10-K - CubeSmart | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

CubeSmart reported total revenues of $1.12 billion for FY 2025, representing a 5.3% increase from the prior year. Net income attributable to the company was $333.8 million, a 14.7% decrease from FY 2024. The company's revenue growth was primarily driven by acquisitions and new store openings, with rental income reaching $956.6 million and property-related income at $166.5 million. However, operating expenses increased by 10.6% to $674.2 million, and interest expense rose by 25.6% to $114.1 million due to higher average debt balances and interest rates. The company maintained strong operating cash flow of $608.5 million and ended the year with $6.64 billion in total assets. Key markets including New York (17% of revenue), Florida (14%), Texas (11%), and California (10%) contributed significantly to overall performance.

Key Takeaways

1Total revenues increased 5.3% to $1.12 billion in FY 2025

2Net income attributable to company decreased 14.7% to $333.8 million

3Operating cash flow remained strong at $608.5 million

4Interest expense increased 25.6% to $114.1 million due to higher rates

5Company owned 662 self-storage properties with 88.1% occupancy

Key Financial Metrics

EPS

$1.00

$1.00 prior year

Revenue

$1.12B

+5.3%

Net Income

$333.8M

-14.7%

free cash flow

$37.2M

operating margin

29.6%