Investor Presentation Date Ju June 201 014 The forward-looking - PowerPoint PPT Presentation

Investor Presentation Date Ju June 201 014

The forward-looking statements contained in this presentation are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward - Looking Statements” in our annual report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our quarterly reports on Form 10-Q, and described from time to time in the Company’s filings with the SEC. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward- looking statements that become untrue because of subsequent events. 2

Self-st storage orage REIT w with h expan ansiv sive nati tional onal plat atform form Facilities 1 Managed Owned 539 161 378 Total Market Cap 2 $3.8 billion Headquarters Malvern, PA Owned Managed 3 1) Property count as of March 31, 2014. 2) As of March 31, 2014. Market value of common. Book value of preferred equity and debt.

Attr tractive active indust stry ry with th favorab orable le economic omic chara aracte cteris risti tics cs  Broad tenant diversification Broadening  Demand driven by mobility, life change Demand Profile  High operating margins Strong Cash h  Low cap-ex requirements Flow  Opportunity for consolidation Fragmented  Unsophisticated competition Ownershi hip Positive  Limited new supply Trends  REIT market share gains 4

A b bala lance ced d and discipl cipline ined d appr proa oach ch External rnal Organic ic Finan ancia cial l Growth wth Growth wth Flexibil ibility ity Maintain ain invest vestmen ent grade e Maximize e portfoli folio value lue Conti tinue to pruden dently ly balance ce sheet eet that affords through ough continu tinued ed focus buil ild d a p portfo folio io of high gh- on customer tomer service ice and broad d access to the full ll quali lity assets , with th a fo focus operati tiona onal l advancem cement ent on targeted eted ma markets ets array of capita tal l sources ces 5

Execute uted d on strat rateg egic ic object ctiv ives External rnal Organic ic Finan ancia cial l Growth wth Growth wth Flexibil ibility ity Same-Store Results: Improved terms on bank financing $348 48 milli llion in agreements totaling $800 00 milli llion on; acquisitions NOI 1 +9.3% 3% completed second $250 50 milli llion on Revenue +7.4% 4% $126 26 milli llion in unsecured bond offering. Expenses +3.7% 7% dispositions $101 01 milli llion on in “at -the- market” NOI Margin 67% 67% (+120 bps) equity offering proceeds. 51 new third-party 51 FFO/Share Growth 2 23% 23% Investment grade balance management contracts sheet: BBB BBB-/Baa3 /Baa3 1) Net operating income, or revenues less property operating expenses. Please refer to CubeSmart’s public filings for a detaile d explanation of NOI and how it reconciles to a GAAP measure. 6 2) Funds from operations, as adjusted. Please refer to CubeSmart’s public filings for a detailed explanation of FFO and how it reconciles to a GAAP measure.

 Continued strength in revenue growth derived from a balanced mix of occupancy gains and Organic ic Growth th accelerating effective rent growth.  Expenses are largely inflationary except for severe winter costs and continued pressure on real estate taxes.  1Q14 same-store revenue growth was 7.0% and expense growth was 3.2%, resulting in NOI growth of 9.0%. 7

Meaning ingfu ful l occupa panc ncy y gains +390 bps, year over year +390 89.5% 5% 1 1) Occupancy at period end. 2014 and 2013 data reflects that of the current same-store pool, as constituted on March 31,2014. Occupancies in 2012 reflect those of the 2013 same-store pool, as constituted on December 31, 2013 and occupancies in 2011 reflect those of the 2012 same-store pool, as constituted on December 31, 1012. 8

Rec ecord rd same me-stor store e rev even enue ue growth h for storage age REITS 7.0% Long-Te Term m Avg. 3.9% 1 1) Average reported same-store performance of publicly traded REITs in operation for each respective period. Source: 9 company filings and SNL Financial.

Enhan ancin cing g the Cu Customer omer experien ience ce at all l points nts of engageme ment nt throu rough gh propri prieta etary ry system tems and proce cesse ses s Attract tractio ion Reservati ervation on Rental tal Continue tinued d Engagem agemen ent Internet Customer In-Store Experience Sales Center Marketing Service Revenue Paperless Real-Time Website Management Leasing Reporting 10

Redefin ining ing service ce in the e self-st storag rage indust stry 11

Higher her occu cupa panci ncies es & oper eration ional al ef efficie iencies ncies drive e ma margin in growth th 12

Co Conti tinuation uation of operationa rational l strength gth Full-Year Year Guidanc ance 1  Represents 10.4% annual growth $0.99 to $1.02 FFO FFO 2 per Share are at the midpoint Same-St Store e Guid idance ance Compon mponent ents: s:  Above historical industry averages 6.5% to 7.5% NOI I Gro rowth th  Driven by occupancy and rate gains 5.25% to 6.25% Revenu enue e Gro rowth wth  Contemplates increases in utility 3.0% to 3.75% Expens nse e Gro rowth wth expenses, snow removal costs, and real estate taxes 1) As provided in the Company’s Earnings Release dated May 1, 2014. 13 2) Funds from operations, as adjusted. Please refer to CubeSmart’s public filings for a detailed explanation of FFO and how it reconciles to a GAAP measure.

 Focus on quality properties in high- barrier-to-entry markets.  Invest selectively in development and External rnal Growth th built-to-suit projects with experienced partners in targeted markets.  Utilize third-party management program to leverage operating platform, gain additional scale and efficiencies, and create potential future acquisition opportunities with private owners.  Through April 30, 2014, CUBE has purchased 15 facilities for $187 million with an expectation of investing between $250 million to $300 million in 2014. 14

Significa ficant nt evoluti ution on over past st six years rs 2 Acquisit sition ons 1 2008 – Marc rch h 2014 2 Total Portfo folio o March h 2014 Total Portfol folio o January ry 2008 2 Disp spos ositi tion ons , , 2008 – March h 2014 Note: Bubbles sized by revenue. 1) Realized annual rent per occupied sq ft is computed by dividing rental income by the weighted occupied sq ft for the period. 15 2) Includes transactions closed and announced and under contract as of March 31, 2014.

Focus on buildin ding depth th in att ttract ractive, , high-bar barrier rier-to to-entr ntry mark rkets ets Investm estment ent Activ tivit ity Since ce 2008 ns 1 Acquisitions $1.5 billion 148 Stores ons 1 Dispositions $422 million 139 Stores Acquisitions, 2008 – March 2014 Dispositions, 2008 – March 2014 Development Properties - 2014 1) Transactions closed or announced and under contract from 2008 through March 31, 2014. 16

t 71% of port o NOI 1 Targete eted d investm tment nt markets kets represen ent rtfoli folio re Geogra graphic hic Exposu osure % of portfo ortfolio o NOI OI 1 17 1) Pro forma net operating income; including acquisitions announced and under contract as of March 31, 2014.

10 l large gest st tar argeted eted investme tment nt markets rkets are prim imari arily ly undersupplie pplied Rentab able Square Footage per Person 1 National Average 7.35 18 1) Source: 2014 Self-Storage Almanac, by MSA.

Opportun unis istic ic co co-deve develop lopment ment in high-barri barrier er-to to-en entry ry ma market ets Expected Investment to Anticipated Total New Development Properties 1 1 Open Date (1Q14) Investment Shirlington, VA 1Q15 $6.9 $18.5 Brooklyn, NY 1Q15 $3.7 $11.2 Queens, NY 2Q15 $5.2 $19.7 Queens, NY 3Q15 $6.4 $32.1 19 1) All amounts reflected in millions. Represents 100% of estimated project cost.

 Investment grade balance sheet: BBB-/Baa3.  Acquisitions will be funded in a Finan ancia cial l Flexib xibil ility ity manner consistent with maintaining investment grade rating.  1Q14 Balance sheet activities: • Generated $46 million in “at - the- market” equity offering proceeds. • Obtained $100 million secured loan for unconsolidated joint venture subsequent to quarter-end. 20