Cubesmart · NYSE:CUBE
Cubesmart — Investor Presentation (June 2025)
29 slides from Cubesmart's investor presentation, Jun 2, 2025
Slide 1: June 2025 Investor Presentation
June 2025 Investor Presentation
Slide 2: Safe Harbor Statement; 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 Compan
Slide 3: Introduction to CubeSmart
Introduction to CubeSmart 3 A high-quality portfolio in an attractive industry with proven returns 1. Period ended December 31, 2024 2. As of March 31, 2025 3. Market value of common equity and book value of debt as of March 31, 2025 4. Annual dividends declared for period ended December 31, 2024 1,
Slide 4: Why CubeSmart?
Why CubeSmart? 4 A company built to perform throughout all phases of the cycle Attractive Industry Well-diversified demand characteristics create strong industry fundamentals High Quality Portfolio Growing the platform through high-quality investments creating industry-leading portfolio demographics
Slide 5: Experienced Management Team
5 Experienced Management Team Strong track record of creating shareholder value and driving performance Years with 14 CubeSmart Years in 15 Self-Storage Years at publicly-traded REITs 17 Christopher Marr President & Chief Executive Officer Tim Martin Chief Financial Officer Jeffrey Foster Chief Lega
Slide 6: Strong Corporate Governance
6 Strong Corporate Governance Supporting the long-term interests of all shareholders Board Practices The Board is composed of nine Trustees, including eight independent Trustees Separate Board Chair & Chief Executive Officer Regular executive sessions of independent Trustees Annual Board & C
Slide 7: A History of Growth
A History of Growth Consistent execution on strategic objectives U-Store-It initial public offering 2004 2010 2011 2018 2021 2025 Acquired United Stor-All to establish the third-party management program Acquired 22-store Storage Deluxe portfolio located primarily in NYC for $560 million Opened 1,000
Slide 8: Quality-Driven Value Creation Strategy
Quality-Driven Value Creation Strategy 8 Focus on quality throughout the platform Quality Platform Sophisticated, fully integrated platform focused on providing flexible and efficient service delivery to maximize property cash flows over the long term Quality Portfolio Disciplined investment strateg
Slide 9: Attractive Industry Dynamics
Attractive Industry Dynamics 9 Strong sector fundamentals generate outsized long-term returns Dynamic Demand Wide range of needs drives demand for the product throughout all economic cycles Increasing Utilization Newly identified sources of demand have increased utilization and product awareness Hig
Slide 10: Industry Backdrop
Industry Backdrop 10 Current industry backdrop sets the stage for long-term future growth Fragmentation Fragmented ownership creates further opportunity for external growth and consolidation New Supply Development headwinds will reduce new deliveries, creating a tailwind for operational performance
Slide 11: Diversified Portfolio in Quality Markets
Diversified Portfolio in Quality Markets 11 National platform focused in core markets drives long-term value Owned NOI from top-40 MSAs1 States with Managed Stores Only States with Owned Stores 90% 191 Markets 42 States (& Washington DC) National Scale Exposure to secondary and tertiary markets thro
Slide 12: Industry-Leading Demographics Generate Long-Term Value
Industry-Leading Demographics Generate Long-Term Value 12 Quality market focus creates a strong demand backdrop and cash flow stability 1. Source: Evercore ISI Research Report dated March 20, 2025 2. Total owned portfolio NOI for the three months ended March 31, 2025, market ranking by population pe
Slide 13: New York City Market Leader
New York City Market Leader 13 Competitive advantage in the largest market is a key component of our long-term strategy Lowest Supplied Market Supply across the three key outer boroughs is 2.6 SF per capita2, the lowest nationally and less than half the national average of 7.8 SF per capita3. Supply
Slide 14: Sophisticated Operating Platform Drives Efficiencies
Sophisticated Operating Platform Drives Efficiencies 14 Foundation of propriety solutions creates flexibility for the future Technological Platform Sophisticated foundational systems provide scalability for a fully-integrated experience across platforms Customer Capture Attract the greatest share of
Slide 15: Optimization Throughout the Customer Journey
Cloud-based Data Warehouse Utilize customer data to further optimize operations Proprietary HIVE Point of Sale System Flexible platform to manage customer interactions across all channels Optimization Throughout the Customer Journey 15 Thoughtful enhancements across all touchpoints for a fully integ
Slide 16: Multi-Faceted External Growth Strategy Creates Long-Term Value
Multi-Faceted External Growth Strategy Creates Long-Term Value 16 Building our portfolio through strategic investment and growth Development & Lease-Up Build and acquire purpose-built properties in top markets to generate elevated growth over the long term Third-Party Management Drive mutually-benef
Slide 17: Robust Portfolio Growth
Robust Portfolio Growth 17 Strategically increasing the size of the platform Increase in stores on the platform since 2010 232% Customers across the portfolio, a 607k increase from 2010 798k 0 200 400 600 800 1000 1200 1400 1600 1800 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 18: Accretive Acquisitions Create Long-Term Value
$6.1B Consolidated acquisitions since 2010 $2.1B Acquisitions from third-party management1 76% Acquisitions in top-25 MSAs2 Accretive Acquisitions Create Long-Term Value 18 Disciplined investment strategy to prudently build our portfolio Strong Demographics Focus on submarkets with attractive demogr
Slide 19: Strategic Joint Ventures Complement our Growth Strategy
Strategic Joint Ventures Complement our Growth Strategy 19 Opportunistic investment with partners adds value to our portfolio strategy $900M Acquired in joint ventures1 47 Properties in existing ventures1 46 Properties acquired from JVs upon exit Strong Returns Fee revenue and promoted interests inc
Slide 20: Targeted Development Creates Long-Term Value
Targeted Development Creates Long-Term Value 20 Enhancing our portfolio in select markets with flagship properties Partner with Local Developers Work with developers that have local market expertise and can source high-quality sites Focus on Top Markets Target projects in irreplicable infill locatio
Slide 21: Third Party Management Generates Additional Growth
Third Party Management Generates Additional Growth 21 Mutually beneficial relationships create long-term value for our shareholders 869 Properties1 $41M Management fee revenue2 250+ Relationships Enhanced Profitability Creates additional revenue streams through management, tenant insurance, and othe
Slide 22: Highlighting Successful Execution: HVP IV Venture
Highlighting Successful Execution: HVP IV Venture 22 Recognizing significant value creation through strategic investment in newly-developed stores Avg Year Built Avg Occupancy Square Footage Store Count 28 1,710,248 91.1% 2017 We acquired our partner’s 80% interest in the venture in February 2025
Slide 23: Disciplined Balance Sheet Strategy
Disciplined Balance Sheet Strategy 23 Ensuring stability while funding growth 300,000 342,171 382,400 550,000 512,300 350,000 450,000 500,000 - 200,000 400,000 600,000 2025 2026 2027 2028 2029 2030 2031 2032 Debt Maturity Schedule (000’s) Secured Debt Unsecured Debt Unsecured Revolving Credit Facili
Slide 24: 2025 Financial Highlights
2025 Financial Highlights 24 (0.4)% 1q25 Same-Store Revenue Growth 0.6% 1q25 Same-Store Expense Growth (0.8)% 1q25 Same-Store NOI Growth Full-Year Outlook 2 (2.0%) to 0.0% Same-store revenue growth 3.25% to 4.50% Same-store expense growth (4.00%) to (1.75%) Same-store NOI growth $2.51 to $2.59 FFO,
Slide 25: Same-Store Operational Update
Same-Store Operational Update 25 88.0% 89.0% 90.0% 91.0% 92.0% 93.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Same-Store Occupancy1 2024 2025 0 5,000 10,000 15,000 20,000 25,000 30,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Same-Store Rentals1 2024 2025 - 5,000 10,000 15,000 20,000 2
Slide 26: Consistent Earnings Outperformance
Consistent Earnings Outperformance 26 FFO per share growth above the peer average over the past three years Consistent outperformance driven by: Sophisticated Operating Platform Maximizing revenue through innovative & efficient execution Expense Control Sector-leading same-store expense control, 300
Slide 27: Long-Term Cash Flow Growth
Long-Term Cash Flow Growth 27 A consistent history of sharing our growth with our shareholders $- $0.50 $1.00 $1.50 $2.00 $2.50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Annual Dividend per Share +273% $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2014 2015 2016 2017 2018 2019 2020 2021 202
Slide 28: Creating Long-Term Shareholder Value
Creating Long-Term Shareholder Value 28 Generating outperformance over the long term 0% 50% 100% 150% 200% 250% 300% Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-2 10-Year Total Shareholder Return vs. Peer Average CUBE Storage Peer Avg +182% +168% 1 1. Market cap weighte
Slide 29: Why CubeSmart?
Why CubeSmart? 29 A company built to perform throughout all phases of the cycle Attractive Industry Well-diversified demand characteristics create strong industry fundamentals High Quality Portfolio Growing the platform through high-quality investments creating industry-leading portfolio demographic