Cubesmart · NYSE:CUBE
Cubesmart — U-Store-It Trust — Investor Presentation (October 2008)
10 slides from Cubesmart's investor presentation, Oct 24, 2008
Slide 1: October 24, 2008
Oc tober 24, 2008
Slide 2: Agenda
Agenda Corporate overview Liquidity outlook Maturity profile Debt overview Disposition program Sources and uses Financial covenants U-S T O R E-I T T R US T
Slide 3: Corporate Overview
Corporate Overview U-Store-It has integrated real estate operations Company snapshot U-Store-It is a self-administer ed and self-managed REIT focused on the ow ner ship, operation, acquisition and development of self-stor age facilities in the United States The company is one of the top four owners
Slide 4: U-Store-It liquidity outlook
U-Store-It liquidity outlook • Summary of key points related to YSI’s liquidity: • Credit Facility and Secured Term Loan — The Company has a $250m unsecured line of credit ($182.7m outstanding as of September 30, 2008), $200m unsecured term loan and $57.4m secured term loan — Each loan can be extend
Slide 5: Maturity profile
Maturity profile Debt Maturity Profile as of September 30, 2008 (unaudited, in thousands) U-STORE-IT TRUST
Slide 6: Debt overview
Debt overview Schedule of Indebtedness as of September 30, 2008 (unaudited, in thousands) Maturi ty Maturity Ba lance Rate Date Balance Rate Date FIXED R ATE MORTGAGES SEC UR ED LOAN S, VARIABLE RATE Acq VI $ 1,713 FIXED 8.4 3% Aug-0 9 Secured Term L oan $ 5 7,41 9 LIBOR + 1.4 0% 4.67% Nov-10 (b) YS
Slide 7: Disposition Program Continues to Reduce Balance Sheet Leverage
Disposition Program Continues to Reduce Balance Sheet Leverage Property Disposition Update ($ in millions) Number of Sale Properties Price Property Sales closed through June 30, 2008 7 $ 17.1 Property Sales during third quarter 2008 9 $ 27.3 Properties under contract as of September 30, 2008 and sch
Slide 8: Sources and Uses through December 31, 2009
Sources and Uses through December 31, 2009 2009 Estimated Sources and Uses (assuming no new financings, in millions) Sources: Availability under revolving credit fac ility as of 9/30/08 Properties currently under contrac t and sc heduled to close in 2008 Estimate of annual free cas h flow $ 67.3 21.
Slide 9: Credit Facility Financial Covenants
Credit Facility Financial Covenants Financial Covenants as of September 30, 2008 (unaudited, in thousands) Maximum Consolidated Leverage Ratio Floating Rate Indebtedness Cons olidated Total Indebtednes s 990,607 Floating Rate Indebtedness 140,119 Cons olidated Adjusted Ass et Value (1) 1,713,343 Con
Slide 10: Forward Looking Statements
Forward Looking Statements This presentation contains certain statements that are not historical fact may constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on ass
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