CubeSmart Dossier
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SectorReal Estate IndustryREIT - Industrial Beta (adjusted)1.04 Intrinsic Value $39.03median of 1 methodbased on filings through 31 Mar 2026 Market Price $37.53Price as of 1 Oct 2026 Near fair valueIntrinsic value is 4% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $8.5B Enterprise Value $11.9B Shares Outstanding 228.2M diluted Next Earnings Date29 Oct 2026 Last ex-dividend1 Oct 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary CubeSmart's second-quarter results show an improving but incomplete operating recovery. Same-store revenue grew 0.8%, period-end occupancy reached 91.0%, and management raised the midpoint of revenue, NOI and adjusted-FFO guidance. Offsetting those gains, same-store expenses grew 4.4%, same-store NOI declined 0.7%, and adjusted FFO per share declined year over year to $0.63. The expanding third-party management platform, Heitman joint venture, enlarged revolving facility and share repurchases support long-term value creation, but expense pressure and financing costs constrain near-term conviction. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$40.00 Mean target$44.13 High · most bullish analyst$48.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $40.0020% Competition or weaker consumer demand interrupts pricing and occupancy progress while property taxes, personnel and maintenance expenses remain elevated. Same-store revenue growth falls below management's 0.50% guidance floor, same-store NOI declines by more than 1.00%, and adjusted FFO finishes below $2.54 per share. Higher debt balances or interest costs would add further pressure. Base CaseCentral scenario $44.1356% Matches the consensus meanOperating results remain broadly within management's updated 2026 ranges: same-store revenue growth of 0.50%-1.25%, same-store NOI growth of -1.00% to 0.25%, and adjusted FFO of $2.54-$2.60 per diluted share. Occupancy remains supportive, but operating-expense growth limits NOI expansion. Bull CaseUpside scenario $48.0024% Occupancy and new-customer pricing continue strengthening, same-store revenue growth moves toward or above the top of the 0.50%-1.25% guidance range, and expense growth moderates enough to produce positive same-store NOI growth. The Heitman joint venture closes as expected, releases capital and supports additional accretive repurchases or investments while the third-party management platform continues expanding. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |