Why CubeSmart Stock Only Fell 11.5% in March
Shares of self-storage focused real estate investment trust (REIT) CubeSmart (NYSE: CUBE) fell 11.5% in March according to data from S&P Global Market Intelligence. While that sounds pretty bad on an absolute basis, it was actually a standout performance relative to the broader market and its REIT peers.
To put some numbers on that, the S&P 500 Index was down 13% in the month, and the average REIT, using Vanguard Real Estate ETF as a proxy, was down 20%.
The broader market decline was driven by very real concerns surrounding the global spread of COVID-19. To contain the virus' impact, countries around the world basically shut down their economies. The United States was no different, with the government at various levels asking or demanding that people stay home and nonessential businesses shut down.
Source Fool.com
