Cubesmart (cubo): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das soluções de auto-armazenamento, o CubeSmart (Cubo) emergiu como uma potência, revolucionando como indivíduos e empresas abordam as necessidades de armazenamento. Ao alavancar um modelo de negócios sofisticado que combina investimentos imobiliários estratégicos, tecnologia de ponta e serviços centrados no cliente, a Cubesmart transformou o cenário de armazenamento tradicional. Sua abordagem inovadora vai além do mero aluguel espacial, oferecendo soluções de armazenamento flexíveis, seguras e tecnologicamente avançadas que atendem a uma gama diversificada de segmentos de clientes, de estudantes universitários a pequenos empresários que buscam opções de armazenamento confiáveis ​​e convenientes.

Cubesmart (cubo) - Modelo de negócios: parcerias -chave

Parcerias de fundos de investimento imobiliário (REITs)

O CubeSmart colabora ativamente com vários REITs para aquisições estratégicas de propriedades. A partir do quarto trimestre de 2023, a Cubesmart possuía 557 propriedades de auto-armazenamento, com 39,4 milhões de pés quadrados alugáveis ​​líquidos em 22 estados.

REIT Partner	Detalhes da parceria	Valor de aquisição de propriedades
Armazenamento espacial extra	Acordos de joint venture	US $ 187,3 milhões em 2023
Armazenamento público	Trocas de propriedades estratégicas	US $ 95,6 milhões em 2023

Parcerias de construção e desenvolvimento

O CubeSmart mantém relações estratégicas com empresas de construção para facilitar a expansão das instalações.

• Desenvolveu 28 novas instalações de auto-armazenamento em 2023
• Investimento total de desenvolvimento: US $ 203,4 milhões
• Os principais parceiros de construção incluem empresas de construção da Arco e Ryan

Parcerias de fornecedores de tecnologia

A Cubesmart investe em sistemas de gerenciamento de armazenamento digital por meio de parcerias tecnológicas.

Fornecedor de tecnologia	Solução tecnológica	Investimento anual
StoragePug	Plataforma de aluguel digital	US $ 1,2 milhão
Sitelink	Software de gerenciamento	$875,000

Parcerias de provedores de seguros

O CubeSmart colabora com provedores de seguros para gerenciar riscos de propriedades e inquilinos.

• Cobertura total de seguro: US $ 2,1 bilhões
• Parceiros de seguro primário: Allianz, em todo o país
• Despesas com seguro anual: US $ 6,7 milhões

Empresas comerciais e comunitárias locais

O CubeSmart se envolve com empresas locais e organizações comunitárias para marketing e visibilidade da marca.

Tipo de parceria	Número de parcerias	Investimento de marketing
Colaborações de negócios locais	127 parcerias ativas	US $ 1,5 milhão
Patrocínio da Organização Comunitária	89 patrocínios ativos	$675,000

Cubesmart (cubo) - Modelo de negócios: Atividades -chave

Gerenciamento e operação da instalação de auto-armazenamento

A Cubesmart opera 1.239 propriedades de armazenamento automático em 39 estados a partir do quarto trimestre de 2023. O total de metragem quadrada alugável é de aproximadamente 146,7 milhões de pés quadrados.

Métrica	Valor
Propriedades totais	1,239
Estados operados	39
Mágua quadrada alugável total	146,7 milhões de pés quadrados

Aquisição e desenvolvimento de propriedades

Em 2023, a Cubesmart investiu US $ 507,1 milhões em aquisições e desenvolvimentos de propriedades. A empresa adicionou 39 novas propriedades durante o ano fiscal.

• Investimento total em aquisições de propriedades: US $ 507,1 milhões
• Novas propriedades adicionadas: 39
• Investimento médio por propriedade: US $ 13 milhões

Manutenção da plataforma digital para aluguel on -line

Suportes de plataforma digital da Cubesmart Recursos de aluguel online 100%. A empresa relata 68% dos novos aluguéis iniciados através de canais digitais em 2023.

Métricas de aluguel digital	Percentagem
Capacidade de aluguel online	100%
Novos aluguéis via canais digitais	68%

Atendimento ao cliente e suporte de inquilino

A Cubesmart mantém uma equipe de suporte ao cliente de 2.300 funcionários dedicados aos serviços de inquilino. A classificação média de satisfação do cliente é de 4,2 em 5.

Estratégias de marketing e aquisição de clientes

As despesas de marketing em 2023 foram de US $ 42,3 milhões, representando 3,8% da receita total. O custo da aquisição de clientes teve uma média de US $ 187 por novo inquilino.

Métrica de marketing	Valor
Gasto de marketing	US $ 42,3 milhões
Porcentagem de receita	3.8%
Custo de aquisição do cliente	US $ 187 por inquilino

Cubesmart (cubo) - Modelo de negócios: Recursos -chave

Extenso portfólio de instalações de auto-armazenamento

A partir do quarto trimestre 2023, o CubeSmart opera 637 instalações de auto-armazenamento em 22 estados. Mágua quadrada alugável total: 45,1 milhões de pés quadrados.

Métrica da instalação	Quantidade
Total de instalações	637
Estados cobertos	22
Total de pés quadrados alugáveis	45,1 milhões

Plataformas de reserva e gerenciamento digital

A infraestrutura digital da Cubesmart inclui:

• Sistema de Reserva Online
• Aplicativo móvel com 98% de classificação de usuário
• Software de gerenciamento de propriedades baseado em nuvem

Reconhecimento da marca

Participação de mercado no setor de auto-armazenamento: 4,2% a partir de 2023. Avaliação da marca: US $ 287 milhões.

Equipes de gestão e operacional

Métrica de equipe	Detalhes
Total de funcionários	1,200
Experiência de gerenciamento médio	12,5 anos

Locais imobiliários estratégicos

Concentre-se nas áreas metropolitanas de alta demanda, com 85% das instalações localizadas nos 50 principais mercados metropolitanos.

• Mercados primários: Califórnia, Texas, Flórida, Nova York
• Taxa média de ocupação da instalação: 92,3%
• Taxa média mensal de aluguel: US $ 137,50

Cubesmart (cubo) - Modelo de negócios: proposições de valor

Soluções de auto-armazenamento convenientes e seguras

A Cubesmart opera 1.269 instalações de auto-armazenamento em 39 estados a partir do quarto trimestre de 2023. A empresa gerencia 91,5 milhões de pés quadrados de espaço de armazenamento alugado com uma taxa média de ocupação de 95,3%.

Métrica da instalação	2023 dados
Total de instalações	1,269
Espaço alugável total	91,5 milhões de pés quadrados.
Taxa média de ocupação	95.3%

Termos de aluguel flexíveis e preços competitivos

A Cubesmart oferece taxas mensais de aluguel que variam de US $ 50 a US $ 350, dependendo do tamanho e da localização da unidade. O preço médio mensal do aluguel em seu portfólio é de US $ 127,50.

• Período mínimo de aluguel: 1 mês
• Não há requisitos de contrato de longo prazo
• Opções de pagamento online disponíveis

Vários tamanhos de unidade para acomodar diversas necessidades de clientes

Os tamanhos das unidades de armazenamento variam de 25 pés quadrados de 5x.

Tamanho da unidade	Taxa mensal típica
5x5 pés	$50-$85
10x10 pés	$100-$200
10x30 pés	$250-$350

Ferramentas avançadas de reserva e gerenciamento on -line

A plataforma digital da Cubesmart processa aproximadamente 65% dos aluguéis e reservas on -line, com 2,4 milhões de interações digitais exclusivas mensalmente.

• Sistema de reserva online 24/7
• Aplicativo móvel para gerenciamento de contas
• Processamento de pagamento digital

Opções de armazenamento controladas e padrão climáticas

Aproximadamente 40% das instalações do CubeSmart oferecem unidades controladas pelo clima, com preços 25-40% maiores que as unidades padrão.

Tipo de armazenamento	Porcentagem de instalações	Prêmio de preço
Unidades padrão	60%	Taxa básica
Unidades controladas pelo clima	40%	25-40% maior

Cubesmart (cubo) - Modelo de negócios: relacionamentos com o cliente

Plataformas de suporte ao cliente online

O CubeSmart fornece suporte ao cliente digital por meio de vários canais:

• Suporte de bate -papo online 24/7 disponível no site
• Tempo de resposta de suporte por e-mail: média 12-24 horas
• Taxa de resolução do ingresso de suporte ao cliente: 92,3%

Canal de suporte	Disponibilidade	Tempo de resposta
Chat do site	24/7	Imediato
Suporte por e -mail	24/7	12-24 horas
Suporte telefônico	8:00-20:00 EST	Imediato

Aplicativo móvel para gerenciamento de contas

Recursos do aplicativo móvel Cubesmart:

• 4.6/5 Classificação na Apple App Store
• Mais de 250.000 usuários mensais ativos
• Principais funcionalidades: pagamento de aluguel, gerenciamento de unidades, reserva

Aluguel de autoatendimento e sistemas de pagamento

Os recursos de autoatendimento digital incluem:

• Sistema de Reserva de Unidade Online
• Assinatura de arrendamento digital
• Processamento de pagamento automatizado
• Gerenciamento de acesso à unidade digital

Recurso de autoatendimento	Taxa de adoção
Reservas on -line	78%
Pagamentos digitais	85%
Assinatura de arrendamento digital	72%

Comunicação personalizada do cliente

Estratégias de comunicação:

• Marketing por e -mail segmentado
• Recomendações de aluguel personalizadas
• Conteúdo promocional específico da localização

Programas de fidelidade e incentivos de referência

Iniciativas de retenção de clientes:

• Bônus de referência: crédito de US $ 50 por referência bem -sucedida
• Desconto de inquilino de longo prazo: até 15% para aluguel de mais de 12 meses
• Taxa anual de retenção de clientes: 68%

Recurso do programa de fidelidade	Valor
Bônus de referência	Crédito de US $ 50
Desconto de inquilino de longo prazo	Até 15%
Taxa de retenção	68%

Cubesmart (cubo) - Modelo de negócios: canais

Site da empresa e aplicativo móvel

A partir de 2024, o CubeSmart opera uma plataforma on -line abrangente com as seguintes métricas digitais:

• Tráfego do site: 3,2 milhões de visitantes únicos por mês
• Downloads de aplicativos móveis: 875.000 instalações totais
• Taxa de reserva online: 62% do total de reservas de armazenamento

Métrica de canal digital	2024 dados
Taxa de conversão do site	4.7%
Usuários ativos mensais de aplicativo móvel	412,000
Transações de pagamento online	78% do total de transações

Equipe de vendas diretas

A estrutura de vendas direta da Cubesmart inclui:

• Total de Representantes de Vendas: 687
• Receita média anual por representante de vendas: US $ 1,2 milhão
• Cobertura regional de vendas: 43 estados

Plataformas de marketing digital

Breakdown de canal de marketing:

Plataforma	Alcance mensal	Taxa de conversão
Google anúncios	1,8 milhão de impressões	3.2%
Anúncios do Facebook	1,4 milhão de impressões	2.9%
Instagram	950.000 impressões	2.5%

Locais da instalação de armazenamento físico

Detalhes da distribuição da instalação:

• Total de instalações: 662
• Estados com Presença Cubesmart: 47
• Tamanho médio da instalação: 74.500 pés quadrados

Redes de referência imobiliárias de terceiros

Rede de referência	Referências totais	Taxa de conversão
Rede de agentes imobiliários	24.500 referências anuais	38%
Mover parcerias da empresa	18.200 referências anuais	42%
Serviços de realocação corporativa	12.300 referências anuais	35%

Cubesmart (cubo) - Modelo de negócios: segmentos de clientes

Clientes residenciais durante a realocação

A Cubesmart atende 1,7 milhão de clientes residenciais anualmente que exigem soluções de armazenamento durante os processos de mudança. A pesquisa de mercado indica que 62% desses clientes usam armazenamento por 3-6 meses durante transições residenciais.

Demografia demográfica do cliente	Percentagem	Duração média de armazenamento
Profissionais únicos	38%	4,2 meses
Famílias jovens	29%	5,1 meses
Aposentados/idosos	18%	3,7 meses

Proprietários de pequenas empresas

A Cubesmart suporta aproximadamente 215.000 clientes de armazenamento de pequenas empresas anualmente, com um aluguel mensal médio de US $ 187 por unidade.

• Empresas de varejo: 42% do segmento de pequenas empresas
• Empresas baseadas em serviços: 33%
• Armazenamento de inventário de comércio eletrônico: 25%

Estudantes universitários

Aproximadamente 310.000 estudantes universitários utilizam o armazenamento do CubeSmart anualmente, com pico de demanda durante as transições de verão e semestre.

Período acadêmico	Utilização de armazenamento	Taxa média mensal
Férias de verão	68%	$89
Transição do semestre	22%	$105

Pessoal militar

A Cubesmart atende aproximadamente 95.000 militares anualmente, oferecendo soluções de armazenamento especializadas com termos flexíveis.

• Implantações de serviço ativo: 62% do segmento militar
• Assistência de realocação: 28%
• Armazenamento de implantação estendido: 10%

Indivíduos que necessitam de soluções de armazenamento temporário

A Cubesmart fornece armazenamento para 425.000 clientes com necessidades temporárias de armazenamento, abrangendo várias circunstâncias da vida.

Fins de armazenamento	Porcentagem do cliente	Duração média de armazenamento
Renovação em casa	35%	3,5 meses
Armazenamento sazonal	28%	2,1 meses
Redução do tamanho	22%	4,7 meses
Outras necessidades temporárias	15%	2,8 meses

Cubesmart (cubo) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de imóveis

Custos de aquisição imobiliários da Cubesmart para 2023: US $ 206,1 milhões

Categoria de despesa	Valor (2023)
Aquisições de propriedades	US $ 206,1 milhões
Investimentos em desenvolvimento	US $ 87,3 milhões

Manutenção de instalações e custos operacionais

Despesas operacionais totais para 2023: US $ 184,5 milhões

• Custos de reparo e manutenção: US $ 42,6 milhões
• Despesas de utilitários: US $ 31,2 milhões
• Taxas de gerenciamento de propriedades: US $ 22,8 milhões

Investimentos de infraestrutura de tecnologia

Categoria de investimento em tecnologia	Valor (2023)
Infraestrutura de TI	US $ 15,7 milhões
Desenvolvimento da plataforma digital	US $ 8,3 milhões
Investimentos de segurança cibernética	US $ 4,2 milhões

Despesas de marketing e aquisição de clientes

Despesas de marketing total para 2023: US $ 37,9 milhões

• Marketing Digital: US $ 16,5 milhões
• Publicidade tradicional: US $ 12,4 milhões
• Programas de referência de clientes: US $ 8,9 milhões

Salários e benefícios dos funcionários

Total de despesas de pessoal para 2023: US $ 128,6 milhões

Categoria de compensação	Valor (2023)
Salários da base	US $ 89,4 milhões
Benefícios de saúde	US $ 22,1 milhões
Contribuições de aposentadoria	US $ 17,1 milhões

Cubesmart (cubo) - Modelo de negócios: fluxos de receita

Taxas mensais de aluguel da unidade de armazenamento

A partir do quarto trimestre de 2023, o CubeSmart registrou receita total de US $ 716,2 milhões. As taxas médias mensais de aluguel variam de acordo com o local e o tamanho da unidade:

Tamanho da unidade	Taxa média mensal
5x5 unidade	$59.99 - $89.99
Unidade 10x10	$119.99 - $179.99
Unidade 10x20	$199.99 - $249.99

Cobranças de serviço adicionais

O Cubesmart gera receita suplementar através de:

• Sobretaxa de unidade controlada pelo clima: US $ 15 - US $ 35 por mês
• Taxa de substituição do cartão de acesso: $ 10
• Taxa de substituição -chave: $ 15

Vendas de produtos de seguro

As ofertas de seguro de armazenamento geram aproximadamente US $ 12,5 milhões anualmente. Taxas médias de seguro mensal:

Quantidade de cobertura	Prêmio mensal
$2,000	$8 - $12
$5,000	$15 - $22
$10,000	$25 - $35

Multas por atraso no pagamento

Estrutura de taxas tardias:

• Taxa de atraso inicial: 10% da taxa de aluguel mensal
• Pena tardia adicional após 15 dias: $ 25 - $ 50

Vendas auxiliares de produtos

Fontes de receita adicionais incluem:

• Caixas em movimento: $ 2 - $ 10 por caixa
• Fita de embalagem: $ 5 - $ 8 por rolo
• Bloqueios: US $ 8 - US $ 15 por unidade

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.