CubeSmart
CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company's real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis. Majority of CubeSmart's facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company's real estate portfolio and the majority of its revenue. The company derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.www.cubesmart.com
15
MENTIONS
9
EPISODES
7
PODCASTS
Search complete. 15 mentions across 9 episodes found for "CubeSmart".
Sep 11, 2026
Chris TejedaGUEST
A lot of the evidence for commercial properties should be industry-specific, that is, evidence that best illustrates the cost of the property or the income produced by the property.
Chris TejedaGUEST
For example, let's say I'm handling an appeal for a storage facility like a public storage or a CubeSmart or something like that.
Chris TejedaGUEST
One piece of evidence that I would want to present is the unit occupancy mix.
Chris TejedaGUEST
Now, this document, which is unique to storage facilities, shows various sizes of units, the number of each unit, how many units are occupied, how many are vacant, and it also shows the rental rates.
Tom GriswoldHOST
[laughs]
Christy LeeHOST
Commissioned by CubeSmart-
Tom GriswoldHOST
Give me that
Christy LeeHOST
...
Thaddeus CampbellHOST
Yep.
Thaddeus CampbellHOST
Those are not super highly sophisticated, extra space, NSA now no longer there, public storage and CubeSmart's.
Thaddeus CampbellHOST
even the storage marts of the world and the bigger groups that are private but have a vast number of stores, how do you allow those smaller operators to be able to see the products, the vendors, the correct things to be able to actually help their NOI? As we mentioned earlier, in a time in the industry where it's maybe as important as it's ever been in the history of self-storage to be able to pick right on those tools you're adding to your toolbox?
Travis MorrowGUEST
Well, there, there's a couple of ways I could go.
David PelusioGUEST
We're just building them to flip.
David PelusioGUEST
The big boys of the world, of the industry, Wall Street and whoever, Public Storage, U-Haul, CubeSmart, they like to buy them up.
David PelusioGUEST
But what happened in the last one we're doing right now, we just bought it and we put it on the contract before we even closed.
David PelusioGUEST
To flip it.
Thaddeus CampbellHOST
We would talk to different potential third-party management companies.
Thaddeus CampbellHOST
At the time, it was really extra space for CubeSmart.
Thaddeus CampbellHOST
Storage asset management existed.
Thaddeus CampbellHOST
We didn't go that route with the developer.
Martin BisiGUEST
And I said, oh, that almost sounds like it could be a song.
Martin BisiGUEST
And then she says, well, from my window, I wrote a song about the CubeSmart.
Martin BisiGUEST
CubeSmart being a big, massive building with like all the new residents of gentrified Gowanus cubicles and stuff.
Martin BisiGUEST
And she goes, I have this thing called CubeSmart Sunset because that particular CubeSmart really overlooks the canal.
Martin BisiGUEST
It's like this monolith.
Martin BisiGUEST
So she gave me that poem.
Ryan GibsonGUEST
And I realized that 70% of these things were owned by mom and pop owners, you know, individuals that owned one or two.
Ryan GibsonGUEST
And 10% of the market was owned by Public Storage, Extra Space, and CubeSmart.
Ryan GibsonGUEST
And I thought, okay, those are the big conglomerates, right? I was like, well, who are all these other people in the middle? And I'm like, there's a bunch of middle fish market players like Simply Self Storage, Life Storage, SureGuard.
Ryan GibsonGUEST
And they were buying up the mom and pops and basically aggregating massive amounts of these properties.
Ryan GibsonGUEST
And then they were selling them for a huge amount.
Ryan GibsonGUEST
gain to these publicly traded REITs, the Public Storage, Extra Space and CubeSmart.
Ryan GibsonGUEST
And I thought, I want to do self-storage and I want to be the fish in the middle.
Ryan GibsonGUEST
I want to be going and buying up all the mom and pops and then eventually setting myself up for a really nice recapitalization or sale to a big institution.
Noah StarrGUEST
But I used to be in the institutional investment world.
Noah StarrGUEST
I first got into self-storage back in 2018, financed a handful of CubeSmart and public storage ground-up construction projects.
Noah StarrGUEST
learned how resilient self-storage has been throughout cycles, how it's a bet on American mobility, American dynamism, and it made intuitive sense.
Noah StarrGUEST
I was basically in corporate America for five years.
Noah StarrGUEST
I just want to level set and look at all of this for the last number of quarters.
Noah StarrGUEST
So you can see this is Extra Space, Public, CubeSmart, and SmartStop.
Noah StarrGUEST
The top one here is same store revenue growth, the middle is same store expense growth, and then the bottom is same store NOI growth.
Noah StarrGUEST
You can see that there tends to be a lot of blue in the expense growth.
20 MINS LATER
Thaddeus CampbellHOST
Imagine McDonald's bought Wendy's, and then Burger King bought Taco Bell and incorporated them into their own brand.
Thaddeus CampbellHOST
So
Noah StarrGUEST
if you're SmartStop, if you're CubeSmart, if you're all these other larger operating platforms that are private, We're just continuing to see the consolidation.
Noah StarrGUEST
And that's also a huge indicator for the market where life storage portfolio concentration is was more similar than NSA's.