Slide 1: New York City Portfolio Presentation May 2026
New York City Portfolio Presentation May 2026 May 2026 New York City Portfolio Presentation Cu self storage
Slide 2: Safe Harbor Statement and Use of Non-GAAP Financial Measures
2 The forward-looking statements contained in this presentation are subject to various risks and known and unknown uncertainties . Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the Compa
Slide 3: Creating long-term value through a strategic focus on New York
3 High Quality Portfolio An irreplaceable portfolio of high - quality properties across the NYC boroughs with a complementary presence across key suburban submarkets Premier Storage Operator Our scale, coupled with our years of experience operating in this unique market, position us to generate effi
Slide 4: Industry-leading portfolio in the outer boroughs of New York City
1. As of March 31, 2026 Industry -leading portfolio in the outer -boroughs of New York City 4 The largest owner of self -storage properties in Brooklyn, Queens, and the Bronx Over the last 10+ years, we have assembled the highest quality portfolio of stores in New York City, providing both breadth o
Slide 5: NYC portfolio supported by broad suburban coverage
NYC portfolio supported by broad suburban coverage 5 Strong complimentary presence throughout Northern New Jersey, Long Island, and Westchester ▪ Our portfolio in the New York City boroughs is complemented by a significant presence throughout the suburbs, allowing us to meet our customers’ changing
Slide 6: Brooklyn Market Summary
Brooklyn Market Summary 6 Population Density Renter % 2,653,963 38,424 per sq. mi 70.9 Rank Operator Owned Total 1 CubeSmart 14 23 2 Extra Space 9 18 3 StorageMart 9 9 4 Public Storage 8 9 5 Safeguard 8 8 Top 5 Owners 1 Demographics 2 Square Feet Sq. Feet per Capita SF per Capita CAGR ‘14 - 25 6.9M
Slide 7: Queens Market Summary
Queens Market Summary 7 Top 5 Owners 1 Rank Operator Owned Total 1 CubeSmart 16 21 2 Extra Space 5 8 3 Safeguard 7 7 4 Stop & Stor 6 6 4 Public Storage 5 5 Population Density Renter % 2,358,182 21,694 per sq. mi 55.6% Demographics 2 Square Feet Sq. Feet per Capita SF per Capita CAGR ‘14 - 25 6.2M 2.
Slide 8: Bronx Market Summary
Bronx Market Summary 8 Rank Operator Owned Total 1 CubeSmart 14 16 2 Extra Space 9 21 3 Storage Post 5 5 4 U- Haul 4 4 4 Public Storage 3 3 Top 5 Owners 1 Population Density Renter % 1,406,332 33,325 per sq. mi 80.3% Demographics 2 Square Feet Sq. Feet per Capita SF per Capita CAGR ‘14 - 25 4.7M 3.3
Slide 9: Coverage across all major submarkets with scale in the core outer boroughs
0% 10% 20% 30% 40% 50% Bronx Queens Brooklyn CUBE Market Share CUBE Market Share % 9 2,3 Diversified Submarkets 1 Our portfolio in the New York MSA is well - diversified across seven distinct submarkets which each have unique demographic trends and economic drivers that are supportive of strong self
Slide 10: Highest quality assets produce attractive operational metrics
$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 NYC Realized Rent 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% NYC 3-Year Revenue Growth CAGR 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% NYC NOI Margin Highest quality assets produce attractive operational metrics 10 The largest portfolio of purpose -built Class A properties
Slide 11: Irreplaceable portfolio of purpose-built stores enhances market position
Irreplaceable portfolio of purpose -built stores enhances market position 11 Easy access locations on major thoroughfares Distinctive stores serve as billboards for the brand throughout the market Purpose -built stores ensure off -street parking & loading areas at all locations High Quality Portfoli
Slide 12: Portfolio well-positioned near key pockets of multifamily development
Portfolio well -positioned near key pockets of multifamily development 12 Atlantic Avenue Corridor (Brooklyn) Long Island City (Queens) Three CubeSmarts in a one -mile radius serve approximately 40 newly built multifamily developments Gowanus (Brooklyn) Two CubeSmarts in a half -mile radius serve ap
Slide 13: Nation-leading demographics support stable demand trends
Nation -leading demographics support stable demand trends 0 200 400 600 800 1000 1200 3-Mile Population (000’s) 0 5 10 15 20 25 30 35 40 Population Density per Sq. Mile (000’s) 0% 25% 50% 75% 100% % Renter Occupied 1 Largest Populations The significantly higher populations of the immediate trade rin
Slide 14: Robust local economies less dependent on cyclical industries
Robust local economies less dependent on cyclical industries 14 Outer boroughs have strong economic fundamentals separate from Manhattan Brooklyn Queens Bronx Employment 1 1.3M 1.1M 575k GDP 2 $145.9B $143.1B $58.3B Primary Employment Industry 3 Education & Healthcare Education & Healthcare Educatio
Slide 15: Unique demand characteristics create a more stable customer base
Unique demand characteristics create a more stable customer base 15 Longer Length of Stay Demand in NYC is driven by the need to supplement the city’s smaller living spaces which creates a longer - term customer. The average length of stay of our customer base at our stabilized stores in NYC is four
Slide 16: Unique market characteristics lead to long-term outperformance
-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2021 2022 2023 2024 2025 Same - Store Revenue Growth 1 New York City Secondary Sunbelt Markets +5.6% CAGR +4.6% CAGR Stable customer base generates lower -beta cash flows with more consistent performance through cycles Unique market characteristics lead to lo
Slide 17: Each borough individually has attractive supply-demand fundamentals
Each borough individually has attractive supply -demand fundamentals 17 Each borough is a sizable market on its own, and the attractive backdrop supports significantly higher rental rates than similarly -sized markets Rank MSA Population 1 SF per Capita 2 Realized RPSF 3 1 New York -Northern NJ - Lo
Slide 18: New York City remains the lowest-supplied market in the country
New York City remains the lowest -supplied market in the country 18 Elevated barriers to entry help to maintain attractive supply backdrop 2.6 2.7 3.3 4.0 5.9 6.0 6.2 6.2 7.1 7.2 8.0 8.7 8.8 9.5 10.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Market Square Feet Per Capita NYC Boroughs vs. Top 12 MSAs Elevated Ba
Slide 19: Deliveries have significantly slowed from the peak
Deliveries have significantly slowed from the peak 19 NY MSA Supply Deliveries, 2018-2020 NY MSA Supply Deliveries, 2024-2026 Legislation changes over the last decade are limiting deliveries throughout the outer boroughs < +10% +10% to +15% +15% to +20% > +20% 3-year Increase in Net Rentable Square
Slide 20: New development in the outer boroughs has slowed significantly
11 7 18 7 8 6 6 1 3 0 2 4 6 8 10 12 14 16 18 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total New Openings NYC Annual Deliveries Brooklyn Bronx Queens New development in the outer boroughs has slowed significantly 20 High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends |
Slide 21: Consistent strategic execution built our market-leading portfolio
Consistent strategic execution built our market -leading portfolio 21 Our core strategic focus on the New York City market transformed the portfolio over 10+ years One NYC borough property in the legacy portfolio (Queens) Pre -2010 2011 2014 2020 2022 Acquired a 22 - property portfolio from Storage
Slide 22: Creating shareholder value through continued portfolio enhancement
Creating shareholder value through continued portfolio enhancement 22 New York City and the greater MSA have been a central component of our capital allocation strategy - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Millions Investment in New York City 42% 19% 39% Development Since 2010 20% 4% 76%
Slide 23: Development program created significant value throughout the MSA
Development program created significant value throughout the MSA 23 Over $560M delivered in the boroughs, with future opportunities primarily in suburban markets 1. Includes a development project in New Rochelle, NY recently added to the pipeline 2. All-in cost of development projects completed or c
Slide 24: Leading presence and experience positions CUBE as premier operator
Leading presence and experience positions CUBE as premier operator 24 Strength of market operations makes us the operator of choice in the market Top operators in NYC such as Storage Deluxe and Treasure Island recognized the power of the CubeSmart platform and turned over operations to increase perf
Slide 25: Market coverage creates brand recognition
Market coverage creates brand recognition 25 CubeSmart is the preeminent self -storage brand in the outer boroughs Ubiquity of the Brand Coverage across all major submarkets in the outer boroughs creates brand recognition across the entire market Store Branding Bright colors & distinctive branding t
Slide 26: Brand recognition creates marketing efficiencies
Brand recognition creates marketing efficiencies 26 CubeSmart is the preeminent self -storage brand in the outer boroughs #1 Google Search Visibility in NYC #1 In AI-driven search visibility in NYC, ranking #1 in brand mentions across core storage topics Brand recognition drives half of web traffic
Slide 27: Marketing & operational efficiencies drive outperformance
Marketing & operational efficiencies drive outperformance 27 Sector -leading performance in the New York MSA -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2023 2024 2025 New York MSA Same - Store Revenue Growth EXR PSA CUBE High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends
Slide 28: Creating long-term value through a strategic focus on New York
28 High Quality Portfolio An irreplaceable portfolio of high - quality properties across the NYC boroughs with a complementary presence across key suburban submarkets Premier Storage Operator Our scale, coupled with our years of experience operating in this unique market, position us to generate eff