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Slide 2: Safe Harbor Statement
Safe Harbor Statement The forward-looking statements contained in this presentation are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expe
Slide 3: Leading Demographics and Focus on Supply Constrained Markets
4 Leading Demographics A Focus on Supply Constrained Markets (in ‘000) 1 ($ in ‘000)
Slide 4: Total return versus S&P 500 and self-storage REITs
5 120.0% 110.8% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% S& P500 RMZ Self-Storage REITs CUBE 94 .1% 37.9% 1 Year 2 Year 3 Year
Slide 5: Long-Term Internal Growth
LONG-TERM ®C-----------------INTERNAL GROWTH Maximize portfolio value through continued focus on customer service and operational enhancements.
Slide 6: Year-to-date same-store performance
Expens 1) Financial data from January 1,2016 thr 2) Net operating income, or revenues le and how it reconciles to a GAAP measu ® CUBESNIARr3) As provided in the Company's Earnin Revenue Average Occupancy Revenue Expen
Slide 7: Internal Growth: Performance Fueled by Innovation
INTERNAL GROWTH: PERFORMANCE FUELED BY INNOVATION Enhancing the customer experience at all points of engagement through proprietary systems and processes.
Slide 8: Internal Growth: Enhancing the customer experience
INTERNAL GROWTH: Enhancing the custom through pro Constantly testing digital platforms, utilizing marketing advancements, sophisticated systems, and new programs that strengthen customer relationships before, during and after the storage rental process. t ®C----------------
Slide 9: Internal Growth: Optimizing marketing
INTERNAL G Optimizing marketing through us ®CUBE5MART
Slide 10: Internal Growth: Visitor and behavior data
INTERNAL G • Q cl Q ,,.i .,,. l8J ,, . l2 [I®fi\ oC9 VISITOR D AND BEHA il VISITORS ®-----------------
Slide 11: Out-of-home and direct mail marketing
23 Street Station |, \ Berwin tt 000 ut-of-home placements in markets with high store concentration Hyper-targeted direct mail campaigns in select markets Customized local marketing efforts to target residential and commercial customers
Slide 12: Internal Growth: Revenue management
INTERNAL G • Historically, advanced revenue ma supply-constrained industries, beg • Multi-family represents the closes customers adds additional comple ®C-----------------
Slide 13: Internal Growth: Revenue Management
Cube Type INTERNAL GROWTH: REVENUE MANAGEMENT Fundamental Pricing Issues Pricing optimization requires consideration of a multi-dimensional demand landscape and dynamic capacity constraints Pricing Decisions Optimal Pricing
Slide 14: Demand Forecast and Revenue Optimization
INTERNAL G Long-Term Demand Forecast/ Revenue Optimization Price optimization requires consideration of a multi dimensional demand landscape & dynamic capacity constraints Unit Mix Decisions and Inventory Management Maximizing revenue through dynamic inventory management, prioritization, & unit con
Slide 15: Internal Growth: Customer service and operations
INTERNAL • Focus on customer service and website) to create a full • Modern offices and operatio facilitate an efficient rental ®C-----------------
Slide 16: Customer service awards
INTERNAL An Aw GOLD GOL STEVI WIN SfEVIE WINNER FOR SALES & FOR SA CUSTOMER SERVICE CUSTOMER Customer Service Department of the Year Custo Contact Center of the Year Servi Depart of the PEOPLE'S CHOICE STEVI 1\.WARDS FORFA ORITE CUSTOMER SERVICE FORFA ORITE CUSTOMER SERVICE WINNER 2015 WINNER --- ®C
Slide 17: External Growth
EXTERNAL GROWTH a in year-to-date acquisitions Investment Strategy * Focus on high-quality properties in high-barrier- in year-to-date new development Str areas openings Leverage relationships with development partners to invest selectively in party platform accretive development and built-to-suit o
Slide 18: External Growth: Focus on Adding Scale
EXTERNAL GROW Focus on Adding Scale 1) Transactions closed from 2008 throu 2) Includes investment in 35 properties ® CUBESNIARr
Slide 19: External Growth: Focused Investment Strategy
EXTERNAL GROWTH: FOCUSED INVESTMENT STRATEGY 19 2 2 2 1
Slide 20: Enhancing Our Portfolio
EXTERNAL G Enhancing Our Portfol Malvern, PA ®C-----------------
Slide 21: Leverage Local Market Expertise
EXTERN Leverage Local Market Ex $42.3M Total $49.3 7Q14 Bronx, NY - $17.2M 2Q15 Arlington, V 1Q14 Malvern, PA-$25.1M 4Q15 Queens, NY 4Q15 Brooklyn, N ®CWESMMrr --------------
Slide 22: Acquire High-Quality, Purpose-Built Properties
EXTERNAL GR Acquire High-Quality, Purpose Sophisticated Mark $15.8 2Q15 Dallas, TX - $38.0M Dallas, TX ®Cu------------------------------------$3 4Q14 Long 8.0M Total Island City, NY -
Slide 23: Third-party management platform
Third-party management allows us to leverage our operating platform and generate additional economies of scale * Platform has grown to 252 properties since its inception in 2009 = Purchased 62 properties from our managed portfolio for ! since 2010
Slide 24: Financial Strength
FINANCIAL STRENGTH Recent Activity Raised °°) \)|/|//:\)) in 1Q16 in net offering Proceeds through at-the-market equity program Issued”) ') \)|\||')) Of 4.0% unsecured senior notes due November 2025 Amended credit agreement to increase revolving line Of creditto =!) \/||''-)) from $300 million Exten
Slide 25: Financial Strength: Investment Grade Balance Sheet
FINANCIAL STRENGTH: INVESTMENT GRADE BALANCE SHEET ©) Investment Grade Ratings Conservative Metrics (4s of March 31, 2016) Debt / Gross Assets 34% Moopy’s Baa2 éisvie) Debt + Preferred / Gross Assets 36% Debt / EBITDA! 46x STANDARD Debt + Preferred / EBITDA’ 49x &POOR’S BBB cstebie Secured Debt /Gro
Slide 26: Debt and EBITDA metrics
25 1) Based on EBITDA and average debt outstanding during 1Q16. (in thousands)
Slide 27: Dividend per share and payout ratio
26 2010 2011 2012 2013 2014 2015 $0.70 $0.40 $0.20 Dividend per Share Dividend Payout Ratio REIT Avg. Payout Ratio % of Gross Assets Dividend per Share EBITDA / Interest Expense Dividend Payout Ratio 60% 50% 40% 30% 20% 10% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Secured DebtUnsecured D
Slide 28: Historical Company Data
HISTORICAL COMPANY DATA ‘Same- Store Performance’ 2010 2011 201220132014 __2015 Revenue Growth 03% [36% [3% [74% [7.2% | 73% NOI Growth 10% | 57% | 60% | 93% | 96% | 9.6% YOY Occupancy Growth (BPs) | 0.6% | 20% | 34% | 53% | 26% | 15% ‘Annual Avg. Occupancy 76.8% | 738% | 82.6% | 88.4% | 908% | 92.3
Slide 29: Contact Info
& Contact Info Charles Place Director, Investor Relations Email: cplace@cubesmart.com DP Telephone Office Phone: 610.535.5700