Company Overview - CubeSmart focuses on quality to drive long-term shareholder value through a sophisticated platform, best-in-class assets, and a strong balance sheet[34] - The company has a history of executing strategic objectives, including acquisitions and the launch of the SmartRental platform[12] Growth Strategies - CubeSmart aims to enhance its portfolio through strategic external growth opportunities, including high-quality acquisitions, development & lease-up projects, value-add joint ventures, and third-party management[45, 50] - Since 2018, CubeSmart has completed $1.6 billion in acquisitions from third-party management and focused on acquisitions in the top 25 MSAs[57, 58] - 100% of new development is in top 10 markets[60] Financial Performance & Returns - CubeSmart has demonstrated long-term growth in portfolio cash flows, as reflected in the growth of Funds From Operations (FFO), as adjusted per share[79, 80] - The company has a consistent history of dividend increases, with a +330% increase in annual dividend per share[81, 82] Environmental & Social Responsibility - CubeSmart has established environmental targets to reduce consumption and greenhouse gas emissions, achieving a 22.6% like-for-like reduction in Scope 1 & 2 GHG emissions through 2022[85] - In 2022, CubeSmart's stores produced 9.8 million kWh of renewable energy, a 25.6% increase from 2021[85] - In 2023, CubeSmart's annual Teammate Engagement Survey had an 92% response rate[89]

Core Viewpoint - Tejon Ranch Co. urges shareholders to vote exclusively for its own director nominees on the WHITE proxy card, emphasizing that Bulldog Investors' campaign poses risks to the company's long-term value and shareholder interests [1][2][3]. Company Strategy and Performance - Tejon Ranch has a proven history of success in real estate development and securing land use entitlements, which is crucial for maximizing the value of its unique assets [7][10]. - The company has successfully generated over $110 million in cumulative cash flow from its Tejon Ranch Commerce Center (TRCC) through strategic planning and execution [11]. - Tejon has reduced discretionary land use entitlement spending by 38% over the past five years, demonstrating prudent capital allocation while maintaining low debt levels [12]. Risks of Bulldog Investors' Nominees - Bulldog Investors' nominees lack meaningful experience in real estate and California-specific regulations, which are essential for overseeing Tejon's complex operations [4][6]. - Bulldog's focus on short-term gains could jeopardize the long-term value created by Tejon's strategic investments in master planned communities (MPCs) [14]. Importance of Shareholder Vote - The company emphasizes the importance of shareholder votes in maintaining its strategic direction and protecting long-term investments against Bulldog's short-sighted approach [3][15]. - Tejon's Board believes that electing its recommended nominees is critical for continuing the company's value creation strategy and ensuring future returns for shareholders [13][16].