#1CUBESMART March 2023 Investor Presentation CUBESMART self storage#2Safe 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. Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including Net Operating Income (NOI), Funds From Operations (FFO), and Funds From Operations, as adjusted (FFO, as adjusted). 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 captions) in 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. CUBESMART self storage OFFICE#3Introduction to CubeSmart A high-quality portfolio in an attractive industry with proven returns 1,279 Properties 1. As of December 31, 2022 2. Period ended December 31, 2022 3. 4. 70% 5-year total shareholder return² self storage OPRE 9645 CUBESMART self storage $12.1 Billion Market Cap³ 55% 5-year Dividend Growth Market value of common equity and book value of debt as of December 31, 2022 Annual dividends declared for period ended December 31, 2022 EVENT Baa2/BBB Rating $3.0 Billion 5-year acquisition volume 59% 5-year Growth in FFO per Share, as Adjusted² CUBESMART self storage 3#4Why CubeSmart? A company built to perform throughout all phases of the cycle Attractive Industry Well-diversified demand characteristics create strong industry fundamentals THION WELLNE Cash Flow Stability Industry-leading portfolio demographics and a conservative balance sheet produce stable cash flows throughout the entire cycle Focus on Quality Continuing to grow the platform through high- quality investments and further operational evolution to generate long-term value Experience A well-seasoned management team with experience operating throughout many macroeconomic environments CUBESMART 5 Old Lancaster Road#5CubeSmart's History A history of executing on strategic objectives 2004 U-Store-It initial public offering 2006 2010 2011 Arrival of current management team Acquired United Stor-All to establish the third-party management platform Rebranded the company as CubeSmart 2011 Acquired 22 property Storage Deluxe portfolio located primarily in NYC for $560 million 2012 2012 2018 2020 2021 Issued debut investment grade unsecured senior notes Won 1st ISS industry award for Best Customer Service Opened 1,000th CubeSmart location Launched fully online rental platform, SmartRental Acquired 59 property Storage West portfolio for $1.7 billion KE SMAR 5#6Attractive Industry Strong sector fundamentals generate outsized long-term returns 400% 350% 300% 250% 200% 150% 100% 50% 0% Self-Storage REIT Average Return vs RMZ 5-Year¹ 10-Year¹ ■Storage REITs² = RMZ Index 1. For the periods ending December 31, 2022 2. Source: S&P Global Capital IQ, storage REITs straight average total return for CUBE, PSA, EXR, and LSI 15-Year¹ Dynamic Demand Wide range of needs drives demand for the product throughout all economic cycles High Margins Low expense load & cap-ex requirements drive more cash flow to the bottom line Short-Term Leases Month-to-month leases allow for rapid repricing in response to changing economic conditions Increasing Utilization Newly identified sources of demand have created increases in utilization and product awareness 9#7Cash Flow Stability National scale with a focused concentration in key markets self-storage 1. As of December 31, 2022 SMART National Scale CubeSmart operates in 153 markets across 39 states and the District of Columbia¹, providing diversification throughout the country RETION CUBESMART self storage Key Market Depth A portfolio focused on coverage across all attractive submarkets within our core MSAS CUBESMART Customer Diversification With -712k customers across the portfolio, our customer base is representative of each store's local community while no single tenant or cohort represents a material segment of the rent roll 7#81. Diversified Portfolio in Quality Markets National platform with a focus in core markets to drive long-term value States with Owned Stores States with Managed Stores Only For the three months ended December 31, 2022 Focus on Top Markets 89% of owned store NOI comes from top-40 MSAs¹ Portfolio Exposure Exposure to secondary and tertiary markets through our third-party management program and joint ventures further diversifies the portfolio and leverages our operating platform 8#9Industry-Leading Demographics Generate Long-Term Value Quality market focus creates a strong demand backdrop and cash flow stability Strong Demographics A strategic focus on submarkets with attractive demographics for stable, long-term demand trends Mature Markets Larger, stable markets should experience less volatility than secondary and tertiary markets while strong demographics support demand trends throughout the economic cycle 200 150 100 50 0 Avg 3-Mile Population Density (000's)¹ III PSA CUBE EXR 1. Source: Evercore ISI Research Report dated November 21, 2022 2. Total owned portfolio NOI for the three months ended December 31, 2022 LSI NSA 100% 50% 0% 95 85 75 65 36% % of Same-Store NO1² CUBE 77% Top 5 Markets Top 25 Markets Top 40 Markets Avg 3-Mile Median Household Income (000's)¹ PSA 89% EXR LSI NSA#10Market Leader in New York City NYC competitive advantage is a key component of our long-term strategy Best-In Class Portfolio Our NYC stores make up the largest portfolio of purpose-built, Class-A properties in the outer boroughs that create vibrant billboards for our brand Lowest Supplied Market Supply across the three key outer boroughs is 2.7 SF per capita¹, the lowest nationally and less than half the national average of 6.2 SF per capita². Supply pipeline is waning due to recent legislative changes removing self- storage eligibility for the ICAP tax incentive program 1. Source: CubeSmart internal market research 2. Source: 2022 Self-Storage Almanac Unique Submarkets Each borough features a robust local economy with its own unique, stable demand drivers Portfolio Composition³ All Other Markets Bronx 5.2% Queens 5.3% Northern NJ 3.7% Other NYC 0.9% Westchester 1.4% Long Island 1,2% Brooklyn 4.6% 3. Total portfolio NOI for the three months ended December 31, 2022 IFF CUBESMART self storage+logiscs 800-800-1717 10#11Value Creation Strategy Focus on quality drives long-term shareholder value Quality Platform Sophisticated, fully integrated platform focused on providing flexible and efficient service delivery to maximize property cash flows over the long term Quality Portfolio Disciplined investment strategy to grow our nation-wide portfolio of best-in- class assets in core markets with strong demographics and demand profiles Quality Balance Sheet Investment-grade balance sheet provides flexibility to access a full array of capital sources to finance growth opportunities Quality Company Continued focus on corporate responsibility and risk management to ensure sustainable long-term growth CUBESMART#12Platform | Portfolio | Balance Sheet | Company Operating Platform Foundation of proprietary solutions creates flexibility for the future Technological Platform Invest in foundational systems to provide scalability Customer Capture Attract the greatest share of demand across all channels through sophisticated strategies Dynamic Pricing Maximize revenue through real-time pricing decisions that leverage historical customer data Service Oriented Model Provide award-winning customer service to meet the many needs of our customers Ongoing Optimization Continually test new strategies to capture further efficiencies on kit ch CS- QURESHART 12#13Platform | Portfolio | Balance Sheet | Company 1. Optimizing the Platform Efficient interactions across the customer journey Research Paid Search Bid on -2+ million keywords GBid Brand Marketing Further build brand awareness, making CUBE an operator of choice Social Media Innovative tactics to reach prospective customers Data for full year ended December 31, 2022 0 The Customer Journey Reservation Website Interact with 13.5 million visitors annually¹ Sales Center Receive 800k calls annually¹ $Leverage demand trends to generate optimal pricing ● i- Rental SmartRental -30% of customers rent through SmartRental In-Store Teammates Reduce friction throughout the rental process HIVE Point of Sale Flexible platform to build further enhancements Existing Customer CubeSmart Mobile App Enhanced customer interaction 199 Lazarus Data Warehouse Utilize customer data to further optimize operations Rate Increases Maximize revenue through individually optimized customer rate increases 13#14Platform | Portfolio | Balance Sheet | Company Redefining the Customer Experience Meeting the changing needs of our customers Leveraging Digital Platforms Replicate the in-person experience across all customer touch points Omni-Channel Experience A fully integrated experience where customers can seamlessly transition between various channels & platforms Customer Preference Provide optionality to meet the customer in the way they wish to interact Award Winning Customer Service Continue to provide industry-leading service both in-store and across all of our digital platforms Oursercial erst Our virt Our offices no 14#15Platform | Portfolio | Balance Sheet | Company External Growth Strategy Enhancing our portfolio through strategic external growth opportunities CUBESMART self storage High-Quality Acquisitions Target acquisitions of well positioned, quality assets in markets with strong demographics and demand trends Coucher Development & Lease-Up Build and acquire purpose- built properties in top markets to generate elevated growth over the long term CUBESMART f aterage Value-Add Joint Ventures Generate outsized returns, reduce risk and enhance further diversification through acquisitions with partners DULESWART Third-Party Management Mutually beneficial value creation by generating additional scale and value from our platform 15#16Platform | Portfolio | Balance Sheet | Company Robust Portfolio Growth Strategically increase the scale of the platform 1400 1200 1000 800 600 400 200 0 460 2010 mi 2012 1. As of December 31, 2022 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 ■Wholly-Owned Joint Venture Managed 1,279 2022¹ Multi-Faceted Growth Strategy Continue to utilize wide variety of avenues to grow the portfolio Brand Awareness Since 2010, increased stores on the platform by 178% Customer Data Points The consistent growth in CubeSmart stores has substantially increased our customer base by ~521k since 2010 16#17Platform | Portfolio | Balance Sheet | Company Acquisitions Disciplined investment strategy to prudently build our portfolio Strong Demographics Focus on submarkets with attractive demographics for strong long-term demand characteristics Complement Existing Portfolio Continue to identify opportunities to improve coverage across core markets Platform Value-Add Placing new properties on the CubeSmart platform generates multi-year yield expansion Strategic Lease-up Opportunities Acquire properties in lease-up to generate elevated returns. alshage 1135 $3.0B of wholly-owned acquisitions since 2018 1. Since 2010 $1.5B of acquisitions from third- party management¹ 83% of acquisitions in top 25 MSAS¹ 17#18Platform | Portfolio | Balance Sheet | Company Development Strategic partnerships drive additional long-term value to our shareholders Partner with Local Developers Partner with developers that have local market expertise and can source high-quality sites Focus on Top Markets Targeted projects in high-quality markets that generate attractive long-term risk-adjusted returns Operational Expertise Leverage CubeSmart's operating platform to optimally design and efficiently lease-up new stores Portfolio Refresh Enhance the quality of our existing portfolio through purpose-built, flagship properties that showcase our brand CUBESMART self storage $684M of new projects delivered¹ $57M of new projects in the pipeline² 1. Development deliveries as of December 31, 2022 (does not include C/O acquisitions) 2. As of December 31, 2022 100% of new development in top 10 markets 18#19Platform | Portfolio | Balance Sheet | Company Joint Venture Advantages Strategic investment with joint venture partners adds value to our portfolio Strong Returns Fee revenue and promoted interests increase our return profile for transactions Diversification Further diversifying cash flow and exposure to markets outside of core acquisition strategy Opportunistic Unstabilized Acquisitions Spread investment capital across additional transactions through a minority interest while mitigating dilution through fees. Acquisition Opportunities Opportunity to purchase the assets that are a strategic fit at the end of the hold period 1. $900M of properties acquired in joint ventures¹ 75 total properties¹ 4 different ventures¹ As of December 31, 2022. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction 19#20Platform | Portfolio | Balance Sheet | Company Third-Party Management Mutually beneficial relationships drive additional long-term value to our shareholders Profitability Create additional revenue streams for our shareholders through management and other fees Scale Continue expanding our national footprint and brand as we take on additional stores, increasing operating efficiencies. Acquisition Pipeline Opportunity for relationship-driven transactions while utilizing our knowledge of the assets to reduce underwriting risk Relationships Build a group of partners to share insights and industry trends 1. 2. 668 properties¹ As of December 31, 2022 For the year ended December 31, 2022 $34M management fee income² 185+ partnerships¹ 20#21Platform | Portfolio | Balance Sheet | Company Financial Strength Ensuring stability while funding growth Continue to operate with credit metrics at the conservative end of our investment grade rating, ensuring access to a variety of attractively-priced capital 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x MOODY'S Baa2 11 2017 STANDARD BBB (Stable] & POOR'S (Stable) Net Debt to EBITDA¹: 4.3x 2018 III 2020 2019 1. Source: Company Filings, as of December 31 of each stated year. 2 Calculated as annual EBITDA/ Interest Expense 2021 2022 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 8.0x 6.0x 4.0x 2.0x 0.0x 2017 2017 Debt to Gross Assets¹: 39.6% 2018 2019 2020 2018 m EBITDA Coverage ¹2: 7.1x 2021 2019 2022 2020 2021 ■Unsecured Debt Secured Debt 2022 21#22Platform | Portfolio | Balance Sheet | Company Liquidity and Access to Capital Access to the full range of capital sources to fund commitments Capital Needs & Liquidity Ample liquidity to manage near-term capital needs 600,000 400,000 200,000 Capital Needs: $97.7M through 2024¹ $34.6M of remaining development commitments $63.1M of debt maturities · Existing Sources of Capital $789.1M of remaining capacity on revolving credit facility¹ • Retained free cash flow 30,817 2023 1. As of December 31, 2022 32,269 2024 300,000 2025 336,573 2026 Secured Debt 60,900 Access to Capital Proven ability to access a variety of sources of capital Raised $6.4 billion since 2010 Common Equity: Raised $2.5 billion of net proceeds Unsecured Senior Notes: Raised $3.4 billion through ten unsecured senior note issuances Credit Facility: $850 million revolving line of credit Bank Debt: Raised $500 million in term loans (since repaid) • Preferred Equity: Raised $77.5 million in preferred equity (since redeemed) 2027 Unsecured Debt · • • Debt Maturity Schedule¹ [000's) · 550,000 2028 404,300 2029 ■Unsecured revolving credit facility 350,000 2030 450,000 2031 500,000 2032 22#23Platform | Portfolio | Balance Sheet | Company Experienced Management Lengthy track record of experience through all phases of the cycle $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2011 2012 2013 Funds from Operations, as Adjusted 11 2014 1. Represents averages for CubeSmart Named Executive Officer group 2015 2016 2017 2018 2019 2020 +289% 2021 2022 Named Executive Officers¹ 15 years with CubeSmart 21 years in self storage 22 years at publicly-traded REITs 23#24Platform | Portfolio | Balance Sheet | Company Sharing Cash Flow Growth Consistent history of dividend increases to return capital to investors $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- 1. As of December 31, 2022 2012 2013 2014 Annual Dividend per Share 2015 2016 2017 2018 2019 2020 2021 +391% 2022 T 24#25Platform | Portfolio | Balance Sheet | Company Environmental Highlights Minimizing our environmental impact for long-term sustainability Environmental Targets Established targets to reduce consumption and greenhouse gas emissions. Through 2021, we made significant progress against these targets with a 19.2% like-for-like reduction in Scope 1 & 2 GHG emissions.¹ Solar Program Added solar panels to 97 owned stores with projects underway to add solar to an additional 29 stores.² In 2021, our stores produced 7.8 million kWh of renewable energy, an 18.8% increase from 2020. HVAC Upgrades In 2021, we substantially completed our 3-year capital project to upgrade our HVAC systems, which will lower our CFC emissions at those stores. 1. Reduction against 2019 baseline. Like-for-like defined as the set of stores owned for the entirety of the period January 1, 2019 through December 31, 2021 As of December 31, 2022 2 CUBESMART 800-800-1717 CUBE ** 25#26Platform | Portfolio | Balance Sheet | Company Social Highlights Investing in our team and communities Engagement & Development We value our teammates' engagement. In 2022, our annual Teammate Engagement Survey had at 88% response rate. Our goal is to help. our teammates grow with our company. Last year over 446 teammates were promoted into new roles. We supported this goal through an average of 16 hours of training per teammate. Community Engagement We are proud to serve the communities in which we operate. Through our volunteering and fundraising efforts, we've supported numerous local charities and community organizations. Diversity, Equity, and Inclusion We believe our business is better because of the diversity of our team. Our Philosophy Regarding Respect in the Workplace defines our approach to diversity, inclusion, and treatment of differences and is acknowledged by all teammates. Our Policy on Equal Employment Opportunity prohibits discrimination in all aspects of employment. Supply Chain & Human Rights We established the CubeSmart Code of Ethics, Conduct & Human Rights for Vendors and Suppliers to hold our partners to our own standards and ensure that we're doing our part to protect human rights and promote ethical conduct. öö#27Platform | Portfolio | Balance Sheet | Company Strong Corporate Governance Supporting the long-term interest of all shareholders Board Practices Separate Board Chair & Chief Executive Officer Regular executive sessions of independent Trustees Annual Board & Committee self-evaluations ■ Share ownership guidelines for Executive Officers and Trustees ▪ Anti-hedging & anti-pledging policies Code of Business Conduct & Ethics for employees and Trustees Risk oversight by Board and Committees Wide range of relevant experience and diversity among Trustees 89% Independent 44% Diversity Shareholder Rights Annual election of Trustees I Annual say-on-pay votes Single voting class of stock Shareholder right to call special meeting ▪ Highest governance rating among our peers (per ISS) Gender Diversity Racial/Ethnic Diversity Gender & Racial/Ethnic Diversity CURG SMART 27#28Operational Performance Strong fundamentals provide strong outlook for future growth 25,000 20,000 15,000 10,000 5,000 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% Same-Store Rentals¹ II Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 Same-Store Occupancy¹ 91.4% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2021 -2022 -2023 1. Results for the 2023 Same-Store pool 2 Same-store results for the year ended December 31, 2022 30,000 20,000 10,000 Same-Store Vacates¹ ………..……. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ■2022 2023 2022 Same-Store Results² 12.7% Revenue growth 3.0% Expense growth 16.7% NOI Growth 28