REITs and Medical Devices

credit / rates

“The available balance under the Revolver is reduced by outstanding letters of credit totaling $0.7 million. ​ Under the Second Amended and Restated Credit Facility, our ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0.”

CUBE 10-Q

credit / rates affecting interest expense

“This increase was primarily attributable to increases in expenses from same-store properties largely related to advertising and personnel expenses as well as additional expenses from stores acquired or opened in 2025 and 2026 included in our non same-store portfolio. ​ Other (Expense) Income ​ Interest expense on loans increased from $26.1 million during the three months ended March 31, 2025 to $29.8 million during the three months ended March 31, 2026, an increase of $3.7 million, or 14.3%.”

CUBE 10-Q

restructuring

“We evaluated the Company’s identification and assessment of impairment indicators for certain storage properties, including certain storage properties that had declines in occupancy or declines in operating results, by: ​ F-4 ​ ● assessing management’s impairment policy for storage properties ​ ● assessing the completeness of identification of certain storage properties that had impairment indicators ​ ● reading the minutes of meetings of the Company’s Board of Trustees for indicators that certain storage properties may be subject to impairment analysis in accordance with management’s impairment policy ​ ● inquiring of Company officials, including those in the organization who are responsible for, and have authority over, operational activities and compared to management’s analysis. ​ ​ /s/ KPMG LLP ​ We have served as the Company’s auditor since 2009.”

CUBE 10-K