CUBE vs. SPG: CubeSmart vs. Simon Property Stock Comparison

Company Profile

CubeSmart (CUBE) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but CUBE is classified in Specialized REITs while SPG is classified in Retail REITs.

Both CubeSmart (CUBE) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Both companies show strong equity returns, but Simon Property (SPG) at 129.35% is the standout with ROE above its industry range; CubeSmart (CUBE) at 12.78% also sits in the top quartile.

Neither CubeSmart (CUBE) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.

Neither side reports a meaningful operating margin: for CubeSmart (CUBE) in Equity Real Estate Investment Trusts (REITs) and Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Growth

Both CubeSmart (CUBE) at 5.33% and Simon Property (SPG) at 6.72% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

EPS growth isn't a meaningful figure for either CubeSmart (CUBE) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Both CubeSmart (CUBE) at 0.17 and Simon Property (SPG) at 0.39 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

CubeSmart (CUBE) at 1.42 is near its industry mid-range for debt-to-equity ratio, while Simon Property (SPG) at 5.67 sits above its benchmark range, pointing to a heavier debt load relative to equity.

Financial Strength Metrics

Dividends

CubeSmart (CUBE) at 4.67% pays a yield in its industry’s typical range, while Simon Property (SPG) at 0.97% falls in the bottom quartile of its peers.

An earnings-based payout ratio fits neither CubeSmart (CUBE) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.

Dividend Metrics

Valuation

P/E ratio is not a meaningful valuation yardstick for either CubeSmart (CUBE) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

Both CubeSmart (CUBE) at 8.80 and Simon Property (SPG) at 12.09 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.

Both look rich against book: CubeSmart (CUBE) at 4.06 sits in the upper P/B ratio quartile, and Simon Property (SPG) at 19.38 prices even higher, above its industry range.

Valuation Metrics