<SEC-DOCUMENT>0001104659-21-141237.txt : 20211118
<SEC-HEADER>0001104659-21-141237.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118165427
ACCESSION NUMBER:		0001104659-21-141237
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CubeSmart
		CENTRAL INDEX KEY:			0001298675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				201024732
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236886
		FILM NUMBER:		211425087

	BUSINESS ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		610-535-5700

	MAIL ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U-Store-It Trust
		DATE OF NAME CHANGE:	20040727

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CubeSmart
		CENTRAL INDEX KEY:			0001298675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				201024732
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		610-535-5700

	MAIL ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U-Store-It Trust
		DATE OF NAME CHANGE:	20040727
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2132894d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated November 18, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-236886</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Supplementing Preliminary Prospectus Supplement
Dated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 18, 2021 and Prospectus Dated March 4,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CubeSmart, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$550,000,000 of 2.25% Senior Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 of 2.50% Senior Notes due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 5pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CubeSmart, L.P.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Guarantor:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CubeSmart</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Expected Ratings: <BR>
(Moody&rsquo;s / S&amp;P)*:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Baa2 (Stable)/BBB (Stable)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Pricing Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">November 18, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Settlement Date: (T+7) **:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">November 30, 2021 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; width: 22%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; width: 40%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2028 Notes</B></FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; width: 38%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2032 Notes</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Senior Unsecured Notes</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Senior Unsecured Notes</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Type of Offering:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SEC Registered</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December 15, 2028</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">February 15, 2032</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">June 15 and December 15 of each year, beginning June 15, 2022. </FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">February 15 and August 15 of each year, beginning August 15, 2022.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$550,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">UST 1.375% due October 31, 2028</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">UST 1.375% due November 15, 2031</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Benchmark Treasury <BR>
Price/ Yield:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">99-11 / 1.475%</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">98-01+ / 1.587%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">+85 bps</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">+100 bps</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2.325%</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2.587%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">99.515% of the principal amount, plus accrued and unpaid interest, if any, from November 30, 2021. </FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">99.219% of the principal amount, plus accrued and unpaid interest, if any, from November 30, 2021.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Prior to October 15, 2028, make-whole redemption based on T+15 bps.&nbsp;&nbsp;Thereafter at 100% of the principal amount, plus accrued and unpaid interest.</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Prior to November 15, 2031, make-whole redemption based on T+15 bps.&nbsp;&nbsp;Thereafter at 100% of the principal amount, plus accrued and unpaid interest.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">22966R AH9 / US22966RAH93</FONT></TD>
    <TD STYLE="padding: 4pt 5pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">22966R AJ5 / US22966RAJ59 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Joint Book-Running <BR>
Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Wells Fargo Securities, LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Senior Co-Managers</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Barclays Capital Inc., BofA Securities, Inc. and Regions Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">BMO Capital Markets Corp., Stifel, Nicolaus &amp; Company, Incorporated and Truist Securities, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to use the net proceeds from this offering to pay a portion
of the Storage West Purchase Price and transaction-related expenses. Prior to the closing of the Storage West Portfolio Acquisition, we
may hold the net proceeds from this offering in cash or short-term investments. If the Storage West Portfolio Acquisition is not consummated
for any reason, or if the net proceeds from this offering exceed the amount necessary to fund a portion of the Storage West Purchase Price,
then we intend to use the net proceeds from this offering, or such excess amount of the net proceeds from this offering, for general business
purposes, which may include funding acquisitions and other investment opportunities and the repayment or repurchase of existing indebtedness.
Capitalized terms used but not defined herein have the meanings assigned to such terms in the Preliminary Prospectus Supplement Dated
November 18, 2021, filed with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) on November 18, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** <FONT STYLE="font-family: Times New Roman, Times, Serif">We expect
that delivery of the notes will be made to investors on November 30, 2021, which will be the seventh business day following the date hereof
(such settlement being referred to as &ldquo;T+ 7&rdquo;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are
required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade notes prior to the second business day before settlement will be required, by virtue of the fact that the notes initially settle
in T+ 7, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the
notes who wish to trade the notes prior to the second business day before settlement should consult their advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including a prospectus)
and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus supplement for this offering, the issuer&rsquo;s prospectus in that registration statement and any other documents
the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free
by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request
it by contacting Wells Fargo Securities, LLC, by calling toll-free 1-800-645-3751 or by emailing wfscustomerservice@wellsfargo.com, by
contacting PNC Capital Markets LLC, Attention: Investment Operations, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222, by calling toll-free:
855-881-0697 or by emailing pnccmprospectus@pnc.com or by contacting U.S. Bancorp Investments, Inc., Attention: High Grade Syndicate,
214 North Tryon Street, 26<SUP>th</SUP> Floor, Charlotte, NC 28202, by calling toll-Free: (877) 558-2607.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
