The self-storage real estate investment trust's stock has remained flat year-to-date, according to Evercore ISI's analysis, which cited an attractive valuation with an implied capitalization rate of 6.4% and a 2026 AFFO multiple of 16.3x. The company maintains strong fundamentals with a 72.3% gross profit margin and has demonstrated consistent profitability over the last twelve months. Evercore ISI noted that any improvement in the housing market could serve as a tailwind for CubeSmart's top-line growth next year, though this potential scenario is not currently incorporated into the firm's estimates. The upgrade reflects Evercore ISI's projection of a 22% total return potential for CubeSmart shares.