CubeSmart (CUBE) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of CubeSmart and Terreno Realty Corporation 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 TRNO
growth of $100 · dividends reinvested · last 10yCUBE vs TRNO: by the numbers
- •CUBE is the larger company ($8.65B vs $7.08B market cap).
- •TRNO converts more revenue to profit (77.27% vs 29.41% net margin).
- •TRNO grew revenue faster over the past five years (20.25% vs 8.94% CAGR).
- •CUBE pays the higher dividend yield (5.34% vs 3.19%).
Metrics side by side
Valuation
| Metric | CUBE | TRNO |
|---|---|---|
| P/E ratio | 26.35 | 17.91 |
| Forward P/E | 24.79 | 31.58 |
| P/S ratio | 7.61 | 14.09 |
| P/B ratio | 3.35 | 1.60 |
| EV / EBITDA | 17.30 | 24.25 |
| FCF yield | 6.16% | 2.62% |
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 Terreno Realty Corporation, 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 | TRNO |
|---|---|---|
| Gross margin | 17.42% | 75.84% |
| Operating margin | 39.85% | 41.42% |
| Net margin | 29.41% | 77.27% |
| ROE | 12.95% | 8.77% |
| ROIC | 6.88% | 3.65% |
Dividends
| Metric | CUBE | TRNO |
|---|---|---|
| Dividend yield | 5.34% | 3.19% |
| Payout ratio | 145.52% | 55.91% |
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.
Terreno Realty Corporation'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 | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 8.94% | 20.25% |
| EPS CAGR (5Y) | 11.43% | 35.52% |
| FCF CAGR (5Y) | 8.16% | 18.95% |
| Total return CAGR (5Y) | -1.49% | 2.24% |
Frequently asked
- Which has grown faster, CUBE or TRNO?
- Over the past five years, TRNO grew revenue faster — CUBE at a 8.94% CAGR versus TRNO at 20.25%.
- Does CUBE or TRNO pay a bigger dividend?
- CUBE yields 5.34% and TRNO yields 3.19% based on trailing dividends and the latest price.
- Is CUBE or TRNO more profitable?
- TRNO runs the higher net margin — CUBE at 29.41% versus TRNO at 77.27%.
- How have CUBE and TRNO total returns compared?
- Over the past 10 years, CUBE delivered 8.35% and TRNO delivered 12.30% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
CubeSmart & Terreno Realty 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.