CubeSmart (CUBE) vs First Industrial Realty Trust, Inc. (FR)
A side-by-side comparison of CubeSmart and First Industrial Realty Trust, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — CUBE vs FR
growth of $100 · dividends reinvested · last 10yCUBE vs FR: by the numbers
- •CUBE is the larger company ($8.73B vs $8.20B market cap).
- •FR converts more revenue to profit (47.96% vs 29.41% net margin).
- •FR grew revenue faster over the past five years (10.47% vs 8.94% CAGR).
- •CUBE pays the higher dividend yield (5.34% vs 3.08%).
Metrics side by side
Valuation
| Metric | CUBE | FR |
|---|---|---|
| P/E ratio | 26.59 | 22.59 |
| Forward P/E | 25.02 | 24.73 |
| P/S ratio | 7.68 | 10.80 |
| P/B ratio | 3.38 | 2.96 |
| EV / EBITDA | 17.42 | 21.05 |
| FCF yield | 6.10% | 5.00% |
For REITs like CubeSmart, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like First Industrial Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | CUBE | FR |
|---|---|---|
| Gross margin | 17.42% | 22.60% |
| Operating margin | 39.85% | 41.59% |
| Net margin | 29.41% | 47.96% |
| ROE | 12.95% | 13.12% |
| ROIC | 6.88% | 5.63% |
Dividends
| Metric | CUBE | FR |
|---|---|---|
| Dividend yield | 5.34% | 3.08% |
| Payout ratio | 145.52% | 68.98% |
CubeSmart's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
First Industrial Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | CUBE | FR |
|---|---|---|
| Revenue CAGR (5Y) | 8.94% | 10.47% |
| EPS CAGR (5Y) | 11.43% | 4.10% |
| FCF CAGR (5Y) | 8.16% | 7.52% |
| Total return CAGR (5Y) | -1.49% | 5.56% |
Frequently asked
- Which has grown faster, CUBE or FR?
- Over the past five years, FR grew revenue faster — CUBE at a 8.94% CAGR versus FR at 10.47%.
- Does CUBE or FR pay a bigger dividend?
- CUBE yields 5.34% and FR yields 3.08% based on trailing dividends and the latest price.
- Is CUBE or FR more profitable?
- FR runs the higher net margin — CUBE at 29.41% versus FR at 47.96%.
- How have CUBE and FR total returns compared?
- Over the past 10 years, CUBE delivered 8.35% and FR delivered 11.19% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
CubeSmart & First Industrial Realty Trust appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.