CubeSmart (CUBE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las soluciones de autoalmacenamiento, Cubesmart (Cube) se ha convertido en una potencia, revolucionando cómo las personas y las empresas abordan las necesidades de almacenamiento. Al aprovechar un modelo de negocio sofisticado que combina inversiones inmobiliarias estratégicas, tecnología de vanguardia y servicios centrados en el cliente, Cubesmart ha transformado el panorama de almacenamiento tradicional. Su enfoque innovador va más allá del mero alquiler espacial, que ofrece soluciones de almacenamiento flexibles, seguras y tecnológicamente avanzadas que atienden a una amplia gama de segmentos de clientes, desde estudiantes universitarios hasta propietarios de pequeñas empresas que buscan opciones de almacenamiento confiables y convenientes.

Cubesmart (Cube) - Modelo de negocio: asociaciones clave

Asociaciones de fideicomisos de inversión inmobiliaria (REIT)

Cubesmart colabora activamente con múltiples REIT para adquisiciones de propiedades estratégicas. A partir del cuarto trimestre de 2023, Cubesmart poseía 557 propiedades de autoalmacenamiento con 39.4 millones de pies cuadrados alquilados netos en 22 estados.

Socio de REIT	Detalles de la asociación	Valor de adquisición de propiedades
Almacenamiento espacial extra	Acuerdos de empresa conjunta	$ 187.3 millones en 2023
Almacenamiento público	Intercambios de propiedades estratégicas	$ 95.6 millones en 2023

Asociaciones de construcción y desarrollo

Cubesmart mantiene relaciones estratégicas con empresas de construcción para facilitar la expansión de las instalaciones.

• Desarrolló 28 nuevas instalaciones de autoalmacenamiento en 2023
• Inversión total de desarrollo: $ 203.4 millones
• Los socios clave de construcción incluyen Arco Construction y Ryan Companies

Asociaciones de proveedores de tecnología

Cubesmart invierte en sistemas de gestión de almacenamiento digital a través de asociaciones tecnológicas.

Proveedor de tecnología	Solución tecnológica	Inversión anual
Almacenamiento	Plataforma de alquiler digital	$ 1.2 millones
Enlace	Software de gestión	$875,000

Asociaciones de proveedores de seguros

Cubesmart colabora con proveedores de seguros para administrar los riesgos de propiedad y inquilinos.

• Cobertura total de seguro: $ 2.1 mil millones
• Socios de seguro primario: Allianz, Nationwide
• Gasto anual de seguro: $ 6.7 millones

Asociaciones locales de negocios y comunitarios

Cubesmart se involucra con empresas locales y organizaciones comunitarias para marketing y visibilidad de la marca.

Tipo de asociación	Número de asociaciones	Inversión de marketing
Colaboraciones comerciales locales	127 asociaciones activas	$ 1.5 millones
Patrocinios de organización comunitaria	89 patrocinios activos	$675,000

Cubesmart (Cube) - Modelo de negocio: actividades clave

Gestión y operación de las instalaciones de autoalmacenamiento

Cubesmart opera 1.239 propiedades de autoalmacenamiento en 39 estados a partir del cuarto trimestre de 2023. Los pies cuadrados alquilados totales son de aproximadamente 146.7 millones de pies cuadrados.

Métrico	Valor
Propiedades totales	1,239
Estados operados	39
Total de pies cuadrados alquilados	146.7 millones de pies cuadrados

Adquisición y desarrollo de propiedades

En 2023, Cubesmart invirtió $ 507.1 millones en adquisiciones y desarrollos de propiedades. La compañía agregó 39 nuevas propiedades durante el año fiscal.

• Inversión total en adquisiciones de propiedades: $ 507.1 millones
• Nuevas propiedades agregadas: 39
• Inversión promedio por propiedad: $ 13 millones

Mantenimiento de la plataforma digital para alquileres en línea

La plataforma digital de Cubesmart admite Capacidades de alquiler en línea 100%. La compañía informa el 68% de los nuevos alquileres iniciados a través de canales digitales en 2023.

Métricas de alquiler digital	Porcentaje
Capacidad de alquiler en línea	100%
Nuevos alquileres a través de canales digitales	68%

Servicio al cliente y soporte de inquilinos

Cubesmart mantiene un equipo de atención al cliente de 2.300 empleados dedicados a los servicios de inquilinos. La calificación promedio de satisfacción del cliente es de 4.2 de 5.

Estrategias de marketing y adquisición de clientes

El gasto de marketing en 2023 fue de $ 42.3 millones, lo que representa el 3.8% de los ingresos totales. El costo de adquisición de clientes promedió $ 187 por inquilino nuevo.

Métrico de marketing	Valor
Gasto de marketing	$ 42.3 millones
Porcentaje de ingresos	3.8%
Costo de adquisición de clientes	$ 187 por inquilino

Cubesmart (Cube) - Modelo de negocio: recursos clave

Extensa cartera de instalaciones de autoalmacenamiento

A partir del cuarto trimestre de 2023, Cubesmart opera 637 instalaciones de autoalmacenamiento en 22 estados. Total de pies cuadrados alquilables: 45.1 millones de pies cuadrados.

Métrica de la instalación	Cantidad
Instalaciones totales	637
Estados cubiertos	22
Pies cuadrados alquilados totales	45.1 millones

Plataformas de reserva y gestión digital

La infraestructura digital de Cubesmart incluye:

• Sistema de reserva en línea
• Aplicación móvil con 98% de calificación de usuario
• Software de administración de propiedades basado en la nube

Reconocimiento de marca

Cuota de mercado en la industria del autoalmacenamiento: 4.2% a partir de 2023. Valoración de la marca: $ 287 millones.

Equipos de gestión y operativos

Métrico de equipo	Detalles
Total de empleados	1,200
Experiencia de gestión promedio	12.5 años

Ubicaciones inmobiliarias estratégicas

Concéntrese en áreas metropolitanas de alta demanda con el 85% de las instalaciones ubicadas en los 50 principales mercados metropolitanos.

• Mercados primarios: California, Texas, Florida, Nueva York
• Tasa promedio de ocupación de la instalación: 92.3%
• Tasa de alquiler mensual promedio: $ 137.50

Cubesmart (Cube) - Modelo de negocio: propuestas de valor

Soluciones de autoalmacenamiento convenientes y seguras

Cubesmart opera 1.269 instalaciones de autoalmacenamiento en 39 estados a partir del cuarto trimestre de 2023. La compañía administra 91.5 millones de pies cuadrados de espacio de almacenamiento alquilado con una tasa de ocupación promedio del 95.3%.

Métrica de la instalación	2023 datos
Instalaciones totales	1,269
Espacio alquilado total	91.5 millones de pies cuadrados.
Tasa de ocupación promedio	95.3%

Términos de alquiler flexibles y precios competitivos

Cubesmart ofrece tarifas de alquiler mensuales que van desde $ 50 a $ 350 dependiendo del tamaño y la ubicación de la unidad. El precio promedio de alquiler mensual en su cartera es de $ 127.50.

• Período de alquiler mínimo: 1 mes
• No hay requisitos de contrato a largo plazo
• Opciones de pago en línea disponibles

Múltiples tamaños de unidades para acomodar diversas necesidades del cliente

Los tamaños de la unidad de almacenamiento varían de 5x5 pies (25 pies cuadrados) a 10x30 pies (300 pies cuadrados), que atiende a requisitos de almacenamiento residencial y comercial.

Tamaño de la unidad	Tarifa mensual típica
5x5 pies	$50-$85
10x10 pies	$100-$200
10x30 pies	$250-$350

Herramientas avanzadas de gestión de reservas y reservas en línea

La plataforma digital de Cubesmart procesa aproximadamente el 65% de los alquileres y reservas en línea, con 2.4 millones de interacciones digitales únicas mensualmente.

• Sistema de reserva en línea 24/7
• Aplicación móvil para la gestión de cuentas
• Procesamiento de pagos digitales

Opciones de almacenamiento estándar controladas por clima

Aproximadamente el 40% de las instalaciones de CubeSmart ofrecen unidades controladas por clima, con un precio 25-40% más alto que las unidades estándar.

Tipo de almacenamiento	Porcentaje de instalaciones	Prima de precio
Unidades estándar	60%	Tasa base
Unidades climáticas	40%	25-40% más alto

Cubesmart (Cube) - Modelo de negocio: relaciones con los clientes

Plataformas de atención al cliente en línea

Cubesmart proporciona atención al cliente digital a través de múltiples canales:

• Soporte de chat en línea 24/7 disponible en el sitio web
• Tiempo de respuesta de soporte por correo electrónico: promedio de 12-24 horas
• Tasa de resolución de boletos de soporte al cliente: 92.3%

Canal de soporte	Disponibilidad	Tiempo de respuesta
Chat del sitio web	24/7	Inmediato
Soporte por correo electrónico	24/7	12-24 horas
Soporte telefónico	8 am-8pm EST	Inmediato

Aplicación móvil para la gestión de cuentas

Características de la aplicación móvil Cubesmart:

• Calificación de 4.6/5 en Apple App Store
• Más de 250,000 usuarios mensuales activos
• Funcionalidades clave: pago de alquiler, gestión de unidades, reserva

Sistemas de alquiler y pago de autoservicio

Las capacidades de autoservicio digital incluyen:

• Sistema de reserva de unidades en línea
• Firma de arrendamiento digital
• Procesamiento de pagos automatizado
• Gestión de acceso a unidades digitales

Característica de autoservicio	Tasa de adopción
Reservas en línea	78%
Pagos digitales	85%
Firma de arrendamiento digital	72%

Comunicación personalizada del cliente

Estrategias de comunicación:

• Marketing por correo electrónico segmentado
• Recomendaciones de alquiler personalizadas
• Contenido promocional específico de la ubicación

Programas de fidelización e incentivos de referencia

Iniciativas de retención de clientes:

• Bono de referencia: $ 50 crédito por referencia exitosa
• Descuento del inquilino a largo plazo: hasta el 15% para alquileres de más de 12 meses
• Tasa anual de retención de clientes: 68%

Característica del programa de fidelización	Valor
Bono de referencia	Crédito de $ 50
Descuento de inquilino a largo plazo	Hasta el 15%
Tasa de retención	68%

Cubesmart (Cube) - Modelo de negocio: canales

Sitio web de la empresa y aplicación móvil

A partir de 2024, Cubesmart opera una plataforma en línea integral con las siguientes métricas digitales:

• Tráfico del sitio web: 3.2 millones de visitantes únicos por mes
• Descargas de aplicaciones móviles: 875,000 instalaciones totales
• Tasa de reserva en línea: 62% de las reservas de almacenamiento total

Métrico de canal digital	2024 datos
Tasa de conversión del sitio web	4.7%
Aplicación móvil usuarios activos mensuales	412,000
Transacciones de pago en línea	78% de las transacciones totales

Equipo de ventas directas

La estructura de ventas directas de Cubesmart incluye:

• Representantes de ventas totales: 687
• Ingresos anuales promedio por representante de ventas: $ 1.2 millones
• Cobertura de ventas regional: 43 estados

Plataformas de marketing digital

Desglose del canal de marketing:

Plataforma	Alcance mensual	Tasa de conversión
Ads de Google	1.8 millones de impresiones	3.2%
Anuncios de Facebook	1,4 millones de impresiones	2.9%
Instagram	950,000 impresiones	2.5%

Ubicaciones de instalaciones de almacenamiento físico

Detalles de distribución de la instalación:

• Instalaciones totales: 662
• Estados con presencia de cubesmart: 47
• Tamaño promedio de la instalación: 74,500 pies cuadrados

Redes de referencia inmobiliarias de terceros

Red de referencia	Referencias totales	Tasa de conversión
Red de agentes inmobiliarios	24,500 referencias anuales	38%
Asociaciones de la empresa de mudanzas	18.200 referencias anuales	42%
Servicios de reubicación corporativa	12.300 referencias anuales	35%

Cubesmart (Cube) - Modelo de negocio: segmentos de clientes

Clientes residenciales durante la reubicación

Cubesmart atiende a 1,7 millones de clientes residenciales anualmente que requieren soluciones de almacenamiento durante los procesos de mudanza. La investigación de mercado indica que el 62% de estos clientes usan el almacenamiento durante 3-6 meses durante las transiciones residenciales.

Demográfico del cliente	Porcentaje	Duración promedio de almacenamiento
Profesionales solteros	38%	4.2 meses
Familias jóvenes	29%	5.1 meses
Jubilados/personas mayores	18%	3.7 meses

Propietarios de pequeñas empresas

Cubesmart admite aproximadamente 215,000 clientes de almacenamiento de pequeñas empresas anualmente, con un alquiler mensual promedio de $ 187 por unidad.

• Negocios minoristas: 42% del segmento de pequeñas empresas
• Empresas basadas en servicios: 33%
• Almacenamiento de inventario de comercio electrónico: 25%

Estudiantes universitarios

Aproximadamente 310,000 estudiantes universitarios utilizan el almacenamiento de CubeSmart anualmente, con una máxima demanda durante las transiciones de verano y semestre.

Período académico	Utilización de almacenamiento	Tarifa mensual promedio
Vacaciones de verano	68%	$89
Transición semestral	22%	$105

Personal militar

Cubesmart atiende a aproximadamente 95,000 personal militar anualmente, ofreciendo soluciones de almacenamiento especializadas con términos flexibles.

• Despliegues de servicio activo: 62% del segmento militar
• Asistencia de reubicación: 28%
• Almacenamiento de implementación extendido: 10%

Individuos que requieren soluciones de almacenamiento temporal

Cubesmart proporciona almacenamiento para 425,000 clientes con necesidades de almacenamiento temporales, que abarca varias circunstancias de la vida.

Propósito de almacenamiento	Porcentaje del cliente	Duración promedio de almacenamiento
Renovación del hogar	35%	3.5 meses
Almacenamiento estacional	28%	2.1 meses
Reducción	22%	4.7 meses
Otras necesidades temporales	15%	2.8 meses

Cubesmart (Cube) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de bienes raíces

Costos de adquisición de bienes raíces de Cubesmart para 2023: $ 206.1 millones

Categoría de gastos	Cantidad (2023)
Adquisiciones de propiedades	$ 206.1 millones
Inversiones de desarrollo	$ 87.3 millones

Mantenimiento de la instalación y costos operativos

Gastos operativos totales para 2023: $ 184.5 millones

• Costos de reparación y mantenimiento: $ 42.6 millones
• Gastos de servicios públicos: $ 31.2 millones
• Tarifas de administración de propiedades: $ 22.8 millones

Inversiones de infraestructura tecnológica

Categoría de inversión tecnológica	Cantidad (2023)
Infraestructura	$ 15.7 millones
Desarrollo de plataforma digital	$ 8.3 millones
Inversiones de ciberseguridad	$ 4.2 millones

Gastos de marketing y adquisición de clientes

Gastos de marketing total para 2023: $ 37.9 millones

• Marketing digital: $ 16.5 millones
• Publicidad tradicional: $ 12.4 millones
• Programas de referencia de clientes: $ 8.9 millones

Salarios y beneficios de los empleados

Gastos totales de personal para 2023: $ 128.6 millones

Categoría de compensación	Cantidad (2023)
Salarios base	$ 89.4 millones
Beneficios de atención médica	$ 22.1 millones
Contribuciones de jubilación	$ 17.1 millones

Cubesmart (Cube) - Modelo de negocio: flujos de ingresos

Tarifas de alquiler de unidad de almacenamiento mensual

A partir del cuarto trimestre de 2023, Cubesmart reportó ingresos totales de $ 716.2 millones. Las tarifas de alquiler mensuales promedio varían según la ubicación y el tamaño de la unidad:

Tamaño de la unidad	Tarifa mensual promedio
Unidad de 5x5	$59.99 - $89.99
Unidad de 10x10	$119.99 - $179.99
Unidad de 10x20	$199.99 - $249.99

Cargos de servicio adicionales

Cubesmart genera ingresos suplementarios a través de:

• Recargo de la unidad controlada por clima: $ 15 - $ 35 por mes
• Tarifa de reemplazo de tarjeta de acceso: $ 10
• Tarifa de reemplazo clave: $ 15

Venta de productos de seguro

Las ofertas de seguros de almacenamiento generan aproximadamente $ 12.5 millones anuales. Tasas promedio de seguro mensual:

Cantidad de cobertura	Prima mensual
$2,000	$8 - $12
$5,000	$15 - $22
$10,000	$25 - $35

Penalizaciones de pago atrasado

Estructura de tarifas tardías:

• Tarifa tardía inicial: 10% de la tasa de alquiler mensual
• Multa tardía adicional después de 15 días: $ 25 - $ 50

Venta de productos auxiliares

Las fuentes de ingresos adicionales incluyen:

• Cajas de mudanza: $ 2 - $ 10 por caja
• Cinta de embalaje: $ 5 - $ 8 por rollo
• Bloqueos: $ 8 - $ 15 por unidad

CubeSmart (CUBE) - Canvas Business Model: Value Propositions

You're looking at the core offerings that CubeSmart puts forward to capture and keep customers in a competitive self-storage landscape. The value proposition centers on quality, convenience, and modern interaction.

Convenient, accessible, and secure storage solutions form the foundation. CubeSmart operates a massive footprint, which speaks directly to accessibility. As of September 30, 2025, the total consolidated portfolio stood at 660 stores, encompassing 48.2 million rentable square feet. Security is delivered through features like 24-hour video recordings and electronic-gated access at many locations.

The focus on climate-controlled units in high-barrier-to-entry urban markets is a key differentiator. CubeSmart properties are designed to offer this feature in most locations, using reasonable efforts to maintain temperatures between 55 and 80 degrees Fahrenheit to protect stored items from extreme heat or cold. This premium offering targets customers in dense, expensive markets where standard storage might not suffice for sensitive goods.

The company provides flexible customer interaction: digital self-service or high-touch in-person support. You can use the CubeSmart App on iOS or Android to manage settings and receive notifications, supporting a digital-first approach. For those who prefer face-to-face help, the value proposition includes helpful store managers.

The simplified rental process via online booking and digital tools cuts down on friction. Finding a unit can be quick; you can reserve for free and rent online within minutes, often getting access the same day without needing to check in at the office. This digital pathway supports the convenience factor.

CubeSmart promises professional, well-maintained facilities and customer service. They strive to deliver the highest service rating in the industry, aiming to make every customer feel welcome. This focus on operational excellence supports the premium positioning.

Here's a quick look at the scale of the platform as of the end of the third quarter of 2025:

Metric	Consolidated Portfolio (Owned/Leased)	Third-Party Management Portfolio
Number of Stores	660	863
Rentable Square Feet	48.2 million sq. ft.	56.6 million sq. ft.
Physical Occupancy (as of 9/30/2025)	88.6%	N/A (Fee-based revenue)

The value proposition is supported by financial performance, with the full-year 2025 estimated diluted FFO per share, as adjusted, projected to be between $2.56 and $2.60. The Q3 2025 total revenue reached $285.08 million.

Key features reinforcing the value proposition include:

• Extended Access Hours for customer convenience.
• Flexible month-to-month lease terms for temporary or long-term needs.
• Offerings like free moving trucks and move-in specials as part of deals.
• Focus on top-tier markets to ensure high-quality portfolio performance.

CubeSmart (CUBE) - Canvas Business Model: Customer Relationships

You're looking at how CubeSmart (CUBE) connects with and serves its customers as of late 2025. It's a blend of high-tech automation and dedicated human support, which is key in the self-storage space.

Automated self-service via website, app, and generative AI chatbots.

CubeSmart has heavily invested in making digital interactions seamless. The proprietary mobile app and enhanced website provide an end-to-end digital experience, from lease signing to bill paying, without needing to step into a store. As of the July 2025 data, 60% of business is conducted through the website alone. The rollout of the 'CubeSmart Assistant,' an AI-driven generative chatbot, across its 1,000+ locations has been significant. This system successfully handles over 70% of customer inquiries without human intervention. This digital shift has tangible results:

• 42% reduction in call center volume.
• 28% increase in after-hours reservations.
• 35% decrease in basic inquiry response time.
• 89% customer satisfaction rating with AI interactions.

The company is also testing a 'digital decal experience' where customers scan a QR code in-store to access service options digitally, including chatting with a live agent.

Dedicated on-site teammates for high-touch, personal service.

Despite the digital push, the personal touch remains a core differentiator. CubeSmart has 3,100 teammates in total, with 2,800 supporting its more than 1,500 properties (as of July 2025). To maintain service quality, the annual employee turnover rate is kept in the low 40% range, which is a strong result compared to retail industry averages that can reach 100% annually. These teammates are crucial for the 'high-touch' service model they aim for.

Personalized customer experience using a unified data platform.

The goal is for customers to feel known, much like in the hospitality sector. CubeSmart uses data science to track customer patterns, such as how long they stay or what unit types they rent. This data informs personalized outreach, aiming to offer upgrades or extended terms to reduce churn and increase the lifetime value of the tenant. This data-driven approach is also embedded in their pricing strategy, known as the Enhanced Customer Rate (ECRI) strategy, which uses data to balance rate increases with customer satisfaction.

Here's a look at the operational scale and digital adoption metrics as of mid-to-late 2025:

Metric	Value/Period	Source Context
Total Consolidated Portfolio Stores (Q3 2025)	660	As of September 30, 2025
Total Rentable Square Feet (Q3 2025)	48.2 million	As of September 30, 2025
Business Conducted via Website	60%	As of July 2025
AI Chatbot Inquiry Handling	Over 70%	Of customer inquiries
Teammates Supporting Properties	2,800	Out of 3,100 total teammates (July 2025)
Quarterly Dividend (Declared Feb 2025)	$0.52 per common share	Annualized rate

Transactional relationship for short-term rentals, but aiming for loyalty.

While many rentals are transactional, CubeSmart actively works to foster loyalty. Management noted in Q3 2024 commentary that they focus on attracting the highest quality customers who 'tend to stay longer and are less sensitive to price increases.' This focus on retention supports their consistent financial performance, including having consistently raised dividends for 10 years as of Q2 2025. For instance, FFO, as adjusted, was $149.0 million for the third quarter of 2025, showing operational stability. The company reported a quarterly dividend yield of 5.35% in Q2 2025.

CubeSmart (CUBE) - Canvas Business Model: Channels

You need to know how CubeSmart gets its value proposition to its customers, and as of late 2025, that distribution relies on a mix of physical presence and digital interaction.

Physical self-storage facility locations across the US.

The core channel remains the physical footprint. As of September 30, 2025, CubeSmart's total consolidated portfolio stood at 660 stores, encompassing 48.2 million rentable square feet. This physical network is supplemented by a massive third-party management platform, which, as of the same date, included 863 stores totaling 56.6 million rentable square feet. By September 5, 2025, the total count of facilities, owned or managed, reached 1,338 facilities. The physical occupancy across the consolidated portfolio was reported at 88.6% on September 30, 2025.

Here's a look at the scale of the owned/managed footprint near the end of 2025:

Metric	Value (As of 9/30/2025)	Source Context
Consolidated Stores	660	Total owned/operated locations
Consolidated Rentable Square Feet	48.2 million	Total square footage in consolidated portfolio
Third-Party Managed Stores	863	Stores under the management platform
Third-Party Managed Square Feet	56.6 million	Total square footage managed for others

Company website and mobile platform for online rentals.

The digital interface is critical for initial customer acquisition and management. The company's corporate website hosts the live webcast for investor calls, found at investors.cubesmart.com. While specific mobile platform usage statistics aren't detailed here, the digital channel is where marketing spend is directed. The effectiveness of this channel is implied by the fact that same-store revenues for Q3 2025 were down 1.0% year-over-year, reflecting market conditions that these digital channels must navigate.

Centralized contact center for reservations and support.

For direct customer interaction outside of the physical store, the contact center serves as a key channel. The dedicated phone line for conference calls, which often mirrors customer service lines, is 1 (800) 715-9871. This centralized support is essential for handling reservations and customer inquiries.

Digital advertising and search engine marketing.

CubeSmart actively manages its digital visibility. The timing of marketing spend, especially in paid search and other digital channels, is fluid and depends on opportunities to achieve a good return. For instance, the expected pull-back in digital investment during Q1 2025 was planned to be offset by increased investment later in the year. This spend supports driving traffic to the online rental platform.

The company's performance in Q3 2025 showed that Net Effective Rates for New Customers increased by 28.3% year-over-year, a significant improvement from the 15% growth seen in 2024, suggesting successful pricing strategies channeled through their booking platforms.

• Digital marketing spend timing is fluid based on return potential.
• Move-in rents in Q2 2025 were down 4% year-over-year, improving from an 8.3% decline in Q1 2025.
• The company's Q3 2025 reported revenue was $285.08 million.

CubeSmart (CUBE) - Canvas Business Model: Customer Segments

You're looking at the core groups CubeSmart targets to fill its storage space. These segments drive the demand across their nearly 48.2 million rentable square feet portfolio as of September 30, 2025.

The primary focus remains on the individual user, often driven by life events that necessitate temporary or long-term space solutions. Nationally, 40% of people cite not having enough space at home as the main reason for using self-storage. This translates to about 14.5 million households utilizing these services across the U.S.

CubeSmart serves these customers across its owned portfolio of 660 stores as of the third quarter of 2025. The overall physical occupancy across this portfolio stood at 88.6% on September 30, 2025.

Here's a quick look at the scale of the operation supporting these segments:

Metric	Value (as of Q3 2025)	Unit
Total Consolidated Stores	660	Units
Total Rentable Square Feet	48.2 million	Square Feet
Same-Store Physical Occupancy (End of Q3)	89.0%	Percentage
Same-Store Occupancy (Q3 Average)	89.9%	Percentage
Total Customers (as of Dec 31, 2024)	385,000	Customers

The business model explicitly caters to two main types of renters:

• - Residential customers: moving, downsizing, or decluttering.
• - Commercial customers: small businesses needing inventory or document storage.

You see the emphasis on high-value locations when looking at where CubeSmart focuses its growth and where performance is strongest. Management specifically noted that coastal and more urban markets maintained strong performance in the third quarter of 2025. This focus is evidenced by strategic investment in dense areas.

• - Customers in high-density, urban markets like New York City.

For example, one development property opened in New York during Q3 2025, with another joint venture development expected to open in New York during the fourth quarter of 2025. Other markets noted for positive revenue growth in a challenging environment include Washington DC, Boston, Chicago, Houston, and Dallas.

Finally, the segment includes those who prefer a streamlined, modern interaction with their storage provider. While specific digital rental adoption rates aren't public, the industry trend shows technology is a factor. These customers interact with the platform that manages the entire portfolio, which as of Q3 2025, included 660 owned stores and a third-party management platform totaling 863 stores.

• - Technology-savvy customers preferring a fully digital rental experience.

The total third-party managed square footage was 56.6 million as of September 30, 2025.

CubeSmart (CUBE) - Canvas Business Model: Cost Structure

The Cost Structure for CubeSmart is heavily weighted toward fixed costs, which is typical for a real estate investment trust (REIT) focused on physical assets. You need to keep a close eye on these non-variable expenses because they create operating leverage when occupancy and rates rise, but they can quickly pressure cash flow if the market softens.

The most significant fixed cost component relates to the physical portfolio itself. This includes high fixed costs related to real estate ownership and the associated depreciation. For context on the scale of the asset base, as of June 30, 2025, CubeSmart's total consolidated portfolio comprised 659 stores totaling 48.1 million rentable square feet. Depreciation and amortization, a key non-cash fixed cost, was $128,086 thousand for the first six months of 2025. For the full year 2024, total Depreciation and amortization was $209,770 thousand.

Property operating expenses are another major area where costs are incurred, covering the day-to-day running of the facilities. These expenses are not entirely fixed, as they fluctuate with property count and usage, but they are substantial. For instance, property operating expenses increased by $9.0M in the third quarter of 2025 compared to the same period in 2024, and they increased by $5.9M in the second quarter of 2025 year-over-year.

Financing costs form a critical part of the structure, driven by the debt used to acquire and develop properties. The guidance for the full year 2025 for Interest and loan amortization expense is set between $118.0M and $122.0M [cite: Provided Guideline]. This is supported by recent quarterly figures, such as the $29.4M reported for the third quarter of 2025 and $29.1M for the second quarter of 2025. As of September 30, 2025, total debt stood at $3.42B.

Finally, the overhead required to manage the enterprise is captured in General and Administrative expenses. The full year 2025 guidance for General and administrative (G&A) expenses is guided between $63.0M and $64.0M [cite: Provided Guideline]. To give you a sense of the run-rate, the G&A expense for the second quarter of 2025 was reported at $63.0M.

Here's a quick look at the key cost line items and their scale:

Cost Component	2025 Full Year Guidance/Estimate	Most Recent Quarterly Actual (Q3 2025 or Q2 2025)
Interest and Loan Amortization Expense	$118.0M to $122.0M	$29.4M (Q3 2025 Interest Expense)
General and Administrative (G&A) Expenses	$63.0M to $64.0M	$63.0M (Q2 2025 G&A)
Property Operating Expenses (Y/Y Change)	Not Guided	Increased $9.0M (Q3 2025 Y/Y)
Depreciation & Amortization (Scale Proxy)	Implied by 2024 Full Year: $209.8M (2024)	$128,086 thousand (H1 2025 YTD)

You should watch the trend in Property Operating Expenses closely, especially since same-store operating expenses increased 1.2% in Q2 2025 versus Q2 2024, even though same-store NOI declined. Finance: draft the projected full-year interest expense based on the current debt balance and prevailing rates by next Tuesday.

CubeSmart (CUBE) - Canvas Business Model: Revenue Streams

You're looking at how CubeSmart turns its self-storage operations and management platform into actual dollars, which is the core of its Revenue Streams block. Honestly, it's a mix of direct rental revenue and fees from services, which helps smooth out the top line.

The primary revenue source is the rental income derived from its owned and consolidated properties. As of the end of the third quarter of 2025, the total consolidated portfolio stood at 659 stores, encompassing 48.1 million rentable square feet.

A key diversifying stream is the property management fee income earned from its third-party platform. For the full year 2025, the guidance for this specific income stream is set between $41.0M and $42.0M.

This fee income is supported by the growth in the managed portfolio. By the close of the third quarter of 2025, CubeSmart had added 46 stores to its third-party management platform, bringing the total count of third-party managed stores to 863.

CubeSmart also captures ancillary income. This includes revenue from retail sales, such as boxes and locks, and income generated from tenant insurance participation across both owned and managed stores.

The overall profitability metric that investors watch closely, Funds From Operations (FFO) per diluted share, is guided for the full year 2025 to be between $2.56 to $2.60.

Here's a quick look at some key operational metrics that feed into these revenue figures as of late 2025:

Metric	Value/Guidance	Source Context
Full Year 2025 FFO per Diluted Share Guidance (As Adjusted)	$2.56 to $2.60	Full Year 2025 Outlook
Property Management Fee Income Guidance (2025)	$41.0M to $42.0M	Required Outline Figure
Total Consolidated Stores (As of Q3 2025)	659 stores	Q3 2025 Results
Total Third-Party Managed Stores (As of Q3 2025)	863 stores	Q3 2025 Results
Same-Store Revenue Growth Guidance (2025)	(1.00%) to (0.25%)	Full Year 2025 Guidance Summary

You should keep an eye on how the revenue from the same-store pool is trending, as this reflects the performance of the existing asset base. For the third quarter of 2025, same-store revenue actually decreased by 1.0% year-over-year, even as same-store occupancy ended the quarter at 89.0%.

The business model relies on capturing value from every customer interaction, which is why ancillary income is important. For instance, the growth in customer storage protection plan participation contributes to total revenue increases alongside property acquisitions.

The structure of management fees is based on gross revenue, with facility-level expenses passed directly to the owner, which is a standard structure in the industry.

The revenue stream is also supported by capital activity, such as the recent issuance of $450 million in unsecured senior notes due 2035, which provides capital to support growth-related revenue drivers like acquisitions and developments.

To track this closely, focus on these elements:

• Rental income from the 48.1 million rentable square feet portfolio.
• The growth trajectory of the 863 third-party managed locations.
• The quarterly dividend, which was $0.52 per common share paid in October 2025.
• The latest FFO per share for the quarter ending September 30, 2025, which was $0.65.

Finance: draft 13-week cash view by Friday.