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: 4.6x
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2017
2015
2016
25 CUBESMART
MOODY'S Baa2
2018
2019
STANDARD BBB
(Stable] & POOR'S (Stable]
100.0%
90.0%
80.0%
70.0%
60.0%
1. Source: Company Filings, as of December 31 of each stated year
2. Calculated as annual EBITDA/ Interest Expense
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
6.2x
6.0x
5.8x
5.6x
5.4x
5.2x
5.0x
Debt to Gross Assets¹: 39.0%
2015
Secured Debt
2016
2015
2017
Unsecured Debt
2016
EBITDA Coverage ¹²: 5.4x
2018
2017
■ Preferred Equity
2019
2018
2019
CubeSmart's Baa2 senior unsecured rating reflects the
REIT's good financial flexibility and modest use of leverage.
- Moody's Investors ServiceView entire presentation