CubeSmart and its operating partnership filed a Form 8-K on October 29, 2026, disclosing entry into a $300 million unsecured term loan agreement dated October 26, 2026, with PNC Bank, National Association serving as administrative agent.

Key Highlights

  • Loan size: The Term Loan Facility is comprised of a $300 million unsecured term loan, funded in full at closing.
  • Maturity date: The facility matures on January 10, 2031, with a one-time option to extend by one year.
  • Extension fee: The optional one-year maturity extension requires payment of a fee equal to 0.125% of the aggregate outstanding principal amount.
  • Pricing: Based on the company's credit ratings and leverage levels as of June 30, 2026, the facility is priced at 0.800% over daily simple SOFR, with no SOFR floor.
  • Accordion feature: The Operating Partnership may request additional term loans to bring aggregate outstanding loans up to $1.0 billion, though no lender is obligated to provide them.
  • Use of proceeds: According to the filing, the amounts funded at closing were used to repay amounts drawn under the Operating Partnership's unsecured revolving credit facility.

CubeSmart, L.P. Closes $300 Million Unsecured Term Loan with PNC as Agent

According to the Form 8-K filed with the SEC, CubeSmart, L.P., as borrower, and CubeSmart, as parent guarantor, entered into the Term Loan Agreement on October 26, 2026. PNC Bank, National Association acts as administrative agent for the lenders. The filing identifies NYSE:CUBE as the registered trading symbol for CubeSmart's common shares, par value $0.01 per share, on the New York Stock Exchange.

The filing states that the Term Loan Facility was funded in full at closing and that the Operating Partnership used those proceeds to repay amounts drawn under its unsecured revolving credit facility. Prepayment is permitted in whole or in part at any time without premium or penalty, and any amounts prepaid may not be reborrowed. The filing notes that pricing is dependent on the company's unsecured debt credit ratings and leverage levels, with the rate set at 0.800% over daily simple SOFR as of the June 30, 2026 measurement date, and no SOFR floor applies.

The Term Loan Agreement, according to the filing, contains customary affirmative and negative covenants as well as financial covenants requiring compliance with leverage and fixed charge coverage ratio tests. The filing further states that the lenders may accelerate amounts outstanding upon an event of default, including failure to pay amounts due or the filing of bankruptcy proceedings. The Operating Partnership and CubeSmart are described as jointly and severally obligated under the agreement. The full terms and conditions are contained in Exhibit 10.1 attached to the filing.

What Was Disclosed

CubeSmart disclosed entry into a $300 million unsecured term loan maturing January 10, 2031, priced at SOFR plus 0.800%, with an accordion feature allowing up to $1.0 billion in total outstanding loans and proceeds used to repay the existing revolving credit facility.