CubeSmart (CUBE) 10-Q5 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information	'	'
Entity Registrant Name	'CubeSmart	'
Entity Central Index Key	'0001298675	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-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	'	162,868,057
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Storage facilities	$2,823,186	$2,553,706
Less: Accumulated depreciation	-466,516	-398,536
Storage facilities, net (including VIE assets of $40,726 and $34,559, respectively)	2,356,670	2,155,170
Cash and cash equivalents	31,264	3,176
Restricted cash	4,254	4,025
Loan procurement costs, net of amortization	11,194	12,687
Investment in real estate venture, at equity	98,321	156,310
Other assets, net	43,263	27,256
Total assets	2,544,966	2,358,624
LIABILITIES AND EQUITY	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	'	38,600
Unsecured term loans	400,000	400,000
Mortgage loans and notes payable	215,849	200,218
Accounts payable, accrued expenses and other liabilities	63,139	57,599
Distributions payable	21,799	19,955
Deferred revenue	14,491	12,394
Security deposits	394	376
Total liabilities	1,215,672	1,229,142
Noncontrolling interests in the Operating Partnership	40,590	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 September 30, 2014 and December 31, 2013, respectively	31	31
Common shares $.01 par value, 200,000,000 shares authorized, 153,233,858 and 139,328,366 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,532	1,393
Additional paid in capital	1,781,518	1,542,703
Accumulated other comprehensive loss	-8,558	-11,014
Accumulated deficit	-487,357	-440,837
Total CubeSmart shareholders' equity	1,287,166	1,092,276
Noncontrolling interests in subsidiaries	1,538	931
Total equity	1,288,704	1,093,207
Total liabilities and equity	$2,544,966	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Storage facilities, net	$2,356,670	$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	153,233,858	139,328,366
Common shares, shares outstanding	153,233,858	139,328,366
VIE	'	'
Storage facilities, net	$40,726	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Rental income	$85,392	$72,744	$242,177	$207,735
Other property related income	10,142	8,558	30,088	24,150
Property management fee income	1,558	1,185	4,431	3,547
Total revenues	97,092	82,487	276,696	235,432
OPERATING EXPENSES	'	'	'	'
Property operating expenses	33,622	30,011	97,992	87,640
Depreciation and amortization	31,622	28,448	90,224	85,824
General and administrative	7,464	7,326	21,092	22,454
Acquisition related costs	-1,258	-470	-3,658	-2,233
Total operating expenses	73,966	66,255	212,966	198,151
OPERATING INCOME	23,126	16,232	63,730	37,281
Interest:	'	'	'	'
Interest expense on loans	-11,772	-9,968	-35,670	-30,828
Loan procurement amortization expense	-566	-536	-1,650	-1,509
Equity in losses of real estate venture	-1,860	'	-4,958	'
Gain from sale of real estate	'	'	475	'
Other	-337	-22	-1,103	-282
Total other expense	-14,535	-10,526	-42,906	-32,619
INCOME FROM CONTINUING OPERATIONS	8,591	5,706	20,824	4,662
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	'	1,585	336	4,541
Gain from disposition of discontinued operations	'	9,310	'	9,538
Total discontinued operations	'	10,895	336	14,079
NET INCOME	8,591	16,601	21,160	18,741
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in the Operating Partnership	-106	-257	-250	-240
Noncontrolling interests in subsidiaries	-5	-2	-14	-1
NET INCOME ATTRIBUTABLE TO THE COMPANY	8,480	16,342	20,896	18,500
Distribution to preferred shareholders	-1,502	-1,502	-4,506	-4,506
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	6,978	14,840	16,390	13,994
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)	$0.05	$0.03	$0.11	$0
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	'	$0.08	'	$0.10
Basic earnings per share attributable to common shareholders (in dollars per share)	$0.05	$0.11	$0.11	$0.10
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share)	$0.05	$0.03	$0.11	$0
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	'	$0.08	'	$0.10
Diluted earnings per share attributable to common shareholders (in dollars per share)	$0.05	$0.11	$0.11	$0.10
Weighted-average basic shares outstanding (in shares)	149,758	135,365	144,919	134,007
Weighted-average diluted shares outstanding (in shares)	152,006	138,106	147,082	136,643
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS:	'	'	'	'
Income from continuing operations	6,978	4,130	16,059	154
Total discontinued operations	'	10,710	331	13,840
Net income	$6,978	$14,840	$16,390	$13,994

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
NET INCOME	$8,591	$16,601	$21,160	$18,741
OTHER COMPREHENSIVE INCOME (LOSS)	'	'	'	'
Unrealized gains (losses) on interest rate swap	982	-2,700	-2,249	2,586
Reclassification of realized losses on interest rate swaps	1,616	1,582	4,793	4,667
Unrealized (loss) gain on foreign currency translation	-483	297	-55	66
OTHER COMPREHENSIVE INCOME (LOSS)	2,115	-821	2,489	7,319
COMPREHENSIVE INCOME	10,706	15,780	23,649	26,060
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	-138	-243	-285	-366
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	4	-27	-12	-24
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$10,572	$15,510	$23,352	$25,670

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Noncontrolling Interests in the Operating Partnership	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interests in Subsidiaries
In Thousands, unless otherwise specified	Total	Noncontrolling Interests in the Operating Partnership	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interests in Subsidiaries
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012	$47,990	$47,990	'	'	'	'	'	'	'
Balance at Dec. 31, 2012	989,909	'	989,791	1,318	31	1,418,463	-19,796	-410,225	118
Balance (in shares) at Dec. 31, 2012	'	'	'	131,795	3,100	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'
Issuance of common shares	52,498	'	52,498	31	'	52,467	'	'	'
Issuance of common shares (in shares)	'	'	'	3,099	'	'	'	'	'
Issuance of restricted shares	2	'	2	2	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	222	'	'	'	'	'
Conversion from units to shares	14,601	-14,601	14,601	10	'	14,591	'	'	'
Conversion from units to shares (in shares)	'	'	'	1,013	'	'	'	'	'
Exercise of stock options	2,487	'	2,487	4	'	2,483	'	'	'
Exercise of stock options (in shares)	'	'	'	357	'	'	'	'	'
Amortization of restricted shares	3,397	'	3,397	'	'	3,397	'	'	'
Share compensation expense	654	'	654	'	'	654	'	'	'
Adjustment for noncontrolling interests in the Operating Partnership	-7,686	7,686	-7,686	'	'	'	'	-7,686	'
Net income (loss)	13,994	240	18,500	'	'	'	'	18,500	1
Net income (loss), including temporary equity	18,501	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gains on interest rate swaps	7,128	125	7,128	'	'	'	7,128	'	'
Unrealized gain (loss) on foreign currency translation	65	1	42	'	'	'	42	'	23
Preferred share distributions	-4,506	'	-4,506	'	'	'	'	-4,506	'
Common share distributions	-44,602	-753	-44,602	'	'	'	'	-44,602	'
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2013	40,688	40,688	'	'	'	'	'	'	'
Balance at Sep. 30, 2013	1,032,448	'	1,032,306	1,365	31	1,492,055	-12,626	-448,519	142
Balance (in shares) at Sep. 30, 2013	'	'	'	136,486	3,100	'	'	'	'
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	595	'	'	'	'	'	'	'	595
Issuance of common shares	235,961	'	235,961	132	'	235,829	'	'	'
Issuance of common shares (in shares)	'	'	'	13,181	'	'	'	'	'
Issuance of restricted shares	4	'	4	4	'	'	'	'	'
Issuance of restricted shares (in shares)	'	'	'	424	'	'	'	'	'
Conversion from units to shares	308	-308	308	'	'	308	'	'	'
Conversion from units to shares (in shares)	'	'	'	18	'	'	'	'	'
Exercise of stock options	2,266	'	2,266	3	'	2,263	'	'	'
Exercise of stock options (in shares)	'	'	'	283	'	'	'	'	'
Amortization of restricted shares	-229	'	-229	'	'	-229	'	'	'
Share compensation expense	644	'	644	'	'	644	'	'	'
Adjustment for noncontrolling interests in the Operating Partnership	-5,218	5,218	-5,218	'	'	'	'	-5,218	'
Net income (loss)	16,390	250	20,896	'	'	'	'	20,896	14
Net income (loss), including temporary equity	20,910	'	'	'	'	'	'	'	'
Other comprehensive gain (loss):	'	'	'	'	'	'	'	'	'
Unrealized gains on interest rate swaps	2,506	38	2,506	'	'	'	2,506	'	'
Unrealized gain (loss) on foreign currency translation	-52	-3	-50	'	'	'	-50	'	-2
Preferred share distributions	-4,506	'	-4,506	'	'	'	'	-4,506	'
Common share distributions	-57,692	-880	-57,692	'	'	'	'	-57,692	'
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2014	40,590	40,590	'	'	'	'	'	'	'
Balance at Sep. 30, 2014	$1,288,704	'	$1,287,166	$1,532	$31	$1,781,518	($8,558)	($487,357)	$1,538
Balance (in shares) at Sep. 30, 2014	'	'	'	153,234	3,100	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating Activities	'	'
Net income	$21,160	$18,741
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	91,874	89,813
Gain from sale of real estate	-475	-9,538
Equity compensation expense	415	4,051
Accretion of fair market value adjustment of debt	-1,247	-752
Equity in losses of real estate venture	4,958	'
Changes in other operating accounts:	'	'
Other assets	-936	-1,760
Restricted cash	-293	518
Accounts payable and accrued expenses	2,531	1,551
Other liabilities	945	1,267
Net cash provided by operating activities	118,932	103,891
Investing Activities	'	'
Acquisitions of storage facilities	-255,865	-133,043
Additions and improvements to storage facilities	-12,870	-13,697
Development costs	-17,027	-25,649
Cash contributed to real estate venture	-2,350	'
Cash distributed from real estate venture	55,381	'
Proceeds from sale of real estate, net	13,475	35,600
Proceeds from notes receivable	'	5,192
Change in restricted cash	283	1,324
Net cash used in investing activities	-218,973	-130,273
Proceeds from:	'	'
Revolving credit facility	578,000	350,600
Principal payments on:	'	'
Revolving credit facility	-616,600	-307,300
Mortgage loans and notes payable	-10,589	-21,852
Loan procurement costs	-274	-2,141
Proceeds from issuance of common shares	235,965	52,500
Exercise of stock options	2,266	2,487
Contributions from noncontrolling interests in subsidiaries	595	'
Distributions paid to common shareholders	-55,844	-44,093
Distributions paid to preferred shareholders	-4,506	-4,506
Distributions paid to noncontrolling interests in Operating Partnership	-884	-868
Net cash provided by financing activities	128,129	24,827
Change in cash and cash equivalents	28,088	-1,555
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	31,264	2,940
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	38,240	36,150
Supplemental disclosure of noncash activities:	'	'
Accretion of liability	5,357	'
Derivative valuation adjustment	2,544	7,253
Foreign currency translation adjustment	-55	66
Mortgage loan assumption - acquisition of storage facilities	$27,467	'

ORGANIZATION_AND_NATURE_OF_OPE

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Sep. 30, 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 September 30, 2014, the Company owned self-storage facilities located in 21 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 September 30, 2014, the Parent Company owned approximately 98.5% 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	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 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 and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results of operations to be expected for any future period or the full year.

	For the three and nine months ended September 30, 2013, certain amounts have been reclassified to conform to current period presentation.

	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 Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations. The Company disposed of one asset during the nine months ended September 30, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance.

	In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

STORAGE_FACILITIES

STORAGE FACILITIES	9 Months Ended
STORAGE FACILITIES	Sep. 30, 2014
STORAGE FACILITIES	'
STORAGE FACILITIES	'
	3. STORAGE FACILITIES

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


			September 30,			December 31,
			2014			2013
			(in thousands)
	Land		$	503,529		$	465,680
	Buildings and improvements		2,095,930			1,888,823
	Equipment		185,090			158,000
	Construction in progress		38,637			41,203
	Storage facilities		2,823,186			2,553,706
	Less: Accumulated depreciation		-466,516			-398,536
	Storage facilities, net		$	2,356,670		$	2,155,170

	The following table summarizes the Company’s acquisition and disposition activity from the period beginning on January 1, 2013 through September 30, 2014:

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

	2014 Acquisitions:

	Manchester Asset		Manchester, CT		Jan-14		1		$	4,950
	Coconut Creek Asset		Coconut Creek, FL		Jan-14		1		14,000
	Palm Coast Assets		Palm Coast, FL		Jan-14		2		14,450
	Fremont Asset		Fremont, CA		Jan-14		1		8,300
	Temple Hills Asset		Temple Hills, MD		Feb-14		1		15,800
	Timonium Asset		Timonium, MD		Feb-14		1		15,500
	Phoenix Asset		Phoenix, AZ		Mar-14		1		14,750
	Philadelphia Asset		Philadelphia, PA		Mar-14		1		7,350
	Frisco Asset		Frisco, TX		Mar-14		1		8,225
	Austin Asset		Austin, TX		Apr-14		1		6,450
	New York Assets		Brooklyn, NY		Apr-14		2		55,000
	Lake Worth Asset		Lake Worth, FL		Apr-14		1		11,406
	Tewksbury Asset		Tewksbury, MA		Apr-14		1		11,100
	Schererville Asset		Schererville, IN		May-14		1		8,400
	Florida Assets		Multiple locations in FL		Jun-14		3		35,000
	Florida II Assets		Fort Myers, FL		Jul-14		2		15,800
	Boston Asset		Boston, MA		Sep-14		1		23,100
							22		$	269,581
	2013 Acquisitions:

	Gilbert Asset		Gilbert, AZ		Mar-13		1		$	6,900
	Evanston Asset		Evanston, IL		May-13		1		8,300
	Delray Beach Asset		Delray Beach, FL		May-13		1		7,150
	Miramar Asset		Miramar, FL		Jun-13		1		9,000
	Stoneham Asset		Stoneham, MA		Jun-13		1		10,600
	Maryland/New Jersey Assets		Multiple locations in MD and NJ		Jun-13		5		52,400
	Staten Island Asset		Staten Island, NY		Jul-13		1		13,000
	Lewisville Asset		Lewisville, TX		Aug-13		1		10,975
	Chandler Asset		Chandler, AZ		Sep-13		1		10,500
	Tempe Asset		Tempe, AZ		Sep-13		1		4,300
	Clinton Asset		Clinton, MD		Nov-13		1		15,375
	Katy Asset		Katy, TX		Nov-13		1		9,700
	Richmond Asset		Richmond, TX		Dec-13		1		10,497
	Dallas Asset		Dallas, TX		Dec-13		1		6,925
	Elkridge Asset		Elkridge, MD		Dec-13		1		8,200
	Fort Lauderdale Asset		Fort Lauderdale, FL		Dec-13		1		6,000
							20		$	189,822

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

2013 Dispositions:

Texas/Indiana Assets		Multiple locations in TX and IN		Mar-13		5		$	11,400
Tennessee Assets		Multiple locations in TN		Aug-13		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

9 Months Ended

Sep. 30, 2014

INVESTMENT ACTIVITY

4. INVESTMENT ACTIVITY

2014 Acquisitions

During the nine months ended September 30, 2014, the Company acquired 22 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $269.6 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 $18.8 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 nine months ended September 30, 2014 was approximately $8.0 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.

As of September 30, 2014, the Company was under contract and had made deposits of $9.0 million associated with five facilities under construction for a total purchase price of $123.2 million. These deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of these five properties is expected to occur by the fourth quarter of 2015 after the completion of construction and the issuance of a certificate of occupancy. These acquisitions are subject to due diligence and other customary closing conditions and no assurance can be provided that these acquisitions will be completed on the terms described, or at all.

On August 25, 2014, the Operating Partnership entered into an Agreement for Purchase and Sale with certain limited liability companies controlled by HSRE REIT I and HSRE REIT II, each Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage facilities for an aggregate purchase price of $223.0 million plus customary closing costs. As of September 30, 2014, the Company had made a deposit of $5.0 million with respect to the HSRE Acquisition, which deposit is reflected in Other assets, net on the Company’s consolidated balance sheets. The HSRE Acquisition will close in two tranches. The Company completed its due diligence on all of the facilities and closed on the first tranche of 22 facilities for an aggregate purchase price of $195.5 million on November 3, 2014. The Company expects to close on the remaining four facilities no later than March 31, 2015.

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 were $25.1 million at September 30, 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 were $17.2 million at September 30, 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 September 30, 2014, development costs for these projects totaled $30.3 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.

2014 Disposition

On June 30, 2014, the Company sold one asset in London, England owned by USIFB, LLP, a consolidated real estate joint venture in which the Company owns a 97% interest, for an aggregate sales price of £4.1 million (approximately $7.0 million). The Company received net proceeds of $7.0 million, a portion of which were used to repay the loan the Company made to the venture, and recorded a gain of $0.5 million as a result of the transaction.

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 nine months ended September 30, 2014 was approximately $7.4 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.

The following table summarizes the Company’s revenue and earnings associated with 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 and nine months ended September 30, 2014 and 2013:

Three months ended September 30,

Nine months ended September 30,

2014

2013

2014

2013

(in thousands)

Total revenue

5,832

2,683

11,032

3,472

Net loss

-3,235

-1,564

-6,149

-2,198

INVESTMENT_IN_UNCONSOLIDATED_R

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	9 Months Ended
	Sep. 30, 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 venture on the Company’s consolidated statements of operations.

	On May 1, 2014, HHF obtained a $100 million loan secured by the 34 self-storage facilities located in Texas that are owned by the venture. There is no recourse to the Company, subject to customary exceptions to non-recourse provisions. 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 proceeds (net of closing costs) of $99.2 million were distributed proportionately to the partners.

	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 September 30, 2014 and December 31, 2013, respectively (in thousands):

		September 30,		December 31,
		2014		2013

	Assets
	Net property	$	294,329	$	302,557
	Other assets	7,134		11,688
	Total assets	$	301,463	$	314,245

	Liabilities and equity
	Other liabilities	$	4,821	$	1,625
	Debt	100,000		-
	Equity:
	CubeSmart	98,321		156,310
	Joint venture partner	98,321		156,310
	Total liabilities and equity	$	301,463	$	314,245

	The following is a summary of results of operations of the real estate venture for the three and nine months ended September 30, 2014 (in thousands):

		Three months ended		Nine months ended
		September 30,		September 30,
		2014		2014

	Revenue	$	6,874	$	19,894
	Operating expenses	3,108		8,729
	Interest expense	941		1,552
	Depreciation and amortization	6,544		19,529
	Net loss	-3,719		-9,916
	Company’s share of net loss	-1,860		-4,958

UNSECURED_SENIOR_NOTES

UNSECURED SENIOR NOTES	9 Months Ended
UNSECURED SENIOR NOTES	Sep. 30, 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. As of September 30, 2014, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING_CREDIT_FACILITY_AND_

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

9 Months Ended

Sep. 30, 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. On August 5, 2014, the Company further amended the Term Loan Facility (collectively with the amendment on June 18, 2013, the “Amendments”) to extend the maturity and decrease the pricing of Term Loan B.

Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR, with no LIBOR floor, while amounts drawn under Term Loan B are priced at 1.15% over LIBOR, with no LIBOR floor.

Term Loan Facility Prior to Amendments

Term Loan Facility As Amended

LIBOR Spread

LIBOR Spread (1)

Amount

Maturity Date

Baa3/BBB-

Baa2/BBB

Maturity Date

Baa3/BBB-

Baa2/BBB

Term Loan A

$100 million

June 2016

1.85%

1.65%

June 2018

1.50%

1.30%

Term Loan B

$100 million

June 2018

2.00%

1.80%

January 2020

1.40%

1.15%

(1) On September 25, 2014, the Company’s unsecured debt credit rating was upgraded to Baa2 from Baa3 by Moody’s Investors Service with a stable outlook. As a result, the LIBOR spreads were reduced, effective October 1, 2014.

With respect to the Credit Facility, among other things, the Amendments 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 Baa2/BBB level, amounts drawn under the Revolver are priced at 1.30% over LIBOR, inclusive of a facility fee of 0.20%, with no LIBOR floor, while amounts drawn under Term Loan C and Term Loan D are priced at 1.30% over LIBOR, with no LIBOR floor.

Credit Facility Prior to Amendments

Credit Facility As Amended

LIBOR Spread

LIBOR Spread (2)

Amount

Maturity Date

Baa3/BBB-

Baa2/BBB

Maturity Date

Baa3/BBB-

Baa2/BBB

Revolver

$300 million

December 2015

1.80%

1.50%

June 2017

1.60%

1.30%

Term Loan C (1)

$100 million

December 2014

1.75%

1.45%

December 2014

1.50%

1.30%

Term Loan D

$200 million

March 2017

1.75%

1.45%

January 2019

1.50%

1.30%

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

(2) On September 25, 2014, the Company’s unsecured debt credit rating was upgraded to Baa2 from Baa3 by Moody’s Investors Service with a stable outlook. As a result, the LIBOR spreads were reduced, effective October 1, 2014.

The Company incurred costs of $2.1 million in 2013 and $0.2 million in 2014 in connection with the Amendments 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 $0.4 million related to the write-off of unamortized loan procurement costs associated with the term loan.

As of September 30, 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, and $300 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 $30 thousand. In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of September 30, 2014 that fix 30-day LIBOR (see note 10). As of September 30, 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 3.21%.

The Term Loan Facility and the term loan under the Credit Facility were fully drawn at September 30, 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.

As of September 30, 2014, the Company was in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE_LOANS_AND_NOTES_PAYAB

MORTGAGE LOANS AND NOTES PAYABLE	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Sep. 30, 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:
		September 30,		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 10	3,770		3,839		5.87%	15-Jan
	YSI 15	1,692		1,733		6.41%	15-Jan
	YSI 52	4,413		4,548		5.63%	15-Jan
	YSI 58	8,440		8,676		2.97%	15-Jan
	YSI 29	12,691		12,853		3.69%	15-Aug
	YSI 13	8,458		8,500		3.00%	15-Oct
	YSI 20	54,674		56,373		5.97%	15-Nov
	YSI 63	7,493		-		2.82%	15-Dec
	YSI 59	9,272		9,418		4.82%	16-Mar
	YSI 60	3,625		3,670		5.04%	16-Aug
	YSI 51	7,135		7,219		5.15%	16-Sep
	YSI 64	7,952		-		3.54%	16-Oct
	YSI 62	7,993		-		3.54%	16-Dec
	YSI 35	-		4,274		6.90%	19-Jul
	YSI 33	10,495		10,688		6.42%	19-Jul
	YSI 26	8,823		8,945		4.56%	20-Nov
	YSI 57	3,097		3,140		4.61%	20-Nov
	YSI 55	23,865		24,145		4.85%	21-Jun
	YSI 24	28,039		28,523		4.64%	21-Jun
	Unamortized fair value adjustment	3,922		3,674

	Total mortgage loans and notes payable	$	215,849	$	200,218


	As of September 30, 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 $387 million and $371 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2014 (in thousands):

	2014	$	1,411
	2015	103,023
	2016	36,837
	2017	1,784
	2018	1,886
	2019 and thereafter	66,986
	Total mortgage payments	211,927
	Plus: Unamortized fair value adjustment	3,922
	Total mortgage indebtedness	$	215,849

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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	-2,214			-50		-2,264
	Amounts reclassified from accumulated other comprehensive loss	4,720		(a)	-		4,720
	Net current-period other comprehensive gain (loss)	2,506			-50		2,456

	Balance at September 30, 2014	$	-7,716		$	-842	$	-8,558

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

RISK_MANAGEMENT_AND_USE_OF_FIN

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	9 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Sep. 30, 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 September 30, 2014 and December 31, 2013, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					September 30,		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	$	-865	$	-1,265
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-865		-1,265
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-432		-632
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-800		-1,132
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-533		-752
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-533		-754
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-268		-380
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-1,557		-1,820
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-1,576		-1,842
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-790		-921
			$	400,000				$	-8,219	$	-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 September 30, 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 $4.8 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the nine months ended September 30, 2014.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 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	$	-	$	8,219	$	-

	Total liabilities at fair value	$	-	$	8,219	$	-


	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 September 30, 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 September 30, 2014 and December 31, 2013. The aggregate carrying value of the Company’s debt was $1.1 billion at September 30, 2014 and December 31, 2013, while the estimated fair value of the Company’s debt was $1.1 billion at September 30, 2014 and December 31, 2013. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 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	9 Months Ended
NONCONTROLLING INTERESTS	Sep. 30, 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 September 30, 2014, Jamaica Ave had total assets of $12.9 million and total liabilities of $6.0 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 September 30, 2014, SNL had total assets of $10.7 million and total liabilities of $1.1 million. The Company has provided $0.6 million of a total $20.1 million loan commitment to SNL which is secured by a mortgage on the real estate assets of SNL. The loan and related interest was eliminated during consolidation.

	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. During 2013, SRLLC acquired land for development for $13.1 million. In 2014, SRLLC completed the planned subdivision of the land into two parcels and sold one parcel for $6.5 million. No gain or loss was recorded as a result of this transaction. SRLLC retained the second parcel of land for the development of the storage facility. At September 30, 2014, SRLLC had total assets of $11.7 million and total liabilities of $7.6 million. The Company has provided $6.4 million of a total $14.6 million loan commitment to SRLLC, which loan 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. 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. On June 30, 2014, one of the assets was sold and the loan was repaid with proceeds from the sale. The loan and any related interest was eliminated during consolidation. At September 30, 2014, USIFB had total assets of $5.9 million and total liabilities of $0.3 million.

	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 1.5% and 1.6% of the outstanding OP Units as of September 30, 2014 and December 31, 2013, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage facilities. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations.

	At September 30, 2014 and December 31, 2013, 2,257,486 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 interests, the Company has reflected these interests at their redemption value at September 30, 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 $5.2 million and $3.3 million at September 30, 2014 and December 31, 2013, respectively.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014 totaled $0.2 million and $0.6 million, respectively. The Company had no ownership interests in unconsolidated joint ventures or other entities at September 30, 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 $1.4 million and $2.1 million as of September 30, 2014 and December 31, 2013, respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $7.0 million and $15.8 million as of September 30, 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 nine months ended September 30, 2014 and 2013, was approximately $0.4 million.

Total future minimum rental payments due in accordance with the related party lease agreements are $0.1 million and total future cash receipts due from our subtenants are $0.1 million as of September 30, 2014.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2014
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	14. DISCONTINUED OPERATIONS

	For the three and nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2014 and 2013 (in thousands):

		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013

	REVENUES
	Rental income	$	-	$	3,025	$	-	$	10,271
	Other property related income	-		427		-		1,445
	Total revenues	-		3,452		-		11,716
	OPERATING EXPENSES
	Property operating expenses	-		1,113		-336		4,478
	Depreciation and amortization	-		727		-		2,480
	Total operating expenses	-		1,840		-336		6,958
	OPERATING INCOME	-		1,612		336		4,758
	OTHER (EXPENSE) INCOME
	Interest expense on loans	-		-27		-		-217
	Gain on disposition of discontinued operations	-		9,310		-		9,538
	Total discontinued operations	$	-	$	10,895	$	336	$	14,079

PRO_FORMA_FINANCIAL_INFORMATIO

PRO FORMA FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2014
PRO FORMA FINANCIAL INFORMATION	'
PRO FORMA FINANCIAL INFORMATION	'
	15. PRO FORMA FINANCIAL INFORMATION

	During the nine months ended September 30, 2014 and the year ended December 31, 2013, the Company acquired 22 self-storage facilities for an aggregate purchase price of approximately $269.6 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 nine months ended September 30, 2014 and 2013 based on the assumptions described above:

		Nine Months Ended September 30,
		2014		2013
		(in thousands, except per share data)

	Pro forma revenues	$	284,267	$	264,388
	Pro forma net income attributable to the Company’s common shareholders	$	36,657	$	11,567
	Earnings per share from continuing operations attributable to common shareholders
	Basic - as reported	$	0.11	$	0
	Diluted - as reported	$	0.11	$	0
	Basic - as pro forma	$	0.25	$	0.09
	Diluted - as pro forma	$	0.25	$	0.08

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	16. SUBSEQUENT EVENTS

	Subsequent to September 30, 2014, the Company acquired three self-storage facilities in Texas for an aggregate purchase price of $23.9 million.

	On October 2, 2014, the Company amended its equity distribution agreements with various sales agents to increase the number of common shares of beneficial interest authorized for sale through its “at-the-market” equity program from 20.0 million to 30.0 million.

	On October 20, 2014, the Parent Company completed its public offering of 7,475,000 common shares at a public offering price of $19.33, which reflects the full exercise by the underwriters of their option to purchase 975,000 shares to cover over-allotments. We received approximately $143.0 million in net proceeds from the offering after deducting the underwriting discount and other estimated offering expenses.

	On November 3, 2014, the Company acquired the first tranche of 22 self-storage facilities as part of the HSRE Acquisition. The facilities are located in California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island. The aggregate purchase price for the 22 facilities was approximately $195.5 million. The remaining four facilities are expected to close during the first quarter of 2015.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 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 and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results of operations to be expected for any future period or the full year.

	For the three and nine months ended September 30, 2013, certain amounts have been reclassified to conform to current period presentation.
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 Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations. The Company disposed of one asset during the nine months ended September 30, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance.

	In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

STORAGE_FACILITIES_Tables

STORAGE FACILITIES (Tables)	9 Months Ended
STORAGE FACILITIES (Tables)	Sep. 30, 2014
STORAGE FACILITIES	'
Summary of real estate assets	'

		September 30,			December 31,
		2014			2013
		(in thousands)
	Land	$	503,529		$	465,680
	Buildings and improvements	2,095,930			1,888,823
	Equipment	185,090			158,000
	Construction in progress	38,637			41,203
	Storage facilities	2,823,186			2,553,706
	Less: Accumulated depreciation	-466,516			-398,536
	Storage facilities, net	$	2,356,670		$	2,155,170

Schedule of acquisitions and dispositions of real estate assets	'
	The following table summarizes the Company’s acquisition and disposition activity from the period beginning on January 1, 2013 through September 30, 2014:

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

	2014 Acquisitions:

	Manchester Asset	Manchester, CT		Jan-14		1	$	4,950
	Coconut Creek Asset	Coconut Creek, FL		Jan-14		1	14,000
	Palm Coast Assets	Palm Coast, FL		Jan-14		2	14,450
	Fremont Asset	Fremont, CA		Jan-14		1	8,300
	Temple Hills Asset	Temple Hills, MD		Feb-14		1	15,800
	Timonium Asset	Timonium, MD		Feb-14		1	15,500
	Phoenix Asset	Phoenix, AZ		Mar-14		1	14,750
	Philadelphia Asset	Philadelphia, PA		Mar-14		1	7,350
	Frisco Asset	Frisco, TX		Mar-14		1	8,225
	Austin Asset	Austin, TX		Apr-14		1	6,450
	New York Assets	Brooklyn, NY		Apr-14		2	55,000
	Lake Worth Asset	Lake Worth, FL		Apr-14		1	11,406
	Tewksbury Asset	Tewksbury, MA		Apr-14		1	11,100
	Schererville Asset	Schererville, IN		May-14		1	8,400
	Florida Assets	Multiple locations in FL		Jun-14		3	35,000
	Florida II Assets	Fort Myers, FL		Jul-14		2	15,800
	Boston Asset	Boston, MA		Sep-14		1	23,100
						22	$	269,581
	2013 Acquisitions:

	Gilbert Asset	Gilbert, AZ		Mar-13		1	$	6,900
	Evanston Asset	Evanston, IL		May-13		1	8,300
	Delray Beach Asset	Delray Beach, FL		May-13		1	7,150
	Miramar Asset	Miramar, FL		Jun-13		1	9,000
	Stoneham Asset	Stoneham, MA		Jun-13		1	10,600
	Maryland/New Jersey Assets	Multiple locations in MD and NJ		Jun-13		5	52,400
	Staten Island Asset	Staten Island, NY		Jul-13		1	13,000
	Lewisville Asset	Lewisville, TX		Aug-13		1	10,975
	Chandler Asset	Chandler, AZ		Sep-13		1	10,500
	Tempe Asset	Tempe, AZ		Sep-13		1	4,300
	Clinton Asset	Clinton, MD		Nov-13		1	15,375
	Katy Asset	Katy, TX		Nov-13		1	9,700
	Richmond Asset	Richmond, TX		Dec-13		1	10,497
	Dallas Asset	Dallas, TX		Dec-13		1	6,925
	Elkridge Asset	Elkridge, MD		Dec-13		1	8,200
	Fort Lauderdale Asset	Fort Lauderdale, FL		Dec-13		1	6,000
						20	$	189,822

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

	2013 Dispositions:

	Texas/Indiana Assets	Multiple locations in TX and IN		Mar-13		5	$	11,400
	Tennessee Assets	Multiple locations in TN		Aug-13		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)	9 Months Ended
INVESTMENT ACTIVITY (Tables)	Sep. 30, 2014
INVESTMENT ACTIVITY	'
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement	'

		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013
		(in thousands)				(in thousands)
	Total revenue	$	5,832	$	2,683	$	11,032	$	3,472
	Net loss	-3,235		-1,564		-6,149		-2,198

INVESTMENT_IN_UNCONSOLIDATED_R1

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2014 and December 31, 2013, respectively (in thousands):

		September 30,		December 31,
		2014		2013

	Assets
	Net property	$	294,329	$	302,557
	Other assets	7,134		11,688
	Total assets	$	301,463	$	314,245

	Liabilities and equity
	Other liabilities	$	4,821	$	1,625
	Debt	100,000		-
	Equity:
	CubeSmart	98,321		156,310
	Joint venture partner	98,321		156,310
	Total liabilities and equity	$	301,463	$	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 and nine months ended September 30, 2014 (in thousands):

		Three months ended		Nine months ended
		September 30,		September 30,
		2014		2014

	Revenue	$	6,874	$	19,894
	Operating expenses	3,108		8,729
	Interest expense	941		1,552
	Depreciation and amortization	6,544		19,529
	Net loss	-3,719		-9,916
	Company’s share of net loss	-1,860		-4,958

REVOLVING_CREDIT_FACILITY_AND_1

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)

9 Months Ended

Sep. 30, 2014

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS

Schedule of amendment of the term loan facility

Term Loan Facility Prior to Amendments

Term Loan Facility As Amended

LIBOR Spread

LIBOR Spread (1)

Amount

Maturity Date

Baa3/BBB-

Baa2/BBB

Maturity Date

Baa3/BBB-

Baa2/BBB

Term Loan A

$100 million

June 2016

1.85%

1.65%

June 2018

1.50%

1.30%

Term Loan B

$100 million

June 2018

2.00%

1.80%

January 2020

1.40%

1.15%

Schedule of amendment of the credit facility

Credit Facility Prior to Amendments

Credit Facility As Amended

LIBOR Spread

LIBOR Spread (2)

Amount

Maturity Date

Baa3/BBB-

Baa2/BBB

Maturity Date

Baa3/BBB-

Baa2/BBB

Revolver

$300 million

December 2015

1.80%

1.50%

June 2017

1.60%

1.30%

Term Loan C (1)

$100 million

December 2014

1.75%

1.45%

December 2014

1.50%

1.30%

Term Loan D

$200 million

March 2017

1.75%

1.45%

January 2019

1.50%

1.30%

(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)	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables)	Sep. 30, 2014
MORTGAGE LOANS AND NOTES PAYABLE	'
Summary of mortgage loans and notes payable	'

		Carrying Value as of:
		September 30,		December 31,		Effective	Maturity
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
	Mortgage Loans and Notes Payable	2014		2013		Interest Rate	Date
		(dollars in thousands)

	YSI 10	3,770		3,839		5.87%	15-Jan
	YSI 15	1,692		1,733		6.41%	15-Jan
	YSI 52	4,413		4,548		5.63%	15-Jan
	YSI 58	8,440		8,676		2.97%	15-Jan
	YSI 29	12,691		12,853		3.69%	15-Aug
	YSI 13	8,458		8,500		3.00%	15-Oct
	YSI 20	54,674		56,373		5.97%	15-Nov
	YSI 63	7,493		-		2.82%	15-Dec
	YSI 59	9,272		9,418		4.82%	16-Mar
	YSI 60	3,625		3,670		5.04%	16-Aug
	YSI 51	7,135		7,219		5.15%	16-Sep
	YSI 64	7,952		-		3.54%	16-Oct
	YSI 62	7,993		-		3.54%	16-Dec
	YSI 35	-		4,274		6.90%	19-Jul
	YSI 33	10,495		10,688		6.42%	19-Jul
	YSI 26	8,823		8,945		4.56%	20-Nov
	YSI 57	3,097		3,140		4.61%	20-Nov
	YSI 55	23,865		24,145		4.85%	21-Jun
	YSI 24	28,039		28,523		4.64%	21-Jun
	Unamortized fair value adjustment	3,922		3,674

	Total mortgage loans and notes payable	$	215,849	$	200,218


Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	'
	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2014 (in thousands):

	2014	$	1,411
	2015	103,023
	2016	36,837
	2017	1,784
	2018	1,886
	2019 and thereafter	66,986
	Total mortgage payments	211,927
	Plus: Unamortized fair value adjustment	3,922
	Total mortgage indebtedness	$	215,849

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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	-2,214			-50		-2,264
	Amounts reclassified from accumulated other comprehensive loss	4,720		(a)	-		4,720
	Net current-period other comprehensive gain (loss)	2,506			-50		2,456

	Balance at September 30, 2014	$	-7,716		$	-842	$	-8,558

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

RISK_MANAGEMENT_AND_USE_OF_FIN1

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 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 September 30, 2014 and December 31, 2013, respectively (dollars in thousands):

								Fair Value
	Hedge		Notional					September 30,		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	$	-865	$	-1,265
	Swap	Cash flow	$	40,000	1.80%	6/20/11	6/20/16	-865		-1,265
	Swap	Cash flow	$	20,000	1.80%	6/20/11	6/20/16	-432		-632
	Swap	Cash flow	$	75,000	1.34%	12/30/11	3/31/17	-800		-1,132
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-533		-752
	Swap	Cash flow	$	50,000	1.34%	12/30/11	3/31/17	-533		-754
	Swap	Cash flow	$	25,000	1.34%	12/30/11	3/31/17	-268		-380
	Swap	Cash flow	$	40,000	2.46%	6/20/11	6/20/18	-1,557		-1,820
	Swap	Cash flow	$	40,000	2.47%	6/20/11	6/20/18	-1,576		-1,842
	Swap	Cash flow	$	20,000	2.48%	6/20/11	6/20/18	-790		-921
			$	400,000				$	-8,219	$	-10,763

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

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of financial assets and liabilities carried at fair value	'
	Financial assets and liabilities carried at fair value as of September 30, 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	$	-	$	8,219	$	-

	Total liabilities at fair value	$	-	$	8,219	$	-


	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)

9 Months Ended

Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2014 and 2013 (in thousands):

		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013

	REVENUES
	Rental income	$	-	$	3,025	$	-	$	10,271
	Other property related income	-		427		-		1,445
	Total revenues	-		3,452		-		11,716
	OPERATING EXPENSES
	Property operating expenses	-		1,113		-336		4,478
	Depreciation and amortization	-		727		-		2,480
	Total operating expenses	-		1,840		-336		6,958
	OPERATING INCOME	-		1,612		336		4,758
	OTHER (EXPENSE) INCOME
	Interest expense on loans	-		-27		-		-217
	Gain on disposition of discontinued operations	-		9,310		-		9,538
	Total discontinued operations	$	-	$	10,895	$	336	$	14,079

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (Tables)	9 Months Ended
PRO FORMA FINANCIAL INFORMATION (Tables)	Sep. 30, 2014
PRO FORMA FINANCIAL INFORMATION	'
Schedule of consolidated results of operations on a pro forma basis	'

		Nine Months Ended September 30,
		2014		2013
		(in thousands, except per share data)

	Pro forma revenues	$	284,267	$	264,388
	Pro forma net income attributable to the Company’s common shareholders	$	36,657	$	11,567
	Earnings per share from continuing operations attributable to common shareholders
	Basic - as reported	$	0.11	$	0
	Diluted - as reported	$	0.11	$	0
	Basic - as pro forma	$	0.25	$	0.09
	Diluted - as pro forma	$	0.25	$	0.08

ORGANIZATION_AND_NATURE_OF_OPE1

ORGANIZATION AND NATURE OF OPERATIONS (Details)	9 Months Ended
	Sep. 30, 2014
	segment
	state
ORGANIZATION AND NATURE OF OPERATIONS	'
Number of states in which self-storage facilities are located	21
Number of reportable segments	1
Percentage of the entity's partnership interest in Operating Partnership	98.50%
Common stock, conversion ratio	1

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2014
	property
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Number of assets disposed	1

STORAGE_FACILITIES_Details

STORAGE FACILITIES (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
STORAGE FACILITIES	'	'
Storage facilities	$2,823,186	$2,553,706
Less: Accumulated depreciation	-466,516	-398,536
Storage facilities, net (including VIE assets of $40,726 and $34,559, respectively)	2,356,670	2,155,170
Land	'	'
STORAGE FACILITIES	'	'
Storage facilities	503,529	465,680
Buildings and improvements	'	'
STORAGE FACILITIES	'	'
Storage facilities	2,095,930	1,888,823
Equipment	'	'
STORAGE FACILITIES	'	'
Storage facilities	185,090	158,000
Construction in progress	'	'
STORAGE FACILITIES	'	'
Storage facilities	$38,637	$41,203

STORAGE_FACILITIES_Details_2

STORAGE FACILITIES (Details 2) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	property	property
Acquisitions	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	22	20
Purchase / Sales Price	$269,581	$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 \| Palm Coast 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 \| Austin Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	6,450	'
Acquisitions \| New York Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	2	'
Purchase / Sales Price	55,000	'
Acquisitions \| Lake Worth Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	11,406	'
Acquisitions \| Tewksbury Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	11,100	'
Acquisitions \| Schererville Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	8,400	'
Acquisitions \| Florida Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	3	'
Purchase / Sales Price	35,000	'
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
Acquisitions \| Florida II Assets	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	2	'
Purchase / Sales Price	15,800	'
Acquisitions \| Boston Asset	'	'
STORAGE FACILITIES	'	'
Number of Facilities, acquisitions (in properties)	1	'
Purchase / Sales Price	23,100	'
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)

3 Months Ended

9 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Dec. 31, 2008

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

Aug. 25, 2014

Sep. 30, 2014

Nov. 03, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

USD ($)

USIFB, LLP

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

Asset located in London, England

2016 Expected Acquisitions

HSRE Acquisition

Self-storage facilities

property

USD ($)

facility

USIFB, LLP

USD ($)

Subsequent Event [Member]

USD ($)

2014 Acquisitions

2013 Acquisitions

USD ($)

GBP (£)

facility

property

item

USD ($)

property

USD ($)

property

item

property

Self-storage facilities

Number of self-storage facilities acquired (in properties)

Aggregate purchase or sales price

$7,000,000

£ 4,100,000

$223,000,000

$269,600,000

$189,800,000

$269,600,000

$189,800,000

Expected aggregate purchase or sales price

123,200,000

Intangible value of the in-place leases

18,800,000

13,500,000

Estimated life

'12 months

Amortization expense

8,000,000

7,400,000

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

17,200,000

25,100,000

30,300,000

Deposit

9,000,000

5,000,000

Number of tranches to close acquisition

Number of facilities closed

Aggregate purchase price of facilities closed

195,500,000

Number of facilities not yet closed

Number of facilities under contract

Number of assets sold

Ownership interest held by the entity (as a percent)

97.00%

Net proceeds from sale of assets

7,000,000

Gain recorded on sale of assets

475,000

500,000

Number of self-storage facilities

Summary of the amounts of revenue and earnings of the 2014 and 2013 acquisitions since the acquisition dates

Total revenue

5,832,000

2,683,000

11,032,000

3,472,000

Net loss

($3,235,000)

($1,564,000)

($6,149,000)

($2,198,000)

INVESTMENT_IN_UNCONSOLIDATED_R2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $)	0 Months Ended		3 Months Ended	9 Months Ended
	1-May-14	Dec. 10, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
	1-May-14	property	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Summary of results of operations of the real estate venture	'	'	'	'	'
Company's share of net loss	'	'	($1,860,000)	($4,958,000)	'
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	'	'	'
Proceeds after closing costs distributed proportionately to partners	99,200,000	'	'	'	'
Assets	'	'	'	'	'
Net property	'	'	294,329,000	294,329,000	302,557,000
Other assets	'	'	7,134,000	7,134,000	11,688,000
Total Assets	'	'	301,463,000	301,463,000	314,245,000
Liabilities and equity	'	'	'	'	'
Other liabilities	'	'	4,821,000	4,821,000	1,625,000
Debt	'	'	100,000,000	100,000,000	'
Equity:	'	'	'	'	'
CubeSmart	'	'	98,321,000	98,321,000	156,310,000
Joint venture partner	'	'	98,321,000	98,321,000	156,310,000
Total liabilities and equity	'	'	301,463,000	301,463,000	314,245,000
Summary of results of operations of the real estate venture	'	'	'	'	'
Revenue	'	'	6,874,000	19,894,000	'
Operating expenses	'	'	3,108,000	8,729,000	'
Interest expense	'	'	941,000	1,552,000	'
Depreciation and amortization	'	'	6,544,000	19,529,000	'
Net loss	'	'	-3,719,000	-9,916,000	'
Company's share of net loss	'	'	-1,860,000	-4,958,000	'
HHF \| Secured loan 3.59% due April 30, 2021	'	'	'	'	'
Investment in Unconsolidated Real Estate Venture	'	'	'	'	'
Amount of loan obtained	$100,000,000	'	'	'	'
Interest rate (as a percent)	3.59%	'	'	'	'
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	Sep. 30, 2014	Sep. 30, 2014	Jun. 26, 2012	Sep. 30, 2014	Sep. 30, 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 $)

Sep. 30, 2014

Dec. 31, 2013

Jun. 18, 2013

Aug. 05, 2014

Sep. 30, 2014

Sep. 30, 2013

Jun. 20, 2011

Sep. 30, 2014

Jun. 20, 2011

Jun. 18, 2013

Sep. 30, 2014

Jun. 20, 2011

Jun. 18, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 18, 2013

Aug. 05, 2014

Sep. 30, 2014

Dec. 09, 2011

Sep. 30, 2014

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2014

Dec. 17, 2013

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2014

Jun. 18, 2013

Dec. 09, 2011

Sep. 30, 2014

Term Loan Facility, Prior to Amendments

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

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Baa3/BBB

Baa2/BBB

Senior Notes

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

200,000

2,100,000

3,400,000

Interest rate, basis spread (as a percent)

1.85%

1.65%

2.00%

1.80%

1.50%

1.30%

1.40%

1.15%

1.30%

1.15%

1.80%

1.50%

1.75%

1.45%

1.75%

1.45%

1.60%

1.30%

1.50%

1.30%

1.50%

1.30%

Variable interest rate basis

'LIBOR

Variable interest rate floor (as a percent)

0.00%

Facility fee (as a percent)

0.20%

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

Remaining borrowing capacity

300,000,000

Outstanding letter of credit

30,000

Derivative, variable interest rate base

'Thirty day LIBOR

Effective weighted average interest rate (as a percent)

3.21%

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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Mortgage loans and notes payable	'	'
Carrying value	$211,927	'
Unamortized fair value adjustment	3,922	3,674
Total mortgage loans and notes payable	215,849	200,218
Net book value of self-storage facilities	2,356,670	2,155,170
YSI 10	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,770	3,839
Effective interest rate (as a percent)	5.87%	'
YSI 15	'	'
Mortgage loans and notes payable	'	'
Carrying value	1,692	1,733
Effective interest rate (as a percent)	6.41%	'
YSI 52	'	'
Mortgage loans and notes payable	'	'
Carrying value	4,413	4,548
Effective interest rate (as a percent)	5.63%	'
YSI 58	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,440	8,676
Effective interest rate (as a percent)	2.97%	'
YSI 29	'	'
Mortgage loans and notes payable	'	'
Carrying value	12,691	12,853
Effective interest rate (as a percent)	3.69%	'
YSI 13	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,458	8,500
Effective interest rate (as a percent)	3.00%	'
YSI 20	'	'
Mortgage loans and notes payable	'	'
Carrying value	54,674	56,373
Effective interest rate (as a percent)	5.97%	'
YSI 63	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,493	'
Effective interest rate (as a percent)	2.82%	'
YSI 59	'	'
Mortgage loans and notes payable	'	'
Carrying value	9,272	9,418
Effective interest rate (as a percent)	4.82%	'
YSI 60	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,625	3,670
Effective interest rate (as a percent)	5.04%	'
YSI 51	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,135	7,219
Effective interest rate (as a percent)	5.15%	'
YSI 64	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,952	'
Effective interest rate (as a percent)	3.54%	'
YSI 62	'	'
Mortgage loans and notes payable	'	'
Carrying value	7,993	'
Effective interest rate (as a percent)	3.54%	'
YSI 35	'	'
Mortgage loans and notes payable	'	'
Carrying value	'	4,274
Effective interest rate (as a percent)	6.90%	'
YSI 33	'	'
Mortgage loans and notes payable	'	'
Carrying value	10,495	10,688
Effective interest rate (as a percent)	6.42%	'
YSI 26	'	'
Mortgage loans and notes payable	'	'
Carrying value	8,823	8,945
Effective interest rate (as a percent)	4.56%	'
YSI 57	'	'
Mortgage loans and notes payable	'	'
Carrying value	3,097	3,140
Effective interest rate (as a percent)	4.61%	'
YSI 55	'	'
Mortgage loans and notes payable	'	'
Carrying value	23,865	24,145
Effective interest rate (as a percent)	4.85%	'
YSI 24	'	'
Mortgage loans and notes payable	'	'
Carrying value	28,039	28,523
Effective interest rate (as a percent)	4.64%	'
Mortgage Loans	'	'
Mortgage loans and notes payable	'	'
Net book value of self-storage facilities	$387,000	$371,000

MORTGAGE_LOANS_AND_NOTES_PAYAB3

MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end	'	'
2014	$1,411	'
2015	103,023	'
2016	36,837	'
2017	1,784	'
2018	1,886	'
2019 and thereafter	66,986	'
Total mortgage payments	211,927	'
Plus: Unamortized fair value adjustment	3,922	'
Total mortgage indebtedness	$215,849	$200,218

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Changes in accumulated other comprehensive income by component	'
Beginning balance	($11,014)
Other comprehensive (loss) gain before reclassifications	-2,264
Amounts reclassified from accumulated other comprehensive loss	4,720
Net current-period other comprehensive gain (loss)	2,456
Ending balance	-8,558
Unrealized losses on interest rate swaps	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-10,222
Other comprehensive (loss) gain before reclassifications	-2,214
Amounts reclassified from accumulated other comprehensive loss	4,720
Net current-period other comprehensive gain (loss)	2,506
Ending balance	-7,716
Unrealized loss on foreign currency translation	'
Changes in accumulated other comprehensive income by component	'
Beginning balance	-792
Other comprehensive (loss) gain before reclassifications	-50
Net current-period other comprehensive gain (loss)	-50
Ending balance	($842)

RISK_MANAGEMENT_AND_USE_OF_FIN2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Derivative financial instruments	'	'
Unrealized losses reclassified from accumulated other comprehensive loss	$4,800,000	'
Designated \| Cash flow	'	'
Derivative financial instruments	'	'
Notional Amount	400,000,000	'
Fair Value	-8,219,000	-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	-865,000	-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	-865,000	-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	-432,000	-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	-800,000	-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	-533,000	-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	-533,000	-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	-268,000	-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	-1,557,000	-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	-1,576,000	-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	($790,000)	($921,000)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 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	'	'	'	'	'	$8,219,000	$10,763,000
Total liabilities at fair value	'	'	'	8,219,000	10,763,000	'	'
Number of counterparties to derivative contracts who experienced significant downgrades in 2014	'	'	0	'	'	'	'
Aggregate carrying value of total debt	1,100,000,000	1,100,000,000	'	'	'	'	'
Estimated fair value of total debt	$1,100,000,000	$1,100,000,000	'	'	'	'	'

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details)

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2008

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

USD ($)

Jamaica Ave

SNL

SRLLC

USIFB, LLP

property

USD ($)

Jamaica Ave Member

USD ($)

property

USD ($)

GBP (£)

Asset located in London, England

USD ($)

property

item

USD ($)

item

property

Interests in Consolidated Real Estate Joint Ventures

Option to put ownership interest in the venture

$12,500,000

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

12,500,000

Ownership interest held by the entity (as a percent)

51.00%

90.00%

97.00%

Minority ownership interest (as a percent)

49.00%

Number of entities formed

Number of self-storage facilities owned and operated

Total assets

12,900,000

10,700,000

11,700,000

5,900,000

Total liabilities

6,000,000

1,100,000

7,600,000

300,000

Carrying amount of mortgage loans

600,000

6,400,000

6,800,000

4,100,000

Number of assets sold

Amount of mortgage loan commitment

20,100,000

14,600,000

Gain (loss) from sale of land

475,000

500,000

Payments to acquire land for development

13,100,000

Number of parcels in which the subdivision of land is done reporting period

Number of parcel sold

Proceeds from sale of land

$13,475,000

$35,600,000

$6,500,000

NONCONTROLLING_INTERESTS_Detai1

NONCONTROLLING INTERESTS (Details 2) (USD $)	9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Operating Partnership Ownership	'	'	'
Increase to OP units owned by third parties and a corresponding decrease to capital	$5,218	$7,686	'
Operating Partnership	'	'	'
Operating Partnership Ownership	'	'	'
OP Units outstanding which are not owned by the general partner (as a percent)	1.50%	'	1.60%
OP units outstanding (in shares)	2,257,486	'	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	$5,218	$7,686	$3,300

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

acre

Operating Partnership

Lease agreements with related parties

Joint ventures related to affiliated real estate investments

Operating Partnership

Minimum

Maximum

Office space subject to lease

The Parkview Building 6745 Engle Road; and 6751 Engle Road

6745 Engle Road Suite 100

6745 Engle Road Suite 110

6751 Engle Road Suites C and D

sqft

Minimum

Maximum

sqft

Minimum

Maximum

sqft

Minimum

Maximum

sqft

Minimum

Maximum

RELATED PARTY TRANSACTIONS

Area of corporate office (in acres)

RELATED PARTY TRANSACTIONS

Management fee (as a percent)

5.00%

6.00%

Management fee

$200,000

$600,000

Amount due to the entity from joint venture

1,400,000

2,100,000

Mortgage loans receivable from consolidated joint ventures

7,000,000

15,800,000

Approximate Square Footage

21,900

2,212

1,731

3,000

Period of Extension Option

'5 years

Fixed rent per month

25,673

31,205

3,051

3,709

2,387

2,901

3,137

3,771

Aggregate amount of lease payments incurred

400,000

Total future minimum rental payments due with the related party lease agreements

100,000

Total future cash receipts due from subtenants

$100,000

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	facility	facility	facility	facility
DISCONTINUED OPERATIONS	'	'	'	'
Number of facilities related to discontinued operations	6	35	6	35
REVENUES	'	'	'	'
Rental income	$85,392	$72,744	$242,177	$207,735
Other property related income	10,142	8,558	30,088	24,150
Total revenues	97,092	82,487	276,696	235,432
OPERATING EXPENSES	'	'	'	'
Property operating expenses	33,622	30,011	97,992	87,640
Depreciation and amortization	31,622	28,448	90,224	85,824
Total operating expenses	73,966	66,255	212,966	198,151
OPERATING INCOME	23,126	16,232	63,730	37,281
OTHER (EXPENSE) INCOME	'	'	'	'
Interest expense on loans	-11,772	-9,968	-35,670	-30,828
Gain of disposition of discontinued operations	'	9,310	'	9,538
Total discontinued operations	'	10,895	336	14,079
Discontinued operations	'	'	'	'
REVENUES	'	'	'	'
Rental income	0	3,025	'	10,271
Other property related income	0	427	'	1,445
Total revenues	0	3,452	'	11,716
OPERATING EXPENSES	'	'	'	'
Property operating expenses	0	1,113	-336	4,478
Depreciation and amortization	0	727	'	2,480
Total operating expenses	0	1,840	-336	6,958
OPERATING INCOME	0	1,612	336	4,758
OTHER (EXPENSE) INCOME	'	'	'	'
Interest expense on loans	0	-27	'	-217
Gain of disposition of discontinued operations	0	9,310	'	9,538
Total discontinued operations	$0	$10,895	$336	$14,079

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (Details) (USD $)	3 Months Ended		9 Months Ended			12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013
					Self-storage facilities	Self-storage facilities
					property	property
Self-storage facilities	'	'	'	'	'	'
Number of self-storage facilities acquired (in properties)	'	'	'	'	22	20
Aggregate purchase or sales price	'	'	'	'	$269,600	$189,800
Consolidated results of operations on a pro forma basis	'	'	'	'	'	'
Pro forma revenues	'	'	284,267	264,388	'	'
Pro forma net income attributable to the Company's common shareholders	'	'	$36,657	$11,567	'	'
Earnings per share from continuing operations attributable to common shareholders	'	'	'	'	'	'
Basic - as reported (in dollars per share)	$0.05	$0.03	$0.11	$0	'	'
Diluted - as reported (in dollars per share)	$0.05	$0.03	$0.11	$0	'	'
Basic - as pro forma (in dollars per share)	'	'	$0.25	$0.09	'	'
Diluted - as pro forma (in dollars per share)	'	'	$0.25	$0.08	'	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	0 Months Ended				9 Months Ended
	Aug. 25, 2014	Nov. 03, 2014	Oct. 20, 2014	Oct. 02, 2014	Sep. 30, 2014
	HSRE Acquisition	Subsequent event	Subsequent event	Subsequent event	Subsequent event
	property	HSRE Acquisition	Parent	Equity Distribution Agreements	Texas
		item			property
Subsequent Events	'	'	'	'	'
Number of self-storage facilities acquired (in properties)	26	'	'	'	3
Aggregate purchase price	$223,000,000	'	'	'	$23,900,000
Number of shares that may be sold through "at-the-market" equity program before amendment	'	'	'	20,000,000	'
Number of shares that may be sold through "at-the-market" equity program	'	'	'	30,000,000	'
Initial public offering, aggregate number of shares of common stock sold	'	'	7,475,000	'	'
Public offering price (in dollars per share)	'	'	$19.33	'	'
Number of shares of common stock purchased by underwriters to cover overallotment	'	'	975,000	'	'
Net proceeds from the offering	'	'	143,000,000	'	'
Number of facilities closed	'	22	'	'	'
Aggregate purchase price of facilities closed	'	$195,500,000	'	'	'
Number of facilities not yet closed	'	4	'	'	'

CONSOLIDATED_BALANCE_SHEETS_LP

CONSOLIDATED BALANCE SHEETS (LP cube) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Storage facilities	$2,823,186	$2,553,706
Less: Accumulated depreciation	-466,516	-398,536
Storage facilities, net (including VIE assets of $40,726 and $34,559, respectively)	2,356,670	2,155,170
Cash and cash equivalents	31,264	3,176
Restricted cash	4,254	4,025
Loan procurement costs, net of amortization	11,194	12,687
Investment in real estate venture, at equity	98,321	156,310
Other assets, net	43,263	27,256
Total assets	2,544,966	2,358,624
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	'	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	215,849	200,218
Accounts payable, accrued expenses and other liabilities	63,139	57,599
Distributions payable	21,799	19,955
Deferred revenue	14,491	12,394
Security deposits	394	376
Total liabilities	1,215,672	1,229,142
Operating Partnership interests of third parties	40,590	36,275
Commitments and contingencies	'	'
Capital	'	'
Accumulated other comprehensive loss	-8,558	-11,014
Total liabilities and equity	2,544,966	2,358,624
CubeSmart, L.P. and Subsidiaries	'	'
ASSETS	'	'
Storage facilities	2,823,186	2,553,706
Less: Accumulated depreciation	-466,516	-398,536
Storage facilities, net (including VIE assets of $40,726 and $34,559, respectively)	2,356,670	2,155,170
Cash and cash equivalents	31,264	3,176
Restricted cash	4,254	4,025
Loan procurement costs, net of amortization	11,194	12,687
Investment in real estate venture, at equity	98,321	156,310
Other assets, net	43,263	27,256
Total assets	2,544,966	2,358,624
LIABILITIES AND CAPITAL	'	'
Unsecured senior notes	500,000	500,000
Revolving credit facility	'	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	215,849	200,218
Accounts payable, accrued expenses and other liabilities	63,139	57,599
Distributions payable	21,799	19,955
Deferred revenue	14,491	12,394
Security deposits	394	376
Total liabilities	1,215,672	1,229,142
Operating Partnership interests of third parties	40,590	36,275
Commitments and contingencies	'	'
Capital	'	'
Operating Partner	1,295,724	1,103,290
Accumulated other comprehensive loss	-8,558	-11,014
Total CubeSmart, L.P. capital	1,287,166	1,092,276
Noncontrolling interests in subsidiaries	1,538	931
Total capital	1,288,704	1,093,207
Total liabilities and equity	$2,544,966	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa1

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Storage facilities, net	$2,356,670	$2,155,170
VIE	'	'
Storage facilities, net	40,726	34,559
CubeSmart, L.P. and Subsidiaries	'	'
Storage facilities, net	2,356,670	2,155,170
CubeSmart, L.P. and Subsidiaries \| VIE	'	'
Storage facilities, net	$40,726	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Rental income	$85,392	$72,744	$242,177	$207,735
Other property related income	10,142	8,558	30,088	24,150
Property management fee income	1,558	1,185	4,431	3,547
Total revenues	97,092	82,487	276,696	235,432
OPERATING EXPENSES	'	'	'	'
Property operating expenses	33,622	30,011	97,992	87,640
Depreciation and amortization	31,622	28,448	90,224	85,824
General and administrative	7,464	7,326	21,092	22,454
Acquisition related costs	-1,258	-470	-3,658	-2,233
Total operating expenses	73,966	66,255	212,966	198,151
OPERATING INCOME	23,126	16,232	63,730	37,281
Interest:	'	'	'	'
Interest expense on loans	-11,772	-9,968	-35,670	-30,828
Loan procurement amortization expense	-566	-536	-1,650	-1,509
Equity in losses of real estate venture	-1,860	'	-4,958	'
Gain from sale of real estate	'	'	475	'
Other	-337	-22	-1,103	-282
Total other expense	-14,535	-10,526	-42,906	-32,619
INCOME FROM CONTINUING OPERATIONS	8,591	5,706	20,824	4,662
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	'	1,585	336	4,541
Gain from disposition of discontinued operations	'	9,310	'	9,538
Total discontinued operations	'	10,895	336	14,079
NET INCOME	8,591	16,601	21,160	18,741
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in subsidiaries	-5	-2	-14	-1
Distribution to preferred unitholders	-1,502	-1,502	-4,506	-4,506
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	6,978	14,840	16,390	13,994
Diluted earnings per share from continuing operations attributable to common unitholders (in dollars per share)	$0.05	$0.03	$0.11	$0
Diluted earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	'	$0.08	'	$0.10
Diluted earnings per share attributable to common shareholders (in dollars per share)	$0.05	$0.11	$0.11	$0.10
Weighted-average basic units outstanding (in units)	149,758	135,365	144,919	134,007
Weighted-average diluted units outstanding (in units)	152,006	138,106	147,082	136,643
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'	'	'
Income from continuing operations	6,978	4,130	16,059	154
Total discontinued operations	'	10,710	331	13,840
Net income	6,978	14,840	16,390	13,994
CubeSmart, L.P. and Subsidiaries	'	'	'	'
REVENUES	'	'	'	'
Rental income	85,392	72,744	242,177	207,735
Other property related income	10,142	8,558	30,088	24,150
Property management fee income	1,558	1,185	4,431	3,547
Total revenues	97,092	82,487	276,696	235,432
OPERATING EXPENSES	'	'	'	'
Property operating expenses	33,622	30,011	97,992	87,640
Depreciation and amortization	31,622	28,448	90,224	85,824
General and administrative	7,464	7,326	21,092	22,454
Acquisition related costs	-1,258	-470	-3,658	-2,233
Total operating expenses	73,966	66,255	212,966	198,151
OPERATING INCOME	23,126	16,232	63,730	37,281
Interest:	'	'	'	'
Interest expense on loans	-11,772	-9,968	-35,670	-30,828
Loan procurement amortization expense	-566	-536	-1,650	-1,509
Equity in losses of real estate venture	-1,860	'	-4,958	'
Gain from sale of real estate	'	'	475	'
Other	-337	-22	-1,103	-282
Total other expense	-14,535	-10,526	-42,906	-32,619
INCOME FROM CONTINUING OPERATIONS	8,591	5,706	20,824	4,662
DISCONTINUED OPERATIONS	'	'	'	'
Income from discontinued operations	'	1,585	336	4,541
Gain from disposition of discontinued operations	'	9,310	'	9,538
Total discontinued operations	'	10,895	336	14,079
NET INCOME	8,591	16,601	21,160	18,741
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'	'	'
Noncontrolling interests in subsidiaries	-5	-2	-14	-1
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	8,586	16,599	21,146	18,740
Operating Partnership interests of third parties	-106	-257	-250	-240
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	8,480	16,342	20,896	18,500
Distribution to preferred unitholders	-1,502	-1,502	-4,506	-4,506
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	6,978	14,840	16,390	13,994
Basic earnings per share from continuing operations attributable to common unitholders (in dollars per share)	$0.05	$0.03	$0.11	'
Basic earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	'	$0.08	'	$0.10
Basic earnings per share attributable to common unitholders (in dollars per share)	$0.05	$0.11	$0.11	$0.10
Diluted earnings per share from continuing operations attributable to common unitholders (in dollars per share)	$0.05	$0.03	$0.11	'
Diluted earnings per share from discontinued operations attributable to common unitholders (in dollars per share)	'	$0.08	'	$0.10
Diluted earnings per share attributable to common shareholders (in dollars per share)	$0.05	$0.11	$0.11	$0.10
Weighted-average basic units outstanding (in units)	149,758	135,365	144,919	134,007
Weighted-average diluted units outstanding (in units)	152,006	138,106	147,082	136,643
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS	'	'	'	'
Income from continuing operations	6,978	4,130	16,059	154
Total discontinued operations	'	10,710	331	13,840
Net income	$6,978	$14,840	$16,390	$13,994

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LP cube) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
NET INCOME	$8,591	$16,601	$21,160	$18,741
OTHER COMPREHENSIVE INCOME (LOSS)	'	'	'	'
Unrealized gains (losses) on interest rate swap	982	-2,700	-2,249	2,586
Reclassification of realized losses on interest rate swaps	1,616	1,582	4,793	4,667
Unrealized (loss) gain on foreign currency translation	-483	297	-55	66
OTHER COMPREHENSIVE INCOME (LOSS)	2,115	-821	2,489	7,319
COMPREHENSIVE INCOME	10,706	15,780	23,649	26,060
Comprehensive income attributable to Operating Partnership interests of third parties	-138	-243	-285	-366
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	4	-27	-12	-24
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	10,572	15,510	23,352	25,670
CubeSmart, L.P. and Subsidiaries	'	'	'	'
NET INCOME	8,591	16,601	21,160	18,741
OTHER COMPREHENSIVE INCOME (LOSS)	'	'	'	'
Unrealized gains (losses) on interest rate swap	982	-2,700	-2,249	2,586
Reclassification of realized losses on interest rate swaps	1,616	1,582	4,793	4,667
Unrealized (loss) gain on foreign currency translation	-483	297	-55	66
OTHER COMPREHENSIVE INCOME (LOSS)	2,115	-821	2,489	7,319
COMPREHENSIVE INCOME	10,706	15,780	23,649	26,060
Comprehensive income attributable to Operating Partnership interests of third parties	-138	-243	-285	-366
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	4	-27	-12	-24
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$10,572	$15,510	$23,352	$25,670

CONSOLIDATED_STATEMENTS_OF_CAP

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

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Operating Partnership Interests of third parties

Total Shareholders' Equity

Operating Partner

Preferred Operating Partner

Accumulated Other Comprehensive (Loss) Income

Noncontrolling Interests in Subsidiaries

Increase (Decrease) in Partners' Capital

Balance

$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

595

Issuance of common OP units

235,961

52,498

235,961

52,498

235,961

52,498

Issuance of common OP units (in units)

13,181

3,099

Issuance of restricted OP units

Issuance of restricted OP units (in units)

424

222

Conversion from units to shares

308

14,601

-308

-14,601

308

14,601

308

14,601

Conversion from units to shares (in units)

1,013

Exercise of OP unit options

2,266

2,487

2,266

2,487

2,266

2,487

Exercise of OP unit options (in units)

283

357

Amortization of restricted OP units

-229

3,397

-229

3,397

-229

3,397

OP unit compensation expense

644

654

644

654

644

654

Adjustment for Operating Partnership interests of third parties

-5,218

-7,686

5,218

7,686

-5,218

-7,686

-5,218

-7,686

Net income (loss)

16,390

13,994

250

240

20,896

18,500

20,896

18,500

Net income (loss), including temporary equity

20,910

18,501

Other comprehensive gain (loss):

Unrealized gains on interest rate swaps

2,506

7,128

125

2,506

7,128

2,506

7,128

Unrealized gain (loss) on foreign currency translation

-52

-3

-50

-2

Preferred OP unit distributions

-4,506

Common OP unit distributions

-57,692

-44,602

-880

-753

-57,692

-44,602

-57,692

-44,602

Balance

1,288,704

1,032,448

1,287,166

1,032,306

1,295,724

1,044,932

-8,558

-12,626

1,538

142

Balance (in units)

153,234

136,486

3,100

Balance of Noncontrolling Interests in the Operating Partnership

$40,590

$40,688

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating Activities	'	'
Net income	$21,160	$18,741
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	91,874	89,813
Gain from sale of real estate	-475	-9,538
Equity compensation expense	415	4,051
Accretion of fair market value adjustment of debt	-1,247	-752
Changes in other operating accounts:	'	'
Other assets	-936	-1,760
Restricted cash	-293	518
Accounts payable and accrued expenses	2,531	1,551
Other liabilities	945	1,267
Net cash provided by operating activities	118,932	103,891
Investing Activities	'	'
Acquisitions of storage facilities	-255,865	-133,043
Additions and improvements to storage facilities	-12,870	-13,697
Development costs	-17,027	-25,649
Cash contributed to real estate venture	-2,350	'
Cash distributed from real estate venture	55,381	'
Proceeds from sale of real estate, net	13,475	35,600
Proceeds from notes receivable	'	5,192
Change in restricted cash	283	1,324
Net cash used in investing activities	-218,973	-130,273
Proceeds from:	'	'
Revolving credit facility	578,000	350,600
Principal payments on:	'	'
Revolving credit facility	-616,600	-307,300
Mortgage loans and notes payable	-10,589	-21,852
Loan procurement costs	-274	-2,141
Contributions from noncontrolling interests in subsidiaries	595	'
Distributions paid to common unitholders	-55,844	-44,093
Distributions paid to preferred unitholders	-4,506	-4,506
Net cash provided by financing activities	128,129	24,827
Change in cash and cash equivalents	28,088	-1,555
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	31,264	2,940
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	38,240	36,150
Supplemental disclosure of noncash activities:	'	'
Accretion of liability	5,357	'
Derivative valuation adjustment	2,544	7,253
Foreign currency translation adjustment	-55	66
Mortgage loan assumption - acquisition of storage facilities	27,467	'
CubeSmart, L.P. and Subsidiaries	'	'
Operating Activities	'	'
Net income	21,160	18,741
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	91,874	89,813
Gain from sale of real estate	-475	-9,538
Equity compensation expense	415	4,051
Accretion of fair market value adjustment of debt	-1,247	-752
Equity in losses of real estate venture	4,958	'
Changes in other operating accounts:	'	'
Other assets	-936	-1,760
Restricted cash	-293	518
Accounts payable and accrued expenses	2,531	1,551
Other liabilities	945	1,267
Net cash provided by operating activities	118,932	103,891
Investing Activities	'	'
Acquisitions of storage facilities	-255,865	-133,043
Additions and improvements to storage facilities	-12,870	-13,697
Development costs	-17,027	-25,649
Cash contributed to real estate venture	-2,350	'
Cash distributed from real estate venture	55,381	'
Proceeds from sale of real estate, net	13,475	35,600
Proceeds from notes receivable	'	5,192
Change in restricted cash	283	1,324
Net cash used in investing activities	-218,973	-130,273
Proceeds from:	'	'
Revolving credit facility	578,000	350,600
Principal payments on:	'	'
Revolving credit facility	-616,600	-307,300
Mortgage loans and notes payable	-10,589	-21,852
Loan procurement costs	-274	-2,141
Proceeds from issuance of common OP units	235,965	52,500
Exercise of OP unit options	2,266	2,487
Contributions from noncontrolling interests in subsidiaries	595	'
Distributions paid to common unitholders	-56,728	-44,961
Distributions paid to preferred unitholders	-4,506	-4,506
Net cash provided by financing activities	128,129	24,827
Change in cash and cash equivalents	28,088	-1,555
Cash and cash equivalents at beginning of period	3,176	4,495
Cash and cash equivalents at end of period	31,264	2,940
Supplemental Cash Flow and Noncash Information	'	'
Cash paid for interest, net of interest capitalized	38,240	36,150
Supplemental disclosure of noncash activities:	'	'
Accretion of liability	5,357	'
Derivative valuation adjustment	2,544	7,253
Foreign currency translation adjustment	-55	66
Mortgage loan assumption - acquisition of storage facilities	$27,467	'