CubeSmart Announces Exercise of Underwriters' Overallotment Option of 300,000 of Its 7.75% Series A Cumulative Redeemable Preferred Shares

WAYNE, PA--(Marketwire - Nov 10, 2011) - CubeSmart (the "Company") (NYSE: CUBE), a self-administered and self-managed real estate investment trust focused on self-storage facilities, today announced the exercise by the underwriters of their option to purchase an additional 300,000 of the Company's 7.75% Series A Cumulative Redeemable Preferred Shares to cover overallotments. The overallotment option was granted in connection with the Company's recent public offering of 2,800,000 7.75% Series A Cumulative Redeemable Preferred Shares. Subject to customary closing conditions, the closing for the additional shares is expected to take place on November 14, 2011. Incremental net proceeds to the Company from the issuance of these additional shares, after deducting the underwriting discount, are expected to be approximately $7.3 million.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers for the offering. Morgan Keegan & Company, Inc., Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated acted as co-managers for the offering.

To obtain a copy of the final prospectus supplement and accompanying prospectus related to these securities, please contact: Wells Fargo Securities, LLC, Attn: Capital Markets Client Support, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, at 1-800-326-5897 or e-mail a request to cmclientsupport@wellsfargo.com, or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 100 West 33^rd Street, 3^rd Floor, New York, NY 10001, Attn: Syndicate Operations or email dg.prospectus_requests@baml.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 472 facilities across the United States and operates the CubeSmart Network, which consists of approximately 838 additional self-storage facilities.

Forward-Looking Statements

Although the Company believes the expectations reflected in any forward-looking statements in this press release are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and described from time to time in the Company's filings with the SEC. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.