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Here are 1-3 brief analogies to describe CubeSmart (CUBE):

• Walmart for storage units

• Starbucks for your stuff

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• Self-Storage Unit Rentals: CubeSmart provides secure, easily accessible storage units of various sizes for rent to residential and commercial customers.

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CubeSmart primarily serves two major categories of customers:

1. Residential Customers: Individuals and families needing storage space for personal belongings due to reasons such as moving, renovating homes, decluttering, downsizing, or during life transitions.
2. Commercial Customers: Businesses, ranging from small local enterprises to larger companies, that require storage for inventory, equipment, tools, documents, or other operational assets. This category often includes contractors, e-commerce businesses, retailers, and professional service providers.

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Christopher P. Marr President and Chief Executive Officer

Christopher P. Marr has served as Chief Executive Officer of CubeSmart since January 1, 2014, and previously held roles as President, Chief Operating Officer, and Chief Investment Officer. He joined CubeSmart in 2006 as Chief Financial Officer and Treasurer. Before joining CubeSmart, Mr. Marr was Senior Vice President and Chief Financial Officer of Brandywine Realty Trust, a publicly-traded office REIT, from 2002 to 2006. From 1998 to 2002, he was the Chief Financial Officer of Storage USA, Inc., a publicly-traded self-storage REIT, which was later sold to a unit of General Electric Co. Mr. Marr currently serves on the board of STAG Industrial, Inc., a publicly-traded industrial REIT.

Timothy M. Martin Chief Financial Officer

Timothy M. Martin has been CubeSmart's Chief Financial Officer since November 2008. He joined the company in December 2006 as Senior Vice President and Chief Accounting Officer. Prior to CubeSmart, Mr. Martin was employed by Brandywine Realty Trust from 1997 to 2006, serving in various financial capacities including Vice President, Finance and Treasurer, Principal Financial Officer, and Vice President and Chief Accounting Officer. Before Brandywine, he was a member of the audit staff at Arthur Andersen, LLP's Philadelphia office, specializing in real estate.

Jeffrey P. Foster Chief Legal Officer and Secretary

Jeffrey P. Foster has served as CubeSmart's Chief Legal Officer and Secretary since February 2009. From April 2003 to February 2009, Mr. Foster was Senior Vice President and Associate General Counsel of Gramercy Realty, a division of Gramercy Capital Corp., which was a publicly traded office REIT. His prior experience includes working as an associate with Morgan, Lewis & Bockius, LLP from 1999 to 2003.

Guy Middlebrooks Executive Vice President of Operations

Guy Middlebrooks is CubeSmart's Executive Vice President of Operations. He is responsible for the daily operations of more than 1,500 stores across the nation, overseeing a team of over 2,700 employees, including store staff, district managers, divisional vice presidents, and the Operations Management and Third Party Management teams.

Devin Crow Vice President of Third Party Management

Devin Crow is CubeSmart's Vice President of Third Party Management. In this role, he oversees the Business Development, Store Transitions, and Relationship Management teams. His responsibilities include expanding the company's management services, implementing innovative operational strategies, and strengthening relationships with property owners and investors.

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The key risks to CubeSmart's business are primarily tied to macroeconomic conditions, competitive pressures within the self-storage industry, and the impact of rising interest rates on its financing and operational costs.

1. Economic Conditions and Competition: Demand for CubeSmart's self-storage properties is closely linked to broader economic factors such as housing trends and consumer spending. A downturn in the economy could lead to reduced demand for storage units. The self-storage industry is also highly competitive, with numerous national and regional operators, which can result in pricing pressures and decreased profitability for CubeSmart. An oversupply of new self-storage properties in the market, influenced by factors like previously low interest rates, has also contributed to declining occupancy and rental rates for the company.
2. Rising Interest Rates and Debt Load: As a real estate investment trust (REIT), CubeSmart's financial health is sensitive to interest rate fluctuations. The company faces risks associated with macroeconomic volatility, including inflation and rising interest rates, which can lead to an increased debt load and higher interest expenses. Specifically, there are financing risks, such as the potential inability to refinance existing or future debt or the necessity to do so at higher rates, which can impact its cash flow and profitability.
3. Natural Disasters and Insurance Costs: Self-storage facilities, particularly those with multiple buildings on one property, are vulnerable to natural disasters like wind and hail damage. The increasing frequency and destructiveness of severe weather events, including wildfires and hurricanes, pose a significant risk of uninsured or uninsurable losses and challenges in obtaining adequate and affordable insurance coverage. Such events can result in substantial property damage and operational disruptions.

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Emerging threats for CubeSmart include the rise of **peer-to-peer storage platforms** like Neighbor.com, which enable individuals to rent out their unused space (e.g., garages, basements) to others, offering potentially cheaper and more localized storage alternatives. Another emerging threat is the growth of **on-demand valet storage services** such as Clutter and MakeSpace, which offer a full-service solution by picking up, storing, and delivering items, thereby eliminating the need for customers to visit a physical self-storage facility.

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The addressable market for CubeSmart's main product and service, self-storage, is the United States. The U.S. self-storage market is valued at approximately $44.3 billion, according to the 2024 Self-Storage Almanac. This market encompasses over 2.1 billion square feet of total self-storage space.

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

1. Improved Pricing Power and Occupancy: The self-storage market is demonstrating signs of stabilization and recovery, with CubeSmart experiencing positive year-over-year move-in rate growth and a narrowing occupancy gap. This trend positions the company to implement effective rental rate increases and enhance occupancy across its existing portfolio, thereby boosting rental income.
2. Expansion of Third-Party Management Platform: CubeSmart continues to strategically expand its capital-light third-party management platform, consistently adding new stores to this service annually. This growth avenue generates high-margin fee revenue and effectively broadens the company's brand presence and operational scale without significant capital expenditure.
3. Strategic External Growth through Acquisitions and Joint Ventures: The company is focused on external growth by acquiring high-quality properties and entering into joint ventures, particularly in high-growth and high-barrier-to-entry markets. A notable example is the recent $250 million joint venture with CBRE Investment Management. This approach expands CubeSmart's owned portfolio and creates new revenue streams.
4. Growth in Customer Storage Protection Plans: Increased participation in customer storage protection plans across both CubeSmart's owned and managed stores is a consistent contributor to the company's revenue growth.

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Share Repurchases

• CubeSmart repurchased approximately 0.9 million shares in 2025 at an average price of $35.84.
• The board authorized the repurchase of up to 10 million additional shares on February 24, 2026.

Share Issuance

• As of June 30, 2025, CubeSmart had 13.5 million shares available for issuance under existing equity distribution agreements.
• The company sold 2,336 thousand shares in 2024.

Outbound Investments

• In the first quarter of 2025, CubeSmart acquired the remaining 80% interest in HVP IV, a 28-store unconsolidated real estate venture, for $452.8 million.
• In 2025, the company completed acquisitions of 30 stores for an aggregate transaction price of $501.785 million.
• CubeSmart's acquisition volume over the five years leading up to September 30, 2025, totaled $2.8 billion.

Capital Expenditures

• As of June 30, 2025, CubeSmart had two joint venture development properties under construction in New York, with anticipated total investments of $36.9 million, of which $27.0 million had been invested.
• The company focuses its development and acquisition strategy on high-barrier-to-entry locations in selected U.S. markets.