CubeSmart (CUBE) 10-Q8 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 05, 2013
Document and Entity Information	'	'
Entity Registrant Name	'CubeSmart	'
Entity Central Index Key	'0001298675	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	139,124,221
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Storage facilities	$2,473,889	$2,443,022
Less: Accumulated depreciation	-380,621	-353,315
Storage facilities, net	2,093,268	2,089,707
Cash and cash equivalents	2,940	4,495
Restricted cash	4,226	6,070
Loan procurement costs, net of amortization	8,885	8,253
Assets held for sale	67,924	'
Other assets, net	25,920	41,794
Total assets	2,203,163	2,150,319
LIABILITIES AND EQUITY	'	'
Unsecured senior notes	250,000	250,000
Revolving credit facility	88,300	45,000
Unsecured term loans	500,000	500,000
Mortgage loans and notes payable	206,100	228,759
Accounts payable, accrued expenses and other liabilities	55,113	60,708
Distributions payable	16,813	16,419
Deferred revenue	12,338	11,090
Security deposits	388	444
Other liabilities held for sale	975	'
Total liabilities	1,130,027	1,112,420
Noncontrolling interests in the Operating Partnership	40,688	47,990
Commitments and contingencies	'	'
Equity	'	'
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 3,100,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	31	31
Common shares $.01 par value, 200,000,000 shares authorized, 136,486,384 and 131,794,547 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	1,365	1,318
Additional paid-in capital	1,492,055	1,418,463
Accumulated other comprehensive loss	-12,626	-19,796
Accumulated deficit	-448,519	-410,225
Total CubeSmart shareholders' equity	1,032,306	989,791
Noncontrolling interests in subsidiaries	142	118
Total equity	1,032,448	989,909
Total liabilities and equity	$2,203,163	$2,150,319

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'
Series A Preferred shares, percentage	7.75%	7.75%
Series A Preferred shares, par value (in dollars per share)	$0.01	$0.01
Series A Preferred shares, shares authorized	3,220,000	3,220,000
Series A Preferred shares, shares issued	3,100,000	3,100,000
Series A Preferred shares, shares outstanding	3,100,000	3,100,000
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	136,486,384	131,794,547
Common shares, shares outstanding	136,486,384	131,794,547

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
Rental income	$73,067	$61,204	$208,675	$172,078
Other property related income	8,580	7,065	24,215	18,833
Property management fee income	1,185	1,094	3,547	3,217
Total revenues	82,832	69,363	236,437	194,128
OPERATING EXPENSES	'	'	'	'
Property operating expenses	30,104	27,066	87,946	76,761
Depreciation and amortization	28,495	28,734	85,966	79,007
General and administrative	7,326	6,860	22,454	19,582
Total operating expenses	65,925	62,660	196,366	175,350
OPERATING INCOME	16,907	6,703	40,071	18,778
Interest:	'	'	'	'
Interest expense on loans	-9,995	-11,092	-31,045	-29,692
Loan procurement amortization expense	-536	-699	-1,509	-2,585
Acquisition related costs	-470	-1,527	-2,233	-2,390
Equity in loss of real estate venture	'	-284	'	-745
Gain from remeasurement of investment in real estate venture	'	7,023	'	7,023
Other	-22	166	-282	-12
Total other expense	-11,023	-6,413	-35,069	-28,401
INCOME (LOSS) FROM CONTINUING OPERATIONS	5,884	290	5,002	-9,623
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	1,407	1,564	4,201	5,368
Gain from disposition of discontinued operations	9,310	197	9,538	6,403
Total discontinued operations	10,717	1,761	13,739	11,771
NET INCOME	16,601	2,051	18,741	2,148
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in the Operating Partnership	-257	-5	-240	106
Noncontrolling interests in subsidiaries	-2	-410	-1	-1,918
NET INCOME ATTRIBUTABLE TO THE COMPANY	16,342	1,636	18,500	336
Distribution to preferred shareholders	-1,502	-1,502	-4,506	-4,506
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	14,840	134	13,994	-4,170
Basic earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.03	($0.01)	'	($0.13)
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0.08	$0.01	$0.10	$0.10
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Diluted earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.03	($0.01)	'	($0.13)
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0.08	$0.01	$0.10	$0.10
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Weighted-average basic shares outstanding (in shares)	135,365	124,169	134,007	123,016
Weighted-average diluted shares outstanding (in shares)	138,106	124,169	136,643	123,016
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS:	'	'	'	'
Income (loss) from continuing operations	4,305	-1,585	489	-15,658
Total discontinued operations	10,535	1,719	13,505	11,488
Net income (loss)	$14,840	$134	$13,994	($4,170)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'	'	'
NET INCOME	$16,601	$2,051	$18,741	$2,148
Other comprehensive income (loss):	'	'	'	'
Unrealized (losses) gains on interest rate swaps	-2,700	-4,237	2,586	-13,336
Reclassification of realized losses on interest rate swaps	1,582	1,529	4,667	4,525
Unrealized gain (loss) on foreign currency translation	297	132	66	151
OTHER COMPREHENSIVE (LOSS) INCOME	-821	-2,576	7,319	-8,660
COMPREHENSIVE INCOME (LOSS)	15,780	-525	26,060	-6,512
Comprehensive (income) loss attributable to noncontrolling interests in the Operating Partnership	-243	83	-366	400
Comprehensive income attributable to noncontrolling interests in subsidiaries	-27	-415	-24	-1,924
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$15,510	($857)	$25,670	($8,036)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Noncontrolling Interests in the Operating Partnership	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interests in Subsidiaries
In Thousands, unless otherwise specified	Total	Noncontrolling Interests in the Operating Partnership	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interests in Subsidiaries
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2011	$49,732	$49,732	'	'	'	'	'	'	'
Balance at Dec. 31, 2011	995,322	'	955,913	1,221	31	1,309,505	-12,831	-342,013	39,409
Balance (in shares) at Dec. 31, 2011	'	'	'	122,059	3,100	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'
Issuance of common shares	59,143	'	59,143	47	'	59,096	'	'	'
Issuance of common shares (in shares)	'	'	'	4,691	'	'	'	'	'
Issuance of restricted shares	2	'	2	2	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	245	'	'	'	'	'
Conversion from units to shares	3,313	-3,313	3,313	3	'	3,310	'	'	'
Conversion from units to shares (in shares)	'	'	'	265	'	'	'	'	'
Exercise of stock options	1,361	'	1,361	1	'	1,360	'	'	'
Exercise of stock options (in shares)	'	'	'	170	'	'	'	'	'
Amortization of restricted shares	2,169	'	2,169	'	'	2,169	'	'	'
Share compensation expense	900	'	900	'	'	900	'	'	'
Acquisition of noncontrolling interest	-56,984	-132	-18,452	'	'	-18,452	'	'	-38,532
Adjustment for noncontrolling interests in the Operating Partnership	-11,930	11,930	-11,930	'	'	'	'	-11,930	'
Net income (loss)	-4,170	-106	336	'	'	'	'	336	1,918
Net (loss) income, including temporary equity	2,254	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gains (losses) on interest rate swaps	-8,513	-298	-8,513	'	'	'	-8,513	'	'
Unrealized gain on foreign currency translation	147	4	141	'	'	'	141	'	6
Preferred distributions	-4,506	'	-4,506	'	'	'	'	-4,506	'
Common distributions	-32,634	-1,077	-29,948	'	'	'	'	-29,948	-2,686
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2012	56,740	56,740	'	'	'	'	'	'	'
Balance at Sep. 30, 2012	950,044	'	949,929	1,274	31	1,357,888	-21,203	-388,061	115
Balance (in shares) at Sep. 30, 2012	'	'	'	127,430	3,100	'	'	'	'
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012	47,990	47,990	'	'	'	'	'	'	'
Balance at Dec. 31, 2012	989,909	'	989,791	1,318	31	1,418,463	-19,796	-410,225	118
Balance (in shares) at Dec. 31, 2012	'	'	'	131,795	3,100	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'
Issuance of common shares	52,498	'	52,498	31	'	52,467	'	'	'
Issuance of common shares (in shares)	'	'	'	3,099	'	'	'	'	'
Issuance of restricted shares	2	'	2	2	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	222	'	'	'	'	'
Conversion from units to shares	14,601	-14,601	14,601	10	'	14,591	'	'	'
Conversion from units to shares (in shares)	'	'	'	1,013	'	'	'	'	'
Exercise of stock options	2,487	'	2,487	4	'	2,483	'	'	'
Exercise of stock options (in shares)	'	'	'	357	'	'	'	'	'
Amortization of restricted shares	3,397	'	3,397	'	'	3,397	'	'	'
Share compensation expense	654	'	654	'	'	654	'	'	'
Adjustment for noncontrolling interests in the Operating Partnership	-7,686	7,686	-7,686	'	'	'	'	-7,686	'
Net income (loss)	13,994	240	18,500	'	'	'	'	18,500	1
Net (loss) income, including temporary equity	18,501	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gains (losses) on interest rate swaps	7,128	125	7,128	'	'	'	7,128	'	'
Unrealized gain on foreign currency translation	65	1	42	'	'	'	42	'	23
Preferred distributions	-4,506	'	-4,506	'	'	'	'	-4,506	'
Common distributions	-44,602	-753	-44,602	'	'	'	'	-44,602	'
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2013	40,688	40,688	'	'	'	'	'	'	'
Balance at Sep. 30, 2013	$1,032,448	'	$1,032,306	$1,365	$31	$1,492,055	($12,626)	($448,519)	$142
Balance (in shares) at Sep. 30, 2013	'	'	'	136,486	3,100	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating Activities	'	'
Net income	$18,741	$2,148
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	89,813	85,912
Gain from disposition of discontinued operations	-9,538	-6,403
Gain from remeasurement of investment in real estate venture	'	-7,023
Equity compensation expense	4,051	3,069
Accretion of fair market value adjustment of debt	-752	-461
Equity in loss of real estate venture	'	745
Changes in other operating accounts:	'	'
Other assets	-1,760	-2,674
Restricted cash	518	3,307
Accounts payable and accrued expenses	1,551	7,394
Other liabilities	1,267	55
Net cash provided by operating activities	103,891	86,069
Investing Activities	'	'
Acquisitions of storage facilities	-133,043	-195,509
Additions and improvements to storage facilities	-13,697	-16,255
Development costs	-25,649	'
Cash paid for remaining interest in real estate venture	'	-81,158
Cash distributed from real estate venture	'	909
Proceeds from sales of facilities, net	35,600	29,529
Proceeds from notes receivable	5,192	'
Change in restricted cash	1,324	1,825
Net cash used in investing activities	-130,273	-260,659
Proceeds from:	'	'
Unsecured senior notes	'	249,638
Revolving credit facility	350,600	343,300
Unsecured term loans	'	100,000
Principal payments on:	'	'
Revolving credit facility	-307,300	-277,800
Mortgage loans and notes payable	-21,852	-206,452
Loan procurement costs	-2,141	-2,145
Settlement of hedge transaction	'	-195
Proceeds from issuance of common shares, net	52,500	59,143
Exercise of stock options	2,487	1,361
Cash paid for acquisition of noncontrolling interest	'	-61,113
Distributions paid to common shareholders	-44,093	-29,500
Distributions paid to preferred shareholders	-4,506	-4,222
Distributions paid to noncontrolling interests in Operating Partnership	-868	-1,102
Distributions paid to noncontrolling interests in subsidiaries	'	-2,685
Net cash provided by financing activities	24,827	168,228
Change in cash and cash equivalents	-1,555	-6,362
Cash and cash equivalents at beginning of period	4,495	9,069
Cash and cash equivalents at end of period	2,940	2,707
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	36,150	25,725
Supplemental disclosure of noncash activities:	'	'
Consolidation of real estate venture	'	13,527
Derivative valuation adjustment	7,253	-8,616
Foreign currency translation adjustment	66	151
Mortgage loan assumption - acquisitions of storage facilities	'	$107,011

ORGANIZATION_AND_NATURE_OF_OPE

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Sep. 30, 2013
ORGANIZATION AND NATURE OF OPERATIONS	'
ORGANIZATION AND NATURE OF OPERATIONS	'
	1. ORGANIZATION AND NATURE OF OPERATIONS

	CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms “the Company”, ‘we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. The Company’s self-storage facilities are located in 21 states throughout the United States and the District of Columbia and are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage facilities.

	As of September 30, 2013, the Parent Company owned approximately 98.4% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in facilities to us in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.”

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of Presentation

	The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles (“GAAP”) in the United States. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2012, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results of operations to be expected for any future period or the full year.

	Immaterial Correction to Prior Period Financial Statements

	In the third quarter of 2013, we revised our 2012 disclosure in the consolidated statement of cash flows to reflect a decrease in both net cash provided by operating activities and net cash used in investing activities of $11.1 million. This adjustment was made after completing an analysis that determined cash paid for acquisitions of self-storage facilities did not properly reflect the use of earnest money deposits, paid to Storage Deluxe in 2011, when certain facilities within the portfolio were acquired in 2012. After evaluating the quantitative and qualitative effects of this error, we have concluded that the impact on the Company’s prior interim period consolidated statements of cash flows was not material.

	Recent Accounting Pronouncements

	In February 2013, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting standard for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment requires entities to disclose for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected income statement line item and for AOCI items that are not reclassified in their entirety into net income, a cross reference to other required GAAP disclosures. This amendment became effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in 2013 did not have a material impact on the Company’s consolidated financial position or results of operations as its impact was limited to disclosure requirements (see note 9).

STORAGE_FACILITIES

STORAGE FACILITIES	9 Months Ended
STORAGE FACILITIES	Sep. 30, 2013
STORAGE FACILITIES	'
STORAGE FACILITIES	'
	3. STORAGE FACILITIES

	The book value of the Company’s real estate assets is summarized as follows:

			September 30,			December 31,
			September 30,			December 31,
			2013			2012
			2013			2012
			(in thousands)
	Land		$	455,493		$	462,626
	Buildings and improvements		1,833,558			1,828,388
	Equipment		152,128			143,836
	Construction in progress		32,710			8,172
	Storage facilities		2,473,889			2,443,022
	Less: Accumulated depreciation		-380,621			-353,315
	Storage facilities, net		$	2,093,268		$	2,089,707

	The following table summarizes the Company’s acquisition and disposition activity from January 1, 2012 through September 30, 2013:

	Facility/Portfolio		Location		Transaction Date		Number of Facilities		Purchase / Sales
	Facility/Portfolio		Location		Transaction Date		Number of Facilities		Price (in thousands)

	2013 Acquisitions:

	Gilbert Asset		Gilbert, AZ		March 2013		1		$	6,900
	Evanston Asset		Evanston, IL		May 2013		1		8,300
	Delray Beach Asset		Delray Beach, FL		May 2013		1		7,150
	Miramar Asset		Miramar, FL		June 2013		1		9,000
	Stoneham Asset		Stoneham, MA		June 2013		1		10,600
	Maryland/New Jersey Assets		Multiple locations in MD and NJ		June 2013		5		52,400
	Staten Island Asset		Staten Island, NY		July 2013		1		13,000
	Lewisville Asset		Lewisville, TX		August 2013		1		10,975
	Chandler Asset		Chandler, AZ		September 2013		1		10,500
	Tempe Asset		Tempe, AZ		September 2013		1		4,300
							14		$	133,125

	2013 Dispositions:

	Texas/Indiana Assets		Multiple locations in TX and IN		March 2013		5		$	11,400
	Tennessee Assets		Multiple locations in TN		August 2013		8		25,000
							13		$	36,400

	2012 Acquisitions:

	Houston Asset		Houston, TX		February 2012		1		$	5,100
	Dunwoody Asset		Dunwoody, GA		February 2012		1		6,900
	Mansfield Asset		Mansfield, TX		June 2012		1		4,970
	Texas Assets		Multiple locations in TX		July 2012		4		18,150
	Allen Asset		Allen, TX		July 2012		1		5,130
	Norwalk Asset		Norwalk, CT		July 2012		1		5,000
	Storage Deluxe Assets		Multiple locations in NY and CT		February/ April/ August 2012		6		201,910
	Eisenhower Asset		Alexandria, VA		August 2012		1		19,750
	New Jersey Assets		Multiple locations in NJ		August 2012		2		10,750
	Georgia/Florida Assets		Multiple locations in GA and FL		August 2012		3		13,370
	Peachtree Asset		Peachtree City, GA		August 2012		1		3,100
	HSREV Assets		Multiple locations in PA, NY, NJ, VA and FL		September 2012		9		102,000
	Leetsdale Asset		Denver, CO		September 2012		1		10,600
	Orlando/West Palm Beach Assets		Multiple locations in FL		November 2012		2		13,010
	Exton/Cherry Hill Assets		Multiple locations in NJ and PA		December 2012		2		7,800
	Carrollton Asset		Carrollton, TX		December 2012		1		4,800
							37		$	432,340
	2012 Dispositions:

Michigan Assets		Multiple locations in MI		June 2012		3		$	6,362
Gulf Coast Assets		Multiple locations in LA, AL and MS		June 2012		5		16,800
New Mexico Assets		Multiple locations in NM		August 2012		6		7,500
San Bernardino Asset		San Bernardino, CA		August 2012		1		5,000
Florida/Tennessee Assets		Multiple locations in FL and TN		November 2012		3		6,550
Ohio Assets		Multiple locations in OH		November 2012		8		17,750
						26		$	59,962

INVESTMENT_ACTIVITY

INVESTMENT ACTIVITY	9 Months Ended
INVESTMENT ACTIVITY	Sep. 30, 2013
INVESTMENT ACTIVITY	'
INVESTMENT ACTIVITY	'
	4. INVESTMENT ACTIVITY

	2013 Acquisitions

	During the nine months ended September 30, 2013, the Company acquired 14 facilities located throughout the United States for an aggregate purchase price of approximately $133.1 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $9.1 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $2.7 million.

	Development

	During 2012, the Company commenced construction of 5 Old Lancaster Road located in Malvern, PA, a suburb of Philadelphia. Upon completion, the mixed-use facility will be comprised of rentable storage space and office space for the Company’s corporate headquarters. Construction is expected to be completed during the fourth quarter of 2013. At September 30, 2013 and December 31, 2012, development costs for this project totaled $17.4 million and $4.7 million, respectively. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage facilities on the Company’s consolidated balance sheets.

	During the second quarter of 2013, the Company entered into contracts for the construction of a storage facility located in Bronx, NY. Construction is expected to be completed during the first quarter of 2014. At September 30, 2013, development costs for this project totaled $13.2 million. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage facilities on the Company’s consolidated balance sheets.

	2012 Acquisitions

	During 2012, as part of the $560 million Storage Deluxe transaction involving 22 Class A self-storage facilities located primarily in the greater New York City area, the Company acquired the final six facilities with a purchase price of approximately $201.9 million. The six facilities purchased are located in New York and Connecticut. In connection with the acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $12.3 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $4.5 million. In connection with the six acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $93.1 million, which includes an outstanding principal balance totaling $88.9 million and a net premium of $4.2 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption.

	On September 28, 2012, the Company purchased, from its joint venture partner, the remaining 50% ownership in a partnership that owned nine storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”), for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. Following the purchase, the Company wholly owned the nine storage facilities which were unencumbered and had a fair value of $102 million at acquisition. In connection with this acquisition, the Company allocated a portion of the fair value to the intangible value of in-place leases which aggregated $8.3 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $6.2 million.

	During 2012, the Company acquired an additional 22 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $128.4 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $13.2 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $7.9 million. In connection with two of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $13.9 million, which includes an outstanding principal balance totaling $13.4 million and a net premium of $0.5 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption.

INVESTMENT_IN_UNCONSOLIDATED_R

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	9 Months Ended
	Sep. 30, 2013
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

	On September 26, 2011, the Company contributed $15.4 million in cash for a 50% interest in a partnership that owns nine storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”). The other partner held the remaining 50% interest in the partnership. HSREV was not consolidated because the Company was not the primary beneficiary, the limited partners had the ability to dissolve or remove the Company without cause and the Company did not possess substantive participating rights. The Company accounted for its unconsolidated interest in its real estate venture using the equity method. The Company’s investment in HSREV was included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheet and earnings attributable to HSREV were presented in Equity in loss of real estate venture on the Company’s consolidated statements of operations.

	As explained in note 4, on September 28, 2012, the Company purchased the remaining 50% ownership in HSREV, for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. As noted above, the Company previously accounted for its investment in HSREV using the equity method. As a result of this transaction, the Company obtained control of HSREV. The Company’s original 50% interest was remeasured and as a result, during the three and nine months ended September 30, 2012, the Company recorded a gain of approximately $7.0 million, which is reflected in Gain from remeasurement of investment in real estate venture on the accompanying statements of operations.

	The Company’s equity in the loss of the real estate venture for the three and nine months ended September 30, 2012 was approximately $0.3 million and $0.7 million, respectively.

	The following is a summary of results of operations of the real estate venture for the three and nine months ended September 30, 2012 (in thousands).

		Three months ended		Nine months ended
		September 30, 2012

	Revenue	$	2,426	$	7,229
	Operating expenses	1,057		3,010
	Interest expense, net	880		2,690
	Depreciation and amortization	897		2,691
	Net loss	-408		-1,162
	Company’s share of loss	-284		-745


	The results of operations above include the periods from July 1, 2012 through September 28, 2012 and January 1, 2012 through September 28, 2012, the date of the Company’s acquisition of the remaining 50% ownership interest.

UNSECURED_SENIOR_NOTES

UNSECURED SENIOR NOTES	9 Months Ended
UNSECURED SENIOR NOTES	Sep. 30, 2013
UNSECURED SENIOR NOTES	'
UNSECURED SENIOR NOTES	'
	6. UNSECURED SENIOR NOTES

	On June 26, 2012, the Operating Partnership issued $250 million in aggregate principal amount of unsecured senior notes due July 15, 2022 (the “senior notes”) which bear interest at a rate of 4.80%. The indenture under which the unsecured senior notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. The Operating Partnership is currently in compliance with all of the financial covenants under the senior notes.

REVOLVING_CREDIT_FACILITY_AND_

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

9 Months Ended

Sep. 30, 2013

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”) which consisted of a $100 million term loan with a five-year maturity (“Term Loan A”) and a $100 million term loan with a seven-year maturity (“Term Loan B”). The Company incurred costs of $2.1 million in connection with executing the agreement and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet.

On December 9, 2011, the Company entered into a credit facility (the “Credit Facility”) comprised of a $100 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300 million unsecured revolving facility maturing in December 2015 (“Revolver”). The Company incurred costs of $3.4 million in connection with executing the agreement and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet.

On June 18, 2013, the Company amended both the Term Loan Facility and Credit Facility. With respect to the Term Loan Facility, among other things, the amendment extended the maturity and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa3/BBB- level, amounts drawn under Term Loan A are priced at 1.50% over LIBOR, with no LIBOR floor, while amounts drawn under Term Loan B are priced at 2.00% over LIBOR, with no LIBOR floor.

Term Loan Facility

Prior to Amendment

As Amended

Amount

Maturity Date

LIBOR Spread

Maturity Date

LIBOR Spread

Term Loan A

$100 million

June 2016

1.85%

June 2018

1.50%

Term Loan B

$100 million

June 2018

2.00%

June 2018

2.00%

With respect to the Credit Facility, among other things, the amendment extended the maturities of the Revolver and Term Loan D and decreased the pricing of the Revolver, Term Loan C and Term Loan D. Pricing on the Credit Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa3/BBB- level, amounts drawn under the Revolver are priced at 1.60% over LIBOR, inclusive of a facility fee of 0.30%, with no LIBOR floor, while amounts drawn under Term Loan C and Term Loan D are priced at 1.50% over LIBOR, with no LIBOR floor.

Credit Facility

Prior to Amendment

As Amended

Amount

Maturity Date

LIBOR Spread

Maturity Date

LIBOR Spread

Revolver

$300 million

December 2015

1.80%

June 2017

1.60%

Term Loan C

$100 million

December 2014

1.75%

December 2014

1.50%

Term Loan D

$200 million

March 2017

1.75%

January 2019

1.50%

The Company incurred costs of $2.1 million in connection with amending the agreements and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. Unamortized costs, along with costs incurred in connection with the amendments, are amortized as an adjustment to interest expense over the remaining term of the modified facilities.

As of September 30, 2013, $200 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $300 million of unsecured term loan borrowings were outstanding under the Credit Facility, $88.3 million of unsecured revolving credit facility borrowings were outstanding and $211.5 million was available for borrowing on the unsecured revolving portion of the Credit Facility. The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $0.2 million. In connection with the unsecured borrowings, the Company had interest rate swaps as of September 30, 2013 that fix 30-day LIBOR (see note 10). As of September 30, 2013, borrowings under the Credit Facility and Term Loan Facility, as amended, had an effective weighted average interest rate of 2.84%.

The Term Loan Facility and the term loans under the Credit Facility were fully drawn at September 30, 2013 and no further borrowings may be made under that facility and those term loans. The Company’s ability to borrow under the revolving facility is subject to ongoing compliance with certain financial covenants which include:

· Maximum total indebtedness to total asset value of 60.0% at any time;

· Minimum fixed charge coverage ratio of 1.50:1.00; and

· Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010.

Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on common shares that would exceed an amount equal to the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status.

The Company is currently in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE_LOANS_AND_NOTES_PAYAB

MORTGAGE LOANS AND NOTES PAYABLE	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Sep. 30, 2013
MORTGAGE LOANS AND NOTES PAYABLE	'
MORTGAGE LOANS AND NOTES PAYABLE	'
	8. MORTGAGE LOANS AND NOTES PAYABLE

	The Company’s mortgage loans and notes payable are summarized as follows:

		Carrying Value as of:
		September 30,		December 31,		Effective	Maturity
	Mortgage Loans and Notes Payable	2013		2012		Interest Rate	Date
		(dollars in thousands)

	YSI 7	$	-	$	2,962	6.50%	13-Jun
	YSI 8	-		1,692		6.50%	13-Jun
	YSI 9	-		1,862		6.50%	13-Jun
	YSI 17	-		3,846		6.32%	13-Jul
	YSI 27	-		461		5.59%	13-Nov
	YSI 30	-		6,765		5.59%	13-Nov
	USIFB	6,678		7,221		3.57%	13-Dec
	YSI 11	2,217		2,276		5.87%	14-Jan
	YSI 5	2,923		3,001		5.25%	14-Jan
	YSI 28	1,422		1,460		5.59%	14-Mar
	YSI 10	3,862		3,928		5.87%	15-Jan
	YSI 15	1,746		1,784		6.41%	15-Jan
	YSI 52	4,592		4,721		5.63%	15-Jan
	YSI 58	8,752		8,974		2.97%	15-Jan
	YSI 29	12,906		13,060		3.69%	15-Aug
	YSI 20	56,923		58,524		5.97%	15-Nov
	YSI 59	9,466		9,603		4.82%	16-Mar
	YSI 60	3,684		3,725		5.04%	16-Aug
	YSI 51	7,246		7,325		5.15%	16-Sep
	YSI 35	4,300		4,373		6.90%	19-Jul	(a)
	YSI 33	10,750		10,930		6.42%	19-Jul
	YSI 26	8,986		9,102		4.56%	20-Nov
	YSI 57	3,154		3,195		4.61%	20-Nov
	YSI 55	24,237		24,502		4.85%	21-Jun
	YSI 24	28,682		29,141		4.64%	21-Jun
	Unamortized fair value adjustment	3,574		4,326

	Total mortgage loans and notes payable	$	206,100	$	228,759

	(a) This borrowing has a fixed interest rate for the first five years of the term, and the rate then resets and remains constant over the final five years of the loan term.

	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2013 (in thousands):

	2013	$	7,982
	2014	11,633
	2015	86,978
	2016	21,342
	2017	1,915
	2018 and thereafter	72,676
	Total mortgage payments	202,526
	Plus: Unamortized fair value adjustment	3,574
	Total mortgage indebtedness	$	206,100

	The Company currently intends to fund its remaining 2013 principal payment requirements from cash provided by operating activities, new debt originations, and/or additional borrowings under its unsecured Credit Facility ($211.5 million available as of September 30, 2013).

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2013
ACCUMULATED OTHER COMPREHENSIVE LOSS	'
ACCUMULATED OTHER COMPREHENSIVE LOSS	'
	9. ACCUMULATED OTHER COMPREHENSIVE LOSS

	The following table summarizes the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 (dollars in thousands):

		Unrealized losses			Unrealized loss on		Total
		on interest rate			foreign currency
		swaps			translation

	Balance at December 31, 2012	$	-18,973		$	-823	$	-19,796
	Other comprehensive gain before reclassifications	2,542			42		2,584
	Amounts reclassified from accumulated other comprehensive loss	4,586		(a)	-		4,586
	Net current-period other comprehensive income	7,128			42		7,170

	Balance at September 30, 2013	$	-11,845		$	-781	$	-12,626

	(a) See note 10 for additional information about the effects of the amounts reclassified.

RISK_MANAGEMENT_AND_USE_OF_FIN

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	9 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Sep. 30, 2013
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	'
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	'
	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS

	The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks.

	The Company has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity as Accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative.

	The following table summarizes the terms and fair values of the Company’s derivative financial instruments at September 30, 2013 and December 31, 2012, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					September 30,		December 31,
	Product	Hedge Type (a)	Amount		Strike	Effective Date	Maturity	2013		2012

	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	$	-1,379	$	-1,873
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-1,379		-1,875
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-689		-937
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-1,325		-2,378
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-878		-1,583
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-880		-1,583
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-444		-799
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-2,160		-3,433
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-2,186		-3,470
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-1,092		-1,734
			$	400,000				$	-12,412	$	-19,665

	(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR.

	The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability. As of September 30, 2013 and December 31, 2012, all derivative instruments were included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The change in unrealized losses on interest rate swaps reflects a reclassification of approximately $4.6 million of unrealized losses from accumulated other comprehensive loss and $0.1 million of unrealized losses from noncontrolling interests in the Operating Partnership as an increase to interest expense during the nine months ended September 30, 2013.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2013
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	11. FAIR VALUE MEASUREMENTS

	The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

	Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

	Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

	Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

	In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its assessment of fair value.

	Financial assets and liabilities carried at fair value as of September 30, 2013 are classified in the table below in one of the three categories described above (dollars in thousands):

		Level 1		Level 2		Level 3

	Interest Rate Swap Derivative Liabilities	$	-	$	12,412	$	-

	Total liabilities at fair value	$	-	$	12,412	$	-

	Financial assets and liabilities carried at fair value as of December 31, 2012 are classified in the table below in one of the three categories described above (dollars in thousands):

		Level 1		Level 2		Level 3

	Interest Rate Swap Derivative Liabilities	$	-	$	19,665	$	-

	Total liabilities at fair value	$	-	$	19,665	$	-

	Financial assets and liabilities carried at fair value were classified as Level 2 inputs. For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities:

	· Interest rate swap derivative assets and liabilities – valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades in 2013 that would reduce the amount owed by the Company. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of September 30, 2013, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

	During the three and nine months ended September 30, 2012, the Company recorded a nonrecurring Level 3 fair value measurement gain of approximately $7.0 million resulting from the remeasurement of its investment in an unconsolidated real estate venture (see note 5). Fair value for those assets measured using Level 3 inputs was determined through the use of a direct capitalization approach. The direct capitalization approach applies a projected yield for the investment to the estimated stabilized income for the facility. Yield rates utilized in this approach are derived from market transactions as well as other financial and industry data. The yield rates used in determining the fair value of HSREV ranged from 6%-7%.

	The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values at September 30, 2013 and December 31, 2012. The aggregate carrying value of the Company’s debt was $1,044.4 million and $1,023.8 million at September 30, 2013 and December 31, 2012, respectively. The estimated fair value of the Company’s debt was $1,058.7 million and $1,017.3 million at September 30, 2013 and December 31, 2012, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 2013 and December 31, 2012. The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING_INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
NONCONTROLLING INTERESTS	Sep. 30, 2013
NONCONTROLLING INTERESTS	'
NONCONTROLLING INTERESTS	'
	12. NONCONTROLLING INTERESTS

	Variable Interests in Consolidated Real Estate Joint Ventures

	USIFB, LLP (“the Venture”) was formed to own, operate, acquire and develop self-storage facilities in England. The Company owns a 97% interest in the Venture through a wholly-owned subsidiary and the Venture commenced operations at two facilities in London, England during 2008. The Company determined that the Venture is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of the Venture. At September 30, 2013, the Venture had total assets of $12.0 million and total liabilities of $7.4 million, including two mortgage loans totaling $6.7 million secured by storage facilities with a net book value of $11.4 million. At September 30, 2013, the Venture’s creditors had no recourse to the general credit of the Company.

	Operating Partnership Ownership

	The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions.

	Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value.

	Approximately 1.6% and 2.4% of the outstanding OP Units as of September 30, 2013 and December 31, 2012, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage facilities. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations.

	At September 30, 2013 and December 31, 2012, 2,280,730 and 3,293,730 OP units, respectively, were outstanding. The per Unit cash redemption amount of the outstanding OP units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the 10 trading days ending prior to CubeSmart’s receipt of the redemption notice for the applicable Unit. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value at September 30, 2013 and December 31, 2012, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $7.7 million and $19.5 million at September 30, 2013 and December 31, 2012, respectively.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2013
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	13. RELATED PARTY TRANSACTIONS

	Corporate Office Leases

	Subsequent to its entry into lease agreements with related parties for office space, the Operating Partnership entered into sublease agreements with various unrelated tenants for the related office space. Each of these office properties is part of Airport Executive Park, a 50-acre office and flex development located in Cleveland, Ohio, which is owned by former executives. Our independent Trustees approved the terms of, and entry into, each of the office lease agreements by the Operating Partnership. The table below shows the office space subject to these lease agreements and certain key provisions, including the term of each lease agreement, the period for which the Operating Partnership may extend the term of each lease agreement, and the minimum and maximum rents payable per month during the term.

	Office Space	Approximate		Maturity Date		Period of	Fixed Minimum		Fixed
		Square Footage				Extension Option (1)	Rent Per Month		Maximum Rent
									Per Month
	The Parkview Building — 6745 Engle Road; and 6751 Engle Road	21,900		12/31/14		Five-year	$	25,673	$	31,205
	6745 Engle Road — Suite 100	2,212		12/31/14		Five-year	$	3,051	$	3,709
	6745 Engle Road — Suite 110	1,731		12/31/14		Five-year	$	2,387	$	2,901
	6751 Engle Road — Suites C and D	3,000		12/31/14		Five-year	$	3,137	$	3,771

	(1) Our Operating Partnership may extend the lease agreement beyond the termination date by the period set forth in this column at prevailing market rates upon the same terms and conditions contained in each of the lease agreements.

	In addition to monthly rent, the office lease agreements provide that our Operating Partnership reimburse for certain maintenance and improvements to the leased office space. The aggregate amount of payments incurred under these lease agreements for each of the nine month periods ended September 30, 2013 and 2012, was approximately $0.4 million.

	Total future minimum rental payments due in accordance with the related party lease agreements and total future cash receipts due from our subtenants as of September 30, 2013 are as follows:

		Due to Related			Due from
		Party Amount			Subtenant Amount
		(in thousands)

	2013	$	125		$	79
	2014	499			315
		$	624		$	394

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2013
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	14. DISCONTINUED OPERATIONS

	For the three and nine months ended September 30, 2013, discontinued operations relates to 13 self-storage facilities that the Company sold during 2013 and 21 facilities that were held for sale as of September 30, 2013. Each of the sales during 2013 resulted in the recognition of a gain, which in the aggregate totaled $9.5 million. For the three and nine months ended September 30, 2012, discontinued operations relates to 13 self-storage facilities that the Company sold during 2013, 21 facilities that were held for sale as of September 30, 2013 and 26 facilities that the Company sold during 2012.

	The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the three and nine months ended September 30, 2013 and 2012 (in thousands):

		For the three months ended				For the nine months ended
		September 30,				September 30,
		2013		2012		2013		2012

	REVENUES
	Rental income	$	2,701	$	4,724	$	9,331	$	16,086
	Other property related income	405		675		1,391		2,067
	Total revenues	3,106		5,399		10,722		18,153
	OPERATING EXPENSES
	Property operating expenses	1,019		2,633		4,183		8,399
	Depreciation and amortization	680		1,202		2,338		4,386
	Total operating expenses	1,699		3,835		6,521		12,785
	OPERATING INCOME	1,407		1,564		4,201		5,368
	Income from discontinued operations	1,407		1,564		4,201		5,368
	Gain from disposition of discontinued operations	9,310		197		9,538		6,403
	Income from discontinued operations	$	10,717	$	1,761	$	13,739	$	11,771

PRO_FORMA_FINANCIAL_INFORMATIO

PRO FORMA FINANCIAL INFORMATION	9 Months Ended
PRO FORMA FINANCIAL INFORMATION	Sep. 30, 2013
PRO FORMA FINANCIAL INFORMATION	'
PRO FORMA FINANCIAL INFORMATION	'
	15. PRO FORMA FINANCIAL INFORMATION

	During the nine months ended September 30, 2013 and 2012, the Company acquired 14 self-storage facilities for an aggregate purchase price of approximately $133.1 million (see note 4) and 37 self-storage facilities for an aggregate purchase price of approximately $432.3 million, respectively.

	The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2013 and 2012 as if each had occurred as of January 1, 2012 and 2011, respectively. The pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations.

	The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the nine months ended September 30, 2013 and 2012 based on the assumptions described above:

		Nine Months Ended September 30,
		2013		2012
		(in thousands, except per share data)

	Pro forma revenue	$	242,344	$	230,026
	Pro forma net income (loss) from continuing operations	$	11,160	$	3,178
	Net (loss) income per common share from continuing operations
	Basic and diluted - as reported	$	0	$	-0.13
	Basic and diluted - as pro forma	$	0.08	$	0.03

	The following table summarizes the Company’s revenue and earnings related to the 2013 and 2012 acquisitions from the respective acquisition dates in the period they were acquired, included in the consolidated income statement for the three and nine months ended September 30, 2013 and 2012:

		Three months ended				Nine months ended
		September 30,				September 30,
		2013		2012		2013		2012
		2013		2012		2013		2012
		(in thousands)
	Total revenue	$	2,683	$	5,683	$	3,472	$	9,356
	Net loss	$	-1,564	$	-3,023	$	-2,198	$	-5,133

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2013
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	16. SUBSEQUENT EVENTS

	Subsequent to September 30, 2013, the Company sold 22 facilities located in California, Ohio, Tennessee, Texas and Wisconsin, 21 of which were considered held-for-sale as of September 30, 2013, for approximately $90.0 million.

	Subsequent to September 30, 2013, the Company acquired one facility located in Maryland for $15.4 million (including the assumption of $8.5 million of debt).

	On October 28, 2013, the Company entered into a Purchase and Sale Agreement (the “HAC Purchase Agreement”) to acquire 29 self-storage facilities located in Houston and Austin, Texas and one self-storage facility located in Charlotte, North Carolina. At the time of the execution of the HAC Purchase Agreement, $20 million was deposited in escrow. In addition, on October 28, 2013, the Company entered into a Purchase and Sale Agreement (the “GJR Purchase Agreement”) to acquire six self-storage facilities located in Houston, Texas. At the time of the execution of the GJR Purchase Agreement, $5 million was deposited in escrow. The closings of the acquisitions are expected to occur during the fourth quarter of 2013.

	At a regularly scheduled meeting of our Board of Trustees (the “Board”) on November 6, 2013, Dean Jernigan, our Chief Executive Officer and Trustee, submitted written notice of his resignation from our Board effective December 31, 2013 concurrent with his resignation as the Company’s Chief Executive Officer which was previously announced in June 2012. Mr. Jernigan’s resignation is not the result of any disagreement with the Company relating to the Company’s operations, policies or practices. Mr. Jernigan also confirmed his previously announced resignation from his office of Chief Executive Officer. In connection with the receipt of Mr. Jernigan’s resignation from the Board, our Board appointed Christopher P. Marr as a member of our Board upon the effective date of Mr. Jernigan’s resignation. As previously disclosed, on February 20, 2013, Mr. Marr was appointed President and Chief Executive Officer of the Company effective upon Mr. Jernigan’s retirement date. Mr. Marr will stand for election to our Board at the next regularly scheduled meeting of the Company’s shareholders.

	At a regularly scheduled meeting of our Board on November 6, 2013, our Board authorized the Company to enter into an Advisory Agreement dated November 6, 2013 with Mr. Jernigan. Under the Advisory Agreement, Mr. Jernigan may be asked to perform advisory and consulting services to the Company at the direction of the Company’s Chief Executive Officer. The Company anticipates Mr. Jernigan will devote no more than 20 hours each calendar quarter to provide services under the Agreement. Mr. Jernigan will be paid an hourly rate of $1,000 for each hour of advisory or consulting services performed for the Company pursuant to the Advisory Agreement. The Company paid Mr. Jernigan a $10,000 retainer against future billings by Mr. Jernigan under the Advisory Agreement. The Advisory Agreement extends for a period not to exceed December 31, 2016, but is terminable earlier due to Mr. Jernigan’s death, by mutual agreement, or on 90 days prior written notice by either party at any time after December 31, 2014.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Presentation	'
	Basis of Presentation

	The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles (“GAAP”) in the United States. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2012, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results of operations to be expected for any future period or the full year.
Immaterial Correction to Prior Period Financial Statements	'
	Immaterial Correction to Prior Period Financial Statements

	In the third quarter of 2013, we revised our 2012 disclosure in the consolidated statement of cash flows to reflect a decrease in both net cash provided by operating activities and net cash used in investing activities of $11.1 million. This adjustment was made after completing an analysis that determined cash paid for acquisitions of self-storage facilities did not properly reflect the use of earnest money deposits, paid to Storage Deluxe in 2011, when certain facilities within the portfolio were acquired in 2012. After evaluating the quantitative and qualitative effects of this error, we have concluded that the impact on the Company’s prior interim period consolidated statements of cash flows was not material.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	In February 2013, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting standard for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment requires entities to disclose for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected income statement line item and for AOCI items that are not reclassified in their entirety into net income, a cross reference to other required GAAP disclosures. This amendment became effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in 2013 did not have a material impact on the Company’s consolidated financial position or results of operations as its impact was limited to disclosure requirements (see note 9).

STORAGE_FACILITIES_Tables

STORAGE FACILITIES (Tables)	9 Months Ended
STORAGE FACILITIES (Tables)	Sep. 30, 2013
STORAGE FACILITIES	'
Summary of real estate assets	'

		September 30,			December 31,
		September 30,			December 31,
		2013			2012
		2013			2012
		(in thousands)
	Land	$	455,493		$	462,626
	Buildings and improvements	1,833,558			1,828,388
	Equipment	152,128			143,836
	Construction in progress	32,710			8,172
	Storage facilities	2,473,889			2,443,022
	Less: Accumulated depreciation	-380,621			-353,315
	Storage facilities, net	$	2,093,268		$	2,089,707
Schedule of acquisitions and dispositions of real estate assets	'

	Facility/Portfolio	Location		Transaction Date		Number of Facilities	Purchase / Sales
	Facility/Portfolio	Location		Transaction Date		Number of Facilities	Price (in thousands)

	2013 Acquisitions:

	Gilbert Asset	Gilbert, AZ		March 2013		1	$	6,900
	Evanston Asset	Evanston, IL		May 2013		1	8,300
	Delray Beach Asset	Delray Beach, FL		May 2013		1	7,150
	Miramar Asset	Miramar, FL		June 2013		1	9,000
	Stoneham Asset	Stoneham, MA		June 2013		1	10,600
	Maryland/New Jersey Assets	Multiple locations in MD and NJ		June 2013		5	52,400
	Staten Island Asset	Staten Island, NY		July 2013		1	13,000
	Lewisville Asset	Lewisville, TX		August 2013		1	10,975
	Chandler Asset	Chandler, AZ		September 2013		1	10,500
	Tempe Asset	Tempe, AZ		September 2013		1	4,300
						14	$	133,125

	2013 Dispositions:

	Texas/Indiana Assets	Multiple locations in TX and IN		March 2013		5	$	11,400
	Tennessee Assets	Multiple locations in TN		August 2013		8	25,000
						13	$	36,400

	2012 Acquisitions:

	Houston Asset	Houston, TX		February 2012		1	$	5,100
	Dunwoody Asset	Dunwoody, GA		February 2012		1	6,900
	Mansfield Asset	Mansfield, TX		June 2012		1	4,970
	Texas Assets	Multiple locations in TX		July 2012		4	18,150
	Allen Asset	Allen, TX		July 2012		1	5,130
	Norwalk Asset	Norwalk, CT		July 2012		1	5,000
	Storage Deluxe Assets	Multiple locations in NY and CT		February/ April/ August 2012		6	201,910
	Eisenhower Asset	Alexandria, VA		August 2012		1	19,750
	New Jersey Assets	Multiple locations in NJ		August 2012		2	10,750
	Georgia/Florida Assets	Multiple locations in GA and FL		August 2012		3	13,370
	Peachtree Asset	Peachtree City, GA		August 2012		1	3,100
	HSREV Assets	Multiple locations in PA, NY, NJ, VA and FL		September 2012		9	102,000
	Leetsdale Asset	Denver, CO		September 2012		1	10,600
	Orlando/West Palm Beach Assets	Multiple locations in FL		November 2012		2	13,010
	Exton/Cherry Hill Assets	Multiple locations in NJ and PA		December 2012		2	7,800
	Carrollton Asset	Carrollton, TX		December 2012		1	4,800
						37	$	432,340
	2012 Dispositions:

	Michigan Assets	Multiple locations in MI		June 2012		3	$	6,362
	Gulf Coast Assets	Multiple locations in LA, AL and MS		June 2012		5	16,800
	New Mexico Assets	Multiple locations in NM		August 2012		6	7,500
	San Bernardino Asset	San Bernardino, CA		August 2012		1	5,000
	Florida/Tennessee Assets	Multiple locations in FL and TN		November 2012		3	6,550
	Ohio Assets	Multiple locations in OH		November 2012		8	17,750
						26	$	59,962

INVESTMENT_IN_UNCONSOLIDATED_R1

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	9 Months Ended
	Sep. 30, 2013
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
Summary of results of operations of the Real Estate Venture	'
	The following is a summary of results of operations of the real estate venture for the three and nine months ended September 30, 2012 (in thousands).

		Three months ended		Nine months ended
		September 30, 2012

	Revenue	$	2,426	$	7,229
	Operating expenses	1,057		3,010
	Interest expense, net	880		2,690
	Depreciation and amortization	897		2,691
	Net loss	-408		-1,162
	Company’s share of loss	-284		-745

REVOLVING_CREDIT_FACILITY_AND_1

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)

9 Months Ended

Sep. 30, 2013

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

Schedule of amendment of the term loan facility

Term Loan Facility

Prior to Amendment

As Amended

Amount

Maturity Date

LIBOR Spread

Maturity Date

LIBOR Spread

Term Loan A

$100 million

June 2016

1.85%

June 2018

1.50%

Term Loan B

$100 million

June 2018

2.00%

June 2018

2.00%

Schedule of amendment of the credit facility

Credit Facility

Prior to Amendment

As Amended

Amount

Maturity Date

LIBOR Spread

Maturity Date

LIBOR Spread

Revolver

$300 million

December 2015

1.80%

June 2017

1.60%

Term Loan C

$100 million

December 2014

1.75%

December 2014

1.50%

Term Loan D

$200 million

March 2017

1.75%

January 2019

1.50%

MORTGAGE_LOANS_AND_NOTES_PAYAB1

MORTGAGE LOANS AND NOTES PAYABLE (Tables)	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables)	Sep. 30, 2013
MORTGAGE LOANS AND NOTES PAYABLE	'
Summary of mortgage loans and notes payable	'

		Carrying Value as of:
		September 30,		December 31,		Effective	Maturity
	Mortgage Loans and Notes Payable	2013		2012		Interest Rate	Date
		(dollars in thousands)

	YSI 7	$	-	$	2,962	6.50%	13-Jun
	YSI 8	-		1,692		6.50%	13-Jun
	YSI 9	-		1,862		6.50%	13-Jun
	YSI 17	-		3,846		6.32%	13-Jul
	YSI 27	-		461		5.59%	13-Nov
	YSI 30	-		6,765		5.59%	13-Nov
	USIFB	6,678		7,221		3.57%	13-Dec
	YSI 11	2,217		2,276		5.87%	14-Jan
	YSI 5	2,923		3,001		5.25%	14-Jan
	YSI 28	1,422		1,460		5.59%	14-Mar
	YSI 10	3,862		3,928		5.87%	15-Jan
	YSI 15	1,746		1,784		6.41%	15-Jan
	YSI 52	4,592		4,721		5.63%	15-Jan
	YSI 58	8,752		8,974		2.97%	15-Jan
	YSI 29	12,906		13,060		3.69%	15-Aug
	YSI 20	56,923		58,524		5.97%	15-Nov
	YSI 59	9,466		9,603		4.82%	16-Mar
	YSI 60	3,684		3,725		5.04%	16-Aug
	YSI 51	7,246		7,325		5.15%	16-Sep
	YSI 35	4,300		4,373		6.90%	19-Jul	(a)
	YSI 33	10,750		10,930		6.42%	19-Jul
	YSI 26	8,986		9,102		4.56%	20-Nov
	YSI 57	3,154		3,195		4.61%	20-Nov
	YSI 55	24,237		24,502		4.85%	21-Jun
	YSI 24	28,682		29,141		4.64%	21-Jun
	Unamortized fair value adjustment	3,574		4,326

	Total mortgage loans and notes payable	$	206,100	$	228,759

	(a) This borrowing has a fixed interest rate for the first five years of the term, and the rate then resets and remains constant over the final five years of the loan term.
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	'
	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2013 (in thousands):

	2013	$	7,982
	2014	11,633
	2015	86,978
	2016	21,342
	2017	1,915
	2018 and thereafter	72,676
	Total mortgage payments	202,526
	Plus: Unamortized fair value adjustment	3,574
	Total mortgage indebtedness	$	206,100

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2013
ACCUMULATED OTHER COMPREHENSIVE LOSS	'
Summary of changes in accumulated other comprehensive loss by component	'
	The following table summarizes the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 (dollars in thousands):

		Unrealized losses			Unrealized loss on		Total
		on interest rate			foreign currency
		swaps			translation

	Balance at December 31, 2012	$	-18,973		$	-823	$	-19,796
	Other comprehensive gain before reclassifications	2,542			42		2,584
	Amounts reclassified from accumulated other comprehensive loss	4,586		(a)	-		4,586
	Net current-period other comprehensive income	7,128			42		7,170

	Balance at September 30, 2013	$	-11,845		$	-781	$	-12,626

	(a) See note 10 for additional information about the effects of the amounts reclassified.

RISK_MANAGEMENT_AND_USE_OF_FIN1

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2013
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	'
Summary of terms and fair values of the derivative financial instruments	'
	The following table summarizes the terms and fair values of the Company’s derivative financial instruments at September 30, 2013 and December 31, 2012, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					September 30,		December 31,
	Product	Hedge Type (a)	Amount		Strike	Effective Date	Maturity	2013		2012

	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	$	-1,379	$	-1,873
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-1,379		-1,875
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-689		-937
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-1,325		-2,378
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-878		-1,583
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-880		-1,583
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-444		-799
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-2,160		-3,433
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-2,186		-3,470
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-1,092		-1,734
			$	400,000				$	-12,412	$	-19,665

	(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2013
FAIR VALUE MEASUREMENTS	'
Schedule of financial assets and liabilities carried at fair value	'
	Financial assets and liabilities carried at fair value as of September 30, 2013 are classified in the table below in one of the three categories described above (dollars in thousands):

		Level 1		Level 2		Level 3

	Interest Rate Swap Derivative Liabilities	$	-	$	12,412	$	-

	Total liabilities at fair value	$	-	$	12,412	$	-

	Financial assets and liabilities carried at fair value as of December 31, 2012 are classified in the table below in one of the three categories described above (dollars in thousands):

		Level 1		Level 2		Level 3

	Interest Rate Swap Derivative Liabilities	$	-	$	19,665	$	-

	Total liabilities at fair value	$	-	$	19,665	$	-

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2013
RELATED PARTY TRANSACTIONS	'
Schedule of office space subject to lease agreement with related parties	'

	Office Space	Approximate		Maturity Date		Period of	Fixed Minimum		Fixed
		Square Footage				Extension Option (1)	Rent Per Month		Maximum Rent
									Per Month
	The Parkview Building — 6745 Engle Road; and 6751 Engle Road	21,900		12/31/14		Five-year	$	25,673	$	31,205
	6745 Engle Road — Suite 100	2,212		12/31/14		Five-year	$	3,051	$	3,709
	6745 Engle Road — Suite 110	1,731		12/31/14		Five-year	$	2,387	$	2,901
	6751 Engle Road — Suites C and D	3,000		12/31/14		Five-year	$	3,137	$	3,771

	(1) Our Operating Partnership may extend the lease agreement beyond the termination date by the period set forth in this column at prevailing market rates upon the same terms and conditions contained in each of the lease agreements.
Schedule of total future minimum rental payments under the related party lease agreements	'

		Due to Related			Due from
		Party Amount			Subtenant Amount
		(in thousands)

	2013	$	125		$	79
	2014	499			315
		$	624		$	394

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2013
DISCONTINUED OPERATIONS	'
Summary of information about revenue and expense related to facilities classified as discontinued operations	'
	The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the three and nine months ended September 30, 2013 and 2012 (in thousands):

		For the three months ended				For the nine months ended
		September 30,				September 30,
		2013		2012		2013		2012

	REVENUES
	Rental income	$	2,701	$	4,724	$	9,331	$	16,086
	Other property related income	405		675		1,391		2,067
	Total revenues	3,106		5,399		10,722		18,153
	OPERATING EXPENSES
	Property operating expenses	1,019		2,633		4,183		8,399
	Depreciation and amortization	680		1,202		2,338		4,386
	Total operating expenses	1,699		3,835		6,521		12,785
	OPERATING INCOME	1,407		1,564		4,201		5,368
	Income from discontinued operations	1,407		1,564		4,201		5,368
	Gain from disposition of discontinued operations	9,310		197		9,538		6,403
	Income from discontinued operations	$	10,717	$	1,761	$	13,739	$	11,771

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (Tables)	9 Months Ended
PRO FORMA FINANCIAL INFORMATION (Tables)	Sep. 30, 2013
PRO FORMA FINANCIAL INFORMATION	'
Schedule of consolidated results of operations on a pro forma basis	'

		Nine Months Ended September 30,
		2013		2012
		(in thousands, except per share data)

	Pro forma revenue	$	242,344	$	230,026
	Pro forma net income (loss) from continuing operations	$	11,160	$	3,178
	Net (loss) income per common share from continuing operations
	Basic and diluted - as reported	$	0	$	-0.13
	Basic and diluted - as pro forma	$	0.08	$	0.03
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement	'

		Three months ended				Nine months ended
		September 30,				September 30,
		2013		2012		2013		2012
		2013		2012		2013		2012
		(in thousands)
	Total revenue	$	2,683	$	5,683	$	3,472	$	9,356
	Net loss	$	-1,564	$	-3,023	$	-2,198	$	-5,133

ORGANIZATION_AND_NATURE_OF_OPE1

ORGANIZATION AND NATURE OF OPERATIONS (Details)	9 Months Ended
	Sep. 30, 2013
	segment
	state
ORGANIZATION AND NATURE OF OPERATIONS	'
Number of states in which self-storage facilities are located	21
Number of reportable segments	1
Percentage of the entity's partnership interest in Operating Partnership	98.40%
Common stock, conversion ratio	1

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net cash provided by (used in) operating activities	$103,891	$86,069
Net cash provided by (used in) investing activities	-130,273	-260,659
Prior period correction	'	'
Net cash provided by (used in) operating activities	'	-11,100
Net cash provided by (used in) investing activities	'	$11,100

STORAGE_FACILITIES_Details

STORAGE FACILITIES (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
STORAGE FACILITIES	'	'
Storage facilities	$2,473,889	$2,443,022
Less: Accumulated depreciation	-380,621	-353,315
Storage facilities, net	2,093,268	2,089,707
Land	'	'
STORAGE FACILITIES	'	'
Storage facilities	455,493	462,626
Buildings and improvements	'	'
STORAGE FACILITIES	'	'
Storage facilities	1,833,558	1,828,388
Equipment	'	'
STORAGE FACILITIES	'	'
Storage facilities	152,128	143,836
Construction in progress	'	'
STORAGE FACILITIES	'	'
Storage facilities	$32,710	$8,172

STORAGE_FACILITIES_Details_2

STORAGE FACILITIES (Details 2) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
	property	property
Acquisitions	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	14	37
Purchase / Sales Price	$133,125	$432,340
Acquisitions \| Houston, Texas	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	5,100
Acquisitions \| Dunwoody, Georgia	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	6,900
Acquisitions \| Mansfield Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	4,970
Acquisitions \| Texas Asset at multiple locations in TX	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	4
Purchase / Sales Price	'	18,150
Acquisitions \| Allen Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	5,130
Acquisitions \| Norwalk Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	5,000
Acquisitions \| Storage Deluxe assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	6
Purchase / Sales Price	'	201,910
Acquisitions \| Eisenhower Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	19,750
Acquisitions \| New Jersey Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	2
Purchase / Sales Price	'	10,750
Acquisitions \| Georgia/ Florida Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	3
Purchase / Sales Price	'	13,370
Acquisitions \| Peachtree Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	3,100
Acquisitions \| HSREV Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	9
Purchase / Sales Price	'	102,000
Acquisitions \| Leetsdale Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	10,600
Acquisitions \| Orlando/ West Palm Beach Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	2
Purchase / Sales Price	'	13,010
Acquisitions \| Exton/ Cherry Hill Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	2
Purchase / Sales Price	'	7,800
Acquisitions \| Carrollton Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	4,800
Acquisitions \| Gilbert Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	6,900	'
Acquisitions \| Evanston Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	8,300	'
Acquisitions \| Delray Beach Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	7,150	'
Acquisitions \| Miramar Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	9,000	'
Acquisitions \| Stoneham Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	10,600	'
Acquisitions \| Maryland/New Jersey Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	5	'
Purchase / Sales Price	52,400	'
Acquisitions \| Staten Island Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	13,000	'
Acquisitions \| Lewisville Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	10,975	'
Acquisitions \| Chandler Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	10,500	'
Acquisitions \| Tempe Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	4,300	'
Dispositions	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	13	26
Purchase / Sales Price	36,400	59,962
Dispositions \| Michigan Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	3
Purchase / Sales Price	'	6,362
Dispositions \| Gulf Coast Assets at multiple locations in LA, AL and MS	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	5
Purchase / Sales Price	'	16,800
Dispositions \| New Mexico Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	6
Purchase / Sales Price	'	7,500
Dispositions \| San Bernardino Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	1
Purchase / Sales Price	'	5,000
Dispositions \| Florida/ Tennessee Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	3
Purchase / Sales Price	'	6,550
Dispositions \| Ohio Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	8
Purchase / Sales Price	'	17,750
Dispositions \| Texas/Indiana Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	5	'
Purchase / Sales Price	11,400	'
Dispositions \| Tennessee Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	8	'
Purchase / Sales Price	$25,000	'

INVESTMENT_ACTIVITY_Details

INVESTMENT ACTIVITY (Details) (USD $)

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

Sep. 28, 2012

Sep. 26, 2011

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 28, 2012

Sep. 30, 2013

Dec. 31, 2012

HSRE Venture

5 Old Lancaster Road located in Malvern, PA

Bronx, NY

Self-storage facilities

property

2013 Acquisitions

2012 Self-storage facilities acquisitions

property

HSRE Venture

Storage Deluxe assets

property

facility

property

Self-storage facilities

Development costs

$17,400,000

$4,700,000

$13,200,000

Amount of Storage Deluxe transaction

560,000,000

Number of Self Storage Facilities

Number of self-storage facilities acquired (in properties)

Aggregate purchase price of acquisition

133,100,000

432,300,000

133,100,000

128,400,000

201,900,000

Intangible value of the in-place leases

9,100,000

13,200,000

8,300,000

12,300,000

Estimated life

'12 months

Amortization expense

2,700,000

7,900,000

6,200,000

4,500,000

Assumed mortgage debt, at fair value

13,900,000

93,100,000

Outstanding principal balance of mortgage debt assumed on acquisitions

13,400,000

88,900,000

Premium on debt assumed on acquisitions

500,000

4,200,000

Acquisition of remaining interest in real estate ventures (as a percent)

50.00%

Cash paid for acquisition of remaining interest in real estate ventures

21,700,000

Amount of debt repaid

59,300,000

Fair value of storage facilities

$102,000,000

Number of properties, assumed mortgage

INVESTMENT_IN_UNCONSOLIDATED_R2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $)	0 Months Ended		3 Months Ended	9 Months Ended
	Sep. 28, 2012	Sep. 26, 2011	Sep. 30, 2012	Sep. 30, 2012
	Sep. 28, 2012	property	Sep. 30, 2012	Sep. 30, 2012
Investment in Unconsolidated Real Estate Venture	'	'	'	'
Gain on remeasurement of investment in real estate venture	'	'	$7,023,000	$7,023,000
Summary of results of operations of the real estate venture	'	'	'	'
Company's share of loss	'	'	-284,000	-745,000
HSRE Venture	'	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'	'
Payment made for acquisition of interest in real estate ventures	'	15,400,000	'	'
Ownership interest in partnership (as a percent)	'	50.00%	'	'
Number of storage facilities owned by investee	'	9	'	'
Acquisition of remaining interest in real estate ventures (as a percent)	50.00%	'	'	'
Cash paid for acquisition of remaining interest in real estate ventures	21,700,000	'	'	'
Amount of debt repaid	59,300,000	'	'	'
Gain on remeasurement of investment in real estate venture	'	'	7,000,000	7,000,000
Summary of results of operations of the real estate venture	'	'	'	'
Revenue	'	'	2,426,000	7,229,000
Operating expenses	'	'	1,057,000	3,010,000
Interest expense, net	'	'	880,000	2,690,000
Depreciation and amortization	'	'	897,000	2,691,000
Net loss	'	'	-408,000	-1,162,000
Company's share of loss	'	'	($284,000)	($745,000)
HSRE Venture \| Other partner	'	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'	'
Ownership interest in partnership (as a percent)	'	50.00%	'	'

UNSECURED_SENIOR_NOTES_Details

UNSECURED SENIOR NOTES (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Jun. 26, 2012	Dec. 31, 2012	Dec. 31, 2012
	Maximum	Senior notes 4.80% due July 15, 2022	Senior notes 4.80% due July 15, 2022	Senior notes 4.80% due July 15, 2022
			Maximum	Minimum
Senior Notes	'	'	'	'
Senior notes, principal amount	'	$250	'	'
Senior notes, interest rate (as a percent)	'	4.80%	'	'
Consolidated leverage ratio	'	'	0.6	'
Consolidated interest coverage ratio	'	'	'	1.5
Secured debt leverage ratio	0.4	'	'	'
Financial and customary covenant, minimum unencumbered asset (as a percent)	'	'	'	150.00%

REVOLVING_CREDIT_FACILITY_AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Jun. 18, 2013

Sep. 30, 2013

Jun. 18, 2013

Jun. 20, 2011

Sep. 30, 2013

Jun. 20, 2011

Sep. 30, 2013

Jun. 18, 2013

Jun. 20, 2011

Sep. 30, 2013

Jun. 18, 2013

Sep. 30, 2013

Jun. 18, 2013

Sep. 30, 2013

Dec. 09, 2011

Sep. 30, 2013

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2013

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2013

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2013

Term Loan Facility, Prior to Amendment

Term Loan Facility, As Amended

Term Loan Facility

Credit Facility, Prior to Amendment

Credit Facility, As Amended

Credit Facility

Term Loan A

Term Loan B

Term Loan A

Term Loan B

Interest rate swap agreement

Minimum

Maximum

Term Loan A

Term Loan B

Unsecured term loan

Revolver

Term Loan C

Term Loan D

Revolver

Term Loan C

Term Loan D

Interest rate cap agreement

Minimum

Maximum

Revolver

Term Loan C

Term Loan D

Unsecured term loan

SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS

Term of debt instrument

'5 years

'7 years

Maximum borrowing capacity

$100,000,000

$300,000,000

$100,000,000

$200,000,000

Loan procurement costs capitalized

2,100,000

3,400,000

Interest rate, basis spread (as a percent)

1.85%

2.00%

1.50%

2.00%

1.50%

2.00%

1.80%

1.75%

1.60%

1.50%

1.60%

1.50%

Variable interest rate basis

'LIBOR

Variable interest rate floor (as a percent)

0.00%

Line of Credit Facility, Commitment Fee Percentage

0.30%

Unsecured term loan borrowings outstanding

500,000,000

200,000,000

88,300,000

300,000,000

Remaining borrowing capacity

211,500,000

Outstanding letter of credit

200,000

Derivative, variable interest rate base

'Thirty day LIBOR

'LIBOR

Effective weighted average interest rate (as a percent)

2.84%

Total indebtedness to total asset value ratio (as a percent)

60.00%

Fixed charge coverage ratio

1.5

Tangible net worth

$821,211,200

Net proceeds from equity issuances added to minimum tangible net worth (as a percent)

75.00%

Percentage of funds from operations that can be distributed on common shares

95.00%

MORTGAGE_LOANS_AND_NOTES_PAYAB2

MORTGAGE LOANS AND NOTES PAYABLE (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Mortgage loans and notes payable	'	'
Carrying value	$202,526	'
Unamortized fair value adjustment	3,574	4,326
Total mortgage loans and notes payable	206,100	228,759
Fixed interest rate period	'5 years	'
Constant interest rate period	'5 years	'
YSI 7	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	2,962
Effective interest rate (as a percent)	'	6.50%
YSI 8	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	1,692
Effective interest rate (as a percent)	'	6.50%
YSI 9	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	1,862
Effective interest rate (as a percent)	'	6.50%
YSI 17	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	3,846
Effective interest rate (as a percent)	'	6.32%
YSI 27	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	461
Effective interest rate (as a percent)	'	5.59%
YSI 30	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	6,765
Effective interest rate (as a percent)	'	5.59%
USIFB	'	'
Mortgage loans and notes payable	'	'
Carrying value	6,678	7,221
Effective interest rate (as a percent)	3.57%	'
YSI 11	'	'
Mortgage loans and notes payable	'	'
Carrying value	2,217	2,276
Effective interest rate (as a percent)	5.87%	'
YSI 5	'	'
Mortgage loans and notes payable	'	'
Carrying value	2,923	3,001
Effective interest rate (as a percent)	5.25%	'
YSI 28	'	'
Mortgage loans and notes payable	'	'
Carrying value	1,422	1,460
Effective interest rate (as a percent)	5.59%	'
YSI 10	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,862	3,928
Effective interest rate (as a percent)	5.87%	'
YSI 15	'	'
Mortgage loans and notes payable	'	'
Carrying value	1,746	1,784
Effective interest rate (as a percent)	6.41%	'
YSI 52	'	'
Mortgage loans and notes payable	'	'
Carrying value	4,592	4,721
Effective interest rate (as a percent)	5.63%	'
YSI 58	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,752	8,974
Effective interest rate (as a percent)	2.97%	'
YSI 29	'	'
Mortgage loans and notes payable	'	'
Carrying value	12,906	13,060
Effective interest rate (as a percent)	3.69%	'
YSI 20	'	'
Mortgage loans and notes payable	'	'
Carrying value	56,923	58,524
Effective interest rate (as a percent)	5.97%	'
YSI 59	'	'
Mortgage loans and notes payable	'	'
Carrying value	9,466	9,603
Effective interest rate (as a percent)	4.82%	'
YSI 60	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,684	3,725
Effective interest rate (as a percent)	5.04%	'
YSI 51	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,246	7,325
Effective interest rate (as a percent)	5.15%	'
YSI 35	'	'
Mortgage loans and notes payable	'	'
Carrying value	4,300	4,373
Effective interest rate (as a percent)	6.90%	'
YSI 33	'	'
Mortgage loans and notes payable	'	'
Carrying value	10,750	10,930
Effective interest rate (as a percent)	6.42%	'
YSI 26	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,986	9,102
Effective interest rate (as a percent)	4.56%	'
YSI 57	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,154	3,195
Effective interest rate (as a percent)	4.61%	'
YSI 55	'	'
Mortgage loans and notes payable	'	'
Carrying value	24,237	24,502
Effective interest rate (as a percent)	4.85%	'
YSI 24	'	'
Mortgage loans and notes payable	'	'
Carrying value	$28,682	$29,141
Effective interest rate (as a percent)	4.64%	'

MORTGAGE_LOANS_AND_NOTES_PAYAB3

MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end	'	'
2013	$7,982,000	'
2014	11,633,000	'
2015	86,978,000	'
2016	21,342,000	'
2017	1,915,000	'
2018 and thereafter	72,676,000	'
Total mortgage payments	202,526,000	'
Plus: Unamortized fair value adjustment	3,574,000	'
Total mortgage indebtedness	206,100,000	228,759,000
Credit Facility	'	'
Mortgage loans and notes payable	'	'
Remaining borrowing capacity	$211,500,000	'

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Changes in accumulated other comprehensive income by component	'
Beginning balance	($19,796)
Other comprehensive gain before reclassifications	2,584
Amounts reclassified from accumulated other comprehensive loss	4,586
Net current-period other comprehensive income	7,170
Ending balance	-12,626
Unrealized losses on interest rate swaps	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-18,973
Other comprehensive gain before reclassifications	2,542
Amounts reclassified from accumulated other comprehensive loss	4,586
Net current-period other comprehensive income	7,128
Ending balance	-11,845
Unrealized loss on foreign currency translation	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-823
Other comprehensive gain before reclassifications	42
Net current-period other comprehensive income	42
Ending balance	($781)

RISK_MANAGEMENT_AND_USE_OF_FIN2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Derivative financial instruments	'	'
Unrealized losses reclassified from accumulated other comprehensive loss	$4,600,000	'
Unrealized losses from noncontrolling interests in the Operating partnership as an increase to interest expense	100,000	'
Designated \| Cash flow	'	'
Derivative financial instruments	'	'
Notional Amount	400,000,000	'
Fair Value	-12,412,000	-19,665,000
Maximum number of days outstanding to have the option to borrow at the LIBOR	'30 days	'
Designated \| Cash flow \| Hedge Product, Swap one	'	'
Derivative financial instruments	'	'
Notional Amount	40,000,000	'
Swap, Strike rate (as a percent)	1.80%	'
Fair Value	-1,379,000	-1,873,000
Designated \| Cash flow \| Hedge Product, Swap two	'	'
Derivative financial instruments	'	'
Notional Amount	40,000,000	'
Swap, Strike rate (as a percent)	1.80%	'
Fair Value	-1,379,000	-1,875,000
Designated \| Cash flow \| Hedge Product, Swap three	'	'
Derivative financial instruments	'	'
Notional Amount	20,000,000	'
Swap, Strike rate (as a percent)	1.80%	'
Fair Value	-689,000	-937,000
Designated \| Cash flow \| Hedge Product, Swap four	'	'
Derivative financial instruments	'	'
Notional Amount	75,000,000	'
Swap, Strike rate (as a percent)	1.34%	'
Fair Value	-1,325,000	-2,378,000
Designated \| Cash flow \| Hedge Product, Swap five	'	'
Derivative financial instruments	'	'
Notional Amount	50,000,000	'
Swap, Strike rate (as a percent)	1.34%	'
Fair Value	-878,000	-1,583,000
Designated \| Cash flow \| Hedge Product, Swap six	'	'
Derivative financial instruments	'	'
Notional Amount	50,000,000	'
Swap, Strike rate (as a percent)	1.34%	'
Fair Value	-880,000	-1,583,000
Designated \| Cash flow \| Hedge Product, Swap seven	'	'
Derivative financial instruments	'	'
Notional Amount	25,000,000	'
Swap, Strike rate (as a percent)	1.34%	'
Fair Value	-444,000	-799,000
Designated \| Cash flow \| Hedge Product, Swap eight	'	'
Derivative financial instruments	'	'
Notional Amount	40,000,000	'
Swap, Strike rate (as a percent)	2.46%	'
Fair Value	-2,160,000	-3,433,000
Designated \| Cash flow \| Hedge Product, Swap nine	'	'
Derivative financial instruments	'	'
Notional Amount	40,000,000	'
Swap, Strike rate (as a percent)	2.47%	'
Fair Value	-2,186,000	-3,470,000
Designated \| Cash flow \| Hedge Product, Swap ten	'	'
Derivative financial instruments	'	'
Notional Amount	20,000,000	'
Swap, Strike rate (as a percent)	2.48%	'
Fair Value	($1,092,000)	($1,734,000)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Interest rate swap

Level 2

Level 3

item

Interest rate swap

Nonrecurring basis

Minimum

Maximum

Fair value of financial assets and liabilities carried at fair value

Derivative Liabilities

$12,412,000

$19,665,000

Total liabilities at fair value

12,412,000

19,665,000

12,412,000

19,665,000

Number of counterparties to derivative contracts who experienced significant downgrades in 2013

Gain from remeasurement of investment in real estate venture

7,023,000

7,000,000

Yield rates for determining the fair value of HSREV (as a percent)

6.00%

7.00%

Aggregate carrying value of total debt

1,044,400,000

1,023,800,000

Estimated fair value of total debt

$1,058,700,000

$1,017,300,000

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details) (USIFB, LLP, USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2008
	property	property
	mortgageloan
USIFB, LLP	'	'
Variable Interests in Consolidated Real Estate Joint Ventures	'	'
Ownership interest held by the entity (as a percent)	97.00%	97.00%
Number of self-storage facilities owned and operated	2	2
Total assets	$12	'
Total liabilities	7.4	'
Number of mortgage loans	2	'
Carrying amount of mortgage loans	6.7	'
Storage facilities, net	$11.40	'

NONCONTROLLING_INTERESTS_Detai1

NONCONTROLLING INTERESTS (Details 2) (USD $)	9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Operating Partnership Ownership	'	'	'
Increase to OP units owned by third parties and a corresponding decrease to capital	$7,686	$11,930	'
Operating Partnership	'	'	'
Operating Partnership Ownership	'	'	'
OP Units outstanding which are not owned by the general partner (as a percent)	1.60%	'	2.40%
OP units outstanding (in shares)	2,280,730	'	3,293,730
Number of trading days used to determine average of the closing prices of the common shares	'10 days	'	'
Increase to OP units owned by third parties and a corresponding decrease to capital	$7,686	$11,930	$19,500

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Lease agreements with related parties, Operating Partnership, USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
	acre	Sep. 30, 2012
Office space subject to lease	'	'
RELATED PARTY TRANSACTIONS	'	'
Aggregate amount of payments incurred under lease agreements	$400,000	$400,000
Area of corporate office (in acres)	50	'
The Parkview Building 6745 Engle Road; and 6751 Engle Road	'	'
RELATED PARTY TRANSACTIONS	'	'
Approximate Square Footage	21,900	'
Period of Extension Option	'5 years	'
The Parkview Building 6745 Engle Road; and 6751 Engle Road \| Minimum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	25,673	'
The Parkview Building 6745 Engle Road; and 6751 Engle Road \| Maximum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	31,205	'
6745 Engle Road Suite 100	'	'
RELATED PARTY TRANSACTIONS	'	'
Approximate Square Footage	2,212	'
Period of Extension Option	'5 years	'
6745 Engle Road Suite 100 \| Minimum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	3,051	'
6745 Engle Road Suite 100 \| Maximum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	3,709	'
6745 Engle Road Suite 110	'	'
RELATED PARTY TRANSACTIONS	'	'
Approximate Square Footage	1,731	'
Period of Extension Option	'5 years	'
6745 Engle Road Suite 110 \| Minimum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	2,387	'
6745 Engle Road Suite 110 \| Maximum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	2,901	'
6751 Engle Road Suites C and D	'	'
RELATED PARTY TRANSACTIONS	'	'
Approximate Square Footage	3,000	'
Period of Extension Option	'5 years	'
6751 Engle Road Suites C and D \| Minimum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	3,137	'
6751 Engle Road Suites C and D \| Maximum	'	'
RELATED PARTY TRANSACTIONS	'	'
Fixed rent per month	$3,771	'

RELATED_PARTY_TRANSACTIONS_Det1

RELATED PARTY TRANSACTIONS (Details 2) (Operating Partnership, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2013
Due from Subtenant Amount	'
2013	$79
2014	315
Total	394
Lease agreements with related parties	'
Due to Related Party Amount	'
2013	125
2014	499
Total	$624

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	property	property	property	property	property
DISCONTINUED OPERATIONS	'	'	'	'	'
Number of self-storage facilities related to discontinued operations	13	13	13	13	26
Number of properties held for sale related to discontinued operations	21	21	21	21	'
REVENUES	'	'	'	'	'
Rental income	$73,067	$61,204	$208,675	$172,078	'
Other property related income	8,580	7,065	24,215	18,833	'
Total revenues	82,832	69,363	236,437	194,128	'
OPERATING EXPENSES	'	'	'	'	'
Property operating expenses	30,104	27,066	87,946	76,761	'
Depreciation and amortization	28,495	28,734	85,966	79,007	'
Total operating expenses	65,925	62,660	196,366	175,350	'
OPERATING INCOME	16,907	6,703	40,071	18,778	'
Income from discontinued operations	1,407	1,564	4,201	5,368	'
Gain from disposition of discontinued operations	9,310	197	9,538	6,403	'
Total discontinued operations	10,717	1,761	13,739	11,771	'
Discontinued operations	'	'	'	'	'
REVENUES	'	'	'	'	'
Rental income	2,701	4,724	9,331	16,086	'
Other property related income	405	675	1,391	2,067	'
Total revenues	3,106	5,399	10,722	18,153	'
OPERATING EXPENSES	'	'	'	'	'
Property operating expenses	1,019	2,633	4,183	8,399	'
Depreciation and amortization	680	1,202	2,338	4,386	'
Total operating expenses	1,699	3,835	6,521	12,785	'
OPERATING INCOME	1,407	1,564	4,201	5,368	'
Income from discontinued operations	1,407	1,564	4,201	5,368	'
Gain from disposition of discontinued operations	9,310	197	9,538	6,403	'
Total discontinued operations	$10,717	$1,761	$13,739	$11,771	'

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (Details) (USD $)	3 Months Ended		9 Months Ended			12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
					Self-storage facilities	Self-storage facilities
					property	property
Self-storage facilities	'	'	'	'	'	'
Number of self-storage facilities acquired (in properties)	'	'	'	'	14	37
Aggregate purchase price of acquisition	'	'	'	'	$133,100	$432,300
Consolidated results of operations on a pro forma basis	'	'	'	'	'	'
Pro forma revenue	'	'	242,344	230,026	'	'
Pro forma income (loss) from continuing operations	'	'	11,160	3,178	'	'
Net (loss) income per common share from continuing operations	'	'	'	'	'	'
Basic and diluted - as reported (in dollars per share)	'	'	$0	($0.13)	'	'
Basic and diluted - as pro forma (in dollars per share)	'	'	$0.08	$0.03	'	'
Summary of the amounts of revenue and earnings of the 2013 and 2012 acquisitions since the acquisition dates	'	'	'	'	'	'
Total revenue	2,683	5,683	3,472	9,356	'	'
Net loss	($1,564)	($3,023)	($2,198)	($5,133)	'	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	9 Months Ended	12 Months Ended	9 Months Ended	0 Months Ended				9 Months Ended	0 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Nov. 06, 2013	Nov. 06, 2013	Oct. 28, 2013	Oct. 28, 2013	Sep. 30, 2013	Oct. 28, 2013	Oct. 28, 2013	Oct. 28, 2013
	Acquisitions	Acquisitions	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event
	property	property	facility	Advisory Agreement	Advisory Agreement	Acquisitions	Acquisitions	Maryland	Texas	Texas	North Carolina
					Dean Jernigan	HAC Purchase Agreement	GJR Purchase Agreement	Acquisitions	Acquisitions	Acquisitions	Acquisitions
								property	HAC Purchase Agreement	GJR Purchase Agreement	HAC Purchase Agreement
									facility	facility	facility
SUBSEQUENT EVENTS	'	'	'	'	'	'	'	'	'	'	'
Number of facilities sold	'	'	22	'	'	'	'	'	'	'	'
Number of facilities considered as held-for-sale	'	'	21	'	'	'	'	'	'	'	'
Sales price of facility	'	'	$90,000,000	'	'	'	'	'	'	'	'
Number of facilities acquired	14	37	'	'	'	'	'	1	'	'	'
Purchase price of acquisition	133,125,000	432,340,000	'	'	'	'	'	15,400,000	'	'	'
Debt assumption in acquisition	'	'	'	'	'	'	'	8,500,000	'	'	'
Number of facilities to be acquired	'	'	'	'	'	'	'	'	29	6	1
Escrow deposit	'	'	'	'	'	20,000,000	5,000,000	'	'	'	'
Period of written notice for termination of agreement any time after December 31, 2014	'	'	'	'90 days	'	'	'	'	'	'	'
Advisory and consulting services term	'	'	'	'	'20 hours	'	'	'	'	'	'
Advisory and consulting services rate per hour	'	'	'	'	1,000	'	'	'	'	'	'
Amount of retainer for future billings	'	'	'	'	$10,000	'	'	'	'	'	'

CONSOLIDATED_BALANCE_SHEETS_LP

CONSOLIDATED BALANCE SHEETS (LP cube) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Storage facilities	$2,473,889	$2,443,022
Less: Accumulated depreciation	-380,621	-353,315
Storage facilities, net	2,093,268	2,089,707
Cash and cash equivalents	2,940	4,495
Restricted cash	4,226	6,070
Loan procurement costs, net of amortization	8,885	8,253
Assets held for sale	67,924	'
Other assets, net	25,920	41,794
Total assets	2,203,163	2,150,319
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	250,000	250,000
Revolving credit facility	88,300	45,000
Unsecured term loan	500,000	500,000
Mortgage loans and notes payable	206,100	228,759
Accounts payable, accrued expenses and other liabilities	55,113	60,708
Distributions payable	16,813	16,419
Deferred revenue	12,338	11,090
Security deposits	388	444
Other liabilities held for sale	975	'
Total liabilities	1,130,027	1,112,420
Limited Partnership interests of third parties	40,688	47,990
Commitments and contingencies	'	'
Capital	'	'
Accumulated other comprehensive loss	-12,626	-19,796
Total liabilities and equity	2,203,163	2,150,319
CubeSmart, L.P. and Subsidiaries	'	'
ASSETS	'	'
Storage facilities	2,473,889	2,443,022
Less: Accumulated depreciation	-380,621	-353,315
Storage facilities, net	2,093,268	2,089,707
Cash and cash equivalents	2,940	4,495
Restricted cash	4,226	6,070
Loan procurement costs, net of amortization	8,885	8,253
Assets held for sale	67,924	'
Other assets, net	25,920	41,794
Total assets	2,203,163	2,150,319
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	250,000	250,000
Revolving credit facility	88,300	45,000
Unsecured term loan	500,000	500,000
Mortgage loans and notes payable	206,100	228,759
Accounts payable, accrued expenses and other liabilities	55,113	60,708
Distributions payable	16,813	16,419
Deferred revenue	12,338	11,090
Security deposits	388	444
Other liabilities held for sale	975	'
Total liabilities	1,130,027	1,112,420
Limited Partnership interests of third parties	40,688	47,990
Commitments and contingencies	'	'
Capital	'	'
Operating Partner	1,044,932	1,009,587
Accumulated other comprehensive loss	-12,626	-19,796
Total CubeSmart, L.P. capital	1,032,306	989,791
Noncontrolling interests in subsidiaries	142	118
Total capital	1,032,448	989,909
Total liabilities and equity	$2,203,163	$2,150,319

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
Rental income	$73,067	$61,204	$208,675	$172,078
Other property related income	8,580	7,065	24,215	18,833
Property management fee income	1,185	1,094	3,547	3,217
Total revenues	82,832	69,363	236,437	194,128
OPERATING EXPENSES	'	'	'	'
Property operating expenses	30,104	27,066	87,946	76,761
Depreciation and amortization	28,495	28,734	85,966	79,007
General and administrative	7,326	6,860	22,454	19,582
Total operating expenses	65,925	62,660	196,366	175,350
OPERATING INCOME	16,907	6,703	40,071	18,778
Interest:	'	'	'	'
Interest expense on loans	-9,995	-11,092	-31,045	-29,692
Loan procurement amortization expense	-536	-699	-1,509	-2,585
Acquisition related costs	-470	-1,527	-2,233	-2,390
Equity in loss of real estate venture	'	-284	'	-745
Gain from remeasurement of investment in real estate venture	'	7,023	'	7,023
Other	-22	166	-282	-12
Total other expense	-11,023	-6,413	-35,069	-28,401
INCOME (LOSS) FROM CONTINUING OPERATIONS	5,884	290	5,002	-9,623
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	1,407	1,564	4,201	5,368
Gain from disposition of discontinued operations	9,310	197	9,538	6,403
Total discontinued operations	10,717	1,761	13,739	11,771
NET INCOME	16,601	2,051	18,741	2,148
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in subsidiaries	-2	-410	-1	-1,918
Distribution to preferred unitholders	-1,502	-1,502	-4,506	-4,506
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	14,840	134	13,994	-4,170
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit)	$0.03	($0.01)	'	($0.13)
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit)	$0.08	$0.01	$0.10	$0.10
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit)	$0.03	($0.01)	'	($0.13)
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit)	$0.08	$0.01	$0.10	$0.10
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Weighted-average basic units outstanding (in units)	135,365	124,169	134,007	123,016
Weighted-average diluted units outstanding (in units)	138,106	124,169	136,643	123,016
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'	'	'
Income (loss) from continuing operations	4,305	-1,585	489	-15,658
Total discontinued operations	10,535	1,719	13,505	11,488
Net income (loss)	14,840	134	13,994	-4,170
CubeSmart, L.P. and Subsidiaries	'	'	'	'
REVENUES	'	'	'	'
Rental income	73,067	61,204	208,675	172,078
Other property related income	8,580	7,065	24,215	18,833
Property management fee income	1,185	1,094	3,547	3,217
Total revenues	82,832	69,363	236,437	194,128
OPERATING EXPENSES	'	'	'	'
Property operating expenses	30,104	27,066	87,946	76,761
Depreciation and amortization	28,495	28,734	85,966	79,007
General and administrative	7,326	6,860	22,454	19,582
Total operating expenses	65,925	62,660	196,366	175,350
OPERATING INCOME	16,907	6,703	40,071	18,778
Interest:	'	'	'	'
Interest expense on loans	-9,995	-11,092	-31,045	-29,692
Loan procurement amortization expense	-536	-699	-1,509	-2,585
Acquisition related costs	-470	-1,527	-2,233	-2,390
Equity in loss of real estate venture	'	-284	'	-745
Gain from remeasurement of investment in real estate venture	'	7,023	'	7,023
Other	-22	166	-282	-12
Total other expense	-11,023	-6,413	-35,069	-28,401
INCOME (LOSS) FROM CONTINUING OPERATIONS	5,884	290	5,002	-9,623
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	1,407	1,564	4,201	5,368
Gain from disposition of discontinued operations	9,310	197	9,538	6,403
Total discontinued operations	10,717	1,761	13,739	11,771
NET INCOME	16,601	2,051	18,741	2,148
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in subsidiaries	-2	-410	-1	-1,918
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	16,599	1,641	18,740	230
Limited Partnership interests of third parties	-257	-5	-240	106
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	16,342	1,636	18,500	336
Distribution to preferred unitholders	-1,502	-1,502	-4,506	-4,506
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	14,840	134	13,994	-4,170
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit)	$0.03	($0.01)	'	($0.13)
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit)	$0.08	$0.01	$0.10	$0.10
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit)	$0.03	($0.01)	'	($0.13)
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit)	$0.08	$0.01	$0.10	$0.10
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.11	'	$0.10	($0.03)
Weighted-average basic units outstanding (in units)	135,365	124,169	134,007	123,016
Weighted-average diluted units outstanding (in units)	138,106	124,169	136,643	123,016
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'	'	'
Income (loss) from continuing operations	4,305	-1,585	489	-15,658
Total discontinued operations	10,535	1,719	13,505	11,488
Net income (loss)	$14,840	$134	$13,994	($4,170)

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
NET INCOME	$16,601	$2,051	$18,741	$2,148
Other comprehensive income (loss):	'	'	'	'
Unrealized (losses) gains on interest rate swaps	-2,700	-4,237	2,586	-13,336
Reclassification of realized losses on interest rate swaps	1,582	1,529	4,667	4,525
Unrealized gain (loss) on foreign currency translation	297	132	66	151
OTHER COMPREHENSIVE (LOSS) INCOME	-821	-2,576	7,319	-8,660
COMPREHENSIVE INCOME (LOSS)	15,780	-525	26,060	-6,512
Comprehensive (income) loss attributable to Limited Partnership interests of third parties	-243	83	-366	400
Comprehensive income attributable to noncontrolling interests in subsidiaries	-27	-415	-24	-1,924
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	15,510	-857	25,670	-8,036
CubeSmart, L.P. and Subsidiaries	'	'	'	'
NET INCOME	16,601	2,051	18,741	2,148
Other comprehensive income (loss):	'	'	'	'
Unrealized (losses) gains on interest rate swaps	-2,700	-4,237	2,586	-13,336
Reclassification of realized losses on interest rate swaps	1,582	1,529	4,667	4,525
Unrealized gain (loss) on foreign currency translation	297	132	66	151
OTHER COMPREHENSIVE (LOSS) INCOME	-821	-2,576	7,319	-8,660
COMPREHENSIVE INCOME (LOSS)	15,780	-525	26,060	-6,512
Comprehensive (income) loss attributable to Limited Partnership interests of third parties	-243	83	-366	400
Comprehensive income attributable to noncontrolling interests in subsidiaries	-27	-415	-24	-1,924
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$15,510	($857)	$25,670	($8,036)

CONSOLIDATED_STATEMENTS_OF_CAP

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) (CubeSmart, L.P. and Subsidiaries, USD $)

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Limited Partnership Interest of Third Parties

Total Shareholders' Equity

Operating Partner

Preferred Operating Partner

Accumulated Other Comprehensive (Loss) Income

Noncontrolling Interests in Subsidiaries

Increase (Decrease) in Partners' Capital

Balance

$989,909

$995,322

$989,791

$955,913

$1,009,587

$968,744

($19,796)

($12,831)

$118

$39,409

Balance (in units)

131,795

122,059

3,100

Balance of Noncontrolling Interests in the Operating Partnership

47,990

49,732

47,990

49,732

Issuance of common OP units

52,498

59,143

52,498

59,143

52,498

59,143

Issuance of common OP units (in units)

3,099

4,691

Issuance of restricted OP units

Issuance of restricted OP units (in units)

222

245

Conversion from OP units to shares

14,601

3,313

-14,601

-3,313

14,601

3,313

14,601

3,313

Conversion from OP units to shares (in units)

1,013

265

Exercise of OP unit options

2,487

1,361

2,487

1,361

2,487

1,361

Exercise of OP unit options (in units)

357

170

Amortization of restricted OP units

3,397

2,169

3,397

2,169

3,397

2,169

OP unit compensation expense

654

900

654

900

654

900

Acquisition of noncontrolling interest

-56,984

-132

-18,452

-38,532

Adjustment for Limited Partnership interests of third parties

-7,686

-11,930

-7,686

11,930

-7,686

-11,930

-7,686

-11,930

Net income (loss)

13,994

-4,170

240

-106

18,500

336

18,500

336

1,918

Net income (loss), including temporary equity

18,501

2,254

Other comprehensive gain (loss):

Unrealized gains (losses) on interest rate swaps

7,128

-8,513

125

-298

7,128

-8,513

7,128

-8,513

Unrealized gain on foreign currency translation

147

141

Preferred OP unit distributions

-4,506

Common OP unit distributions

-44,602

-32,634

-753

-1,077

-44,602

-29,948

-44,602

-29,948

-2,686

Balance

1,032,448

950,044

1,032,306

949,929

1,044,932

971,132

-12,626

-21,203

142

115

Balance (in units)

136,486

127,430

3,100

Balance of Noncontrolling Interests in the Operating Partnership

$40,688

$56,740

$40,688

$56,740

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating Activities	'	'
Net income	$18,741	$2,148
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	89,813	85,912
Gain from disposition of discontinued operations	-9,538	-6,403
Gain from remeasurement of investment in real estate venture	'	-7,023
Equity compensation expense	4,051	3,069
Accretion of fair market value adjustment of debt	-752	-461
Changes in other operating accounts:	'	'
Other assets	-1,760	-2,674
Restricted cash	518	3,307
Accounts payable and accrued expenses	1,551	7,394
Other liabilities	1,267	55
Net cash provided by operating activities	103,891	86,069
Investing Activities	'	'
Acquisitions of storage facilities	-133,043	-195,509
Additions and improvements to storage facilities	-13,697	-16,255
Development costs	-25,649	'
Cash paid for remaining interest in real estate venture	'	-81,158
Cash distributed from real estate venture	'	909
Proceeds from sales of facilities, net	35,600	29,529
Proceeds from notes receivable	5,192	'
Change in restricted cash	1,324	1,825
Net cash used in investing activities	-130,273	-260,659
Proceeds from:	'	'
Unsecured senior notes	'	249,638
Revolving credit facility	350,600	343,300
Unsecured term loans	'	100,000
Principal payments on:	'	'
Revolving credit facility	-307,300	-277,800
Mortgage loans and notes payable	-21,852	-206,452
Loan procurement costs	-2,141	-2,145
Settlement of hedge transaction	'	-195
Cash paid for acquisition of noncontrolling interest	'	-61,113
Distributions paid to common unitholders	-44,093	-29,500
Distributions paid to preferred unitholders	-4,506	-4,222
Distributions paid to noncontrolling interests in subsidiaries	'	-2,685
Net cash provided by financing activities	24,827	168,228
Change in cash and cash equivalents	-1,555	-6,362
Cash and cash equivalents at beginning of period	4,495	9,069
Cash and cash equivalents at end of period	2,940	2,707
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	36,150	25,725
Supplemental disclosure of noncash activities:	'	'
Consolidation of real estate venture	'	13,527
Derivative valuation adjustment	7,253	-8,616
Foreign currency translation adjustment	66	151
Mortgage loan assumption - acquisitions of storage facilities	'	107,011
CubeSmart, L.P. and Subsidiaries	'	'
Operating Activities	'	'
Net income	18,741	2,148
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	89,813	85,912
Gain from disposition of discontinued operations	-9,538	-6,403
Gain from remeasurement of investment in real estate venture	'	-7,023
Equity compensation expense	4,051	3,069
Accretion of fair market value adjustment of debt	-752	-461
Equity in loss of real estate venture	'	745
Changes in other operating accounts:	'	'
Other assets	-1,760	-2,674
Restricted cash	518	3,307
Accounts payable and accrued expenses	1,551	7,394
Other liabilities	1,267	55
Net cash provided by operating activities	103,891	86,069
Investing Activities	'	'
Acquisitions of storage facilities	-133,043	-195,509
Additions and improvements to storage facilities	-13,697	-16,255
Development costs	-25,649	'
Cash paid for remaining interest in real estate venture	'	-81,158
Cash distributed from real estate venture	'	909
Proceeds from sales of facilities, net	35,600	29,529
Proceeds from notes receivable	5,192	'
Change in restricted cash	1,324	1,825
Net cash used in investing activities	-130,273	-260,659
Proceeds from:	'	'
Unsecured senior notes	'	249,638
Revolving credit facility	350,600	343,300
Unsecured term loans	'	100,000
Principal payments on:	'	'
Revolving credit facility	-307,300	-277,800
Mortgage loans and notes payable	-21,852	-206,452
Loan procurement costs	-2,141	-2,145
Settlement of hedge transaction	'	-195
Proceeds from issuance of common OP units	52,500	59,143
Exercise of OP unit options	2,487	1,361
Cash paid for acquisition of noncontrolling interest	'	-61,113
Distributions paid to common unitholders	-44,961	-30,602
Distributions paid to preferred unitholders	-4,506	-4,222
Distributions paid to noncontrolling interests in subsidiaries	'	-2,685
Net cash provided by financing activities	24,827	168,228
Change in cash and cash equivalents	-1,555	-6,362
Cash and cash equivalents at beginning of period	4,495	9,069
Cash and cash equivalents at end of period	2,940	2,707
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	36,150	25,725
Supplemental disclosure of noncash activities:	'	'
Consolidation of real estate venture	'	13,527
Derivative valuation adjustment	7,253	-8,616
Foreign currency translation adjustment	66	151
Mortgage loan assumption - acquisitions of storage facilities	'	$107,111