Table of Contents sts UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number: 001-32324 (CubeSmart) 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. (Exact Name of Registrant as S ...

Q CUBESMART® First Quarter 2020 Supplemental Information | --- | --- | |-----------------------------------------------------------------------|-------| | Table of Contents | | | Analyst Information 3 | | | Company Information 4 | | | Earnings Release Text 5 | | | Financial Highlights 12 | | | Balance Sheets 13 | | | Statements of Operations - Trailing Five Quarters 14 | | | Same-Store Portfolio Net Operating Income 15 | | | Same-Store Portfolio Net Operating Income - Trailing Five Quarters 16 | | | Consoli ...

CubeSmart (NYSE:CUBE) Q4 2019 Earnings Conference Call February 21, 2020 11:00 AM ET Company Participants Josh Schutzer - Director of Financial Analysis Christopher Marr - CEO, President & Trustee Timothy Martin - CFO & Treasurer Conference Call Participants Shirley Wu - Bank of America Merrill Lynch Todd Thomas - KeyBanc Capital Markets Jeremy Metz - BMO Capital Markets Smedes Rose - Citi Ki Bin Kim - SunTrust Jonathan Hughes - Raymond James Samir Khanal - Evercore Ryan Lumb - Green Street Advisors Michael ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32324 (CubeSmart) Commission file number 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. (Exact Name of Registrant as Spec ...

Q CUBESMART® Fourth Quarter 2019 Supplemental Information | --- | --- | --- | |-----------------------------------------------------------------------|------------------------------------------------------|-------| | | Table of Contents | | | | Analyst Information 3 | | | | Company Information 4 | | | | Earnings Release Text 5 | | | | Financial Highlights 13 | | | | Balance Sheets 14 | | | | Statements of Operations - Trailing Five Quarters 15 | | | | Statements of Operations 16 | | | | Same-Store Portfolio ...

Table of Contents sts UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |------------------------------------------------------------------------------------------------------------------|-------------------------------- ...

Financial Data and Key Metrics Changes - The company reported a headline result of $0.44 per share of FFO as adjusted, which was at the high end of the guidance range [11] - Same-store revenue growth was 1.5%, while same-store expenses grew by 5.3%, resulting in same-store NOI growth of 0.1% during the quarter [11][12] - Same-store occupancy ended the quarter at 92.5%, with an average of 93.1% during the quarter [12] Business Line Data and Key Metrics Changes - The company acquired 2 stores during the quarter for just under $18 million, with year-to-date investments totaling $189 million into wholly owned store acquisitions [13] - The third-party management platform added 48 stores in the third quarter, bringing the total to 652 stores under management [15] Market Data and Key Metrics Changes - The company observed a slowdown in deliveries in its top 12 markets, with significant declines noted in Chicago, Miami, Dallas, and Houston [7][9] - The company reported a 120 basis points increase in year-over-year occupancy despite the new supply impact in Brooklyn [9] Company Strategy and Development Direction - The company remains focused on external growth through joint ventures and acquisitions, while maintaining a conservative balance sheet [10] - The company expects new store openings in its top 12 markets to peak in 2019 and decline in 2020, which is anticipated to alleviate some pricing pressure [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the impact of new supply, indicating that the customer base remains resilient [60] - The company anticipates continued pressure on pricing in supply-impacted markets but expects a gradual reduction in the rate of deceleration [7][10] Other Important Information - The company issued $350 million in senior unsecured notes at 3% interest, maturing in 2030, to fund acquisition and development activities [16] - The company narrowed its full-year guidance for FFO per share as adjusted to a range of $1.67 to $1.69 [17] Q&A Session Summary Question: Change in guidance and impact of Brooklyn - Management indicated that results in Brooklyn were better than anticipated, and the adjustment in guidance was due to mathematical challenges in reaching the high end of the range [20][21] Question: Supply impact and lag time - Management noted a typical lag of 9 to 13 months between peak supply and its impacts on pricing [23] Question: Increase in property taxes - Management acknowledged significant pressure on property tax growth, particularly in Texas and other major MSAs, and expects this trend to continue [28][29] Question: Revenue-management experiments - Management confirmed ongoing revenue-management experiments, which may have put some pressure on quarterly revenue growth [33] Question: Opportunities in the market - Management stated that while there are always opportunities, they do not see a significant market shift prompting owners to sell due to distress [36][37] Question: Net effective rate trends - Management reported no sharp changes in net effective rates, with some markets experiencing pressure due to supply [42] Question: Brooklyn development project - Management discussed the complexities of the Brooklyn development project and confirmed it is expected to open before the end of the year [56][57]

Property Management and Operations - As of June 30, 2019, the company owned 516 self-storage properties, an increase from 493 properties as of December 31, 2018, totaling approximately 36.0 million rentable square feet[157] - The company managed 648 stores for third parties, bringing the total number of owned and/or managed stores to 1,164[157] - The company focuses on maximizing internal growth opportunities and selectively pursuing targeted acquisitions and developments of self-storage properties[161] - The company experienced seasonal fluctuations in occupancy levels, typically higher during summer months due to increased moving activity[159] - The company owned 467 same-store properties and 49 non-same-store properties as of June 30, 2019[177] - The company’s approach to management combines centralized marketing and revenue management with local operations teams for effective market-level oversight[158] Revenue and Income - For the six months ended June 30, 2019, stores in Florida, New York, Texas, and California contributed approximately 16%, 16%, 10%, and 8% of total revenues, respectively[163] - Rental income increased from $127.8 million in Q2 2018 to $136.0 million in Q2 2019, a rise of $8.2 million or 6.4%[185] - Same-store rental income rose by $2.3 million primarily due to higher rental rates, with realized annual rent per square foot increasing by 2.1%[185] - Other property related income grew from $15.0 million in Q2 2018 to $16.9 million in Q2 2019, an increase of $1.9 million or 12.5%[186] - Property management fee income increased from $4.9 million in Q2 2018 to $6.1 million in Q2 2019, a rise of $1.1 million or 23.2%[188] - Net income attributable to the company's common shareholders rose from $38.4 million in Q2 2018 to $49.4 million in Q2 2019, an increase of $11.0 million or 28.7%[190] - Rental income increased from $252.0 million during the six months ended June 30, 2018 to $267.6 million during the six months ended June 30, 2019, an increase of $15.6 million, or 6.2%[198] - Other property related income increased from $29.3 million during the six months ended June 30, 2018 to $32.6 million during the six months ended June 30, 2019, an increase of $3.3 million, or 11.3%[199] - Property management fee income increased from $9.4 million during the six months ended June 30, 2018 to $11.6 million during the six months ended June 30, 2019, an increase of $2.3 million, or 24.0%[201] Expenses and Financial Performance - Depreciation and amortization expenses rose from $35.0 million in Q2 2018 to $40.7 million in Q2 2019, an increase of $5.6 million or 16.0%[190] - General and administrative expenses increased from $8.3 million in Q2 2018 to $9.8 million in Q2 2019, a rise of $1.5 million or 17.5%[191] - Interest expense increased from $15.5 million in Q2 2018 to $18.1 million in Q2 2019, an increase of $2.7 million or 17.4%[192] - Property operating expenses increased from $98.3 million during the six months ended June 30, 2018 to $101.5 million during the six months ended June 30, 2019, an increase of $3.3 million, or 3.3%[203] - Depreciation and amortization increased from $70.0 million during the six months ended June 30, 2018 to $79.1 million during the six months ended June 30, 2019, an increase of $9.1 million, or 13.0%[204] - Interest expense increased from $30.6 million during the six months ended June 30, 2018 to $35.7 million during the six months ended June 30, 2019, an increase of $5.0 million, or 16.5%[206] Cash Flow and Financing - Cash provided by operating activities for the six months ended June 30, 2019 was $177.3 million, reflecting an increase of $21.6 million compared to $155.7 million for the same period in 2018[209] - Cash used in investing activities increased from $100.7 million for the six months ended June 30, 2018 to $250.8 million for the six months ended June 30, 2019, reflecting an increase of $150.2 million[210] - Cash provided by financing activities was $82.5 million for the six months ended June 30, 2019, compared to a cash outflow of $54.6 million for the same period in 2018, reflecting a change of $137.1 million[213] - The company sold 4.1 million common shares under its "at-the-market" equity program at an average sales price of $33.09 per share, resulting in gross proceeds of $136.5 million during the six months ended June 30, 2019[237] Debt and Liquidity - The total principal balance outstanding for unsecured senior notes was $1.5 billion as of June 30, 2019, with a weighted average effective interest rate of 4.82% for the 2022 notes and 4.33% for the 2023 notes[223] - The company incurred costs of $3.9 million in 2019 related to amending and restating the Credit Facility, which is now comprised of a $750.0 million unsecured revolving facility maturing on June 19, 2024[228] - The company’s liquidity needs beyond 2019 will include contractual obligations for debt repayments and potential discretionary expenditures for acquisitions and store developments[218] - As of June 30, 2019, the company was in compliance with all financial covenants under the Senior Notes and the Amended and Restated Credit Facility, including a maximum total indebtedness to total asset value of 60%[234] - The average outstanding debt balance increased $128.7 million to $1,816.3 million during the six months ended June 30, 2019 compared to $1,687.6 million during the same period in 2018[206] Market Sensitivity and Performance Indicators - The company’s operating results are sensitive to changes in overall economic conditions that impact consumer spending, including discretionary spending[160] - A 100 basis point increase in market interest rates on variable rate debt would decrease future earnings and cash flows by approximately $2.6 million annually[257] - A 100 basis point increase in market interest rates would decrease the fair value of fixed-rate mortgage debt and unsecured senior notes by approximately $85.8 million[258] - The company considers FFO a key performance indicator for evaluating store operations, excluding items not indicative of operating performance[244] - NOI is used to evaluate the economic productivity of stores, focusing on leasing, pricing, occupancy, and property operating expenses[240] - The company does not have off-balance sheet arrangements or relationships with unconsolidated entities, ensuring transparency in financial reporting[250]

CubeSmart (NYSE:CUBE) Q2 2019 Earnings Conference Call July 26, 2019 11:00 AM ET Company Participants Charles Place - Director of Investor Relations Christopher Marr - President and Chief Executive Officer Timothy Martin - Chief Financial Officer Conference Call Participants Jeremy Metz - BMO Capital Markets Smedes Rose - Citi Todd Thomas - KeyBanc Jonathan Hughes - Raymond James Eric Frankel - Green Street Advisors Todd Stender - Wells Fargo Steve Sakwa - Evercore Operator Good morning, and welcome to the ...

Q CUBESMART® Second Quarter 2019 Supplemental Information | --- | --- | |-----------------------------------------------------------------------|-------| | Table of Contents | | | Analyst Information 3 | | | Company Information 4 | | | Earnings Release Text 5 | | | Financial Highlights 12 | | | Balance Sheets 13 | | | Statements of Operations - Trailing Five Quarters 14 | | | Statements of Operations 15 | | | Same-Store Portfolio Net Operating Income 16 | | | Same-Store Portfolio Net Operating Income - Trai ...