CubeSmart (NYSE:CUBE) traded today at a new 52-week high of $48.73. This new high was reached on below average trading volume as 111,000 shares traded hands, while the average 30-day volume is approximately 994,000 shares.
CubeSmart (NYSE:CUBE) is currently priced 4.6% above its average consensus analyst price target of $46.35.
CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company’s real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis. Most of CubeSmart’s facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company’s real estate portfolio and the majority of its revenue. CubeSmart derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.
Over the past year, CubeSmart has traded in a range of $27.13 to $48.73 and is now at $48.60, 79% above that low.
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