Cubesmart · NYSE:CUBE
Cubesmart — U-Store-It Trust — Corporate Update (June 2009)
12 slides from Cubesmart's corporate update, Jun 3, 2009
Slide 1: Liquidity Overview June 3, 2009
Liquidity Overview June 3, 2009
Slide 2: Forward Looking Statements
Forward Looking Statements 2 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 i
Slide 3: Executive Summary: Liquidity Position and Action Plan Progress
o Capital raising efforts have already shown significant success, as asset dispositions and secured loans have been closed, and a significant pipeline of potential transactions have been sourced o The significant majority of obligations through May 2010 can be addressed by retained cash flow and exi
Slide 4: Debt Summary and Maturity Schedule
Debt Summary and Maturity Schedule Debt Maturities Unsecured and Secured Debt Debt Amount Rate(2) Weighted Average Maturity (in years) Unsecured $ 363,000 4.06% 1.9 Secured 602,880 5.06% 2.9 Total $ 965,880 4.68% 2.5 Floating and Fixed Debt Amount Rate(2) Weighted Average Maturity (in years) Floatin
Slide 5: Capital requirement can be satisfied with a host of capital sources
Capital requirement can be satisfied with a host of capital sources Joint ventures Open dialogue with a variety of capital sources Current environment has investors moving at a prudent pace Recession resistant characteristics of self storage increasing investor interest Asset sales Large unencumbere
Slide 6: Capital raising efforts have already begun to bear fruit
Capital raising efforts have already begun to bear fruit Capital Source Progress General Terms New debt o $14 million secured financing closed in 2Q09 o $67 million of deals in due diligence o Have sourced $56 million in additional term sheets o 60-70% LTVs o 6.5% - 7.5% fixed and floating rates o 5
Slide 7: In-place capital sources largely address maturing secured debt through 2010
In-place capital sources largely address maturing secured debt through 2010 7 $87.0 M $113.5 M $161.8 M $223.6 M $228.6 M $233.6 M $238.6 M $252.2 M $252.2 M $186.7 M $170.9 M $86.3 M $86.3 M $1.7 M $- $50.0 M $100.0 M $150.0 M $200.0 M $250.0 M $300.0 M Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep
Slide 8: Ample opportunity to address upcoming capital requirements
8.2% Cap Unencumbered Property Value1 193 Unencumbered Properties Across the Country Highlights o 193 of YSI’s 386 properties were unencumbered as of March 31, 2009 o The company’s portfolio of unencumbered properties, valued at approximately $764 million1 as of March 31, 2009, encompasses roughly 1
Slide 9: Use of unencumbered property will not distort capital structure
Demonstration Explanation/Assumptions o Existing line of credit capacity is used to pay down $85.4 million CMBS (YSI III) maturity o Over $100 million in collateralized property value becomes unencumbered as a result o The overall asset pool is now more heavily weighted toward unencumbered assets o
Slide 10: Credit facility covenant compliance
Maximum Consolidated Leverage Ratio Floating Rate Indebtedness Consolidated Total Indebtedness 965,303,000 Floating Rate Indebtedness 120,419,000 Consolidated Adjusted Asset Value (1) 1,599,027,663 Consolidated Total Indebtedness 965,303,000 Leverage Ratio 60.4% Floating Rate Indebtedness 0.125 (mus
Slide 11: Appendix
APPENDIX 11
Slide 12: Appendix A: Detailed Debt Summary
Appendix A: Detailed Debt Summary (as of March 31, 2009) 12 Maturity Maturity Balance Rate Date Balance Rate Date FIXED RATE MORTGAGES SECURED LOANS, VARIABLE RATE Acq VI 1,689 $ FIXED 8.43% Aug-09 Secured Term Loan 57,419 $ LIBOR + 1.40% 1.92% Nov-10 (b) YSI III 84,565 FIXED 5.09% Nov-09 USIFB 3,43