CubeSmart Provides Update on Hurricane Irma and Hurricane Harvey Impact
September 11 2017 - 5:00PM
CubeSmart (NYSE:CUBE) announced today that due to the impact of
Hurricane Irma, all of its 104 owned and managed stores in the
State of Florida were closed on Sunday out of concern for customer
and employee safety. As the situation is still unfolding and
most of the state is without power, the full impact of the storm is
unknown at this time. As of this afternoon, we have reopened
22 stores representing a total of 1.8 million net rentable square
feet and 18,300 units, primarily in southern Florida markets where
the storm first made landfall. Eighty-two CubeSmart stores,
representing 5.7 million net rentable square feet and 54,500 units,
remain temporarily closed. We plan to reopen our stores as
quickly as possible when the properties are deemed safe for
operation.
In the greater Houston area, 50 of the 52 stores owned and
managed by CubeSmart are open for normal business. These properties
represent approximately 3.6 million net rentable square feet and
28,200 units. The two remaining properties, representing 141,250
net rentable square feet and 985 units, remain temporarily closed
to new customers due to damage caused by Hurricane Harvey.
“The size and impact of these back-to-back storms is
unprecedented,” commented Christopher P. Marr, President and Chief
Executive Officer. “While these are trying times for our customers
and teammates in areas impacted by the Harvey and Irma hurricanes,
we are actively working to reopen our stores and provide the
storage space necessary to support the rebuilding efforts in our
communities.”
About the Company
CubeSmart is a self-administered and self-managed real estate
investment trust. CubeSmart owns or manages 900 self-storage
properties across the United States. According to the 2017
Self-Storage Almanac, CubeSmart is one of the top three owners and
operators of self-storage properties in the U.S.
The Company's mission is to simplify the organizational and
logistical challenges created by the many life events and business
needs of its Customers -- through innovative solutions,
unparalleled service, and genuine care. The Company's
self-storage properties are designed to offer affordable, easily
accessible, secure, and, in most locations, climate-controlled
storage space for residential and commercial customers.
For more information about business and personal
storage or to learn more about the Company and find a nearby
storage facility, visit www.CubeSmart.com or call
CubeSmart toll free at 800-800-1717.
Company Contact: CubeSmart Charles Place Director,
Investor Relations (610) 535-5700
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