Cubesmart · NYSE:CUBE
Cubesmart — U-Store-It Trust — REIT Week 2008 NAREIT Investor Forum
22 slides from Cubesmart's conference presentation, Jun 3, 2008
Slide 1: REIT Week 2008 NAREIT Investor Forum
REIT Week 2008 NAREIT Investor Forum June 4–6, 2008 New York, NY
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain statements that may be considered to be “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that the Co
Slide 3: Update on 2nd Quarter 2008 Rental Activity
Update on 2nd Quarter 2008 Rental Activity 3
Slide 4: Strong 2nd Quarter to Date Rental Activity
Strong 2nd Quarter to Date Rental Activity (through May 31, 2008) • Same-store move-ins increased 694 units or 10% over QTD 2007 level • Same-store net rentals increased 1,542 units or 48% over QTD 2007 levels • QTD same-store occupancy gains of 180,000 square feet compared to QTD 2007 • Same-store
Slide 5: Key Drivers of our Strong Rental Activity
Key Drivers of our Strong Rental Activity • Web activity • Investment in our portfolio • Increased marketing efforts • Stabilization of personnel • Improvements in technology 5
Slide 6: Key Drivers: Web Activity
Key Drivers of our Strong Rental Activity Web Activity • New web site up for 30 days and we have experienced 7% of our confirmed rentals via the site • Easier consumer friendly site • Real time inventory and pricing • Reservation on line • Payment on line • Search engine optimization • Tracking and
Slide 7: U-Store-It website before
You want it. You need it. U-STORE-IT UsStoresIt website before... 1888-USTOREIT 888 USTORET Storage + Service + Solutions 7
Slide 8: U-Store-It website after
You want it. You need it. U-STORE- UsStoresIt website after STORET 1-866-465-0515 oe Nationwide! Storage + Service + Solutions a
Slide 9: Key Drivers: Investment in our Portfolio
Key Drivers of our Strong Rental Activity Investment in our Portfolio • Capital Investment • Painting • Asphalt & concrete projects • Remodel office/apartments • Expansions • Deferred Repairs & Maintenance • Signage • Gates • Unit doors • New logo, slogan & color scheme 9
Slide 10: Painting/Branding Before – Mobile, AL
U•Store•It Painting/Branding Before 496 – Mobile, AL 10
Slide 11: Painting/Branding After! – Mobile, AL
U•Store•It Painting/Branding After! 496 – Mobile, AL 11
Slide 12: Key Drivers: Marketing Efforts and Personnel
Key Drivers of our Strong Rental Activity Increased Marketing Efforts • San Bernardino project • 24-hour kiosk • Free toolkit to potential customers Stabilization of Personnel • Substantial reduction in employee turnover 12
Slide 13: Key Drivers: Improvements in Technology
Key Drivers of our Strong Rental Activity Improvements in Technology • Full implementation of Centershift • Real-time pricing changes • Data collection and analysis capabilities • Nexus payables • Paperless invoice processing system • Increased inter-office efficiencies and reduction of staffing fro
Slide 14: Strong consumer interest in self-storage
We continue to experience strong consumer interest in our product and no negative signs of economic or housing market stress on self-storage demand 14
Slide 15: U-Store-It Capital Opportunities
U•Store•It Capital Opportunities • Dispositions • We closed on four assets with proceeds of approximately $8.8 million • Of the eight assets under contract at May 7, 2008, one closed and three additional assets are under contract • Currently, we have ten assets under contract with total expected pro
Slide 16: U-Store-It Debt Overview
U•Store•It Debt Overview Weighted Weighted Average Average Maturity Maturity Debt Amount Rate (in years) Debt Amount Rate (in years) Unsecured 435,000 $ 4.34% 1.7 Floating 348,027 $ 4.03% 2.4 Secured 607,053 5.29% 3.6 Fixed 694,026 5.33% 2.9 Total 1,042,053 $ 4.89% 2.8 Total 1,042,053 $ 4.89% 2.8 Un
Slide 17: U-Store-It 2008 FFO Guidance
U•Store•It 2008 FFO Guidance Low High FFO/Share $0.93 $0.97 Same store revenue 4.5% 5.0% Same store expense 3.5% 4.0% Same store NOI 4.5% 5.5% Same store occupancy 82.0% 84.0% General & Administrative $22.5 mm $23.5 mm Dispositions $85 mm $105 mm • Second quarter operating expense growth will be hig
Slide 18: U-Store-It Trailing Quarters Metrics
U•Store•It Trailing 3 Quarters Metrics 1st Quarter 4th Quarter 3rd Quarter 2008 2007 2007 SS Rev. Growth (1) 5.0% 5.5% 2.3% SS NOI Growth (1) 4.3% 7.2% -1.2% FFO/Share $0.24 $0.21 $0.22 Total Debt / Gross Assets 53.0% 52.5% 52.3% Unsecured Debt / Total Debt 42.0% 41.0% 38.0% Unsecured Interest Cover
Slide 19: Jacksonville, FL
You want it. You need it. U-STORE-IT Jacksonville, FL Storage + Service + Solutions= 19
Slide 20: Vista, CA
You want it. You need it. U-STORE-IT Vista, CA Storage + Service + Solutions= 20
Slide 21: Southwest Ranches, FL
You want it. You need it. U-STORE-IT Southwest Ranches, FL Storage + Service + Solutions= 21
Slide 22: Appendix: 2008 FFO Guidance Reconciliation to EPS
Appendix: 2008 FFO Guidance Reconciliation to EPS 2008 Guidance Earnings (loss) per diluted share allocated to common shareholders (0.27) $ to (0.23) $ Less: gains on sales of real estate, per share (0.02) (0.02) Plus: real estate depreciation and amortization, per share 1.22 1.22 FFO per diluted sh
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