WAYNE, PA--(Marketwire - Jul 18, 2012) - CubeSmart (NYSE: CUBE) announced today that it has been retained by American Storage to manage 31 self-storage facilities (containing approximately 1.2M square feet) in North Carolina, South Carolina, and Georgia. The American Storage properties will be incorporated into CubeSmart's Property Management program, bringing the total number of stores that CubeSmart manages on behalf of third-party owners to 136. CubeSmart will assume management of the portfolio effective August 1, 2012. The facilities will continue to operate under the name American Storage.
"We are pleased to expand our property management services to American Storage and look forward to extending the operational, marketing, revenue management, and technological advantages of CubeSmart's national platform to this regional portfolio," noted Chris Marr, President, Chief Operating Officer, and Chief Investment Officer of CubeSmart. "The addition of the American Storage properties builds on CubeSmart's existing presence in the Southeast while further strengthening the scale advantages of our operational footprint."
CubeSmart's Property Management program offers a wide variety of self-storage management services, including operating philosophies and procedures that have been developed with more than 60 years of collective experience by the CubeSmart executive team. The Company has improved operations and increased revenue for third-party clients since launching its self-storage management services in 2010.
About the Company
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 479 self-storage facilities across the United States and operates the CubeSmart Network, which consists of approximately 850 additional self-storage facilities. The Company plans to exceed Customer expectations by adding more personalized services and technology to some of the best storage spaces around.
CubeSmart services include storage customization, logistics services, comprehensive moving services, organizational services, and office amenities. The Company's self-storage facilities are designed to offer affordable, easily accessible, secure, and in most locations, climate-controlled storage space for residential and commercial customers, as well as boat storage and mini storage. According to the 2011 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.
For more information about business or personal storage, visit us online at www.CubeSmart.com or call CubeSmart(SM) toll free at 800-800-1717.
Although the Company believes the expectations reflected in any forward-looking statements in this press release are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and described from time to time in the Company's filings with the SEC. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.