Slide 1: Analyst Update & Philadelphia Property Tour October 2011
Analyst Update & Philadelphia Property Tour October 2011
Slide 2: Contents
Contents Operating Fundamentals 3 Investment Activity 6 Balance Sheet Summary 12 Callowhill Street Property Tour 14 Page 2
Slide 3: Operating Fundamentals
Operating Fundamentals storage + logistics
Slide 4: Operating Fundamentals Update: Strong Operating Environment
Operating Fundamentals Update Strong Operating Environment Occupancy gains accelerate Rental rates for new customers increase Rate increases to existing tenants remain robust Dollar amount of discounts per rental declines 4
Slide 5: Operating Fundamentals Update: Same Store Metrics, 3rd Quarter 2011
Operating Fundamentals Update Same Store Metrics, 3rd Quarter 2011 Physical occupancy up 310 basis points, from 77.7% on September 30, 2010 to 80.8% on September 30, 2011 Strong rental activity Move-ins up 13% over last year Move-outs up 6% over last year Asking rates up 2.2% year over year Discount
Slide 6: Investment Activity
Investment Activity storage + logistics
Slide 7: Investment Activity Update
Investment Activity Update Includes CUBE’s equity contribution to the Harrison Street JV. On pace to reach 2011 acquisition and disposition targets Targeted $75MM to $125MM of Acquisitions Targeted $35MM to $50MM of Dispositions Acquisitions $127.2MM of acquisitions closed or under contract year to
Slide 8: Investment Activity: Portfolio Repositioning
Investment Activity Portfolio Repositioning Continued execution of capital recycling efforts Since January 2008, have generated $234MM in disposition proceeds from low-growth, low-barrier-to-entry markets while redeploying $228MM into superior assets in more attractive “core” markets $234MM $228MM C
Slide 9: Portfolio Repositioning: Dispositions
Owned portfolio. Since January 2008, have sold 77 assets, predominantly in tertiary, non-core markets for total proceeds of $234MM 15 Properties Sold Reduced Inland Empire square footage1 by more than 1/3 21 Properties Sold Exited Canton, OH, while substantially reducing asset base in the Cleveland,
Slide 10: Portfolio Repositioning: Acquisitions in Core Markets
Since January 2008, have recycled disposition proceeds by deploying $228MM1 into 34 acquisitions1, mostly along the Northeast Corridor and in other core markets 7 Properties1 Acquired Strengthened position in the lucrative New York / Northern New Jersey market with approximately a 30% increase in sq
Slide 11: Repositioning intertwined with branding and Superstore objectives
Repositioning efforts are intertwined with branding and Superstore objectives Better product to complement enhanced service Locations and demographics that facilitate premium positioning Investment Activity Portfolio Repositioning 11
Slide 12: Balance Sheet Summary
Balance Sheet Summary storage + logistics
Slide 13: Investment Grade Balance Sheet
Investment Grade Balance Sheet Well-staggered debt maturity schedule $250MM of availability on revolving line of credit as of September 30, 2011 35.9% total debt to gross assets1 63.5% of portfolio NOI from unencumbered assets1 Limited interest rate exposure: 98% fixed rate debt1 Investment Grade Ba
Slide 14: Callowhill Street Property Tour
Callowhill Street Property Tour 14
Slide 15: Callowhill St. Property Tour Philadelphia
Superstore services added July 2011 Rebranded September 2011 Callowhill St. Property Tour Philadelphia 15
Slide 16: Superstore services for residential and commercial customers
Store offers full suite of services designed to appeal to both the residential and the commercial customer Innovative office re-design features touch screen technology for an interactive customer experience Superstore Focal Wall actively engages customers while presenting traditional self-storage of
Slide 17: Commercial customer work stations at Callowhill Street
Comfortable work stations with WIFI access and coffee & refreshments appeal to the commercial customer base at the Callowhill Street facility Callowhill St. Property Tour Philadelphia 17
Slide 18: Callowhill Street operational improvement
Operational improvement Gained 410 basis points of physical occupancy year over year 92.2% occupied on 9/30/11 vs. 88.1% on 9/30/10 Asking rents increased 5.1% year over year Year to date, Net Rental Income increased 12.4% CubeSmart facility located in Philadelphia’s Center City Converted to a Super