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CubeSmart
CubeSmart
CubeSmart
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CubeSmart Headquarters, Malvern, PA

Key Information

CubeSmart is a real estate investment trust that invests in self storage facilities in the United States. As of December 31, 2024, it owned 631 self storage properties in 25 states and the District of Columbia containing 45.8 million rentable square feet.[1] It is the 3rd largest self storage company in the United States.[2]

The company was known as U-Store-It Trust until 2011.

History

[edit]

The company was founded in July 2004 as U-Store-It Trust.[1]

In October 2004, the company became a public company via an initial public offering.[3]

In December 2008, the company transferred its headquarters to Malvern, Pennsylvania.[4]

On September 14, 2011, the company changed its name to CubeSmart.[5]

In December 2021, the company acquired Storage West for $1.7 billion.[6]

References

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CubeSmart

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CubeSmart is a self-administered and self-managed (REIT) focused on the ownership, operation, acquisition, and development of self-storage properties across the . The company provides affordable and accessible storage solutions for residential and commercial customers, emphasizing customer service, innovative facility designs, and logistical support during life transitions or business needs. Headquartered in , CubeSmart trades on the under the CUBE. Founded in July 2004 as U-Store-It Trust, the company underwent a significant rebranding to CubeSmart in 2011 to reflect a modern approach to self-storage services. Under the leadership of CEO Christopher P. Marr since 2014, CubeSmart has expanded through strategic acquisitions and developments, establishing itself as a key player in the industry. As of September 30, 2025, it owns or manages 1,523 self-storage properties across the United States and Washington, D.C., positioning it as the third-largest owner and operator of self-storage facilities in the nation. The company's portfolio includes approximately 105 million net rentable square feet, catering to a diverse customer base that includes individuals seeking temporary storage and businesses requiring for , equipment, and records. CubeSmart's operations prioritize operational efficiency, with features like climate-controlled units, 24-hour access, and online reservation systems enhancing . Through third-party management services launched in 2010, it also supports independent facility owners, further broadening its influence in the self-storage sector.

History

Founding and initial public offering

CubeSmart traces its origins to U-Store-It Trust, which was formed in July 2004 in as a self-administered and self-managed (REIT) specializing in the ownership and operation of self-storage properties. The entity was established to consolidate and succeed the self-storage operations previously owned directly and indirectly by J. Amsdell, the company's Chairman and , along with his family members. This structure allowed U-Store-It to leverage the fragmented self-storage market, positioning it as a consolidated player in a sector ripe for professional management and growth. At its inception, U-Store-It's portfolio comprised approximately 202 self-storage facilities, encompassing around 155 properties from the Amsdell entities and additional acquisitions tied to the formation transactions. These facilities were concentrated primarily in the eastern and , including states such as , , , , and , with a total rentable square footage exceeding 13 million. The initial assets provided a stable base of revenue-generating properties, with occupancy rates averaging in the mid-80s percent as of mid-2004, reflecting steady in urban and suburban markets. U-Store-It completed its on October 27, 2004, listing on the under the ticker symbol "YSI." The IPO involved the sale of 28,750,000 common shares at $16 per share, yielding gross proceeds of $460 million. Net proceeds, after discounts and expenses, were allocated primarily to fund the acquisition of additional self-storage properties—such as the 42-facility Metro Storage portfolio for $184 million—and to repay outstanding debt from pre-IPO financing arrangements. This capital infusion enabled rapid portfolio enhancement while strengthening the balance sheet in the immediate post-formation phase. Post-IPO, U-Store-It encountered the vibrant yet competitive dynamics of the mid-2000s sector, fueled by a housing boom that boosted self-storage demand through heightened residential mobility and construction activity. However, the period also brought challenges, including rising interest rates that increased borrowing costs for REITs and a surge in new self-storage supply in response to the , which began to pressure occupancy and rental rates in select markets by 2006. These conditions tested the company's ability to maintain growth amid broader sector maturation. The trust was subsequently renamed CubeSmart in 2011.

Renaming and expansion

In December 2008, U-Store-It Trust relocated its headquarters from , , to , as part of efforts to centralize operations and facilitate national expansion. This move positioned the company closer to major East Coast markets and improved coordination across its growing portfolio of self-storage facilities. On September 14, 2011, the company announced and completed its from U-Store-It Trust to CubeSmart, with shares beginning to trade under the new ticker symbol "CUBE" on the on September 19. The sought to modernize the company's image, emphasizing innovative customer solutions and broader market appeal in the self-storage industry. During the 2010s, CubeSmart pursued by developing new facilities and converting existing properties, expanding its owned store count from 370 in 2011 to 543 by the end of 2020. This expansion included greenfield projects on undeveloped land and of underutilized structures to meet rising demand in urban and suburban areas. Strategic initiatives in this period focused on enhancing facility quality, with a majority of properties featuring climate-controlled units by mid-2011 to protect stored items from environmental fluctuations. CubeSmart also integrated technology for customer management, including online reservation systems and digital access controls, to streamline operations and improve user experience.

Key acquisitions and mergers

CubeSmart's most significant acquisition occurred in December 2021, when it completed the purchase of the Storage West platform from LAACO, Ltd. for approximately $1.7 billion. This deal added 59 self-storage properties, comprising over 4.7 million rentable square feet, located in seven western states: California (22 properties, primarily Southern California), Arizona (17, mainly Phoenix), Nevada (8, Las Vegas), Texas (6, Houston), Colorado (3, Denver), Oregon (2, Portland), and Washington (1, Seattle). The acquisition expanded CubeSmart's footprint into high-demand, supply-constrained markets with strong demographics and barriers to entry, bringing its total owned properties to 607 as of December 31, 2021. Post-acquisition integration involved incorporating the Storage West team into CubeSmart's operations and applying the company's established practices to the new assets. This included transitioning the properties to CubeSmart's branding and leveraging shared technology platforms for customer and facility operations, enabling consistent service delivery across the expanded portfolio. From 2022 to 2024, CubeSmart pursued smaller tuck-in acquisitions to further bolster its presence in urban and high-density markets. In 2022, it acquired three properties in , , and Georgia; in 2023, one property in ; and in 2024, 18 properties, including four direct acquisitions in , , and , plus an 85% interest in 14 properties through a in . These deals targeted areas with robust demand and limited new supply, such as Dallas-Fort Worth and the . By December 31, 2024, CubeSmart owned or partially owned and consolidated 631 self-storage properties across 25 states and the District of Columbia. In 2025, CubeSmart acquired the remaining 80% interest in the HVP IV , adding 28 properties and bringing the total owned or partially owned and consolidated properties to 660 as of September 30, 2025. Subsequent to that date, the company entered into contracts to acquire three additional properties in , , and . These acquisitions were strategically aimed at diversifying CubeSmart's geographic exposure and strengthening its competitive position, ultimately establishing it as one of the top three owners and operators of self-storage properties in the United States by 2024.

Operations

Properties and geographic presence

CubeSmart owns and operates 660 self-storage properties as of September 30, , encompassing a total of approximately 48.2 million rentable square feet. Including third-party managed sites, the company's portfolio extends to 1,523 facilities nationwide. These properties feature a mix of unit types, with climate-controlled storage available at most owned facilities, enabling protection for temperature-sensitive items such as , artwork, and documents. The facilities are strategically distributed across 25 states and , with a focus on high-population metropolitan areas to maximize accessibility and demand. Significant concentrations exist in regions like the Northeast (particularly New York-Northern , contributing approximately 23% of same-store net operating income), (15%), , and (13%), where and drive utilization. This geographic emphasis allows CubeSmart to serve diverse markets, from coastal urban centers to expanding suburban zones. Facility designs vary to accommodate different customer needs, blending multi-story urban structures in dense areas with single-level, drive-up suburban sites for easier access. The average size is approximately 73,000 square feet, balancing scale with . Key features include electronic gated entry systems and 24-hour video surveillance at many locations, enhancing security while providing flexible access hours, often extending to 6 a.m. to 10 p.m. daily, with select sites offering extended or round-the-clock entry.

Services and revenue model

CubeSmart's primary revenue source derives from the rental of self-storage units to both residential and commercial customers under flexible month-to-month leases. These rentals are priced based on factors such as unit size, location, and available amenities like climate control or drive-up access, with smaller units like 5x5 spaces typically starting at around $50 per month depending on market conditions. In addition to core rental income, the company generates ancillary revenue through optional services and fees, including storage protection plans ( add-ons), sales of packing supplies and moving materials, late charges, and administrative fees. These ancillary sources contribute approximately 11% of total revenue, enhancing overall profitability by addressing customers' logistical needs during moves or storage transitions. CubeSmart employs a strategy that leverages market data to adjust rental rates in response to levels—recently around 89%—and seasonal fluctuations, such as peaks during periods. This approach helps optimize revenue while maintaining competitive positioning in local markets. During the third quarter of 2025, the company added 46 stores to its third-party platform. The base primarily consists of residential users seeking storage for life events like moving, downsizing, or renovations, alongside commercial clients utilizing units for overflow, record keeping, or seasonal stock. A substantial portion of reservations and rentals—facilitated through the company's online platform—streamlines access for these segments, supporting efficient acquisition across its portfolio of 1,523 owned and managed .

Corporate affairs

Leadership and governance

CubeSmart's executive leadership is headed by Christopher P. Marr, who has served as since January 1, 2014, overseeing the company's overall strategy, operations, and growth initiatives. Prior to his CEO role, Marr held positions as President, , and at CubeSmart, bringing extensive experience from previous roles at Brandywine Realty Trust and Storage USA. As , Timothy M. Martin has led financial planning, capital allocation, and since November 2008, contributing to the company's fiscal discipline as a self-administered REIT. Key support roles include Jeffrey P. Foster, who has been Chief Legal Officer and Secretary since February 2009, managing legal compliance, , and activities. In a significant 2025 transition, Joel Keaton retired as on April 30 after over 30 years in the self-storage industry. This prompted promotions including Guy Middlebrooks to Executive Vice President of Operations and Amy Cross to Executive Vice President of , , and , both effective May 1, 2025. Middlebrooks, with 19 years at CubeSmart, now oversees field operations, third-party management, and store transitions, reporting directly to CEO Marr. The Board of Trustees comprises nine members, a majority of whom are independent, providing strategic oversight and ensuring alignment with shareholder interests. Notable independent trustees include Piero Bussani, who joined in February 2010 and, since October 2025, has served as Executive Vice President and Chief Legal Officer at , leveraging his prior expertise in real estate legal and risk management from roles at Blackstone and . The board operates through specialized committees, including the (chaired by members with financial expertise such as John W. Fain), the Compensation Committee (chaired by Dorothy Dowling), and the Nominating and Committee (chaired by Piero Bussani), which focus on financial oversight, executive pay, and director nominations, respectively. CubeSmart's governance practices emphasize ethical standards, risk management, and integration of environmental, social, and governance (ESG) principles, overseen by a cross-functional ESG committee established to drive initiatives like emissions reductions and diversity programs. As a (REIT), the company maintains compliance with requirements for asset distribution and operational structure, while adhering to listing standards through annual board reviews and policies like the Code of Business Conduct & Ethics.

Headquarters and workforce

CubeSmart's corporate headquarters is located at 5 Old Lancaster Road in , a facility spanning approximately 86,400 square feet. The company relocated its headquarters to this site in December 2008, transitioning from its previous base in to support expanded administrative, , and regional operations functions. This centralized location facilitates oversight of CubeSmart's nationwide self-storage portfolio, housing key teams responsible for strategic planning, finance, and operational coordination. As of December 31, 2024, CubeSmart employs approximately 3,104 individuals across its operations. The workforce is structured around regional districts that align with clusters of self-storage properties, enabling localized and efficient resource allocation; district managers, each with an average of over 18 years of multi-unit experience, oversee daily operations and teammate support in these areas. To maintain high standards, the company provides comprehensive programs, including a thorough process, more than 140 eLearning courses, specialized WOW! training, and initiatives focused on and compliance. CubeSmart emphasizes employee development and an inclusive culture through targeted initiatives, such as Women@CubeSmart, which offers networking and professional growth opportunities for female teammates to advance within the . As of December 31, 2023, 56% of employees were women, and the company promotes retention via performance-based incentives, including bonus programs available to all teammates and a matching plan.

Financial performance

Revenue and profitability

CubeSmart's full-year revenue reached $1.066 billion in 2024, marking an increase from $1.009 billion in 2022, primarily driven by same-store revenue growth and strategic acquisitions that expanded its portfolio of self-storage facilities. Net income attributable to common shareholders stood at $291 million in 2022, while in 2024, the company reported adjusted funds from operations (AFFO) per share of approximately $2.63, a REIT-specific metric that adjusts for non-cash items such as depreciation to better reflect operational cash flow. The company's expense structure highlights its operational efficiency as a REIT, with property operating expenses—covering maintenance, utilities, and related costs—accounting for about 30% of revenue, while general and administrative expenses represent roughly 6%. This results in net operating income (NOI) margins of around 70%, underscoring strong profitability from core self-storage operations before interest, taxes, and other corporate costs. Recent trends indicate continued revenue momentum, with third-quarter 2025 revenue rising $14.2 million year-over-year to $285.1 million and at $82.9 million; trailing twelve-month revenue through September 2025 totaled $1.108 billion. Property expansions have contributed to this scale by adding rentable square footage and enhancing market presence in key regions.

Stock and market position

CubeSmart has been publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol CUBE since September 19, 2011, following its rebranding from U-Store-It Trust, which previously traded under the symbol YSI. As of February 26, 2025, the company reported 227,880,222 common shares outstanding. The company maintains a consistent as a (REIT), distributing quarterly s to shareholders. In 2025, CubeSmart declared a quarterly of $0.52 per common share, resulting in an annualized of $2.08 and a yield of approximately 5.6% based on a stock price of $37.26 as of November 12, 2025. This yield reflects the company's focus on returning capital to investors while supporting ongoing operations through steady growth. CubeSmart holds a strong market position as the third-largest self-storage REIT in the United States by , estimated at $8.5 billion in November 2025, trailing only and . Investor metrics underscore its stability, with a beta of 0.69 indicating lower volatility relative to the broader market, and inclusion in key REIT indices such as the FTSE Nareit All REITs Index, where it ranks among the top constituents by weight.

References

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