<SEC-DOCUMENT>0001104659-25-076173.txt : 20250811
<SEC-HEADER>0001104659-25-076173.hdr.sgml : 20250811
<ACCEPTANCE-DATETIME>20250811162749
ACCESSION NUMBER:		0001104659-25-076173
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250811
DATE AS OF CHANGE:		20250811

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CubeSmart
		CENTRAL INDEX KEY:			0001298675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				201024732
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-270248
		FILM NUMBER:		251202413

	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]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				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>tm2523055d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated August 11, 2025<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No. 333-270248<BR>
Supplementing Preliminary Prospectus Supplement Dated<BR>
August 11, 2025 and Prospectus Dated March 3, 2023</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CubeSmart,
L.P.<BR>
Pricing Term Sheet<BR>
$450,000,000 of 5.125% Senior Notes due 2035</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; padding-bottom: 3pt; padding-left: 5.4pt; width: 25%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; padding-bottom: 3pt; padding-left: 5.4pt; width: 75%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CubeSmart, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantor:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CubeSmart</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings: (Moody&rsquo;s / S&amp;P)*:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa2 (Stable)/BBB (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 11, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date: (T+7)**:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 20, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Unsecured Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Offering:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1 and November 1 of each year, beginning May 1, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$450,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.250% due August 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price/ Yield:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99-28 / 4.265%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+ 103 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.295%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.656% of the principal amount, plus accrued and unpaid interest, if any, from August 20, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to August 1, 2035, make-whole redemption based on T+20 bps.&nbsp;&nbsp;Thereafter at 100% of the principal amount, plus accrued and unpaid interest.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22966R AK2 / US22966RAK23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0">Wells Fargo Securities, LLC</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">BofA Securities, Inc.</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">PNC Capital
Markets LLC &nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0">Regions Securities LLC</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Investments</FONT>, Inc. &nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0">Barclays Capital Inc.</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">BMO Capital Markets Corp.</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Citizens JMP Securities, LLC</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Goldman Sachs &amp; Co. LLC</P>
                                                                                <P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Truist Securities, Inc. &nbsp;</P></TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** <I>T+7 Settlement. </I>Under Rule 15c6-1 under
the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes before the business day before settlement
will be required, </P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, and should consult their advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 email at wfscustomerservice@wellsfargo.com or by calling toll-free at
1-800-645-3751, by contacting PNC Capital Markets LLC, by email at pnccmprospectus@pnc.com or by calling toll-free at 1-855-881-0697 or
by contacting BofA Securities, Inc., by telephone at 1-800-294-1322.</B></P>

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

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

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

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