Cubesmart

What Cubesmart does

CubeSmart is a publicly traded self-storage real estate investment trust (REIT) founded in 2004 and listed on the NYSE under ticker CUBE, headquartered in Malvern, Pennsylvania. The company owns, operates, acquires, and develops self-storage properties across the United States, with 1,530 owned or managed facilities (as of May 2026), making it the third-largest U.S. self-storage REIT behind Extra Space Storage and Public Storage per the 2025 Self Storage Almanac. Its portfolio spans climate-controlled and drive-up self-storage units, vehicle/RV/boat parking, mini storage lockers, and commercial/flex-warehouse space leased to small and mid-size businesses.

The company's underlying technology stack is centered on the CubeSmart Mobile App (iOS and Android), the SmartRental online contact-free rental flow, virtual chat agents for after-hours support, and Nokē Smart Entry (Janus International) Bluetooth mobile-access locks being deployed at new facilities. Operations are further supported by 24/7 video recording, electronic-gated access, and Face ID/Touch ID authentication. The technology layer is paired with marketing infrastructure including Google Analytics Demographics & Interest Reporting, DoubleClick remarketing, and an extensive local-SEO facility page network.

CubeSmart earns revenue primarily through recurring monthly rental income from month-to-month self-storage leases to residential and commercial customers (Q3 2025 revenue of $285.1M; Q4 2025 revenue of $282.71M; TTM ~$1.12B), supplemented by third-party property management fees from its 873-store management platform, customer-paid insurance/protection plans (SureSmart), and ancillary fees. Pricing is unit-level monthly ($46-$532 range for standard sizes) with frequent promotional discounts (1st Month Free, Up to 40% Off, 35% off with 4-month AutoPay commitment, 5% military discount). The company pursues a hybrid go-to-market: direct-to-consumer and product-led online for residential customers, an enterprise/field-sales motion for commercial leasing and the National Accounts program, and a channel-partner model for third-party property management. Capital allocation is supported by 4.7-4.8x net debt/EBITDA leverage, a 22-year track record of consecutive dividend payments, and a $475M share repurchase authorization.

Name

Cubesmart

Legal name

CubeSmart

Website

https://cubesmart.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CubeSmart is a publicly traded U.S. self-storage REIT (NYSE: CUBE) that owns, operates, and manages approximately 1,530 self-storage facilities nationwide. It serves residential and small/mid-size business customers with month-to-month rental units, vehicle/RV/boat parking, and commercial flex-warehouse space, monetizing through recurring rental income, third-party management fees, and ancillary services.

Ownership category

akta.pro rank

Product category

Self-Storage REIT

NAICS

Lessors of Miniwarehouses and Self-Storage Units (531130), Lessors of Miniwarehouses and Self-Storage Units (53113), Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing (532120)

SIC

Public Warehousing & Storage (4220), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Standard/Non-Climate Self-Storage (HSAKAGAB)

akta.pro secondary industries

Self-Storage Facility Management & Operations (Third-Party Managed) (HSAKAGAI), Vehicle & RV/Boat Self-Storage (HSAKAGAC)

Keywords

• Self-storage units
• Climate-controlled storage
• Vehicle parking storage
• Business storage solutions
• Storage property management

Headquarters

HQ city

Wayne

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Self-Storage Rental Income: Recurring monthly rental revenue from owned and managed self-storage units (5x5 lockers through 10x30+ units, plus vehicle/boat/RV parking) on month-to-month leases. Q3 2025 revenue of $285.1M and Q4 2025 revenue of $282.71M primarily reflect same-store rental plus new acquisitions and development. Includes customer-paid insurance/protection plans, administrative fees, and ancillary charges (locks, packing supplies).
2. Third-Party Property Management Fees: Recurring fee revenue from operating CubeSmart's Third-Party Management program that provides operational and managerial support for properties owned by other investors. The platform had expanded to 873 stores by Q2 2025 and 46 stores were added in Q3 2025.
3. Commercial Leasing (Industrial/Retail/Office/Flex-Warehouse): Revenue from leasing warehouse-sized and commercial spaces to contractors, distributors, retailers, and other businesses requiring larger or specialized storage. Leases vary from less than 6 months to more than 12 months; commercial spaces cannot be reserved online and require contact with the local store.
4. Acquisitions and Property Resale Gains: Growth capital deployed via property acquisitions (e.g., LAACO/Storage West: 59 assets) and joint ventures (CBRE IM $250M mandate). Real estate gains are realized through property appreciation, refinancing, and selective dispositions of stabilized assets.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

CubeSmart owns, operates, and manages a national portfolio of self-storage facilities in the United States, renting climate-controlled and drive-up storage units, vehicle/RV/boat parking spaces, and commercial/warehouse-flex space to residential and business customers on month-to-month leases. The company also provides a self-service mobile app and online rental platform for contactless move-in, and earns fee revenue from a Third-Party Management program that operates self-storage properties owned by other investors.

Product overview

CubeSmart operates a single integrated self-storage platform rather than a platform-plus-modules architecture: the core product is a portfolio of self-storage facilities (climate-controlled, vehicle, RV, boat, and mini storage lockers) supported by the CubeSmart Mobile App and Nokē Smart Entry access technology for contactless entry, payments, and account management. Layered on top of the owned-portfolio core, CubeSmart also provides ancillary services — Business Storage, National Accounts, Commercial Leasing, and Self-Storage Third-Party Management — that extend the same operating platform to business customers and to facilities owned by other operators.

Differentiator

Problem solved

Functional benefit

Brands

• Storage West: Self-storage brand acquired via LAACO, LTD. acquisition in December 2021, comprising 59 assets across major western US markets.

Products and services

• Self Storage CubeSmart's flagship offering of climate-controlled and drive-up self-storage units rented on a month-to-month basis to residential and business customers across the United States.
• Business Storage Specialized storage units targeted at contractors, retailers, offices, and industrial/warehouse-flex tenants, offered alongside CubeSmart's core residential self-storage product.
• Climate Controlled Storage Indoor climate-controlled storage units within CubeSmart facilities, designed for temperature- and humidity-sensitive items such as electronics, wood furniture, and artwork.
• Vehicle Storage Outdoor and covered parking spaces for cars, offered alongside CubeSmart's traditional self-storage units.
• RV Storage Dedicated outdoor parking for recreational vehicles, available at selected CubeSmart properties.
• Boat Storage Outdoor and covered parking for boats, available at selected CubeSmart properties.
• Self-Storage Third-Party Management Management services under which CubeSmart operates self-storage facilities owned by third parties, extending the CubeSmart operating platform to non-owned assets.
• National Accounts Program offering CubeSmart storage units to enterprise and multi-location business customers on standardized terms across the portfolio, with unified billing.
• Commercial Leasing Leasing of commercial and flex/warehouse space within CubeSmart-owned properties to business tenants beyond traditional self-storage.
• CubeSmart Mobile App Native iOS and Android application that enables customers to find and rent storage units, pay bills, open gates/doors (via integrated Nokē Smart Entry Bluetooth locks), and authenticate via Face ID/Touch ID.

Quantifiable outcome

• 22-year track record of consecutive dividend payments with 16th consecutive annual dividend increase
• +5 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• CBRE Investment ManagementflagshipStrategic or Co-development Partner · 1 February 2026CubeSmart and CBRE Investment Management formed a $250 million strategic joint venture in early 2026 targeting self-storage investments in core, core-plus, and value-add opportunities in high-growth U.S. markets. The first acquisition under the JV was a self-storage location in Phoenix, Arizona. The partnership is intended to enhance CubeSmart's growth profile and expand its footprint in attractive markets under a disciplined capital deployment approach.
• Nokē Smart Entry (by Janus International)coreTechnology or Integration · 1 February 2026Nokē Smart Entry mobile-access smart-lock technology was deployed at a new CubeSmart self-storage facility on Dickerson Pike in Nashville developed by Farragut Investments. The 92,000-square-foot facility contains 1,131 climate-controlled units with integrated smart locks enabling mobile access and digital key sharing for operational efficiency and enhanced security.
• Farragut InvestmentsminorStrategic or Co-development Partner · 1 February 2026Farragut Investments developed a new CubeSmart self-storage facility on Dickerson Pike in Nashville, Tennessee, featuring 92,000 square feet, 1,131 climate-controlled units, and integrated Nokē Smart Entry technology. CubeSmart operates the facility under its brand, leveraging Farragut's real estate development capability.
• A Super Move, Inc.minorOthers · 1 January 2026Independent contractor partnered with CubeSmart to provide truck and driver services for the Full Service Storage offering at the participating 444 W 55th St New York, NY 10019 facility. A Super Move loads packed items at a designated pickup point (between 34th and 125th streets), delivers to the CubeSmart facility, and stores items in a 5'x4'x4' unit. Additional items cost $50 + $25/item. CubeSmart is not affiliated with A Super Move; the independent contractor relationship is governed by separate A Super Move terms.
• Google Analytics / Google Ads / DoubleClickcoreTechnology or IntegrationCubeSmart uses Google Analytics with Demographics & Interest Reporting, Google Display Network Remarketing, and DoubleClick Campaign Manager integration to track site usage, deliver personalized advertising, support interest-based advertising, and provide cross-device linking. Google's policies govern the partner integration.
• Apple Inc. (App Store)coreOEM/ Whitelabel/ Licensing PartnerCubeSmart distributes its iOS mobile application (App Store id1529164659) through Apple's App Store under Apple's registered trademark and licensing terms.
• Google LLC (Google Play)coreOEM/ Whitelabel/ Licensing PartnerCubeSmart distributes its Android mobile application (com.cubesmart.customer) through Google Play under Google's trademark and licensing terms.

Scale indicators25 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• National Storage Affiliates: National Storage Affiliates is a smaller U.S. self-storage REIT operating across multiple brands. It competes with CubeSmart in many of the same metropolitan markets with a comparable product offering and similar diversified acquisition-led growth strategy.
• Extra Space Storage: Extra Space Storage is the #2 U.S. self-storage REIT and CubeSmart's closest direct competitor. Both operate climate-controlled and drive-up self-storage facilities nationwide, target similar customer segments, and pursue third-party management programs at scale.
• StorageMart: StorageMart is a privately held self-storage operator with a national U.S. footprint. It is a direct competitor to CubeSmart, offering similar self-storage unit sizes, climate-controlled options, and customer-facing digital rental experiences.
• Public Storage: Public Storage is the largest U.S. self-storage REIT with thousands of facilities nationwide. It is the most direct competitor to CubeSmart, operating the same self-storage rental model with a national footprint and serving the same residential and small-business customers.
• Simply Self Storage: Simply Self Storage is a privately held self-storage owner/operator with facilities across multiple U.S. states. It competes directly with CubeSmart on product, customer segments, and geographic markets, though without the same scale or public-market access.
• SmartStop Self Storage REIT: SmartStop Self Storage REIT is a publicly registered non-traded self-storage REIT. It is directly comparable to CubeSmart as a self-storage owner/operator, though smaller in scale, and serves overlapping residential and business customer segments.

Broad incumbents

• U-Haul International (AMERCO): AMERCO, the parent of U-Haul, operates self-storage facilities alongside its core moving-truck business. While the primary business is moving and truck rentals, its self-storage operations compete with CubeSmart for residential and small-business customers.
• Realty Income: Realty Income is a large, publicly traded net-lease REIT. While not a direct self-storage competitor, it is a relevant peer for CubeSmart from a REIT capital structure, dividend policy, and investor-base perspective given its size and stability.
• Equity Residential: Equity Residential is a large multifamily-focused REIT. It is broadly comparable to CubeSmart as a large, publicly traded REIT with a national U.S. footprint and residential customer base, though its underlying asset class (apartments) differs from self-storage.

Emerging players

• Global Self Storage: Global Self Storage is a small publicly traded self-storage REIT with a regional footprint. While much smaller than CubeSmart, it offers a directly comparable self-storage rental product and serves similar customer use cases in select markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/CubeSmartStorage
• Facebookfacebook.com/CubeSmart
• LinkedInlinkedin.com/company/36873
• Instagraminstagram.com/cubesmart
• Pinterestpinterest.com/cubesmart
• TikToktiktok.com/@cubesmart
• Xx.com/CubeSmart

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cubesmart