Slide 1: May 2025 Investor Presentation
May 2025 Investor Presentation 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: 1. As of March 31, 2025 2. Period ended December 31, 2024 Market value
1. As of March 31, 2025 3. Market value of common equity and book value of debt as of March 31, 2025 2. Period ended December 31, 2024 4. Annual dividends declared for period ended December 31, 2024
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 2006 2010 2011 2011 2012 U-Store-It initial public offering Arrival of current management team Acquired United Stor-All to establish the third-party management platform Rebranded the company as CubeSmart Acquired 22-property Sto
Slide 6: 1. Period ended December 31, 2024 2. Source: S&P Global Capital IQ, storage REITs
1. Period ended December 31, 2024 2. Source: S&P Global Capital IQ, storage REITs straight average total return for CUBE, PSA and EXR
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 194 A portfolio focused on With ~798k customers! across markets across 42 states coverage across all attractive the portfolio, our customer an
Slide 8: 1. For the three months ended March 31, 2025 2. Map reflects portfolio as
1. For the three months ended March 31, 2025 2. Map reflects portfolio as of March 31, 2025
Slide 9: 1. Source: Evercore ISI Research Report dated March 20, 2024 2. Total owned portfolio
1. Source: Evercore ISI Research Report dated March 20, 2024 2. Total owned portfolio NOI for the three months ended December 31, 2024, market ranking by population per US Census Bureau
Slide 10: 1. Source: CubeSmart internal market research 2. Source: 2025 Self-Storage Almanac Total portfolio NOI
1. Source: CubeSmart internal market research 3. Total portfolio NOI for the three months ended March 31, 2025 2. Source: 2025 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 nationwide portfolio of best-in- class assets in co
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, 2024
1. Data for full year ended December 31, 2024
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- Gen
Slide 16: Robust Portfolio Growth
Platform | Portfolio | Balance Sheet | Company 1800 1600 1400 1200 1000 800 460 60 S 401 S 20 S rl Robust Portfolio Growth Strategically increase the scale of the platform 1,528 ° 2010 2011 2012 2013 2014 m™ Wholly-Owned m Joint Venture 2019 2020 Managed 2021 2022 2023 2024 2025! Multi-Faceted Growt
Slide 17: 1. As of March 31, 2025 2. Since 2010
1. As of March 31, 2025 2. Since 2010
Slide 18: Store Count Square
Minneapolis ▪ Hartford Stamford Chicago Philadelphia DC Suburbs ▪ Phoenix Atlanta ▪ Dallas ▪ Jacksonville Austin ▪ Houston Tampa Naples ▪ ▪ Store Square Avg Avg Year Count Footage Occupancy Built 28 1,710,248 91.1% 2017
Slide 19: 1. Development deliveries as of March 31, 2025 (does not include C/O acquisitions) 2.
1. Development deliveries as of March 31, 2025 (does not include C/O acquisitions) 2. As of March 31, 2025
Slide 20: 1. Unconsolidated joint ventures as of March 31, 2025. Excludes two unconsolidated joint ventures
1. Unconsolidated joint ventures as of March 31, 2025. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction.
Slide 21: 1. As of March 31, 2025 2. For the year ended December 31, 2024
1. As of March 31, 2025 2. For the year ended December 31, 2024
Slide 22: Unsecured Debt / Secured Debt
Unsecured Debt Secured Debt 1. Source: Company Filings, as of December 31 of each stated year 2. Calculated as annual EBITDA / Interest Expense
Slide 23: 1. As of March 31, 2025
• • • • • • • • • 1. As of March 31, 2025
Slide 24: 1. Represents averages for CubeSmart Senior Management
1. Represents averages for CubeSmart Senior Management
Slide 25: 1. Three year average annual same-store expense growth as reported for years ended December
1. Three year average annual same-store expense growth as reported for years ended December 31, 2024, 2023, and 2022 2. Five-year average annual same-store expense growth as reported for years ended December 31, 2020 - 2024
Slide 26: Funds From Operations Growth
Platform | Portfolio | Balance Sheet | Company Funds From Operations Growth Long-term growth in portfolio cash flows FFO, as adjusted per share $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 +144% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 26
Slide 27: 1. Represents average annual FFO, as adjusted, per share growth for the one-, two-
1. Represents average annual FFO, as adjusted, per share growth for the one-, two-, and three-year periods ended December 31, 2024. Peer group is comprised of EXR, PSA, and NSA.
Slide 28: 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 $2.50 $2.00 $1.50 $1.00 $0.50 +273% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 28
Slide 29: 1. Market cap weighted total shareholder return for PSA and EXR as of December
1 1. Market cap weighted total shareholder return for PSA and EXR as of December 31, 2024
Slide 30: 1. Reduction against 2019 baseline. Like-for-like defined as the set of stores owned for
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, 2023 2. As of December 31, 2023
Slide 31: Social Highlights
Company Social Highlights Investing in our team and communities We value our teammates’ Our goal is to help our teammates grow with engagement. In 2024, our annual our company. We develop teammates by Teammate Engagement Survey had a offering multiple programs that help our 91% response rate. We hav
Slide 32: Strong Corporate Governance
Platform | Portfolio | Balance Sheet | Company Strong Corporate Governance Supporting the long-term interest of all shareholders Board Practices Separate Board Chair & Chief Executive Officer Regular executive sessions of independent Trustees Annual Board & Committee self-evaluations Share ownership
Slide 33: 1. Results for the 2025 Same-Store pool 2. 2025 Same-Store pool results for the
\ 1. Results for the 2025 Same-Store pool 2. 2025 Same-Store pool results for the three months ending March 31, 2025