CubeSmart has recently released its 10-Q report, providing a detailed insight into the company's financial condition and operations. CubeSmart is a self-administered and self-managed real estate investment trust, ranking as one of the top three owners and operators of self-storage properties in the United States, according to the 2025 Self-Storage Almanac. The company's 10-Q report offers a comprehensive overview of its business model, financial performance, and critical accounting policies.
In the Management’s Discussion and Analysis of Financial Condition and Results of Operations section, CubeSmart highlights its integrated self-storage real estate business, emphasizing in-house capabilities in design, development, acquisition, operation, leasing, and management of self-storage properties. As of June 30, 2025, CubeSmart owned 659 self-storage properties containing approximately 48.1 million rentable square feet and managed an additional 873 stores for third parties, bringing the total number of stores owned and/or managed to 1,532. The company's revenue is primarily derived from customers leasing self-storage space and fees earned from managing stores. CubeSmart's operating results are subject to seasonal fluctuations and are sensitive to changes in overall economic conditions that impact consumer spending and moving trends.
The company's focus remains on maximizing internal growth opportunities and selectively pursuing targeted acquisitions and developments of self-storage properties. CubeSmart operates as a single segment, owning, operating, developing, managing, and acquiring self-storage properties. The report also provides a summary of critical accounting policies and estimates, including the basis of presentation, self-storage properties, long-lived assets, investments in unconsolidated real estate ventures, and results of operations.
CubeSmart's unaudited consolidated financial statements include all of its accounts, majority-owned and/or controlled subsidiaries, and the consolidation of variable interest entities. The company records self-storage properties at cost less accumulated depreciation, and long-lived assets classified as "held for use" are reviewed for impairment when events or circumstances indicate potential impairment. Additionally, CubeSmart accounts for its investments in unconsolidated real estate ventures under the equity method of accounting, assessing for indicators of impairment on a periodic basis.
The 10-Q report also includes a discussion of the company's results of operations, emphasizing the same-store portfolio's significance in evaluating performance. As of June 30, 2025, CubeSmart owned 606 same-store properties and 53 non-same-store properties, and the report provides a detailed breakdown of revenues by state for the six months ended June 30, 2025.
The market has reacted to these announcements by moving the company's shares 2.54% to a price of $39.90. If you want to know more, read the company's complete 10-Q report here.
