CubeSmart Lags Peers as Urban Focus Weighs on Same-Store Revenue, UBS Says

MT Newswires Live09-14

CubeSmart's (CUBE) same-store revenue has underperformed peers since 2022, primarily due to its "urban-focused portfolio," UBS Securities said in a note emailed Friday.

CubeSmart is lagging behind its competitors because they "eventually see greater benefit from improving housing turnover in more suburban markets."

The firm said that a rebound in storage demand in the near term and acceleration in the New York market would be crucial for a bullish outlook on the company.

Housing turnover remains slow, and with a recovery in demand expected around 2026, improvement in occupancy, street rate growth and operating metrics will also lag, according to the note.

UBS downgraded CubeSmart to neutral from buy, but raised the price target to $54 from $53.

Price: 53.60, Change: -0.32, Percent Change: -0.59

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