| 2022-12-31 | 0.99 | 0.99 | 0.99 | 1.00 |
| 2021-12-31 | 0.91 | 0.91 | 0.90 | 2.00 |
| 2020-12-31 | 0.87 | 0.91 | 0.84 | 3.00 |
| 2019-12-31 | 0.83 | 0.83 | 0.82 | 2.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.89 |
| 2018-12-31 | 0.89 |
| 2018-09-30 | 0.85 |
| 2018-06-30 | 0.82 |
| 2018-03-31 | 0.79 |
| 2017-12-31 | 0.74 |
| 2017-09-30 | 0.66 |
| 2017-06-30 | 0.58 |
| 2017-03-31 | 0.51 |
| 2016-12-31 | 0.45 |
| 2016-09-30 | 0.52 |
| 2016-06-30 | 0.49 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if CubeSmart will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess CubeSmart's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
CubeSmart has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
CUBE Past Performance
How has CubeSmart performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- CubeSmart has delivered over 20% year on year earnings growth in the past 5 years.
- CubeSmart's 1-year earnings growth is less than its 5-year average (14.8% vs 39.7%)
- CubeSmart's earnings growth has not exceeded the US REITs industry average in the past year (14.8% vs 16%).
Earnings and Revenue History
All data from CubeSmart Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 607.49 | 164.96 | 48.42 | |
| 2018-12-31 | 597.08 | 163.89 | 48.01 | |
| 2018-09-30 | 586.58 | 155.28 | 44.79 | |
| 2018-06-30 | 577.19 | 149.68 | 43.24 | |
| 2018-03-31 | 567.99 | 143.73 | 43.70 | |
| 2017-12-31 | 557.56 | 134.29 | 44.45 | |
| 2017-09-30 | 545.96 | 118.11 | 44.56 | |
| 2017-06-30 | 533.79 | 104.20 | 44.40 | |
| 2017-03-31 | 521.28 | 90.66 | 43.49 | |
| 2016-12-31 | 507.38 | 79.92 | 42.22 | |
| 2016-09-30 | 490.46 | 92.17 | 39.87 | |
| 2016-06-30 | 475.05 | 85.72 | 38.80 | |
| 2016-03-31 | 459.02 | 79.02 | 38.03 | |
| 2015-12-31 | 444.11 | 71.70 | 36.97 | |
| 2015-09-30 | 428.30 | 40.07 | 36.32 | |
| 2015-06-30 | 407.42 | 30.11 | 36.78 | |
| 2015-03-31 | 388.26 | 24.28 | 36.73 | |
| 2014-12-31 | 370.71 | 20.04 | 36.12 | |
| 2014-09-30 | 353.55 | 19.99 | 28.20 | |
| 2014-06-30 | 340.81 | 16.96 | 28.06 | |
| 2014-03-31 | 328.49 | 10.05 | 28.52 | |
| 2013-12-31 | 317.24 | 3.86 | 37.16 | |
| 2013-09-30 | 307.63 | -5.24 | 29.00 | |
| 2013-06-30 | 294.22 | -10.81 | 28.54 | |
| 2013-03-31 | 276.37 | -18.19 | 27.30 | |
| 2012-12-31 | 265.58 | -21.10 | 26.13 | |
| 2012-09-30 | 252.20 | -27.35 | 25.93 | |
| 2012-06-30 | 241.59 | -23.46 | 24.54 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- CubeSmart has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- CubeSmart used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
- CubeSmart has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess CubeSmart's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
CubeSmart has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
CUBE Health
How is CubeSmart's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up CubeSmart's finances.
The net worth of a company is the difference between its assets and liabilities.
- CubeSmart's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- CubeSmart's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from CubeSmart Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,768.97 | 1,852.81 | 3.53 |
| 2018-12-31 | 1,772.27 | 1,748.13 | 3.76 |
| 2018-09-30 | 1,760.47 | 1,646.27 | 3.39 |
| 2018-06-30 | 1,757.95 | 1,600.14 | 6.49 |
| 2018-03-31 | 1,675.03 | 1,689.39 | 6.04 |
| 2017-12-31 | 1,689.69 | 1,635.40 | 5.27 |
| 2017-09-30 | 1,671.66 | 1,621.18 | 6.23 |
| 2017-06-30 | 1,680.75 | 1,615.18 | 8.08 |
| 2017-03-31 | 1,692.15 | 1,600.40 | 3.08 |
| 2016-12-31 | 1,715.64 | 1,598.02 | 2.97 |
| 2016-09-30 | 1,812.27 | 1,556.42 | 87.38 |
| 2016-06-30 | 1,776.41 | 1,434.67 | 3.42 |
| 2016-03-31 | 1,755.67 | 1,302.27 | 2.75 |
| 2015-12-31 | 1,710.98 | 1,256.99 | 62.87 |
| 2015-09-30 | 1,605.97 | 1,196.34 | 3.02 |
| 2015-06-30 | 1,532.03 | 1,211.74 | 3.17 |
| 2015-03-31 | 1,515.90 | 1,185.93 | 3.02 |
| 2014-12-31 | 1,499.44 | 1,182.15 | 2.90 |
| 2014-09-30 | 1,329.29 | 1,124.07 | 31.26 |
| 2014-06-30 | 1,228.16 | 1,191.95 | 10.79 |
| 2014-03-31 | 1,162.00 | 1,206.80 | 3.24 |
| 2013-12-31 | 1,129.48 | 1,149.58 | 3.18 |
| 2013-09-30 | 1,073.14 | 1,056.81 | 2.94 |
| 2013-06-30 | 1,039.37 | 1,085.75 | 4.02 |
| 2013-03-31 | 1,025.31 | 1,024.90 | 2.63 |
| 2012-12-31 | 1,037.90 | 1,043.42 | 4.50 |
| 2012-09-30 | 1,006.78 | 1,074.35 | 2.71 |
| 2012-06-30 | 1,015.95 | 994.76 | 137.80 |
- CubeSmart's level of debt (104.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (103.8% vs 104.7% today).
- Debt is not well covered by operating cash flow (16.9%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
Financial health checks
We assess CubeSmart's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) CubeSmart has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
CUBE Dividends
What is CubeSmart's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
CubeSmart
shares you are expected to receive
$77
in your first year as a dividend.
Dividend Amount
- CubeSmart's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- CubeSmart's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment
Purchase CubeSmart before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2003 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 1.37 | 2.00 |
| 2022-12-31 | 1.35 | 2.00 |
| 2021-12-31 | 1.37 | 3.00 |
| 2020-12-31 | 1.34 | 6.00 |
| 2019-12-31 | 1.29 | 6.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-26 | 1.280 | 3.936 |
| 2019-04-25 | 1.280 | 4.041 |
| 2018-12-13 | 1.280 | 4.194 |
| 2018-08-07 | 1.200 | 4.050 |
| 2018-05-30 | 1.200 | 3.835 |
| 2018-02-13 | 1.200 | 4.243 |
| 2017-12-14 | 1.200 | 4.343 |
| 2017-07-25 | 1.080 | 4.098 |
| 2017-05-31 | 1.080 | 4.483 |
| 2017-04-28 | 1.080 | 4.319 |
| 2017-04-27 | 1.080 | 4.195 |
| 2016-12-15 | 1.080 | 4.093 |
| 2016-10-28 | 0.840 | 3.338 |
| 2016-10-27 | 0.840 | 3.354 |
| 2016-07-29 | 0.840 | 3.090 |
| 2016-07-28 | 0.840 | 2.852 |
| 2016-04-29 | 0.840 | 2.721 |
| 2016-04-28 | 0.840 | 2.810 |
| 2015-12-10 | 0.840 | 2.723 |
| 2015-11-06 | 0.640 | 2.234 |
| 2015-11-05 | 0.640 | 2.319 |
| 2015-08-07 | 0.640 | 2.405 |
| 2015-08-06 | 0.640 | 2.455 |
| 2015-05-01 | 0.640 | 2.649 |
| 2015-04-30 | 0.640 | 2.744 |
| 2014-12-16 | 0.640 | 2.700 |
| 2014-08-05 | 0.520 | 2.663 |
| 2014-05-29 | 0.520 | 2.822 |
| 2014-02-25 | 0.520 | 2.926 |
| 2013-12-19 | 0.520 | 3.189 |
| 2013-08-07 | 0.440 | 2.559 |
| 2013-05-29 | 0.440 | 2.691 |
| 2013-02-21 | 0.440 | 2.739 |
| 2012-12-17 | 0.440 | 2.982 |
| 2012-08-01 | 0.320 | 2.454 |
| 2012-05-30 | 0.320 | 2.772 |
| 2012-02-21 | 0.320 | 2.703 |
| 2011-12-08 | 0.320 | 2.944 |
| 2011-08-03 | 0.280 | 2.959 |
| 2011-06-01 | 0.280 | 2.655 |
| 2011-02-23 | 0.280 | 2.648 |
| 2010-12-14 | 0.280 | 2.938 |
| 2010-08-04 | 0.100 | 1.183 |
| 2010-06-02 | 0.100 | 1.282 |
| 2010-02-24 | 0.100 | 1.296 |
| 2009-12-10 | 0.100 | 1.414 |
| 2009-08-05 | 0.100 | 1.600 |
| 2009-05-26 | 0.100 | 2.344 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
CubeSmart's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.4x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (261.8x coverage).
Income/ dividend checks
We assess CubeSmart's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can CubeSmart afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) CubeSmart has a total score of 6/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
CUBE Management
CEO
| COMPENSATION | $4,142,226 |
| AGE | 53 |
| TENURE AS CEO | 5.3 years |
CEO Bio
Mr. Christopher P. Marr, also known as Chris, has been the Chief Executive Officer and President at CubeSmart, a real estate company that acquires, owns, operates and develops self-storage facilities in the United States, since January 1, 2014 and November 10, 2011 respectively. Mr. Marr is the President, Chief Investment Officer and Chief Operating Officer at CubeSmart, L.P., since November 2008 and its Treasurer since August 2006. Previously, he served as the President since November 10, 2008, Chief Investment Officer since November 10, 2008 until December 31, 2013 and also served as its Chief Operating Officer at CubeSmart since May 30, 2012 until December 31, 2014. Mr. Marr served as the Chief Financial Officer and Treasurer at CubeSmart from June 2006 to November 10, 2008. He served as the President at USI II, LLC. Mr. Marr served as the Chief Financial Officer at Storage USA Inc. a publicly-traded self-storage real estate investment trust, since August 1998 to 2002. He served as the Chief Financial Officer and Senior Vice President at Brandywine Operating Partnership LP and Brandywine Realty Trust from August 2002 to May 2006. Previously, from 1986 to 1994, Mr. Marr was employed at Coopers & Lybrand. He serves on the Board of The Tyler Arboretum. Mr. Marr has been an Independent Director of STAG Industrial, Inc. since August 2, 2012. He is a member of the National Association of Real Estate Investment Trusts’ Executive Board. He has been a Trustee of CubeSmart since January 1, 2014. Mr. Marr holds a Bachelor of Arts Degree from Loyola University Chicago.
CEO Compensation
- Chris's compensation has been consistent with company performance over the past year, both up more than 20%.
- Chris's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the CubeSmart management team in years:
- The average tenure for the CubeSmart management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Chris Marr
CEO, President & Trustee
$4M
53
5.3 yrs
Tim Martin
CFO & Treasurer
$2M
47
10.5 yrs
Jeffrey Foster
Senior VP
$1M
48
10.3 yrs
Joel Keaton
Senior Vice President of Operations
46
5.4 yrs
Charlie Place
Director
5.3 yrs
Daniel Ruble
Vice President of Marketing
5.3 yrs
Joe Fitzgerald
Vice President of Operations
18.3 yrs
Carey Parsons
Vice President of Operations
12.7 yrs
Guy Middlebrooks
Vice President of Third-Party Management
5.3 yrs
Board of Directors Tenure
Average tenure and age of the CubeSmart board of directors in years:
- The tenure for the CubeSmart board of directors is about average.
Board of Directors
Marianne Keler
Chairman of the Board
$186K
63
1 yrs
Chris Marr
CEO, President & Trustee
$4M
53
5.3 yrs
Jeff Rogatz
$165K
56
8.3 yrs
John Fain
$176K
65
7 yrs
Deborah Salzberg
$174K
64
6 yrs
Jack Remondi
$156K
55
9.5 yrs
Piero Bussani
$154K
53
9.3 yrs
Dorothy Dowling
$157K
61
1.8 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess CubeSmart's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) CubeSmart has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
CUBE News
Simply Wall St News
If You Like EPS Growth Then Check Out CubeSmart (NYSE:CUBE) Before It's Too Late
In the age of tech-stock blue-sky investing, my choice may seem old fashioned; I still prefer profitable companies like CubeSmart (NYSE:CUBE). … Check out our latest analysis for CubeSmart CubeSmart's Earnings Per Share Are Growing. … You can't deny that CubeSmart has grown its earnings per share at a very impressive rate.
Simply Wall St - – Full articleCubeSmart (NYSE:CUBE): What We Can Expect From This Growth Stock
In December 2018, CubeSmart (NYSE:CUBE) released its earnings update. … with earnings expected to grow by -11% in the upcoming year … the higher past 5-year average growth rate of 43%
Simply Wall St - – Full articleShould You Be Impressed By CubeSmart's (NYSE:CUBE) ROE?
Our data shows CubeSmart has a return on equity of 9.3% for the last year. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.093 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleUpdate: CubeSmart Stock Gained72% In The Last Five Years
For example, the CubeSmart (NYSE:CUBE) share price is up 72% in the last 5 years, clearly besting than the market return of around 59%. … During five years of share price growth, CubeSmart achieved compound earnings per share (EPS) growth of 99% per year. … The EPS growth is more impressive than the yearly share price gain of 11% over the same period.
Simply Wall St - – Full articleDoes CubeSmart's (NYSE:CUBE) CEO Pay Reflect Performance?
Chris Marr became the CEO of CubeSmart (NYSE:CUBE) in 2014. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Chris Marr's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleInvesting In Property Through CubeSmart (NYSE:CUBE)
real estate investment trust (REIT) based in Malvern, United States. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way? … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities
Simply Wall St - – Full articleWhy CubeSmart (NYSE:CUBE) Could Have A Place In Your Portfolio
CubeSmart (NYSE:CUBE) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of CUBE, it
Simply Wall St - – Full articleIs CubeSmart's (NYSE:CUBE) CEO Salary Justified?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Chris Marr's Compensation Compare With Similar Sized Companies. … This would give shareholders a good impression of the company, since most similar size companies have to pay more, leaving less for shareholders.
Simply Wall St - – Full articleOne Metric To Rule Them All: CubeSmart (NYSE:CUBE)
real estate investment trust (REIT) based in Malvern, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.
Simply Wall St - – Full articleWill CubeSmart's (NYSE:CUBE) Earnings Grow In The Next 12 Months?
as a 3.4% rise in profits is expected in the upcoming year, … the higher past 5-year average growth rate of 50.6% … By 2019, we can expect CubeSmart’s bottom line to reach US$154.7m, a jump from the current trailing-twelve-month US$149.7m.
Simply Wall St - – Full articleCUBE Company Info
Description
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
Details
| Name: | CubeSmart |
| CUBE | |
| Exchange: | NYSE |
| Founded: | 2004 |
| $6,304,613,473 | |
| $6,268,549,351 | |
| 190,356,687 | |
| Website: | http://www.cubesmart.com |
| Address: |
CubeSmart 5 Old Lancaster Road, Malvern, Pennsylvania, 19355, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | CUBE | Common Shares | New York Stock Exchange | US | USD | 22. Oct 2004 | |
| DB | UK8 | Common Shares | Deutsche Boerse AG | DE | EUR | 22. Oct 2004 |
Number of employees
Current staff
Industry
| Specialized REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/22 05:48 |
| End of day share price update: | 2019/05/21 00:00 |
| Last estimates confirmation: | 2019/05/21 |
| Last earnings filing: | 2019/04/26 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
