#1HOME E CUBESMART del d 1850 SKODE January 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 FIRE LANE NYT PARKING ODO#3Introduction to CubeSmart A high-quality portfolio in an attractive industry with proven returns 1,274 Properties CURE SMART 1. As of September 30, 2022 2. Period ended December 31, 2021 3. 4. 159% 5-year total shareholder return² self storage Climate controlled OPENE 9645 CUBESMART self storage $12.1 Billion Market Cap³ 61% 5-year Dividend Growth4 Market value of common equity and book value of debt as of September 30, 2022 Annual dividends declared for period ended December 31, 2021 Baa2/BBB Rating $3.0 Billion 5-year acquisition volume 47% 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 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 2011 Arrival of current management team Acquired United Stor-All to establish the third-party management platform Rebranded the company as CubeSmart 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#6Attractive Industry Strong sector fundamentals generate outsized long-term returns 800% 700% 600% 500% 400% 300% 200% 100% 0% Dec-11 Dec-12 Dec-13 Self-Storage REIT Average Total Return Dec-14 Dec-15 Dec-16 1. Straight average total return for CUBE, PSA, EXR, and LSI from December 31, 2011 through December 31, 2021 10-year Total Return: +717% Dec-17 Dec-18 Herrer Dec-19 Dec-20 Dec-21 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 6#7Cash Flow Stability National scale with a focused concentration in key markets self storage 1. As of September 30, 2022 CUBESMART National Scale CubeSmart operates in 150 markets across 39 states and the District of Columbia¹, providing diversification throughout the country OFESTARIT storage CUBESMART self storage Key Market Depth A portfolio focused on coverage across all attractive submarkets within our core MSAS CUBESMART Customer Diversification With ~730k customers¹ across the portfolio, our customer base is representative of each. store's local community while no one 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 September 30, 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#9Quality Market Focus Generates Long-Term Value Industry-leading demographics create a strong demand backdrop 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 Performance Through All Parts of the Cycle Strong market fundamentals and demographics support demand trends throughout the economic cycle 1. Source: Evercore ISI Research Report dated March 18, 2022 2. Total owned portfolio NOI for the three months ended September 30, 2022 200 150 100 50 0 Avg 3-mile Population Density (000's)¹ CUBE 11% 19% EXR 11% Property NOI by Market² PSA 59% LSI NSA ▪ Top 10 MSAs ▪ MSAS 11-25 ■ MSAS 26-40 ▪ MSAS 41+ 9#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. Future supply will be limited 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 demand drivers Portfolio Composition³ All Other Markets Bronx 5.1% Queens 5.0% Northern NJ 4 Other NYC 1.0% Westchester 1.5% Long Island 1.2% 4.3% Brooklyn 4.5% 3. Total portfolio NOI for the three months ended September 30, 2022 CURESHITT LOADING I-FFF- CUBESMART self storage+logistics 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 11#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. RT e on kit shes firmly in place gh handling, and vibration cubic foot box. on k and store your dishware. irtually crushproof ch Aisware. CS-TO CS-7000 CUBESMART 12#13Platform | Portfolio | Balance Sheet | Company 1. Optimizing the Platform Efficient interactions across the customer journey G Research Paid Search Bid on -2+ million keywords 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, 2021 (0 LA The Customer Journey Reservation Website Interact with 13.5 million visitors annually¹ Sales Center Receive 1.1 million calls annually¹ RateSmart Leverage demand trends to generate optimal pricing 。 Rental SmartRental -30% of customers rent through Smart Rental 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 (0 (194 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 Our virtual agent is here to help! Our office is not open today, but we're still here for you VIDEO Ⓒ HEBE PHOTO PORTRAIT Our virt is here Our offices ne we're still 14#15Platform | Portfolio | Balance Sheet | Company External Growth Strategy Enhancing our portfolio through strategic external growth opportunities CUBESMART self storage 800-8004717 High-Quality Acquisitions Target acquisitions of well positioned, quality assets in markets with strong demographics and demand trends CUNSMART Development & Lease-Up Build and acquire purpose- built properties in top markets to generate elevated growth over the long term CUBESMART self storage Value-Add Joint Ventures Generate outsized returns, reduce risk and enhance further diversification through acquisitions with partners CUBESMART selfstorage ---- 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 0 456 M 2011 2010 1. As of September 30, 2022 2012 2013 2014 2015 2016 2017 2018 2019 Wholly-Owned Joint Venture Managed 2020 2021 1,274 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 179% Customer Data Points The consistent growth in CubeSmart stores has substantially increased our customer base by ~539k since 2010 16#17Platform | Portfolio | Balance Sheet | Company CUBES MART self storage ONSOREN MA 800-80-1717 UP TO FIRST MONTH FREE 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. CUBESMART self storage $3.1B of wholly-owned acquisitions since 2017 1. Since 2010 $1.5B of acquisitions from third- party management¹ 83% of acquisitions since 2010 in top 25 MSAs 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 $40M of new projects in the pipeline² 1. Development deliveries as of September 30, 2022 (does not include C/O acquisitions) 2. As of September 30, 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 $900M of properties acquired. in joint ventures¹ 75 total properties¹ 4 different ventures¹ 1. As of September 30, 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. 663 properties¹ As of September 30, 2022 For the year ended December 31, 2021 $31M 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 (Stable) 2017 Net Debt to EBITDA¹: 4.4x 2018 STANDARD BBB & POOR'S (Stable] LII 2020 2019 2021 1. Source: Company Filings, as of December 31 of each stated year. Results for 2022 are as of September 30. 2. Calculated as annual EBITDA/ Interest Expense 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: 37.7% 2018 2019 2018 2020 m EBITDA Coverage ¹2: 7.0x 2019 2021 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 1. 2. 200,000 Capital Needs: $53.2M through 2023¹ $22.2M of remaining development commitments $31.0M of debt maturities 400,000 ● ● Existing Sources of Capital $664.0M of remaining capacity on revolving credit facility! Retained free cash flow ● 2022 31,004 2023 32,481 2024 300,000 2025 Secured Debt As of September 30, 2022 As of September 30, 2022 pro forma to include restated unsecured revolving credit facility 336,794 Access to Capital Proven ability to access a variety of sources of capital 2026 Unsecured Debt 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 credit² Bank Debt: Raised $500 million in term loans (since repaid) Preferred Equity: Raised $77.5 million in preferred equity (since redeemed) ● ● ● ● Debt Maturity Schedule² (000's) ● 86,000 550,000 2027 404,300 2028 Unsecured revolving credit facility 2029 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 2.5 2 1.5 0.5 2011 2012 2013 Funds from Operations, as Adjusted 2014 1. Represents averages for CubeSmart Named Executive Officer group 2015 2016 2017 2018 2019 +225% 2020 2021 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 $- 2012 1. Annualized assuming no change in current dividend rate 2013 2014 Annual Dividend per Share 2015 2016 2017 2018 2019 2020 2021 +391% 2022¹ 24#25Platform | Portfolio | Balance Sheet | Company 1. 2. 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 93 owned stores with projects underway to add solar systems to an additional 31 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. 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, 2021 CUBESMART sett storage opiatica 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 2021, our annual Teammate Engagement Survey had a 91% response rate. Our goal is to help our teammates grow with our company. Last year over 390 teammates were promoted into new roles. We supported this goal through an average of 17 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. XE70 525-EW 66#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 I 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 I Annual election of Trustees ■ 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 CURE SMART OPE 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 Rentals ||| III Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 1 2022 Same-Store Occupancy Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2020 2021 1. Same-store results for the nine months ended September 30, 2022 2022 25,000 20,000 15,000 10,000 5,000 Same-Store Vacates Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2022 Same-Store Results¹ 13.9% Revenue growth 3.2% Expense growth 18.4% NOI Growth 28