CubeSmart Investor Presentation Deck
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
6.0x
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
Net Debt to EBITDA¹: 5.3x
2016
2017
23 CUBESMART
MOODY'S Baa2
2018
2019
2020
STANDARD BBB
(Stable] & POOR'S (Stable]
100%
1. Source: Company Filings, as of December 31 of each stated year
2. Calculated as annual EBITDA/ Interest Expense
6.2x
6.0x
5.8x
5.6x
5.4x
5.2x
5.0x
80%
60%
40%
20%
0%
Debt to Gross Assets¹: 41.0%
2016
Secured Debt
Debt to Gross Assets
2017
2016
Unsecured Debt
II
2018
2017
EBITDA Coverage ¹²: 5.5x
2019
2018
2020
Preferred Equity
2019
2020
CubeSmart's Baa2 senior unsecured rating reflects the
REIT's good financial flexibility and modest use of leverage.
- Moody's Investors ServiceView entire presentation