Ben Cheng CubeSmart CUBE-N TOP PICK Jan 29, 2015

Consolidator of storage facilities. Management team has done an excellent job of bringing storage space into the 20^th century. A buy today. 2.5% dividend. Sees 50% increase in dividend and 20% increase in stock price.

(Top Pick May 6/13, Up 2.36%) It has been volatile but growth prospects look good. 15-20%. Public storage market is very fragmented. Thinks CUBE will be astute acquirers.

(Top Pick Jan 29/15, Up 27.91%) They are consolidating the space. PSA is the big guy and there is not much growth there.

He spoke to them recently. A big operator of self-storage in the U.S. Likes management and this industry. This sector boomed during Covid, but now there's decelerating revenue growth (still positive), but why? Because of seasonality or the weaker economy? Self-storage resists recessions. Trades at a discount to NAV.

Third-largest self-storage operator in the US. Typically, sector is very defensive. He doesn't own the US sector, wide range of outcomes on operations this year. New rental rates back at 2019 levels. Yield is in the 4.7% range.