CubeSmart Raises $450M in Public Offering of Senior Unsecured Notes

CubeSmart has priced a $450 million public offering of 5.125% senior unsecured notes due 2035. The notes were priced at 98.656% of face value with a 5.295% yield. The sale is expected to close on August 20, 2025, subject to customary conditions. The offering is a part of CubeSmart's operating partnership, CubeSmart, L.P.

CubeSmart (CUBE), a leading self-storage real estate investment trust (REIT), has priced a $450 million offering of 5.125% senior unsecured notes due 2035. The notes were priced at 98.656% of their face value, yielding 5.295% to maturity. The offering, expected to close on August 20, 2025, is part of CubeSmart's operating partnership, CubeSmart, L.P.

The notes are fully and unconditionally guaranteed by CubeSmart and will be used to repay outstanding indebtedness under the operating partnership's unsecured revolving credit facility, as well as for working capital and other general corporate purposes. Wells Fargo Securities, BofA Securities, and PNC Capital Markets LLC are acting as joint book-running managers for the offering, with Regions Securities LLC and US Bancorp as senior co-managers, and Barclays, BMO Capital Markets, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, and Truist Securities as co-managers.

CubeSmart, as of June 30, 2025, owns or manages 1,532 self-storage properties across the United States, ranking it among the top three owners and operators in the U.S. The company's mission is to simplify organizational and logistical challenges through innovative solutions and unparalleled service.

This offering is being made under CubeSmart's existing automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on March 3, 2023. Investors are encouraged to review the prospectus and related prospectus supplement, which will be filed with the SEC, for more detailed information about the offering. Copies of the prospectus and related supplement can be obtained by contacting the underwriters listed in the press release.

References:
[1] https://www.nasdaq.com/articles/cubesmart-prices-offering-4500-mln-5125-senior-unsecured-notes-due-2035
[2] https://finance.yahoo.com/news/cubesmart-announces-pricing-5-125-022300229.html