2 models fit CubeSmart Common Shares and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze50
Valued as a REIT (property company): Price to FFO, Dividend discount, and EV/EBITDA comparison.
ACCE opinionCubeSmart Common Shares (CUBE)
Fair value (2 models)
$23.14
ACCE price target
$36.90
Rating
Overvalued
Horizon
12 months
Fair value published on 14 Oct 2026, 00:00 CEST; previously $23.85 since 9 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 15:05 CEST.
Price used: $40.16 at the close on 23 Oct 2026, 22:00 CEST.
Models: Dividend discount, EV/EBITDA comparison, and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
73.6% above
-42.4% to fair value
ACCE score
57
out of 100
Analysts
44% buy
18 covering
P/E
27.5x
forward 25.3x
1-year return
-4.2%
Dividend yield
5.28%
CubeSmart Common Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
CubeSmart (CUBE) owns and operates self-storage facilities, leasing units to residential and small-business tenants across the U.S., and it earns a 41.1% operating margin on revenue that is growing only 1.5%. That margin reflects a portfolio of properties with low operating costs and sticky month-to-month tenancy, which is the core of the moat: storage demand is recurring and hard to displace on short notice. Growth is the weak point, with revenue up just 1.5% and the stock trading at 25.9 times trailing earnings and 24.4 times forward earnings, a multiple that asks for a pickup in same-store rent growth to justify the price. The company scores 53/100 on our model and carries no index membership, so the case for a closer look rests on whether housing-linked demand and pricing power can re-accelerate top-line growth from here. A 12.0% return on equity is respectable for a REIT but not exceptional, so the work ahead is a deeper check on occupancy trends and rate growth before the margin profile can be credited with more than defensive value.