Form 8-K CubeSmart, L.P. For: May 18 Filed by: CubeSmart

New York City Portfolio Presentation

May 2022

Safe Harbor Statement

The forward-looking statements contained in this presentation are subject to various risks and known and unknown uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the Company’s expectations will be achieved. Factors which could cause the Company’s actual results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on Form 10-K and 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.

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Use of Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. The definitions of these terms, the reasons for their use, and reconciliations to the most directly comparable GAAP measures are included in our Earnings Release as well as the Non-GAAP Financial Measures section under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captionsin our annual report on Form 10-K and quarterly reports on Form 10-Q, and described from time to time in the Company’s filings with the SEC.

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2 New York City Portfolio Presentation

CubeSmart’s New York City Strategy

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CUBE remains uniquely positioned to outperform in the country’s strongest

self-storage market

Market Leader

• The scale of our portfolio in both New York City and the surrounding

suburbs creates competitive advantages

Vibrant

Demographics

• New York City is the strongest self storage market in the world, as the

unique market demographics support outsized cash flows

Advantageous

Supply-Demand

Characteristics

• New York City continues to have the lowest square feet of storage per

capita, even accounting for recent development deliveries

• New ICAP legislation should limit future supply

Positive Recent

Trends

• New York City has performed well over the last year, as occupancies

are at all-time highs and rates continue to grow

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3 New York City Portfolio Presentation

New York City Portfolio Summary

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Brooklyn

Bronx

Queens

Manhattan

Staten Island

14

14

15

1

1

Total 45

Over the last 10 years, we have assembled the highest

quality portfolio of stores in New York City, providing both

breadth of coverage across all five boroughs and depth

within key submarkets

Owned

22

15

18

2

3

60

Properties Total

Data as of March 31, 2022

Owned

Managed

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4 New York City Portfolio Presentation

Greater New York MSA Portfolio

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NYC

North NJ

Long Island

Westchester

45

19

8

5

Total 77

Owned

60

38

13

6

117

Properties Total

▪ Our portfolio in the New York City boroughs is complemented by a

significant presence across the major suburbs, allowing us to meet our

customers’ changing needs as they transition through the various

stages of their lives

▪ The third-party management platform supplements the portfolio,

adding CubeSmart branded locations in additional submarkets

New York-Northern New Jersey-Long Island, NY-NJ-PA

Owned

Managed

Data as of March 31, 2022

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5 New York City Portfolio Presentation

New York City Long Term Strategic Plan

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Our market-leading portfolio was built methodically over more than 10 years as a result of our strategic focus on this market as core to our growth strategy

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Pre-2010

• One NYC borough property in the legacy portfolio (Queens)

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2010

• Established a relationship with Storage Deluxe through the acquisition of a twoproperty portfolio, entering Brooklyn & the Bronx

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2011

• Agreed to acquire a 22-property portfolio from Storage Deluxe for $560M, including 16 properties in the NYC boroughs

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2014

• Opened our first NYC development property in the Bronx

• Acquired a portfolio of two operating & two C of O properties for $141.5M

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2015-2019

• Opened nine newly developed stores in the boroughs, including our entrance into Manhattan

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2020

• Acquired an eight-property NYC portfolio from Storage Deluxe for $540M

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6 New York City Portfolio Presentation

Market-Leading Position

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▪ Our portfolio in the New York MSA is well diversified across seven distinct markets

which each have unique demographic trends and economic drivers that are supportive

of strong self-storage demand

▪ Our market-leading position in the three major outer boroughs, with 23% of available

square footage, is supplemented with significant presence in major suburban

submarkets

Brooklyn Bronx Queens

# of

Customers2 26,328 22,797 24,414

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1. Trailing 3-month net operating income for total owned store portfolio for the period ending March 31, 2022

2. As of March 31, 2022 for owned and managed stores

3. CUBE Market Share defined as % of square footage owned or managed by CUBE; Source: YardiMatrix, CUBE internal market data

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7 New York City Portfolio Presentation

High Quality Assets

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Our NYC stores make up the largest portfolio of purpose built Class A properties in the market

- Our portfolio has exposure to attractive submarkets in New York, with purpose built climate controlled stores that have an average age of just 12 years

- These distinctive assets create vibrant billboards for our brand

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1. 2022 Same Store Portfolio

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8 New York City Portfolio Presentation

High Quality Real Estate

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CubeSmart at 2880 Exterior Street, Bronx, NY

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Our purpose-built portfolio is built in exceptional locations

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Property stands out with great visibility for distinctive branding

Easily accessible from highway exit

Right off the Major Deegan with 148,000 cars daily

Significant multifamily presence with 37k residents per square mile

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9 New York City Portfolio Presentation

High Quality Real Estate

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Our purpose-built portfolio is located on exceptional real estate

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CubeSmart at E 135th Street, Bronx, NY

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Adjacent to our property, two Class A multifamily towers now sit on the site of what was a former bus depot

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10 New York City Portfolio Presentation

Brand Recognition

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Our leading position affords us competitive advantages from the ubiquity of our brand within the market

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- Our distinct properties function as billboards and our significant presence allows for efficiency with out of home marketing, all driving meaningful brand recognition

- Our NYC properties receive 11% more of their reservations through brand related search terms compared to the rest of our portfolio

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11 New York City Portfolio Presentation

Strong Supply-Demand Dynamics

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Each borough has a standalone economy with large populations and low levels of supply which support significantly higher rental rates than similarly sized markets

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New York City Boroughs Compared to Similarly

Sized MSAs

Rank

MSA

Population

1 SF per Capita

2 Realized RPSF

3

1

New York

Northern NJ Long Island,

NY NJ PA

20.4M

3.3

$32.73

23

Orlando

Kissimmee, FL 2.61 M

7.1

$15.55

Brooklyn

2.56 M

2.5

$35.72

24

San Antonio, TX

2.55 M

8.5

$15.14

28

Las Vegas

Paradise, NV 2.27 M

7.8

$19.00

Queens

2.25 M

2.4

$37.51

29

Austin, TX

2.23 M

8.6

$16.76

40

Jacksonville, FL

1.56 M

8.2

$19.24

Bronx

1.42 M

3.5

$34.83

41

Oklahoma City, OK

1.41 M

10.9

N/A

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1. US Census Bureau

2. 2021 Self Storage Almanac & CUBE Internal Market Research

3. CUBE same store quarterly average realized rent per occupied square foot for the 3 months ended March 31, 2022

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12 New York City Portfolio Presentation

New York City Portfolio Presentation

May 2022

Diverse Customer Base of the Outer Boroughs

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The outer boroughs are fundamentally different than Manhattan and each of them has a robust local economy influenced by a unique set of drivers

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- Employers in the outer boroughs are generally blue collar industries compared to the white collar focus of Manhattan

- Education, health, and government services employ over half of workers across the outer boroughs

- The workforce of the outer boroughs are less transient industries, more permanently ingrained in communities

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Brooklyn

Bronx

Queens

Employment

2 807k

323k

709k

GDP

2 $91.6B

$42.7B

$93.3B

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1. Source: US Census Bureau

2. Source: US Census Bureau & Bureau of Economic Analysis

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14 New York City Portfolio Presentation

Unique Storage Customers

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New York City renters have distinctive demand drivers that manifest themselves in unique interactions with the product

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- NYC customers rent for much longer, with median lengths of stay approximately three months greater than the rest of the portfolio

- The unit mix for stores in NYC is drastically different, with average unit sizes of 34 square feet, 66% smaller than the same store portfolio

- Customer behaviors for NYC renters are different, as payments are made in cash significantly more frequently than around the rest of the country

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15 New York City Portfolio Presentation

Manhattan Presence

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Manhattan is a unique market, with different demand characteristics and demographics from the other boroughs

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- We have one store in Manhattan, located in Midtown on West 55 th Street

- An extremely small average unit size of 26.5 SF is distinctive of Manhattan storage, as demand tends to be from customers looking to supplement their living space

- For our Manhattan store, we offer our Storage Valet service to pick up a customer’s goods and assist them with the move in process

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16 New York City Portfolio Presentation

Hyper-localized Submarkets

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New York City customers are generally located in very close proximity to the store

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Customer Map

Cromwall Ave – Bronx, NY

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Customer Map

Angel Parkway – Allen, TX

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▪ 59% of customers at this Bronx store come from within one mile of the store versus 26% at a comparative store in the Dallas MSA

▪ In Dallas, the ring would need to be extended out to three miles to capture a similar percentage of customers as the one-mile ring in the Bronx

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17 New York City Portfolio Presentation

Lowest Supplied Self-Storage Market

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New York City compares extremely favorably to the top 12 MSAs with the lowest SF per capita of any major market

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- Supply per capita in all three boroughs is less than half the national average as overall supply remains low despite deliveries from the recent development cycle

- The supply outlook in the boroughs looks to be muted going forward as recent legislative changes that restrict self storage from development in the IBZ industrial zones and exclude storage from eligibility for tax abatements under the ICAP program have increased barriers to entry

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Source: 2022 Self-Storage Almanac & CUBE internal market research

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18 New York City Portfolio Presentation

CubeSmart Development

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Since 2014 we have continued our investment in the NYC boroughs by developing brand new Class-A properties, creating long-term value

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$516 Million Invested in the NYC Boroughs

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Brooklyn Bronx Queens Manhattan

$159m $141m $135m $81m

$294m of value creation for our shareholders1

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1. Value creation based on proforma forecast NOI at stabilization and management’s view of current market cap rates

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19 New York City Portfolio Presentation

Recent Market Performance Trends

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Performance in the boroughs has accelerated with significant increases in demand muting the impact of new supply

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- New York City has proven resilient through the pandemic, with strong demand trends producing elevated occupancy levels and consistent rent growth

- Strong demand trends have helped the lease up of recently opened development projects

- New York City continues to showcase its resilience compared to other markets that have seen similar levels of new supply

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20 New York City Portfolio Presentation

Long-Term New York City Strategy

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New York City will remain a key component of our long-term strategy

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Market Leader

• The competitive advantages afforded to us by our market-leading portfolio position us to maximize cash flows from our NYC portfolio

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Vibrant Demographics

• The unique demographics of New York City will continue to drive strong demand for storage

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Advantageous Supply-Demand Characteristics

• Healthy demand trends coupled with a limited supply pipeline will create a strong fundamental backdrop

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Positive Recent Trends

• Strong performance through current market conditions reinforce the strength of the New York City storage market through all cycles

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21 New York City Portfolio Presentation