CubeSmart (CUBE) Target Increased to $45 by Barclays Following Self-Storage REIT Review

CubeSmart (NYSE:CUBE) is included among the 13 Best REIT Dividend Stocks to Invest in.

On March 5, Barclays analyst Brendan Lynch raised the firm’s price recommendation on CubeSmart (NYSE:CUBE) to $45 from $43 and maintained an Equal Weight rating on the shares. The firm updated its models for self-storage real estate investment trusts following the Q4 reports.

Earlier in February, CubeSmart and CBRE Investment Management announced the acquisition of a self-storage property in Phoenix, Arizona. The purchase marks the first asset in a $250 million self-storage venture between the two companies.

The venture plans to invest in core, core-plus, and value-add opportunities in high-growth markets across the United States. CubeSmart will manage the properties on behalf of the venture and will work to enhance property value through its operating platform. Christoper P. Marr, President and Chief Executive Officer of CubeSmart, made the following statement:

“We are excited to work with CBRE IM, a leading institutional investor, and begin a relationship centered on long-term value creation. This new venture builds on a long history of collaborative partnerships and highlights CubeSmart’s creative and disciplined approach to capital deployment. It underscores the strength of our operating platform while allowing us to enhance our growth profile and expand our footprint in attractive markets.”

CubeSmart (NYSE:CUBE) is a self-administered and self-managed real estate investment trust. The company’s self-storage properties are designed to provide climate-controlled storage space for both residential and commercial customers.

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