Cubesmart · NYSE:CUBE
Cubesmart — Investor Presentation (May 2023)
28 slides from Cubesmart's investor presentation, May 2023
Slide 1: New York City Portfolio Presentation
May 2023 New York = SZ City Portfolio oO! Presentation — = = ha) BS BOP i a | /: 1} ‘ | eee 10 = i = n> ila S g =f = xa oe 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: New York Portfolio's Long-Term Value Creation
New York Portfolio’s Long-Term Value Creation CUBE remains uniquely positioned to outperform in the country’s strongest self-storage market An irreplaceable portfolio of high-quality properties across the NYC boroughs with a complementary presence across key suburban submarkets NYC is the most attra
Slide 4: Owned and Managed Stores
Owned Managed 1. As of April 30, 2023
Slide 5: Owned and Managed Stores
Owned Managed ▪ ▪ 1. As of April 30, 2023
Slide 6: Average Market Rent
Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 1. Source: Yardi Matrix as of April 30, 2023 3. Source: YardiMatrix, CUBE internal market data 2. Source: US Census Bureau Estimates as of July 1, 2021 4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2023
Slide 7: Average Market Rent
Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 1. Source: Yardi Matrix as of April 30, 2023 3. Source: YardiMatrix, CUBE internal market data 2. Source: US Census Bureau Estimates as of July 1, 2021 4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2023
Slide 8: Average Market Rent
Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 1. Source: Yardi Matrix as of April 30, 2023 3. Source: YardiMatrix, CUBE internal market data 2. Source: US Census Bureau Estimates as of July 1, 2021 4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2023
Slide 9: Net operating income and market share
1. Trailing 3-month net operating income for total owned store portfolio for the period ending March 31, 2023 3. As of March 31, 2023 for owned and 2. CUBE Market Share defined as % of market SF owned or managed by CUBE; Source: YardiMatrix, CUBE internal data managed stores
Slide 10: High Quality Portfolio
High Quality Portfolio High-Quality Assets The largest portfolio of purpose-built Class A properties in the outer boroughs of New York City
Slide 11: Property stands out with great visibility for distinctive branding
Property stands out with great visibility for distinctive branding Easily accessible from highway exit Significant multifamily presence with 37k residents per square mile Right off the Major Deegan with 148,000 cars daily
Slide 12: High Quality Portfolio: High-Quality Real Estate
High Quality Portfolio High-Quality Real Estate Exceptional locations near transformative development corridors Exposure to significant multifamily development in: = the South Bronx = Gowanus & Atlantic Ave corridors in Brooklyn = Long Island City & College Point sections of Queens CubeSmart at E 13
Slide 13: NYC demographics and economy
1 ▪ ▪ ▪ 1. Source: US Census Bureau 3. Source: Bureau of Economic Analysis GDP by County, 2021 2. Source: US Census Bureau Total Employment, 2021
Slide 14: Portfolio demographics
1 1 1 1. Source: CubeSmart 3-mile portfolio demographics
Slide 15: Tighter customer trade rings benefit from increased density
Tighter customer trade rings benefit from increased density of customers within 1 mile Customer Map: Cromwell Ave, Bronx NY Customer Map: Angel Parkway, Allen TX of customers within 1 mile 15
Slide 16: Attractive Demand Profile
Attractive Demand Profile Cr Stable Customer Base Distinctive demand drivers change the profile of renters and create a more stable customer Longer Length of Stay Less Churn Demand in NYC is for more of a NYC stores see less churn as there are supplement to the city’s small living fewer short-term r
Slide 17: Market population, rent and pricing comparisons
1. US Census Bureau Annual Estimates of Resident Population For Metropolitan Statistical Areas as of July 1, 2021 3. CUBE same-store quarterly average realized rent per occupied square foot for the 3 months ended March 31, 2023 2. 2023 Self Storage Almanac & CUBE Internal Market Research 4. Yardi Ma
Slide 18: Self-storage square feet per capita
1 8.8 9.1 6.9 7.2 6.2 4.5 4.7 4.8 4.7 4.1 4.3 3.2 2.4 2.5 2.4 1. Source: 2023 Self-Storage Almanac & CUBE internal market research
Slide 19: 3-year Increase in Net Rentable Square Footage
3-year Increase in Net Rentable Square Footage < +5% +5% to +10% +10% to +20% > +20% Source: CUBE Internal Market Research & Yardi Data
Slide 20: Compounded annual revenue growth by market
1. Source: YardiMatrix & CUBE internal market research 2. Compounded annual revenue growth for the 2016 Same-Store Pool in each respective market for the defined three-year period
Slide 21: Average Market Rent by Delivery Cohort
Avg. Market Rent Pre-2021 Delivery 2021-2022 Delivery Under Development1 1. Includes a development project in Port Chester, NY recently added to the pipeline 2. All-in cost of development projects completed or currently in the pipeline
Slide 22: Premier New York City Operator
High Quality Portfolio | Att: Joply Trends | Premier NYC Operator Premier New York City Operator Leading presence and market experience positions CUBE to outperform in New York City Top operators in NYC such as Storage Deluxe and Treasure Island recognized the power of the CubeSmart platform and tur
Slide 23: CubeSmart is the preeminent self-storage brand in the outer boroughs
CubeSmart is the preeminent self-storage brand in the outer boroughs ez It's hip to be square! Hanging with my friend Cubie, the @CubeSmart mascot. Ubiquity of the Brand Coverage across all major submarkets in the outer boroughs creates brand recognition across the entire market Store Branding Brigh
Slide 24: Brand Recognition Creates Marketing Efficiencies
ds | Premier NYC Operator Brand Recognition Creates Marketing Efficiencies Scale within the market creates competitive advantages across marketing channels Brand recognition drives half of web 3x #1 62% traffic to CUBE-branded search terms Organic search share in REIT in organic search Higher paid s
Slide 25: Scale and Coverage Creates Unique Opportunities
ds | Premier NYC Operator Scale and Coverage Creates Unique Opportunities Storage Valet pilot program provides shuttle service for Manhattan customers Manhattan Customers Testing Culture Storage Valet looks to attract Manhattan The program Is currently being customers to our stores in the outer pilo
Slide 26: Unique Demand Characteristics Drives Long-Term Opportunities
Jigh Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Unique Demand Characteristics Drives Long-Term Peniejgurtites More stable customer base generates lower-beta cash flows to perform throughout cycles Performance didn’t fluctuate as much during the pand
Slide 27: Recent Trends
High Quality Portfolio | Attractive Demand Profile| Positive Supply Trends | Premier NYC Operator Recent Trends Strong operational backdrop driving improved relative performance Same-Store Average Occupancy, Same-Store Revenue Growth Three months ended March 31 Three months ended March 31, 2023 94.0
Slide 28: Long-Term Strategic Advantages
Long-Term Strategic Advantages CUBE remains uniquely positioned to outperform in the country’s strongest self-storage market The scale of our portfolio in NYC and the surrounding suburbs creates meaningful competitive advantages NYC is the most attractive self-storage market in the world as the uniq