Investment Thesis
CubeSmart (CUBE) delivered an unimpressive quarter in Q1 2019 as the company saw modest growth in its revenue and net operating income. The company’s locations in major metropolitan areas in the U.S. is favorable as these markets have higher population growth rates to support demand for storage spaces. The company’s long-term growth outlook is also positive thanks to favorable demographic trends. However, elevated supply in many of its major markets will likely weigh on its result in the near-term. We think investors may want to patiently wait on the sideline until