On October 26, 2026, CubeSmart, L.P. (the “Operating Partnership”) entered into a Term Loan Agreement with a group of lenders and PNC Bank, National Association as administrative agent. The agreement establishes a $300 million unsecured term loan facility, which was fully funded at closing. The loan matures on January 10, 2031.
The Operating Partnership has the option to extend the maturity date by one year, contingent upon the payment of an extension fee equal to 0.125% of the aggregate outstanding principal amount. Additionally, the company may request additional term loans up to a total aggregate of $1.0 billion, though lenders are not obligated to provide these funds. The loan allows for prepayment in whole or in part at any time without premium or penalty, with prepaid amounts not eligible for reborrowing.
Interest rates on the facility are determined by the Company’s unsecured debt credit ratings and leverage levels. As of June 30, 2026, the facility is priced at 0.800% over the daily simple secured overnight financing rate (SOFR), with no SOFR floor. The proceeds from the loan were used to repay amounts drawn under the company’s unsecured revolving credit facility. The agreement includes customary affirmative and negative covenants, as well as financial covenants requiring compliance with leverage and fixed charge coverage ratio tests. The Operating Partnership and CubeSmart are jointly and severally obligated under the agreement.
