21

SELF STORAGE MARKET OVERVIEWThird Quarter 2013 SUMMARY

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 Results

Analysis of the Public Self Storage Companies

SELF STORAGE GROUPMarc A. Boorstein

mboorstein@mjpartners.comJeffrey L. Jacobson

jjacobson@mjpartners.comDavid E.Kohn

dkohn@mjpartners.comDennis Nyren

dnyren@mjpartners.com

Steven Schwartzsschwartz@mjpartners.com

Greg Owensgowens@mjpartners.com

Benjamin Johnsonbjohnson@mjpartners.com

150 South Wacker Drive • Suite 450 • Chicago, Illinois 60606 • (312) 726-5800 • www.mjpartners.com

2

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 SUMMARY

Overview

• Revenuegrowthinfirstquarterforeachoffourpubliccompaniesrangingfrom5.1%to8.3%.

• NewOperatingIncomegrowthrangingfrom5.6%to9.4%.

• Verycompetitiveacquisitionmarketforallqualityofexistingpropertiesfrombothprivateandpubliccompanies.Capratescontinuetotrendlower.

• Nominalnewsupply,lessdiscountingandcustomersstayinglonger.

Future Optimism

• “Thereisstillvirtuallynonewsupply….(and)becauseofthepowerandpotencyofourinternetplatform,we’retakingmarketsharefromthesmaller(operator).”

- Spencer Kirk, CEO, Extra Space Storage

• “Timesaregoodandweexpectthattocontinue” - David Rogers, CEO, Sovran Self Storage

New Development Subdued

• Difficultyobtainingconstructionfinancing

• Risinglandpricesinmajormetropolitanmarkets.

• Undercapitalizedprivatedevelopers.

• Emergingmarketforacquisitionsofnewlybuiltpropertiesatcertificate-of-occupancy.

3

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 SUMMARY

Implied Cap Ratesbasedoncommonshareprices:

Public Storage (PSA) 4.3% Extra Space Storage (EXR) 5.1% CubeSmart (CUBE) 5.4% Sovran Self Storage (SSS) 6.4% - BMO Capital Markets

Macroeconomic Trends Impacting Self Storage

• U.S.businessesfinallyaddedenoughjobstoreplacethe8.8millionpositionslostduringtherecession.

• Nonfarmemploymentgrewby288,000inAprilandunemploymentsankto6.3%from10.0%in2009–nowjustalittlehigherthanatthesametimeofLehmanBrother’scollapseinSeptember2008.

- U.S. Labor Department

• Jobgrowthoverthepastthreemonthshasaveraged238,000–farabovelastyear’space.

• Nation’spayrollemploymentnowtotals138.3million,justshyofarecordreachedinJanuary2008. - U.S. Labor Department

• SalesofpreviouslyownedhomesfellslightlyinMarchandweredown7.5%fromayearearlier. - National Association of Realtors

• Thelabor-forceparticipationratepeakedat67.2%in2000,hoveredat66%atstartofrecessioninDecember2007.Ithasfallensteadily,hitting62.8%inApril.Thebiggestfactoristheagingbaby-boomergeneration.

- Paul Ashworth, Chief U.S. Economist, Capital Economics

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014

EARNINGS RESULTSSame-Store Comparisons

Public Storage Extra Space CubeSmart Sovran

Number of Properties: 2,200 U.S. 188 Europe

1,052 539 487

Third-Party Management:Joint Venture Management:Total Managed: 35-40

252273525 161

245579

Revenue: +5.1% +7.9% +7.0% +8.3%

Net Operating Income: +5.6% +9.4% +9.0% +9.3%

Occupancy:vs.previousyear:

92.6%91.9%

(weightedaverage)

90.4%88.4%

(quarterend)

89.5%85.6%

(quarterend)

88.9%85.8%

(weightedaverage)

Rent Per Occupied Square Foot: $14.41 $14.09 $13.54 $11.16

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014

PORTFOLIO OCCUPANCYSame-Store Comparisons

Portfolio Occupancies

EXTRA SPACE STORAGE

CUBESMART SOVRAN

PUBLIC STORAGE

92.3% 92.2%

90.2% 90.8%92.4% 93.0%

91.8% 92.4%94.0% 94.4%

93.0% 92.6%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

87.7% 88.0%86.9%

85.7%

89.0% 88.9% 88.6% 88.6%

90.8% 90.6%89.2%

90.4%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

80.0%81.2%

79.1% 79.3%

84.1%

88.9%

84.6%85.7%

90.0% 90.5%89.3% 89.5%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

79.9%81.5% 81.5%

82.9%

87.7% 88.4%87.4% 87.6%

91.0% 90.9%89.5% 88.9%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2011 2012 2013 2014 2011 2012 2013 2014

2011 2012 2013 20142011 2012 2013 2014

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014

REVENUE GROWTHSame-Store Comparisons

RevenuesChangesfromsamequarterayearearlier

EXTRA SPACE STORAGE

CUBESMART SOVRAN

PUBLIC STORAGE

4.0%

5.8%

5.0% 4.8%5.1%

4.8% 4.9%5.4%

5.1%5.5% 5.4%

5.1%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

4.7% 4.9%

5.8%6.3%

6.7% 6.8% 6.5%

7.5% 7.8% 7.8%

6.6%

7.9%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

3.5%4.0%

3.4%2.7% 3.0%

4.1%

5.2%

6.8%

9.0%

7.2%6.7% 7.0%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

5.2% 5.3%

3.4%3.9%

5.1%

8.0% 8.2% 8.1%8.9%

7.3%6.6%

8.3%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2011 2012 2013 2014 2011 2012 2013 2014

2011 2012 2013 20142011 2012 2013 2014

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014

NET OPERATING INCOME GROWTHSame-Store Comparisons

Net Operating IncomeChangesfromsamequarterayearearlier

EXTRA SPACE STORAGE

CUBESMART SOVRAN

PUBLIC STORAGE

6.2%

8.6%

6.1% 6.3%

8.3%7.9%

8.9%9.5%

8.4%

7.2%8.0%

5.6%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

7.8%7.3%

9.3%

10.8%10.2%

11.4%

8.5%

10.8% 10.4%9.7%

8.9%9.4%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

7.4% 7.9%

5.7%

7.4%

5.2%4.5%

7.4% 7.6%

13.1%

10.0%

7.3%

9.0%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

8.5%7.9%

4.1%

7.9%8.6%

13.1%

11.7%10.6%

12.2%

9.3%

7.2%

9.3%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2011 2012 2013 2014 2011 2012 2013 2014

2011 2012 2013 20142011 2012 2013 2014

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014

Public Storage Extra Space CubeSmart Sovran

Market Capitalization $29.61 billion $5.99 billion $2.54 billion $2.46 billion

Funds From Operations (AdjustedQuarter)

$1.80/share(+9.1%)

$0.57/share(+23.9%)

$0.25/share(+25%)

$0.98/share(+16.7%)

Dividend Per Common Share(Quarter)

$1.40/share $0.40/share $0.13/share $0.68/share

Dividend Yield 3.30% 3.10% 2.80% 3.60%

Common Stock PriceMay5,2014:52-WeekRange:

$171.93$145.04 to $176.72

$51.69$38.98 to $52.99

$18.10$15.06 to $19.69

$76.05$62.11 to $80.24

EARNINGS RESULTS

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 INVESTMENT ACTIVITY

PUBLIC STORAGE: • As ofMarch 31st, development and expansion projects in processwhichwill addapproximately1.9millionnetrentablesquarefeetofstoragespaceatatotalcostofapproximately$195million,tobeincurredprimarilyin2014.

• Completedtwonewdevelopmentfacilitiesandoneexpansionprojectinfirstquarter,adding335,000netrentablesquarefeetatacostofapproximately$40million.

• InApril,acquiredonefacilityinAustin,Texaswith86,000netrentablesquarefeetforapproximately$11million-$6millionincashand$5millioninassumeddebt.

• AsofMay1st,currentlyundercontracttoacquirefivefacilitiesinNorthCarolinawith342,000net rentablesquare feet for totalcostofapproximately$26million incash.Expecttocompleteacquisitioninsecondquarter.

• GerardpropertyinBronx,NewYorkleasedover3,000unitsinaboutoneyearandendofApril67%occupied.Ratesabout60%to70%offorecast,helpingleaseupsoquickly,canbemoreaggressiveonrateswhenstabilizedsoon.

• Wouldbewillingtopay175%ofreplacementcostsincertainmarketssuchaslowerManhattan, where there are higher incomes, very little competition, and greatpopulationdensity.Mayonlypay50%to60%ofreplacementcostsinReno,Nevada.

• Notdoingnewcertificate-of-occupancybuyouts,althoughacquiredonenewprojectinBostonandacquiredoneunderdevelopment.

• Maybelessthan20largeinstitutionalportfoliosavailablenationwide.

• Twooflargesttransactionslastyearwereprivatewithoutbrokers.

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 INVESTMENT ACTIVITY

EXTRA SPACE STORAGE: • Year-to-date$350millionofpropertieseitherclosedorundercontract.

• Duringthefirstquarter,acquired21propertiesforapproximately$249.7million. 17ofthepropertiesacquiredintheMiniPriceStorageportfolioinVirginiafor $213.8million,consistingof1.5millionrentablesquarefeet,14,000units,withoverall

occupancyof90%.

RemainingfourpropertieslocatedinAlabama,California,Connecticut,andTexas.

• Fouradditionalpropertiesundercontractforapproximately$39.3million,expectedclosingbyendofsecondquarter.

• Capratesfrom6%to7%inYearOnelookingforward,withNOIgrowthexpectedof5%to8%infirstyear.

• Twopropertiesacquiredatcertificate-of-occupancyphasewithnooccupancy.

• Twodealsacquiredfromjointventurepartnerrelationship.

• Somecapratecompressioninsecondarymarkets.

• Thirdpartymanagedproperties: 252 Ownedandmanagedinjointventures: 273 Totalmanaged: 525 WhollyOwnedProperties: 496 TotalProperties: 1,052

Same-StorePool: 443

• Notaddingsignificanttotalsquarefeetviaexpansionprojects,butupgradingcertainpropertiestoremainrelevant.

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 INVESTMENT ACTIVITY

CUBESMART: • Closed on 16 property acquisitions year-to-date in 14 separate transactions for anaggregate purchase price of just over $187million.Acquired ten assets for $103.3millionduringfirstquarter.ThreepropertieslocatedinFlorida,twoinMarylandandoneeachinArizona,California,Connecticut,Pennsylvania,andTexas.

• Subsequenttoquarter’send,acquired$84millionofproperties.TwofacilitiesinNewYorkandoneeachinTexas,Florida,andMassachusetts.

• Openedtwonewpropertiesfortotalcostofapproximately$41.6million.OnepropertyinTheBronx,NewYork,andsecondamixed-usefacilityinMalvern(Philadelphia),PennsylvaniacontainingstoragespaceandofficespacefortheCompany’scorporateheadquarters.Projecting36monthslease-upforbothstores.(Bronxstore10%occupiedinabout40days.Malvernabout34%occupiedsinceJanuary.)

• Thefirst12to14monthsafternewacquisitiontypicallycapturemostofimpactfromnewsystems,branding,andmarketing.

• Addedthreenewmanagementcontractstothird-partymanagementprogram,nowoperatingthird-partymanagementof161facilitiestotaling9.8millionsquarefeet.

• For2014,increasingacquisitionstargetof$250millionto$300millionofacquisitions,upfromprevioustargetof$150millionto$200million.

• Investmentactivityacombinationofstabilizedacquisitionsandlease-upopportunities.Project$50millionto$75millionperyearoneachco-investmentinnewdevelopment,andseparatelyononlytakinglease-upriskofnewlybuiltpropertiesatcertificate-of-occupancy.Currently,about$200milliontotal,including:

-Threebuilt-to-suitpropertieswillclosein2015and2016.

-Fourdevelopmentprojectsopeninginlate2015.

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 INVESTMENT ACTIVITY

SOVRAN: • Totalpropertyacquisitionsinfirstquarterof$95.4million

• Early in 2014 acquired six properties for $86.7 million. Two located in SoutheastFlorida,twoinPortland,Maine,andoneeachinSanAntonioandAustin,Texas.Thepropertiestotal460,000squarefeetofrentablespaceandalllocatedinmarketswithexistingpresence.

• OnMarch31st,acquiredHometownStorage,an87,000squarefootfacilityinChicagosuburbSt.Charles,Illinois,for$8.7million.

• Undercontracttoacquire17facilitiesfromLacklandSelfStorageforapproximately$120.7million.MayassignthepurchaseoffourofthepropertieslocatedinNewJersey,withacombinedpriceof$47.1million,toaSovranHFFjointventurewithHeitman,LLCinwhichthecompanyhasa20%interestforcashcontributionof$9.4million.Expectfirstyearcapratetobeabout6.5%to6.75%.

• Anticipatedtoacquireanadditional$100millionofpropertiesin2014.

• WorkingwithselectdevelopersinlargerMSA’sondifferentmodelstovalueacquiringproperties at certificate-of-occupancy, based on the cap rate at stabilization andimplementingadiscountedcashflow.Fewtoprobablyclosethisyearat$5millionto$10million,andhope$10millionto$15millionmorenextyear.

• WithSovran’soperatingplatformmoreconfidencetogrowoccupancyquickerthanpreviouslyprojectedfouryears,incertainmarkets.

• The28properties acquired in2012 that recently entered the company’s same-storepoolfeaturedoccupancygainfromabout70%toabout85%.

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SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

PUBLIC STORAGE: • EndofApriloccupancy93.9%versus92.9%lastyearwithinsame-storepool.

• Expectedpeakoccupancyat95%to95.5%.

• Costsofoperatingforsame-storefacilitiesincreased4.0%comparedtosameperiodlastyear,dueprimarilytoweatherrelatedincreasesinsnowremovalandincreasedpropertytaxexpense,partiallyoffsetbyloweradvertisingandsellingcosts–duetohighoccupancylevels.

• 58%ofcustomermove-inscamethroughaninternetchannel,upfrom51%lastyear’sfirstquarter.

• Move-inratewasupabout3%whereasinAprilupover6%.

• StreetratesinAprilupabout6%to7%.

• 56%ofcustomerbasecurrentlystayingoveroneyear.

• About80%ofnewmove-insreceivesometypeofpromotionaldiscount–either$1forfirstmonthor50%off.

• Last summer, sentoutabout55%of customersa rent increase, andexpect slightlymorethissummer.Rateincreasesaverageabout8%to9%.

Rent Roll-Downs

- Averagemove-inrateinfirstquartersame-storesabout$114permove-in.Averagemove-outsameperiodabout$123-representingabout$9negative.

- Lastyear,move-inrateabout$111versusamove-outrateof$119.

14

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

PUBLIC STORAGE: Shurgard Europe

• Same-Storepoolof174facilitiesconsistingof9.2millionnetrentablesquarefeet.

• Squarefootoccupancy(weightedaverage)upto86.1%versus79.5%lastyear,butrentperoccupiedsquarefootdownto$26.77versus$27.58lastyear.

• Same-storerevenuegrowthof1.3%,andNOIgrowthof1.3%.

15

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

EXTRA SPACE STORAGE: • 14consecutivequartersofdouble-digitFFOgrowth,withanotherstrongyearexpected.

• Same-store revenues increaseddue to gains in occupancy, lowerdiscounts to newcustomersandhigherrentsforbothnewandexistingcustomers.

• Expenseshigherforsameperiodduetoincreasesinsnowremovalandutilityexpenses,relatedprimarilytosevereweatherintheMidwesternandEasternU.S.

• MaximumoccupancyforExtraSpacelowtomid90’s.

• MajorMarketsWithRevenueGrowthAboveCompany’sPortfolioAverage:

-Chicago -Houston -Denver -Miami

• MajorMarketsBelowCompany’sPortfolioAverage:

-Detroit -LasVegas -Indianapolis -Seattle

• Rentincreasesofexistingcustomersaverage8%to10%,butdependsonlengthofstayandunitoccupancy.

16

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

EXTRA SPACE STORAGE: • StabilizedPropertyPerformanceAverageOccupancy

FirstQuarter 2013LosAngeles-Riverside-OrangeCounty(132) 85.7% 82.6%NewYork-NorthernNewJersey-LongIsland(90) 91.5% 90.0%Washington-Baltimore(64) 89.8% 87.6%Boston-Worcester-Laurence(50) 91.3% 90.3%Tampa-St.Petersburg-Clearwater(24) 85.2% 83.4%Chicago-Gary-Kenosha(18) 90.9% 91.0%

• SelectStateOccupancyLevelsofAllPropertiesOperatingAsOfMarch31,2014:

-Arizona(22) 88.0% -Michigan(11) 91.1% -California(248) 87.6% -NewJersey(68) 92.1% -Colorado(28) 91.2% -NewYork(33) 90.4% -Florida(105) 87.9% -Ohio(34) 89.5% -Illinois(29) 89.6% -Pennsylvania(34) 88.5% -Maryland(49) 87.9% -Texas(69) 86.1% -Massachusetts(50) 90.8% -Virginia(46) 86.2%

17

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

EXTRA SPACE STORAGE: • Nettenantreinsuranceincomeprojectedat$44millionto$45millionfor2014,upover$3millionprojectedearlier.

• Overalltenantreinsurancepenetrationrateabout70%.Majorityofrevenueincreaseintenantreinsurancefromincrease indollarsperpolicy(highercoverageofgoodsinsured).

• Streetratesup3%atendofMarch,anddiscounts–downover10%sincelastJune,makingfordifficultupcomingcomparisons.

• 20%ofcustomerscommercialaccounts–aboutthesamepast16years.

• Added99storestosame-storepool,now443same-storesforcomparisons.

18

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

CUBESMART: • AsofMarch31st,companyhas378wholly-ownedfacilitiescontaining25.5millionsquarefeetwithoccupancyof88.6%.

• Same-storestreetrentsaveraged2.4%growthinfirstquarter.

• StrongestMarketsForStreetRateGrowth:

-NewYorkwithveryfew5’X5’and10’X10’unitsavailablecanincreasestreetrates10%to13%

-Colorado +10%to13% -Dallas,FortWorth +8%andabove-Chicago +5.5%-AllFlorida,ledbyMiami-MostchallengingmarketElPaso,Texas

• Discountsonsame-storepoolasapercentageofrentsdeclinedto5%from5.3%lastyear.

• Added48stabilizedpropertiestosame-storepoolin2014,increasingthesame-storepooltotalto346.2013same-storepoolwas298assets,and2012was274.Same-storepoolnowrepresenting91%ofcompany’stotalNOIinfirstquarter.

• Peakoccupancyforsame-storesanticipatedtobe92%to93%.

• Rate increasesonabout5%to6%of totalbaseeachmonth.Rate increasesaverageabout9%onexistingcustomers.Providenoticeof increaseinthesixthmonth,andthenevery12monthsthereafter.

• Effectiverentsforcustomersmovinginupabout3%.

• Newcustomermovinginabout1.5%higherthancustomervacating,only0.3%higherlastyear.

19

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

CUBESMART: • About81.6%ofcustomersreceivedpromotionaldiscountsversus82.2%lastyearinsame-storepool.

• Businesscustomersrepresentabout30%ofcustomerbase,projectedtostayaboutthesame.

• Averagelengthofstayabout14months,upaboutsixdaysversusayearago.

• About10%ofthird-partymanagedstoreshaveadoptedCubeSmartbrand.

• Almostnoimpactonanystoresnationwidewithlittlenewsupplyadded,notexpectedtochangeforatleast12months.

• OperatingPerformancebyRegion:Same-StoresMarch31,2014

EndingOccupancyMarch31,2013

EndingOccupancyNewYork/NorthernNewJersey(41) 89.0% 85.4%Non-MiamiFloridaMarkets(39) 90.7% 85.3%TexasMajorMarkets(36) 90.8% 87.6%Chicago(27) 90.3% 88.8%Miami/Ft.Lauderdale(16) 93.6% 86.5%SouthernCalifornia(12) 90.4% 85.5%

20

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 ADDITIONAL NOTES

SOVRAN: • Intends to spendup to $30millionon expansionandenhancementprogram.Alsobudgeted$16millionforrecurringcapitalizedexpendituresincludingroofing,paving,andofficerenovations.

• Revenuegrowthdueto310basispointincreaseinaverageoccupancy,a3.4%increaseinrentalrates,andstronggrowthininsurancecommissions.

• Infirstquarter, experiencedpositive same-store revenueandNOIgrowth ineverystateinwhichcompanyoperates.

Strongestrevenueimpact:

-Texas -NewYork-Florida -NorthCarolina-Georgia

• Concessionreductionsaddedabout50basispointstorevenuegrowth.

• Occupancymaytopoutat93%to94%duringpeakquarters.

• Customersstayingmorethanoneyearincreasedto57.4%comparedtolastMarch’s55.3%withinsame-storegroup.

• Customersstayingmorethantwoyearsincreasedto39.45%from37.6%lastyear.

• Rateincreasesgiventoabout2.7%ofcustomerswithnetaveragerateincreaseof11%.

• Reviewseverymonthoncecustomerstayspastthe10thmonthtodecideifcustomermeetscriteriafrominternalalgorithmsforpotentialrateincrease.

21

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 CAPITAL ACTIVITIES

PUBLIC STORAGE: • OnJanuary28th,jointventurepartnerinEurope,NewYorkStateCommonRetirementFund,purchasedtheir51%intheloanPublicStorageextendedtoShurgardEuropeatfacevalueof€158.6million($216.2million)incash.

• OnMarch17th,issued6.375%SeriesYPreferredSharesresultingingrossproceedsof$235million.OnApril10thissuedadditionalSeriesYPreferredSharesatparfor$50millioningrossproceeds.

• At end of the quarter, roughly $100million cash on hand and about $300millionrevolvinglineofcredit.

• Repaid$328millionofrecentbanktermloan,leavingabalanceof$322million.

22

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 CAPITAL ACTIVITIES

EXTRA SPACE STORAGE: • Fixed-ratedebttototaldebt74.2%.

• WeightedAverageInterestRates:

FixedRate: 4.1% VariableRate: 2.0% CombinedWeightedAverage: 3.6%

WeightedAveragematurityabout5.2years

• Endedquarterwithapproximately$67millioncashonhand,morethan$200millionofavailabilityonfourrevolvinglinesofcredit,andatotalcapacityof$290million.

23

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 CAPITAL ACTIVITIES

CUBESMART: • Sold2.7millioncommonsharesthrough“at-the-market”equityprogramataveragepriceof$17.34pershare,resultinginnetproceedsof$46.2million.Another3.7millionsharesavailableforissuance.

• OnMay 1st, HFF joint venture with Heitman, LLC, obtained a $100million loansecuredby35facilitiesownedbytheventure.Aseven-yearnon-recourseloanwithfixedinterestrateof3.59%.CubeSmartowns50%shareofjointventure,andrecieved50% of loan proceeds to reduce borrowings and create additional capacity underrevolvingcreditfacility.

• Atendofthequarter,approximately$7millioncashonhand,andapproximately $229millionofavailabilityunder$300millionrevolvinglineofcredit.

RateWeighted

AverageMaturityFloatingRateDebt 1.76% 3.2yearsFixedRateDebt 4.37% 6.3yearsTotalDebt 4.21% 6.1years

24

SELF STORAGE MARKET OVERVIEWFirst Quarter 2014 CAPITAL ACTIVITIES

SOVRAN: • Issued359,102sharesofcommonstockviaATM(at-the-market)programatanaveragepriceof$74.32pershare,resultinginnetproceedsof$26.3millionafterissuancecosts.Usedproceeds to fundacquisitions. In January, issued47,583 shares at anaveragepriceof$62.69throughDividendReinvestmentPlan.

• OnApril8th,issued$175millionoften-yearunsecurednotesatfixedrateof4.533%.$115millionoftheproceedsusedtopaydownlineofcredit,andremaindertofundacquisitionsandexpansions.

• Asresultoffinancing,approximately$60millioncashonhandforpurchasesexpectedlater in theyear,and$60millionavailableon lineofcreditwithan interest rateofLIBORplus1.5%,withadditional$75millionexpansionfeature.

• KeyFinancialRatios:

-DebttoEBITDA: 4.8x -DebttoEnterpriseValue(@$73.45/share): 22.1% -DebttoBookCostofFacilities: 35.3% -DebtServiceCoverage(DSC): 5.0x