Form 8-K

8-K — CubeSmart

Accession: 0001298675-26-000021

Filed: 2026-05-04

Period: 2026-05-04

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-20260504x8k.htm (Primary)

EX-99.1 (cube-20260504xex99d1.htm)

GRAPHIC (cube-20260504xex99d1g001.jpg)

GRAPHIC (cube-20260504xex99d1g002.jpg)

GRAPHIC (cube-20260504xex99d1g003.jpg)

GRAPHIC (cube-20260504xex99d1g004.jpg)

GRAPHIC (cube-20260504xex99d1g005.jpg)

GRAPHIC (cube-20260504xex99d1g006.jpg)

GRAPHIC (cube-20260504xex99d1g007.jpg)

GRAPHIC (cube-20260504xex99d1g008.jpg)

GRAPHIC (cube-20260504xex99d1g009.jpg)

GRAPHIC (cube-20260504xex99d1g010.jpg)

GRAPHIC (cube-20260504xex99d1g011.jpg)

GRAPHIC (cube-20260504xex99d1g012.jpg)

GRAPHIC (cube-20260504xex99d1g013.jpg)

GRAPHIC (cube-20260504xex99d1g014.jpg)

GRAPHIC (cube-20260504xex99d1g015.jpg)

GRAPHIC (cube-20260504xex99d1g016.jpg)

GRAPHIC (cube-20260504xex99d1g017.jpg)

GRAPHIC (cube-20260504xex99d1g018.jpg)

GRAPHIC (cube-20260504xex99d1g019.jpg)

GRAPHIC (cube-20260504xex99d1g020.jpg)

GRAPHIC (cube-20260504xex99d1g021.jpg)

GRAPHIC (cube-20260504xex99d1g022.jpg)

GRAPHIC (cube-20260504xex99d1g023.jpg)

GRAPHIC (cube-20260504xex99d1g024.jpg)

GRAPHIC (cube-20260504xex99d1g025.jpg)

GRAPHIC (cube-20260504xex99d1g026.jpg)

GRAPHIC (cube-20260504xex99d1g027.jpg)

GRAPHIC (cube-20260504xex99d1g028.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cube-20260504x8k.htm · Sequence: 1

CUBESMART_May 4, 2026

0001298675false8-K2026-05-045 Old Lancaster RoadMalvernPA19355610535-5000falsefalsefalsefalse0001300485false0001298675cube:CubesmartL.p.Member2026-05-042026-05-0400012986752026-05-042026-05-04

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 4, 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 4, 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 4, 2026

Title:

Chief Legal Officer and Secretary

EX-99.1

Filename: cube-20260504xex99d1.htm · Sequence: 2

Exhibit 99.1

May 2026

Investor

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

® CuBESNIARr·

Introduction to CubeSmart

A high-quality portfolio in an attractive industry with proven returns

1. Period ended December 31, 2025

2. As of March 31, 2026

3. Market value of common equity and book value of debt as of March 31, 2026

4. Annual dividends declared for period ended December 31, 2025

1,287

Properties1

$11.8B

Enterprise Value3

31%

5-year total

shareholder

return1

50%

5-year growth in

FFO, as adjusted,

per share1

$2.6B

5-year

acquisition

volume1

57%

5-year dividend

growth4

1,516

Properties2

48.5M

Total owned

square feet2

6.6%

5-year same-store NOI CAGR1

Baa2/

BBB

Credit Rating

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Why CubeSmart?

A company built to perform throughout all phases of the cycle

Attractive Industry

Well-diversified demand characteristics create strong industry fundamentals

High Quality Portfolio

Growing the platform through high-quality investments creating industry-leading portfolio demographics

Operational Excellence

Sophisticated operating platform drives efficiencies and meets evolving

customer needs

Cash Flow Generation

Disciplined investment strategy in best-in-class assets paired with a

conservative balance sheet generates stable cash flows

Experienced Leadership Team

Extensive self-storage and publicly traded REIT background with a successful

track record of operating through various macroeconomic environments

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Experienced Management Team

Strong track record of creating shareholder value and driving performance

Years with 15 CubeSmart

Years in 16 Self-Storage

Years at

publicly-traded REITs

Christopher Marr

President &

Chief Executive Officer

Tim Martin

Chief Financial

Officer

Jeffrey Foster

Chief Legal

Officer

Jen Schulte

Chief Human Resources

Officer

Average

Management

Tenure

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Guy Middlebrooks

Executive Vice

President, Operations

Amy Cross

Executive Vice President, IT,

Data Science & Marketing

Strong Corporate Governance

Supporting the long-term interests of all shareholders

Board Practices

 The Board is composed of nine Trustees, including eight independent Trustees

 Separate Board Chair & Chief Executive Officer

 Regular executive sessions of independent Trustees

 Annual Board & Committee self-evaluations

 Share ownership guidelines for Executive Officers and Trustees

 Anti-hedging and anti-pledging policies

 Code of Business Conduct & Ethics for employees and Trustees

 Risk oversight by Board and Committees

 Wide range of relevant experience and qualifications among Trustees

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Governance

Rating

Consistently

Among Best in

REIT Sector

ISS Corporate Governance

Rating of 2, placing the

Company in the top 20% of all

publicly traded companies in

terms of good corporate

governance

Shareholder Rights

 Annual election of Trustees

 Annual say-on-pay votes

 Single voting class of stock

 Shareholder right to call special meeting

r------------------------------------------------------------------------------------------------------------------

A History of Growth

Consistent execution on strategic objectives

U-Store-It

initial public

offering

2004 2010 2011 2018 2021 2025

Acquired United Stor-All to establish the

third-party

management program

Acquired 22-store

Storage Deluxe

portfolio located

primarily in NYC for

$560 million

Opened 1,000th

CubeSmart

location

Acquired 59-store

Storage West portfolio

in major southwest

markets for $1.7

billion

Acquired remaining

80% interest in

28-store HVP IV

joint venture for

$452.8 million

2006 2011 2012 2020 2024

Arrival of current

management

team

Rebranded the

company as

CubeSmart

Issued debut

investment-grade

unsecured senior

notes

Launched fully online

rental platform,

SmartRental

Acquired 85%

interest in 14-store

portfolio in Dallas

for $157.3 million

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

~--------------------- ~--------------------- ~--------------------- ~--------------------- ~--------------------- ~---------------------

U•STORE•IT Storage West" HEITMAN

Quality-Driven Value Creation Strategy

Focus on quality throughout the platform

Quality Platform

Sophisticated, fully integrated platform focused on providing flexible and

efficient service delivery to maximize property cash flows over the long term

Quality Portfolio

Disciplined investment strategy to grow our nationwide portfolio of best-in-class assets in core markets with strong demographics and demand profiles

Quality Balance Sheet

Investment-grade balance sheet provides flexibility to access a full array of

capital sources to finance growth opportunities

Quality Company

Continued focus on corporate responsibility and risk management to ensure

sustainable long-term growth

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Attractive Industry Dynamics

Strong sector fundamentals generate outsized long-term returns

Dynamic Demand

Wide range of needs drives

demand for the product

throughout all economic cycles

Increasing Utilization

Newly identified sources of

demand have increased

utilization and product

awareness

High Margins

Low expense load & cap-ex

requirements drive more cash

flow to the bottom line

Short-Term Leases

Month-to-month leases allow

for rapid repricing in response

to changing economic

conditions

102%

692%

100%

200%

300%

400%

500%

600%

700%

800%

10-Year 15-Year

Self-Storage REIT Average Return vs RMZ1

Storage REITs RMZ Index

1. Period ended December 31, 2025

2. Storage REIT straight average total return for CUBE, PSA, EXR & NSA

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Source: S&P Global Capital IQ

3. Storage REIT straight average total return for CUBE, PSA & EXR

2 3

■ ■

Industry Backdrop

Current industry backdrop sets the stage for long-term future growth

Fragmentation

Fragmented ownership creates further opportunity for external growth and

consolidation

New Supply

Development headwinds are reducinig new deliveries, creating a tailwind for

operational performance

Long-Term Cash Flow Stability

Proven track record of cash flow growth across cycles

Housing Market

30-year low existing home sales are a current headwind to the seasonal

segment of demand, but represents pent-up demand when trends normalize

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Diversified Portfolio in Quality Markets

National platform focused in core markets drives long-term value

Owned NOI from

top-40 MSAs1

States with Managed Stores Only

States with Owned Stores

91%

197 Markets

41 States (& Washington DC)

National Scale

Exposure to secondary and tertiary

markets through third-party

management and joint ventures

further diversifies the portfolio and

leverages the operating platform

Primary Markets

Owned portfolio predominantly

concentrated in core markets with

strong demographics

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

1. For the three months ended March 31, 2026

2. Map reflects portfolio as of March 31, 2026

■

Industry-Leading Demographics Generate Long-Term Value

Quality market focus creates a strong demand backdrop and cash flow stability

1. Source: Evercore ISI Research Report dated March 19, 2026

2. Total owned portfolio NOI for the three months ended March 31, 2026, market ranking by population per US Census Bureau

100

150

200

CUBE PSA EXR NSA

Avg 3-Mile Population Density (000’s)1

105

115

CUBE PSA EXR NSA

Avg 3-Mile Median Household Income (000’s)1

40%

80%

91%

25%

50%

75%

100%

Top 5 Markets Top 25 Markets Top 40 Markets

% of Owned Store NOI Strong Demographics 2

A strategic focus on submarkets with attractive demographics for

stable, long-term demand trends

Mature Markets

Larger core markets support more stable demand trends

throughout the economic cycle

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

New York City Market Leader

Competitive advantage in the largest market is a key component of our long-term strategy

Lowest Supplied Market

Supply across the three key outer

boroughs is 2.8 SF per capita2, the

lowest nationally and less than

half the national average of 7.2 SF

per capita3. Supply pipeline is

waning due to recent legislative

changes removing self-storage

eligibility for the ICAP tax incentive

program

Best-In Class Portfolio

Our NYC stores make up the

largest portfolio of purpose-built, Class-A properties in the

outer boroughs that create

vibrant billboards for our brand

Unique Submarkets

Each borough features a robust

local economy with its own

unique, stable demand drivers

Portfolio Composition1

1. Total portfolio NOI for the three months ended March 31, 2026

2. Source: CubeSmart internal market research

All Other

Markets

3. Source: 2026 Self-Storage Almanac

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Brooklyn

Queens

Bronx

Manhattan

Staten Island

Owned

Managed

~\o

Y)·

•• • 1.Jo/0

~ ••

5.7%

. -c-:=:: !th===:: 0.9%

Ort ern N

WesfclJ J 4.0%

ol)!l'/ ester,

S-(<11)(/ -3%

'-?%

•

• ••

·-

• •

•

Sophisticated Operating Platform Drives Efficiencies

Foundation of propriety solutions creates flexibility for the future

Technological Platform

Sophisticated foundational systems provide scalability for a fully-integrated

experience across platforms

Customer Capture

Attract the greatest share of demand across all channels through cutting-edge

strategies

Dynamic Pricing

Maximize revenue through real-time pricing decisions that balance occupancy

and rate

Service-Oriented Model

Provide award-winning customer service to meet the many needs of our

customers across all touchpoints, no matter how they prefer to interact with us

Ongoing Optimization

Continually test new strategies to evolve and capture further efficiencies

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Cloud-based Data Warehouse

Utilize customer data to further optimize operations

Proprietary HIVE Point of Sale System

Flexible platform to manage customer interactions across all channels

Optimization Throughout the Customer Journey

Thoughtful enhancements across all touchpoints for a fully integrated experience

Reservation Rental Existing Customer

Paid Search

Bid on ~2+ million

keywords

Brand Marketing

Further build brand

awareness, making CUBE

an operator of choice

AI Generative Search

Optimize web presence to

be a trusted source

across platforms

Website

Interact with 9 million

visitors annually1

Sales Center

Receive 935k calls

annually1

RateSmart

Leverage demand &

elasticity trends to

generate optimal pricing

SmartRental

~40% of customers rent

through SmartRental

In-Store Teammates

Provide high-level service

for customers looking for

an in-person experience

CAM Video Agents

Providing personal

interaction even in a

remote environment

CubeSmart Mobile App

Enhanced customer

interaction

Rate Increases

Enhance revenue through

optimized rate increases

Digital Access Systems

Smartphone gate access

improves experience

Research

1. Data for full year ended December 31, 2025

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

----------------------------------------

e ----------------------------------------

3.1%

4.2%

3.5%

1.2%

2.5%

2.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2025 3-Year Expense Growth Expense Growth since 2020

Average Same-Store Expense Growth1

Sector Average CUBE

+190 bps better +170 bps better +60 bps better

16 1. One- and three-year average annual same-store expense growth as reported for years ended December 31, 2025, 2024, 2023. Sector average comprised of EXR, PSA and NSA

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Sector-leading expense control against an inflationary backdrop

Focus on Efficient Operations

■ ■

Multi-Faceted External Growth Strategy Creates Long-Term Value

Building our portfolio through strategic investment and growth

Development & Lease-Up

Build and acquire purpose-built properties in top

markets to generate elevated

growth over the long term

Third-Party Management

Drive mutually-beneficial

value creation by building

additional scale and cash

flow from our platform

High-Quality Acquisitions

Target acquisitions of well

positioned, quality assets in

markets with strong

demographics and demand

trends

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Value-Add Joint Ventures

Generate outsized returns,

reduce risk and enhance

further diversification

through acquisitions with

partners

Robust Portfolio Growth

Strategically increasing the size of the platform

Increase in stores

on the platform

since 2010

230%

Customers across

the portfolio, a

592k increase from

2010

783k

200

400

600

800

1000

1200

1400

1600

1800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Wholly-Owned Joint Venture Managed

1,516

460

Multi-faceted growth

strategy, leveraging all

avenues to enhance

scale and efficiencies

1. As of March 31, 2026

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

■ ■ ■

$6.2B

Consolidated

acquisitions

since 2010

$2.1B

Acquisitions

from third-party

management1

82%

Acquisitions in

top-25 MSAs1

Accretive Acquisitions Create Long-Term Value

Disciplined investment strategy to prudently build our portfolio

Strong Demographics

Focus on submarkets with attractive demographics and

strong long-term demand characteristics

Complement Existing Portfolio

Continue to identify opportunities to improve coverage across

core markets

Platform Value-Add

Placing new properties on the CubeSmart platform generates

multi-year yield expansion

Strategic Lease-up Opportunities

Acquire properties in lease-up to generate elevated returns

1. Since 2010, as of March 31, 2026

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Strategic Joint Ventures Complement our Growth Strategy

Opportunistic investment with partners adds value to our portfolio strategy

$914M

Acquired in joint

ventures1

Properties in

existing ventures1

Properties acquired

from JVs upon exit

Strong Returns

Fee revenue and promoted interests increase our return profile

for transactions

Investment Diversification

Further diversify cash flow and exposure to markets outside of

core acquisition strategy

Opportunistic Unstabilized Acquisitions

Spread investment capital across additional transactions through

a minority investment while mitigating dilution through fees

Acquisition Opportunities

Build a network of partners to share industry insights and trends

1. Unconsolidated joint ventures as of March 31, 2026. Excludes two unconsolidated joint ventures acquired as a part of the Storage West transaction.

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Targeted Development Creates Long-Term Value

Enhancing our portfolio in select markets with flagship properties

Partner with Local Developers

Work with developers that have local market expertise and can

source high-quality sites

Focus on Top Markets

Target projects in irreplicable infill locations that generate

attractive long-term risk-adjusted returns

Operational Expertise

Leverage CubeSmart’s operating platform to optimally design

and efficiently lease up new stores

Refresh Portfolio

Enhance the quality of our existing portfolio through purpose-built, trophy assets that showcase our brand

$792M

New

development

delivered1

$28M

Projects in the

pipeline2

100%

Development in

top-10 MSAs

1. Development deliveries as of March 31, 2026 (does not include C/O acquisitions)

2. As of March 31, 2026

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Third Party Management Generates Additional Growth

Mutually beneficial relationships create long-term value for our shareholders

854

Properties1

$40M

Management

fee revenue2

265+

Relationships

Enhanced Profitability

Creates additional revenue streams through management,

tenant insurance, and other fees

Additional Scale

Expands our national footprint and brand, increasing operational

efficiencies

Acquisition Pipeline

Opportunity for relationship-driven transactions while utilizing

our knowledge of the assets to reduce underwriting risk

Industry Relationships

Build a network of industry partners to share insights and trends

1. As of March 31, 2026

2. For the year ended December 31, 2025

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Disciplined Balance Sheet Strategy

Ensuring stability while funding growth

340,678

415,100

550,000

404,300

350,000

450,000 500,000 450,000

200,000

400,000

600,000

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Debt Maturity Schedule1 (000’s)

Secured Debt Unsecured Debt Unsecured Revolving Credit Facility

4.9x

Net Debt/

EBITDA1

6.4x

Fixed Charge

Coverage Ratio1

$850.0M

Revolving Line of

Credit1

4.0 years

Weighted Average

Maturity1

87.9%

% Fixed Rate Debt1

3.37%

Weighted Average

Interest Rate1

Capital raised over

the last five years

$2.5B

Investment-grade

balance sheet, with

well-staggered

maturities and

conservative leverage

levels, provides access

to a full range of

attractively-priced

capital sources to fund

our growth

BBB/Baa2

$11.8B

Enterprise Value1

29.2%

Total Debt/

Enterprise Value1

S&P/Moody’s

Investment-grade

credit rating

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

1. As of March 31, 2026

■ ■ ■

2026 Financial Highlights

0.6%

Same-Store

Revenue Growth

5.8%

Same-Store Expense

Growth

(1.5)%

Same-Store NOI

Growth

Full Year Outlook2

(0.25%) to 1.25%

Same-store revenue growth

3.25% to 4.75%

Same-store expense growth

(1.75%) to 0.25%

Same-store NOI growth

$2.52 to $2.60

FFO, as adjusted, per share

 Established a 15% ownership position in a newly formed

joint venture that acquired its initial store during the

quarter for a purchase price of $13.6 million

 Opened for operation one development property for a total

cost of $28.0 million

 Added 33 stores to our third-party management platform,

bringing our total third-party managed store count to 854

as of March 31, 2026

 Repurchased 0.9 million common shares of beneficial

interest through our share repurchase program for $33.4

million at an average purchase price of $36.64 per share

First Quarter 2026 Highlights

$13.6M

Acquisitions in Joint

Venture

Stores added to the

management

platform

$0.63

FFO, as adjusted,

per share

1. For the three months ended March 31, 2026

2. 2026 outlook last updated as of our earnings release dated April 30, 2026

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

First Quarter 2026 Results1

~----------------------------------~

Same-Store Operational Update

88.0%

89.0%

90.0%

91.0%

92.0%

93.0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Same-Store Occupancy1

2025 2026

5,000

10,000

15,000

20,000

25,000

30,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Same-Store Rentals1

2025 2026

5,000

10,000

15,000

20,000

25,000

30,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Same-Store Vacates1

2025 2026

89.5%

-20 bps YOY

1. Results for the 2026 same-store pool

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Year-to-date performance as of April 30th

~ '- .........__. ____ _ ~ .___ .___ ~-------- ■ ■ ■ ■

Consistent Earnings Outperformance

FFO per share growth above the sector average over the past three years Consistent

outperformance

driven by:

Sophisticated Operating

Platform

Maximizing revenue through

innovative & efficient execution

Expense Control

Sector-leading same-store

expense control, 190 bps lower

than the peer average2

Disciplined Capital

Allocation

Creative capital deployment

focused on long-term value

creation

Conservative Balance

Sheet Strategy

Cash flow stability throughout the

cycle

-1.9% -1.9%

0.7%

-1.9%

-2.7%

-1.8%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

One-Year Two-Year Three-Year

FFO, as adjusted, Per Share Growth vs Sector Average1

2023-2025

CUBE Sector Average

1. Represents average annual FFO, as adjusted, per share growth for the one-, two-, and three-year periods ended December 31, 2025. Sector is comprised of EXR, PSA, and NSA.

2. Three-year average for the years ending December 31, 2025, 2024 and 2023. Sector average comprised of EXR, PSA and NSA.

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

■ ■

Long-Term Cash Flow Growth

A consistent history of sharing our growth with our shareholders

$0.50

$1.00

$1.50

$2.00

$2.50

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Annual Dividend per Share

+203%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

FFO, as adjusted, per share

+106%

CubeSmart: A Compelling Investment | Built for Growth | Operations that Drive Performance | Targeted Investments | Strong Fundamentals, Consistent Performance

Sixteen consecutive years of dividend increases, the longest active streak among storage REITs

Why CubeSmart?

A company built to perform throughout all phases of the cycle

Attractive Industry

Well-diversified demand characteristics create strong industry fundamentals

High Quality Portfolio

Growing the platform through high-quality investments creating industry-leading portfolio demographics

Operational Excellence

Sophisticated operating platform drives efficiencies and meets evolving

customer needs

Cash Flow Generation

Disciplined investment strategy in best-in-class assets paired with a

conservative balance sheet generates stable cash flows

Experienced Leadership Team

Extensive self-storage and publicly traded REIT background with a successful

track record of operating through various macroeconomic environments

GRAPHIC

Filename: cube-20260504xex99d1g001.jpg · Sequence: 3

Binary file (231255 bytes)

Download cube-20260504xex99d1g001.jpg

GRAPHIC

Filename: cube-20260504xex99d1g002.jpg · Sequence: 4

Binary file (231857 bytes)

Download cube-20260504xex99d1g002.jpg

GRAPHIC

Filename: cube-20260504xex99d1g003.jpg · Sequence: 5

Binary file (204535 bytes)

Download cube-20260504xex99d1g003.jpg

GRAPHIC

Filename: cube-20260504xex99d1g004.jpg · Sequence: 6

Binary file (216920 bytes)

Download cube-20260504xex99d1g004.jpg

GRAPHIC

Filename: cube-20260504xex99d1g005.jpg · Sequence: 7

Binary file (175821 bytes)

Download cube-20260504xex99d1g005.jpg

GRAPHIC

Filename: cube-20260504xex99d1g006.jpg · Sequence: 8

Binary file (163969 bytes)

Download cube-20260504xex99d1g006.jpg

GRAPHIC

Filename: cube-20260504xex99d1g007.jpg · Sequence: 9

Binary file (159371 bytes)

Download cube-20260504xex99d1g007.jpg

GRAPHIC

Filename: cube-20260504xex99d1g008.jpg · Sequence: 10

Binary file (171900 bytes)

Download cube-20260504xex99d1g008.jpg

GRAPHIC

Filename: cube-20260504xex99d1g009.jpg · Sequence: 11

Binary file (135705 bytes)

Download cube-20260504xex99d1g009.jpg

GRAPHIC

Filename: cube-20260504xex99d1g010.jpg · Sequence: 12

Binary file (197285 bytes)

Download cube-20260504xex99d1g010.jpg

GRAPHIC

Filename: cube-20260504xex99d1g011.jpg · Sequence: 13

Binary file (164600 bytes)

Download cube-20260504xex99d1g011.jpg

GRAPHIC

Filename: cube-20260504xex99d1g012.jpg · Sequence: 14

Binary file (114561 bytes)

Download cube-20260504xex99d1g012.jpg

GRAPHIC

Filename: cube-20260504xex99d1g013.jpg · Sequence: 15

Binary file (149853 bytes)

Download cube-20260504xex99d1g013.jpg

GRAPHIC

Filename: cube-20260504xex99d1g014.jpg · Sequence: 16

Binary file (164586 bytes)

Download cube-20260504xex99d1g014.jpg

GRAPHIC

Filename: cube-20260504xex99d1g015.jpg · Sequence: 17

Binary file (197162 bytes)

Download cube-20260504xex99d1g015.jpg

GRAPHIC

Filename: cube-20260504xex99d1g016.jpg · Sequence: 18

Binary file (68129 bytes)

Download cube-20260504xex99d1g016.jpg

GRAPHIC

Filename: cube-20260504xex99d1g017.jpg · Sequence: 19

Binary file (231933 bytes)

Download cube-20260504xex99d1g017.jpg

GRAPHIC

Filename: cube-20260504xex99d1g018.jpg · Sequence: 20

Binary file (124921 bytes)

Download cube-20260504xex99d1g018.jpg

GRAPHIC

Filename: cube-20260504xex99d1g019.jpg · Sequence: 21

Binary file (193745 bytes)

Download cube-20260504xex99d1g019.jpg

GRAPHIC

Filename: cube-20260504xex99d1g020.jpg · Sequence: 22

Binary file (230492 bytes)

Download cube-20260504xex99d1g020.jpg

GRAPHIC

Filename: cube-20260504xex99d1g021.jpg · Sequence: 23

Binary file (195583 bytes)

Download cube-20260504xex99d1g021.jpg

GRAPHIC

Filename: cube-20260504xex99d1g022.jpg · Sequence: 24

Binary file (198439 bytes)

Download cube-20260504xex99d1g022.jpg

GRAPHIC

Filename: cube-20260504xex99d1g023.jpg · Sequence: 25

Binary file (162653 bytes)

Download cube-20260504xex99d1g023.jpg

GRAPHIC

Filename: cube-20260504xex99d1g024.jpg · Sequence: 26

Binary file (183416 bytes)

Download cube-20260504xex99d1g024.jpg

GRAPHIC

Filename: cube-20260504xex99d1g025.jpg · Sequence: 27

Binary file (81735 bytes)

Download cube-20260504xex99d1g025.jpg

GRAPHIC

Filename: cube-20260504xex99d1g026.jpg · Sequence: 28

Binary file (135852 bytes)

Download cube-20260504xex99d1g026.jpg

GRAPHIC

Filename: cube-20260504xex99d1g027.jpg · Sequence: 29

Binary file (111322 bytes)

Download cube-20260504xex99d1g027.jpg

GRAPHIC

Filename: cube-20260504xex99d1g028.jpg · Sequence: 30

Binary file (210256 bytes)

Download cube-20260504xex99d1g028.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 36

v3.26.1

Document and Entity Information

May 04, 2026

Document Type

8-K

Document Period End Date

May 04, 2026

Entity File Number

001-32324

Entity Registrant Name

CUBESMART

Entity Incorporation, State or Country Code

Entity Tax Identification Number

20-1024732

Entity Address, Address Line One

5 Old Lancaster Road

Entity Address, City or Town

Malvern

Entity Address, State or Province

Entity Address, Postal Zip Code

19355

City Area Code

610

Local Phone Number

535-5000

Title of 12(b) Security

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

Trading Symbol

CUBE

Security Exchange Name

NYSE

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001298675

Amendment Flag

false

CUBESMART L.P.

Document Type

8-K

Document Period End Date

May 04, 2026

Entity File Number

000-54462

Entity Registrant Name

CUBESMART, L.P.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

34-1837021

Entity Address, Address Line One

5 Old Lancaster Road

Entity Address, City or Town

Malvern

Entity Address, State or Province

Entity Address, Postal Zip Code

19355

City Area Code

610

Local Phone Number

535-5000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001300485

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

dei_LegalEntityAxis=cube_CubesmartL.p.Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: