REIT Report Card · August 15, 2026
CubeSmart is the smaller self-storage name, $9.4B, the smallest equity on this list. About $93.9 million of CUBE trades on an average day. A 5.11% indicated yield, 61.9% EBITDA margins, and 5.00x Net Debt / EBITDA. The multiple is about 18.3x.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | B | Tradable at normal sizes. The tape is not deep |
| Balance Sheet | B+ | A fair amount of debt, still in a range these names live with |
| Debt Service | A- | Interest is covered with a useful cushion |
| Operating Quality | A- | Strong operating profits |
| Cash Generation | A- | Good cash generation versus the current price |
| Dividend | B+ | Useful income, and coverage looks okay |
| Valuation | B | Priced fully, but not extreme |
| Recent Performance | B+ | Up over the past year, but not a huge move |
| Overall | B+ | The smaller storage name. The yield is why people look |
1. Valuation
EV / EBITDA asks what the whole firm costs per dollar of trailing EBITDA.
At about 18.3x EV / EBITDA, CUBE trades at a full but less extreme multiple.
Bottom line: Priced like a solid name. Disappointments still sting.
2. Leverage
For every $1 of annual EBITDA CUBE generates, it has about $5.00 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: CUBE uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 27% of CUBE's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: CUBE's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
CUBE generates about 5.70x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Interest looks well covered.
5. Operating Profitability
CUBE turns about 62 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
CUBE generated operating cash flow equal to about 6.4% of its current equity value.
For every $100 of current equity value, the company generated about $6.37 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 85% of CUBE's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers CUBE's annualized dividend about 1.25x.
CUBE generates roughly 1.25x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
CUBE screens more as an income REIT.
Put $10,000 into CUBE at the current indicated yield and you'd get about $511 a year if the dividend stays the same.
Bottom line: You can treat CUBE as an income holding if you also accept the coverage and sector risks that come with it.
10. Market Liquidity
About $93.9 million of CUBE stock changes hands on an average trading day.
Bottom line: Liquidity is fine for smaller positions, but large orders may take more time than they would in a mega-cap REIT.
If you put $10,000 into CUBE today, based on the numbers in this report:
CUBE has $3.54B of total debt against $0.01B of cash (5.00x net debt / EBITDA). Interest coverage of 5.7x makes that load easier to live with that load.
At 18.3x EV / EBITDA, this is a middle-of-the-range price versus the other names here.
OCF dividend coverage is 1.25x and the indicated yield is 5.11%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $93.9M, adequate, but thinner than the mega-cap REITs here.
CubeSmart is the small storage name: $9.4B of equity, 5.11% yield, 18.3x EV / EBITDA. No mega-cap premium, and no mega-cap volume either.
Interest coverage is 5.7x and the EBITDA margin is 61.9%. Those are fine storage results. Daily volume of about $93.9 million is why this is the smaller name.
18.3x EV / EBITDA, 5.00x leverage, 1.25x coverage, 5.1% yield. Storage income at the smallest size on this list. Coverage is okay, not fat.
| Metric | CUBE |
|---|---|
| Market Capitalization | $9.38B |
| Enterprise Value | $12.91B |
| Share Price | $41.48 |
| Revenue (TTM) | $1.14B |
| EBITDA (TTM) | $0.71B |
| EBIT (TTM) | $0.46B |
| Operating Cash Flow (TTM) | $0.60B |
| CapEx (TTM) | $0.12B |
| Cash | $0.01B |
| Total Debt | $3.54B |
| Average Daily $ Volume | $93.9M |
| Daily Equity Turnover | 1.00% |
| EV / EBITDA | 18.31x |
| EBITDA Yield on EV | 5.46% |
| EBITDA Margin | 61.86% |
| Net Debt / EBITDA | 5.00x |
| Net Debt / Market Cap | 37.59% |
| Net Debt / Enterprise Value | 27.31% |
| Debt / Total Capital | 27.40% |
| Cash / Debt | 0.40% |
| EV Premium to Equity | 37.63% |
| Operating Cash Flow Yield | 6.37% |
| OCF / EBITDA Conversion | 84.78% |
| CapEx / Operating Cash Flow | 19.35% |
| CapEx / Revenue | 10.15% |
| Post-CapEx Cash Yield | 5.14% |
| Dividend / OCF Burden | 0.80x |
| OCF Dividend Coverage | 1.25x |
| Implied Interest / Revenue | 10.86% |
| EBITDA Interest Coverage | 5.70x |
| Reported Interest Coverage (source) | 3.68x |
| Dividend Yield | 5.11% |
| 52-Week Price Change | +4.91% |
| Approx. 1-Year Total Carry | +10.02% |
| Beta (5Y) | 1.06 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/cube/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.