CubeSmart Investor Presentation Deck slide image

CubeSmart Investor Presentation Deck

Limitations on Future Supply in NYC Boroughs Recent ICAP & IBZ restrictions make it extremely difficult to develop storage in NYC IBZ Restrictions New ICAP Restrictions ● ● ● ● ● In 2017, NYC passed a zoning amendment that required a special permit for self-storage to be built in the Industrial Business Zones (IBZs) The IBZs reduced the land that was previously zoned by- right for storage by 49% ¹ NYC recently excluded all self-storage development from eligibility under the Industrial & Commercial Abatement Program (ICAP) for all new projects that didn't have final permits as of July 1st 2020 (ICAP remains available for all other product types) The ICAP provides property tax abatements from 10-25 years on the value of all improvements These abatements are critical for attractive returns on development in the boroughs given high land cost 17 CUBESMART 1. Source: New York City Department of City Planning CUBESMART OFFICE CUBESMART NOW FIRST RENTING MONTH FREE!
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