• CubeSmart average gross margin for 2023 was 71.56%, a 1.53% decline from 2022.
• CubeSmart average gross margin for 2022 was 70.48%, a 3.4% increase from 2021.
• CubeSmart average gross margin for 2021 was 68.16%, a 2.17% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.