CubeSmart Announces Closing of the Storage West Acquisition
CubeSmart (NYSE: CUBE) has successfully completed its acquisition of LAACO, LTD., enhancing its portfolio with 59 self-storage facilities across Southern California, Phoenix, Las Vegas, and Houston. This strategic move expands CubeSmart's presence in key markets and aligns with its growth objectives. The acquisition was financed through capital raising efforts, including the issuance of 15.5 million shares and $1.05 billion in unsecured senior notes. CubeSmart is now one of the leading self-storage operators in the U.S., managing over 1,250 properties nationwide.
- Acquisition adds 59 high-quality self-storage assets, expanding footprint in key markets.
- Strategically enhances presence in rapidly growing top-40 MSAs.
- Transaction funded through successful capital raising efforts.
- Acquisition financed through issuance of 15.5 million common shares, potentially diluting existing shareholders.
- Integration of new assets may present operational challenges.
MALVERN, Pa., Dec. 09, 2021 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that it has closed on the previously announced acquisition of LAACO, LTD., the owner of the Storage West self-storage platform. With this acquisition, CubeSmart has added 59 high-quality assets to its portfolio in the desirable western markets of Southern California (22), Phoenix (17), Las Vegas (13), and Houston (7). Two of the properties in Southern California are owned by separate joint ventures, of which CUBE now owns a
“We are excited to officially welcome the Storage West stores and the LAACO teammates to CubeSmart’s national platform. This accretive transaction represented a unique opportunity to expand our footprint across these rapidly growing top-40 MSAs,” commented Christopher P. Marr, President and Chief Executive Officer. “I’m proud of our team’s ability to execute on our strategic external growth objectives and look forward to successfully integrating these stores onto our platform.”
A presentation further detailing the strategic benefits of the transaction is available on the Investor Relations section of the Company’s website. The acquisition was funded using the net proceeds from a combination of capital raising transactions, including the Company’s recent offerings of 15,525,000 common shares,
About the Company
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,251 self-storage properties across the United States. According to the 2021 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.
The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.
For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.
Company Contact:
CubeSmart
Josh Schutzer
Vice President, Finance
610-535-5700
FAQ
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