| 1. 2. 3. Performance as reported for the same-store pool as it was constituted at the end of the respective year Year-ending values as detailed in Company's supplemental packages Calculated as ending common share price / funds from operations per share, as adjusted. Please refer to CubeSmart’s public filings for a detailed explanation of FFO and how it reconciles to a GAAP measure Calculated as annual common distributions per share / funds from operations per share, as adjusted Calculated as annual dividend per share / ending common share price 4. 5. Market Equity Value2 $965 $1,277 $2,049 $2,335 $3,752 $5,496 $4,875 $5,324 $5,425 $6,155 $6,884 Total Market Capitalization2 $1,580 $2,035 $3,073 $3,474 $4,926 $6,758 $6,471 $6,659 $7,172 $8,087 $9,249 Total Gross Assets2 $1,793 $2,195 $2,504 $2,757 $3,278 $3,709 $4,146 $4,298 $4,615 $4,955 $5,762 P / FFO (Trailing)3 18.7x 16.4x 19.7x 17.5% 20.4% 24.5x 18.6x 18.2x 17.5x 18.6x 19.5x FFO Payout Ratio4 28.4% 44.6% 47.3% 50.5% 50.9% 55.2% 62.5% 69.8% 74.4% 76.3% 72.3% Dividend Yield5 1.5% 2.7% 2.4% 2.9% 2.5% 2.7% 3.4% 3.8% 4.3% 4.1% 4.1% # Acquired Properties 12 27 37 20 53 29 28 7 10 29 21 Acquisition Value ($MM) $85.1 $467.1 $432.3 $189.8 $568.2 $292.4 $403.6 $80.7 $227.5 $246.6 $735.9 # of Development Openings 0 0 0 0 2 3 2 4 1 3 1 Cost of Development Openings ($MM) $0.0 $0.0 $0.0 $0.0 $42.3 $49.3 $64.0 $168.0 $92.1 $90.6 $45.9 # of Disposed Properties 16 19 26 35 0 8 0 0 2 1 1 Disposition Value ($MM) $38.1 $45.2 $60.0 $126.4 $0.0 $37.8 $0.0 $0.0 $17.5 $4.1 $12.8 Revenue Growth 0.3% 3.6% 3.8% 7.4% 7.2% 7.3% 7.0% 4.4% 3.3% 1.9% 0.8% NOI Growth 1.0% 5.7% 6.0% 9.3% 9.6% 9.6% 10.2% 5.1% 3.3% 1.1% 0.1% YOY Occupancy Growth (BPS) 0.6% 2.0% 3.4% 5.3% 2.6% 1.5% 0.8% 0.2% (0.2%) 0.0% 2.2% Annual Avg. Occupancy 76.8% 78.8% 82.6% 88.4% 90.8% 92.3% 92.9% 93.1% 92.7% 92.4% 93.2% |