Core Viewpoint - CubeSmart has underperformed compared to its peers and the market over the past decade, indicating a need for strategic changes to improve its competitive position in the self-storage industry [1][11]. Industry Overview - The self-storage industry has faced challenges due to increased supply from low interest rates post-pandemic, which has negatively impacted occupancy levels and rental rates [4]. - Recent signs indicate a potential recovery in the self-storage market, with CubeSmart reporting its first year-over-year increase in move-in rates since early 2022 [5]. Company Performance - CubeSmart is the third-largest self-storage REIT in the U.S., with a market share of 4.9%, significantly trailing behind Extra Space Storage (14.4%) and Public Storage (11.2%) [7][8]. - The company has struggled to differentiate itself from larger competitors, which have more effective growth strategies, such as Extra Space Storage's third-party management platform and Public Storage's in-house development program [8]. Growth Strategies - CubeSmart is exploring joint ventures to enhance growth, including a recent $250 million partnership with CBRE Investment Management aimed at high-growth markets [10]. - The company has $900 million invested across existing joint ventures, which could help accelerate its growth rate in the future [10].