Form 8-K

8-K — CubeSmart

Accession: 0001298675-26-000025

Filed: 2026-05-14

Period: 2026-05-14

CIK: 0001298675

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — cube-20260514x8k.htm (Primary)

EX-99.1 (cube-20260514xex99d1.htm)

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8-K

8-K (Primary)

Filename: cube-20260514x8k.htm · Sequence: 1

CUBESMART_May 14, 2026

0001298675false8-K2026-05-145 Old Lancaster RoadMalvernPA19355610535-5000falsefalsefalsefalse0001300485false0001298675cube:CubesmartL.p.Member2026-05-142026-05-1400012986752026-05-142026-05-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 14, 2026

CUBESMART

CUBESMART, L.P.

(Exact Name of Registrant as Specified in Its Charter)

Maryland (CubeSmart)

001-32324

20-1024732

Delaware (CubeSmart, L.P.)

000-54462

34-1837021

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

5 Old Lancaster Road

Malvern,

Pennsylvania

19355

(Address of Principal

Executive Offices)

(610) 535-5000

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares, $0.01 par value per share, of CubeSmart

CUBE

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging Growth Company (CubeSmart) ☐

Emerging Growth Company (CubeSmart, L.P.) ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

CubeSmart ☐

CubeSmart, L.P. ☐

Item 2.02 Results of Operations and Financial Condition.

We are furnishing with this report a slide presentation (attached as Exhibit 99.1) that may be used in presentations to investors from time to time.

Item 7.01 Regulation FD Disclosure.

The information disclosed in Item 2.02 above is incorporated into this Item 7.01.

The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 2.02, “Results of Operations and Financial Condition,” Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit No.

Description

99.1

Slide Presentation Dated May 2026

104

Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CUBESMART

By:

/s/ Jeffrey P. Foster

Name:

Jeffrey P. Foster

Date: May 14, 2026

Title:

Chief Legal Officer and Secretary

CUBESMART, L.P.

By: CUBESMART, its general partner

By:

/s/ Jeffrey P. Foster

Name:

Jeffrey P. Foster

Date: May 14, 2026

Title:

Chief Legal Officer and Secretary

EX-99.1

Filename: cube-20260514xex99d1.htm · Sequence: 2

Exhibit 99.1

New York

City Portfolio

Presentation

May 2026 May 2026

New York

City Portfolio

Presentation

self storage

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.

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 .

Safe Harbor Statement

Use of Non -GAAP Financial Measures

Safe 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 .

® CuBE5MART·

High Quality Portfolio

An irreplaceable portfolio of high -

quality properties across the NYC

boroughs with a complementary

presence across key suburban

submarkets

Premier Storage Operator

Our scale, coupled with our years of

experience operating in this unique

market, position us to generate

efficiencies and drive incremental cash

flow growth

Attractive Demand Profile

NYC is the most attractive self -

storage market in the world as the

unique demographics and a stable

customer base support consistent

long -term cash flow growth

Positive Supply Trends

NYC continues to have the lowest

square feet of storage per capita even

after recent development deliveries

while new tax regulations should limit

future supply in NYC

Strategic Capital Allocation

Continued enhancement of our market -leading portfolio

through acquisition and development of high -quality,

purpose -built stores in leading submarkets across the

five boroughs and major suburban markets

Creating long -term value through a strategic focus on New York

CUBE remains uniquely positioned to outperform in the country’s strongest self -storage market

Creating long-term value through a strategic focus on New York

CUBE remains uniquely positioned to outperform in the country's strongest self-storage market

High Quality Portfolio

An irreplaceable portfolio of high-quality properties across the NYC

boroughs with a complementary

presence across key su bu rba n

submarkets

Premier Storage Operator

Our scale, coupled with our years of

experience operating in this unique

market, position us to generate

efficiencies and drive incremental cash

flow growth

® CuBE5MART·

Strategic Capital Allocation

Continued enhancement of our market-leading portfolio

through acquisition and development of high-quality,

purpose-built stores in leading submarkets across the

five boroughs and major suburban markets

Attractive Demand Profile

NYC is the most attractive self-storage market in the world as the

unique demographics and a stable

customer base support consistent

long-term cash flow growth

Positive Supply Trends

NYC continues to have the lowest

square feet of storage per capita even

after recent development deliveries

while new tax regulations should limit

future supply in NYC

1. As of March 31, 2026

Industry -leading portfolio in the outer -boroughs of New York City

The largest owner of self -storage properties in Brooklyn, Queens, and the Bronx

Over the last 10+ years, we have assembled

the highest quality portfolio of stores in New

York City, providing both breadth of coverage

across all five boroughs and depth within key

submarkets

Properties 1 Owned Managed Total

Brooklyn 14 9 23

Queens 16 5 21

Bronx 14 2 16

Manhattan 1 1 2

Staten Island 1 2 3

Total 46 19 65

Brooklyn

Queens

Bronx

Manhattan

Staten Island

Owned

Managed

High Quality Portfolio High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Industry-leading portfolio in the outer-boroughs of New York City

The largest owner of self-storage properties in Brooklyn, Queens, and the Bronx

Properties 1 Owned Managed Total

Brooklyn 14 9 23

Queens 16 5 21

Bronx 14 2 16

Manhattan 1 1 2

Staten Island 1 2 3

Total 46 19 65

Over the last 1 O+ years, we have assembled

the highest quality portfolio of stores in New

York City, providing both breadth of coverage

across all five boroughs and depth within key

submarkets

® CuBE5MART·

• Brooklyn

Staten Island

Queens

·-

••

• •

•

NYC portfolio supported by broad suburban coverage

Strong complimentary presence throughout Northern New Jersey, Long Island, and Westchester

▪ Our portfolio in the New York City boroughs is complemented by a significant

presence throughout the suburbs, allowing us to meet our customers’ changing

needs as they transition through the various stages of their lives

▪ The third -party management platform supplements the portfolio, adding

additional scale through complementary CubeSmart branded locations

Properties 1 Owned Managed Total

New York City 46 19 65

Northern NJ 21 19 40

Long Island 9 5 14

Westchester 6 3 9

Total 82 46 128 Owned

Managed

1. As of March 31, 2026

NYC portfolio supported by broad suburban coverage

Strong complimentary presence throughout Northern New Jersey, Long Island, and Westchester

Properties 1 Owned Managed Total

New York City 46 19 65

Northern NJ 21 19 40

Long Island 9 5 14

• Westchester 6 3 9

••

• Total 82 46 128

•

® CuBE5MART· 5

Brooklyn Market Summary

Population Density Renter %

2,653,963 38,424 per sq. mi 70.9

Rank Operator Owned Total

1 CubeSmart 14 23

2 Extra Space 9 18

3 StorageMart 9 9

4 Public Storage 8 9

5 Safeguard 8 8

Top 5 Owners 1

Demographics 2

Square

Feet

Sq. Feet per

Capita

SF per Capita

CAGR ‘14 - 25

6.9M 2.6 +3.3%

Market Supply 3 Coney

Island

Gowanus

East NY

Atlantic

Ave

Corridor

Key Submarkets

< $38

$38 to $42

$42 to $48

> $48

Avg. Market Rent4

1. Source: Yardi Matrix as of March 31, 2026

2. Source: US Census Bureau Estimates as of July 1, 2025

3. Source: YardiMatrix, CUBE internal market data

4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2026

Brooklyn Market Summary

Top 5 Owners 1

I; Operator •·kh,i§,■ 1 CubeSmart

2 Extra Space

3 StorageMart

4 Public Storage

5 Safeguard

Demographics2

Density

38,424 per sq . mi

Market Supply3

Square

Feet

6.9M

® CuBE5MART·

Sq. Feet per

Capita

2.6

Total

Key Submarkets

. -

. - • • •

Queens Market Summary

Top 5 Owners 1

Rank Operator Owned Total

1 CubeSmart 16 21

2 Extra Space 5 8

3 Safeguard 7 7

4 Stop & Stor 6 6

4 Public Storage 5 5

Population Density Renter %

2,358,182 21,694 per sq. mi 55.6%

Demographics 2

Square

Feet

Sq. Feet per

Capita

SF per Capita

CAGR ‘14 - 25

6.2M 2.6 +3.4%

Market Supply 3

Ridgewood Jamaica

Long

Island

City

Astoria College

Point/

Flushing

Bellerose

Key Submarkets

< $38

$38 to $42

$42 to $48

> $48

Avg. Market Rent4

1. Source: Yardi Matrix as of March 31, 2026

2. Source: US Census Bureau Estimates as of July 1, 2023

3. Source: YardiMatrix, CUBE internal market data

4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2026

Queens Market Summary

Top 5 Owners1

lriH,ii Operator i•f}i,i§, ■ Total

1 CubeSmart

2 Extra Space

3 Safeguard

4 Stop & Stor

4 Public Storage

Demographics2

Market Supply3

® CuBE5MART·

Sq. Feet per

Capita

2.6

SF per Capita

CAGR '14-25

+3.4%

Key Submarkets

•

Bronx Market Summary

Rank Operator Owned Total

1 CubeSmart 14 16

2 Extra Space 9 21

3 Storage Post 5 5

4 U- Haul 4 4

4 Public Storage 3 3

Top 5 Owners 1

Population Density Renter %

1,406,332 33,325 per sq. mi 80.3%

Demographics 2

Square

Feet

Sq. Feet per

Capita

SF per Capita

CAGR ‘14 - 25

4.7M 3.3 +2.3%

Market Supply 3

Key Submarkets

South

Bronx

River/

Bruckner

Riverdale/

Kingsbridge Co -Op

City

< $38

$38 to $42

$42 to $48

> $48

Avg. Market Rent4

1. Source: Yardi Matrix as of March 31, 2026

2. Source: US Census Bureau Estimates as of July 1, 2025

3. Source: YardiMatrix, CUBE internal market data

4. CUBE average same-store in-place rent per occupied square foot as of March 31, 2026

Bronx Market Summary

Top 5 Owners1 ,,.,u, Operator 1,fheil•• Total

1 CubeSmart

Extra Space

Storage Post

U- Haul

4 Public Storage

Demographics2

Density

33,325 per sq. mi

Market Supply3

Square

Feet

4.7M

® CuBE5MART·

Sq. Feet per

Capita

3.3

SF per Capita

CAGR '14-25

+2 .3%

Key Submarkets

• .

•

10%

20%

30%

40%

50%

Bronx Queens Brooklyn

CUBE Market Share

CUBE Market Share %

2,3

Diversified Submarkets 1

Our portfolio in the New York MSA is well -

diversified across seven distinct submarkets

which each have unique demographic trends

and economic drivers that are supportive of

strong self -storage demand

Market Leader

Our market -leading position in the three

major outer boroughs, operating 29% of

total square footage, creates important

scale to drive operational efficiencies and

brand recognition

Outside

NY MSA

1. Trailing 3-month net operating income for total owned store portfolio for the period ending March 31, 2026

2. CUBE Market Share defined as % of market SF owned or managed by CUBE; Source: YardiMatrix, CUBE internal data

3. As of March 31, 2026 for owned and managed stores

Coverage across all major submarkets with scale in the core outer boroughs

Portfolio built for both market breadth and depth

Coverage across all major submarkets with scale in the core outer boroughs

® CuBE5MART·

Outside

NYMSA

Diversified Submarkets1

Our portfolio in the New York MSA is well-diversified across seven distinct submarkets

which each have unique demographic trends

and economic drivers that are supportive of

strong self-storage demand

50%

40%

30%

20%

10%

CUBE Market Share2·

Bronx Queens Brooklyn

■ CUBE Market Share%

Market Leader

Our market-leading position in the three

major outer boroughs, operating 29% of

total square footage, creates important

scale to drive operational efficiencies and

brand recognition

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

NYC

Realized Rent

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

NYC

3-Year Revenue Growth CAGR

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

NYC

NOI Margin

Highest quality assets produce attractive operational metrics

The largest portfolio of purpose -built Class A properties in the outer boroughs of New York City

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Strong Margins

Rental rates directly impact

the bottom line through

strong NOI margins

Stable Revenue Growth

More stable demand leads to lower -

beta cash flows and outperformance

in more volatile parts of the cycle

Attractive Rental Rates

Strong demographics and

compelling supply -demand

characteristics lead to rental

rates above the portfolio average

1 2

1. Full year 2025 results for the 2025 same-store pool

2. Same-store compounded revenue growth as reported for 2023-2025

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Highest quality assets produce attractive operational metrics

The largest portfolio of purpose-built Class A properties in the outer boroughs of New York City

Attractive Rental Rates

Strong demographics and

compelling supply-demand

characteristics lead to rental

rates above the portfolio average

$50.00

$40.00

$30.00

$20.00

$10.00

$0.00

® CuBE5MART·

Realized Rent

NYC

Strong Margins

Rental rates directly impact

the bottom line through

strong NOi margins

NOi Margin

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

NYC

Stable Revenue Growth

More stable demand leads to lower-beta cash flows and outperformance

in more volatile parts of the cycle

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

2 3-Year Revenue Growth CAGR

NYC

Irreplaceable portfolio of purpose -built stores enhances market position

Easy access locations on major

thoroughfares

Distinctive stores serve as billboards for the

brand throughout the market

Purpose -built stores ensure off -street

parking & loading areas at all locations

Irreplaceable portfolio of purpose-built stores enhances market position

® CuBE5MART· 11

Portfolio well -positioned near key pockets of multifamily development

Atlantic Avenue Corridor (Brooklyn) Long Island City (Queens)

Three CubeSmarts in a one -mile radius serve

approximately 40 newly built multifamily

developments

Gowanus (Brooklyn)

Two CubeSmarts in a half -mile

radius serve approximately 40

newly built multifamily

developments

Two CubeSmarts in a half -

mile radius serve

approximately 15 newly built

multifamily developments

Significant growth in key submarkets enhances market positioning

High Quality Portfolio | High Quality Portfolio I Attractive Demand Profile Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Portfolio well-positioned near key pockets of multifamily development

Significant growth in key submarkets enhances market positioning

u,,.r. o,,s,.

Atlantic Avenue Corridor (Brooklyn)

DeKalb Ave

Gr eneAve

Barcl

0-. .

Greene AVO

Ul<'n9\onS

Three CubeSmarts in a one-mile radius serve

approximately 40 newly built multifamily

developments

Long Island City (Queens)

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Two CubeSmarts in a half-mile

radius serve approximately 40

newly built multifamily

developments

Gowanus (Brooklyn)

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Old ton Hou

Two CubeSmarts in a half-mile radius serve

approximately 15 newly built

multifamily developments

Nation -leading demographics support stable demand trends

200

400

600

800

1000

1200

3-Mile Population

(000’s)

Population Density per Sq. Mile

(000’s)

25%

50%

75%

100%

% Renter Occupied

Largest Populations

The significantly higher

populations of the immediate

trade rings in NYC create a

robust demand profile

Densest Populations

High population density

provides a deep pool of

potential customers

Concentration of Renters

Renters enhance the demand

environment as they are 3.9x

more likely to move than

homeowners

1. Source: Internal CubeSmart Market Research

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Demand driven by supplementing smaller living spaces rather than more transient movement

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Nation-leading demographics support stable demand trends

Demand driven by supplementing smaller living spaces rather than more transient movement

® CuBE5MART·

Largest Populations

The significantly higher

populations of the immediate

trade rings in NYC create a

robust demand profile

1200

1000

800

600

400

200

3-Mile Populatiori

[000' s]

■ Brooklyn

Densest Populations

High population density

provides a deep pool of

potential customers

Population Density per Sq. Mile 1

(OOO 's}

Concentration of Renters

Renters enhance the demand

environment as they are 3.9x

more likely to move than

homeowners

% Renter Occupied 1

100%

75%

50%

25%

■ Bronx Quee s ■ Outside NY MSA

Robust local economies less dependent on cyclical industries

Outer boroughs have strong economic fundamentals separate from Manhattan

Brooklyn Queens Bronx

Employment 1 1.3M 1.1M 575k

GDP 2 $145.9B $143.1B $58.3B

Primary Employment

Industry 3

Education &

Healthcare

Education &

Healthcare

Education &

Healthcare

Secondary

Employment Industry 3 Government Government Trade, Transportation,

Utilities

Large Economies

The significantly higher populations

of the immediate trade rings in NYC

create a robust demand profile

Stable Industries

The workforce of the outer boroughs is

predominantly in less cyclical & transient

industries and therefore more permanently

ingrained in their communities

Community - centric Employment

Employers in the outer boroughs are less

commuter -oriented than Manhattan, with

over half of workers employed in

community -focused sectors across the outer

boroughs compared to significant financial -

related employment in Manhattan

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

1. Source: US Census Bureau Total Employment, 2024

2. Source: Bureau of Economic Analysis GDP by County, 2024

3. Source: US Census Bureau

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Robust local economies less dependent on cyclical industries

Outer boroughs have strong economic fundamentals separate from Manhattan

Large Economies

The significantly higher populations

of the immediate trade rings in NYC

create a robust demand profile

Employment 1

GDP2

Primary Employment

lndustry3

Secondary

Employment Ind ustry3

® CuBE5MART·

Stable Industries

The workforce of the outer boroughs is

predominantly in less cyclical & transient

industries and therefore more permanently

ingrained in their communities

Brooklyn Queens

1.3M 1.1 M

$145.9B $143.1 B

Education & Education &

Healthcare Healthcare

Government Government

Community-centric Employment

Employers in the outer boroughs are less

commuter-oriented than Manhattan, with

over half of workers employed in

community-focused sectors across the outer

boroughs compared to significant financial-related employment in Manhattan

Bronx

575k

$58.3B

Education &

Healthcare

Trade, Transportation,

Utilities

Unique demand characteristics create a more stable customer base

Longer Length of Stay

Demand in NYC is driven by

the need to supplement the

city’s smaller living spaces

which creates a longer -

term customer. The

average length of stay of

our customer base at our

stabilized stores in NYC is

four months greater

than the portfolio average

Less Churn

NYC stores see less churn

as there are fewer short -

term renters which creates

a longer -term customer

base. 69% of NYC

customers have rented for

more than one year and

50% have rented for more

than two, both

meaningfully higher than

the portfolio average (62%

and 45% respectively)

Tighter Trade Rings

More dense urban

environments and lack of

transportation options lead

to customers in the

boroughs coming from

closer proximity to the

stores. Trade rings in the

boroughs average 1-1.5

miles compared to 3 -5

miles nationally.

Smaller Unit Size

The unit mix for stores in

NYC is drastically different,

with average unit sizes of

52 square feet , 51%

smaller than the same -

store portfolio as

customers use the product

more to supplement small

living spaces than support

full house moves

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Different use cases for the product lead to different customer behavior that other markets

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Unique demand characteristics create a more stable customer base

Different use cases for the product lead to different customer behavior that other markets

Longer Length of Stay

Demand in NYC is driven by

the need to supplement the

city's smaller living spaces

which creates a longer-term customer. The

average length of stay of

our customer base at our

stabilized stores in NYC is

four months greater

than the portfolio average

® CuBE5MART·

Less Churn

NYC stores see less churn

as there are fewer short-term renters which creates

a longer-term customer

base. 69% of NYC

customers have rented for

more than one year and

50% have rented for more

than two, both

meaningfully higher than

the portfolio average [62%

and 45% respectively]

Tighter Trade Rings

More dense urban

environments and lack of

transportation options lead

to customers in the

boroughs coming from

closer proximity to the

stores. Trade rings in the

boroughs average 1-1.5

miles compared to 3-5

miles nationally.

Smaller Unit Size

The unit mix for stores in

NYC is drastically different,

with average unit sizes of

52squarefeet, 51%

smaller than the same-store portfolio as

customers use the product

more to supplement small

living spaces than support

full house moves

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2021 2022 2023 2024 2025

Same - Store Revenue Growth 1

New York City Secondary Sunbelt Markets

+5.6% CAGR

+4.6% CAGR

Stable customer base generates lower -beta cash flows with more consistent performance through cycles

Unique market characteristics lead to long -term outperformance

1. Only includes stores in the 2021 same-store pool for comparability throughout the period

2. Sunbelt markets outside of the top-25 MSAs

Outperformance

NYC has seen revenue growth in

excess of the portfolio average

over the last three years

Limited Supply Impact

Elevated barriers to entry

support market fundamentals

Stable Cash Flows

Lower beta market drives steady

growth that should outperform in a

period of macro uncertainty

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Unique market characteristics lead to long-term outperformance

Stable customer base generates lower-beta cash flows with more consistent performance through cycles

20 .0%

15 .0%

10 .0%

5.0%

0.0%

-5.0%

-10.0%

2021

0 ut pe rf o rma n c e

NYC has seen revenue growth in

excess of the portfolio average

over the last three years

Same-Store Revenue Growth 1

2022 2023 2024

- New York City 2 - Secondary Sunbelt Markets

Limited Supply Impact

Elevated barriers to entry

support market fundamentals

+5.6% CAGR

+4.6% CAGR

2025

Stable Cash Flows

Lower beta market drives steady

growth that should outperform in a

period of macro uncertainty

Each borough individually has attractive supply -demand fundamentals

Each borough is a sizable market on its own, and the attractive backdrop supports significantly

higher rental rates than similarly -sized markets

Rank MSA Population 1 SF per Capita 2 Realized RPSF 3

1 New York -Northern NJ - Long Island, NY -NJ -PA 19.9M 3.4 $38.80

24 San Antonio, TX 2.76 M 9.8 $11.64

Brooklyn 2.66 M 2.6 $47.11

25 Austin, TX 2.55 M 9.1 $12.12

29 Las Vegas, NV 2.40 M 8.5 $13.56

Queens 2.37 M 2.7 $43.55

30 Cincinnati, OH 2.30M 6.3 $10.92

43 Oklahoma City, OK 2.46M 7.0 $8.76

Bronx 1.41M 3.3 $42.16

44 Louisville/Jefferson County, KY -IN 1.39 M 7.8 $10.68

1. US Census Bureau Annual Estimates of Resident Population For Metropolitan Statistical Areas as of July 1, 2024

2. 2025 Self Storage Almanac & CUBE Internal Market Research

3. CUBE same-store quarterly average realized rent per occupied square foot for the 3 months ended March 31, 2026

4. Yardi Matrix average March 2026 rate for 10x10 unit (CUBE does not own properties in these markets)

High Quality Portfolio | Attractive Demand Profile | High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator I Strategic Capital Allocation I Premier NYC Operator

Each borough individually has attractive supply-demand fundamentals

Each borough is a sizable market on its own, and the attractive backdrop supports significantly

higher rental rates than similarly-sized markets

Rank MSA Population 1 SF per Capita2 Realized RPSF3

1 New York-Northern NJ-Long Island, NY-NJ-PA 19.9M 3.4 $38.80

24 San Antonio, TX 2.76 M 9.8 $11 .64

Brooklyn 2.66 M 2.6 $47.11

25 Austin, TX 2.55 M 9 .1 $12.12

29 Las Vegas, NV 2.40 M 8.5 $13.56

Queens 2.37 M 2.7 $43.55

30 Cincinnati, OH 2.30M 6.3 $10.92

43 Oklahoma City, OK 2.46M 7.0 $8. 7 6 4

Bronx 1.41 M 3.3 $42.16

44 Louisville/ Jefferson County, KY-IN 1.39 M 7.8 $10.68

® CuBE5MART· 17

New York City remains the lowest -supplied market in the country

Elevated barriers to entry help to maintain attractive supply backdrop

2.6 2.7

3.3

4.0

5.9 6.0 6.2 6.2

7.1 7.2

8.0

8.7 8.8

9.5

10.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Market Square Feet Per Capita

NYC Boroughs vs. Top 12 MSAs

Elevated Barriers to Entry

Limited outlook for additional new

development given changes in the

regulatory environment

Low Supply

Supply per capita across the three

core outer boroughs is less than

half the national average

Limited Deliveries

New development has increased

supply per capita over the last five

years by just 3%, showcasing the

high barriers to entry and ensuring

that the supply -demand dynamic

remains very attractive

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Source: 2026 Self-Storage Almanac & CUBE internal market research

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

New York City remains the lowest-supplied market in the country

Elevated barriers to entry help to maintain attractive supply backdrop

12.0

10.0

8.0

6.0

4.0

2.0

0.0

~~ ~0 ~+ e,0

e,e, ~ <o'o ~ <::-0:, <o'o ,§> 0"?'

® CuBE5MART·

Market Square Feet Per Capita

NYC Boroughs vs. Top 12 MSAs

·'o . oe- . :\-

'o ~ ~

0~ ~ ....._o~ 0' ~ ~,'o ~

~G -~<::i:, ~~ 00 ' oe, <o (j q' -~'o~ . ,:,.0 ~~

~'o ~~ ~

~'o x:::,e, 0~ 0

<::- ~ <} ~'o

~'o

x-0'0 ~'o "?' c,?

Elevated Barriers to Entry

Limited outlook for additional new

development given changes in the

regulatory environment

Low Supply

Supply per capita across the three

core outer boroughs is less than

half the national average

Limited Deliveries

New development has increased

supply per capita over the last five

years by just 3%, showcasing the

high barriers to entry and ensuring

that the supply-demand dynamic

remains very attractive

Deliveries have significantly slowed from the peak

NY MSA Supply Deliveries,

2018-2020

NY MSA Supply Deliveries,

2024-2026

Legislation changes over the last decade are limiting deliveries throughout the outer boroughs

< +10%

+10% to +15%

+15% to +20%

> +20%

3-year Increase in Net

Rentable Square Footage

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Long Island Northern NJ

Westchester

NYC

Boroughs

Northern NJ Long Island

Westchester

NYC

Boroughs

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Deliveries have significantly slowed from the peak

Legislation changes over the last decade are limiting deliveries throughout the outer boroughs

NY MSA Supply Deliveries,

2018-2020

Westchester

NY MSA Supply Deliveries,

2024-2026

Westchester

Northern NJ Long Island

6 6

2017 2018 2019 2020 2021 2022 2023 2024 2025

Total New Openings

NYC Annual Deliveries

Brooklyn Bronx Queens

New development in the outer boroughs has slowed significantly

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

Positive Outlook

Deliveries fell off the peak from

the late 2010s and declined even

further the last two years with

very few new projects showing

viability

Lack of Competitiveness

Recent deliveries have been less

competitive with existing CUBE

stores, with only four new

competitors delivered in the last

three years

Eliminated Tax Incentive

Removal of self -storage from the

ICAP tax incentive program has

significantly reduced returns for

storage development

Meaningful headwinds to supply have manifested themselves into a limited supply outlook

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

New development in the outer boroughs has slowed significantly

Meaningful headwinds to supply have manifested themselves into a limited supply outlook

(f) 16

CT)

-~ 14

C 11 (I) 12 0...

0 10

(I)

8 7 z

....., 6

I- 4

2017 2018

® CuBE5MART·

NYC Annual Deliveries

2019 2020 2021

2022

■ Brooklyn ■ Bronx Queens

2023 2024 2025

Positive Outlook

Deliveries fell off the peak from

the late 201 Os and declined even

further the last two years with

very few new projects showing

viability

Lack of Competitiveness

Recent deliveries have been less

competitive with existing CUBE

stores, with only four new

competitors delivered in the last

three years

Eliminated Tax Incentive

Removal of self- storage from the

ICAP tax incentive program has

significantly reduced returns for

storage development

Consistent strategic execution built our market -leading portfolio

Our core strategic focus on the New York City market transformed the portfolio over 10+ years

One NYC borough

property in the legacy

portfolio (Queens)

Pre -2010 2011 2014 2020 2022

Acquired a 22 -

property portfolio from

Storage Deluxe for

$560 million,

including 16

properties in the NYC

boroughs

Acquired a portfolio

of two operating &

two C of O properties

in NYC for $141.5M

Opened 10 th NYC

development

property

Added eight Treasure

Island stores to our

management platform

Built the

highest -quality

portfolio of

stores in the

outer boroughs

of New York

City, with 46

primarily

purpose -built

stores across

the city

2010 2014 2017 2020

Established a

relationship with

Storage Deluxe

through the

acquisition of two

properties , entering

Brooklyn & the Bronx

Opened our first

NYC

development

property in the

Bronx

Opened 1 st Manhattan

store

Acquired an eight -

property NYC

portfolio from

Storage Deluxe for

$540M

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

2024

Opened our newest

development

property in Astoria

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Consistent strategic execution built our market-leading portfolio

Our core strategic focus on the New York City market transformed the portfolio over 10+ years

----------------------.

One NYC borough

property in the legacy

portfolio [Queens]

Pre-2010

2010

Established a

relationship with

Storage Deluxe

through the

acquisition of two

properties, entering

Brooklyn & the Bronx

Acquired a 22-

property portfolio from

Storage Deluxe for

$560 million,

including 16

properties in the NYC

boroughs

2011

2014

Opened our first

NYC

development

property in the

Bronx

---------------------- ----------------------. ----------------------.

Acquired a portfolio

of two operating &

two C of O properties

in NYC for$141 .5M

2014

2017

Opened 1st Manhattan

store

Opened 10th NYC

development

property

2020

Acquired an eight-property NYC

portfolio from

Storage Deluxe for

$540M

Added eight Treasure

Island stores to our

management platform

2022

2024

Opened our newest

development

property in Astoria

L---------------------- L---------------------- L---------------------- L---------------------- L----------------------

Built the

h ig hest-q ua lity

portfolio of

stores i n the

outer boroughs

of New York

City, with 46

primarily

purpose-built

stores across

the city

® CuBESMARr· 21

Creating shareholder value through continued portfolio enhancement

New York City and the greater MSA have been a central component of our capital allocation strategy

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Millions

Investment in New York City

42%

19%

39%

Development Since 2010

20%

76%

Acquisitions Since 2010

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

NYC

Other

NY MSA NYC

Other NY MSA

Continued Investment

Execution on the strategy of further

enhancing the portfolio over a decade -

plus generated meaningful returns for

shareholders

Complementary Development

Programmatic development with

seasoned partners in the market

further enhanced the portfolio, with

over half of our development deliveries

nationwide coming in the New York

MSA

Outside

NY MSA

Outside

NY MSA

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Creating shareholder value through continued portfolio enhancement

New York City and the greater MSA have been a central component of our capital allocation strategy

Continued Investment

Execution on the strategy of further

enhancing the portfolio over a decade-plus generated meaningful returns for

shareholders

Complementary Development

Programmatic development with

seasoned partners in the market

further enhanced the portfolio, with

over half of our development deliveries

nationwide coming in the New York

MSA

® CuBE5MART·

Investment in New York City

(/) 1,800

§ 1,600

1,400

2 1,200

1,000

800

!ii

__ .11111111

Acquisitions Since 2010

Other

NYMSA

Development Since 2010

Other NY MSA

NYC

Development program created significant value throughout the MSA

Over $560M delivered in the boroughs, with future opportunities primarily in suburban markets

1. Includes a development project in New Rochelle, NY recently added to the pipeline

2. All-in cost of development projects completed or currently in the pipeline

Pre-2021 Delivery

2021-2025 Delivery

Under Development1

$703 Million Investment in the NY/NJ/LI MSA 2

Portfolio enhancement and

meaningful value creation

Brooklyn Bronx Queens Manhattan Suburbs

$158.5M $141.5M $180.6M $81.2M $141.2M

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Annual Deliveries

($ in thousands)

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends | I Strategic Capital Allocation Strategic Capital Allocation | I Premier NYC Operator Premier NYC Operator

Development program created significant value throughout the MSA

Over $560M delivered in the boroughs, with future opportunities primarily in suburban markets

® CuBE5MART·

• • •

$703 Million Investment in the NY/NJ/LI MSA2

140,000

120,000

100,000

80,000

60,000

40,000

20,000

Annual Deliveries

/$ in thousands/

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Brooklyn Bronx Queens Manhattan

$158.5M $141 .5M $180.6M $81 .2M

Portfolio enhancement and

meaningful value creation

Suburbs

$141 .2M

Leading presence and experience positions CUBE as premier operator

Strength of market operations makes us the operator of choice in the market

Top operators in NYC such as Storage

Deluxe and Treasure Island recognized the

power of the CubeSmart platform and

turned over operations to increase

performance and create efficiencies

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends | Strategic Capital Allocation | I Strategic Capital Allocation I Premier NYC Operator Premier NYC Operator

Leading presence and experience positions CUBE as premier operator

Strength of market operations makes us the operator of choice in the market

® CuBE5MART·

Top operators in NYC such as Storage

Deluxe and Treasure Island recognized the

power of the CubeSmart platform and

turned over operations to increase

performance and create efficiencies

Market coverage creates brand recognition

CubeSmart is the preeminent self -storage brand in the outer boroughs

Ubiquity of the Brand

Coverage across all major

submarkets in the outer

boroughs creates brand

recognition across the

entire market

Store Branding

Bright colors & distinctive

branding turns each of our

properties into a billboard

for CubeSmart and the

product

Marketing

Significant market presence

allows us to invest in

additional digital and out -

of-home (“OOH”) marketing

platforms that would be

inefficient with less scale

and coverage

Market coverage creates brand recognition

CubeSmart is the preeminent self-storage brand in the outer boroughs

® CuBE5MART·

Ubiquity of the Brand

Coverage across all major

submarkets in the outer

boroughs creates brand

recognition across the

entire market

Store Branding

Bright colors & distinctive

branding turns each of our

properties into a billboard

for CubeSmart and the

product

Marketing

Significant market presence

allows us to invest in

additional digital and out-of-home ["OOH "] marketing

platforms that would be

inefficient with less scale

and coverage

Brand recognition creates marketing efficiencies

CubeSmart is the preeminent self -storage brand in the outer boroughs

Google Search Visibility

in NYC

In AI-driven search visibility in NYC,

ranking #1 in brand mentions across

core storage topics

Brand recognition drives half of web

traffic to CUBE -branded search terms

which are at an 82% cost -per- click

discount to non -branded terms

27%

Higher ad click -through

rate in NYC

Brand recognition creates marketing efficiencies

CubeSmart is the preeminent self-storage brand in the outer boroughs

#1 #1 27%

Google Search Visibility

in NYC

In Al-driven search visibility in NYC,

ranking #1 in brand mentions across

core storage topics

Higher ad click-through

rate in NYC

® CuBE5MART·

Find Self Storage in New York City, NY

[ Enter Zip, City or S tate ■ Filter & Sort [ Select Feature(s) a [ Select Size(s) a [ Sort By: Distance

Find Storage by Borough: Brooklyn The Bronx Manhattan Queens

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Brand recognition drives half of web

traffic to CUBE-branded search terms

which are at an 82% cost-per-click

discount to non-branded terms

L. J

Gier

Port Washington

Marketing & operational efficiencies drive outperformance

Sector -leading performance in the New York MSA

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2023 2024 2025

New York MSA Same - Store Revenue Growth

EXR PSA CUBE

High Quality Portfolio | Attractive Demand Profile | Positive Supply Trends | Strategic Capital Allocation | Premier NYC Operator

The quality of our New York MSA

portfolio and our industry -leading

platform have driven +170 bps of

average annual outperformance

of peers over the last three years 1

1. Average of CUBE outperformance vs. EXR/PSA average same-store revenue growth as reported in New York MSA for 2023-2025

High Quality Portfolio I Attractive Demand Profile I Positive Supply Trends I Strategic Capital Allocation I Premier NYC Operator

Marketing & operational efficiencies drive outperformance

Sector-leading performance in the New York MSA

New York MSA Same-Store Revenue Growth

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1 .0%

2023 2024 2025

■ EXR ■ PSA ■ CUBE

® CuBE5MART·

The quality of our New York MSA

portfolio and our industry-leading

platform have driven + 170 bps of

average annual outperformance

of peers over the last three years 1

High Quality Portfolio

An irreplaceable portfolio of high -

quality properties across the NYC

boroughs with a complementary

presence across key suburban

submarkets

Premier Storage Operator

Our scale, coupled with our years of

experience operating in this unique

market, position us to generate

efficiencies and drive incremental cash

flow growth

Attractive Demand Profile

NYC is the most attractive self -

storage market in the world as the

unique demographics and a stable

customer base support consistent

long -term cash flow growth

Positive Supply Trends

NYC continues to have the lowest

square feet of storage per capita even

after recent development deliveries

while new tax regulations should limit

future supply in NYC

Strategic Capital Allocation

Continued enhancement of our market -leading portfolio

through acquisition and development of high -quality,

purpose -built stores in leading submarkets across the

five boroughs and major suburban markets

Creating long -term value through a strategic focus on New York

CUBE remains uniquely positioned to outperform in the country’s strongest self -storage market

Creating long-term value through a strategic focus on New York

CUBE remains uniquely positioned to outperform in the country's strongest self-storage market

High Quality Portfolio

An irreplaceable portfolio of high-quality properties across the NYC

boroughs with a complementary

presence across key su bu rba n

submarkets

Premier Storage Operator

Our scale, coupled with our years of

experience operating in this unique

market, position us to generate

efficiencies and drive incremental cash

flow growth

® CuBE5MART·

Strategic Capital Allocation

Continued enhancement of our market-leading portfolio

through acquisition and development of high-quality,

purpose-built stores in leading submarkets across the

five boroughs and major suburban markets

Attractive Demand Profile

NYC is the most attractive self-storage market in the world as the

unique demographics and a stable

customer base support consistent

long-term cash flow growth

Positive Supply Trends

NYC continues to have the lowest

square feet of storage per capita even

after recent development deliveries

while new tax regulations should limit

future supply in NYC

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Document and Entity Information

May 14, 2026

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Document Period End Date

May 14, 2026

Entity File Number

001-32324

Entity Registrant Name

CUBESMART

Entity Incorporation, State or Country Code

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5 Old Lancaster Road

Entity Address, City or Town

Malvern

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19355

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610

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535-5000

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Common Shares, $0.01 par value per share, of CubeSmart

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CUBE

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NYSE

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CUBESMART L.P.

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