CubeSmart (CUBE) Investor presentation summary

Investment highlights

• Achieved 56% five-year growth in FFO per share (as adjusted) and 65% five-year total shareholder return, with a $12.7B enterprise value and 1,523 properties as of September 2025.

• Five-year same-store NOI CAGR of 6.8%, 59% dividend growth, and a Baa2/BBB credit rating reflect strong fundamentals.

• Consistent execution on strategic objectives, including major acquisitions and platform expansion, has driven robust growth since IPO.

• Fifteen consecutive years of dividend increases, the longest active streak among storage REITs.

• Outperformed peers in FFO per share growth and total shareholder return over the past decade.

Industry and portfolio positioning

• Operates in a resilient, high-margin self-storage sector with dynamic demand and low capex requirements.

• Portfolio is concentrated in core markets with strong demographics; 91% of owned NOI comes from top-40 MSAs.

• Market leader in New York City, owning the largest portfolio of purpose-built, Class-A properties in the outer boroughs.

• Diversified exposure through third-party management and joint ventures in 191 markets across 41 states.

• Focus on submarkets with high population density and median income supports stable, long-term demand.

Growth and operational strategy

• Multi-faceted growth strategy includes high-quality acquisitions, joint ventures, targeted development, and third-party management.

• $6.1B in consolidated acquisitions since 2010, with 76% in top-25 MSAs; $900M acquired in joint ventures.

• $764M in new development delivered, all in top-10 MSAs, and $19M in projects in the pipeline.

• Third-party management platform expanded to 863 properties, generating $41M in management fee revenue in 2024.

• Technological innovation and dynamic pricing optimize revenue and customer experience.