CubeSmart (CUBE) 10-Q2 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	Apr. 29, 2014
Document and Entity Information	'	'
Entity Registrant Name	'CubeSmart	'
Entity Central Index Key	'0001298675	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
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	'	144,308,200
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Storage facilities	$2,660,819	$2,553,706
Less: Accumulated depreciation	-419,460	-398,536
Storage facilities, net (including VIE assets of $41,624 and $34,559, respectively)	2,241,359	2,155,170
Cash and cash equivalents	3,235	3,176
Restricted cash	3,964	4,025
Loan procurement costs, net of amortization	12,086	12,687
Investment in real estate ventures, at equity	154,467	156,310
Other assets, net	27,420	27,256
Total assets	2,442,531	2,358,624
LIABILITIES AND EQUITY	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	70,600	38,600
Unsecured term loans	400,000	400,000
Mortgage loans and notes payable	226,025	200,218
Accounts payable, accrued expenses and other liabilities	49,627	57,599
Distributions payable	20,321	19,955
Deferred revenue	13,567	12,394
Security deposits	387	376
Total liabilities	1,280,527	1,229,142
Noncontrolling interests in the Operating Partnership	38,807	36,275
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 March 31, 2014 and December 31, 2013, respectively	31	31
Common shares $.01 par value, 200,000,000 shares authorized, 142,206,897 and 139,328,366 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	1,422	1,393
Additional paid in capital	1,589,994	1,542,703
Accumulated other comprehensive loss	-10,360	-11,014
Accumulated deficit	-459,335	-440,837
Total CubeSmart shareholders' equity	1,121,752	1,092,276
Noncontrolling interest in subsidiaries	1,445	931
Total equity	1,123,197	1,093,207
Total liabilities and equity	$2,442,531	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Storage facilities, net	$2,241,359	$2,155,170
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	142,206,897	139,328,366
Common shares, shares outstanding	142,206,897	139,328,366
VIE	'	'
Storage facilities, net	$41,624	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	'	'
Rental income	$75,714	$66,252
Other property related income	10,147	7,258
Property management fee income	1,406	1,145
Total revenues	87,267	74,655
OPERATING EXPENSES	'	'
Property operating expenses	32,290	29,161
Depreciation and amortization	28,115	28,982
General and administrative	6,569	7,613
Total operating expenses	66,974	65,756
OPERATING INCOME	20,293	8,899
Interest:	'	'
Interest expense on loans	-11,871	-10,272
Loan procurement amortization expense	-541	-476
Acquisition related costs	-1,679	-115
Equity in losses of real estate venture	-1,369	'
Other	-593	-73
Total other expense	-16,053	-10,936
INCOME (LOSS) FROM CONTINUING OPERATIONS	4,240	-2,037
DISCONTINUED OPERATIONS	'	'
Income from discontinued operations	336	1,381
Gain on disposition of discontinued operations	'	228
Total discontinued operations	336	1,609
NET INCOME (LOSS)	4,576	-428
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
Noncontrolling interests in the Operating Partnership	-49	35
Noncontrolling interest in subsidiaries	3	1
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	4,530	-392
Distribution to Preferred Shares	-1,502	-1,502
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	3,028	-1,894
Basic earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.02	($0.03)
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0	$0.02
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.02	($0.01)
Diluted earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.02	($0.03)
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0	$0.02
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.02	($0.01)
Weighted-average basic shares outstanding (in shares)	140,219	132,951
Weighted-average diluted shares outstanding (in shares)	142,774	132,951
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS:	'	'
Income (loss) from continuing operations	2,697	-3,476
Total discontinued operations	331	1,582
Net income (loss)	$3,028	($1,894)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'
NET INCOME (LOSS)	$4,576	($428)
Other comprehensive (loss) gain:	'	'
Unrealized losses on interest rate swap	-984	-309
Reclassification of realized losses on interest rate swaps	1,576	1,531
Unrealized gain (loss) on foreign currency translation	74	-256
OTHER COMPREHENSIVE INCOME	666	966
COMPREHENSIVE INCOME	5,242	538
Comprehensive (income) loss attributable to noncontrolling interests in the Operating Partnership	-59	17
Comprehensive loss attributable to noncontrolling interests in subsidiaries	1	10
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$5,184	$565

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 Interest 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 Interest in Subsidiaries
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012	'	$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	1,512	'	1,512	1	'	1,511	'	'	'
Issuance of common shares (in shares)	'	'	'	100	'	'	'	'	'
Issuance of restricted shares	2	'	2	2	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	211	'	'	'	'	'
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	785	'	785	1	'	784	'	'	'
Exercise of stock options (in shares)	'	'	'	89	'	'	'	'	'
Amortization of restricted shares	808	'	808	'	'	808	'	'	'
Share compensation expense	221	'	221	'	'	221	'	'	'
Adjustment for noncontrolling interest in the Operating Partnership	-2,915	2,915	-2,915	'	'	'	'	-2,915	'
Net income (loss)	-1,894	-35	-392	'	'	'	'	-392	-1
Net income (loss), including temporary equity	-393	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gain on interest rate swap	1,200	22	1,200	'	'	'	1,200	'	'
Unrealized gain (loss) on foreign currency translation	-252	-4	-243	'	'	'	-243	'	-9
Preferred share distributions	-1,502	'	-1,502	'	'	'	'	-1,502	'
Common share distributions	-14,702	-251	-14,702	'	'	'	'	-14,702	'
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2013	'	36,036	'	'	'	'	'	'	'
Balance at Mar. 31, 2013	989,274	'	989,166	1,332	31	1,436,378	-18,839	-429,736	108
Balance (in shares) at Mar. 31, 2013	'	'	'	133,208	3,100	'	'	'	'
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013	36,275	36,275	'	'	'	'	'	'	'
Balance at Dec. 31, 2013	1,093,207	'	1,092,276	1,393	31	1,542,703	-11,014	-440,837	931
Balance (in shares) at Dec. 31, 2013	'	'	'	139,328	3,100	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'
Contributions from noncontrolling interests in subsidiaries	515	'	'	'	'	'	'	'	515
Issuance of common shares	46,162	'	46,162	28	'	46,134	'	'	'
Issuance of common shares (in shares)	'	'	'	2,705	'	'	'	'	'
Issuance of restricted shares	1	'	1	1	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	114	'	'	'	'	'
Conversion from units to shares	234	-234	234	'	'	234	'	'	'
Conversion from units to shares (in shares)	'	'	'	14	'	'	'	'	'
Exercise of stock options	560	'	560	'	'	560	'	'	'
Exercise of stock options (in shares)	'	'	'	46	'	'	'	'	'
Amortization of restricted shares	149	'	149	'	'	149	'	'	'
Share compensation expense	214	'	214	'	'	214	'	'	'
Adjustment for noncontrolling interest in the Operating Partnership	-3,001	3,001	-3,001	'	'	'	'	-3,001	'
Net income (loss)	3,028	49	4,530	'	'	'	'	4,530	-3
Net income (loss), including temporary equity	4,527	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gain on interest rate swap	583	9	583	'	'	'	583	'	'
Unrealized gain (loss) on foreign currency translation	73	1	71	'	'	'	71	'	2
Preferred share distributions	-1,502	'	-1,502	'	'	'	'	-1,502	'
Common share distributions	-18,525	-294	-18,525	'	'	'	'	-18,525	'
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2014	38,807	38,807	'	'	'	'	'	'	'
Balance at Mar. 31, 2014	$1,123,197	'	$1,121,752	$1,422	$31	$1,589,994	($10,360)	($459,335)	$1,445
Balance (in shares) at Mar. 31, 2014	'	'	'	142,207	3,100	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating Activities	'	'
Net income (loss)	$4,576	($428)
Adjustments to reconcile net income (loss) to cash provided by operating activities:	'	'
Depreciation and amortization	28,656	30,365
Gain on disposition of discontinued operations	'	-228
Equity compensation expense	363	1,029
Accretion of fair market value adjustment of debt	-351	-247
Equity in losses of real estate venture	1,369	'
Changes in other operating accounts:	'	'
Other assets	2,147	892
Restricted cash	-26	657
Accounts payable and accrued expenses	-6,800	-6,400
Other liabilities	647	821
Net cash provided by operating activities	30,581	26,461
Investing Activities	'	'
Acquisitions of storage facilities	-76,619	-6,857
Additions and improvements to storage facilities	-5,112	-4,229
Development costs	-7,488	-2,655
Cash contributed to real estate venture	-1,050	'
Cash distributed from real estate venture	1,524	'
Proceeds from sales of properties, net	'	10,993
Proceeds from notes receivable	'	5,192
Change in restricted cash	306	-71
Net cash (used in) provided by investing activities	-88,439	2,373
Proceeds from:	'	'
Revolving credit facility	197,500	60,600
Principal payments on:	'	'
Revolving credit facility	-165,500	-75,600
Mortgage loans and notes payable	-1,309	-1,584
Loan procurement costs	-57	'
Proceeds from issuance of common shares	46,163	1,514
Exercise of stock options	560	785
Contributions from noncontrolling interests in subsidiaries	515	'
Distributions paid to common shareholders	-18,157	-14,555
Distributions paid to preferred shareholders	-1,502	-1,502
Distributions paid to noncontrolling interests in Operating Partnership	-296	-362
Net cash provided by (used in) financing activities	57,917	-30,704
Change in cash and cash equivalents	59	-1,870
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	3,235	2,625
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	12,819	14,359
Supplemental disclosure of noncash activities:	'	'
Derivative valuation adjustment	592	1,222
Foreign currency translation adjustment	74	-256
Mortgage loan assumption - acquisition of storage facilities	$27,467	'

ORGANIZATION_AND_NATURE_OF_OPE

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Mar. 31, 2014
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. As of March 31, 2014, the Company owned self-storage facilities located in 20 states throughout the United States and the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage facilities.

	As of March 31, 2014, 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 the Operating Partnership 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	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2014
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 in the United States (“GAAP”). 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, 2013, 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, 2013. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results of operations to be expected for any future period or the full year.

	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update to the accounting standard for the reporting of discontinued operations. The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted. The adoption of this guidance in 2014 did not have a material impact on the Company’s consolidated financial position or results of operations because the Company did not dispose of any assets during the three months ended March 31, 2014.

STORAGE_FACILITIES

STORAGE FACILITIES	3 Months Ended
STORAGE FACILITIES	Mar. 31, 2014
STORAGE FACILITIES	'
STORAGE FACILITIES	'
	3. STORAGE FACILITIES

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


			March 31,			December 31,
			March 31,			December 31,
			2014			2013
			2014			2013
			(in thousands)
	Land		$	480,296		$	465,680
	Buildings and improvements		1,980,005			1,888,823
	Equipment		167,665			158,000
	Construction in progress		32,853			41,203
	Storage facilities		2,660,819			2,553,706
	Less: Accumulated depreciation		-419,460			-398,536
	Storage facilities, net		$	2,241,359		$	2,155,170

	The following table summarizes the Company’s acquisition and disposition activity from the period beginning on January 1, 2013 through March 31, 2014:

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

	2014 Acquisitions:

	Manchester Asset		Manchester, CT		January 2014		1		$	4,950

	Coconut Creek Asset		Coconut Creek, FL		January 2014		1		14,000
	Florida Assets		Palm Coast, FL		January 2014		2		14,450
	Fremont Asset		Fremont, CA		January 2014		1		8,300
	Temple Hills Asset		Temple Hills, MD		February 2014		1		15,800
	Timonium Asset		Timonium, MD		February 2014		1		15,500
	Phoenix Asset		Phoenix, AZ		March 2014		1		14,750
	Philadelphia Asset		Philadelphia, PA		March 2014		1		7,350
	Frisco Asset		Frisco, TX		March 2014		1		8,225
							10		$	103,325


	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
	Clinton Asset		Clinton, MD		November 2013		1		15,375
	Katy Asset		Katy, TX		November 2013		1		9,700
	Richmond Asset		Richmond, TX		December 2013		1		10,497
	Dallas Asset		Dallas, TX		December 2013		1		6,925
	Elkridge Asset		Elkridge, MD		December 2013		1		8,200
	Fort Lauderdale Asset		Fort Lauderdale, FL		December 2013		1		6,000
							20		$	189,822

	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

California/Tennessee/Texas Assets		Multiple locations in CA, TN and TX		October/November 2013		22		90,000
						35		$	126,400

INVESTMENT_ACTIVITY

INVESTMENT ACTIVITY	3 Months Ended
	Mar. 31, 2014
INVESTMENT ACTIVITY	'
INVESTMENT ACTIVITY	'
	4. INVESTMENT ACTIVITY

	2014 Acquisitions

	During the three months ended March 31, 2014, the Company acquired 10 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $103.3 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 $7.4 million at the time of such acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three months ended March 31, 2014 was approximately $1.0 million. In connection with four of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $27.5 million, which included an outstanding principal balance totaling $26.0 million and a net premium of $1.5 million to reflect the estimated fair value of the debt at the time of assumption.

	The following table summarizes the Company’s revenue and earnings of the 2014 and 2013 acquisitions from the respective acquisition dates in the period they were acquired, included in the consolidated statements of operations for the three months ended December 31, 2014 and 2013:

		Three months ended March 31,
		2014		2013

		(in thousands)
	Total revenue	$	1,357	$	33
	Net loss	-799		-52


	Development

	During 2012, the Company commenced construction of 5 Old Lancaster Road located in Malvern, PA, a suburb of Philadelphia. The mixed-use facility is comprised of rentable storage space and office space for the Company’s corporate headquarters. During the fourth quarter of 2013, the Company relocated its corporate headquarters to 5 Old Lancaster Road. Construction was completed on the portion of the building comprised of rentable storage space and the facility opened for operation during the first quarter of 2014. Total costs for this mixed-use project equaled $24.6 million at March 31, 2014.

	During 2013, the Company entered into contracts for the construction of a self-storage facility located in Bronx, NY. Construction of the facility was substantially completed and the facility opened for operation during the first quarter of 2014. Total costs for this project equaled $17.0 million at March 31, 2014. These costs are capitalized to building and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets.

	During 2013, the Company entered into contracts under newly-formed joint ventures for the construction of three self-storage facilities located in New York and one self-storage facility located in Virginia (see note 12). Construction for all projects is expected to be completed during 2015. At March 31, 2014, development costs for these projects totaled $22.2 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage facilities on the Company’s consolidated balance sheets.

	2013 Acquisitions

	During 2013, the Company acquired 20 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $189.8 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 $13.5 million at the time of such acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three months ended March 31, 2014 was approximately $3.3 million. In connection with one of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $8.9 million, which included an outstanding principal balance totaling $8.5 million and a net premium of $0.4 million in addition to the face value of the assumed debt to reflect the fair value of the debt at the time of assumption.

INVESTMENT_IN_UNCONSOLIDATED_R

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	Mar. 31, 2014
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

	On December 10, 2013, the Company acquired a 50% ownership interest in 35 self-storage facilities located in Texas (34) and North Carolina (1) through a newly-formed joint venture (“HHF”). HHF paid $315.7 million for these facilities. The Company and the unaffiliated joint venture partner, collectively the “HHF Partners,” each contributed cash equal to 50% of the capital required to fund the acquisition. HHF was not consolidated as the entity was not determined to be a VIE and the HHF Partners have equal ownership and voting rights in the entity. The Company accounts for its unconsolidated interest in the real estate venture using the equity method. The Company’s investment in HHF is included in Investment in real estate venture, at equity on the Company’s consolidated balance sheets and losses attributed to HHF are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations.

	The amounts reflected in the following table are based on the historical financial information of the real estate venture.

	The following is a summary of the financial position of the HHF venture as of March 31, 2014 and December 31, 2013, respectively (in thousands):

		March 31,		December 31,
		2014		2013

	Assets
	Net property	$	299,318	$	302,557
	Other assets	12,189		11,688
	Total Assets	$	311,507	$	314,245

	Liabilities and equity
	Other liabilities	$	2,573	$	1,625
	Equity:
	CubeSmart	154,467		156,310
	Joint venture partner	154,467		156,310
	Total Liabilities and equity	$	311,507	$	314,245


	The following is a summary of results of operations of the real estate venture for the three months ended March 31, 2014 (in thousands):


		Three months
		ended March 31,
		2014

	Revenue	$	6,520
	Operating expenses	2,778
	Depreciation and amortization	6,480
	Net loss	-2,738
	Company’s share of net loss	-1,369

UNSECURED_SENIOR_NOTES

UNSECURED SENIOR NOTES	3 Months Ended
UNSECURED SENIOR NOTES	Mar. 31, 2014
UNSECURED SENIOR NOTES	'
UNSECURED SENIOR NOTES	'
	6. UNSECURED SENIOR NOTES

	On December 17, 2013, the Operating Partnership issued $250 million in aggregate principal amount of 4.375% unsecured senior notes due December 15, 2023 (the “2023 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 “2022 Senior Notes”) which bear interest at a rate of 4.80%. The 2023 Senior Notes along with the 2022 Senior Notes are collectively referred to as the “Senior Notes.” The indenture under which the 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

3 Months Ended

Mar. 31, 2014

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 (1)

$100 million

December 2014

1.75%

December 2014

1.50%

Term Loan D

$200 million

March 2017

1.75%

January 2019

1.50%

(1) On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014.

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. In connection with the repayment of Term Loan C, the Company recognized loan procurement amortization expense – early repayment of debt of $0.4 million related to the write-off of unamortized loan procurement costs associated with the term loan.

As of March 31, 2014, $200 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200 million of unsecured term loan borrowings were outstanding under the Credit Facility, $70.6 million of unsecured revolving credit facility borrowings were outstanding under the Credit Facility and $229.2 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 a portion of the unsecured borrowings, the Company had interest rate swaps as of March 31, 2014 that fix 30-day LIBOR (see note 10). As of March 31, 2014, borrowings under the Credit Facility and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.12%.

The Term Loan Facility and the term loan under the Credit Facility were fully drawn at March 31, 2014 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the revolving portion of the Credit 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 the Parent Company’s common shares in excess of 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	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Mar. 31, 2014
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:
		March 31,		December 31,		Effective	Maturity
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
		(dollars in thousands)

	YSI 61	2,355		-		2.53%	14-Sep
	YSI 10	3,816		3,839		5.87%	15-Jan
	YSI 15	1,719		1,733		6.41%	15-Jan
	YSI 52	4,504		4,548		5.63%	15-Jan
	YSI 58	8,597		8,676		2.97%	15-Jan
	YSI 29	12,797		12,853		3.69%	15-Aug
	YSI 13	8,500		8,500		3.00%	15-Oct
	YSI 20	55,815		56,373		5.97%	15-Nov
	YSI 63	7,520		-		2.82%	15-Dec
	YSI 59	9,368		9,418		4.82%	16-Mar
	YSI 60	3,654		3,670		5.04%	16-Aug
	YSI 51	7,189		7,219		5.15%	16-Sep
	YSI 64	8,015		-		3.54%	16-Oct
	YSI 62	8,050		-		3.54%	16-Dec
	YSI 35	4,247		4,274		6.90%	19-Jul	(a)
	YSI 33	10,625		10,688		6.42%	19-Jul
	YSI 26	8,903		8,945		4.56%	20-Nov
	YSI 57	3,126		3,140		4.61%	20-Nov
	YSI 55	24,048		24,145		4.85%	21-Jun
	YSI 24	28,359		28,523		4.64%	21-Jun
	Unamortized fair value adjustment	4,818		3,674

	Total mortgage loans and notes payable	$	226,025	$	200,218



	(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.

	As of March 31, 2014 and December 31, 2013, the Company’s mortgage loans payable were secured by certain of its self-storage facilities with net book values of approximately $411 million and $371 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at March 31, 2014 (in thousands):

	2014	$	6,538
	2015	103,121
	2016	36,957
	2017	1,915
	2018	2,026
	2019 and thereafter	70,650
	Total mortgage payments	221,207
	Plus: Unamortized fair value adjustment	4,818
	Total mortgage indebtedness	$	226,025

	The Company currently intends to fund its remaining 2014 principal payment requirements from cash provided by operating activities, new debt originations, and/or additional borrowings under its unsecured Credit Facility ($229.2 million available as of March 31, 2014).

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 (dollars in thousands):


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

	Balance at December 31, 2013	$	-10,222	$	-792	$	-11,014
	Other comprehensive (loss) gain before reclassifications	-968		71		-897
	Amounts reclassified from accumulated other comprehensive loss	1,551		-		1,551
	Net current-period other comprehensive gain	583		71		654

	Balance at March 31, 2014	$	-9,639	$	-721	$	-10,360

	(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	3 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Mar. 31, 2014
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 swap 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 March 31, 2014 and December 31, 2013, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					March 31,		December 31,
	Product	Hedge Type (a)	Amount		Strike	Effective Date	Maturity	2014		2013

	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	$	-1,154	$	-1,265
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-1,154		-1,265
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-577		-632
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-1,073		-1,132
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-714		-752
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-715		-754
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-359		-380
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-1,758		-1,820
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-1,777		-1,842
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-890		-921
			$	400,000				$	-10,171	$	-10,763

	(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 March 31, 2014 and December 31, 2013, 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 loss on interest rate swap reflects a reclassification of $1.6 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2014.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 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	$	-	$	10,171	$	-

	Total liabilities at fair value	$	-	$	10,171	$	-


	Financial assets and liabilities carried at fair value as of December 31, 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	$	-	$	10,763	$	-

	Total liabilities at fair value	$	-	$	10,763	$	-


	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 2014 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 March 31, 2014, 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.

	The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values at March 31, 2014 and December 31, 2013. The aggregate carrying value of the Company’s debt was $1,196.6 million and $1,138.8 million at March 31, 2014 and December 31, 2013, respectively. The estimated fair value of the Company’s debt was $1,214.0 million and $1,140.9 million at March 31, 2014 and December 31, 2013, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at March 31, 2014 and December 31, 2013. 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	3 Months Ended
NONCONTROLLING INTERESTS	Mar. 31, 2014
NONCONTROLLING INTERESTS	'
NONCONTROLLING INTERESTS	'
	12. NONCONTROLLING INTERESTS

	Interests in Consolidated Real Estate Joint Ventures

	251 Jamaica Ave, LLC (“Jamaica Ave”) was formed to own, operate, and develop a self-storage facility in New York, NY. The Company owns a 51% interest in Jamaica Ave and 49% is owned by another member (“Jamaica Ave Member”). The facility is expected to commence operations during 2015. The Jamaica Ave Member has an option to put its ownership interest in the venture to the Company for $12.5 million within the one-year period after construction of the facility is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the Jamaica Ave Member for $12.5 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company determined that Jamaica Ave 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 Jamaica Ave. At March 31, 2014, Jamaica Ave had total assets of $8.1 million.

	CS SNL New York Ave, LLC and 186 Jamaica Avenue, LLC, collectively known as “SNL”, were formed with a partner to own, operate and develop two self-storage facilities in the boroughs of New York, NY. The Company owns 90% of SNL and the facilities are expected to commence operations during 2015. The Company consolidates the assets, liabilities, and results of operations of SNL. At March 31, 2014, SNL had total assets of $9.0 million and total liabilities of $0.1 million.

	Shirlington Rd, LLC (“SRLLC”) was formed to own, operate, and develop a self-storage facility in Northern Virginia. The Company owns a 90% interest in SRLLC and the facility is expected to commence operations during 2015. The Company consolidates the assets, liabilities, and results of operations of SRLLC. At March 31, 2014, SRLLC had total assets of $13.6 million and total liabilities of $9.2 million. The Company has provided $9.2 million of a total $14.6 million loan commitment to SRLLC which is secured by a mortgage on the real estate assets of SRLLC. The loan and related interest was eliminated during consolidation.

	USIFB, LLP (“USIFB”) was formed to own, operate, acquire and develop self-storage facilities in England. The Company owns a 97% interest in the USIFB through a wholly-owned subsidiary and USIFB commenced operations at two facilities in London, England during 2008. The Company determined that USIFB 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 USIFB. At March 31, 2014, USIFB had total assets of $11.9 million and total liabilities of $7.1 million. On December 31, 2013 the Company provided a $6.8 million (£4.1 million) loan secured by a mortgage on real estate assets of USIFB. The loan and any related interest was eliminated during consolidation.

	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% of the outstanding OP Units as of March 31, 2014 and December 31, 2013 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 March 31, 2014 and December 31, 2013, 2,261,486 and 2,275,730 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 final 10 trading days of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at their redemption value at March 31, 2014 and December 31, 2013, 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 $3.0 million and $3.3 million at March 31, 2014 and December 31, 2013, respectively.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2014

RELATED PARTY TRANSACTIONS

13. RELATED PARTY TRANSACTIONS

Affiliated Real Estate Investments

The Company provides management services to certain joint ventures and other related party facilities. Management agreements provide generally for management fees of between 5-6% of cash collections at the managed facilities. Management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the three months ended March 31, 2014 totaled $0.2 million. The Company had no ownership interests in unconsolidated joint ventures or other entities at March 31, 2013.

The management agreements for certain joint ventures, other related parties and third-party facilities provide for the reimbursement to the Company for certain expenses incurred to manage the facilities. These amounts consist of amounts due for management fees, payroll, and other expenses incurred on behalf of the facilities. The amounts due to the Company were $1.3 million and $2.1 million as of March 31, 2014 and December 31, 2013, respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $16.0 million and $15.8 million as of March 31, 2014 and December 31, 2013, respectively, that are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible.

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 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 three months ended March 31, 2014 and 2013, was approximately $0.1 million.

Total future minimum rental payments due in accordance with the related party lease agreements are $0.4 million and total future cash receipts due from our subtenants are $0.2 million as of March 31, 2014.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2014
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	14. DISCONTINUED OPERATIONS

	For the three months ended March 31, 2014, discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage facilities that the Company sold in prior years. For the three months ended March 31, 2013, discontinued operations relates to 35 facilities sold during 2013.

	The following table summarizes the revenue and expense information for the facilities classified as discontinued operations during the three months ended March 31, 2014 and 2013 (in thousands):

		Three months ended March 31,
		2014		2013

	REVENUES
	Rental income	$	-	$	3,755
	Other property related income	-		509
	Total revenues	-		4,264
	OPERATING EXPENSES
	Property operating expenses	-336		1,881
	Depreciation and amortization	-		907
	Total operating expenses	-336		2,788
	OPERATING INCOME	336		1,476
	OTHER (EXPENSE) INCOME
	Interest expense on loans	-		-95
	Gain on disposition of discontinued operations	-		228
	Total discontinued operations	$	336	$	1,609

PRO_FORMA_FINANCIAL_INFORMATIO

PRO FORMA FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2014
PRO FORMA FINANCIAL INFORMATION	'
PRO FORMA FINANCIAL INFORMATION	'
	15. PRO FORMA FINANCIAL INFORMATION

	During the three months ended March 31, 2014 and the year ended December 31, 2013, the Company acquired 10 self-storage facilities for an aggregate purchase price of approximately $103.3 million (see note 4) and 20 self-storage facilities for an aggregate purchase price of approximately $189.8 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 2014 and 2013 as if each had occurred as of January 1, 2013 and 2012, 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 three months ended March 31, 2014 and 2013 based on the assumptions described above:

		Three Months Ended March 31,
		2014		2013
		(in thousands, except per share data)

	Pro forma revenues	$	88,323	$	81,588
	Pro forma net income attributable to the Company’s common shareholders	$	8,383	$	1,808
	Earnings (loss) per share from continuing operations attributable to common shareholders
	Basic and diluted - as reported	$	0.02	$	-0.01
	Basic and diluted - as pro forma	$	0.06	$	0.01

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	16. SUBSEQUENT EVENTS

	Subsequent to March 31, 2014, the Company acquired one facility in Texas, one facility in Florida and one facility in Massachusetts for an aggregate purchase price of $29.0 million. In addition, the Company entered into an agreement to acquire two existing storage facilities and two storage facilities under construction for an aggregate purchase price of $141.5 million. The two existing facilities and one of the facilities under construction are located in Brooklyn, New York, and the other facility under construction is located in Queens, New York. On April 16, 2014, the Company closed on the acquisition of the two existing facilities for an aggregate purchase price of $55.0 million. The Company’s obligation to close on each of the two facilities under construction is subject to completion of construction and issuance of a certificate of occupancy for each such facility as well as other customary closing conditions. Construction for the Queens facility is expected to be completed during 2014 while the construction for the Brooklyn facility is expected to be completed during 2015. The Company provides no assurances that it will complete the acquisitions of the facilities under construction as anticipated or at all.

	On May 1, 2014, HHF, an unconsolidated joint venture (as discussed in note 5), obtained a $100 million loan secured by the 34 self-storage facilities owned by the venture. There is no recourse to the Company. The loan bears interest at 3.59% per annum and matures on April 30, 2021. This financing completed the planned capital structure of HHF and the proceeds after closing costs were distributed proportionately to the partners.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2014
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 in the United States (“GAAP”). 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, 2013, 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, 2013. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results of operations to be expected for any future period or the full year.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update to the accounting standard for the reporting of discontinued operations. The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted. The adoption of this guidance in 2014 did not have a material impact on the Company’s consolidated financial position or results of operations because the Company did not dispose of any assets during the three months ended March 31, 2014.

STORAGE_FACILITIES_Tables

STORAGE FACILITIES (Tables)	3 Months Ended
STORAGE FACILITIES (Tables)	Mar. 31, 2014
STORAGE FACILITIES	'
Summary of real estate assets	'



		March 31,			December 31,
		March 31,			December 31,
		2014			2013
		2014			2013
		(in thousands)
	Land	$	480,296		$	465,680
	Buildings and improvements	1,980,005			1,888,823
	Equipment	167,665			158,000
	Construction in progress	32,853			41,203
	Storage facilities	2,660,819			2,553,706
	Less: Accumulated depreciation	-419,460			-398,536
	Storage facilities, net	$	2,241,359		$	2,155,170
Schedule of acquisitions and dispositions of real estate assets	'

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

	2014 Acquisitions:

	Manchester Asset	Manchester, CT		January 2014		1	$	4,950

	Coconut Creek Asset	Coconut Creek, FL		January 2014		1	14,000
	Florida Assets	Palm Coast, FL		January 2014		2	14,450
	Fremont Asset	Fremont, CA		January 2014		1	8,300
	Temple Hills Asset	Temple Hills, MD		February 2014		1	15,800
	Timonium Asset	Timonium, MD		February 2014		1	15,500
	Phoenix Asset	Phoenix, AZ		March 2014		1	14,750
	Philadelphia Asset	Philadelphia, PA		March 2014		1	7,350
	Frisco Asset	Frisco, TX		March 2014		1	8,225
						10	$	103,325


	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
	Clinton Asset	Clinton, MD		November 2013		1	15,375
	Katy Asset	Katy, TX		November 2013		1	9,700
	Richmond Asset	Richmond, TX		December 2013		1	10,497
	Dallas Asset	Dallas, TX		December 2013		1	6,925
	Elkridge Asset	Elkridge, MD		December 2013		1	8,200
	Fort Lauderdale Asset	Fort Lauderdale, FL		December 2013		1	6,000
						20	$	189,822

	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

	California/Tennessee/Texas Assets	Multiple locations in CA, TN and TX		October/November 2013		22	90,000
						35	$	126,400

INVESTMENT_ACTIVITY_Tables

INVESTMENT ACTIVITY (Tables)	3 Months Ended
	Mar. 31, 2014
INVESTMENT ACTIVITY	'
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement	'


		Three months ended March 31,
		2014		2013

		(in thousands)
	Total revenue	$	1,357	$	33
	Net loss	-799		-52

INVESTMENT_IN_UNCONSOLIDATED_R1

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	Mar. 31, 2014
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	'
Summary of the financial position of the HHF venture	'
	The following is a summary of the financial position of the HHF venture as of March 31, 2014 and December 31, 2013, respectively (in thousands):

		March 31,		December 31,
		2014		2013

	Assets
	Net property	$	299,318	$	302,557
	Other assets	12,189		11,688
	Total Assets	$	311,507	$	314,245

	Liabilities and equity
	Other liabilities	$	2,573	$	1,625
	Equity:
	CubeSmart	154,467		156,310
	Joint venture partner	154,467		156,310
	Total Liabilities and equity	$	311,507	$	314,245
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 months ended March 31, 2014 (in thousands):


		Three months
		ended March 31,
		2014

	Revenue	$	6,520
	Operating expenses	2,778
	Depreciation and amortization	6,480
	Net loss	-2,738
	Company’s share of net loss	-1,369

REVOLVING_CREDIT_FACILITY_AND_1

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)

3 Months Ended

Mar. 31, 2014

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 (1)

$100 million

December 2014

1.75%

December 2014

1.50%

Term Loan D

$200 million

March 2017

1.75%

January 2019

1.50%

(1) On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014.

MORTGAGE_LOANS_AND_NOTES_PAYAB1

MORTGAGE LOANS AND NOTES PAYABLE (Tables)	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables)	Mar. 31, 2014
MORTGAGE LOANS AND NOTES PAYABLE	'
Summary of mortgage loans and notes payable	'



		Carrying Value as of:
		March 31,		December 31,		Effective	Maturity
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
		(dollars in thousands)

	YSI 61	2,355		-		2.53%	14-Sep
	YSI 10	3,816		3,839		5.87%	15-Jan
	YSI 15	1,719		1,733		6.41%	15-Jan
	YSI 52	4,504		4,548		5.63%	15-Jan
	YSI 58	8,597		8,676		2.97%	15-Jan
	YSI 29	12,797		12,853		3.69%	15-Aug
	YSI 13	8,500		8,500		3.00%	15-Oct
	YSI 20	55,815		56,373		5.97%	15-Nov
	YSI 63	7,520		-		2.82%	15-Dec
	YSI 59	9,368		9,418		4.82%	16-Mar
	YSI 60	3,654		3,670		5.04%	16-Aug
	YSI 51	7,189		7,219		5.15%	16-Sep
	YSI 64	8,015		-		3.54%	16-Oct
	YSI 62	8,050		-		3.54%	16-Dec
	YSI 35	4,247		4,274		6.90%	19-Jul	(a)
	YSI 33	10,625		10,688		6.42%	19-Jul
	YSI 26	8,903		8,945		4.56%	20-Nov
	YSI 57	3,126		3,140		4.61%	20-Nov
	YSI 55	24,048		24,145		4.85%	21-Jun
	YSI 24	28,359		28,523		4.64%	21-Jun
	Unamortized fair value adjustment	4,818		3,674

	Total mortgage loans and notes payable	$	226,025	$	200,218



	(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 March 31, 2014 (in thousands):

	2014	$	6,538
	2015	103,121
	2016	36,957
	2017	1,915
	2018	2,026
	2019 and thereafter	70,650
	Total mortgage payments	221,207
	Plus: Unamortized fair value adjustment	4,818
	Total mortgage indebtedness	$	226,025

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 (dollars in thousands):


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

	Balance at December 31, 2013	$	-10,222	$	-792	$	-11,014
	Other comprehensive (loss) gain before reclassifications	-968		71		-897
	Amounts reclassified from accumulated other comprehensive loss	1,551		-		1,551
	Net current-period other comprehensive gain	583		71		654

	Balance at March 31, 2014	$	-9,639	$	-721	$	-10,360

	(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)	3 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					March 31,		December 31,
	Product	Hedge Type (a)	Amount		Strike	Effective Date	Maturity	2014		2013

	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	$	-1,154	$	-1,265
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-1,154		-1,265
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-577		-632
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-1,073		-1,132
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-714		-752
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-715		-754
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-359		-380
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-1,758		-1,820
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-1,777		-1,842
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-890		-921
			$	400,000				$	-10,171	$	-10,763

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

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of financial assets and liabilities carried at fair value	'
	Financial assets and liabilities carried at fair value as of March 31, 2014 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	$	-	$	10,171	$	-

	Total liabilities at fair value	$	-	$	10,171	$	-


	Financial assets and liabilities carried at fair value as of December 31, 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	$	-	$	10,763	$	-

	Total liabilities at fair value	$	-	$	10,763	$	-

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2014

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

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2014
DISCONTINUED OPERATIONS	'
Summary of information about revenue and expense related to properties classified as discontinued operations	'
	The following table summarizes the revenue and expense information for the facilities classified as discontinued operations during the three months ended March 31, 2014 and 2013 (in thousands):

		Three months ended March 31,
		2014		2013

	REVENUES
	Rental income	$	-	$	3,755
	Other property related income	-		509
	Total revenues	-		4,264
	OPERATING EXPENSES
	Property operating expenses	-336		1,881
	Depreciation and amortization	-		907
	Total operating expenses	-336		2,788
	OPERATING INCOME	336		1,476
	OTHER (EXPENSE) INCOME
	Interest expense on loans	-		-95
	Gain on disposition of discontinued operations	-		228
	Total discontinued operations	$	336	$	1,609

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (Tables)	3 Months Ended
PRO FORMA FINANCIAL INFORMATION (Tables)	Mar. 31, 2014
PRO FORMA FINANCIAL INFORMATION	'
Schedule of consolidated results of operations on a pro forma basis	'


		Three Months Ended March 31,
		2014		2013
		(in thousands, except per share data)

	Pro forma revenues	$	88,323	$	81,588
	Pro forma net income attributable to the Company’s common shareholders	$	8,383	$	1,808
	Earnings (loss) per share from continuing operations attributable to common shareholders
	Basic and diluted - as reported	$	0.02	$	-0.01
	Basic and diluted - as pro forma	$	0.06	$	0.01

ORGANIZATION_AND_NATURE_OF_OPE1

ORGANIZATION AND NATURE OF OPERATIONS (Details)	3 Months Ended
	Mar. 31, 2014
	segment
	state
ORGANIZATION AND NATURE OF OPERATIONS	'
Number of states in which self-storage facilities are located	20
Number of reportable segments	1
Percentage of the entity's partnership interest in Operating Partnership	98.40%
Common stock, conversion ratio	1

STORAGE_FACILITIES_Details

STORAGE FACILITIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
STORAGE FACILITIES	'	'
Storage facilities	$2,660,819	$2,553,706
Less: Accumulated depreciation	-419,460	-398,536
Storage facilities, net (including VIE assets of $41,624 and $34,559, respectively)	2,241,359	2,155,170
Land	'	'
STORAGE FACILITIES	'	'
Storage facilities	480,296	465,680
Buildings and improvements	'	'
STORAGE FACILITIES	'	'
Storage facilities	1,980,005	1,888,823
Equipment	'	'
STORAGE FACILITIES	'	'
Storage facilities	167,665	158,000
Construction in progress	'	'
STORAGE FACILITIES	'	'
Storage facilities	$32,853	$41,203

STORAGE_FACILITIES_Details_2

STORAGE FACILITIES (Details 2) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	property	property
Acquisitions	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	10	20
Purchase / Sales Price	$103,325	$189,822
Acquisitions \| Manchester Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	4,950	'
Acquisitions \| Coconut Creek Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	14,000	'
Acquisitions \| Florida Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	2	'
Purchase / Sales Price	14,450	'
Acquisitions \| Fremont Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	8,300	'
Acquisitions \| Temple Hills Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	15,800	'
Acquisitions \| Timonium Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	15,500	'
Acquisitions \| Phoenix Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	14,750	'
Acquisitions \| Philadelphia Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	7,350	'
Acquisitions \| Frisco Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	8,225	'
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
Acquisitions \| Clinton Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	15,375
Acquisitions \| Katy Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	9,700
Acquisitions \| Richmond Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	10,497
Acquisitions \| Dallas Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	6,925
Acquisitions \| Elkridge Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	8,200
Acquisitions \| Fort Lauderdale Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	'	1
Purchase / Sales Price	'	6,000
Dispositions	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	35
Purchase / Sales Price	'	126,400
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
Dispositions \| California/Tennessee/Texas Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, dispositions (in properties)	'	22
Purchase / Sales Price	'	$90,000

INVESTMENT_ACTIVITY_Details

INVESTMENT ACTIVITY (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Bronx, NY

5 Old Lancaster Road located in Malvern, PA

Self-storage facilities located in New York and Virginia

Self-storage facilities located in New York

Self-storage facility located in Virginia

Self-storage facilities

facility

property

2014 Acquisitions

2013 Acquisitions

property

Self-storage facilities

Number of self-storage facilities acquired (in properties)

Aggregate purchase price of acquisition

$103,300,000

$189,800,000

$103,300,000

$189,800,000

Intangible value of the in-place leases

7,400,000

13,500,000

Estimated life

'12 months

Amortization expense

1,000,000

3,300,000

Number of properties, assumed mortgage

Assumed mortgage debt, at fair value

27,500,000

8,900,000

Outstanding principal balance of mortgage debt assumed on acquisitions

26,000,000

8,500,000

Premium on debt assumed on acquisitions

1,500,000

400,000

Development costs

17,000,000

24,600,000

22,200,000

Number of self-storage facilities

Summary of the amounts of revenue and earnings of the 2014 acquisitions since the acquisition dates

Total revenue

1,357,000

33,000

Net loss

($799,000)

($52,000)

INVESTMENT_IN_UNCONSOLIDATED_R2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $)	0 Months Ended	3 Months Ended
	Dec. 10, 2013	Mar. 31, 2014	Dec. 31, 2013
	property	Mar. 31, 2014	Dec. 31, 2013
Summary of results of operations of the real estate venture	'	'	'
Company's share of net loss	'	($1,369,000)	'
HHF	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'
Ownership interest in partnership (as a percent)	50.00%	'	'
Number of storage facilities owned by investee	35	'	'
Payment made for acquisition of interest in real estate ventures	315,700,000	'	'
Assets	'	'	'
Net property	'	299,318,000	302,557,000
Other assets	'	12,189,000	11,688,000
Total Assets	'	311,507,000	314,245,000
Liabilities and equity	'	'	'
Other liabilities	'	2,573,000	1,625,000
Equity:	'	'	'
CubeSmart	'	154,467,000	156,310,000
Joint venture partner	'	154,467,000	156,310,000
Total Liabilities and equity	'	311,507,000	314,245,000
Summary of results of operations of the real estate venture	'	'	'
Revenue	'	6,520,000	'
Operating expenses	'	2,778,000	'
Depreciation and amortization	'	6,480,000	'
Net loss	'	-2,738,000	'
Company's share of net loss	'	($1,369,000)	'
HHF \| Facilitates located in Texas	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'
Number of storage facilities owned by investee	34	'	'
HHF \| Facilitates located in North Carolina	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'
Number of storage facilities owned by investee	1	'	'

UNSECURED_SENIOR_NOTES_Details

UNSECURED SENIOR NOTES (Details) (USD $)	Dec. 17, 2013	Mar. 31, 2014	Mar. 31, 2014	Jun. 26, 2012	Mar. 31, 2014	Mar. 31, 2014
In Millions, unless otherwise specified	Senior notes 4.375% due December 15, 2023	Senior notes 4.375% due December 15, 2023	Senior notes 4.375% due December 15, 2023	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		Maximum	Minimum
Senior Notes	'	'	'	'	'	'
Senior notes, principal amount	$250	'	'	$250	'	'
Senior notes, interest rate (as a percent)	4.38%	'	'	4.80%	'	'
Consolidated leverage ratio	'	0.6	'	'	0.6	'
Consolidated interest coverage ratio	'	'	1.5	'	'	1.5
Secured debt leverage ratio	'	0.4	'	'	0.4	'
Financial and customary covenant, minimum unencumbered asset (as a percent)	'	'	150.00%	'	'	150.00%

REVOLVING_CREDIT_FACILITY_AND_2

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

Mar. 31, 2014

Dec. 31, 2013

Jun. 18, 2013

Mar. 31, 2014

Jun. 18, 2013

Jun. 20, 2011

Mar. 31, 2014

Jun. 20, 2011

Mar. 31, 2014

Jun. 18, 2013

Jun. 20, 2011

Mar. 31, 2014

Jun. 18, 2013

Dec. 31, 2013

Mar. 31, 2014

Jun. 18, 2013

Mar. 31, 2014

Dec. 09, 2011

Mar. 31, 2014

Jun. 18, 2013

Dec. 09, 2011

Dec. 17, 2013

Mar. 31, 2014

Jun. 18, 2013

Dec. 09, 2011

Mar. 31, 2014

Jun. 18, 2013

Dec. 09, 2011

Mar. 31, 2014

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

Term Loan C

Unsecured term loan

Revolver

Term Loan C

Term Loan D

Revolver

Term Loan C

Term Loan D

Minimum

Maximum

Revolver

Term Loan C

Term Loan D

Unsecured term loan

Unsecured revolving credit facility

SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS

Maximum borrowing capacity

$100,000,000

$300,000,000

$100,000,000

$200,000,000

Term of debt instrument

'5 years

'7 years

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%

Facility fee (as a percent)

0.30%

Repayment of outstanding debt

100,000,000

Loan procurement amortization expense - early repayment of debt

400,000

Unsecured term loan borrowings outstanding

400,000,000

200,000,000

70,600,000

Remaining borrowing capacity

229,200,000

Outstanding letter of credit

200,000

Derivative, variable interest rate base

'Thirty day LIBOR

Effective weighted average interest rate (as a percent)

3.12%

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 $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Mortgage loans and notes payable	'	'
Carrying value	$221,207	'
Unamortized fair value adjustment	4,818	3,674
Total mortgage loans and notes payable	226,025	200,218
Net book value of self-storage facilities	2,241,359	2,155,170
YSI 61	'	'
Mortgage loans and notes payable	'	'
Carrying value	2,355	'
Effective interest rate (as a percent)	2.53%	'
YSI 10	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,816	3,839
Effective interest rate (as a percent)	5.87%	'
YSI 15	'	'
Mortgage loans and notes payable	'	'
Carrying value	1,719	1,733
Effective interest rate (as a percent)	6.41%	'
YSI 52	'	'
Mortgage loans and notes payable	'	'
Carrying value	4,504	4,548
Effective interest rate (as a percent)	5.63%	'
YSI 58	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,597	8,676
Effective interest rate (as a percent)	2.97%	'
YSI 29	'	'
Mortgage loans and notes payable	'	'
Carrying value	12,797	12,853
Effective interest rate (as a percent)	3.69%	'
YSI 13	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,500	8,500
Effective interest rate (as a percent)	3.00%	'
YSI 20	'	'
Mortgage loans and notes payable	'	'
Carrying value	55,815	56,373
Effective interest rate (as a percent)	5.97%	'
YSI 63	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,520	'
Effective interest rate (as a percent)	2.82%	'
YSI 59	'	'
Mortgage loans and notes payable	'	'
Carrying value	9,368	9,418
Effective interest rate (as a percent)	4.82%	'
YSI 60	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,654	3,670
Effective interest rate (as a percent)	5.04%	'
YSI 51	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,189	7,219
Effective interest rate (as a percent)	5.15%	'
YSI 64	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,015	'
Effective interest rate (as a percent)	3.54%	'
YSI 62	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,050	'
Effective interest rate (as a percent)	3.54%	'
YSI 35	'	'
Mortgage loans and notes payable	'	'
Carrying value	4,247	4,274
Effective interest rate (as a percent)	6.90%	'
Fixed interest rate period	'5 years	'
Constant interest rate period	'5 years	'
YSI 33	'	'
Mortgage loans and notes payable	'	'
Carrying value	10,625	10,688
Effective interest rate (as a percent)	6.42%	'
YSI 26	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,903	8,945
Effective interest rate (as a percent)	4.56%	'
YSI 57	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,126	3,140
Effective interest rate (as a percent)	4.61%	'
YSI 55	'	'
Mortgage loans and notes payable	'	'
Carrying value	24,048	24,145
Effective interest rate (as a percent)	4.85%	'
YSI 24	'	'
Mortgage loans and notes payable	'	'
Carrying value	28,359	28,523
Effective interest rate (as a percent)	4.64%	'
Mortgage Loans	'	'
Mortgage loans and notes payable	'	'
Net book value of self-storage facilities	$411,000	$371,000

MORTGAGE_LOANS_AND_NOTES_PAYAB3

MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end	'	'
2014	$6,538,000	'
2015	103,121,000	'
2016	36,957,000	'
2017	1,915,000	'
2018	2,026,000	'
2019 and thereafter	70,650,000	'
Total mortgage payments	221,207,000	'
Plus: Unamortized fair value adjustment	4,818,000	'
Total mortgage indebtedness	226,025,000	200,218,000
Credit Facility	'	'
Mortgage loans and notes payable	'	'
Remaining borrowing capacity	$229,200,000	'

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Changes in accumulated other comprehensive income by component	'
Beginning balance	($11,014)
Other comprehensive (loss) gain before reclassifications	-897
Amounts reclassified from accumulated other comprehensive loss	1,551
Net current-period other comprehensive gain	654
Ending balance	-10,360
Unrealized losses on interest rate swaps	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-10,222
Other comprehensive (loss) gain before reclassifications	-968
Amounts reclassified from accumulated other comprehensive loss	1,551
Net current-period other comprehensive gain	583
Ending balance	-9,639
Unrealized loss on foreign currency translation	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-792
Other comprehensive (loss) gain before reclassifications	71
Net current-period other comprehensive gain	71
Ending balance	($721)

RISK_MANAGEMENT_AND_USE_OF_FIN2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Derivative financial instruments	'	'
Unrealized losses reclassified from accumulated other comprehensive loss	$1,600,000	'
Designated \| Cash flow	'	'
Derivative financial instruments	'	'
Notional Amount	400,000,000	'
Fair Value	-10,171,000	-10,763,000
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	-1,154,000	-1,265,000
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	-1,154,000	-1,265,000
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	-577,000	-632,000
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	-1,073,000	-1,132,000
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	-714,000	-752,000
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	-715,000	-754,000
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	-359,000	-380,000
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	-1,758,000	-1,820,000
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	-1,777,000	-1,842,000
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	($890,000)	($921,000)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Interest rate swap	Level 2	Level 2	Level 2	Level 2
			item			Interest rate swap	Interest rate swap
Fair value of financial assets and liabilities carried at fair value	'	'	'	'	'	'	'
Derivative Liabilities	'	'	'	'	'	$10,171,000	$10,763,000
Total liabilities at fair value	'	'	'	10,171,000	10,763,000	'	'
Number of counterparties to derivative contracts who experienced significant downgrades in 2014	'	'	0	'	'	'	'
Aggregate carrying value of total debt	1,196,600,000	1,138,800,000	'	'	'	'	'
Estimated fair value of total debt	$1,214,000,000	$1,140,900,000	'	'	'	'	'

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details)	3 Months Ended				12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2008	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
	Jamaica Ave	Jamaica Ave	SNL	SRLLC	USIFB, LLP	USIFB, LLP	USIFB, LLP	USIFB, LLP
	USD ($)	Jamaica Ave Member	USD ($)	USD ($)	property	USD ($)	USD ($)	GBP (£)
		USD ($)	item
			property
Interests in Consolidated Real Estate Joint Ventures	'	'	'	'	'	'	'	'
Option to put ownership interest in the venture	'	$12.50	'	'	'	'	'	'
Period of option to call ownership interest of another member	'1 year	'	'	'	'	'	'	'
Period of option to put ownership interest in venture	'	'1 year	'	'	'	'	'	'
Option to call ownership interest of another member	12.5	'	'	'	'	'	'	'
Ownership interest held by the entity (as a percent)	51.00%	'	90.00%	90.00%	97.00%	'	'	'
Minority ownership interest (as a percent)	49.00%	'	'	'	'	'	'	'
Number of entities formed	'	'	2	'	'	'	'	'
Number of self-storage facilities owned and operated	'	'	2	'	2	'	'	'
Total assets	8.1	'	9	13.6	'	11.9	'	'
Total liabilities	'	'	0.1	9.2	'	7.1	'	'
Carrying amount of mortgage loans	'	'	'	9.2	'	'	6.8	4.1
Amount of mortgage loan commitment	'	'	'	$14.60	'	'	'	'

NONCONTROLLING_INTERESTS_Detai1

NONCONTROLLING INTERESTS (Details 2) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Operating Partnership Ownership	'	'	'
Increase to OP units owned by third parties and a corresponding decrease to capital	$3,001	$2,915	'
Operating Partnership	'	'	'
Operating Partnership Ownership	'	'	'
OP Units outstanding which are not owned by the general partner (as a percent)	1.60%	'	1.60%
OP units outstanding (in shares)	2,261,486	'	2,275,730
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	$3,001	$2,915	$3,300

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
RELATED PARTY TRANSACTIONS	'	'	'
Area of corporate office (in acres)	50	'	'
Operating Partnership	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Total future cash receipts due from subtenants	$200,000	'	'
Lease agreements with related parties \| Operating Partnership	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Total future minimum rental payments due with the related party lease agreements	400,000	'	'
Lease agreements with related parties \| Operating Partnership \| Office space subject to lease	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Aggregate amount of lease payments incurred	100,000	100,000	'
Lease agreements with related parties \| Operating Partnership \| The Parkview Building 6745 Engle Road; and 6751 Engle Road	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Approximate Square Footage	21,900	'	'
Period of Extension Option	'5 years	'	'
Lease agreements with related parties \| Operating Partnership \| The Parkview Building 6745 Engle Road; and 6751 Engle Road \| Minimum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	25,673	'	'
Lease agreements with related parties \| Operating Partnership \| The Parkview Building 6745 Engle Road; and 6751 Engle Road \| Maximum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	31,205	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 100	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Approximate Square Footage	2,212	'	'
Period of Extension Option	'5 years	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 100 \| Minimum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	3,051	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 100 \| Maximum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	3,709	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 110	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Approximate Square Footage	1,731	'	'
Period of Extension Option	'5 years	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 110 \| Minimum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	2,387	'	'
Lease agreements with related parties \| Operating Partnership \| 6745 Engle Road Suite 110 \| Maximum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	2,901	'	'
Lease agreements with related parties \| Operating Partnership \| 6751 Engle Road Suites C and D	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Approximate Square Footage	3,000	'	'
Period of Extension Option	'5 years	'	'
Lease agreements with related parties \| Operating Partnership \| 6751 Engle Road Suites C and D \| Minimum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	3,137	'	'
Lease agreements with related parties \| Operating Partnership \| 6751 Engle Road Suites C and D \| Maximum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Fixed rent per month	3,771	'	'
Joint ventures related to affiliated real estate investments	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Management fee	200,000	'	'
Ownership interest held by the entity (as a percent)	'	0.00%	'
Amount due to the entity from joint venture	1,300,000	'	2,100,000
Mortgage loans receivable from consolidated joint ventures	$16,000,000	'	$15,800,000
Joint ventures related to affiliated real estate investments \| Minimum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Management fee (as a percent)	5.00%	'	'
Joint ventures related to affiliated real estate investments \| Maximum	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Management fee (as a percent)	6.00%	'	'

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
	facility	facility
DISCONTINUED OPERATIONS	'	'
Number of facilities related to discontinued operations	6	35
REVENUES	'	'
Rental income	$75,714	$66,252
Other property related income	10,147	7,258
Total revenues	87,267	74,655
OPERATING EXPENSES	'	'
Property operating expenses	32,290	29,161
Depreciation and amortization	28,115	28,982
Total operating expenses	66,974	65,756
OPERATING INCOME	20,293	8,899
OTHER (EXPENSE) INCOME	'	'
Interest expense on loans	-11,871	-10,272
Gain on disposition of discontinued operations	'	228
Total discontinued operations	336	1,609
Discontinued operations	'	'
REVENUES	'	'
Rental income	'	3,755
Other property related income	'	509
Total revenues	'	4,264
OPERATING EXPENSES	'	'
Property operating expenses	-336	1,881
Depreciation and amortization	'	907
Total operating expenses	-336	2,788
OPERATING INCOME	336	1,476
OTHER (EXPENSE) INCOME	'	'
Interest expense on loans	'	-95
Gain on disposition of discontinued operations	'	228
Total discontinued operations	$336	$1,609

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (Details) (USD $)	3 Months Ended			12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Self-storage facilities	Self-storage facilities
			property	property
Self-storage facilities	'	'	'	'
Number of self-storage facilities acquired (in properties)	'	'	10	20
Aggregate purchase price of acquisition	'	'	$103,300	$189,800
Consolidated results of operations on a pro forma basis	'	'	'	'
Pro forma revenues	88,323	81,588	'	'
Pro forma net income attributable to the Company's common shareholders	$8,383	$1,808	'	'
Earnings (loss) per share from continuing operations attributable to common shareholders	'	'	'	'
Basic and diluted - as reported (in dollars per share)	$0.02	($0.01)	'	'
Basic and diluted - as pro forma (in dollars per share)	$0.06	$0.01	'	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Dec. 10, 2013

Mar. 31, 2014

Dec. 31, 2013

1-May-14

Apr. 16, 2014

Mar. 31, 2014

Apr. 16, 2014

Mar. 31, 2014

HHF

Acquisitions

Subsequent event

property

HHF

Existing storage facilities

Storage facilities under construction

Texas

Florida

Massachusetts

New York

Texas, Florida and Massachusetts

Secured loan due April 2021

property

Existing storage facilities

Storage facilities under construction

Acquisitions

property

Brooklyn, NY

property

Subsequent Events

Number of Facilities, acquisitions (in properties)

Aggregate purchase price of acquisition

$103,325,000

$189,822,000

$55,000,000

$141,500,000

$29,000,000

Number of facilities that Company's obligation to close is subject to completion of construction and issuance of a certificatie of occupancy as well as other customary closing conditions

Proceeds from secured loan

$100,000,000

Secured loan, interest rate (as a percent)

3.59%

Number of self-storage facilities pledged as security

CONSOLIDATED_BALANCE_SHEETS_LP

CONSOLIDATED BALANCE SHEETS (LP cube) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Storage facilities	$2,660,819	$2,553,706
Less: Accumulated depreciation	-419,460	-398,536
Storage facilities, net (including VIE assets of $41,624 and $34,559, respectively)	2,241,359	2,155,170
Cash and cash equivalents	3,235	3,176
Restricted cash	3,964	4,025
Loan procurement costs, net of amortization	12,086	12,687
Investment in real estate ventures, at equity	154,467	156,310
Other assets, net	27,420	27,256
Total assets	2,442,531	2,358,624
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	70,600	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	226,025	200,218
Accounts payable, accrued expenses and other liabilities	49,627	57,599
Distributions payable	20,321	19,955
Deferred revenue	13,567	12,394
Security deposits	387	376
Total liabilities	1,280,527	1,229,142
Limited Partnership interest of third parties	38,807	36,275
Commitments and contingencies	'	'
Capital	'	'
Accumulated other comprehensive loss	-10,360	-11,014
Total liabilities and equity	2,442,531	2,358,624
CubeSmart, L.P. and Subsidiaries	'	'
ASSETS	'	'
Storage facilities	2,660,819	2,553,706
Less: Accumulated depreciation	-419,460	-398,536
Storage facilities, net (including VIE assets of $41,624 and $34,559, respectively)	2,241,359	2,155,170
Cash and cash equivalents	3,235	3,176
Restricted cash	3,964	4,025
Loan procurement costs, net of amortization	12,086	12,687
Investment in real estate ventures, at equity	154,467	156,310
Other assets, net	27,420	27,256
Total assets	2,442,531	2,358,624
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	70,600	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	226,025	200,218
Accounts payable, accrued expenses and other liabilities	49,627	57,599
Distributions payable	20,321	19,955
Deferred revenue	13,567	12,394
Security deposits	387	376
Total liabilities	1,280,527	1,229,142
Limited Partnership interest of third parties	38,807	36,275
Commitments and contingencies	'	'
Capital	'	'
Operating Partner	1,132,112	1,103,290
Accumulated other comprehensive loss	-10,360	-11,014
Total CubeSmart, L.P. capital	1,121,752	1,092,276
Noncontrolling interests in subsidiaries	1,445	931
Total capital	1,123,197	1,093,207
Total liabilities and equity	$2,442,531	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa1

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Storage facilities, net	$2,241,359	$2,155,170
VIE	'	'
Storage facilities, net	41,624	34,559
CubeSmart, L.P. and Subsidiaries	'	'
Storage facilities, net	2,241,359	2,155,170
CubeSmart, L.P. and Subsidiaries \| VIE	'	'
Storage facilities, net	$41,624	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	'	'
Rental income	$75,714	$66,252
Other property related income	10,147	7,258
Property management fee income	1,406	1,145
Total revenues	87,267	74,655
OPERATING EXPENSES	'	'
Property operating expenses	32,290	29,161
Depreciation and amortization	28,115	28,982
General and administrative	6,569	7,613
Total operating expenses	66,974	65,756
OPERATING INCOME	20,293	8,899
Interest:	'	'
Interest expense on loans	-11,871	-10,272
Loan procurement amortization expense	-541	-476
Acquisition related costs	-1,679	-115
Equity in losses of real estate venture	-1,369	'
Other	-593	-73
Total other expense	-16,053	-10,936
INCOME (LOSS) FROM CONTINUING OPERATIONS	4,240	-2,037
DISCONTINUED OPERATIONS	'	'
Income from discontinued operations	336	1,381
Gain on disposition of discontinued operations	'	228
Total discontinued operations	336	1,609
NET INCOME (LOSS)	4,576	-428
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
Noncontrolling interest in subsidiaries	3	1
Distribution to Preferred Units	-1,502	-1,502
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	3,028	-1,894
Diluted earnings (loss) per share from continuing operations attributable to common unitholders (in dollars per share)	$0.02	($0.03)
Diluted earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	$0	$0.02
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.02	($0.01)
Weighted-average basic units outstanding (in units)	140,219	132,951
Weighted-average diluted units outstanding (in units)	142,774	132,951
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'
Income (loss) from continuing operations	2,697	-3,476
Total discontinued operations	331	1,582
Net income (loss)	3,028	-1,894
CubeSmart, L.P. and Subsidiaries	'	'
REVENUES	'	'
Rental income	75,714	66,252
Other property related income	10,147	7,258
Property management fee income	1,406	1,145
Total revenues	87,267	74,655
OPERATING EXPENSES	'	'
Property operating expenses	32,290	29,161
Depreciation and amortization	28,115	28,982
General and administrative	6,569	7,613
Total operating expenses	66,974	65,756
OPERATING INCOME	20,293	8,899
Interest:	'	'
Interest expense on loans	-11,871	-10,272
Loan procurement amortization expense	-541	-476
Acquisition related costs	-1,679	-115
Equity in losses of real estate venture	-1,369	'
Other	-593	-73
Total other expense	-16,053	-10,936
INCOME (LOSS) FROM CONTINUING OPERATIONS	4,240	-2,037
DISCONTINUED OPERATIONS	'	'
Income from discontinued operations	336	1,381
Gain on disposition of discontinued operations	'	228
Total discontinued operations	336	1,609
NET INCOME (LOSS)	4,576	-428
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
Noncontrolling interest in subsidiaries	3	1
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P.	4,579	-427
Operating Partnership interest of third parties	-49	35
NET INCOME (LOSS) ATTRIBUTABLE TO OPERATING PARTNER	4,530	-392
Distribution to Preferred Units	-1,502	-1,502
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	3,028	-1,894
Basic earnings (loss) per share from continuing operations attributable to common unitholders (in dollars per share)	$0.02	($0.03)
Basic earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	$0	$0.02
Basic earnings (loss) per share attributable to common unitholders (in dollars per share)	$0.02	($0.01)
Diluted earnings (loss) per share from continuing operations attributable to common unitholders (in dollars per share)	$0.02	($0.03)
Diluted earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	$0	$0.02
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.02	($0.01)
Weighted-average basic units outstanding (in units)	140,219	132,951
Weighted-average diluted units outstanding (in units)	142,774	132,951
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'
Income (loss) from continuing operations	2,697	-3,476
Total discontinued operations	331	1,582
Net income (loss)	$3,028	($1,894)

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
NET INCOME (LOSS)	$4,576	($428)
Other comprehensive (loss) gain:	'	'
Unrealized losses on interest rate swap	-984	-309
Reclassification of realized losses on interest rate swaps	1,576	1,531
Unrealized gain (loss) on foreign currency translation	74	-256
OTHER COMPREHENSIVE INCOME	666	966
COMPREHENSIVE INCOME	5,242	538
Comprehensive (income) loss attributable to Operating Partnership interest of third parties	-59	17
Comprehensive loss attributable to noncontrolling interests in subsidiaries	1	10
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	5,184	565
CubeSmart, L.P. and Subsidiaries	'	'
NET INCOME (LOSS)	4,576	-428
Other comprehensive (loss) gain:	'	'
Unrealized losses on interest rate swap	-984	-309
Reclassification of realized losses on interest rate swaps	1,576	1,531
Unrealized gain (loss) on foreign currency translation	74	-256
OTHER COMPREHENSIVE INCOME	666	966
COMPREHENSIVE INCOME	5,242	538
Comprehensive (income) loss attributable to Operating Partnership interest of third parties	-59	17
Comprehensive loss attributable to noncontrolling interests in subsidiaries	1	10
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$5,184	$565

CONSOLIDATED_STATEMENTS_OF_CAP

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

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Operating Partnership Interests of third parties

Total Shareholders' Equity

Operating Partner

Preferred Operating Partner

Accumulated Other Comprehensive (Loss) Income

Noncontrolling Interest in Subsidiaries

Increase (Decrease) in Partners' Capital

Balance

$1,093,207

$989,909

$1,092,276

$989,791

$1,103,290

$1,009,587

($11,014)

($19,796)

$931

$118

Balance (in units)

139,328

131,795

3,100

Balance of Noncontrolling Interests in the Operating Partnership

36,275

47,990

Contributions from noncontrolling interests in subsidiaries

515

Issuance of common OP units

46,162

1,512

46,162

1,512

46,162

1,512

Issuance of common OP units (in units)

2,705

100

Issuance of restricted OP units

Issuance of restricted OP units (in units)

114

211

Conversion from units to shares

234

14,601

-234

-14,601

234

14,601

234

14,601

Conversion from units to shares (in units)

1,013

Exercise of OP unit options

560

785

560

785

560

785

Exercise of OP unit options (in units)

Amortization of restricted OP units

149

808

149

808

149

808

OP unit compensation expense

214

221

214

221

214

221

Adjustment for Operating Partnership interest of third parties

-3,001

-2,915

3,001

2,915

-3,001

-2,915

-3,001

-2,915

Net income (loss)

3,028

-1,894

-35

4,530

-392

4,530

-392

-3

-1

Net income (loss), including temporary equity

4,527

-393

Other comprehensive gain (loss):

Unrealized gain on interest rate swap

583

1,200

583

1,200

583

1,200

Unrealized gain (loss) on foreign currency translation

-252

-4

-243

-9

Preferred OP unit distributions

-1,502

Common OP unit distributions

-18,525

-14,702

-294

-251

-18,525

-14,702

-18,525

-14,702

Balance

1,123,197

989,274

1,121,752

989,166

1,132,112

1,008,005

-10,360

-18,839

1,445

108

Balance (in units)

142,207

133,208

3,100

Balance of Noncontrolling Interests in the Operating Partnership

$38,807

$36,036

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating Activities	'	'
Net income (loss)	$4,576	($428)
Adjustments to reconcile net income (loss) to cash provided by operating activities:	'	'
Depreciation and amortization	28,656	30,365
Gain on disposition of discontinued operations	'	-228
Equity compensation expense	363	1,029
Accretion of fair market value adjustment of debt	-351	-247
Changes in other operating accounts:	'	'
Other assets	2,147	892
Restricted cash	-26	657
Accounts payable and accrued expenses	-6,800	-6,400
Other liabilities	647	821
Net cash provided by operating activities	30,581	26,461
Investing Activities	'	'
Acquisitions of storage facilities	-76,619	-6,857
Additions and improvements to storage facilities	-5,112	-4,229
Development costs	-7,488	-2,655
Cash contributed to real estate venture	-1,050	'
Cash distributed from real estate venture	1,524	'
Proceeds from sales of properties, net	'	10,993
Proceeds from notes receivable	'	5,192
Change in restricted cash	306	-71
Net cash (used in) provided by investing activities	-88,439	2,373
Proceeds from:	'	'
Revolving credit facility	197,500	60,600
Principal payments on:	'	'
Revolving credit facility	-165,500	-75,600
Mortgage loans and notes payable	-1,309	-1,584
Loan procurement costs	-57	'
Contributions from noncontrolling interests in subsidiaries	515	'
Distributions paid to common unitholders	-18,157	-14,555
Distributions paid to preferred unitholders	-1,502	-1,502
Net cash provided by (used in) financing activities	57,917	-30,704
Change in cash and cash equivalents	59	-1,870
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	3,235	2,625
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	12,819	14,359
Supplemental disclosure of noncash activities:	'	'
Derivative valuation adjustment	592	1,222
Foreign currency translation adjustment	74	-256
Mortgage loan assumption - acquisition of storage facilities	27,467	'
CubeSmart, L.P. and Subsidiaries	'	'
Operating Activities	'	'
Net income (loss)	4,576	-428
Adjustments to reconcile net income (loss) to cash provided by operating activities:	'	'
Depreciation and amortization	28,656	30,365
Gain on disposition of discontinued operations	'	-228
Equity compensation expense	363	1,029
Accretion of fair market value adjustment of debt	-351	-247
Equity in losses of real estate venture	1,369	'
Changes in other operating accounts:	'	'
Other assets	2,147	892
Restricted cash	-26	657
Accounts payable and accrued expenses	-6,800	-6,400
Other liabilities	647	821
Net cash provided by operating activities	30,581	26,461
Investing Activities	'	'
Acquisitions of storage facilities	-76,619	-6,857
Additions and improvements to storage facilities	-5,112	-4,229
Development costs	-7,488	-2,655
Cash contributed to real estate venture	-1,050	'
Cash distributed from real estate venture	1,524	'
Proceeds from sales of properties, net	'	10,993
Proceeds from notes receivable	'	5,192
Change in restricted cash	306	-71
Net cash (used in) provided by investing activities	-88,439	2,373
Proceeds from:	'	'
Revolving credit facility	197,500	60,600
Principal payments on:	'	'
Revolving credit facility	-165,500	-75,600
Mortgage loans and notes payable	-1,309	-1,584
Loan procurement costs	-57	'
Proceeds from issuance of common OP units	46,163	1,514
Exercise of OP unit options	560	785
Contributions from noncontrolling interests in subsidiaries	515	'
Distributions paid to common unitholders	-18,453	-14,917
Distributions paid to preferred unitholders	-1,502	-1,502
Distributions paid to noncontrolling interests in subsidiaries	0	'
Net cash provided by (used in) financing activities	57,917	-30,704
Change in cash and cash equivalents	59	-1,870
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	3,235	2,625
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	12,819	14,359
Supplemental disclosure of noncash activities:	'	'
Derivative valuation adjustment	592	1,222
Foreign currency translation adjustment	74	-256
Mortgage loan assumption - acquisition of storage facilities	$27,467	'