CubeSmart (CUBE) announces $1.7 billion storage acquisition.

CubeSmart (CUBE) announced today that it has agreed to acquire a portfolio of 59 self-storage properties valued at $1.69 billion (the 'Storage West' portfolio.  The properties are said to be located in "highly desired" western markets including Southern California (22 locations), Phoenix (17), Las Vegas (13), and Houston (7).  The transaction is expected to close in the fourth quarter of 2021.

In conjunction with the acquisition, CUBE has commenced an underwritten common stock offering with gross proceeds of approximately $850 million including over-allotment shares.  CUBE has also obtained a committed $1.0 billion unsecured bridge loan facility to backstop any remaining funding needs.

CubeSmart is a national owner/manager of self-storage properties with interests in 639 facilities in 24 states and the District of Columbia.  CUBE completed its IPO in 2004 and has a total market capitalization of approximately $12 billion.