CubeSmart is a self-storage REIT that owns, operates, and manages self-storage properties across the U.S. As of year-end 2025, CubeSmart owned 662 properties totaling roughly 48.4M rentable square feet across 26 states and D.C., at an 88.1% occupancy rate. CubeSmart rents storage units to residential and commercial customers on a month-to-month basis, targeting major metropolitan and suburban markets. Revenue is driven by two levers: occupancy and rental rates, with a daily revenue management system optimizing the trade-off between the two at each property. New customer move-in rates are market-driven and volatile, while existing customer rate increases are a critical growth lever given that monthly churn runs only 4-5%. Key revenue markets include New York (~17% of revenues), Florida (~14%), Texas (~11%), and California (~10%). Beyond its owned portfolio, CubeSmart manages 862 stores for third-party owners, bringing total managed or owned stores to over 1,500. This third-party management business generates fee income and serves as an acquisition pipeline. CubeSmart grows primarily through acquisitions in top-40 MSAs, often using joint ventures to access assets during lease-up before buying out partners once stabilized. Development is a smaller, selective activity concentrated in high-barrier markets like New York City. As a REIT, CubeSmart distributes the majority of taxable income to shareholders and finances growth through free cash flow, revolving credit, unsecured debt, and occasional equity issuances.