Here are 1-3 brief analogies to describe CubeSmart:

• Marriott for storage units.
• Hilton for your extra belongings.

• Self-Storage Unit Rentals: Providing secure, individual storage spaces of various sizes for rent to residential and commercial customers.
• Third-Party Property Management: Offering comprehensive management services, including operations, marketing, and administrative support, for self-storage properties owned by others.

CubeSmart (symbol: CUBE) operates as a real estate investment trust (REIT) that owns, operates, manages, and develops self-storage properties. Given the nature of its business, CubeSmart primarily sells its services directly to individuals and small businesses, rather than to other large corporate entities.

The company's customer base can be broadly categorized into the following groups:

• Residential Customers: This is the largest segment, comprising individuals and families. These customers typically use self-storage during life transitions such as moving, downsizing, home renovations, or decluttering. They also store seasonal items, recreational equipment, valuable possessions, or items during major life events like marriage, divorce, or inheritance.
• Small Business & Commercial Customers: This category includes a wide range of small businesses, entrepreneurs, contractors, e-commerce sellers, and professional service providers (e.g., legal or medical offices). They utilize storage units for inventory management, equipment storage, tools, documents, archives, or samples. For many small businesses, self-storage offers a flexible and cost-effective alternative to traditional warehouse space.
• Students & Military Personnel: This segment comprises individuals who require temporary storage solutions. Students often need storage during summer breaks, study abroad programs, or when transitioning between housing. Military personnel frequently use self-storage during deployments, relocations, or when stationed in temporary housing.

Christopher P. Marr, President and Chief Executive Officer

Mr. Marr has served as Chief Executive Officer of CubeSmart since January 1, 2014, and joined the company in 2006 as Chief Financial Officer and Treasurer. Prior to joining CubeSmart, he was the Senior Vice President and Chief Financial Officer of Brandywine Realty Trust, a publicly-traded office REIT, from 2002 to 2006. Mr. Marr also previously served as Chief Financial Officer of Storage USA, Inc., a publicly-traded self-storage REIT, from 1998 to 2002, and was involved in the sale of Storage USA to a unit of General Electric Co. He currently serves on the board of STAG Industrial, Inc., a publicly-traded industrial REIT, and is a member of the National Association of Real Estate Investment Trusts' Executive Board.

Timothy M. Martin, Chief Financial Officer

Mr. Martin has been Chief Financial Officer of CubeSmart since November 2008. He joined CubeSmart in December 2006, initially serving as Senior Vice President and Chief Accounting Officer. Before CubeSmart, Mr. Martin was employed by Brandywine Realty Trust from 1997 to 2006, holding various positions including Vice President, Finance and Treasurer, and Chief Accounting Officer. He began his career at Arthur Andersen, LLP's Philadelphia office, specializing in real estate.

Jeffrey P. Foster, Chief Legal Officer and Secretary

Mr. Foster has served as Chief Legal Officer and Secretary for CubeSmart since February 2009. Prior to joining CubeSmart, he was Senior Vice President and Associate General Counsel of Gramercy Realty (formerly American Financial Realty Trust), a publicly traded office REIT, from 2003 to 2009. He was an associate with Morgan, Lewis & Bockius, LLP from 1999 to 2003.

Amy Cross, Executive Vice President, Technology, Data Science, and Marketing

Ms. Cross was promoted to Executive Vice President, Technology, Data Science, and Marketing in January 2025. She has been with CubeSmart for six years, previously serving as Senior Vice President, Information Technology and Revenue Management. During her tenure, she has been instrumental in transforming CubeSmart’s IT function and evolving its data-driven operational platform. Before joining CubeSmart, Ms. Cross was Vice President of Digital Technology and Strategy at Aramark.

Guy Middlebrooks, Executive Vice President, Operations

Mr. Middlebrooks was promoted to Executive Vice President, Operations in January 2025. He has been with CubeSmart for 19 years and previously served as Senior Vice President, Third Party Management, where he was crucial in expanding CubeSmart's managed portfolio. His prior roles at the company also include District Manager and Director of Operations.

Key Risks to CubeSmart (CUBE)

1. Financial Leverage and Interest Rate Sensitivity: CubeSmart faces significant risks due to its elevated financial leverage, with a net debt to EBITDA ratio considerably higher than the market average. As a real estate investment trust (REIT), the company is particularly sensitive to fluctuations in interest rates, which can impact its cost of capital, the difficulty of refinancing existing debt, and overall stock valuation. Rising interest rates could make servicing or refinancing debt more challenging.
2. Oversupply in Select Markets: The self-storage industry is vulnerable to oversupply in certain geographical markets, notably "hot spots" like Phoenix and Austin. High levels of new self-storage construction, sometimes representing 4% to 6% of total inventory, can lead to increased competition, subsequently undercutting rental rates and reducing occupancy levels.
3. Economic Downturn and Muted Demand: Adverse economic conditions, including recessions or sustained periods of elevated mortgage rates, pose a risk to CubeSmart's business. Such conditions can lead to reduced demand for self-storage services as individuals and businesses cut back on expenses, thereby pressuring occupancy rates and the company's pricing power. Elevated mortgage rates are projected to contribute to "relatively muted" demand for self-storage in 2026.

The clear emerging threat for CubeSmart is the rise and expansion of on-demand and valet storage services. Companies such as Clutter and MakeSpace offer a service where items are picked up from a customer's location, transported to a centralized warehouse, cataloged, and then delivered back upon request. This model directly competes with traditional self-storage by offering a higher level of convenience, eliminating the need for customers to transport items themselves or visit a storage facility. While not entirely new, these services are expanding their reach and market penetration, particularly in urban and high-density areas, attracting customers who prioritize convenience and a seamless experience over physical access to a unit. This emerging model poses a threat by potentially drawing away a segment of CubeSmart's customer base, especially those with smaller storage needs or those seeking a white-glove service.

CubeSmart's main product and service is self-storage, which includes offering affordable, easily accessible, and often climate-controlled storage spaces for both residential and commercial customers. The company also provides various related services such as moving truck rentals, labor assistance, and the sale of packing supplies.

The addressable market for CubeSmart's self-storage services is the United States self-storage market. This market is substantial, with varying estimates for its size:

• In 2025, the U.S. self-storage market was valued at approximately USD 45.41 billion and is projected to reach USD 57.53 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.85%.
• Other estimates place the U.S. self-storage market size at around USD 30.6 billion in 2025, with a projection to reach USD 35.8 billion by 2034 at a CAGR of 1.73%.
• Another report indicated the U.S. self-storage market was valued at USD 21.75 billion in 2024 and is expected to grow to approximately USD 39.31 billion by 2034, with a CAGR of 6.10% from 2025 to 2034.
• The overall self-storage industry in the U.S. was valued between USD 44.3 billion in 2024 according to the Self-Storage Almanac. It is also reported to be valued at USD 63.98 billion in 2025, with a projection to reach USD 107.36 billion by 2034 at a CAGR of 5.92%.

CubeSmart (CUBE) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Diminishing New Supply Headwinds and Constructive Pricing Environment: CubeSmart anticipates a more favorable operating environment as headwinds from new self-storage supply lessen, leading to a more constructive pricing environment. CEO Christopher Marr highlighted "diminishing headwinds from new supply" and a "more constructive pricing environment during our busy rental season" as factors contributing to a solid third quarter in 2025 and an improved outlook for 2026. Management expects a slower pace of new supply development due to elevated costs and lender caution.
2. Stabilizing and Improving Customer Key Performance Indicators (KPIs) and Occupancy: The company has observed stabilizing customer metrics, including positive year-over-year move-in rates for the first time since the first quarter of 2022. The year-over-year same-store occupancy gap has also shown signs of narrowing, indicating improved demand and utilization of existing properties. These trends suggest a healthier demand environment, which can support occupancy gains and pricing power.
3. Expansion of the Third-Party Management Platform: CubeSmart continues to grow its third-party management business, adding 46 stores to its platform in the third quarter of 2025, bringing the total to 863 stores under management. This expansion generates fee income, contributing directly to overall revenue growth without requiring significant capital investment in property ownership.
4. Strategic Acquisitions and External Growth: CubeSmart actively pursues external growth opportunities through strategic acquisitions. For instance, in the fourth quarter of 2024, the company closed on the acquisition of an 85% interest in a 14-store portfolio. Management has also referenced "creative avenues for external growth," indicating a continued focus on expanding its portfolio through strategic investments.

Share Repurchases

• A share repurchase program for up to 3.0 million outstanding common shares was approved by the Board of Trustees on June 26, 2007, and remains in effect until terminated. No repurchases have been made under this program to date.

Share Issuance

• In 2020, CubeSmart issued 3.6 million common shares through its "at-the-market" equity program, generating net proceeds of $120.7 million.
• As part of the Storage Deluxe acquisition in 2020, Operating Partnership Units valued at $175.1 million were issued.
• As of September 30, 2025, the company had 13.5 million shares available for issuance under existing equity distribution agreements.

Outbound Investments

• In 2020, CubeSmart completed the $540 million Storage Deluxe transaction, acquiring a portfolio of eight assets in New York City.
• In Q4 2023, the company acquired one store for $22 million.
• In 2025, CubeSmart acquired the remaining 80% interest in HVP IV, a 28-store unconsolidated real estate venture, for $452.8 million, which included the repayment of $44.4 million of existing indebtedness.

Capital Expenditures

• In 2020, CubeSmart completed one new development in Brooklyn, NY, for $45.9 million.
• As of June 30, 2025, the company had two joint venture development properties under construction in New York, with an anticipated total investment of $36.9 million, of which $27.0 million had been invested. These were expected to open in Q3 2025.
• During the three months ended September 30, 2025, one development property in New York was opened for $18.1 million, and one joint venture development property remained under construction in New York with an anticipated total investment of $19.0 million, with $16.4 million invested as of September 30, 2025, expected to open in Q4 2025.