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CubeSmart to buy Washington, DC, asset for $34M

Self-storage-focused real estate investment trust CubeSmart snapped up a store in Texas for $12.2 million after 2017 year-end and is under contract to purchase a store in Washington, D.C., for $34.2 million.

As of Dec. 31, 2017, the company was under contract to acquire one property in Florida for $20.8 million, with the acquisition expected to close during the second quarter.

During the fourth quarter of 2017, the company formed a new joint venture in which it will have a 20% stake to buy self-storage assets. The joint venture purchased one store for $9.4 million, of which the company contributed $1.9 million, and subsequent to 2017 year-end, purchased two properties for $20.5 million. The JV has two properties under contract for $32.0 million, both expected to close by the second quarter.

The stores are in Arizona, Maryland, Texas and Florida.

During the fourth quarter and for the full year 2017, the company sold 1.0 million common shares through its at-the-market equity program at an average of $29.13 per share, for net proceeds of $29.6 million, minus offering costs.