CEO of Self-Storage REIT CubeSmart Sees Little Risk of Overbuilding

Chris Marr, president and CEO of CubeSmart (NYSE: CUBE), joined Nareit for a video interview at REITworld 2017.

CubeSmart owns or manages approximately 900 self-storage properties across the United States.

Marr emphasized that the demand drivers for self-storage are “everyday life events,” which continue to be strong.

Marr said he does not see a risk of overbuilding in the sector, noting that the building process is more complicated than it seems due to zoning and entitlement considerations. However, Marr added that CubeSmart has started to feel the impact of new development on same-store metrics this year. He expects the effect will continue to be felt in 2018.

On the investor front, Marr said questions about individual company differentiation are being asked “for the first time in a long time.”

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