Chris Marr, president and CEO of CubeSmart L.P. (NYSE: CUBE), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
CubeSmart is one of the largest owners and operators of self-storage facilities in the United States.
Marr discussed the factors driving organic growth at CubeSmart. He pointed to the lack of any significant new supply since the financial crisis, as well as the growing urbanization of the U.S.
As for external growth, Marr said opportunities are coming from both acquisitions and development. He noted that the self-storage sector remains highly fragmented, which favors acquisitions. At the same time, “development in certain markets makes a lot of sense, given the high occupancies we’re all experiencing,” he added.
Turning to CubeSmart’s geographic footprint, Marr noted that its core Florida markets, as well as California, the Northeast and New York City, are performing “particularly well.”