Fourth Quarter 2014 Supplemental Information Table of Contents - - PDF document

SLIDE 1

Fourth Quarter 2014 Supplemental Information

SLIDE 2

Table of Contents

Analyst Information 3 Company Information 4 Legal Disclaimers 5 Earnings Release Text 6 Financial Highlights 15 Balance Sheets 16 Statements of Operations - Trailing Five Quarters 17 Statements of Operations 18 Same-Store Portfolio Net Operating Income 19 Same-Store Portfolio Net Operating Income - Trailing Five Quarters 20 Consolidating Statements of Net Operating Income 21 Funds from Operations - Trailing Five Quarters 22 Funds from Operations 23 Debt Overview 24 Secured Debt Analysis 25 Unsecured Debt Analysis 26 Value Creation Pipeline 27 Development Completions 28 Operating Performance - By Region 29 Properties by State, Total Portfolio 30 Properties by State, Same-Store Portfolio 31

Fourth Quarter 2014

SLIDE 3

Equity Research Coverage BANK OF AMERICA MERRILL LYNCH JANA GALAN / JANE WONG 646.855.3081 / 646.855.3378 EVERCORE ISI STEVE SAKWA / GWEN CLARK 212.446.9462 / 212.446.5611 949.640.8780 STIFEL NICOLAUS & COMPANY, INC. UBS INVESTMENT RESEARCH PAUL PURYEAR / JONATHAN HUGHES KI BIN KIM 727.567.2253 / 727.567.2438 443.224.1306 / 443.224.1340 212.303.4124 WELLS FARGO SECURITIES, LLC TODD STENDER / PHILIP DEFELICE 562.637.1371 / 443.263.6442 Award-Winning Service Culture - Redefining service in the self-storage industry

CUBESMART

December 31, 2014

BMO CAPITAL MARKETS CANTOR FITZGERALD CITIGROUP PAUL ADORNATO / TRISH AZEEZ DAVID TOTI / GAURAV MEHTA MICHAEL BILERMAN / SMEDES ROSE 212.885.4170 / 212.885.4172 212.915.1219 / 212.915.1221 212.816.1383 / 212.816.6243 JEFFRIES LLC GREEN STREET ADVISORS KEYBANC CAPITAL MARKETS DAVID BRAGG / RYAN BURKE GEORGE HOGLUND / OMOTAYO OKUSANYA TODD THOMAS / JORDAN SADLER 212.284.2226 / 212.336.7076 917.368.2286 / 917.368.2280 RAYMOND JAMES & ASSOCIATES SUNTRUST ROBINSON HUMPHREY ROD PETRIK / DAVID CORAK ROSS NUSSBAUM / R. JEREMY METZ Any opinions, estimates, forecasts or predictions regarding CubeSmart's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of CubeSmart

• r its management. CubeSmart does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

212.713.2484 / 212.713.2429

SLIDE 4

Company Information Corporate Headquarters Trading Symbol Investor Relations Information Requests 5 Old Lancaster Road Common Shares: CUBE Charles Place To request an Investor Relations Malvern, PA 19355 Stock Exchange Listing 5 Old Lancaster Road package or annual report, please visit 610.535.5700 New York Stock Exchange Malvern, PA 19355

• ur website at www.cubesmart.com

610.535.5700 Investor Information 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 2014 2014 2014 2014 2013 Common Shares and Units: Share price, high 22.92 $ 19.10 $ 18.78 $ 17.98 $ 19.48 $ Share price, low 18.01 $ 17.81 $ 17.60 $ 15.63 $ 15.12 $ Share price, period end 22.07 $ 17.98 $ 18.32 $ 17.16 $ 15.94 $ Dividends declared per share 0.16 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ Dividend yield, period end 2.90% 2.89% 2.84% 3.03% 3.26% Closing Common Shares outstanding (excluding unvested restricted shares, in thousands) 163,957 153,234 147,078 142,207 139,328 Closing Operating Partnership units outstanding 2,257 2,257 2,261 2,261 2,276 Total closing Common Shares and Units 166,214 155,491 149,339 144,468 141,604 Preferred Shares (Series A): Share price, high 27.20 $ 27.08 $ 27.00 $ 26.44 $ 26.18 $ Share price, low 26.25 $ 26.18 $ 25.73 $ 25.24 $ 25.15 $ Share price, period end 26.98 $ 26.40 $ 26.30 $ 25.71 $ 25.15 $ Dividends declared per share 0.4844 $ 0.4844 $ 0.4844 $ 0.4844 $ 0.4844 $ Dividend yield, period end 7.18% 7.34% 7.37% 7.54% 7.70% Closing Preferred Shares outstanding (in thousands) 3,100 3,100 3,100 3,100 3,100

CUBESMART

December 31, 2014

SLIDE 5

Forward Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart ("we," "us," "our" or the "Company"), contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the "Exchange Act." Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based

• n reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the

results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this Report, or which management may make orally or in writing from time to time, as predictions of future events or as guarantees

• f future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this Report or as of the

dates otherwise indicated in the statements. All of our forward-looking statements, including those in this Report, are qualified in their entirety by this statement.

Non-GAAP Financial Measures

Funds from operations ("FFO") is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating

• performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the "White Paper"), as amended, defines

FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a key performance indicator in evaluating the operations of the Company's facilities. Given the nature of its business as a real estate

• wner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally

accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company's performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its Consolidated Financial Statements. FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and

• ther non-recurring items, which we believe are not indicative of the Company’s operating results.

We define net operating income, which we refer to as "NOI," as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loan procurement amortization expense - early repayment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): income from discontinued operations, gains from disposition of discontinued operations, other income, gains from remeasurement of investments in real estate ventures, and interest income. NOI is not a measure of performance calculated in accordance with GAAP. Management uses NOI as a measure of operating performance at each of our facilities, and for all of our facilities in the aggregate. NOI should not be considered as a substitute for operating income, net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

SLIDE 6

Four New MAL

• per

“The Presi supp the C posit Key        Fund FFO quar with FFO the y Dece rth Quarter 2 ws Release – LVERN, PA rating results e fourth quar ident and Ch ply trends tha Company’s p tioned to lev Highlights  Reported increase  Increased revenue g  Same-sto quarter w  Closed o  Acquired $38.0 mi  Complete in net pro  Increased previous ds from Op O, as adjusted rter of 2013. h $0.23 for th O, as adjusted year ended D ember 31, 20 2014 February 2 CubeSmar A -- (Marketw s for the thre rter topped o hief Executiv at have supp portfolio qua verage our op for the Qua d funds from

• f 21.7%.

d same-store growth and a

• re occupanc

with same-sto n 30 facility d one propert llion. ed an equity

• ceeds of $1

d the quarter annualized r perations d, was $46.8 FFO per sh he same peri d, for the yea December 31 014, compar 26, 2015 rt Reports A S wired) – Feb e and twelve

• ff another fa

ve Officer C ported positiv ality and net perating plat arter m operations ( e (346 facilit a 2.3% incre cy averaged

• re occupanc

y acquisitions ty upon com y offering of 43.0 million rly dividend rate of $0.52 million for hare, as adjus

• d last year.

ar ended Dec 1, 2013. FFO red with $0.9 Annual 2014 Same-Store N bruary 26, 20 e months end fantastic year Chistopher P. ve self-stora asset value tform to gen (“FFO”) per ties) net oper ease in prope 90.7% durin cy of 90.0% s totaling $2 mpletion of c 7,475,000 c n. 23.1% to an 2 per commo the fourth qu sted, increas cember 31, 2 O per share, 91 for the ye 4 Results: F NOI Increa 015 -- CubeS ded Decemb r of operatio . Marr. “Loo ge fundamen through a di nerate attracti r share, as ad rating incom erty operatin ng the quarte %. 260.6 million

• nstruction
• mmon shar

n annualized

• n share.

uarter of 201 sed 21.7% to 2014 was $1 as adjusted, ear ended De FFO Per Sha ases 9.6% Smart (NYS ber 31, 2014

• nal perform
• king forwa

ntals to cont isciplined in ive risk-adju djusted, of $0 me (“NOI”) 8 ng expenses. er, up 140 ba n. and issuance res at a publ rate of $0.6 14, compare

• $0.28 for th

65.4 million increased 1 ecember 31, are Grows 1 E: CUBE) to . ance for Cub ard to 2015, w

• tinue. We are

nvestment str usted returns 0.28, represe 8.6% year ov asis points y e of certifica ic offering p 64 per comm ed with $33.0 he fourth qua n, compared 8.7% to $1.0 2013. Page 6 18.7%;

• day announ

beSmart,” co we expect de e focused on rategy and ar s for shareho enting a year ver year, driv ear over yea ate of occupa price of $19. mon share fro 0 million for arter of 2014 with $127.1 08 for the ye nced its

• mmented

emand and n enhancing re well

• lders.”

r-over-year ven by 6.6% ar; ended the ancy for 33, resulting

• m the

r the fourth 4, compared 1 million for ear ended % g

SLIDE 7

Four Inve Acqu In A mana close $195 three The Dece the C Subs milli Acqu addit close Deve The barri ventu $38. the f use p milli As o cons three time issua no as Duri the c joint milli facil expe rth Quarter 2 estment Act uisition Activ August 2014, aged by Har ed on the firs 5.5 million. e in Florida, Company ac ember 31, 20 Company ac sequent to D

• ion. The Com

uisition, no l tional prope e prior to Ma elopment Ac Company ha ier-to-entry l ure developm 0 million aft full year, the property in P ion.

• f December

struction for e of the prop s between th ance of a C/O ssurance can ing the fourth construction t venture dev ion related to lities are loca ected to be co 2014 ivity vity the Compan rrison Street st tranche of The first tra two in Calif cquired an a

• 014. These a

quired 52 pr December 31 mpany expec later than M rties located arch 31, 201 ctivity as agreemen locations tha

• ment. Durin

ter the comp Company o Pennsylvania r 31, 2014, th a total acqui perties are lo he first quart

• O. These acq

n be provide h quarter of

• f a self-sto

velopment pr

• these proje

ated in New

• mpleted du

ny entered in for $223.0 m f 22 facilities anche include fornia, one in dditional eig acquisitions roperties for , 2014, the C cts to close o arch 31, 201 d in Tennesse 5. nts with deve at are structu ng the fourth pletion of con

• pened for op

a that also co he Company isition price cated in Tex ter of 2015 a quisitions are d that these 2014, the C

• rage facility

roperties und ects and has York and on uring 2015 an nto an agreem million (the “ s as part of t es six proper n Nevada an ght propertie included fiv $530.2 mill Company ha

• n the remai

15 for a purc ee and Arizo elopers for th ured either as h quarter of 2 nstruction an peration thre

• ntains Cube

y had four fac

• f $85.2 mi
• xas. The pur

and the first q e subject to acquisitions

• mpany ente

y in New Yor der construc invested $32 ne is located nd two are e ment to acqu “HSRE Acq the HSRE Ac rties located nd one in Ne es for $65.1 m ve facilities i ion. s acquired o ining four Ill chase price o

• na under co

he constructi s a purchase 2014, the Co nd the issuan ee new self-s eSmart’s cor cilities unde

• llion. One o

rchase of the quarter of 20 due diligenc will be com ered into a c

• rk. At Dece
• ction. The C

2.1 million o d in Virginia expected to b uire 26 prope quisition”). O cquisition fo d in Ohio, fiv w York. million durin in Texas and

• ne facility in

linois faciliti

• f $27.5 mill
• ntract for $1

ion of Class at the comp

• mpany purc

nce of a certi storage facil rporate head er contract to

• f the proper

ese four facil 016 after the ce and other mpleted on th contract unde ember 31, 20 Company ant

• f that total a

. Three of th be completed erties from i On Novembe

• r an aggreg

ve in Illinois ng the three d three in Flo n Texas for a ies, the seco

• lion. The Co

14.5 million A self-stora pletion of con chased one p ificate of oc lities, two in dquarters, for

• purchase at

rties is locate lities is expe e completion customary c he terms desc er a newly-fo 014, the Com ticipates inve as of year-en he construct d during 201 Page 7 investment fu er 3, 2014, th ate purchase , four in Rho months end

• rida. For th

a purchase p

• nd tranche o
• mpany also

that are exp age facilities nstruction or property in N cupancy (“C New York a r a total cost t completion ed in New Y ected to occu n of construc closing cond cribed, or at formed joint mpany had fi esting a total

• nd. Four of

tion projects 16. funds he Company e price of

• de Island,

ded he full year, price of $7.3

• f the HSRE

has two pected to in high- r a joint New York fo C/O”). For and a mixed t of $80.3 n of York and ur at various ction and the ditions and t all. venture for ive such l of $111.9 these are y r

SLIDE 8

Four Thir At D milli third addit Sam The 23.2 Com

• per

Sam for th store incre For t incre Dece Ope At D renta Reve

• f 20

incre from

• f in

portf Inter $11. attrib aver from effec 2013 rth Quarter 2 rd-Party Ma December 31 ion square fe d-party mana tional facilit me-Store Res Company’s million rent mpany’s 421 rating incom me-store phys he same qua e operating e eased 8.6%, the year end eased 2.5%, ember 31, 20 rating Resu December 31 able square f enues increa 014, as comp eased net eff m property ac ncreased exp folio. rest expense 1 million du butable to a age debt bal m the same pe ctive interest 3 to 3.94% fo 2014 anagement , 2014, the C

• eet. During

agement prog ties and acqu sults same-store p table square

• wned facil

e for the qua sical occupan arter of last y expenses inc as compared ed Decembe and same-st 013. ults , 2014, the C feet and had ased $17.3 m pared with th fective rent g cquisitions. enses associ increased fr uring the thre higher amou lance during eriod in 201 t rate on our for the three m Company’s t the quarter e

• gram. For th

uired 18 prop portfolio at D feet, or appr

• ities. These

arter ended D ncy at period

• year. Same-s

reased 2.3% d with the sa er 31, 2014, tore net oper Company’s t a physical o million and pr he same peri growth and o Increases in iated with ne rom $9.6 mil ee months en unt of outstan the three mo 3, from $1,0

• utstanding

months ende third-party m ended Decem he full year, perties from December 3 roximately 8 e same-store December 31 d-end for the store revenu % from the sa ame period in same-store r rating incom total owned

• ccupancy of

roperty oper iod in 2013.

• ccupancy le

n property op ewly-acquire llion during nded Decem nding debt in

• nths ended

025 million t g debt increa ed Decembe management mber 31, 201 the Compan the third-pa 1, 2014 inclu 81.0% of the facilities rep 1, 2014. e fourth quar ues for the fo ame quarter i n 2013. revenues inc me increased portfolio inc f 89.1%. rating expens Increases in evels in the s perating expe ed facilities a the three mo mber 31, 2014 n 2014. To December 3 to $1,129 mi ased from 3.7 r 31, 2014. program inc 14, the Comp ny was awar arty managem uded 346 fac e aggregate r presented ap rter of 2014

• urth quarter

in 2013. Sam creased 7.2% 9.6%, as com cluded 421 p ses increased n revenues w same-store p enses were p as well as in

• nths ended

4, an increas fund a porti 31, 2014 inc

• illion. In ad

74% for the cluded 174 f pany added rded contract ment platform cilities conta rentable squa pproximately was 90.0%, r of 2014 inc me-store net %, same-store mpared with properties co d $4.1 millio were primari portfolio and primarily attr ncreased exp December 3 se of $1.5 mi ion of the Co creased appro ddition, the w three month Page 8 facilities tota 16 propertie ts to manage m. aining appro are feet of th y 84.2% of p compared w creased 6.6% t operating in e operating e h the year en

• ntaining 28
• n in the fou

ily attributab d revenues ge ributable to penses on the 31, 2013 to

• illion. The i
• mpany’s gr
• ximately $1

weighted ave hs ended Dec aling 10.7 es to its e 39

• ximately

he property net with 88.8% %, and same- ncome expenses nded .6 million urth quarter ble to enerated $2.9 million e same-store increase is rowth, the 104 million erage cember 31, n

SLIDE 9

Four The $0.0 Com The per c quar For t comm the C Dece $27. Fina On O incre equit On N and i Com ratin Duri aver costs price costs On O

• ffer

share after proc the C Qua On D comp Janu Also Cum Janu rth Quarter 2 Company re 2 per comm mpany’s com year-over-ye common sha rter of 2014. the year end mon shareho Company’s c ember 31, 20 4 million, or ancing Activ October 2, 20 ease the num ty program ( November 3, issuer rating mpany’s 7.75 ngs were upg ing the quart age sales pri

• s. For the fu

e of $18.22 a s. October 20, 2 ring price of es to cover o r deducting t eeds raised f Company’s i arterly Divid December 16 pared to the uary 15, 2015

• on Decemb

mulative Red uary 2, 2015. 2014 eported net in

• n share, in

mmon shareho ear decrease are, recogniz ed Decembe

• lders of $20

common sha

• 013. The ye

r $0.23 per c vity 014, the Com mber of comm (“ATM”) fro , 2014, Stand gs to BBB wi 5% Series A graded to BB ter, the Com ice of $18.40 ull year, the C and raised $2 2014, the Co f $19.33, inc

• ver-allotme

the underwri from the AT investment a dend 6, 2014, the Company’s 5 to common ber 16, 2014 eemable Pre . ncome attrib the fourth q

• lders of $2

e in net incom zed in fourth er 31, 2014, 0.4 million, o areholders of ear-over-year common sha mpany amen mon shares o

• m 20.0 mill

dard and Poo ith a stable o Cumulative B+, also with pany sold 2. 0 per share, r Company so 273.0 million

• mpany com

lusive of the

• ents. We rec

iting discoun TM program activity. Company de previously d n shareholde , the Compa eferred Share butable to th quarter of 20 1.4 million, me is primar quarter of 2 the Compan

• r $0.14 per

f $35.4 milli r decrease in are, recogniz nded its equit

• f beneficial

lion to 30.0 m

• r’s Ratings
• utlook from

Redeemable h a stable out .0 million co resulting in n

• ld 15.2 mill

n of net proc mpleted its pu e full exercis ceived approx nt and other o were used f eclared a div declared qua ers of record any declared

• es. The divi

e Company’ 14, compare

• r $0.15 per

rily due to a 2013 with no ny reported n r common sh

• n, or $0.26

n net income ed in 2013 w ty distributio l interest auth million shar Services up m BBB- with e Preferred S tlook.

• mmon share

net proceeds ion common ceeds throug ublic offerin se by the und ximately $14

• ffering exp

for general co vidend of $0 arterly divid

• n January

a dividend o dend was pa ’s common s ed with net in r common sh gain on sale

• comparable

net income a hare, compar 6 per commo e is primarily with no comp

• n agreemen

horized for s res. pgraded the C h a positive o Shares (NYS es of benefic s of $37.0 m n shares of b gh the ATM ng of 7,475,0 derwriters of 43.0 million

• penses. Thes
• rporate pur

.16 per com end of $0.13 2, 2015.

• f $0.484375

aid on Janua shareholders ncome attrib hare, in the f e of assets of e gain recogn attributable to red with net

• n share, for

y due to a ga parable gain nts with vari sale through Company’s

• utlook. Ad

SE: CUBE-A cial interest t million, after beneficial int program, af 000 common f their option n in net proce se proceeds rposes includ mmon share, a

• 3. The divid

5 for the 7.7 ary 15, 2015 Page 9 s of $4.0 mil butable to the fourth quarte f $17.9 millio nized in the

• the Compa

income attri the year end ain on sale of n recognized

• us sales ag

h its “at-the-m senior unsec ditionally, th A) and prefe through its A deducting o terest at an a fter deductin n shares at a n to purchase eeds from th combined w ding funding a 23.1% incr dend was pai 75% Series A to holders o lion, or e er of 2013.

• n, or $0.12

fourth any’s ibutable to ded f assets of in 2014. gents to market” cured bonds he erred issuer ATM at an ffering average sales ng offering public e 975,000 he offering with the g a portion o rease id on A

• f record on

s f

SLIDE 10

Four 2015 “Our perio that conti

• f th

The $1.1 Com Key    Due inve $100 purc rth Quarter 2 5 Financial r expectation

• ds,” comme

is primarily inued pressu hree developm Company es 9, and that it mpany’s estim  For 201  Same-st growth  General investment  Impact o

• T
• S
• G

ac  Impact o

• A

re  Impact o

• O

co

• T

ra to uncertain stment activ 0 million to $ hase at comp 2014 Outlook ns for 2015 r ented Tim M driven by in ure from real ment proper stimates that ts fully dilut mate is based 5, a same-st tore net oper

• f 5.0% to 6

l and admini and financin f developme Three new fa ix new facil Guidance inc ctivity f acquisition Acquired or a elease f financing a Our guidance

• mmitments

The impact to aise nty related to vity not conte $150 million pletion of co reflect a con Martin, Chief ncreases in n l estate tax in rties opened t its fully dilu ted net incom d on the follo tore pool con rating incom 6.0% and exp istrative expe ng assumptio ent activity: cilities open ities are exp ludes approx n activity: are under con activity: e contemplat s with long-t

• 2015 earnin
• the timing a

emplated abo n of acquisiti

• nstruction a

ntinuation of f Financial O net effective

• ncreases. Ad

in 2014 and uted FFO pe me per share

• wing key o

nsisting of 3 me (“NOI”) g pense growt enses of app

• ns include:

ned in 2014 f pected to ope ximately $0. ntract to acq tes funding 2 term capital ngs will dep and terms of

• ve, is exclu

ions, exclud and issuance positive fun

• Officer. “Ou

rental rates a dditionally, g d the schedul er share, as a for the perio

• perating ass

61 assets tot growth of 6.0 th of 3.0% to proximately $ for a total inv en in 2015 fo .03 per share quire seven f 2015 debt ma pend on the a f transaction uded from gu ing contract e of C/O inve ndamental tre ur 2015 guida and operatin guidance ref led opening o adjusted, for

• d will be be

sumptions: taling 24.3 m 0% to 7.0%

• 4.0%

$28.5 millio vestment of

• r a total inv

e of dilution facilities for aturities and amount, timi ns, the impac

• uidance. For

ts related to j estments dis ends that we ance contem ng expense g flects the sho

• f six new fa

r 2015 will b etween $0.1 million squar

• ver 2014, d
• n to $29.5 m

$80.3 millio vestment of $ in 2015 rela $49.3 millio d our acquisi ing, cost and ct of any pote r 2015, the C joint venture cussed abov Page 10 e have seen i mplates reven growth that f

• rt-term dilu

facilities in 2 be between $ 9 and $0.24 re feet driven by rev million

• n

$97.6 million ated to this d

• n as of the d

ition and dev d form of cap ential future Company is e developme ve. in recent nue growth faces utive impact 2015.” $1.14 and . The venue n development date of this velopment pital we e speculative targeting ent or

SLIDE 11

Four 201 Ear Plu FFO The will $0.0 1st Ear Plu FFO Con Man resul A liv corp conf PIN: Tele using calle addit 877- Cana Supp webs Abo Cube facil comm and o rth Quarter 2 15 Full Year rnings per di s: real estate O per diluted Company es be between 2 and $0.03. Quarter 201 rnings per di s: real estate O per diluted ference Cal nagement wil lts for the th ve webcast o

• rate websit

ference call b : http://dpreg phone partic g 1-877-506 ers in Canada tion, a teleph

• 344-7529 fo
• ada. For cal

plemental op site under In ut CubeSm eSmart is a s lities are des mercial cust

• perators of

2014 Guidance luted share a e depreciatio d share, as ad stimates that $0.26 and $ . 5 Guidance luted share a e depreciatio d share, as ad ll ll host a con ree and twel

• f the confer

te at www.C by pre-regist gister.com/1 cipants who 6-3281 for do

• a. After the

honic replay

• r domestic c

llers accessin perating and nvestor Relat mart self-adminis igned to offe

• tomers. Acc

f self-storage allocated to c

• n and amort

djusted t its fully dilu 0.27, and tha allocated to c

• n and amort

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SLIDE 12

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SLIDE 13

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SLIDE 14

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• r Relations

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• king statem

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SLIDE 15

SLIDE 16

CUBESMART BALANCE SHEETS

(unaudited, in thousands) December 31, September 30, June 30, March 31, December 31, 2014 2014 2014 2014 2013 ASSETS Storage facilities 3,117,198 $ 2,823,186 $ 2,776,835 $ 2,660,819 $ 2,553,706 $ Less: Accumulated depreciation (492,069) (466,516) (442,044) (419,460) (398,536) Storage facilities, net 2,625,129 2,356,670 2,334,791 2,241,359 2,155,170 Cash and cash equivalents 2,901 31,264 10,789 3,235 3,176 Restricted cash 3,305 4,254 3,587 3,964 4,025 Loan procurement costs, net of amortization 10,653 11,194 11,543 12,086 12,687 Investment in real estate ventures, at equity 95,709 98,321 101,013 154,467 156,310 Other assets, net 48,642 43,263 41,400 27,420 27,256 Total assets 2,786,339 $ 2,544,966 $ 2,503,123 $ 2,442,531 $ 2,358,624 $ LIABILITIES AND EQUITY Unsecured senior notes 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ Revolving credit facility 78,000

• 56,900

70,600 38,600 Unsecured term loans 400,000 400,000 400,000 400,000 400,000 Mortgage loans and notes payable 195,851 215,849 224,232 226,025 200,218 Accounts payable, accrued expenses and other liabilities 69,198 63,139 57,847 49,627 57,599 Distributions payable 28,137 21,799 20,960 20,321 19,955 Deferred revenue 15,311 14,491 14,632 13,567 12,394 Security deposits 401 394 392 387 376 Total liabilities 1,286,898 1,215,672 1,274,963 1,280,527 1,229,142 Noncontrolling interests in the Operating Partnership 49,823 40,590 41,430 38,807 36,275 Commitments and contingencies Equity 7.75% Series A Preferred shares 31 31 31 31 31 Common shares 1,639 1,532 1,471 1,422 1,393 Additional paid in capital 1,974,308 1,781,518 1,669,327 1,589,994 1,542,703 Accumulated other comprehensive loss (8,759) (8,558) (10,650) (10,360) (11,014) Accumulated deficit (519,193) (487,357) (474,944) (459,335) (440,837) Total CubeSmart shareholders' equity 1,448,026 1,287,166 1,185,235 1,121,752 1,092,276 Noncontrolling interest in subsidiaries 1,592 1,538 1,495 1,445 931 Total equity 1,449,618 1,288,704 1,186,730 1,123,197 1,093,207 Total liabilities and equity 2,786,339 $ 2,544,966 $ 2,503,123 $ 2,442,531 $ 2,358,624 $ Fourth Quarter 2014 Page 16

SLIDE 17

CUBESMART STATEMENTS OF OPERATIONS - TRAILING FIVE QUARTERS

(unaudited, in thousands, except per share data) December 31, September 30, June 30, March 31, December 31, 2014 2014 2014 2014 2013 REVENUES Rental income 88,721 $ 85,392 $ 81,071 $ 75,714 $ 73,515 $ Other property related income 9,977 10,142 9,799 10,147 8,216 Property management fee income 1,569 1,558 1,467 1,406 1,233 Total revenues 100,267 97,092 92,337 87,267 82,964 OPERATING EXPENSES Property operating expenses 34,709 33,622 32,080 32,290 30,581 Depreciation and amortization 36,589 31,622 30,487 28,115 26,490 General and administrative 7,330 7,464 7,059 6,569 7,109 Acquisition related costs 3,826 1,258 721 1,679 1,616 Total operating expenses 82,454 73,966 70,347 68,653 65,796 OPERATING INCOME 17,813 23,126 21,990 18,614 17,168 OTHER (EXPENSE) INCOME Interest: Interest expense on loans (11,132) (11,772) (12,027) (11,871) (9,596) Loan procurement amortization expense (540) (566) (543) (541) (549) Loan procurement amortization expense - early repayment of debt

• (414)

Equity in losses of real estate venture (1,297) (1,860) (1,729) (1,369) (1,151) Gain from sale of real estate

• 475
• Other

698 (337) (173) (593) 290 Total other expense (12,271) (14,535) (13,997) (14,374) (11,420) INCOME FROM CONTINUING OPERATIONS 5,542 8,591 7,993 4,240 5,748 DISCONTINUED OPERATIONS Income (loss) from discontinued operations

• 336

(397) Gain from disposition of discontinued operations

• 17,902

Total discontinued operations

• 336

17,505 NET INCOME 5,542 8,591 7,993 4,576 23,253 NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS Noncontrolling interests in the Operating Partnership (57) (106) (95) (49) (348) Noncontrolling interest in subsidiaries (2) (5) (12) 3 43 NET INCOME ATTRIBUTABLE TO THE COMPANY 5,483 8,480 7,886 4,530 22,948 Distribution to Preferred Shares (1,502) (1,502) (1,502) (1,502) (1,502) NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS 3,981 $ 6,978 $ 6,384 $ 3,028 $ 21,446 $ Basic earnings per share from continuing operations attributable to common shareholders 0.02 $ 0.05 $ 0.04 $ 0.02 $ 0.03 $ Basic earnings per share from discontinued operations attributable to common shareholders 0.00 0.00 0.00 0.01 0.12 Basic earnings per share attributable to common shareholders 0.02 $ 0.05 $ 0.04 $ 0.03 $ 0.15 $ Diluted earnings per share from continuing operations attributable to common shareholders 0.02 $ 0.05 $ 0.04 $ 0.02 $ 0.03 $ Diluted earnings per share from discontinued operations attributable to common shareholders 0.00 0.00 0.00 0.01 0.12 Diluted earnings per share attributable to common shareholders 0.02 $ 0.05 $ 0.04 $ 0.03 $ 0.15 $ Weighted-average basic shares outstanding 161,535 149,758 144,679 140,219 138,705 Weighted-average diluted shares outstanding 163,509 152,006 146,999 142,774 141,338 AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS: Income from continuing operations 3,981 $ 6,978 $ 6,384 $ 2,697 $ 4,240 $ Total discontinued operations

• 331

17,206 Net income 3,981 $ 6,978 $ 6,384 $ 3,028 $ 21,446 $ Three months ended Fourth Quarter 2014 Page 17

SLIDE 18

CUBESMART STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data) 2014 2013 2014 2013 REVENUES Rental income 88,721 $ 73,515 $ 330,898 $ 281,250 $ Other property related income 9,977 8,216 40,065 32,365 Property management fee income 1,569 1,233 6,000 4,780 Total revenues 100,267 82,964 376,963 318,395 OPERATING EXPENSES Property operating expenses 34,709 30,581 132,701 118,222 Depreciation and amortization 36,589 26,490 126,813 112,313 General and administrative 7,330 7,109 28,422 29,563 Acquisition related costs 3,826 1,616 7,484 3,849 Total operating expenses 82,454 65,796 295,420 263,947 OPERATING INCOME 17,813 17,168 81,543 54,448 OTHER (EXPENSE) INCOME Interest: Interest expense on loans (11,132) (9,596) (46,802) (40,424) Loan procurement amortization expense (540) (549) (2,190) (2,058) Loan procurement amortization expense - early repayment of debt

• (414)
• (414)

Equity in losses of real estate venture (1,297) (1,151) (6,255) (1,151) Gain from sale of real estate

• 475
• Other

698 290 (405) 8 Total other expense (12,271) (11,420) (55,177) (44,039) INCOME FROM CONTINUING OPERATIONS 5,542 5,748 26,366 10,409 DISCONTINUED OPERATIONS (Loss) income from discontinued operations

• (397)

336 4,145 Gain from disposition of discontinued operations

• 17,902
• 27,440

Total discontinued operations

• 17,505

336 31,585 NET INCOME 5,542 23,253 26,702 41,994 NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS Noncontrolling interests in the Operating Partnership (57) (348) (307) (588) Noncontrolling interest in subsidiaries (2) 43 (16) 42 NET INCOME ATTRIBUTABLE TO THE COMPANY 5,483 22,948 26,379 41,448 Distribution to preferred shareholders (1,502) (1,502) (6,008) (6,008) NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS 3,981 $ 21,446 $ 20,371 $ 35,440 $ Basic earnings per share from continuing operations attributable to common shareholders 0.02 $ 0.03 $ 0.13 $ 0.03 $ Basic earnings per share from discontinued operations attributable to common shareholders 0.00 0.12 0.01 0.23 Basic earnings per share attributable to common shareholders 0.02 $ 0.15 $ 0.14 $ 0.26 $ Diluted earnings per share from continuing operations attributable to common shareholders 0.02 $ 0.03 $ 0.13 $ 0.03 $ Diluted earnings per share from discontinued operations attributable to common shareholders 0.00 0.12 0.01 0.23 Diluted earnings per share attributable to common shareholders 0.02 $ 0.15 $ 0.14 $ 0.26 $ Weighted-average basic shares outstanding 161,535 138,705 149,107 135,191 Weighted-average diluted shares outstanding 163,509 141,338 150,863 137,742 AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS: Income from continuing operations 3,981 $ 4,240 $ 20,040 $ 4,392 $ Total discontinued operations

• 17,206

$ 331 31,048 Net income 3,981 $ 21,446 $ 20,371 $ 35,440 $ Year ended December 31, Three months ended December 31, Fourth Quarter 2014 Page 18

SLIDE 19

SLIDE 20

SLIDE 21

CUBESMART CONSOLIDATING STATEMENTS OF NET OPERATING INCOME

(unaudited, in thousands) For the three months ended December 31, 2014 and 2013 Increase/ Increase/ 2014 2013 (Decrease) 2014 2013 2014 2013 2014 2013 (Decrease) REVENUES: Rental income 74,193 $ 69,816 $ 4,377 $ 14,528 $ 3,699 $

• $
• $

88,721 $ 73,515 $ 15,206 $ Other property related income 7,934 7,214 720 1,405 347 638 655 9,977 8,216 1,761 Property management fee income

• 1,569

1,233 1,569 1,233 336 Total revenues 82,127 77,030 5,097 15,933 4,046 2,207 1,888 100,267 82,964 17,303 OPERATING EXPENSES: Property operating expenses 25,195 24,624 571 5,250 2,392 4,264 3,565 34,709 30,581 4,128 NET OPERATING INCOME 56,932 $ 52,406 $ 4,526 $ 10,683 $ 1,654 $ (2,057) $ (1,677) $ 65,558 $ 52,383 $ 13,175 $ Property count 346 346 75 20 421 366 Total square footage 23,175 23,175 5,447 1,475 28,622 24,650 Period end occupancy 90.0% 88.8% 85.1% % 80.7% 89.1% 88.3% Period average occupancy 90.7% 89.3% Realized annual rent per occupied square foot 14.12 $ 13.51 $ For the years ended December 31, 2014 and 2013 Increase/ Increase/ 2014 2013 (Decrease) 2014 2013 2014 2013 2014 2013 (Decrease) REVENUES: Rental income 291,767 $ 273,105 $ 18,662 $ 39,131 $ 8,145 $

• $
• $

330,898 $ 281,250 $ 49,648 $ Other property related income 32,111 28,977 3,134 5,098 796 2,856 2,592 40,065 32,365 7,700 Property management fee income

• 6,000

4,780 6,000 4,780 1,220 Total revenues 323,878 302,082 21,796 44,229 8,941 8,856 7,372 376,963 318,395 58,568 OPERATING EXPENSES: Property operating expenses 102,142 99,681 2,461 15,243 4,237 15,316 14,304 132,701 118,222 14,479 NET OPERATING INCOME 221,736 $ 202,401 $ 19,335 $ 28,986 $ 4,704 $ (6,460) $ (6,932) $ 244,262 $ 200,173 $ 44,089 $ Property count 346 346 75 20 421 366 Total square footage 23,175 23,175 5,447 1,475 28,622 24,650 Period end occupancy 90.0% 88.8% 85.1% 80.7% 89.1% 88.3% Period average occupancy 90.8% 88.2% Realized annual rent per occupied square foot 13.86 $ 13.35 $

SAME-STORE PERFORMANCE BREAKDOWN

For the three months ended December 31, 2014 and 2013 # of Total Same-Store Pool Properties Square Feet 12/31/2014 12/31/2013 Occupancy Revenue Expense NOI 2014 Same-Store Pool 346 23,175 90.0% 88.8% 1.2% 6.6% 2.3% 8.6% 2013 Same-Store Pool (1) 298 19,803 90.1% 88.9% 1.2% 6.6% 3.4% 8.2% 2012 Same-Store Pool (2) 279 18,471 90.1% 88.9% 1.2% 6.9% 4.3% 8.1% For the years ended December 31, 2014 and 2013 ACT13 ACT12 # of Total Same-Store Pool Properties Square Feet 12/31/2014 12/31/2013 Occupancy Revenue Expense NOI 2014 Same-Store Pool 346 23,175 90.0% 88.8% 1.2% 7.2% 2.5% 9.6% 2013 Same-Store Pool (1) 298 19,803 90.1% 88.9% 1.2% 7.0% 2.2% 9.3% 2012 Same-Store Pool (2) 279 18,471 90.1% 88.9% 1.2% 7.0% 2.2% 9.5% (1) Represents the subset of properties in the 2014 same-store pool that were in our same-store pool reported in 2013. (2) Represents the subset of properties in the 2014 same-store pool that were in our same-store pool reported in 2012. Total Portfolio Total Portfolio Non-Same-Store Other/ Same-Store Property Portfolio Properties Eliminations Non-Same-Store Other/ Occupancy Year Over Year Change Same-Store Property Portfolio Properties Eliminations Occupancy Year Over Year Change Fourth Quarter 2014 Page 21

SLIDE 22

SLIDE 23

SLIDE 24

CUBESMART DEBT OVERVIEW (as of December 31, 2014)

(unaudited, dollars in thousands) Weighted Average Maturity Amount Rate(1) (in years) Unsecured 978,000 $ 3.69% 6.1 Secured 195,851 5.66% 2.9 Total Debt 1,173,851 $ 4.02% 5.6 Market Equity Value 3,751,981 Total Market Capitalization 4,925,832 $

(1) Weighted average interest rate

Weighted Average Maturity Amount Rate(1) (in years) Floating Rate Debt 78,000 $ 1.47% 2.5 Fixed Rate Debt 1,095,851 4.20% 5.8 Total Debt 1,173,851 $ 4.02% 5.6

(1) Weighted average interest rate

NOI from Unencumbered Properties (1) 86.9% NOI from Encumbered Properties (1) 13.1% Total 100.0%

(1) Represents respective NOI contribution from properties during the quarter

Debt Maturity Schedule

Market Capitalization Floating and Fixed Portfolio Net Operating Income

SLIDE 25

SLIDE 26

CUBESMART UNSECURED DEBT ANALYSIS

(dollars in thousands) As of December 31, 2014 12/31/2014 Rate Maturity Total Remaining Balance Rate w/o Hedge Date Available Available LINE OF CREDIT Unsecured Revolving Credit Facility 78,000 $ LIBOR + 1.30% 1.47% (a) Jun-17 (e) 300,000 $ 221,970 $ (f) UNSECURED BANK TERM LOANS Unsecured Term Loan 100,000 FIXED 3.10% (b) 1.47% Jun-18 Unsecured Term Loan 200,000 FIXED 2.64% (c) 1.47% Jan-19 Unsecured Term Loan 100,000 FIXED 3.62% (d) 1.32% Jan-20 Total Unsecured Bank Term Loans 400,000 $ 2.95% UNSECURED PUBLIC DEBT Unsecured Senior Notes 250,000 FIXED 4.80% Jul-22 Unsecured Senior Notes 250,000 FIXED 4.38% Dec-23 Total Unsecured Debt 978,000 $ 3.69% (a) Rate on these borrowings calculated based on 30 day LIBOR. The applicable margin was reduced from 1.60% to 1.30% effective October 2014 as a result of the credit rating upgrade. (b) (c) (d) (e) The Company, at its option, can extend the maturity by one year. (f) The available balance under the Unsecured Revolving Credit Facility is reduced by an outstanding letter of credit of $30 thousand. UNSECURED SENIOR NOTES COVENANTS Required Actual Fixed Charge Coverage Ratio ≥ 1.5x 4.7x Leverage Ratio ≤ 60% 36.2% Secured Debt Limitation ≤ 40% 6.0% Unencumbered Asset Ratio ≥ 150% 301.7% INVESTMENT GRADE RATING Rate includes the impact of interest rate swaps to fix LIBOR on $100 million of borrowings at a blended rate of 1.80%, maturing in June 2016. The applicable margin was reduced from 1.50% to 1.30% effective October 2014 as a result of the credit rating upgrade. Rate includes the impact of interest rate swaps to fix LIBOR on $200 million of borrowings at a blended rate of 1.34%, maturing in March 2017. The applicable margin was reduced from 1.50% to 1.30% effective October 2014 as a result of the credit rating upgrade. Rate includes the impact of interest rate swaps to fix LIBOR on $100 million of borrowings at a blended rate of 2.47%, maturing in June 2018. The applicable margin was reduced from 1.40% to 1.15% effective October 2014 as a result of the credit rating upgrade.

SLIDE 27

CUBESMART VALUE CREATION PIPELINE

(in thousands) New Development Facilities Location Expected Opening CUBE's Investment to-date CUBE's Anticipated Total Investment Arlington, VA Q1 2015 13,100 $ 18,100 $ Brooklyn, NY Q2 2015 4,600 10,700 Queens, NY Q3 2015 8,200 32,100 Queens, NY Q1 2016 5,800 19,000 Brooklyn, NY Q2 2016 400 32,000 Total 32,100 $ 111,900 $ Facility Acquisitions at C/O (1) Location Expected Opening Contract Price Dallas, TX Q1 2015 15,800 $ Fort Worth, TX Q4 2015 10,100 Grapevine, TX Q4 2015 10,800 Brooklyn, NY Q1 2016 48,500 Total 85,200 $ Arlington, VA facility As of December 31, 2014

(1) These facilities will be purchased upon completion and are subject to due diligence and other customary closing conditions. No assurance can be provided that these acquisitions will be completed on the terms described, or at all.

SLIDE 28

CUBESMART DEVELOPMENT COMPLETIONS

(in thousands) New Development Facilities Location Date Completed Total Rentable Square Feet Total Cost CUBE Investment Percentage December 31, 2014 Occupancy hCUBE Malvern, PA Q1 2014 (1) 86,400

(2)

25,100 $ 100% 94.8% Tremont Bronx, NY Q1 2014 46,902 17,200 100% 50.1% Total 133,302 42,300 $ Facility Acquisitions at C/O Location Date Purchased Total Rentable Square Feet Total Cost CUBE Investment Percentage December 31, 2014 Occupancy Northern Long Island City, NY Q4 2014 89,125 38,000 $ 100% 6.5% Total 89,125 38,000 $

(1) During the fourth quarter of 2013, the Company completed the construction of the portion of this mixed-use facility comprised of office space and relocated its corporate

• headquarters. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the facility opened for
• peration.

(2) Included in total rentable square feet is 67,552 square feet associated with the portion of the building comprised of office space used for the Company's corporate headquarters.

SLIDE 29

CUBESMART OPERATING PERFORMANCE - BY REGION Three Months Ended December 31, 2014 Region Market # of Facilities Total Rentable Square Feet Revenue Growth1 # of Facilities Total Rentable Square Feet Ending Occupancy December 31, 2014 December 31, 2013 Change % Change December 31, 2014 Northeast2 New York / Northern NJ 41 2,875,382 89.4% 88.4% 1.0% 5.5% 49 3,439,017 87.0% Connecticut 20 1,041,136 88.8% 88.5% 0.3% 6.2% 21 1,101,249 88.8% Baltimore / DC 16 1,356,578 88.3% 88.1% 0.2% 4.4% 23 1,833,907 87.9% Philadelphia / Southern NJ 13 907,931 89.6% 86.8% 2.7% 7.8% 15 995,018 89.6% Boston 3 152,431 87.3% 83.2% 4.1% 6.4% 5 321,536 87.5% Other 6 371,233 90.8% 88.9% 2.0% 8.3% 11 673,664 89.4% Northeast Region Sub-Total 99 6,704,691 89.1% 88.1% 1.1% 5.7% 124 8,364,391 87.9% Southeast3,6 Florida Markets - Other 39 2,839,323 91.4% 90.4% 1.0% 8.8% 54 4,021,173 90.5% Miami / Ft. Lauderdale 16 1,237,155 92.6% 93.1%

• 0.5%

6.7% 19 1,452,592 92.1% Atlanta 16 1,184,826 90.5% 88.8% 1.7% 9.4% 16 1,184,826 90.5% Tennessee 5 467,439 89.7% 90.8%

• 1.1%

7.3% 5 467,439 89.7% Other 6 463,488 90.9% 88.1% 2.8% 9.2% 6 463,488 90.9% Southeast Region Sub-Total 82 6,192,231 91.3% 90.5% 0.8% 8.3% 100 7,589,517 90.8% Midwest4,7 Texas Markets - Major 36 2,321,390 90.4% 89.7% 0.7% 6.7% 47 3,178,172 88.8% Chicago 27 1,601,948 90.9% 90.2% 0.7% 6.8% 33 2,099,658 89.5% Ohio 14 927,955 89.5% 89.8%

• 0.3%

4.1% 20 1,282,254 86.9% Other 9 466,943 86.1% 80.0% 6.1% 11.3% 10 534,223 86.7% Midwest Region Sub-Total 86 5,318,236 90.0% 89.0% 1.0% 6.5% 110 7,094,307 88.5% West5 Arizona / Las Vegas 26 1,381,122 88.4% 85.8% 2.5% 4.4% 31 1,754,357 87.0% Inland Empire 14 951,494 89.7% 86.0% 3.7% 5.9% 16 1,140,209 89.6% Southern California 12 975,560 91.3% 90.6% 0.6% 7.3% 12 975,560 91.3% Colorado / Utah 13 807,522 89.3% 87.7% 1.6% 12.6% 13 807,522 89.3% Other 14 844,636 89.9% 87.7% 2.3% 6.5% 15 895,879 90.3% West Region Sub-Total 79 4,960,334 89.6% 87.4% 2.2% 7.1% 87 5,573,527 89.1% Total 346 23,175,492 90.0% 88.8% 1.2% 6.6% 421 28,621,742 89.1% 346 23,175,492 90.0% 421 28,621,741

(1) Year over year (2) 80.2% of total Northeast Region Square Footage is classified as Same Store (3) 81.6% of total Southeast Region Square Footage is classified as Same Store (4) 75.0% of total Midwest Region Square Footage is classified as Same Store (5) 89.0% of total West Region Square Footage is classified as Same Store (6) These amounts do not include an asset the Company owns through a 50% joint venture with 81,794 total rentable square feet and ending occupancy of 89.0%. (7) These amounts do not include 34 assets the Company owns through a 50% joint venture with 2,350,880 total rentable square feet and ending occupancy of 89.2%.

Ending Occupancy SAME-STORE TOTAL PORTFOLIO Fourth Quarter 2014 Page 29

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