April 24, 2017 3:52 PM ET

Real Estate Management and Development

Company Overview of CubeSmart, L.P.

Company Overview

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. CubeSmart, L.P. operates as a subsidiary of CubeSmart.

460 East Swedesford Road

Suite 3000

Wayne, PA 19087

United States

2,136 Employees

Phone:

610-293-5700

Key Executives for CubeSmart, L.P.

Chief Executive Officer of Cubesmart and Trustee of Cubesmart
Age: 51
Chief Financial Officer of Cubesmart and Principal Accounting Officer of Cubesmart
Age: 45
Vice President of Finance
Senior Vice President of Marketing
Age: 42
Compensation as of Fiscal Year 2016.

CubeSmart, L.P. Key Developments

CubeSmart, L.P. Announces Pricing of 4.375% Senior Unsecured Notes Due 2023 and 4.000% Senior Unsecured Notes Due 2025

CubeSmart, L.P. priced an offering of $50.0 million aggregate principal amount of 4.375% senior unsecured notes due 2023 and $50.0 million aggregate principal amount of 4.000% senior unsecured notes due 2025 in an underwritten public offering. The 2023 notes were priced at 105.040% of the principal amount, plus accrued and unpaid interest from, and including, December 15, 2016 to, but excluding, the delivery date. The 2023 Notes will mature on December 15, 2023 and will form a part of the same series as the operating partnership’s previously issued 4.375% senior unsecured notes due 2023, $250.0 million of which are currently outstanding. The 2025 Notes were priced at 101.343% of the principal amount, plus accrued and unpaid interest from, and including, November 15, 2016 to, but excluding, the delivery date. The 2025 notes will mature on November 15, 2025 and will form a part of the same series as the operating partnership’s previously issued 4.000% senior unsecured notes due 2025, $250.0 million of which are currently outstanding.

CubeSmart Entets into Amendment No. 3 to its Second Amended and Restated Agreement of Limited Partnership

On March 15, 2017, CubeSmart, L.P. entered into Amendment No. 3 to its Second Amended and Restated Agreement of Limited Partnership to authorize the creation of a new class of limited partner interest in the Operating Partnership designated as Class C Units. The Operating Partnership may issue Class C Units, from time to time, as consideration for asset acquisitions. The distribution rate, stated value and redemption terms of any given Class C Unit will be determined by agreement with the seller of assets who accepts Class C Units in partial or full consideration for its assets, and the distribution rate, stated value and redemption terms may vary among Class C Units. As authorized by the Amendment, the Company would have the right to settle the redemption of Class C Units either for cash or for Common Shares, or a combination of cash and Common Shares, with the Common Shares valued at their average closing price during the ten trading days preceding the redemption date.

CubeSmart Seeks Acquisitions

CubeSmart (NYSE:CUBE) intends to contribute the net proceeds from its recent offering of common shares to CubeSmart, L.P. which in turn intends to use the net proceeds from the offering for facility acquisitions along with other purposes such as repayment of outstanding debt, developments, joint ventures, capital expenditures, working capital and other general corporate purposes.

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Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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