New Morningstar Analyst Report - CubeSmart

Thanks to dividend cuts and multiple capital raises, CubeSmart has considerably deleveraged and unencumbered its balance sheet during the last couple of years. While it has to digest its New York Storage Deluxe acquisitions, we generally think its financial health is on much higher ground than before. That said, while CubeSmart's operations have benefited from a rebound in consumer sentiment and a currently goldilocks multi-family sector, it nonetheless is captive to a highly competitive self-storage property sector. As such, we suggest a fair discount to our fair value estimate prior to investing.