CubeSmart Announces Pricing of 4.375% Senior Unsecured Notes Due 2023 and 4.000% Senior Unsecured Notes Due 2025

MALVERN, PA--(Marketwired - March 30, 2017) - CubeSmart (NYSE: CUBE) today announced that its operating partnership, CubeSmart, L.P. (the "Operating Partnership"), priced an offering of $50.0 million aggregate principal amount of 4.375% senior unsecured notes due 2023 (the "2023 Notes") and $50.0 million aggregate principal amount of 4.000% senior unsecured notes due 2025 (the "2025 Notes") 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.

The 2023 Notes and 2025 Notes will be fully and unconditionally guaranteed by CubeSmart.

The offering is expected to close on April 4, 2017, subject to the satisfaction of customary closing conditions. The Operating Partnership intends to use the net proceeds to repay all of the outstanding indebtedness incurred under the revolving portion of its credit facility and to use the remaining net proceeds, if any, for working capital and other general corporate purposes, which may include repayment or repurchase of other indebtedness.

Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bancorp Investments, Inc. acted as joint book-running managers for this offering. Barclays Capital Inc., BMO Capital Markets Corp., PNC Capital Markets LLC, Regions Securities LLC and Stifel, Nicolaus & Company, Incorporated acted as co-managers for this offering.

This offering was made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC") and only by means of a prospectus and related prospectus supplement. You may obtain copies of these documents without charge from the SEC at www.sec.gov Alternatively, you may request copies of these materials by contacting Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service or by calling toll-free 1-800-645-3751 or by emailing [e-mail], by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll-free 1-800-294-1322 or by email at [e-mail] or by contacting U.S. Bancorp Investments, Inc. by calling toll-free 1-877-558-2607.