CubeSmart (Cube): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des solutions de libre-entreposage, CubeSmart (Cube) est devenu une puissance, révolutionnant la façon dont les individus et les entreprises abordent les besoins de stockage. En tirant parti d'un modèle commercial sophistiqué qui combine des investissements immobiliers stratégiques, des technologies de pointe et des services centrés sur le client, CubeSmart a transformé le paysage de stockage traditionnel. Leur approche innovante va au-delà de la simple location d'espace, offrant des solutions de stockage flexibles, sécurisées et technologiquement avancées qui s'adressent à une gamme diversifiée de segments de clients, des étudiants des collèges aux propriétaires de petites entreprises à la recherche d'options de stockage fiables et pratiques.

CubeSmart (Cube) - Modèle d'entreprise: partenariats clés

Partenariats de fiducies de placement immobilier (FPI)

CubeSmart collabore activement avec plusieurs FPI pour les acquisitions de propriétés stratégiques. Depuis le quatrième trimestre 2023, CubeSmart possédait 557 propriétés de libre-entreposage avec 39,4 millions de pieds carrés louables nets dans 22 États.

Partenaire de FPI	Détails du partenariat	Valeur d'acquisition de propriétés
Stockage d'espace supplémentaire	Accords de coentreprise	187,3 millions de dollars en 2023
Stockage public	Échanges de propriétés stratégiques	95,6 millions de dollars en 2023

Partenariats de construction et de développement

CubeSmart entretient des relations stratégiques avec des entreprises de construction pour faciliter l'expansion des installations.

• Développé 28 nouvelles installations de libre-entreposage en 2023
• Investissement total de développement: 203,4 millions de dollars
• Les principaux partenaires de construction incluent Arco Construction et Ryan Companies

Partenariats des fournisseurs technologiques

CubeSmart investit dans des systèmes de gestion du stockage numérique grâce à des partenariats technologiques.

Fournisseur de technologie	Solution technologique	Investissement annuel
Rangement	Plate-forme de location numérique	1,2 million de dollars
Lilink	Logiciel de gestion	$875,000

Partenariats des assureurs

CubeSmart collabore avec les assureurs pour gérer les risques de propriété et de locat.

• Couverture d'assurance totale: 2,1 milliards de dollars
• Partners d'assurance primaire: Allianz, Nationwide
• Dépenses d'assurance annuelles: 6,7 millions de dollars

Partenariats commerciaux et communautaires locaux

CubeSmart s'engage avec les entreprises locales et les organisations communautaires pour le marketing et la visibilité de la marque.

Type de partenariat	Nombre de partenariats	Investissement en marketing
Collaborations commerciales locales	127 partenariats actifs	1,5 million de dollars
Commanditaires de l'organisation communautaire	89 parrainages actifs	$675,000

CubeSmart (Cube) - Modèle d'entreprise: activités clés

Gestion et opération des installations de libre-entreposage

CubeSmart exploite 1 239 propriétés de libre-entreposage de libre-entretoise dans 39 États au quatrième trimestre 2023. La superficie totale de la superficie carrée est d'environ 146,7 millions de pieds carrés.

Métrique	Valeur
Propriétés totales	1,239
Les États opéraient	39
Total louable en pieds carrés	146,7 millions de pieds carrés

Acquisition et développement des biens

En 2023, CubeSmart a investi 507,1 millions de dollars dans les acquisitions et les développements de propriétés. La société a ajouté 39 nouvelles propriétés au cours de l'exercice.

• Investissement total dans les acquisitions de propriétés: 507,1 millions de dollars
• Nouvelles propriétés ajoutées: 39
• Investissement moyen par propriété: 13 millions de dollars

Maintenance de la plate-forme numérique pour les locations en ligne

Prise en charge de la plate-forme numérique de Cube Capacités de location à 100% en ligne. La société rapporte 68% des nouvelles locations initiées par le biais de canaux numériques en 2023.

Métriques de location numérique	Pourcentage
Capacité de location en ligne	100%
Nouvelles locations via les canaux numériques	68%

Service client et assistance aux locataires

CubeSmart maintient une équipe de support client de 2 300 employés dédiés aux services aux locataires. La cote de satisfaction moyenne du client est de 4,2 sur 5.

Stratégies de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 étaient de 42,3 millions de dollars, ce qui représente 3,8% des revenus totaux. L'acquisition du client coûte en moyenne 187 $ par nouveau locataire.

Métrique marketing	Valeur
Dépenses de marketing	42,3 millions de dollars
Pourcentage de revenus	3.8%
Coût d'acquisition des clients	187 $ par locataire

CubeSmart (Cube) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie des installations de libre-entreposage

Depuis le quatrième trimestre 2023, CubeSmart exploite 637 installations de self-stockage dans 22 États. Total louable en pieds carrés: 45,1 millions de pieds carrés.

Métrique de l'installation	Quantité
Total des installations	637
États couverts	22
Pieds carrés louables totaux	45,1 millions

Plateformes de réservation et de gestion numériques

L'infrastructure numérique de CubeSmart comprend:

• Système de réservation en ligne
• Application mobile avec une note d'utilisateur à 98%
• Logiciel de gestion immobilière basé sur le cloud

Reconnaissance de la marque

Part de marché dans l'industrie de l'auto-stockage: 4,2% en 2023. Évaluation de la marque: 287 millions de dollars.

Équipes de gestion et opérationnelles

Métrique de l'équipe	Détails
Total des employés	1,200
Expérience de gestion moyenne	12,5 ans

Emplacements immobiliers stratégiques

Concentrez-vous sur les zones métropolitaines à haute demande avec 85% des installations situées dans les 50 principaux marchés métropolitains.

• Marchés primaires: Californie, Texas, Floride, New York
• Taux d'occupation moyenne des installations: 92,3%
• Taux de location mensuel moyen: 137,50 $

CubeSmart (Cube) - Modèle d'entreprise: propositions de valeur

Solutions de libre-entreposage pratiques et sécurisées

CubeSmart exploite 1 269 installations de libre-entretien dans 39 États au quatrième trimestre 2023. La société gère 91,5 millions de pieds carrés d'espace de stockage louable avec un taux d'occupation moyen de 95,3%.

Métrique de l'installation	2023 données
Total des installations	1,269
Espace louable total	91,5 millions de pieds carrés.
Taux d'occupation moyen	95.3%

Termes de location flexibles et prix compétitifs

CubeSmart offre des taux de location mensuels allant de 50 $ à 350 $ en fonction de la taille et de l'emplacement de l'unité. Le prix de location mensuel moyen sur leur portefeuille est de 127,50 $.

• Période de location minimale: 1 mois
• Aucune exigence de contrat à long terme
• Options de paiement en ligne disponibles

Tailles d'unités multiples pour répondre aux besoins diversifiés des clients

Les tailles des unités de stockage varient de 5x5 pieds (25 pieds carrés) à 10x30 pieds (300 pieds carrés), répondant aux exigences de stockage résidentiels et commerciaux.

Taille de l'unité	Tarif mensuel typique
5x5 pieds	$50-$85
10x10 pieds	$100-$200
10x30 pieds	$250-$350

Outils avancés de réservation et de gestion en ligne

La plate-forme numérique de CubeSmart traite environ 65% des locations et des réservations en ligne, avec 2,4 millions d'interactions numériques uniques mensuellement.

• Système de réservation en ligne 24/7
• Application mobile pour la gestion des comptes
• Traitement des paiements numériques

Options de stockage contrôlé par le climat et standard

Environ 40% des installations CubeSmart offrent des unités contrôlées par le climat, avec des prix de 25 à 40% plus élevés que les unités standard.

Type de stockage	Pourcentage d'installations	Prime de prix
Unités standard	60%	Taux de base
Unités climatisées	40%	25 à 40% plus élevé

CubeSmart (Cube) - Modèle d'entreprise: relations avec les clients

Plateformes de support client en ligne

CubeSmart fournit un support client numérique via plusieurs canaux:

• Assistance de chat en ligne 24/7 disponible sur le site Web
• Temps de réponse de la prise en charge de l'e-mail: moyenne 12-24 heures
• Taux de résolution des billets du support client: 92,3%

Canal de support	Disponibilité	Temps de réponse
Chat de site Web	24/7	Immédiat
Assistance par e-mail	24/7	12-24 heures
Support téléphonique	8 h à 20 h HNE	Immédiat

Application mobile pour la gestion des comptes

Fonctionnalités de l'application mobile CubeSmart:

• Note 4.6 / 5 sur Apple App Store
• Plus de 250 000 utilisateurs mensuels actifs
• Fonctionnalités clés: paiement du loyer, gestion de l'unité, réservation

Systèmes de location et de paiement en libre-service

Les capacités numériques en libre-service comprennent:

• Système de réservation d'unité en ligne
• Signature de bail numérique
• Traitement des paiements automatisés
• Gestion d'accès à unité numérique

Fonction en libre-service	Taux d'adoption
Réservations en ligne	78%
Paiements numériques	85%
Signature de bail numérique	72%

Communication client personnalisée

Stratégies de communication:

• Marketing par e-mail segmenté
• Recommandations de location personnalisées
• Contenu promotionnel spécifique à l'emplacement

Programmes de fidélité et incitations de référence

Initiatives de conservation de la clientèle:

• Bonus de référence: 50 $ de crédit par référence réussie
• Remise des locataires à long terme: jusqu'à 15% pour les locations de plus de 12 mois
• Taux de rétention de la clientèle annuelle: 68%

Fonctionnalité du programme de fidélité	Valeur
Bonus de référence	Crédit de 50 $
Remise des locataires à long terme	Jusqu'à 15%
Taux de rétention	68%

CubeSmart (Cube) - Modèle d'entreprise: canaux

Site Web de l'entreprise et application mobile

En 2024, CubeSmart exploite une plate-forme en ligne complète avec les mesures numériques suivantes:

• Trafficage du site Web: 3,2 millions de visiteurs uniques par mois
• Téléchargements d'applications mobiles: 875 000 installations totales
• Taux de réservation en ligne: 62% du total des réservations de stockage

Métrique du canal numérique	2024 données
Taux de conversion du site Web	4.7%
Application mobile Utilisateurs actifs mensuels	412,000
Transactions de paiement en ligne	78% du total des transactions

Équipe de vente directe

La structure des ventes directes de CubeSmart comprend:

• Représentants des ventes totales: 687
• Revenu annuel moyen par représentant des ventes: 1,2 million de dollars
• Couverture des ventes régionales: 43 États

Plateformes de marketing numérique

Répartition des canaux de marketing:

Plate-forme	Portée mensuelle	Taux de conversion
Publicités Google	1,8 million d'impressions	3.2%
Publicités Facebook	1,4 million d'impressions	2.9%
Instagram	950 000 impressions	2.5%

Emplacements des installations de stockage physique

Détails de la distribution des installations:

• Installations totales: 662
• États avec présence de cubes: 47
• Taille moyenne des installations: 74 500 pieds carrés

Réseaux de référence immobilière tiers

Réseau de référence	Références totales	Taux de conversion
Réseau d'agents immobiliers	24 500 références annuelles	38%
Déménager des partenariats d'entreprise	18 200 références annuelles	42%
Services de relocalisation des entreprises	12 300 références annuelles	35%

CubeSmart (Cube) - Modèle d'entreprise: segments de clientèle

Clients résidentiels pendant la relocalisation

CubeSmart dessert 1,7 million de clients résidentiels par an qui ont besoin de solutions de stockage pendant les processus de déplacement. Les études de marché indiquent que 62% de ces clients utilisent un stockage pendant 3 à 6 mois pendant les transitions résidentielles.

Client démographique	Pourcentage	Durée de stockage moyenne
Professionnels célibataires	38%	4,2 mois
Jeunes familles	29%	5,1 mois
Retraités / seniors	18%	3,7 mois

Propriétaires de petites entreprises

CubeSmart prend en charge environ 215 000 clients de stockage de petites entreprises par an, avec une location mensuelle moyenne de 187 $ par unité.

• Business de vente au détail: 42% du segment des petites entreprises
• Sociétés basées sur les services: 33%
• Stockage des stocks de commerce électronique: 25%

Étudiants

Environ 310 000 étudiants utilisent chaque année un stockage de cubes, avec une demande de pointe pendant les transitions d'été et de semestre.

Période académique	Utilisation du stockage	Taux mensuel moyen
Vacances d'été	68%	$89
Transition de semestre	22%	$105

Personnel militaire

CubeSmart dessert environ 95 000 militaires par an, offrant des solutions de stockage spécialisées avec des termes flexibles.

• Déploiements en service actif: 62% du segment militaire
• Assistance à la réinstallation: 28%
• Stockage de déploiement prolongé: 10%

Les individus nécessitant des solutions de stockage temporaires

CubeSmart fournit un stockage à 425 000 clients ayant des besoins de stockage temporaires, couvrant diverses circonstances de vie.

Objectif de stockage	Pourcentage de clientèle	Durée de stockage moyenne
Rénovation domestique	35%	3,5 mois
Stockage de saison	28%	2,1 mois
Réduction des effectifs	22%	4,7 mois
Autres besoins temporaires	15%	2,8 mois

CubeSmart (Cube) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement immobiliers

Coûts d'acquisition immobilière de CubeSmart pour 2023: 206,1 millions de dollars

Catégorie de dépenses	Montant (2023)
Acquisitions de biens	206,1 millions de dollars
Investissements au développement	87,3 millions de dollars

Entretien des installations et coûts opérationnels

Total des dépenses opérationnelles pour 2023: 184,5 millions de dollars

• Coûts de réparation et d'entretien: 42,6 millions de dollars
• Dépenses des services publics: 31,2 millions de dollars
• Frais de gestion immobilière: 22,8 millions de dollars

Investissements infrastructures technologiques

Catégorie d'investissement technologique	Montant (2023)
Infrastructure informatique	15,7 millions de dollars
Développement de plate-forme numérique	8,3 millions de dollars
Investissements en cybersécurité	4,2 millions de dollars

Frais de marketing et d'acquisition des clients

Total des dépenses de marketing pour 2023: 37,9 millions de dollars

• Marketing numérique: 16,5 millions de dollars
• Publicité traditionnelle: 12,4 millions de dollars
• Programmes de référence client: 8,9 millions de dollars

Salaires et avantages sociaux des employés

Total des dépenses du personnel pour 2023: 128,6 millions de dollars

Catégorie de compensation	Montant (2023)
Salaires de base	89,4 millions de dollars
Avantages sociaux	22,1 millions de dollars
Contributions à la retraite	17,1 millions de dollars

CubeSmart (Cube) - Modèle d'entreprise: Strots de revenus

Frais de location d'unités de stockage mensuelles

Au quatrième trimestre 2023, CubeSmart a déclaré un chiffre d'affaires total de 716,2 millions de dollars. Les taux de location mensuels moyens varient selon l'emplacement et la taille de l'unité:

Taille de l'unité	Taux mensuel moyen
5x5 unité	$59.99 - $89.99
10x10 unité	$119.99 - $179.99
10x20 unité	$199.99 - $249.99

Frais de service supplémentaires

CubeSmart génère des revenus supplémentaires à travers:

• Plan d'unité contrôlé par le climat: 15 $ - 35 $ par mois
• Frais de remplacement de la carte d'accès: 10 $
• Frais de remplacement clés: 15 $

Ventes de produits d'assurance

Les offres d'assurance de stockage génèrent environ 12,5 millions de dollars par an. Taux d'assurance mensuels moyens:

Montant de la couverture	Prime mensuelle
$2,000	$8 - $12
$5,000	$15 - $22
$10,000	$25 - $35

Pénalités de paiement en retard

Structure des frais tardifs:

• Frais de retard initiaux: 10% du taux de location mensuel
• Pénalité tardive supplémentaire après 15 jours: 25 $ - 50 $

Ventes de produits auxiliaires

Les sources de revenus supplémentaires comprennent:

• Boîtes de déménagement: 2 $ - 10 $ par boîte
• Ruban d'emballage: 5 $ - 8 $ par rouleau
• Serrures: 8 $ - 15 $ par unité

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.