CubeSmart Announces Pricing of 5.125% Senior Unsecured Notes Due 2035
MALVERN, Pa., Aug. 11, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE:CUBE) (the "Company" or "CubeSmart"), the third-largest owner and operator of self-storage properties in the United States, today announced that its operating partnership, CubeSmart, L.P. (the "Operating Partnership"), priced an offering of $450.0 million aggregate principal amount of 5.125% senior unsecured notes due 2035 (the "Notes") in an underwritten public offering. The Notes were priced at 98.656% of the principal amount with a yield to maturity of 5.295%. The Notes will be fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on August 20, 2025, subject to the satisfaction of customary closing conditions.
The Operating Partnership expects to use the net proceeds from this offering to repay outstanding indebtedness under its unsecured revolving credit facility and for working capital and other general corporate purposes, which may include repayment or repurchase of certain of the Operating Partnership's other outstanding indebtedness.
Wells Fargo Securities, BofA Securities and PNC Capital Markets LLC are acting as joint book-running managers for the offering. Regions Securities LLC and US Bancorp are acting as senior co-managers for the offering. Barclays, BMO Capital Markets, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC and Truist Securities are acting as co-managers for the offering.
This offering will be made under CubeSmart's existing automatic shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on March 3, 2023. The offering of the Notes will be made only by means of a prospectus and a related prospectus supplement, when available. The prospectus supplement related to this public offering and accompanying prospectus will be filed with the SEC. Copies of the prospectus and related prospectus supplement for this offering may be obtained by contacting:
Wells Fargo Securities, LLC, by email at or by calling toll-free at 1-800-645-3751; PNC Capital Markets LLC, by email at or by calling toll-free at 1-855-881-0697; or BofA Securities, Inc., by calling toll-free at 1-800-294-1322.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CubeSmart
CubeSmart is a self-administered and self-managed real estate investment trust. As of June 30, 2025, CubeSmart owned or managed 1,532 self-storage properties across the United States. According to the 2025 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties ...
