CubeSmart (CUBE) Balance Sheet
CUBE balance sheet, 2025
December 31, 2025 · U.S. dollars$6.64B assets = $3.86B liabilities + $2.78B equity
Both columns are drawn to the same scale: what CUBE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CUBE financial health
Descriptive bands, not a rating. Fiscal 2025.
CUBE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.48B2016 | $6.64B2025 | +7.5%/yr | |
| Total liabilities | $1.76B2016 | $3.86B2025 | +9.1%/yr | |
| Shareholders’ equity | $1.66B2016 | $2.72B2025 | +5.7%/yr | |
| Cash & short-term investments | $3.0M2016 | $5.8M2025 | +7.7%/yr | |
| Total debt | $1.60B2016 | $3.53B2025 | +9.2%/yr | |
| Net cash (debt) | −$1.59B2016 | −$3.53B2025 | −$1.9B | |
| Working capital | −$176.4M2016 | −$301.8M2025 | −$125.4M | |
| Book value per share | $9.222016 | $11.872025 | +2.8%/yr | |
| Current ratio | 0.152016 | 0.132025 | −0.02 | |
| Debt / equity | 0.962016 | 1.302025 | +0.34 | |
| Shares outstanding | 179.5M2016 | 229.2M2025 | +2.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CUBE assets
CUBE liabilities and equity
CUBE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CUBE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.8M | $71.6M | $6.5M | $6.1M | $11.1M | $3.6M | $54.9M | $3.8M | $5.3M | $3.0M |
| Cash & equivalents | $5.8M | $71.6M | $6.5M | $6.1M | $11.1M | $3.6M | $54.9M | $3.8M | $5.3M | $3.0M |
| Short-term investments | — | — | — | — | $119.8M | — | — | $5.0M | $3.9M | $7.9M |
| Receivables | $33.9M | $40.5M | $33.2M | $30.0M | $23.6M | $19.0M | $16.8M | $16.3M | $13.0M | $7.8M |
| Inventory | $0 | $0 | −$60.0M | −$95.8M | $60.3M | $8.9M | $62.0M | −$22.1M | $13.0M | $1 |
| Other current assets | $4.5M | $84.9M | $134.8M | $168.1M | $61.8M | $19.9M | $0 | $40.4M | $6.3M | $19.3M |
| Total current assets | $44.1M | $197.0M | $114.5M | $108.4M | $156.8M | $51.4M | $58.4M | $38.3M | $37.6M | $30.1M |
| Property, plant & equipment (net) | $48.4M | $49.4M | $50.5M | $49.5M | $54.7M | $55.3M | $41.7M | $3.60B | $3.41B | $3.33B |
| Goodwill & intangible assets | $7.8M | $10.3M | $1.8M | $1.2M | $108.8M | $57.8M | $10.3M | $8.1M | $1.7M | $8.3M |
| Long-term investments | $74.0M | $92.0M | $98.3M | $106.0M | $119.8M | $92.1M | $91.1M | $95.8M | $91.2M | $98.7M |
| Other non-current assets | $6.47B | $6.05B | $5.96B | $6.06B | $6.11B | $4.52B | $3.83B | $9.8M | $6.0M | $11.2M |
| Total assets | $6.64B | $6.39B | $6.23B | $6.33B | $6.55B | $4.78B | $4.03B | $3.75B | $3.55B | $3.48B |
| Liabilities | ||||||||||
| Accounts payable | $229.7M | $229.6M | $201.4M | $214.4M | $200.0M | $159.1M | $137.9M | $149.9M | $143.3M | $93.8M |
| Short-term debt | $345.9M | $305.9M | $18.1M | $60.9M | $209.9M | $117.8M | $1.93B | $195.5M | $81.7M | $43.3M |
| Deferred revenue | $41.6M | $38.9M | $38.5M | $38.8M | $37.1M | $29.1M | $25.3M | $22.6M | $21.5M | $20.2M |
| Total current liabilities | $345.9M | $388.1M | $373.8M | $427.0M | $546.9M | $374.3M | $227.9M | $428.7M | $301.9M | $206.5M |
| Long-term debt | $3.02B | $2.99B | $2.90B | $2.94B | $2.94B | $2.25B | $1.93B | $1.55B | $1.55B | $1.55B |
| Lease obligations | $65.6M | $65.7M | $65.7M | $65.8M | $65.8M | $65.6M | — | — | — | — |
| Other long-term liabilities | $491.2M | $65.7M | $65.7M | $65.8M | $66.9M | $66.7M | $475,000 | $474,000 | $486,000 | $412,000 |
| Total liabilities | $3.86B | $3.44B | $3.34B | $3.43B | $3.55B | $2.69B | $2.16B | $1.98B | $1.86B | $1.76B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.3M | $2.3M | $2.2M | $2.2M | $2.2M | $2.0M | $1.9M | $1.9M | $2.36B | $2.32B |
| Retained earnings (deficit) | −$1.59B | −$1.42B | −$1.35B | −$1.30B | −$1.22B | −$974.8M | −$876.6M | −$791.9M | −$729.3M | −$658.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$249,000 | −$330,000 | −$411,000 | −$491,000 | −$570,000 | −$632,000 | −$729,000 | −$1.0M | $3,000 | −$1.9M |
| Minority interest | $62.6M | $82.0M | $82.0M | $14.2M | $18.6M | $8.6M | $8.0M | $6.8M | $6.2M | $5.9M |
| Total shareholders' equity | $2.72B | $2.87B | $2.80B | $2.83B | $2.87B | $1.83B | $1.87B | $1.71B | $1.63B | $1.66B |
| Key figures | ||||||||||
| Total debt | $3.53B | $3.05B | $2.99B | $3.06B | $3.21B | $2.43B | $1.93B | $1.75B | $1.63B | $1.60B |
| Net cash (debt) | −$3.53B | −$2.98B | −$2.98B | −$3.06B | −$3.20B | −$2.43B | −$1.88B | −$1.74B | −$1.63B | −$1.59B |
| Working capital | −$301.8M | −$191.1M | −$259.3M | −$318.6M | −$390.2M | −$323.0M | −$169.4M | −$390.4M | −$264.3M | −$176.4M |
| Tangible book value | $2.71B | $2.86B | $2.80B | $2.83B | $2.76B | $1.77B | $1.86B | $1.70B | $1.63B | $1.65B |
| Book value per share | $11.87 | $12.64 | $12.37 | $12.51 | $14.01 | $9.40 | $9.76 | $9.22 | $8.98 | $9.22 |
| Shares outstanding | 229.2M | 227.2M | 226.2M | 225.9M | 205.0M | 194.9M | 191.6M | 185.5M | 181.4M | 179.5M |
| Current ratio | 0.13 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.26 | 0.09 | 0.12 | 0.15 |
| Quick ratio | 0.11 | 0.29 | 0.11 | 0.08 | 0.06 | 0.06 | 0.31 | 0.05 | 0.06 | 0.05 |
| Debt / equity | 1.30 | 1.06 | 1.07 | 1.08 | 1.12 | 1.33 | 1.03 | 1.02 | 1.00 | 0.96 |
| Equity / assets | 40.9% | 44.9% | 45.0% | 44.7% | 43.9% | 38.3% | 46.4% | 45.6% | 46.0% | 47.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $14.3M | $7.3M | $5.8M | $108.4M | $8.7M | $10.8M | $71.6M | $43.5M | $5.7M | $5.6M | $6.5M | $8.0M |
| Cash & equivalents | $14.3M | $7.3M | $5.8M | $108.4M | $8.7M | $10.8M | $71.6M | $43.5M | $5.7M | $5.6M | $6.5M | $8.0M |
| Receivables | $36.2M | $33.5M | $33.9M | $33.3M | $39.6M | $33.8M | $40.5M | $35.3M | $40.4M | $34.1M | $33.2M | $31.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$64.5M | $110.0M | $0 | $0 | $11.8M |
| Other current assets | $2.3M | $82.0M | $4.5M | $90.6M | $88.1M | $79.0M | $84.9M | $147.4M | $0 | $72.1M | $74.8M | $63.5M |
| Total current assets | $52.8M | $122.8M | $44.1M | $232.4M | $136.4M | $123.5M | $197.0M | $161.8M | $116.8M | $111.8M | $114.5M | $115.2M |
| Property, plant & equipment (net) | $46.7M | $48.2M | $48.4M | $48.7M | $48.9M | $49.2M | $49.4M | $49.7M | $49.9M | $50.2M | $50.5M | $50.1M |
| Goodwill & intangible assets | $1.1M | $1.8M | $7.8M | $15.2M | $26.0M | $36.8M | $10.3M | $617,000 | $1.3M | $2.0M | $1.8M | $0 |
| Long-term investments | $73.5M | $74.9M | $74.0M | $74.3M | $74.6M | $76.0M | $92.0M | $92.2M | $94.1M | $96.2M | $98.3M | $99.7M |
| Other non-current assets | $6.41B | $6.35B | $6.47B | $6.39B | $6.42B | $6.45B | $6.05B | $5.89B | $5.92B | $5.95B | $5.96B | $5.97B |
| Total assets | $6.58B | $6.60B | $6.64B | $6.76B | $6.71B | $6.74B | $6.39B | $6.19B | $6.18B | $6.21B | $6.23B | $6.23B |
| Liabilities | ||||||||||||
| Accounts payable | $241.8M | $224.5M | $229.7M | $246.2M | $237.4M | $220.3M | $229.6M | $223.5M | $230.3M | $202.8M | $201.4M | $222.1M |
| Short-term debt | $340.4M | $415.1M | $345.9M | $300.3M | $366.3M | $382.4M | $305.9M | $240,000 | $10.6M | $18.4M | $18.1M | $15.2M |
| Deferred revenue | $43.9M | $42.7M | $41.6M | $42.7M | $43.2M | $42.3M | $38.9M | $39.8M | $40.6M | $39.3M | $38.5M | $40.2M |
| Total current liabilities | $340.4M | $803.4M | $345.9M | $408.6M | $766.6M | $764.7M | $388.1M | $379.7M | $397.5M | $376.4M | $373.8M | $388.7M |
| Long-term debt | $3.03B | $3.02B | $3.02B | $3.43B | $2.99B | $2.99B | $2.99B | $2.87B | $2.87B | $2.90B | $2.90B | $2.90B |
| Lease obligations | $65.5M | $65.5M | $65.6M | $65.6M | $65.6M | $65.6M | $65.7M | $65.7M | $65.7M | $65.7M | $65.7M | $65.7M |
| Other long-term liabilities | $582.3M | $65.5M | $491.2M | $65.6M | $65.6M | $65.6M | $65.7M | $65.7M | $65.7M | $65.7M | $65.7M | $66.8M |
| Total liabilities | $3.95B | $3.89B | $3.86B | $3.90B | $3.82B | $3.82B | $3.44B | $3.32B | $3.34B | $3.35B | $3.34B | $3.36B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.2M | $2.2M | $2.2M |
| Retained earnings (deficit) | −$1.73B | −$1.66B | −$1.59B | −$1.52B | −$1.48B | −$1.45B | −$1.42B | −$1.41B | −$1.39B | −$1.36B | −$1.35B | −$1.33B |
| Accumulated other comprehensive income | −$209,000 | −$229,000 | −$249,000 | −$270,000 | −$290,000 | −$310,000 | −$330,000 | −$351,000 | −$371,000 | −$391,000 | −$411,000 | −$431,000 |
| Minority interest | $57.8M | $55.4M | $62.6M | $72.8M | $75.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.58B | $2.65B | $2.72B | $2.78B | $2.81B | $2.84B | $2.87B | $2.79B | $2.77B | $2.78B | $2.80B | $2.81B |
| Key figures | ||||||||||||
| Total debt | $3.54B | $3.51B | $3.53B | $3.49B | $3.42B | $3.44B | $3.05B | $2.94B | $2.95B | $2.99B | $2.99B | $2.99B |
| Net cash (debt) | −$3.53B | −$3.50B | −$3.53B | −$3.39B | −$3.41B | −$3.42B | −$2.98B | −$2.90B | −$2.94B | −$2.98B | −$2.98B | −$2.98B |
| Working capital | −$287.6M | −$680.6M | −$301.8M | −$176.2M | −$630.2M | −$641.1M | −$191.1M | −$217.9M | −$280.7M | −$264.6M | −$259.3M | −$273.5M |
| Tangible book value | $2.58B | $2.65B | $2.71B | $2.77B | $2.79B | $2.81B | $2.86B | $2.78B | $2.77B | $2.78B | $2.80B | $2.81B |
| Book value per share | $11.30 | $11.61 | $11.87 | $12.14 | $12.27 | $12.41 | $12.57 | $12.26 | $12.22 | $12.28 | $12.37 | $12.41 |
| Shares outstanding | 228.2M | 228.2M | 229.2M | 229.2M | 229.3M | 229.2M | 228.4M | 227.1M | 226.6M | 226.6M | 226.2M | 226.2M |
| Current ratio | 0.15 | 0.15 | 0.13 | 0.57 | 0.18 | 0.16 | 0.51 | 0.43 | 0.29 | 0.30 | 0.31 | 0.30 |
| Quick ratio | 0.15 | 0.05 | 0.11 | 0.35 | 0.06 | 0.06 | 0.29 | 0.21 | 0.12 | 0.11 | 0.11 | 0.10 |
| Debt / equity | 1.37 | 1.32 | 1.30 | 1.26 | 1.22 | 1.21 | 1.06 | 1.06 | 1.07 | 1.07 | 1.07 | 1.06 |
| Equity / assets | 39.2% | 40.2% | 40.9% | 41.2% | 41.9% | 42.2% | 44.9% | 45.0% | 44.8% | 44.8% | 45.0% | 45.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
CUBE financial position
At the end of fiscal 2025 (December 31, 2025), CubeSmart had total assets of $6.6 billion (up 3.9% from a year earlier), total liabilities of $3.9 billion and shareholders' equity of $2.7 billion. It held $5.8 million in cash and short-term investments against $3.5 billion of debt, net debt of $3.5 billion. Its current ratio was 0.13. In the latest quarter (ended June 30, 2026) total assets were $6.6 billion and equity $2.6 billion.
Related: CUBE income statement, CUBE cash flow statement, CUBE key metrics. See the CUBE stock overview for the latest quote and news.
CUBE balance sheet FAQ
What are CubeSmart's total assets?
CubeSmart reported total assets of $6.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.4 billion a year earlier.
How much debt does CubeSmart have?
CubeSmart had $3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.30.
How much cash does CubeSmart have?
CubeSmart held $5.8 million in cash and short-term investments at the end of fiscal 2025; with $3.5 billion of debt that is net debt of $3.5 billion.
What is CubeSmart's book value?
CubeSmart's shareholders' equity (book value) was $2.7 billion at the end of fiscal 2025, or $11.87 per share.
What is CubeSmart's current ratio?
CubeSmart had current assets of $44.1 million and current liabilities of $345.9 million, a current ratio of 0.13 (current liabilities exceed current assets).
How much goodwill does CubeSmart have?
CubeSmart carried $7.8 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.