CubeSmart Investor Presentation Deck

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May 2023

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#1Super Site CUBESMART self storage CUEESMART CUBESMART self stor 3 NOW OPEN -STOP IN TODAY CUBESMART 800-800-1717 AVA AZ May 2023 New York City Portfolio 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 FIRE LANE NYT PARKING ODO 2#3New York Portfolio's Long-Term Value Creation CUBE remains uniquely positioned to outperform in the country's strongest self-storage market High Quality Portfolio An irreplaceable portfolio of high-quality properties across the NYC boroughs with a complementary presence across key suburban submarkets Attractive Demand Profile NYC is the most attractive self-storage market in the world as the unique demographics and a stable customer base support consistent long-term cash flow growth CUBESMART self storage CLEESMART D ESMAP Positive Supply Trends NYC continues to have the lowest square feet of storage per capita even after recent development deliveries while new tax regulations should limit future supply in NYC FITTERSSALEEL HY Premier Storage Operator Our scale, coupled with our years of experience operating in this unique market, position us to generate efficiencies and drive incremental cash flow growth now OPEN -STOP IN TODAY CURESMADY onn onn 1717#4High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator New York City Portfolio Summary Largest owner of self-storage properties in the outer boroughs of NYC Properties¹ Brooklyn Queens Bronx Manhattan Staten Island Total Owned 14 15 14 1 1 1. As of April 30, 2023 45 Managed Total 9 23 4 19 1 15 2 3 3 2 18 63 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 Staten Island Manhattan Brooklyn Bronx Queens Owned Managed 4#5High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator Greater New York MSA Portfolio New York City portfolio complemented by a strong presence across the major suburban markets 1. As of April 30, 2023 Owned Managed Properties¹ New York City Northern NJ Long Island Westchester Total Owned Managed 45 18 20 22 9 5 5 4 79 49 Total 63 42 14 9 ▪ The third-party management platform supplements the portfolio, adding additional scale through complementary CubeSmart branded locations 128 ▪ Our portfolio in the New York City boroughs is complemented by a significant presence throughout the suburbs, allowing us to meet our customers' changing needs as they transition through the various stages of their lives 5#6High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Brooklyn Market Summary Top 5 Operators¹ Rank Operator 1 CubeSmart 2 3 5 5 Life Storage Public Storage Extra Space Safeguard Stop & Stor Demographics² Population 2,637,486 Market Supply³ Square Feet 6.6M Density 38,017 per sq. mi Sq. Feet per Capita 2.5 Total 23 14 9 9 7 7 1. Source: Yardi Matrix as of April 30, 2023 2. Source: US Census Bureau Estimates as of July 1, 2021 3. 4. Owned 14 3 8 3 7 7 Renter % 69.3% SF per Capita CAGR '15-22 +7.3% % of Existing Stock 15.0% 10.0% 5.0% 0.0% Key Submarkets Source: YardiMatrix, CUBE internal market data CUBE average same-store in-place rent per occupied square foot as of March 31, 2023 Gowanus Coney Island Atlantic Ave Corridor ..... 2015 2016 2017 2018 2019 2020 2021 2022 2023 East NY Brooklyn Annual Deliveries 3 Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 Doesn't Compete Competes w/ CUBE 6#7High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator Queens Market Summary Top 5 Operators¹ Rank Operator 1 CubeSmart 2 Safeguard 2 Stop & Stor 2 Public Storage 2 Life Storage Demographics² Population 2,328,141 Market Supply³ Square Feet 5.5M Density 21,413 per sq. mi Sq. Feet per Capita 2.4 Total Owned 19 15 6 6 6 6 6 6 1. Source: Yardi Matrix as of April 30, 2023 2. Source: US Census Bureau Estimates as of July 1, 2021 3. 4. 4 3 Renter % 54.6% SF per Capita CAGR '15-22 +5.9% % of Existing Stock 15.0% 10.0% 5.0% 0.0% Long Island City Astoria Source: YardiMatrix, CUBE internal market data CUBE average same-store in-place rent per occupied square foot as of March 31, 2023 Key Submarkets Ridgewood College Point/ Flushing Jamaica Bellerose Queens Annual Deliveries 3 Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 2015 2016 2017 2018 2019 2020 2021 2022 2023 Doesn't Compete Competes w/ CUBE 7#8High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator Bronx Market Summary Top 5 Operators¹ Rank Operator 1 CubeSmart 2 3 3 LO 5 5 Extra Space Storage Post Life Storage Public Storage Safeguard U-Haul Demographics² Population 1,421,089 Market Supply³ Square Feet 4.6M Sq. Feet per Capita 3.2 Total 15 13 5 5 3 3 Density 33,697 per sq. mi 1. Source: Yardi Matrix as of April 30, 2023 2. Source: US Census Bureau Estimates as of July 1, 2021 W 3. 4. Owned 14 6 LO 5 1 3 3 1 Renter % 80.2% SF per Capita CAGR '15-22 +6.5% % of Existing Stock 15.0% 10.0% 5.0% 0.0% Source: YardiMatrix, CUBE internal market data CUBE average same-store in-place rent per occupied square foot as of March 31, 2023 Key Submarkets Riverdale/ Kingsbridge South Bronx Bronx River/ Bruckner Co-Op City Bronx Annual Deliveries .... 2015 2016 2017 2018 2019 2020 2021 Avg. Market Rent4 < $35 $35 to $40 $40 to $45 > $45 2022 2023 Don't Compete Competes w/ CUBE 8#9High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Market Breadth and Depth Coverage across all major submarkets with scale in the core outer boroughs All Other Markets Bronx 5.4% Brooklyn 5.1% Queens 5.2% Other NYC 0.9% Northern NJ 3.7% Westchester1.4% Long Island 1.2% Diversified Submarkets¹ Our portfolio in the New York MSA is well-diversified across seven distinct submarkets which each have unique demographic trends and economic. drivers that are supportive of strong self-storage demand. 2,000,000 1,500,000 1,000,000 500,000 0 CUBE Market Share Brooklyn Total CUBE Square Feet Queens 1. Trailing 3-month net operating income for total owned store portfolio for the period ending March 31, 2023 2. CUBE Market Share defined as % of market SF owned or managed by CUBE; Source: YardiMatrix, CUBE internal data 2,3 3. Bronx 40.0% CUBE Market Share % 30.0% 20.0% 10.0% Market Leader Our market-leading position in the three major outer boroughs, with 29% of available square footage, creates important scale to drive operational. efficiencies and brand recognition 0.0% As of March 31, 2023 for owned and managed stores CURESHITT LOADING I-FFF- CUBESMART self storage+logistics 800-800-1717 WORL#10High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator High-Quality Assets. The largest portfolio of purpose-built Class A properties in the outer boroughs of New York City SMART OFFICE 800-800-1717. self storage + logistics self storage FREE MOE-N TRUCK S LOADING LOADING CUBESMART CUBESMART CUBESMART 800 800 ACESSURT self storage CUBESMART self storage TING CUBESMART OFFICE 14-6 MAX HEIGHT LOADING X-NEGR 10#11High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator High-Quality Real Estate Irreplaceable portfolio of purpose-built stores along key thoroughfares H PARALE Significant multifamily presence with 37k residents per square mile 800-800-1717 Walf storage CUBESMART CubeSmart at 2880 Exterior Street, Bronx, NY Property stands out with great visibility for distinctive branding Easily accessible from highway exit Right off the Major Deegan with 148,000 cars daily Fo 11#12High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends I Premier NYC Operator High-Quality Real Estate. Exceptional locations near transformative development corridors Exposure to significant multifamily development in: the South Bronx Gowanus & Atlantic Ave corridors in Brooklyn Long Island City & College Point sections of Queens ■ Adjacent to our property, two Class A multifamily towers now sit on the site of what was a former bus depot CUENSMART 800-800-1717 40X CubeSmart at E 135th Street, Bronx, NY Development on the waterfront has added residential & mixed-use space to the market, increasing traffic and density C UHAUL 12 M#13High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Diverse Customer Base Across the Outer Boroughs Robust local economies are more diversified and less dependent on cyclical industries 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Primary Industries for Employment¹ 1 Government Construction & Trade, Manufacturing Transportation, and Utilities Employment² GDP3 1. Source: US Census Bureau 2. Source: US Census Bureau Total Employment, 2021 hada Education & Health Finance Bronx Brooklyn Queens ■Manhattan $92.3B Brooklyn Bronx 643k 268k $38.7B Information & Leisure, Business. Hospitality, and Other Services services Queens 544k $88.6B 3. Source: Bureau of Economic Analysis GDP by County, 2021 ■ Education, health, and government services employ over half of workers across the outer boroughs Employers in the outer boroughs are generally blue-collar industries compared to the white- collar focus of Manhattan ▪ The workforce of the outer boroughs is predominantly in less cyclical & transient industries and therefore more permanently ingrained in their communities 13#14High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Attractive Demographic Profile Strong demand drivers and local economies create the premier storage market Largest Populations The significantly higher populations of the immediate trade rings in NYC create a robust demand profile 3-Mile Population (000's) 1000 800 600 400 200 0 1 NYC Other 1. Source: CubeSmart 3-mile portfolio demographics Densest Populations High population density supports the fundamental backdrop by providing a deep. pool of potential customers 40 30 20 10 0 Population Density Per Square Mile ¹ (000's) NYC Other Concentration of Renters Renters enhance the demand environment as they are 3.9x more likely to move than homeowners % Renter Occupied 100% 75% 50% 25% 0% NYC Other 魚 CLEESMART CUBESMART self storage selfstorage 8#15High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Hyper-Localized Submarkets Tighter customer trade rings benefit from increased density sack Customer Map: Cromwell Ave, Bronx NY Teaneck Palisades Park Fort Lee Englewood North Bergen Laion City Cliffside Park SewcYork Randalls Island Wars Island Mill Rock Brox Bient North Brother Island South Brother Island Rikers Island 59% of customers within 1 mile Goose Isla Tallman Island -17 Customer Map: Angel Parkway, Allen TX Allen Fairview 26% of customers within 1 mile Lucas MA Lowry 15#16High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Stable Customer Base Distinctive demand drivers change the profile of renters and create a more stable customer Longer Length of Stay Demand in NYC is for more of a supplement to the city's small living spaces which creates a longer-term customer. The average length of stay of our customer base at our stabilized stores in NYC is four months greater than the portfolio average Smaller Unit Size 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 Less Churn NYC stores see less churn as there are fewer short-term renters which creates a longer-term customer base. 69% of NYC customers have rented for more than one year and 51% have rented for more than two, both meaningfully higher than the portfolio average (64% and 48% respectively) Cash Payments & Autopay NYC customers are different than the rest of the country. Customer behaviors, such as a greater percentage of cash payments and lower autopay usage, require slightly different operational practices KE 16#17High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator 1. 2. Diverse Portfolio with Strong Supply-Demand Characteristics. Each borough is a sizable market on its own, and the attractive supply-demand backdrop supports significantly higher rental rates than similarly-sized markets Rank MSA 1 23 24 29 43 New York-Northern NJ-Long Island, NY-NJ-PA 28 Austin-Round Rock, TX 44 Orlando-Kissimmee, FL Brooklyn San Antonio, TX Queens Las Vegas-Paradise, NV Oklahoma City, OK Bronx Memphis, TN-MS-AR US Census Bureau Annual Estimates of Resident Population For Metropolitan Statistical Areas as of July 1, 2021 2023 Self Storage Almanac & CUBE Internal Market Research Population¹ SF per Capita² Realized RPSF3 19.8M 2.69 M 2.64 M 2.60 M 2.35 M 2.33 M 2.29 M 1.44 M 1.42 M 1.34 M 3.3 7.3 2.5 8.6 8.8 2.4 8.0 11.0 3.2 7.8 $33.12 $15.48 $37.19 $14.99 $16.52 $36.79 $18.39 $9.244 $34.83 $11.764 3. CUBE same-store quarterly average realized rent per occupied square foot for the 3 months ended March 31, 2023 Yardi Matrix average March 2023 rate for 10x10 unit (CUBE does not own properties in these markets) 4. 17#18High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Lowest Supplied Self-Storage Markets. NYC remains the lowest-supplied major market across the country 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2.4 Queens 2.5 Brooklyn 2.4 Queens 3.2 Bronx Market Square Feet Per Capita NYC Boroughs vs. Top 12 MSAS 4.1 Boston 1. Source: 2023 Self-Storage Almanac & CUBE internal market research 4.3 Philadelphia 4.5 Washington, DC 4.7 4.8 4.7 Chicago Los Angeles 1 11 6.2 San Francisco Miami 6.9 Phoenix 7.2 Atlanta 8.8 Houston 9.1 Dallas Low Supply Supply per capita across the three core outer boroughs is less than half the national average Recent Deliveries New development has increased supply per capita over the last five years by 28%, but overall supply levels remain very low and the supply-demand dynamic is still very attractive Future Outlook Legislative changes over the last seven years, primarily the restrictions on self- storage development in IBZ industrial zones and the exclusion from eligibility for ICAP tax abatements, have meaningfully increased the barriers to entry 18#19High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Slowing Impact of Supply Legislation changes over the last decade are finally slowing deliveries across the outer boroughs Supply Deliveries, 2018-2020 Source: CUBE Internal Market Research & Yardi Data 3-year Increase in Net Rentable Square Footage < +5% +5% to +10% +10% to +20% > +20% Supply Deliveries, 2021-2023 19#20High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Strong Demand Trends Navigate Supply Lease-up The strength of NYC is proven by its ability to generate growth throughout the recent supply wave Time of Peak Supply Increase in SF per Capita¹ 3-Year Same-Store Revenue Growth CAGR² 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% NYC/NJ/LI 2019-2021 +20.3% 3.0% Chicago 2016-2018 +13.2% 1.1% Houston 2017-2019 +16.2% 1. Source: YardiMatrix & CUBE internal market research 2. Compounded annual revenue growth for the 2016 Same-Store Pool in each respective market for the defined three-year period -1.5% Denver 2017-2019 +29.2% -1.5% Strong demographics support demand, helping NYC generate positive revenue growth even during the peak of supply deliveries, in contrast to other supply-impacted markets that experienced more challenging performance during their peak delivery period 20#21High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator CUBE Development in New York Significant value-creation through development, but future opportunities are likely to be in the suburbs Avg. Market Rent Pre-2021 Delivery 2021-2022 Delivery Under Development¹ 1. Includes a development project in Port Chester, NY recently added to the pipeline 2. All-in cost of development projects completed or currently in the pipeline $698 Million Investment in the NY/NJ/LI MSA² 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Brooklyn $168.2M Annual Deliveries ($ in thousands) ... 2015 2016 2017 2018 2019 2020 2021 2022 2014 Bronx Queens Manhattan Suburbs $142.1M $143.6M $81.2M $163.0M Portfolio enhancement and meaningful value creation 21#22High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Premier New York City Operator Leading presence and market experience positions CUBE to outperform in New York City MESCLESTWICKY t1 STORAGE tistorage.com CUBESMART self storage CUBESMART self storage (ODRA TRADING 00.00 AMIRA 800 800 1717 selfstorage Top operators in NYC such as Storage Deluxe and Treasure Island recognized the power of the CubeSmart platform and turned over operations to increase performance and create efficiencies CUBESMART STORAGE 718078491600 ավապերիմե ն E STORAGE DELUXE STORAGE DELUXE 22#23High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Market Coverage Creates Brand Recognition CubeSmart is the preeminent self-storage brand in the outer boroughs ONE BETA WAY CROWDED INVENTORY Hella LinkNYC CUBESMART 8-1777.com CUBESMART GOODBYE MOVING STRESS Hello, selfstorage CUBESMART self stormpr 90-000-17177cdonetom FORSE Mr. Met @MrMet It's hip to be square! Hanging with my friend Cubie, the @CubeSmart mascot. CitiFIELD LET'S SO 3 Tezos CUBESMART self storage verizon National Car Rental citi FIELD CUBESMART self storage NYC's largest self storage provider Ubiquity of the Brand Coverage across all major submarkets in the outer boroughs creates brand recognition across the entire market Store Branding Bright colors & distinctive branding turns each of our properties into a billboard for CubeSmart and the product OOH Marketing Significant market presence allows us to invest in additional digital. and out-of-home ("00H") marketing platforms that would be inefficient with less scale and coverage 23#24High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator + 1 mp ppany-Troy Hills Brand Recognition Creates Marketing Efficiencies Scale within the market creates competitive advantages across marketing channels 24 287 East Hanover (TO) Plainfield 3x Organic search share in NYC vs. other markets Summit Wayne Livingston 78 Un 280, 06 Patson: East Montclair Rutherford Bloomfield Linden Enabeth Woodbridge Google Township fton Newark Paramus You (4) Hackensack 278 78 Bayonne $34 Hoboken New Yonkers Fort L $55 Lewate $50 $23 $27 #1 REIT in organic search results in NYC New Rachelle 00:00 8p Keyboard shortcuts Map data ©2023 Google Port Washington Great Neck Elmont Valley Stream 495. Westbury T Garden City Uniondale Find Self Storage in New York City, NY Long Beach (106 (27) Freeport Report a map error 62% Higher paid search conversion rate in NYC Filter & Sort 1-10 of 90 storage facilities near New York City, NY 60 QUENTMART 444 W 55th St New York, NY 10019 3.77 miles View on map % Up to 10% Offt Mini storage from $50 see units Brooklyn Brand recognition drives half of web traffic to CUBE-branded search terms which are at a 57% cost-per-click discount to non-branded terms Find storage by borough: The Bronx Manhattan Small storage from $189 see units Queens Medium storage from Enter Zip. City or State New York City, NY $504 see units Search 59 St-Columbus Circle Large storage unavailable 24#25High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Scale and Coverage Creates Unique Opportunities. Storage Valet pilot program provides shuttle service for Manhattan customers CURSA Clacer CUBESMART self storage CUBESMART self storage storage shule 800-800-1717 Market Coverage Opportunity to leverage our significant presence in neighboring outer-borough submarkets to provide an alternative solution to customers. Manhattan Customers Storage Valet looks to attract Manhattan. customers to our stores in the outer boroughs by providing shuttle services to nearby stores with lower prices than those at Manhattan stores Incremental Demand By focusing on a new pool of potential customers, the Storage Valet program has the potential to drive incremental rent growth to nearby outer-borough submarkets and narrow the gap to Manhattan rents Testing Culture The program is currently being piloted with a focus on understanding customer behavior and margin impact before making a more significant commitment CUBESMART Career storage shuttle CURESMART fr CUBESMART LIT self storage CUBESMART storage shuttle 866-NYC-CUBE 1866-40-3030 cubesmart.com/nyshate self storage 28521 25 G85#26High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Unique Demand Characteristics Drives Long-Term Performance More stable customer base generates lower-beta cash flows to perform throughout cycles Performance didn't fluctuate as much during the pandemic, but rates and occupancy have converged between NYC and the remainder of the portfolio 95.0% 93.0% 91.0% 89.0% 87.0% 85.0% Same Store Occupancy Mar 2023 vs. Dec 2019 +380 bps New York City +200 bps Total 2021 SS Pool Same Store Asking Net Effective Rents Mar 2023 vs. Dec 2019 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 19.3% New York City 20.3% Total 2021 SS Pool selfstorage CUBESMART self storage CUBE SMART OFFICE#27High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Premier NYC Operator Recent Trends Strong operational backdrop driving improved relative performance Same-Store Average Occupancy, Three months ended March 31 94.0% 93.0% 92.0% 91.0% 90.0% +130 bps NYC Total -150 bps ■2023 2022 SS Total 10.0% 7.5% 5.0% 2.5% 0.0% Same-Store Revenue Growth Three months ended March 31, 2023 7.8% NYC Total 6.9% SS Total Occupancy Strength Solid demand trends drove elevated occupancies, as NYC was the only top-25 MSA to see occupancy growth in 1923 Rent Growth Continued waning impact of new supply has mitigated prior headwinds to pricing power Consistent Growth Lower beta market drives steady growth that should outperform in a period of macro uncertainty 27#28Long-Term Strategic Advantages. CUBE remains uniquely positioned to outperform in the country's strongest self-storage market Market Leader The scale of our portfolio in NYC and the surrounding suburbs creates meaningful competitive advantages Vibrant Demographics NYC is the most attractive self-storage market in the world as the unique demographics and a stable customer base support consistent long- term cash flow growth CUBESMART self storage CLEESMART D ESMAP Advantageous Supply-Demand NYC continues to have the lowest square feet of storage per capita even accounting for recent development while new tax legislation should limit future supply FITTERSSALEEL HY Positive Recent Trends Relative performance in NYC has been strong, as continued steady growth trends stand in contrast to deceleration across other, higher beta markets now OPEN -STOP IN TODAY CURESMADY onn onn 1717 28

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