CubeSmart announced that effective January 1, 2014 and following a thoughtful and well-coordinated succession plan, Christopher P. Marr is CubeSmart's president and chief executive officer and has joined the Company's Board of Trustees. Since joining the Company in 2006, Mr. Marr has held a variety of positions, including president, chief operating officer, chief investment officer, and chief financial officer. This CEO transition coincides with the retirement of Dean Jernigan, who served as CubeSmart's chief executive officer and a member of the Company's Board of Trustees from April 2006 through December 2013. In addition to his retirement from the CEO position, Mr. Jernigan no longer serves on the Company's Board of Trustees.
On December 16, 2013, the company completed the relocation of its corporate headquarters to 5 Old Lancaster Road, Malvern, PA. The company-owned, 86,000 square foot property offers an open and collaborative work environment for CubeSmart's headquarters-based team members, including its National Sales Center, and the flexibility to support future growth. The location has a unique dual-use application, serving not only as the Company's corporate office, but also as a fully-operational, 236 unit self-storage facility that will be an important internal resource for training, systems implementation, and business development. The storage facility will open for external business on January 16, 2014.
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer climate-controlled storage space for residential and commercial customers. It owns its assets and conducts its operations through the CubeSmart, L.P. (Operating Partnership), and subsidiaries of the Operating Partnership. Its customers rent storage cubes for their exclusive use, on a month-to-month basis. Additionally, some of its stores offer outside storage areas for vehicles and boats. Its stores are designed to accommodate both residential and commercial customers, with features, such as wide aisles and load-bearing capabilities for large truck access. Its customers can access their storage cubes during business hours, and some of its stores provide customers with 24-hour access. It owns about 611 self-storage properties located in 24 states and in the district of Columbia, containing an aggregate of about 44.1 million rentable square feet.