Cubesmart · NYSE:CUBE
Cubesmart — Investor Presentation (January 2023)
28 slides from Cubesmart's investor presentation, January 2023
Slide 1: January 2023 Investor Presentation
January 2023 Investor Presentation an mo : Wea aS CuBESMART ° self storage
Slide 2: Forward-looking statements
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: CubeSmart at a glance
1. As of September 30, 2022 3. Market value of common equity and book value of debt as of September 30, 2022 2. Period ended December 31, 2021 4. Annual dividends declared for period ended December 31, 2021
Slide 4: Why CubeSmart?
Why CubeSmart? Well-diversified demand characteristics create strong industry fundamentals Industry-leading portfolio demographics and a conservative balance sheet produce stable cash flows throughout the entire cycle A company built to perform throughout all phases of the cycle Continuing to grow t
Slide 5: CubeSmart's History
CubeSmart’s History A history of executing on strategic objectives 2004 | U-Store-lt 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 2
Slide 6: Total return versus peers
1. Straight average total return for CUBE, PSA, EXR, and LSI from December 31, 2011 through December 31, 2021
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 150 A portfolio focused on With ~730k customers! across markets across 39 states ; coverage across all attractive the portfolio, our customer
Slide 8: Portfolio
1. For the three months ended September 30, 2022
Slide 9: 1. Source: Evercore ISI Research Report dated March 18, 2022 2. Total owned portfolio
11% 11% 59% 19% 1. Source: Evercore ISI Research Report dated March 18, 2022 2. Total owned portfolio NOI for the three months ended September 30, 2022
Slide 10: 1. Source: CubeSmart internal market research 2. Source: 2022 Self-Storage Almanac Total portfolio NOI
1. Source: CubeSmart internal market research 3. Total portfolio NOI for the three months ended September 30, 2022 2. Source: 2022 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: Foundation of proprietary solutions creates flexibility for the future
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: 1. Data for full year ended December 31, 2021
1. Data for full year ended December 31, 2021
Slide 14: Redefining the Customer Experience
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 & platforms Provide optionality to meet the customer in
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- Gene
Slide 16: Robust Portfolio Growth
Platform | Portfolio | Balance Sheet | Company 1400 1200 1000 800 60 S 456 40 S 20 S ° Robust Portfolio Growth Strategically increase the scale of the platform 1,274 TH 2010 2011 2012-2013 2014 = 2015 m™ Wholly-Owned m Joint Venture Managed 2019 2020 2021 2022' Multi-Faceted Growth Strategy Continue
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 opportuniti
Slide 18: Development
1. Development deliveries as of September 30, 2022 (does not include C/O acquisitions) 2. As of September 30, 2022
Slide 19: Third-party management
1. As of September 30, 2022. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction
Slide 20: 1. As of September 30, 2022 2. For the year ended December 31, 2021
1. As of September 30, 2022 2. For the year ended December 31, 2021
Slide 21: Unsecured and secured debt
Unsecured Debt Secured Debt 1. Source: Company Filings, as of December 31 of each stated year. Results for 2022 are as of September 30. 2. Calculated as annual EBITDA / Interest Expense
Slide 22: Debt maturities and liquidity
• • • • • • • • • 1. As of September 30, 2022 2. As of September 30, 2022 pro forma to include restated unsecured revolving credit facility
Slide 23: Executive compensation
1. Represents averages for CubeSmart Named Executive Officer group
Slide 24: Dividends
1. Annualized assuming no change in current dividend rate
Slide 25: 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, 2021
Slide 26: Social Highlights
Company Social Highlights Investing in our team and communities We value our teammates’ engagement. In 2021, our annual Teammate Engagement Survey had a 91% response rate. Our goal is to help our teammates grow with our company. Last year over 390 teammates were promoted into new roles. We supported
Slide 27: 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 28: Same-store results
1. Same-store results for the nine months ended September 30, 2022