#111853 CUBESMART 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 AD PARKING 000#3Introduction to CubeSmart A high-quality portfolio in an attractive industry with proven returns 1,279 Properties CURE SWART 70% 5-year total shareholder return² 9545 self storage CUBESMART self storage $12.1 Billion Market Cap³ 3 55% 5-year Dividend Growth 1. As of December 31, 2022 3. Market value of common equity and book value of debt as of December 31, 2022 2. Period ended December 31, 2022 4. Annual dividends declared for period ended December 31, 2022 59% 5-year Growth in FFO per Share, as Adjusted² Baa2/BBB Rating CUBESMART $3.0 Billion 5-year acquisition volume 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 2012 Issued debut investment grade unsecured senior notes 2006 Arrival of current management team 2012 2010 Acquired United Stor-All to 2018 establish the third-party management platform 2011 Rebranded the company as CubeSmart 2020 Won 1st ISS industry award for Best Customer Service Opened 1,000th CubeSmart location Launched fully online rental platform, SmartRental Acquired 59 property CURE SMART 2011 Acquired 22 property Storage Deluxe portfolio located primarily in NYC for $560 2021 Storage West portfolio for $1.7 billion million 5#6Attractive Industry Strong sector fundamentals generate outsized long-term returns 400% Self-Storage REIT Average Return vs RMZ 350% 300% 250% 200% 150% 100% 50% 0% 5-Year¹ 10-Year' 15-Year¹ Storage REITs2 ■ RMZ Index 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 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#7Cash Flow Stability National scale with a focused concentration in key markets self storag SMART CUBESMART self storage 1. As of December 31, 2022 CUBESMART National Scale CubeSmart operates in 153 markets across 39 states and the District of Columbia', providing diversification throughout the country Key Market Depth A portfolio focused on coverage across all attractive submarkets within our core MSAs 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#8Diversified 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 1. 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 100% % of Same-Store NOI? 89% 77% 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 Avg 3-Mile Population Density (000's)' 50% 36% 0% Top 5 Markets Top 25 Markets Top 40 Markets 95 85 Avg 3-Mile Median Household Income (000's)¹ 100 75 50 0 55 65 CUBE PSA EXR LSI NSA CUBE PSA EXR LSI NSA 1. Source: Evercore ISI Research Report dated November 21, 2022 2. Total owned portfolio NOI for the three months ended December 31, 2022 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 Unique Submarkets Each borough features a robust local economy with its own unique, stable demand drivers LOADING CUBESMART self storage+logics 800-800-1717 Lowest Supplied Market Supply across the three key outer boroughs is 2.7 SF per capita', 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 Portfolio Composition³ All Other Markets Bronx Brooklyn 4.6% Queens 5.3% Northern NJ 3.7% Other NYC 0.9% Westchester 1.4% Long Island 1.2% 1. Source: CubeSmart Internal market research 2. Source: 2022 Self-Storage Almanac 3. Total portfolio NOI for the three months ended December 31, 2022 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 CEESMART#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 on kit cuble feel Des T Continually test new strategies to capture further efficiencies. ch CLEESMART 12#13Platform | Portfolio | Balance Sheet | Company Optimizing the Platform Efficient interactions across the customer journey The Customer Journey Reservation Rental Research Paid Search Bid on -2+ million keywords Website Interact with 13.5 million visitors annually¹ SmartRental -30% of customers rent through SmartRental Existing Customer CubeSmart Mobile App Enhanced customer interaction Brand Marketing Further build brand awareness, making CUBE an operator of choice Social Media Innovative tactics to reach prospective customers Sales Center Receive 800k calls annually¹ RateSmart $ Leverage demand trends to generate optimal pricing i- In-Store Teammates Reduce friction throughout the rental process Lazarus Data Warehouse Utilize customer data to further optimize operations HIVE Point of Sale Flexible platform to build further enhancements Rate Increases Maximize revenue through individually optimized customer rate increases 1. Data for full year ended December 31, 2022 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 here held Our virt is here Our offices 14#15Platform | Portfolio | Balance Sheet | Company External Growth Strategy Enhancing our portfolio through strategic external growth opportunities CUBESMART self storage CUBESMART storage CULLSWAT High-Quality Acquisitions Target acquisitions of well positioned, quality assets in markets with strong demographics and demand trends Development & Lease-Up Build and acquire purpose- built properties in top markets to generate elevated growth over the long term Value-Add Joint Ventures Generate outsized returns, reduce risk and enhance further diversification through acquisitions with partners 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 1400 1200 Strategically increase the scale of the platform 1,279 Multi-Faceted Growth Strategy Continue to utilize wide variety of avenues to grow the portfolio 1000 800 600 460 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022¹ Wholly-Owned Joint Venture Managed 1. As of December 31, 2022 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 CRESMUIT 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 $57M 100% top 10 markets of new projects delivered¹ of new projects in the pipeline² of new development in 1. Development deliveries as of December 31, 2022 (does not include C/O acquisitions) 2. As of December 31, 2022 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 in joint ventures¹ 775 of properties acquired total properties' 4 different ventures¹ 1. 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 668 properties' 1. As of December 31, 2022 2. For the year ended December 31, 2022 $34M 185+ management fee income² partnerships¹ 20 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 STANDARD BBB MOODY'S Baa2 (Stable) & POOR'S [Stable) Net Debt to EBITDA': 4.3x Debt to Gross Assets': 39.6% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 2017 2018 2019 2020 2021 2022 EBITDA Coverage 12: 7.1x Unsecured Debt Secured Debt 7.0x 8.0x 6.0x 6.0x 5.0x 4.0x 4.0x 3.0x 2.0x 2.0x 1.0x 0.0x 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 1. Source: Company Filings, as of December 31 of each stated year. 2. Calculated as annual EBITDA / Interest Expense 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 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 facility' Retained free cash flow 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] 600,000 Debt Maturity Schedule¹ [000's) 550,000 500,000 450,000 404,300 350,000 400,000 300,000 336,573 200,000 60,900 30,817 32,269 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Secured Debt Unsecured Debt Unsecured revolving credit facility 1. As of December 31, 2022 22 22#23Platform | Portfolio | Balance Sheet | Company Experienced Management $3.00 $2.50 Lengthy track record of experience through all phases of the cycle Funds from Operations, as Adjusted +289% Named Executive Officers¹ 15 years with CubeSmart $2.00 $1.50 $1.00 $0.50 $0.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Represents averages for CubeSmart Named Executive Officer group 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 Annual Dividend per Share $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 +391% T 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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 2. As of December 31, 2022 CUBESMART self storage+logatics 800-800-1717 25 CUBE#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 a 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. 68#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 Shareholder Rights 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) CURESMART 89% Independent 44% Diversity Gender Diversity Racial/Ethnic Diversity Gender & Racial/Ethnic Diversity 27#28Operational Performance Strong fundamentals provide strong outlook for future growth 25,000 20,000 15,000 10,000 5,000 0 Same-Store Rentals¹ Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 98.0% 96.0% 94.0% 92.0% 91.4% 90.0% 88.0% Same-Store Occupancy¹ 30,000 20,000 10,000 Same-Store Vacates' 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 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2021 -2022 -2023 16.7% NOI Growth 1. Results for the 2023 Same-Store pool 2. Same-store results for the year ended December 31, 2022 28