CubeSmart CUBE
CubeSmart is a publicly traded real estate investment trust specializing in Self-Storage properties.
Executive Summary: CubeSmart (CUBE) Institutional Rating
Quantitative Verdict: CubeSmart (CUBE) trades at an annualized dividend yield of 4.01% with an AFFO payout ratio of 74.2%, earning a Dividend Safety Score of 92 / 100 (Very Safe). The stock currently trades at a 8.2% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $43.77, backed by an institutional portfolio of 150 commercial properties operating at 92.8% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
CubeSmart operates as a Operationally Intensive in the Self-Storage real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 92.8%.
Labor & Overhead Efficiency
- • Total Global Employees: 3,121
- • Estimated Market Cap: $9.10 B
- • Capital Per Employee: $2.92M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $56.80 | +29.8% | $40.16 | Undervalued |
| 5.54% | $51.67 | +18.0% | $40.16 | Undervalued |
| 6.04% | $47.39 | +8.3% | $40.16 | Undervalued |
| 6.54% Base Case | $43.77 | 0.0% | $40.16 | Undervalued |
| 7.04% | $40.66 | -7.1% | $40.16 | Undervalued |
| 7.54% | $37.96 | -13.3% | $40.16 | Overvalued |
| 8.04% | $35.60 | -18.7% | $40.16 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.4025 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| CubeSmart Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 92.8% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: CUBE vs Peers
Institutional CompsDirect peer benchmark comparing CubeSmart against its top competitors in the Self-Storage industry.
| Metric | CUBE (Current) | PSA | EXR | SMA |
|---|---|---|---|---|
| Share Price | $40.16 | $309.89 | $143.41 | $35.64 |
| Dividend Yield | 4.01% | 3.87% | 4.52% | 4.01% |
| Dividend Safety Score | 92 / 100 | 93 / 100 | 90 / 100 | 92 / 100 |
| Price / AFFO Multiple | 18.5x | 18.56x | 17.81x | 18.47x |
| NAV Premium / Discount | -8.2% | -10.2% | -16.6% | -8.3% |
| Portfolio Occupancy | 92.8% | 92.4% | 93.6% | 92.8% |
| Commercial Properties | 150 | 3,050 | 3,700 | 150 |
Browse All Related Sector REIT Profiles:
Frequently Asked Questions (CUBE FAQ)
CubeSmart (CUBE) currently pays an annualized dividend of $1.61 per share, representing an annualized dividend yield of 4.01%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 74.2%, earning a Dividend Safety Score of 92/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, CubeSmart's consensus base NAV is $43.77 per share. Trading at $40.16, the stock reflects an implied market cap rate of 6.54% and trades at a 8.2% discount to NAV (undervalued).
CubeSmart owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 92.8% with a weighted average lease term (WALT) of 6.5 years.
CubeSmart currently trades at a Price / AFFO multiple of 18.5x based on forward AFFO per share of $2.17. Its Price / FFO multiple stands at 17.2x against forward FFO per share of $2.34.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Christopher P. Marr. Total annual reported compensation was $6,150,000, reflecting a CEO-to-median-worker pay ratio of 132:1.
CubeSmart maintains a Net Debt-to-EBITDA ratio of 4.3x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.