Real Estate Management and Development
Company Overview of CubeSmart, L.P.
CubeSmart, L.P., a real estate company, is engaged in the acquisition, development, ownership, operation, and management of self-storage facilities in the United States. As of September 30, 2013, it owned 382 self-storage facilities covering approximately 25.8 million rentable square feet in 21 states, as well as in the District of Columbia; and managed 136 facilities for third parties in 25 states. CubeSmart operates as a general partner of the company. CubeSmart, L.P. is based in Wayne, Pennsylvania.
460 East Swedesford Road
Wayne, PA 19087
Key Executives for CubeSmart, L.P.
Chief Executive Officer of Cubesmart and Trustee of Cubesmart
Chief Financial Officer of Cubesmart and Principal Accounting Officer of Cubesmart
Chief Legal Officer, Senior Vice President and Secretary
Vice President of Finance
Senior Vice President of Marketing
Compensation as of Fiscal Year 2015.
CubeSmart, L.P. Key Developments
CubeSmart, L.P. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 03:00 PM
Apr 30 15
CubeSmart, L.P. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 03:00 PM. Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.
CubeSmart and CubeSmart, L.P. Enters into Third Amendment to Credit Agreement
Apr 27 15
On April 22, 2015, CubeSmart and CubeSmart, L.P., the limited partnership through which CubeSmart owns its assets and conducts its operations, entered into (i) a Third Amendment to Credit Agreement (the Third Amendment) with Wells Fargo Bank, National Association, as Administrative Agent and each of the lenders party to the Credit Agreement dated as of December 9, 2011 (as thereafter amended, the Credit Agreement) and (ii) a Fourth Amendment to Term Loan Agreement (the Fourth Amendment) with Wells Fargo Bank, National Association, as Administrative Agent and each of the lenders party to the Term Loan Agreement dated as of June 20, 2011 (as thereafter amended, the Term Loan Agreement). Capitalized terms used in the second paragraph herein shall have the meanings given in the Credit Agreement and capitalized terms used in the third paragraph herein shall have the meanings given in the Term Loan Agreement. Among other things, the Third Amendment (i) increases the aggregate amount of the Revolving Commitments from $300,000,000 to $500,000,000, (ii) extends the Termination Date for the Revolving Loans and Revolving Commitments from June 18, 2017 to April 22, 2020, (iii) increases the Swingline Commitment from $20,000,000 to $50,000,000, (iv) adjusts the Applicable Margin and Facility Fee with respect to Revolving Loans, and (v) amends the definition of Capitalization Rate and Development Property.
CubeSmart, L.P. to Acquire Self-Storage Facilities
Nov 1 13
On October 28, 2013, CubeSmart, L.P. entered into a purchase and sale agreement (HAC purchase agreement) with certain entities affiliated with GRDM Lion Management, LLC Management Inc. and Lion Value Fund, L.P. (HAC sellers), to acquire (HAC property acquisition) 29 self-storage facilities located in Houston and Austin, Texas and one self-storage facility located in Charlotte, North Carolina, along with related real and personal property (HAC facilities). In addition, on October 28, 2013, the operating partnership entered into a purchase and sale agreement (GJR purchase agreement, and collectively with HAC purchase agreement, the purchase agreements) with certain entities affiliated with GJR Investment Management Inc. party thereto (GJR sellers, and collectively with the HAC sellers, the sellers, and each individually, a seller), to acquire six self-storage facilities located in Houston, Texas (GJR property acquisition, and collectively with the HAC property acquisition, the property acquisitions) along with related real and personal property (the GJR facilities, and collectively with the HAC facilities, the facilities, and each individually, a facility). The aggregate purchase price for the 36 unencumbered facilities is $326.2 million plus customary closing costs (total acquisition consideration). The purchase price for the HAC property acquisition is $257.9 million, $20 million of which was deposited in escrow at the time of the execution of the HAC purchase agreement. The purchase price for the GJR property acquisition is $68.3 million, $5 million of which was deposited in escrow at the time of the execution of the GJR purchase agreement. The closings of the property acquisitions are scheduled to occur on or about December 12, 2013 (scheduled closing date).
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