PSA - CubeSmart: Rising Costs And Declining Occupancy Are A Drain On FFO
2024-05-02 12:26:36 ET
Summary
- CubeSmart is one of few self-storage REITs, smaller than major competitors Public Storage and Extra Space Storage.
- The company owns properties across the US, with a focus on New York and New Jersey, and carries an investment grade credit rating from both major agencies.
- CUBE's first quarter earnings showed a decline in same-store net operating income and a decrease in occupancy, but the company remains proactive in acquisitions and development.
- We explore CUBE and the broader self-storage market, discussing the progress of major demand drivers.
A common theme of research on REITer’s Digest is that REITs come in all shapes and sizes. There are REITs, both big and small, that invest in a whole ecosystem of asset classes. Many even specialize in specific subcategories of property types. Today, we are going to dive into one of only a handful of companies operating in the self-storage industry. We will discuss CubeSmart ( CUBE ) and the self-storage market at large....
CubeSmart: Rising Costs And Declining Occupancy Are A Drain On FFO