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CUBE > SEC Filings for CUBE > Form 8-K on 5-May-2014All Recent SEC Filings

Show all filings for CUBESMART

Form 8-K for CUBESMART


5-May-2014

Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities, Fin


Item 1.01 Entry into a Material Definitive Agreement

On May 5, 2014, CubeSmart, a Maryland real estate investment trust (the "Company"), and CubeSmart, L.P., a Delaware limited partnership (the "Operating Partnership"), entered into separate amendments (the "Amendments") to each of the Equity Distribution Agreements (as amended collectively the "Equity Distribution Agreements") entered into on May 7, 2013 with each of Wells Fargo Securities, LLC, BMO Capital Markets Corp., Jefferies LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC (collectively, the "Sales Agents") in connection with the Company's "at-the-market" offering program (the "Offering"). The Amendments increased the number of common shares of beneficial interest of the Company, $0.01 par value per share (the "Common Shares") which the Company may now sell through the Sales Agents, from time to time, under the Equity Distribution Agreements to 20,000,000.

The Common Shares are being offered and sold pursuant to the Company's automatic shelf registration statement on Form S-3 (Registration No. 333-194661) (the "New Shelf Registration Statement") filed with the Securities and Exchange Commission (the "SEC") on March 18, 2014, which became effective immediately upon filing. A prospectus supplement relating to the Offering has been filed today with the SEC to continue the Offering under the New Shelf Registration Statement.

The legal opinion of Pepper Hamilton LLP relating to the legality of the shares offered by the prospectus supplement and the legal opinion of Pepper Hamilton with respect to certain tax matters are attached as Exhibit 5.1 and Exhibit 8.1, respectively, to this Current Report.

The Company intends to contribute the net proceeds from the offering of the Common Shares to the Operating Partnership in exchange for partnership units of the Operating Partnership. The Operating Partnership intends to use the net proceeds from the Offering for general business purposes, including, without limitation, repayment of outstanding debt, acquisitions, developments, joint ventures, capital expenditures, working capital and other general corporate purposes.

The other specifics of the Equity Distribution Agreements are incorporated by reference from the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 7, 2013. The Form of Amendments is filed as Exhibit 1.1 hereto, and the description of the material terms of the Amendments in this Item 1.01 is qualified in its entirely by reference to such Exhibit, which is incorporated herein by reference.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.



Item 3.02 Unregistered Sales of Equity Securities

The information about the issuance by the Operating Partnership of additional partnership units under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                Description
1.1           Form of Amendment No. 1 to Equity Distribution Agreement, dated
              May 5, 2014, by and among CubeSmart, CubeSmart, L.P. and each of the
              Sales Agents.
5.1           Opinion of Pepper Hamilton LLP regarding the legality of the shares
              offered.
8.1           Opinion of Pepper Hamilton LLP with respect to certain tax matters.
23.1          Consent of Pepper Hamilton LLP (included in Exhibit 5.1).
23.2          Consent of Pepper Hamilton LLP (included in Exhibit 8.1).


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