Slide 1: Investor Presentation September 2023
September 2023 Investor Presentation i a | 7/1 Fn Ae = . =a = no fll & & : e re Q =) as ——= CUBESMART’ self storage
Slide 2: Forward-looking statements and non-GAAP measures
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 Company'
Slide 3: Company overview
1. As of June 30, 2023 3. Market value of common equity and book value of debt as of June 30, 2023 2. Period ended December 31, 2022 4. Annual dividends declared for period ended December 31, 2022
Slide 4: Why CubeSmart?
Why CubeSmart? Well-diversified demand characteristics create strong industry fundamentals demographics anda conservative balance sheet produce stable cash flows throughout the entire cycle Industry-leading portfolio A company built to perform throughout all phases of the cycle Continuing to grow th
Slide 5: CubeSmart's History
CubeSmart’s History A history of executing on strategic objectives 2004 U-Store-It initial public 2012 Issued debut investment offering grade unsecured senior notes 2006 Arrival of current 2012 Won 1S ISS industry management team award for Best Customer Service 2010 | Acquired United Stor-All to 201
Slide 6: Total return performance
1. For the periods ending December 31, 2022 2. Source: S&P Global Capital IQ, storage REITs straight average total return for CUBE, PSA, EXR, and LSI
Slide 7: Cash Flow Stability
Cash Flow Stability National scale with a focused concentration in key markets National Scale Key Market Depth Customer Diversification CubeSmart operates in 171 A portfolio focused on With ~756k customers! across markets across 41 states ; coverage across all attractive the portfolio, our customer
Slide 8: Industry fundamentals
1. For the six months ended June 30, 2023
Slide 9: Key markets and portfolio
1. Source: Evercore ISI Research Report dated August 20, 2023 2. Total owned portfolio NOI for the three months ended June 30, 2023
Slide 10: Market demographics and portfolio
1. Source: CubeSmart internal market research 3. Total portfolio NOI for the three months ended June 30, 2023 2. Source: 2023 Self-Storage Almanac
Slide 11: Focus on quality drives long-term shareholder value
Focus on quality drives long-term shareholder value Sophisticated, fully integrated platform focused on providing flexible and efficient service delivery to maximize property cash flows over the long term Disciplined investment strategy to grow our nation-wide portfolio of best-in- class assets in c
Slide 12: Platform: proprietary solutions
Portfolio | Balance Sheet | Company Foundation of proprietary solutions creates flexibility for the future Technological Platform Invest in foundational systems to provide scalability Customer Capture Attract the greatest share of demand across all channels through sophisticated strategies Dynamic P
Slide 13: Platform performance data
1. Data for full year ended December 31, 2022
Slide 14: Redefining the Customer Experience
Platform | Portfolio | Balance Sheet | Company Redefining the Customer Experience Meeting the changing needs of our customers Replicate the in-person experience across all customer touch points A fully integrated experience where customers can seamlessly transition between various channels & platfor
Slide 15: External Growth Strategy
Platform | Portfolio| Balance Sheet | Company External Growth Strategy Enhancing our portfolio through strategic external growth opportunities High-Quality Acquisitions Development &Lease-Up Value-Add Joint Ventures Third-Party Management Target acquisitions of well Build and acquire purpose- Genera
Slide 16: Robust Portfolio Growth
Platform | Portfolio! Balance Sheet | Company 1600 1400 1200 1000 800 460 60 S 401 S 20 S Robust Portfolio Growth Strategically increase the scale of the platform rt 1,338 ILLTIT ° 2011 = 2012 2013 2014 = 2015 m™ Wholly-Owned 2016 = 2017 m Joint Venture 2018 = 2019 Managed 2020 2021 2022 2023 Multi-
Slide 17: Acquisitions
Platform | Portfolio| Balance Sheet | Company Acquisitions Disciplined investment strategy to prudently build our portfolio Strong Demographics Focus on submarkets with attractive demographics for strong long-term demand characteristics Complement Existing Portfolio Continue to identify opportunitie
Slide 18: Development and lease-up
1. Development deliveries as of June 30, 2023 (does not include C/O acquisitions) 2. As of June 30, 2023
Slide 19: Joint ventures
1. As of June 30, 2023. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction
Slide 20: Third-party management
1. As of June 30, 2023 2. For the year ended December 31, 2022
Slide 21: Debt structure
Unsecured Debt Secured Debt 1. Source: Company Filings, as of December 31 of each stated year. 2. Calculated as annual EBITDA / Interest Expense
Slide 22: Balance sheet metrics
• • • • • • • • • 1. As of June 30, 2023
Slide 23: Management team
1. Represents averages for CubeSmart Senior Management
Slide 24: Funds From Operations Growth
Platform | Portfolio | Balance Sheet | Company Funds From Operations Growth Long-term growth in portfolio cash flows FFO per Share, as Adjusted $3.00 $2.50 $2.00 $1.50 +242% $1.00 $0.50 | | $0.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 24
Slide 25: Sharing Cash Flow Growth
Platform | Portfolio | Balance Sheet | Company Sharing Cash Flow Growth Consistent history of dividend increases to return capital to investors Annual Dividend per Share $0.40 $0.20 | $- +391% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 25
Slide 26: Total shareholder return
1 1. Market cap weighted total shareholder return for PSA, EXR, LSI as of December 31, 2022
Slide 27: Environmental highlights
1. Reduction against 2019 baseline. Like-for-like defined as the set of stores owned for the entirety of the period January 1, 2019 through December 31, 2021 2. As of December 31, 2022
Slide 28: Social Highlights
Company Social Highlights Investing in our team and communities We value our teammates’ engagement. In 2022, our annual Teammate Engagement Survey had an 88% response rate. Our goal is to help our teammates grow with our company. Last year 446 teammates were promoted into new roles. We supported thi
Slide 29: Strong Corporate Governance
Platform | Portfolio | Balance Sheet | Company Strong Corporate Governance Supporting the long-term interest of all shareholders Board Practices Shareholder Rights = Separate Board Chair & Chief Executive Officer = Annual election of Trustees = Regular executive sessions of independent Trustees = An
Slide 30: Same-store results
\ 1. Results for the 2023 Same-Store pool 2. Same-Store results for the six months ended June 30, 2023