We are committed to growing strategically and consciously in a sustainable manner that is beneficial to all our stakeholders as we expand and maintain a national portfolio of self-storage properties. We consistently interact with our stakeholders to ensure that our sustainability priorities and goals are aligned.
|Stakeholders||Areas of Focus||Approach to Stakeholder Engagement|
|Our Teammates||Mission and purpose|
|Our team culture is about making a difference and showing genuine care for each other and our customers. We strive to foster an engaging and collaborative environment where teammates are connected through multiple communication channels including an internal social network. We offer comprehensive training programs and career development opportunities providing teammates continuous professional growth. Finally, we measure the success of our engagement initiatives with an annual employee engagement survey.|
|Our Customers||Customer service|
Mission and purpose
|Customer service is the central pillar of our culture as we strive every day to provide our customers with the best possible storage experience. We listen to what our customers have to say through internal surveys coupled with reviews posted on our website or through social media. We also provide the same level of service to our third-party owners, providing them with dedicated client relationship managers and real-time reporting.|
|Our Investors||Long-term value creation|
|We remain committed to producing superior results and creating long-term value for our shareholders. We value the opportunity to communicate the CubeSmart story with investors and analysts through our quarterly earnings calls, investor meetings, and property tours.|
|Our Communities||Minimize environmental impact|
Investment in community
|We remain focused on sustainably maintaining our portfolio to ensure they remain visually attractive while pursuing opportunities to improve energy-efficiency. Charitable work is important to us, as we offer donated storage units to local non-profits and volunteer our teammates’ time through days of service and other events.|
CubeSmart’s portfolio of over 1,000 properties ranges from newly developed stores to stores that were built more than 40 years ago. We proactively pursue environmental and energy-efficient initiatives that positively impact the well-being of our customers, teammates, and communities, while also improving our profitability.
Compared to other commercial property types, self-storage has a relatively low environmental impact in our communities. Approximately 50% of our square footage is non-climate controlled storage and for properties that offer climate controlled storage, the inside temperature varies from 55 to 80 degrees requiring relatively less energy to heat or cool than traditional property types. Water usage at our stores is relatively low, but we continue to look for ways to reduce our usage further such as indigenous landscaping that requires little to no additional watering. Additionally, self-storage on a daily basis does not generate a lot of customer activity, minimizing traffic congestion in the community.
At CubeSmart, we have reduced the environmental impact at our stores through the following programs and initiatives:
High-efficiency lighting retrofit
Since 2015, CubeSmart has completed lighting retrofits at 257 stores in 21 states and the District of Columbia. These lighting upgrades save approximately 4,227,955 kW of energy consumption annually or the reduction of CO2 emissions equivalent to the burning of 1546 tons of coal.
Solar panel installation
Since 2016, CubeSmart has completed 53 solar projects at wholly-owned stores located in 7 states. In aggregate, these solar projects generated 4,752 MWh of power in 2019, or the savings of greenhouse gas emissions equivalent to removing 713 cars from the road annually.
Since 2014, CubeSmart has upgraded 1127 low-efficiency R-22 HVAC units with Energy Star, high-efficiency R410 units at 273 wholly-owned properties totaling 4806 tons of HVAC. The carbon savings related to these upgrades is 752,932 CO2e/lb which is equivalent to 38,430 gallons of gasoline consumed.
Energy management systems installation
Since 2010, CubeSmart has installed 80 energy management systems at wholly-owned stores that monitor and control a store’s interior temperature and the timing of energy usage.
Properties Developed to LEED Standards
While CubeSmart does not have a stand-alone development program, we encourage our development partners to use recyclable materials during construction when possible and to install equipment and systems that maximize the energy efficiency of the property.
Paperless lease agreements and recycling programs
Since CubeSmart initiated a paperless lease system in 2014, paper usage at the stores has been reduced by 82%. We have a company-wide computer and office equipment recycling program that properly disposes of electronic waste. Additionally, water filling stations and recycling bins are located throughout CubeSmart’s headquarters, encouraging teammates to utilize re-usable cups and bottles and to minimize landfill waste.
Partnering with American Forests Global ReLeaf Program
In partnership with American Forests Global ReLeaf Program, CubeSmart offers customers the option to opt into our “Plant a Tree” program when reserving a storage unit online or by phone. Since initiating the program in 2010, approximately 123,800 trees have been planted in reforestation projects located in Florida, Michigan, Minnesota, and Virginia. As a result of our Plant a Tree program, approximately 619 acres of habitat have been restored that will absorb over 297,000 metric tons of carbon and filter 4.5 billion gallons of water over the lifetime of the trees.
Social – Employees
At CubeSmart, we refer to our employees as teammates, because collaboration towards shared goals defines our workplace. We care deeply about providing a great work experience and competitive reward offerings that reflect our culture.
Our work experience includes:
- We build and protect our culture. We measure our teammates’ experience each year through our teammate engagement survey (administered by Gallup). In 2020, our annual employee engagement survey had a 91% participation rate. Since beginning our focus on engagement in 2017, our company score has consistently shown meaningful improvement.
- We’re intentional about development. From how we develop leaders to how we onboard teammates, and the learning in between; development is constant.
- All new teammates receive a week-long onboarding program; and trainings continue throughout the year. In the field, teammates attend at least two 8-hour training days per year. At our headquarters, we offer quarterly classroom series where we deliver more than 200 hours of development programs 4x per year. In our call center, coaching occurs weekly, with monthly discussions on development and improvement.
- When it comes to leadership, we investigate a significant amount of time and energy into training our leaders to develop and excel. Our District Managers out in the field are immersed in two separate 5-day deep dive courses within their first year on the job to set them up for success. Our people managers across the organization participate in regular instructor-led leadership courses and roundtable discussions throughout the year.
- Our teammates have countless opportunities to self-develop. Our online Learning Center offers 246 courses with approximately 90 hours of learning available. We offer a tuition reimbursement program for furthering formal education. And, throughout the year, teammates get involved as team captains, participate on cross-department committees, set stretch development goals, receive ongoing coaching, and more.
- We recognize our teammates. In order to provide the most engaging work environment possible, we know that recognizing and rewarding performance matters.
- We have a number of recognition programs in place to celebrate accomplishments: Our quarterly and annual All Star Awards are given to teammates who have been nominated by peers for demonstrating our values and we have a monthly District Manager award for leaders who achieve exceptional metrics and team stats.
- We give on-the-spot recognition to teammates who go above and beyond demonstrating our values and serving our customers. We do this through our Spotlight online recognition platform where we give out points that can be redeemed for rewards.
- In 2019, we were recognized as one of the 50 Most Engaged Workplaces by Achievers. This award recognizes top employers that display leadership and innovation in engaging their workplaces
Our teammate employment offering includes:
- Base salary plus bonus opportunity
- Paid time off
- Healthcare (medical, dental, and vision)
- 401(k) plan with company match
- Tuition reimbursement
- Paid maternity leave
- Short-term disability
Another important aspect of our culture and the work experience at CubeSmart is how we respect, value, and celebrate the unique attributes, characteristics, and perspectives that make each teammate who they are. We recognize that gender, age, race, color, religion, creed, pregnancy, sexual preference or orientation, gender identity and/or expression, genetic information, marital status, national origin, ancestry, citizenship, military status, veteran status, physical ability, thinking style, and background enhances and enriches the work environment. Through diversity, we are firmly rooted in building and maintaining a culture of mutual respect.
|Male||Female||<30 Years Old||30–50 Years Old||>50 Years Old|
|% Racial Minorities||48%||50%||65%||51%||26%|
Data as of December 31, 2019
At CubeSmart, we are committed to growing our talent and promoting from within. We offer comprehensive learning and development opportunities that enable teammates to maximize their potential. CubeSmart’s emphasis on collaboration and customer service provides the foundation of the initial and continuous training that teammates receive upon joining the Company. Depending on the position, new teammates receive at least 40 hours of training in their first year, which may include classroom instruction, one-on-one field training, webinars, and online courses covering topics that range from job-specific to workplace.
Social – Community
At CubeSmart, we are proud to not only serve our customers and teammates, but also the communities in which we operate. From Leisure City, Florida, to San Diego, California; from Haverhill, Massachusetts, to Seattle, Washington, and all spots between, CubeSmart and its teammates are responsible and respectful members of the communities in which we reside and operate and the world in which we live.
Teammates dedicate their time and energy to create positive change in their local neighborhoods by volunteering or supporting fundraising events of varying size and focus. We’re proud to support numerous local charities and fundraising events in some of the following ways:
- Since 2015, teammates from our corporate office have volunteered more than 1,650 hours through our Day of Service program, assisting 14 different charities, such as Habitat for Humanity, Main Line Animal Rescue, and Good Samaritan Shelter.
- Since 2017, we have donated more than 1,400 storage units to local charities in communities where our stores are located.
The Board of Trustees Corporate Governance Guidelines, along with our Code of Business Conduct and Ethics, highlight the principles that foster sustained shareholder, business partner, and customer confidence. Our Board of Trustees recognizes the importance of diversity and good corporate governance and is dedicated to maintaining high governance standards through the following practices:
- Seven of eight trustees are independent
- 37.5% are female, including the Board Chair
- Separate positions of Chair and Chief Executive Officer
- Annual election for Board of Trustees
- Regular executive sessions of independent trustees
- Annual Board and committee self-evaluations
- Risk oversight by Board and committees
- All Board committees are chaired by and composed of only independent trustees
- Share ownership guidelines for executive officers and trustees
- Anti-hedging and anti-pledging policies for executive officers and trustees
- Corporate governance guidelines
- Code of business conduct and ethics
- Annual say-on-pay votes
- Highest ISS Corporate Governance score
CubeSmart’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of our customers – through innovative solutions, unparalleled service, and genuine care. We view our ESG initiatives as part of this mission. Going forward, we will continue to seek out opportunities to reduce the environmental impact of our stores, improve engagement with our teammates, investors, and the communities in which we operate, and adopt sound corporate governance practices.