8-K
CubeSmart (CUBE)
8-K
2026-05-04
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 4, 2026 ****
CUBESMART
CUBESMART, L.P.
(Exact Name of Registrant as Specified in Its Charter)
| Maryland (CubeSmart) | 001-32324 | 20-1024732 |
|---|---|---|
| Delaware (CubeSmart, L.P.) | 000-54462 | 34-1837021 |
| (State or Other Jurisdiction of Incorporation)<br><br> | (Commission File Number) | (IRS Employer Identification No.) |
| |
|---|
| 5 Old Lancaster Road |
| Malvern , |
| Pennsylvania |
| 19355 |
| (Address of Principal |
| Executive Offices) |
( 610 ) 535-5000
(Registrant’s telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
|---|---|---|---|---|
| Common Shares, $0.01 par value per share, of CubeSmart | | CUBE | | New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|---|
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|---|
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|---|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). ****
Emerging Growth Company (CubeSmart) ☐
Emerging Growth Company (CubeSmart, L.P.) ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
CubeSmart ☐
CubeSmart, L.P. ☐
Item 2.02 Results of Operations and Financial Condition.
We are furnishing with this report a slide presentation (attached as Exhibit 99.1) that may be used in presentations to investors from time to time.
Item 7.01 Regulation FD Disclosure.
The **** information disclosed in Item 2.02 above is incorporated into this Item 7.01.
The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 2.02, “Results of Operations and Financial Condition,” Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
| Exhibit No. | | Description |
|---|---|---|
| 99.1 | | Slide Presentation Dated May 2026 |
| 104 | | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | CUBESMART | |
|---|---|---|
| | | |
| | By: | /s/ Jeffrey P. Foster |
| | Name: | Jeffrey P. Foster |
| Date: May 4, 2026 | Title: | Chief Legal Officer and Secretary |
| | | |
| | | |
| | CUBESMART, L.P. | |
| | | |
| | By: CUBESMART, its general partner | |
| | | |
| | By: | /s/ Jeffrey P. Foster |
| | Name: | Jeffrey P. Foster |
| Date: May 4, 2026 | Title: | Chief Legal Officer and Secretary |
| | | |
| | | |
3
4
Exhibit 99.1
| May 2026<br>Investor<br>Presentation<br>C<br>self storage | ||||
|---|---|---|---|---|
| 2<br>The forward-looking statements contained in this presentation are subject to various risks and known and<br>unknown uncertainties. Although the Company believes the expectations reflected in such forward-looking<br>statements are based on reasonable assumptions, there can be no assurance that the Company’s expectations<br>will be achieved. Factors which could cause the Company’s actual results, performance, or achievements to<br>differ significantly from the results, performance, or achievements expressed or implied by such statements are<br>set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on<br>Form 10-K and in our quarterly reports on Form 10-Q and described from time to time in the Company’s filings<br>with the SEC. Forward-looking statements are not guarantees of performance. For forward-looking statements<br>herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the<br>Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement<br>forward-looking statements that become untrue because of subsequent events.<br>This presentation contains certain non-GAAP financial measures, including Net Operating Income<br>(NOI), Funds From Operations (FFO), and Funds From Operations, as adjusted (FFO, as adjusted).<br>The definitions of these terms, the reasons for their use, and reconciliations to the most directly<br>comparable GAAP measures are included in our Earnings Release as well as the Non-GAAP<br>Financial Measures section under the caption “Management’s Discussion and Analysis of<br>Financial Condition and Results of Operations” (or similar captions) in our annual report on Form<br>10-K and quarterly reports on Form 10-Q, and described from time to time in the Company’s<br>filings with the SEC.<br>Safe Harbor Statement<br>Use of Non-GAAP Financial Measures<br>® CuBESNIARr· | ||||
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| Introduction to CubeSmart<br>3<br>A high-quality portfolio in an attractive industry with proven returns<br>1. Period ended December 31, 2025<br>2. As of March 31, 2026<br>3. Market value of common equity and book value of debt as of March 31, 2026<br>4. Annual dividends declared for period ended December 31, 2025<br>1,287<br>Properties1<br>$11.8B<br>Enterprise Value3<br>31%<br>5-year total<br>shareholder<br>return1<br>50%<br>5-year growth in<br>FFO, as adjusted,<br>per share1<br>$2.6B<br>5-year<br>acquisition<br>volume1<br>57%<br>5-year dividend<br>growth4<br>1,516<br>Properties2<br>48.5M<br>Total owned<br>square feet2<br>6.6%<br>5-year same-store NOI CAGR1<br>Baa2/<br>BBB<br>Credit Rating<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Why CubeSmart?<br>4<br>A company built to perform throughout all phases of the cycle<br>Attractive Industry<br>Well-diversified demand characteristics create strong industry fundamentals<br>High Quality Portfolio<br>Growing the platform through high-quality investments creating industry-leading portfolio demographics<br>Operational Excellence<br>Sophisticated operating platform drives efficiencies and meets evolving<br>customer needs<br>Cash Flow Generation<br>Disciplined investment strategy in best-in-class assets paired with a<br>conservative balance sheet generates stable cash flows<br>Experienced Leadership Team<br>Extensive self-storage and publicly traded REIT background with a successful<br>track record of operating through various macroeconomic environments<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| 5<br>Experienced Management Team<br>Strong track record of creating shareholder value and driving performance<br>Years with 15 CubeSmart<br>Years in 16 Self-Storage<br>Years at<br>publicly-traded REITs<br>18<br>Christopher Marr<br>President &<br>Chief Executive Officer<br>Tim Martin<br>Chief Financial<br>Officer<br>Jeffrey Foster<br>Chief Legal<br>Officer<br>Jen Schulte<br>Chief Human Resources<br>Officer<br>Average<br>Management<br>Tenure<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Guy Middlebrooks<br>Executive Vice<br>President, Operations<br>Amy Cross<br>Executive Vice President, IT,<br>Data Science & Marketing |
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| 6<br>Strong Corporate Governance<br>Supporting the long-term interests of all shareholders<br>Board Practices<br> The Board is composed of nine Trustees, including eight independent Trustees<br> Separate Board Chair & Chief Executive Officer<br> Regular executive sessions of independent Trustees<br> Annual Board & Committee self-evaluations<br> Share ownership guidelines for Executive Officers and Trustees<br> Anti-hedging and anti-pledging policies<br> Code of Business Conduct & Ethics for employees and Trustees<br> Risk oversight by Board and Committees<br> Wide range of relevant experience and qualifications among Trustees<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Governance<br>Rating<br>Consistently<br>Among Best in<br>REIT Sector<br>ISS Corporate Governance<br>Rating of 2, placing the<br>Company in the top 20% of all<br>publicly traded companies in<br>terms of good corporate<br>governance<br>Shareholder Rights<br> Annual election of Trustees<br> Annual say-on-pay votes<br> Single voting class of stock<br> Shareholder right to call special meeting<br>r------------------------------------------------------------------------------------------------------------------ |
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| A History of Growth<br>Consistent execution on strategic objectives<br>U-Store-It<br>initial public<br>offering<br>2004 2010 2011 2018 2021 2025<br>Acquired United Stor-All to establish the<br>third-party<br>management program<br>Acquired 22-store<br>Storage Deluxe<br>portfolio located<br>primarily in NYC for<br>$560 million<br>Opened 1,000th<br>CubeSmart<br>location<br>Acquired 59-store<br>Storage West portfolio<br>in major southwest<br>markets for $1.7<br>billion<br>Acquired remaining<br>80% interest in<br>28-store HVP IV<br>joint venture for<br>$452.8 million<br>2006 2011 2012 2020 2024<br>Arrival of current<br>management<br>team<br>Rebranded the<br>company as<br>CubeSmart<br>Issued debut<br>investment-grade<br>unsecured senior<br>notes<br>Launched fully online<br>rental platform,<br>SmartRental<br>Acquired 85%<br>interest in 14-store<br>portfolio in Dallas<br>for $157.3 million<br>7<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>~--------------------- ~--------------------- ~--------------------- ~--------------------- ~--------------------- ~---------------------<br>U•STORE•IT Storage West" HEITMAN |
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| Quality-Driven Value Creation Strategy<br>8<br>Focus on quality throughout the platform<br>Quality Platform<br>Sophisticated, fully integrated platform focused on providing flexible and<br>efficient service delivery to maximize property cash flows over the long term<br>Quality Portfolio<br>Disciplined investment strategy to grow our nationwide portfolio of best-in-class assets in core markets with strong demographics and demand profiles<br>Quality Balance Sheet<br>Investment-grade balance sheet provides flexibility to access a full array of<br>capital sources to finance growth opportunities<br>Quality Company<br>Continued focus on corporate responsibility and risk management to ensure<br>sustainable long-term growth<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Attractive Industry Dynamics<br>9<br>Strong sector fundamentals generate outsized long-term returns<br>Dynamic Demand<br>Wide range of needs drives<br>demand for the product<br>throughout all economic cycles<br>Increasing Utilization<br>Newly identified sources of<br>demand have increased<br>utilization and product<br>awareness<br>High Margins<br>Low expense load & cap-ex<br>requirements drive more cash<br>flow to the bottom line<br>Short-Term Leases<br>Month-to-month leases allow<br>for rapid repricing in response<br>to changing economic<br>conditions<br>102%<br>692%<br>0%<br>100%<br>200%<br>300%<br>400%<br>500%<br>600%<br>700%<br>800%<br>10-Year 15-Year<br>Self-Storage REIT Average Return vs RMZ1<br>Storage REITs RMZ Index<br>1. Period ended December 31, 2025<br>2. Storage REIT straight average total return for CUBE, PSA, EXR & NSA<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Source: S&P Global Capital IQ<br>3. Storage REIT straight average total return for CUBE, PSA & EXR<br>2 3<br>■ ■ |
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| Industry Backdrop<br>10<br>Current industry backdrop sets the stage for long-term future growth<br>Fragmentation<br>Fragmented ownership creates further opportunity for external growth and<br>consolidation<br>New Supply<br>Development headwinds are reducinig new deliveries, creating a tailwind for<br>operational performance<br>Long-Term Cash Flow Stability<br>Proven track record of cash flow growth across cycles<br>Housing Market<br>30-year low existing home sales are a current headwind to the seasonal<br>segment of demand, but represents pent-up demand when trends normalize<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Diversified Portfolio in Quality Markets<br>11<br>National platform focused in core markets drives long-term value<br>Owned NOI from<br>top-40 MSAs1<br>States with Managed Stores Only<br>States with Owned Stores<br>91%<br>197 Markets<br> 41 States (& Washington DC)<br>National Scale<br>Exposure to secondary and tertiary<br>markets through third-party<br>management and joint ventures<br>further diversifies the portfolio and<br>leverages the operating platform<br>Primary Markets<br>Owned portfolio predominantly<br>concentrated in core markets with<br>strong demographics<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>1. For the three months ended March 31, 2026<br>2. Map reflects portfolio as of March 31, 2026<br>■<br>■ |
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| Industry-Leading Demographics Generate Long-Term Value<br>12<br>Quality market focus creates a strong demand backdrop and cash flow stability<br>1. Source: Evercore ISI Research Report dated March 19, 2026<br>2. Total owned portfolio NOI for the three months ended March 31, 2026, market ranking by population per US Census Bureau<br>0<br>50<br>100<br>150<br>200<br>CUBE PSA EXR NSA<br>Avg 3-Mile Population Density (000’s)1<br>65<br>75<br>85<br>95<br>105<br>115<br>CUBE PSA EXR NSA<br>Avg 3-Mile Median Household Income (000’s)1<br>40%<br>80%<br>91%<br>0%<br>25%<br>50%<br>75%<br>100%<br>Top 5 Markets Top 25 Markets Top 40 Markets<br>% of Owned Store NOI Strong Demographics 2<br>A strategic focus on submarkets with attractive demographics for<br>stable, long-term demand trends<br>Mature Markets<br>Larger core markets support more stable demand trends<br>throughout the economic cycle<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| New York City Market Leader<br>13<br>Competitive advantage in the largest market is a key component of our long-term strategy<br>Lowest Supplied Market<br>Supply across the three key outer<br>boroughs is 2.8 SF per capita2, the<br>lowest nationally and less than<br>half the national average of 7.2 SF<br>per capita3. Supply pipeline is<br>waning due to recent legislative<br>changes removing self-storage<br>eligibility for the ICAP tax incentive<br>program<br>Best-In Class Portfolio<br>Our NYC stores make up the<br>largest portfolio of purpose-built, Class-A properties in the<br>outer boroughs that create<br>vibrant billboards for our brand<br>Unique Submarkets<br>Each borough features a robust<br>local economy with its own<br>unique, stable demand drivers<br>Portfolio Composition1<br>1. Total portfolio NOI for the three months ended March 31, 2026<br>2. Source: CubeSmart internal market research<br>All Other<br>Markets<br>3. Source: 2026 Self-Storage Almanac<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Brooklyn<br>Queens<br>Bronx<br>Manhattan<br>Staten Island<br>Owned<br>Managed<br>~\o<br>Y)·<br>•• • 1.Jo/0<br>~ ••<br>5.7%<br>. -c-:=:: !th===:: 0.9%<br>Ort ern N<br>WesfclJ J 4.0%<br>ol)!l'/ ester,<br>S-(<11)(/ -3%<br>'-?%<br>•<br>• ••<br>·-<br>• •<br>•<br>•<br>• |
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| Sophisticated Operating Platform Drives Efficiencies<br>14<br>Foundation of propriety solutions creates flexibility for the future<br>Technological Platform<br>Sophisticated foundational systems provide scalability for a fully-integrated<br>experience across platforms<br>Customer Capture<br>Attract the greatest share of demand across all channels through cutting-edge<br>strategies<br>Dynamic Pricing<br>Maximize revenue through real-time pricing decisions that balance occupancy<br>and rate<br>Service-Oriented Model<br>Provide award-winning customer service to meet the many needs of our<br>customers across all touchpoints, no matter how they prefer to interact with us<br>Ongoing Optimization<br>Continually test new strategies to evolve and capture further efficiencies<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Cloud-based Data Warehouse<br>Utilize customer data to further optimize operations<br>Proprietary HIVE Point of Sale System<br>Flexible platform to manage customer interactions across all channels<br>Optimization Throughout the Customer Journey<br>15<br>Thoughtful enhancements across all touchpoints for a fully integrated experience<br>Reservation Rental Existing Customer<br>Paid Search<br>Bid on ~2+ million<br>keywords<br>Brand Marketing<br>Further build brand<br>awareness, making CUBE<br>an operator of choice<br>AI Generative Search<br>Optimize web presence to<br>be a trusted source<br>across platforms<br>Website<br>Interact with 9 million<br>visitors annually1<br>Sales Center<br>Receive 935k calls<br>annually1<br>RateSmart<br>Leverage demand &<br>elasticity trends to<br>generate optimal pricing<br>SmartRental<br>~40% of customers rent<br>through SmartRental<br>In-Store Teammates<br>Provide high-level service<br>for customers looking for<br>an in-person experience<br>CAM Video Agents<br>Providing personal<br>interaction even in a<br>remote environment<br>CubeSmart Mobile App<br>Enhanced customer<br>interaction<br>Rate Increases<br>Enhance revenue through<br>optimized rate increases<br>Digital Access Systems<br>Smartphone gate access<br>improves experience<br>Research<br>1. Data for full year ended December 31, 2025<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>----------------------------------------<br>e<br>e<br>8<br>I)<br>@<br>-<br>41<br>-<br>e ---------------------------------------- |
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| 3.1%<br>4.2%<br>3.5%<br>1.2%<br>2.5%<br>2.9%<br>0.0%<br>1.0%<br>2.0%<br>3.0%<br>4.0%<br>5.0%<br>6.0%<br>2025 3-Year Expense Growth Expense Growth since 2020<br>Average Same-Store Expense Growth1<br>Sector Average CUBE<br>+190 bps better +170 bps better +60 bps better<br>16 1. One- and three-year average annual same-store expense growth as reported for years ended December 31, 2025, 2024, 2023. Sector average comprised of EXR, PSA and NSA<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Sector-leading expense control against an inflationary backdrop<br>Focus on Efficient Operations<br>■ ■ |
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| Multi-Faceted External Growth Strategy Creates Long-Term Value<br>17<br>Building our portfolio through strategic investment and growth<br>Development & Lease-Up<br>Build and acquire purpose-built properties in top<br>markets to generate elevated<br>growth over the long term<br>Third-Party Management<br>Drive mutually-beneficial<br>value creation by building<br>additional scale and cash<br>flow from our platform<br>High-Quality Acquisitions<br>Target acquisitions of well<br>positioned, quality assets in<br>markets with strong<br>demographics and demand<br>trends<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Value-Add Joint Ventures<br>Generate outsized returns,<br>reduce risk and enhance<br>further diversification<br>through acquisitions with<br>partners |
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| Robust Portfolio Growth<br>18<br>Strategically increasing the size of the platform<br>Increase in stores<br>on the platform<br>since 2010<br>230%<br>Customers across<br>the portfolio, a<br>592k increase from<br>2010<br>783k<br>0<br>200<br>400<br>600<br>800<br>1000<br>1200<br>1400<br>1600<br>1800<br>2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026<br>Wholly-Owned Joint Venture Managed<br>1,516<br>460<br>Multi-faceted growth<br>strategy, leveraging all<br>avenues to enhance<br>scale and efficiencies<br>1. As of March 31, 2026<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>1<br>■ ■ ■ |
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| $6.2B<br>Consolidated<br>acquisitions<br>since 2010<br>$2.1B<br>Acquisitions<br>from third-party<br>management1<br>82%<br>Acquisitions in<br>top-25 MSAs1<br>Accretive Acquisitions Create Long-Term Value<br>19<br>Disciplined investment strategy to prudently build our portfolio<br>Strong Demographics<br>Focus on submarkets with attractive demographics and<br>strong long-term demand characteristics<br>Complement Existing Portfolio<br>Continue to identify opportunities to improve coverage across<br>core markets<br>Platform Value-Add<br>Placing new properties on the CubeSmart platform generates<br>multi-year yield expansion<br>Strategic Lease-up Opportunities<br>Acquire properties in lease-up to generate elevated returns<br>1. Since 2010, as of March 31, 2026<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Strategic Joint Ventures Complement our Growth Strategy<br>20<br>Opportunistic investment with partners adds value to our portfolio strategy<br>$914M<br>Acquired in joint<br>ventures1<br>48<br>Properties in<br>existing ventures1<br>46<br>Properties acquired<br>from JVs upon exit<br>Strong Returns<br>Fee revenue and promoted interests increase our return profile<br>for transactions<br>Investment Diversification<br>Further diversify cash flow and exposure to markets outside of<br>core acquisition strategy<br>Opportunistic Unstabilized Acquisitions<br>Spread investment capital across additional transactions through<br>a minority investment while mitigating dilution through fees<br>Acquisition Opportunities<br>Build a network of partners to share industry insights and trends<br>1. Unconsolidated joint ventures as of March 31, 2026. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction.<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Targeted Development Creates Long-Term Value<br>21<br>Enhancing our portfolio in select markets with flagship properties<br>Partner with Local Developers<br>Work with developers that have local market expertise and can<br>source high-quality sites<br>Focus on Top Markets<br>Target projects in irreplicable infill locations that generate<br>attractive long-term risk-adjusted returns<br>Operational Expertise<br>Leverage CubeSmart’s operating platform to optimally design<br>and efficiently lease up new stores<br>Refresh Portfolio<br>Enhance the quality of our existing portfolio through purpose-built, trophy assets that showcase our brand<br>$792M<br>New<br>development<br>delivered1<br>$28M<br>Projects in the<br>pipeline2<br>100%<br>Development in<br>top-10 MSAs<br>1. Development deliveries as of March 31, 2026 (does not include C/O acquisitions)<br>2. As of March 31, 2026<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Third Party Management Generates Additional Growth<br>22<br>Mutually beneficial relationships create long-term value for our shareholders<br>854<br>Properties1<br>$40M<br>Management<br>fee revenue2<br>265+<br>Relationships<br>Enhanced Profitability<br>Creates additional revenue streams through management,<br>tenant insurance, and other fees<br>Additional Scale<br>Expands our national footprint and brand, increasing operational<br>efficiencies<br>Acquisition Pipeline<br>Opportunity for relationship-driven transactions while utilizing<br>our knowledge of the assets to reduce underwriting risk<br>Industry Relationships<br>Build a network of industry partners to share insights and trends<br>1. As of March 31, 2026<br>2. For the year ended December 31, 2025<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance |
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| Disciplined Balance Sheet Strategy<br>23<br>Ensuring stability while funding growth<br>340,678<br>415,100<br>550,000<br>404,300<br>350,000<br>450,000 500,000 450,000<br> -<br> 200,000<br> 400,000<br> 600,000<br>2026 2027 2028 2029 2030 2031 2032 2033 2034 2035<br>Debt Maturity Schedule1 (000’s)<br>Secured Debt Unsecured Debt Unsecured Revolving Credit Facility<br>4.9x<br>Net Debt/<br>EBITDA1<br>6.4x<br>Fixed Charge<br>Coverage Ratio1<br>$850.0M<br>Revolving Line of<br>Credit1<br>4.0 years<br>Weighted Average<br>Maturity1<br>87.9%<br>% Fixed Rate Debt1<br>3.37%<br>Weighted Average<br>Interest Rate1<br>Capital raised over<br>the last five years<br>$2.5B<br>Investment-grade<br>balance sheet, with<br>well-staggered<br>maturities and<br>conservative leverage<br>levels, provides access<br>to a full range of<br>attractively-priced<br>capital sources to fund<br>our growth<br>BBB/Baa2<br>$11.8B<br>Enterprise Value1<br>29.2%<br>Total Debt/<br>Enterprise Value1<br>S&P/Moody’s<br>Investment-grade<br>credit rating<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>1. As of March 31, 2026<br>1<br>■ ■ ■ |
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| 2026 Financial Highlights<br>24<br>0.6%<br>Same-Store<br>Revenue Growth<br>5.8%<br>Same-Store Expense<br>Growth<br>(1.5)%<br>Same-Store NOI<br>Growth<br>Full Year Outlook2<br>(0.25%) to 1.25%<br>Same-store revenue growth<br>3.25% to 4.75%<br>Same-store expense growth<br>(1.75%) to 0.25%<br>Same-store NOI growth<br>$2.52 to $2.60<br>FFO, as adjusted, per share<br> Established a 15% ownership position in a newly formed<br>joint venture that acquired its initial store during the<br>quarter for a purchase price of $13.6 million<br> Opened for operation one development property for a total<br>cost of $28.0 million<br> Added 33 stores to our third-party management platform,<br>bringing our total third-party managed store count to 854<br>as of March 31, 2026<br> Repurchased 0.9 million common shares of beneficial<br>interest through our share repurchase program for $33.4<br>million at an average purchase price of $36.64 per share<br>First Quarter 2026 Highlights<br>$13.6M<br>Acquisitions in Joint<br>Venture<br>33<br>Stores added to the<br>management<br>platform<br>$0.63<br>FFO, as adjusted,<br>per share<br>1. For the three months ended March 31, 2026<br>2. 2026 outlook last updated as of our earnings release dated April 30, 2026<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>First Quarter 2026 Results1<br>~----------------------------------~ |
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| Same-Store Operational Update<br>25<br>88.0%<br>89.0%<br>90.0%<br>91.0%<br>92.0%<br>93.0%<br>Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec<br>Same-Store Occupancy1<br>2025 2026<br>0<br>5,000<br>10,000<br>15,000<br>20,000<br>25,000<br>30,000<br>Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec<br>Same-Store Rentals1<br>2025 2026<br> -<br> 5,000<br> 10,000<br> 15,000<br> 20,000<br> 25,000<br> 30,000<br>Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec<br>Same-Store Vacates1<br>2025 2026<br>89.5%<br>-20 bps YOY<br>1. Results for the 2026 same-store pool<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Year-to-date performance as of April 30th<br>~ '- .........__. ____ _ ~ .___ .___ ~-------- ■ ■ ■ ■ |
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| Consistent Earnings Outperformance<br>26<br>FFO per share growth above the sector average over the past three years Consistent<br>outperformance<br>driven by:<br>Sophisticated Operating<br>Platform<br>Maximizing revenue through<br>innovative & efficient execution<br>Expense Control<br>Sector-leading same-store<br>expense control, 190 bps lower<br>than the peer average2<br>Disciplined Capital<br>Allocation<br>Creative capital deployment<br>focused on long-term value<br>creation<br>Conservative Balance<br>Sheet Strategy<br>Cash flow stability throughout the<br>cycle<br>-1.9% -1.9%<br>0.7%<br>-1.9%<br>-2.7%<br>-1.8%<br>-3.0%<br>-2.5%<br>-2.0%<br>-1.5%<br>-1.0%<br>-0.5%<br>0.0%<br>0.5%<br>1.0%<br>One-Year Two-Year Three-Year<br>FFO, as adjusted, Per Share Growth vs Sector Average1<br>2023-2025<br>CUBE Sector Average<br>1. Represents average annual FFO, as adjusted, per share growth for the one-, two-, and three-year periods ended December 31, 2025. Sector is comprised of EXR, PSA, and NSA.<br>2. Three-year average for the years ending December 31, 2025, 2024 and 2023. Sector average comprised of EXR, PSA and NSA.<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>■ ■ |
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| Long-Term Cash Flow Growth<br>27<br>A consistent history of sharing our growth with our shareholders<br> $-<br> $0.50<br> $1.00<br> $1.50<br> $2.00<br> $2.50<br>2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025<br>Annual Dividend per Share<br>+203%<br>$0.00<br>$0.50<br>$1.00<br>$1.50<br>$2.00<br>$2.50<br>$3.00<br>2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025<br>FFO, as adjusted, per share<br>+106%<br>CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance<br>Sixteen consecutive years of dividend increases, the longest active streak among storage REITs |
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| Why CubeSmart?<br>28<br>A company built to perform throughout all phases of the cycle<br>Attractive Industry<br>Well-diversified demand characteristics create strong industry fundamentals<br>High Quality Portfolio<br>Growing the platform through high-quality investments creating industry-leading portfolio demographics<br>Operational Excellence<br>Sophisticated operating platform drives efficiencies and meets evolving<br>customer needs<br>Cash Flow Generation<br>Disciplined investment strategy in best-in-class assets paired with a<br>conservative balance sheet generates stable cash flows<br>Experienced Leadership Team<br>Extensive self-storage and publicly traded REIT background with a successful<br>track record of operating through various macroeconomic environments | ||||
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