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CubeSmart Closes Public Sale of Shares, Brings in $202M


CubeSmart, a self-storage real estate investment trust, closed its public offering of 23,000,000 common shares. The initial price was $9.20 per share, which reflects the full exercise by the underwriters of their option to purchase 3 million common shares to cover over-allotments.

The company received $202.4 million in net proceeds from the offering after deducting the underwriting discount and other estimated offering expenses. CubeSmart intends to use the money to fund a portion of the purchase price for its acquisition of 22 self-storage facilities from Storage Deluxe.

Wells Fargo Securities and BofA Merrill Lynch acted as the joint book-running managers for the offering. Morgan Keegan, Piper Jaffray, PNC Capital Markets LLC, Raymond James, RBS Securities Inc., SunTrust Robinson Humphrey and Macquarie Capital acted as co-managers for the offering.

CubeSmart is a self-administered and self-managed real estate investment trust that owns or manages 456 facilities across the United States and operates the CubeSmart Network, which consists of approximately 838 additional self-storage facilities.

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