CubeSmart (CUBE)

NYSEReal EstateReit - IndustrialSnapshot 2026-10-23

$40.16+0.02%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge CubeSmart’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.6%

+10% or more+5%0%−5%−10% or less

1.57 → 1.58 EPS · FY ending Dec 31, 2027 · 5 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 5; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	284.69M
EPS	—	0.398
Annual ending 2026-12-31
Revenue	—	1.13B
EPS	—	1.547
Annual ending 2027-12-31
Revenue	—	1.17B
EPS	—	1.58

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain EPS guidance between $1.55 and $1.63 for 2026	A primary condition in CubeSmart's published investment case. The stated target is >= $1.55 EPS for FY26.	Intact	EPS falls below $1.55 in FY26	Diluted EPS: $0.39 per share FY2026-Q2; GAAP. Published target: >= $1.55 EPS for FY26. Target period is not explicitly aligned with this observation. Source published Jul 31, 20260.39 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f970a1de-10a6-4e97-87ed-6d38f771fc29. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Grow funds from operations (FFO) per share to $2.6 in 2026	Funds from operations per share grow to about $2.6.	Intact	FFO per share falls below $2.52 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Achieve same-store net operating income growth near flat (up to 0.25%) in 2026	Same-store net operating income holds near flat, showing resilience.	Under Pressure	Same-store NOI growth falls below -1.75% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Same-store NOI declined 0.7% year over year in 2026-Q2. Guidance for 2026 same-store NOI growth ranges from -1.75% to 0.25%, indicating management expects a flat to slightly negative trajectory. The current financial reality shows limited progress toward positive same-store NOI growth. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$1.58

$1.50 → $1.58 · observed estimates

FY2027 revenue$1.17B

$1.17B → $1.17B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.50	$1,165,806,279	6 / 5
2026-07-25	$1.48	$1,183,411,670	5 / 7
2026-07-26	$1.50	$1,166,079,007	6 / 5
2026-07-27	$1.49	$1,183,840,240	5 / 7
2026-07-28	$1.49	$1,183,840,240	5 / 7
2026-07-29	$1.50	$1,166,079,007	6 / 5
2026-07-30	$1.49	$1,183,840,240	5 / 7
2026-07-31	$1.49	$1,183,852,100	5 / 7
2026-08-01	$1.50	$1,167,999,634	6 / 5
2026-08-02	$1.49	$1,183,852,100	5 / 7
2026-08-03	$1.50	$1,163,402,411	6 / 5
2026-08-04	$1.50	$1,163,402,411	6 / 5
2026-08-05	$1.49	$1,183,696,750	5 / 7
2026-08-06	$1.50	$1,163,402,411	6 / 5
2026-08-07	$1.50	$1,163,402,411	6 / 5
2026-08-08	$1.52	$1,181,553,890	5 / 7
2026-08-09	$1.52	$1,181,553,890	5 / 7
2026-08-10	$1.50	$1,163,402,411	6 / 5
2026-08-11	$1.50	$1,163,402,411	6 / 5
2026-08-12	$1.50	$1,163,402,411	6 / 5
2026-08-13	$1.50	$1,163,402,411	6 / 5
2026-08-14	$1.50	$1,163,402,411	6 / 5
2026-08-15	$1.50	$1,163,402,411	6 / 6
2026-08-16	$1.50	$1,163,402,411	6 / 6
2026-08-17	$1.50	$1,163,402,411	6 / 6
2026-08-18	$1.50	$1,163,402,411	6 / 6
2026-08-19	$1.50	$1,163,402,411	6 / 6
2026-08-20	$1.55	$1,160,149,136	7 / 6
2026-08-21	$1.55	$1,160,149,136	7 / 6
2026-08-22	$1.55	$1,160,149,136	7 / 6
2026-08-23	$1.55	$1,160,149,136	7 / 6
2026-08-24	$1.55	$1,160,149,136	7 / 6
2026-08-25	$1.55	$1,160,149,136	7 / 6
2026-08-26	$1.55	$1,160,149,136	7 / 6
2026-08-27	$1.55	$1,160,149,136	7 / 6
2026-08-28	$1.55	$1,160,149,136	7 / 6
2026-08-29	$1.55	$1,160,667,778	7 / 6
2026-08-30	$1.55	$1,160,667,778	7 / 6
2026-08-31	$1.55	$1,160,667,778	7 / 6
2026-09-01	$1.55	$1,160,940,603	7 / 6
2026-09-02	$1.55	$1,159,360,228	6 / 6
2026-09-03	$1.55	$1,159,360,228	6 / 6
2026-09-04	$1.55	$1,159,360,228	6 / 6
2026-09-05	$1.55	$1,159,360,228	6 / 6
2026-09-06	$1.55	$1,159,360,228	6 / 6
2026-09-07	$1.55	$1,159,360,228	6 / 6
2026-09-08	$1.55	$1,159,360,228	6 / 6
2026-09-09	$1.55	$1,159,360,228	6 / 6
2026-09-10	$1.55	$1,159,360,228	6 / 6
2026-09-11	$1.55	$1,159,360,228	6 / 6
2026-09-12	$1.55	$1,159,360,228	6 / 6
2026-09-13	$1.55	$1,159,360,228	6 / 6
2026-09-14	$1.55	$1,159,360,228	6 / 6
2026-09-15	$1.55	$1,159,360,228	6 / 6
2026-09-16	$1.55	$1,158,805,353	6 / 6
2026-09-17	$1.55	$1,158,805,353	6 / 6
2026-09-18	$1.55	$1,158,805,353	6 / 6
2026-09-19	$1.55	$1,158,805,353	6 / 6
2026-09-20	$1.56	$1,163,491,832	6 / 6
2026-09-21	$1.57	$1,163,889,403	6 / 6
2026-09-22	$1.57	$1,163,889,403	6 / 6
2026-09-23	$1.57	$1,163,889,403	6 / 6
2026-09-24	$1.57	$1,163,889,403	6 / 6
2026-09-25	$1.59	$1,163,889,403	6 / 6
2026-09-26	$1.59	$1,163,889,403	6 / 6
2026-09-27	$1.59	$1,163,889,403	6 / 6
2026-09-28	$1.59	$1,163,889,403	6 / 6
2026-09-29	$1.59	$1,163,889,403	6 / 6
2026-09-30	$1.59	$1,163,889,403	6 / 6
2026-10-01	$1.59	$1,163,889,403	6 / 6
2026-10-02	$1.59	$1,163,889,403	6 / 6
2026-10-03	$1.60	$1,168,178,228	6 / 6
2026-10-04	$1.60	$1,168,178,228	6 / 6
2026-10-05	$1.60	$1,168,178,228	6 / 6
2026-10-06	$1.60	$1,168,178,228	6 / 6
2026-10-07	$1.60	$1,168,178,228	6 / 6
2026-10-08	$1.60	$1,168,178,228	6 / 6
2026-10-09	$1.60	$1,168,178,228	6 / 6
2026-10-10	$1.60	$1,168,178,228	6 / 6
2026-10-11	$1.60	$1,168,178,228	6 / 6
2026-10-12	$1.60	$1,168,178,228	6 / 6
2026-10-13	$1.60	$1,168,178,228	6 / 6
2026-10-14	$1.60	$1,168,178,228	6 / 5
2026-10-15	$1.60	$1,168,178,228	5 / 5
2026-10-16	$1.60	$1,168,178,228	5 / 5
2026-10-17	$1.60	$1,168,178,228	5 / 5
2026-10-18	$1.60	$1,168,178,228	5 / 5
2026-10-19	$1.60	$1,168,178,228	5 / 5
2026-10-20	$1.60	$1,168,178,228	5 / 5
2026-10-21	$1.58	$1,165,808,133	5 / 5
2026-10-22	$1.58	$1,165,808,133	5 / 5
2026-10-23	$1.58	$1,165,808,133	5 / 5
2026-10-24	$1.58	$1,165,808,133	5 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	6	11
2026-06-01	6	11
2026-07-01	8	11
2026-08-01	8	10
2026-09-01	8	10
2026-10-01	8	10

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 8 Buy / Strong Buy · 10 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

UBSOct 16 · prior Jul 10

$43.00 → $38.00-11.6%

$0$23.65$47.30

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain EPS guidance between $1.55 and $1.63 for 2026Diluted EPS: $0.39 per share
Grow funds from operations (FFO) per share to $2.6 in 2026Direct metric needs a verified mapping
Achieve same-store net operating income growth near flat (up to 0.25%) in 2026Published status: Under Pressure

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-15.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

CubeSmart outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

CUBE is a real estate business with strong recent financial performance, but its near-term setup also reflects a sector headwind and moderate risk. The long-term thesis is intact, though progress is mixed: reported earnings have improved slightly while adjusted FFO per share and same-store NOI have not advanced.

What's priced into CubeSmart

The valuation is stretched, at a 1.28 premium to peers, with a modest expectations gap of 0.11 and medium model confidence. Fragility is rated low, but that does not remove the risk that a premium valuation leaves less room for weak execution.

What the fundamentals likely do

Management has kept 2026 diluted EPS guidance stable, and reported diluted EPS rose from $0.36 in 2025-Q2 to $0.39 in 2026-Q2. Adjusted FFO per diluted share slipped from $0.65 to $0.63, while same-store NOI fell 0.7% year over year and its 2026 guidance ranges from -1.75% to 0.25%. Recent earnings misses and a litigation filing add near-term risk, although the stated miss probability is low at 26%.

What CubeSmart hinges on

Over the next few quarters, the thesis depends on CUBE maintaining guidance and improving FFO per share and same-store NOI; a guidance cut would be a meaningful negative. Fed rate cuts could support rate-sensitive real estate, while continued earnings strength and higher guidance from sector bellwethers could help the sector backdrop.