CubeSmart (CUBE) 10-K 22 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 20, 2019	Jun. 29, 2018
Document and Entity Information
Entity Registrant Name	CubeSmart
Entity Central Index Key	1,298,675
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 5,988,953,396
Entity Common Stock, Shares Outstanding		187,160,187
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Storage properties	$ 4,463,455	$ 4,161,715
Less: Accumulated depreciation	(862,487)	(752,925)
Storage properties, net (including VIE assets of $330,986 and $291,496, respectively)	3,600,968	3,408,790
Cash and cash equivalents	3,764	5,268
Restricted cash	2,718	3,890
Loan procurement costs, net of amortization	963	1,592
Investment in real estate venture, at equity	95,796	91,206
Other assets, net	48,763	34,590
Total assets	3,752,972	3,545,336
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,143,524	1,142,460
Revolving credit facility	195,525	81,700
Unsecured term loans, net	299,799	299,396
Mortgage loans and notes payable, net	108,246	111,434
Accounts payable, accrued expenses and other liabilities	149,914	143,344
Distributions payable	60,627	55,297
Deferred revenue	22,595	21,529
Security deposits	474	486
Total liabilities	1,980,704	1,855,646
Noncontrolling interests in the Operating Partnership	55,819	54,320
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 187,145,103 and 182,215,735 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	1,871	1,822
Additional paid in capital	2,500,751	2,356,620
Accumulated other comprehensive income	(1,029)	3
Accumulated deficit	(791,915)	(729,311)
Total CubeSmart shareholders' equity	1,709,678	1,629,134
Noncontrolling interests in subsidiaries	6,771	6,236
Total equity	1,716,449	1,635,370
Total liabilities and equity	$ 3,752,972	$ 3,545,336

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Storage properties	$ 3,600,968	$ 3,408,790
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	400,000,000	400,000,000
Common shares, shares issued	187,145,103	182,215,735
Common shares, shares outstanding	187,145,103	182,215,735
VIE
Storage properties	$ 330,986	$ 291,496

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES
Rental income									$ 517,535	$ 489,043	$ 449,601
Other property related income									60,156	55,001	50,255
Property management fee income									20,253	14,899	10,183
Total revenues	$ 153,882	$ 153,370	$ 147,815	$ 142,877	$ 143,482	$ 143,865	$ 138,559	$ 133,037	597,944	558,943	510,039
OPERATING EXPENSES
Property operating expenses									196,866	181,508	165,847
Depreciation and amortization									143,350	145,681	161,865
General and administrative									37,712	34,745	32,823
Acquisition related costs										1,294	6,552
Total operating expenses	98,775	93,774	92,915	92,464	87,971	91,586	91,025	92,646	377,928	363,228	367,087
Interest:
Interest expense on loans									(62,132)	(56,952)	(50,399)
Loan procurement amortization expense									(2,313)	(2,638)	(2,577)
Equity in losses of real estate ventures									(865)	(1,386)	(2,662)
Gain from sale of real estate, net									10,576
Other									206	872	1,062
Total other expense									(54,528)	(60,104)	(54,576)
INCOME FROM CONTINUING OPERATIONS									165,488	135,611	88,376
NET INCOME	48,636	43,302	38,751	34,799	39,858	37,709	32,838	25,206	165,488	135,611	88,376
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership									(1,820)	(1,593)	(941)
Noncontrolling interest in subsidiaries									221	270	470
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 48,156	$ 42,900	$ 38,410	$ 34,423	$ 39,547	$ 37,297	$ 32,458	$ 24,986	163,889	134,288	87,905
Distribution to preferred shareholders											(5,045)
Preferred share redemption charge											(2,937)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 163,889	$ 134,288	$ 79,923
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.89	$ 0.74	$ 0.45
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.88	$ 0.74	$ 0.45
Weighted-average basic shares outstanding (in shares)									184,653	180,525	178,246
Weighted-average diluted shares outstanding (in shares)									185,495	181,448	179,533

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 48,636	$ 43,302	$ 38,751	$ 34,799	$ 39,858	$ 37,709	$ 32,838	$ 25,206	$ 165,488	$ 135,611	$ 88,376
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps									(979)	195	(1,247)
Reclassification of realized losses (gains) on interest rate swaps									(60)	1,680	4,412
OTHER COMPREHENSIVE (LOSS) INCOME									(1,039)	1,875	3,165
COMPREHENSIVE INCOME									164,449	137,486	91,541
Comprehensive income attributable to noncontrolling interests in the Operating Partnership									(1,814)	(1,615)	(978)
Comprehensive loss attributable to noncontrolling interests in subsidiaries									221	270	470
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY									$ 162,856	$ 136,141	$ 91,033

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 2015	$ 1,643,327	$ 1,747	$ 31	$ 2,231,181	$ (4,978)	$ (584,654)	$ 1,526	$ 66,128	$ 1,644,853
Balance (in shares) at Dec. 31, 2015		174,668	3,100
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							4,799		4,799
Issuance of common shares	136,121	$ 44		136,077					136,121
Issuance of common shares (in shares)		4,408
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		123
Issuance of OP units								1,500
Conversion from units to shares	4,876	$ 2		4,874				(4,876)	4,876
Conversion from units to shares (in shares)		188
Exercise of stock options	13,283	$ 7		13,276					13,283
Exercise of stock options (in shares)		696
Amortization of restricted shares	1,952			1,952					1,952
Share compensation expense	1,260			1,260					1,260
Adjustment for noncontrolling interest in the Operating Partnership	7,388					7,388		(7,388)	7,388
Net income (loss)	87,905					87,905	(470)		87,435
Net income (loss)								941
Other comprehensive income, net	3,128				3,128			37	3,128
Preferred share distributions	(5,045)					(5,045)			(5,045)
Preferred share redemption	(77,574)		$ (31)	(74,606)		(2,937)			(77,574)
Preferred share redemption (in shares)			(3,100)
Common share distributions	(161,240)					(161,240)		(1,935)	(161,240)
Balance at Dec. 31, 2016	1,655,382	$ 1,801		2,314,014	(1,850)	(658,583)	5,855	54,407	1,661,237
Balance (in shares) at Dec. 31, 2016		180,083
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							1,058		1,058
Acquisition of noncontrolling interest in subsidiary	(8,626)			(8,626)			(407)		(9,033)
Issuance of common shares	29,642	$ 10		29,632					29,642
Issuance of common shares (in shares)		1,036
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		106
Issuance of OP units								12,324
Conversion from units to shares	15,706	$ 6		15,700				(15,706)	15,706
Conversion from units to shares (in shares)		594
Exercise of stock options	2,364	$ 4		2,360					2,364
Exercise of stock options (in shares)		397
Amortization of restricted shares	2,009			2,009					2,009
Share compensation expense	1,531			1,531					1,531
Adjustment for noncontrolling interest in the Operating Partnership	(3,965)					(3,965)		3,965	(3,965)
Net income (loss)	134,288					134,288	(270)		134,018
Net income (loss)								1,593
Other comprehensive income, net	1,853				1,853			22	1,853
Common share distributions	(201,051)					(201,051)		(2,285)	(201,051)
Balance at Dec. 31, 2017	1,629,134	$ 1,822		2,356,620	3	(729,311)	6,236	54,320	1,635,370
Balance (in shares) at Dec. 31, 2017		182,216
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2017									54,320
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							925		925
Distributions to noncontrolling interests in subsidiaries							(169)		(169)
Issuance of common shares	131,829	$ 43		131,786					131,829
Issuance of common shares (in shares)		4,291
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		86
Issuance of OP units								6,242
Conversion from units to shares	4,404	$ 1		4,403				(4,404)	4,404
Conversion from units to shares (in shares)		147
Exercise of stock options	3,835	$ 4		3,831					3,835
Exercise of stock options (in shares)		405
Amortization of restricted shares	2,570			2,570					2,570
Share compensation expense	1,541			1,541					1,541
Adjustment for noncontrolling interest in the Operating Partnership	(299)					(299)		299	(299)
Net income (loss)	163,889					163,889	(221)	1,820	163,668
Other comprehensive income, net	(627)				(1,032)	405		(6)	(627)
Common share distributions	(226,599)					(226,599)		(2,452)	(226,599)
Balance at Dec. 31, 2018	$ 1,709,678	$ 1,871		$ 2,500,751	$ (1,029)	$ (791,915)	$ 6,771	$ 55,819	1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018									$ 55,819

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net income	$ 165,488	$ 135,611	$ 88,376
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	145,663	148,319	164,442
Equity in losses of real estate ventures	865	1,386	2,662
Gain from sale of real estate, net	(10,576)
Equity compensation expense	5,572	5,586	4,850
Accretion of fair market value adjustment of debt	(735)	(559)	(1,138)
Changes in other operating accounts:
Other assets	(4,937)	(10,429)	(5,229)
Accounts payable and accrued expenses	2,653	10,846	7,862
Other liabilities	342	1,154	1,449
Net cash provided by operating activities	304,335	291,914	263,274
Investing Activities
Acquisitions of storage facilities	(214,510)	(69,629)	(388,641)
Additions and improvements to storage facilities	(27,626)	(27,378)	(29,672)
Development costs	(86,002)	(68,778)	(136,912)
Investment in real estate ventures, at equity	(19,216)	(301)	(12,176)
Cash distributed from real estate ventures	8,706	15,783	8,113
Proceeds from sale of real estate, net	16,389
Net cash used in investing activities	(322,259)	(150,303)	(559,288)
Proceeds from:
Unsecured senior notes		103,192	298,512
Revolving credit facility	679,535	628,400	958,200
Principal payments on:
Revolving credit facility	(565,710)	(590,000)	(914,900)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,816)	(8,666)	(37,260)
Loan procurement costs		(953)	(2,467)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Proceeds from issuance of common shares, net	131,830	29,643	136,122
Cash paid upon vesting of restricted shares	(1,461)	(2,046)	(1,638)
Redemption of preferred shares			(77,574)
Exercise of stock options	3,835	2,364	13,283
Contributions from noncontrolling interests in subsidiaries	925	1,058	4,799
Distributions paid to noncontrolling interests in subsidiaries	(169)
Distributions paid to common shareholders	(221,328)	(195,006)	(149,280)
Distributions paid to preferred shareholders			(6,545)
Distributions paid to noncontrolling interests in Operating Partnership	(2,393)	(2,272)	(1,841)
Net cash provided by (used in) financing activities	15,248	(143,319)	219,411
Change in cash, cash equivalents, and restricted cash	(2,676)	(1,708)	(76,603)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866	87,469
Cash, cash equivalents, and restricted cash at end of period	6,482	9,158	10,866
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	66,829	63,407	53,085
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities			(22,019)
Accretion of put liability	24,747	35,122	31,426
Derivative valuation adjustment	(633)	1,875	3,165
Discount on issuance of unsecured senior notes			1,488
Mortgage loan assumptions	7,166	6,201	41,513
Preferred share redemption			$ 2,863
Issuance of OP units	$ 6,242	12,324
Liability for acquisition of storage property		1,470
Consolidation of real estate venture		$ 9,400

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018, the Company owned self-storage properties located in 23 states throughout the United States and in the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages, and acquires self-storage properties. As of December 31, 2018, the Parent Company owned approximately 99.0% 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 properties to us in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity 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 noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2018, 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 $0.3 million as of December 31, 2018. Disclosure of such redemption provisions is provided in note 12. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact the Company’s future operating results. Self-Storage Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018 (see section entitled Recent Accounting Pronouncements” ), and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development. Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual store along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. Loan Procurement Costs Loan procurement costs related to borrowings were $21.5 million and $21.4 million as of December 31, 2018 and 2017, respectively, and are reported net of accumulated amortization of $13.4 million and $11.1 million as of December 31, 2018 and 2017, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. Other Assets Other assets are comprised of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Intangible assets, net of accumulated amortization of $3,124 and $1,532 $ 8,145 $ 1,716 Accounts receivable 5,672 5,498 Prepaid real estate taxes 4,406 3,960 Prepaid insurance 1,479 2,105 Amounts due from affiliates (see note 13) 10,584 7,480 Assets held in trust related to deferred compensation arrangements 9,645 9,393 Equity investment recorded at cost (1) 5,000 — Other 3,832 4,438 Total other assets, net $ 48,763 $ 34,590 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A Preferred Units of Capital Storage Partners, LLC, a newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5), and Texas (13). The Class A Preferred Units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party. Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. Property management fee income is recognized monthly as services are performed and in accordance with the terms of the related management agreements. The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred $10.3 million, $9.7 million, and $9.4 million in advertising and marketing expenses for the years ended December 31, 2018, 2017 and 2016, respectively, which are included in Property operating expenses on the Company’s consolidated statements of operations. Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $1.6 million, $0.6 million, and $1.6 million, respectively, of equity offering costs related to the issuance of common shares. Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned. Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2018, 2017 and 2016, the Company capitalized $4.4 million, $5.6 million, and $4.6 million, respectively, of interest incurred that is directly associated with construction activities. Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $150.0 million and $100.0 million as of December 31, 2018 and 2017, respectively, the fair values of which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $3.6 billion and $3.4 billion as of December 31, 2018 and 2017, respectively. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain, or return of capital. The characterization of the Company’s dividends for 2018 consisted of a 78.190% ordinary income distribution, a 13.653% capital gain distribution, and an 8.157% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2018, 2017, or 2016. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.4 million as of December 31, 2018 and 2017. Legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were 842,000; 923,000 and 1,287,000 in 2018, 2017 and 2016, respectively. Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. Reclassifications On January 1, 2018, the Company adopted ASU No. 2016-15: Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which requires retrospective application for a number of cash flow classification items for which there was diversity in practice. See Recent Accounting Pronouncements below for the specific cash flow areas addressed by the new standard. As a result of adopting the new guidance, $1.6 million and $1.3 million of proceeds received from the settlement of insurance claims during the years ended December 31, 2017 and 2016, respectively, have been reclassified from operating activities to investing activities within the consolidated statements of cash flows. On January 1, 2018, the Company also adopted ASU No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $0.1 million and $4.1 million of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the year ended December 31, 2017, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the year. For the year ended December 31, 2016, $0.6 million and $16.1 million of restricted cash, which were previously included as operating cash inflows and investing cash inflows, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the year. Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the majority of the Company’s future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. In August 2016, the FASB issued ASU No. 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. In addition, the Company elected the practical expedient that allows reporting entities to use hindsight to determine the lease term for existing leases. The Company expects to record lease liabilities of approximately $55.0 million and right-of-use assets of approximately $50.0 million, primarily related to the Company

STORAGE PROPERTIES

STORAGE PROPERTIES	12 Months Ended
	Dec. 31, 2018
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, 2018 2017 (in thousands) Land $ 806,916 $ 711,140 Buildings and improvements 3,343,173 3,086,252 Equipment 176,583 182,958 Construction in progress 136,783 181,365 Storage properties 4,463,455 4,161,715 Less: Accumulated depreciation (862,487) (752,925) Storage properties, net $ 3,600,968 $ 3,408,790 The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2018, 2017, and 2016: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2018 Acquisitions: Texas Asset Texas Markets - Major January 2018 1 $ 12,200 Texas Asset Texas Markets - Major May 2018 1 19,000 Metro DC Asset Baltimore / DC July 2018 1 34,200 Nevada Asset Las Vegas September 2018 1 14,350 North Carolina Asset Charlotte September 2018 1 11,000 California Asset Los Angeles October 2018 1 53,250 Texas Asset Texas Markets - Major October 2018 1 23,150 California Asset San Diego November 2018 1 19,118 New York Asset New York / Northern NJ November 2018 1 37,000 Illinois Asset Chicago December 2018 1 4,250 10 $ 2018 Dispositions: Arizona Assets Phoenix November 2018 2 $ 17,502 2 $ 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $ 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ 21,000 Texas Assets Texas Markets - Major January 2016 2 24,800 New York Asset New York / Northern NJ January 2016 1 48,500 Texas Asset Texas Markets - Major January 2016 1 11,600 Connecticut Asset Connecticut February 2016 1 19,000 Texas Asset Texas Markets - Major March 2016 1 11,600 Florida Assets Florida Markets - Other March 2016 3 47,925 Colorado Asset Denver April 2016 1 11,350 Texas Asset Texas Markets - Major April 2016 1 11,600 Texas Asset Texas Markets - Major May 2016 1 10,100 Texas Asset Texas Markets - Major May 2016 1 10,800 Illinois Asset Chicago May 2016 1 12,350 Illinois Asset Chicago May 2016 1 16,000 Massachusetts Asset Massachusetts June 2016 1 14,300 Nevada Assets Las Vegas July 2016 2 23,200 Arizona Asset Phoenix August 2016 1 14,525 Minnesota Asset Minneapolis August 2016 1 15,150 Colorado Asset Denver August 2016 1 15,600 Texas Asset Texas Markets - Major September 2016 1 6,100 Texas Asset Texas Markets - Major September 2016 1 5,300 Nevada Asset Las Vegas October 2016 1 13,250 North Carolina Asset Charlotte November 2016 1 10,600 Arizona Asset Phoenix November 2016 1 14,000 Nevada Asset Las Vegas December 2016 1 14,900 28 $

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
	Dec. 31, 2018
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2018 Acquisitions During the year ended December 31, 2018, the Company acquired ten stores located throughout the United States, including one store upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $227.5 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $11.3 million at the time of the 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 2018 was approximately $3.1 million. In connection with one of the acquired stores, the Company assumed a $7.2 million mortgage loan that was immediately repaid by the Company. The remainder of the purchase price was funded with $0.2 million of cash and $4.8 million through the issuance of 168,011 OP Units (see note 12). Following a 13-month lock-up period, the holder may tender the OP Units for redemption by the Operating Partnership for a cash amount per OP Unit equal to the market value of an equivalent number of common shares of the Company. The Company has the right, but not the obligation, to assume and satisfy the redemption obligation of the Operating Partnership by issuing one common share in exchange for each OP Unit tendered for redemption. The following table summarizes the Company’s revenue and earnings associated with the 2018 acquisitions from the respective acquisition dates, that are included in the consolidated statements of operations for the year ended December 31, 2018: Year Ended December 31, 2018 (in thousands) Total revenue $ 4,089 Net loss (2,732) 2018 Dispositions On November 28, 2018, the Company sold two stores in Arizona for an aggregate sales price of approximately $17.5 million. In connection with these sales, the Company recorded gains that totaled approximately $10.6 million. Development As of December 31, 2018, the Company had invested in joint ventures to develop six self-storage properties located in Massachusetts (2) New Jersey (1), and New York (3). Construction for all projects is expected to be completed by the second quarter of 2020. As of December 31, 2018, development costs incurred to date for these projects totaled $118.6 million. Total construction costs for these projects are expected to be $162.7 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores since January 1, 2016. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY 1 Q3 2018 51% $ 92,100 Brooklyn, NY (1) 1 Q4 2017 100% 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 Bronx, NY (1) (2) 1 Q2 2016 100% 32,200 Queens, NY (1) 1 Q1 2016 100% 31,800 7 $ 324,100 (1) These stores were previously owned through three separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. On March 28, 2018, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $20.4 million. These amounts are included in Development costs on the Company’s consolidated statements of cash flows. (2) This store is subject to a ground lease. During the fourth quarter of 2015, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture for $9.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $8.6 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest, the $9.8 million related party loan extended by the Company to the venture during the construction period was repaid in full. 2017 Acquisitions During the year ended December 31, 2017, the Company acquired six stores located throughout the United States, including two stores upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $69.5 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $3.2 million at the time of the 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 years ended December 31, 2018 and 2017 was approximately $1.7 and $1.5 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.2 million, which fair value includes an outstanding principal balance totaling $5.9 million and a net premium of $0.3 million to reflect the estimated fair value of the debt at the time of assumption. As part of the acquisition of that same store, the Company issued OP Units that were valued at approximately $12.3 million as consideration for the remainder of the purchase price (see note 12). During the year ended December 31, 2017, the Company also acquired a store in Illinois upon completion of construction and the issuance of a certificate of occupancy for $11.2 million. The purchase price was satisfied with $9.7 million of cash and 58,400 newly created Class C OP Units. Each Class C OP Unit had a stated value of $25 and an annual distribution rate of 3% of the stated value. On July 23, 2018, all of the Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. Because the Class C OP Units represented an unconditional obligation that the Company settled by issuing a variable number of its common shares with a monetary value that was known at inception, the Class C OP Units were classified as a liability in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets prior to redemption. 2016 Acquisitions During the year ended December 31, 2016, the Company acquired 28 stores, including three stores upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $403.6 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $18.8 million at the time of the 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 years ended December 31, 2017 and 2016 was approximately $8.3 million and $10.5 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.5 million, which fair value includes an outstanding principal balance totaling $6.3 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 191 IV CUBE LLC (“HVP IV”) On October 16, 2017, the Company acquired a self-storage property located in Texas for $9.4 million, which it then contributed to a newly-formed real estate venture on November 1, 2017. In return for contributing the property to HVP IV, the Company received approximately $7.5 million in cash and a 20% ownership interest in the venture. During the year ended December 31, 2018, HVP IV acquired 12 additional stores located in Arizona (2), Connecticut (2), Florida (3), Georgia (2), Maryland (1), and Texas (2) for an aggregate purchase price of $129.4 million, of which the Company has contributed $14.1 million. On May 16, 2018 and August 15, 2018, HVP IV received $43.7 million and $24.4 million advances, respectively, on its $107.0 million loan facility, which encumbers the first eleven stores that were acquired by the venture. The loan bears interest at LIBOR plus 1.70% and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. CUBE HHF Northeast Venture LLC (“HHFNE”) On December 15, 2016, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 13 self-storage properties located in Connecticut (3), Massachusetts (6), Rhode Island (2), and Vermont (2). HHFNE paid $87.5 million for these stores, of which $6.0 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through an advance totaling $44.5 million on the venture’s loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HHFNE related to this portfolio acquisition was $3.8 million. The loan bears interest at LIBOR plus 1.90% and matures on December 15, 2019 with options to extend the maturity date through December 15, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. 191 III CUBE LLC (“HVP III”) During the fourth quarter of 2015, the Company invested a 10% ownership interest in a newly-formed real estate venture that agreed to acquire a property portfolio comprised of 37 self-storage properties located in Michigan (17), Tennessee (10), Massachusetts (7), and Florida (3). HVP III paid $242.5 million for these 37 stores, of which $18.9 million was allocated to the value of the in-place lease intangible. HVP III acquired 30 of the stores on December 8, 2015 for $193.7 million, one of the stores on January 26, 2016 for $5.7 million, five of the stores on April 21, 2016 for $36.1 million, and one store on June 15, 2016 for $7.0 million. In connection with six of the acquired stores, HVP III assumed mortgage debt that was recorded at a fair value of $25.3 million, which includes an outstanding principal balance totaling $23.7 million and a net premium of $1.6 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded through advances totaling $116.0 million on the venture’s $122.0 million loan facility and amounts contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP III related to this portfolio acquisition was $10.7 million. The loan facility bears interest at LIBOR plus 2.00% per annum and was originally scheduled to mature on December 7, 2018 with options to extend the maturity date through December 7, 2020, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. During the first quarter of 2016, HVP III agreed to acquire a portfolio comprised of 31 self-storage properties located in South Carolina (22), Georgia (5), and North Carolina (4) that were previously managed by the Company. HVP III paid $115.5 million for these 31 stores, of which $10.6 million was allocated to the value of the in-place lease intangible. HVP III acquired 30 of the stores on March 30, 2016 for $112.8 million and one of the stores on November 29, 2016 for $2.7 million. In conjunction with the acquisitions, HVP III refinanced its existing loan facility by entering into an increased amended and restated loan facility not to exceed $185.5 million. The acquisitions were funded primarily through advances totaling $63.5 million on the venture’s amended and restated loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP III related to this portfolio acquisition was $5.4 million, bringing its total investment in HVP III to $16.1 million as of December 31, 2016. The amended and restated loan facility bears interest at LIBOR plus 2.00% per annum. The initial maturity date was extended to March 30, 2019 with options to extend through March 30, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the amended and restated loan agreement. CUBE HHF Limited Partnership (“HHF”) On December 10, 2013, the Company invested a 50% ownership interest in a newly-formed real estate venture that acquired 35 self-storage properties located in Texas (34) and North Carolina (1). HHF paid $315.7 million for these stores, of which $12.1 million was allocated to the value of the in-place lease intangible. The Company and the unaffiliated joint venture partner each contributed cash equal to 50% of the capital required to fund the acquisition. On May 1, 2014, HHF obtained a $100.0 million loan secured by the 34 self-storage properties 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. Based upon the facts and circumstances at formation of HVP IV, HHFNE, HVP III , and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Assets Storage properties, net $ 741,209 $ 647,668 Other assets 16,042 8,284 Total assets $ 757,251 $ 655,952 Liabilities and equity Other liabilities $ 7,911 $ 6,853 Debt 413,848 346,475 Equity CubeSmart 95,796 91,206 Joint venture partners 239,696 211,418 Total liabilities and equity $ 757,251 $ 655,952 The following is a summary of results of operations of the Ventures for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year ended December 31, 2018 2017 2016 Total revenues $ 90,111 $ 81,058 $ 64,931 Operating expenses 37,899 33,922 26,150 Other expense 938 783 3,750 Interest expense, net 13,311 11,703 9,432 Depreciation and amortization 41,972 45,086 53,701 Net loss $ (4,009) $ (10,436) $ (28,102) Company’s share of net loss $ (865) $ (1,386) $ (2,662) The results of operations above include the periods from November 1, 2017 (date of acquisition) through December 31, 2018 for HVP IV and December 15, 2016 (date of acquisition) through December 31, 2018 for HHFNE.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 2018
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): December 31, Effective Issuance Maturity Unsecured Senior Notes 2018 2017 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (568) (617) Less: Loan procurement costs, net (5,908) (6,923) Total unsecured senior notes, net $ 1,143,524 $ 1,142,460 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%. 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 and for the year ended December 31, 2018, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY AND U

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	12 Months Ended
	Dec. 31, 2018
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013, and April 22, 2015 to provide for, amongst other things, a $500.0 million unsecured revolving facility (the “Revolver”) with a maturity date of April 22, 2020. Pricing on the Revolver is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.25% over LIBOR, inclusive of a facility fee of 0.15%. As of December 31, 2018, $303.8 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.7 million. As of December 31, 2018, the Company also had a $200.0 million unsecured term loan outstanding under the Credit Facility, which is included in the table below. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of a $100.0 million unsecured term loan with a five-year maturity and a $100.0 million unsecured term loan with a seven-year maturity. On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its five-year $100.0 million unsecured term loan that was scheduled to mature in June 2018. The Company’s unsecured term loans under the Credit Facility and Term Loan Facility are summarized below: Carrying Value as of: Effective Interest December 31, Rate as of Maturity Unsecured Term Loans 2018 2017 December 31, 2018 (1) Date (in thousands) Credit Facility Unsecured term loan (2) $ 200,000 $ 200,000 3.80 % Jan-19 Term Loan Facility Unsecured term loan 100,000 100,000 3.65 % Jan-20 Principal balance outstanding 300,000 300,000 Less: Loan procurement costs, net (201) (604) Total unsecured term loans, net $ 299,799 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan that matured in January 2019 were priced at 1.30% over LIBOR, while amounts drawn under the term loan that is scheduled to mature in January 2020 are priced at 1.15% over LIBOR. As of December 31, 2018, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended, had an effective weighted average interest rate of 3.75%. (2) On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes” - see note 18) to repay all of the outstanding indebtedness under the unsecured term loan portion of the Credit Facility that was scheduled to mature in January 2019. The Term Loan Facility and the unsecured term loan under the Credit Facility were fully drawn as of December 31, 2018 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the Revolver 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 December 31, 2018, the Company was in compliance with all of its financial covenants and it 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 PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2018
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: December 31, Effective Maturity Mortgage Loans and Notes Payable 2018 2017 Interest Rate Date (in thousands) YSI 33 $ 9,214 $ 9,547 6.42 % Jul-19 YSI 26 8,022 8,228 4.56 % Nov-20 YSI 57 2,816 2,889 4.61 % Nov-20 YSI 55 22,041 22,508 4.85 % Jun-21 YSI 24 24,893 25,700 4.64 % Jun-21 YSI 65 2,363 2,411 3.85 % Jun-23 YSI 66 31,171 31,727 3.51 % Jun-23 YSI 68 5,626 5,786 3.78 % May-24 Principal balance outstanding 106,146 108,796 Plus: Unamortized fair value adjustment 2,551 3,286 Less: Loan procurement costs, net (451) (648) Total mortgage loans and notes payable, net $ 108,246 $ As of December 31, 2018 and 2017, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $231.0 million and $236.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2018 (in thousands): 2019 $ 11,652 2020 12,791 2021 45,057 2022 923 2023 31,019 2024 and thereafter 4,704 Total mortgage payments 106,146 Plus: Unamortized fair value adjustment 2,551 Less: Loan procurement costs, net (451) Total mortgage loans and notes payable, net $ 108,246

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2018 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps Other comprehensive loss before reclassifications $ (970) Amounts reclassified from accumulated other comprehensive income (62) (1) Net current-period other comprehensive loss (1,032) Balance at December 31, 2017 3 Balance at December 31, 2018 $ (1,029) (1) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
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 sheets 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 discontinues hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses with respect to the derivative. The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of December 31, 2018 and 2017 (in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type December 31, 2018 December 31, 2017 Strike Date Maturity December 31, 2018 December 31, 2017 Swap Cash flow (1) $ 75,000 $ — % 6/28/2019 6/28/2029 $ (516) $ — Swap Cash flow (1) 50,000 — % 6/28/2019 6/28/2029 (350) — Swap Cash flow (1) 25,000 — % 6/28/2019 6/28/2029 (173) — Swap Cash flow (2) — 40,000 % 6/20/2011 6/20/2018 — (161) Swap Cash flow (2) — 40,000 % 6/20/2011 6/20/2018 — (163) Swap Cash flow (2) — 20,000 % 6/20/2011 6/20/2018 — (82) $ 150,000 $ 100,000 $ (1,039) $ (406) (1) These interest rate swaps were entered into on December 24, 2018 to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. On January 24, 2019, in conjunction with the issuance of the 2029 Notes (see note 18), the Company settled these interest rate swaps for $0.8 million. The termination premium will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. (2) Hedged 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 December 31, 2018 and 2017, 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 loss. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The change in unrealized losses on interest rate swaps reflects a reclassification of $0.1 million of unrealized gains from accumulated other comprehensive loss as a decrease to interest expense during 2018. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in 2019.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018 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 $ — $ 1,039 $ — Total liabilities at fair value $ — $ 1,039 $ — Financial assets and liabilities carried at fair value as of December 31, 2017 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 $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ — 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 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 the reporting dates, 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 as of December 31, 2018 and 2017. The aggregate carrying value of the Company’s debt was $1.7 billion and $1.6 billion as of December 31, 2018 and 2017, respectively. The estimated fair value of the Company’s debt was $1.7 billion as of December 31, 2018 and 2017. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2018 and 2017. 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	12 Months Ended
	Dec. 31, 2018
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Interests in Consolidated Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of the joint ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number Estimated Ownership December 31, 2018 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q2 2020 (est.) 90% $ 3,829 $ 2,424 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2020 (est.) 90% 7,077 549 CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% 30,291 8,341 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 20,947 12,023 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q1 2019 (est.) 90% 14,764 9,025 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q1 2019 (est.) 51% 42,840 14,876 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 51% 88,207 39,097 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 78,837 32,998 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Queens, NY Q4 2015 90% 17,588 12,497 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 15,521 12,497 10 $ 319,901 $ 144,327 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2018, has accrued $6.7 million, $9.8 million, $13.1 million, and $37.8 million related to McDonald Ave, 22nd St, 46th St, and Exterior St, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2018, the Company has funded $1.1 million of a total $6.9 million loan commitment to 92 nd St, $0.5 million of a total $12.1 million loan commitment to Newton, $6.8 million of a total $10.8 million loan commitment to Waltham, $12.4 million of a total $12.8 million loan commitment to Jamaica Ave, and $12.4 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. Operating Partnership Ownership The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. Approximately 1.0% of the outstanding OP Units as of December 31, 2018 and December 31, 2017 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 properties. 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 cash 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 records 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. On January 31, 2018, the Company acquired a store in Texas for $12.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $7.2 million and immediately repaid the loan. In conjunction with the closing, the Company paid $0.2 million in cash and issued 168,011 OP Units, valued at approximately $4.8 million, to pay the remaining consideration. On April 12, 2017, the Company acquired a store in Illinois for $11.2 million. In conjunction with the closing, the Company paid $9.7 million and issued 58,400 Class C OP Units to pay the remaining consideration. On July 23, 2018, all of the 58,400 Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. On May 9, 2017, the Company acquired a store in Maryland for $18.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $5.9 million. In conjunction with the closing, the Company issued 440,160 OP Units, valued at approximately $12.3 million, to pay the remaining consideration. On May 14, 2015, the Company closed on the acquisition of real property that has been developed into a self-storage property in Washington, D.C. In conjunction with the closing, the Company issued 20,408 OP Units, valued at approximately $0.5 million to pay a portion of the consideration. On April 18, 2016, upon completion of certain milestones, the Company issued 61,224 additional OP Units, valued at approximately $1.5 million, to pay the remaining consideration. The store commenced operations during the third quarter of 2017. As of December 31, 2018 and 2017, 1,945,570 and 1,878,253 OP Units, respectively, were held by third parties. 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 year. 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 as of December 31, 2018 and 2017. As of December 31, 2018, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $0.3 million. As of December 31, 2017, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.0. million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS Affiliated Real Estate Investments The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2018, 2017 and 2016 were $4.5 million, $3.8 million and $2.9 million, respectively. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $10.6 million and $7.5 million as of December 31, 2018 and 2017, respectively, and are included in Other Assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 12 the Company had outstanding mortgage loans receivable from consolidated joint ventures of $33.2 million and $25.5 million as of December 31, 2018 and 2017, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP III , HVP IV, and HHFNE operating agreements provide for acquisition fees payable from HVP III , HVP IV, and HHFNE to the Company in an amount equal to 0.5% of the purchase price upon the closing of an acquisition by HVP III , HVP IV, and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. The Company recognized $0.6 million, $0.5 million, and $1.8 million in acquisition fees during the years ended December 31, 2018, 2017, and 2016, respectively, which are included in Other income on the consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Ground Leases The Company currently owns eight operating self-storage properties and two self-storage properties currently under development that are subject to ground leases, and two other operating self-storage properties that have portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $3.7 million, $3.4 million, and $2.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: Ground Lease Amount (in thousands) 2019 $ 2,814 2020 2,887 2021 2,956 2022 3,116 2023 3,090 2024 and thereafter 116,379 $ 131,242 Development Commitments The Company has development agreements for the construction of six new self-storage properties (see note 4), which will require payments of approximately $41.6 million, due in installments upon completion of certain construction milestones, during 2019 and 2020. Litigation The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. On January 11, 2019, a preliminary settlement agreement was entered into for a class action alleging violation of a state specific deceptive and unfair trade practices act. During the year ended December 31, 2018, the Company recorded a $1.8 million charge related to this legal action, which is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets and in General and administrative on the Company’s consolidated statements of operations.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2018
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	15. SHARE-BASED COMPENSATION PLANS On June 1, 2016 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 and subsequently amended with shareholder approval on June 2, 2010 (as amended and restated, the “2007 Plan”). The purpose of the 2007 Plan is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees, and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the 2007 Plan provides for the grant of share options, share appreciation rights, restricted shares, restricted share units, performance awards, which may be denominated in cash or shares, included restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the 2007 Plan may be non-qualified share options or incentive share options. Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2016, 4,500,000 additional common shares were made available for award under the 2007 Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the 2007 Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2018: (i) 4,517,038 common shares remained available for future awards under the 2007 Plan; (ii) 449,948 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 1,659,003 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $19.89 per share and a weighted average term to maturity of 5.52 years). Prior to the June 2016 amendments, the 2007 Plan used a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigned weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. As amended in June 2016, the 2007 Plan provides that any common shares made the subject of awards under the 2007 Plan will count against the Aggregate Share Reserve as one (1) unit. The Aggregate Share Reserve and the computation of the number of common shares available for issuance is subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Aggregate Share Reserve includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of the award that expires, is forfeited or that otherwise terminates, as the case may be, again becomes available for issuance under the 2007 Plan. The 2007 Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the 2007 Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. Subject to adjustment upon certain corporate transactions or events, a participant (other than a non-employee trustee) may not receive awards under the 2007 Plan in any one calendar year covering more than 1,000,000 shares. Subject to adjustment upon certain corporate transactions or events, a non-employee trustee may not receive awards under the 2007 Plan in any one calendar year covering more than 250,000 shares. Under the 2007 Plan, the Compensation Committee determines the vesting schedule of each share award and option, subject to a one-year minimum vesting requirement, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan expired in October 2014. Prior to its expiration, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan. Subsequent to its expiration, no new equity awards may be granted under the 2004 Plan, and to the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards no longer become available for future grants under the 2004 Plan. Share Options The fair values for options granted in 2018, 2017, and 2016 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2018 2017 2016 Risk-free interest rate % % % Expected dividend yield % % % Volatility (1) % % % Weighted average expected life of the options (2) years years years Weighted average grant date fair value of options granted per share $ $ $ (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2018, 2017 and 2016 grants was based on the trading history of the Company’s shares. In 2018, 2017, and 2016, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.5 million, $1.5 million and $1.3 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. During 2018, 305,805 share options were issued for which the fair value of the options at their respective grant dates was approximately $1.7 million. The share options vest over three years. As of December 31, 2018, the Company had approximately $1.7 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years. The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2018, 2017 and 2016: Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2015 2,421,944 $ 13.07 4.08 Options granted 213,008 30.32 9.07 Options exercised (695,262) 18.69 0.29 Balance at December 31, 2016 1,939,690 $ 12.94 4.85 Options granted Options exercised Balance at December 31, 2017 1,833,173 $ 16.55 5.26 Options granted 305,805 27.85 9.08 Options canceled (74,748) 26.95 — Options exercised (405,227) 9.47 1.98 Balance at December 31, 2018 $ 19.89 Vested or expected to vest at December 31, 2018 1,659,003 $ 19.89 5.52 Exercisable at December 31, 2018 1,161,209 $ 16.58 4.25 As of December 31, 2018, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest, and of options that were exercisable was approximately $14.9 million. The aggregate intrinsic value of options exercised was approximately $8.4 million for the year ended December 31, 2018. Restricted Shares The Company applies the fair value method of accounting for contingently issued shares. As such, each grant is recognized ratably over the related vesting period. Approximately 166,000 restricted shares and share units were issued during 2018 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $4.9 million, which vest over three to five years. During 2017, approximately 166,000 restricted shares and share units were issued for which the fair value of the restricted shares and share units at their respective grant dates was approximately $4.7 million. As of December 31, 2018 the Company had approximately $5.0 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next five years. Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. In 2018, 2017 and 2016, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $4.0 million, $4.1 million, and $3.6 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2018: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2018 352,462 Granted 165,551 Vested (95,553) Forfeited (39,860) Non-Vested at December 31, 2018 On January 23, 2018, 66,872 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.9 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2020. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 23, 2017, 52,426 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.8 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2019. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 22, 2016, 37,008 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units were awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.6 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units cliff vested upon the third anniversary of the effective date, or December 31, 2018. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2018
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2018 2017 2016 (Dollars and shares in thousands, except per share amounts) Net income $ 165,488 $ 135,611 $ 88,376 Noncontrolling interests in the Operating Partnership (1,820) (1,593) (941) Noncontrolling interest in subsidiaries 221 270 470 Distributions to preferred shareholders (1) — — (5,045) Preferred share redemption charge — — (2,937) Net income attributable to the Company’s common shareholders $ 163,889 $ 134,288 $ 79,923 Weighted-average shares outstanding 184,653 180,525 178,246 Share options and restricted share units 842 923 1,287 Weighted-average diluted shares outstanding (2) 185,495 181,448 179,533 Basic earnings per share attributable to common shareholders $ 0.89 $ 0.74 $ 0.45 Diluted earnings per share attributable to common shareholders $ 0.88 $ 0.74 $ 0.45 Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2018 2017 2016 (Dollars and units in thousands, except per unit amounts) Net income $ 165,488 $ 135,611 $ 88,376 Operating Partnership interests of third parties (1,820) (1,593) (941) Noncontrolling interest in subsidiaries 221 270 470 Distribution to preferred unitholders (1) — — (5,045) Preferred unit redemption charge — — (2,937) Net income attributable to common unitholders $ 163,889 $ 134,288 $ 79,923 Weighted-average units outstanding 184,653 180,525 178,246 Unit options and restricted share units 842 923 1,287 Weighted-average diluted units outstanding (2) 185,495 181,448 179,533 Basic earnings per unit attributable to common unitholders $ 0.89 $ 0.74 $ 0.45 Diluted earnings per unit attributable to common unitholders $ 0.88 $ 0.74 $ 0.45 (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. (2) For the years ended December 31, 2018, 2017 and 2016, the Company declared cash dividends per common share/unit of $1.22, $1.11, and $0.90, respectively. The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. Outstanding noncontrolling interest units in the Operating Partnership were 1,945,570; 1,878,253 and 2,032,394 as of December 31, 2018, 2017 and 2016, respectively. There were 187,145,103; 182,215,735 and 180,083,111 common units outstanding as of December 31, 2018, 2017 and 2016, respectively. Common and Preferred Shares On November 2, 2016, the Company redeemed all 3.1 million outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) at a cash redemption price of $25.00 per share plus accumulated and unpaid dividends up to and including the date of redemption of $0.17374 per share. The redemption price of $77.5 million for the redemption of the Series A Preferred Shares was paid by the Company from available cash balances. In connection with the redemption, the Company recognized a charge of $2.9 million related to excess redemption costs over the original net proceeds. The Company maintains an at-the-market equity program that enables it to offer and sell up to 50.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2018, 2017, and 2016 is summarized below: For the year ended December 31, 2018 2017 2016 (Dollars and shares in thousands, except per share amounts) Number of shares sold 4,291 1,036 4,408 Average sales price per share $ 31.09 $ 29.13 $ 31.25 Net proceeds after deducting offering costs $ 131,835 $ 29,642 $ 136,120 The proceeds from the sales conducted during the years ended December 31, 2018, 2017, and 2016 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2018, 2017, and 2016, 10.5 million common shares, 4.7 million common shares, and 5.8 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
INCOME TAXES	17. INCOME TAXES Deferred income taxes are established for temporary differences between financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized. No valuation allowance was recorded as of December 31, 2018 or 2017. As of December 31, 2018 and 2017, the Company had net deferred tax assets of $1.4 million, which are included in Other assets, net on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS On January 30, 2019, the Operating Partnership issued $350.0 million in aggregate principal amount of unsecured senior notes due February 15, 2029 which bear interest at a rate of 4.375% per annum (the “2029 Notes”). The 2029 Notes were priced at 99.356% of the principal amount to yield 4.455% to maturity. Net proceeds from the offering of $345.5 million were used to repay all of the outstanding indebtedness under the Company’s $200.0 million unsecured term loan portion of the Credit Facility that was scheduled to mature in January 2019. The remaining proceeds from the offering were used to repay a portion of the outstanding indebtedness under the Revolver.

PRO FORMA FINANCIAL INFORMATION

PRO FORMA FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2018
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION	19. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) During the years ended December 31, 2018 and 2017, the Company acquired ten self-storage properties for an aggregate purchase price of approximately $227.5 million (see note 3) and seven stores for an aggregate purchase price of approximately $80.7 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 2018 and 2017 as if each had occurred as of January 1, 2017 and 2016, respectively. The unaudited 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 year ended December 31, 2018 and 2017 based on the assumptions described above: Year ended December 31, 2018 2017 (in thousands, except per share data) Pro forma revenues $ 607,181 $ 561,244 Pro forma net income $ 173,510 $ 129,740 Earnings per share attributable to common shareholders: Basic - as reported $ 0.89 $ 0.74 Diluted - as reported $ 0.88 $ 0.74 Basic - as pro forma $ 0.93 $ 0.71 Diluted - as pro forma $ 0.93 $ 0.71

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	20. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Total revenues $ 142,877 $ 147,815 $ 153,370 $ 153,882 Total operating expenses 92,464 92,915 93,774 98,775 Net income 34,799 38,751 43,302 48,636 Net income attributable to the Company's common shareholders 34,423 38,410 42,900 48,156 Basic earnings per share attributable to the Company's common shareholders Diluted earnings per share attributable to the Company's common shareholders Three months ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Total revenues $ $ $ $ Total operating expenses Net income Net income attributable to the Company's common shareholders Basic earnings per share attributable to the Company's common shareholders Diluted earnings per share attributable to the Company's common shareholders The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts.

SCHEDULE III REAL ESTATE AND RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2018 (Dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Chandler I, AZ 47,880 327 1,257 545 327 1,625 1,952 678 2005 Chandler II, AZ 82,915 1,518 7,485 137 1,518 7,621 9,139 1,292 2013 Gilbert I, AZ 57,100 951 4,688 102 951 4,791 5,742 886 2013 Gilbert II, AZ 114,080 1,199 11,846 167 1,199 12,013 13,212 740 2016 Glendale, AZ 56,807 201 2,265 1,295 418 2,998 3,416 1,454 1998 Green Valley, AZ 25,050 298 1,153 211 298 1,153 1,451 477 2005 Mesa I, AZ 52,575 920 2,739 381 921 2,674 3,595 1,136 2006 Mesa II, AZ 45,511 731 2,176 299 731 2,145 2,876 937 2006 Mesa III, AZ 59,524 706 2,101 454 706 2,171 2,877 889 2006 Peoria, AZ 110,810 1,436 7,082 250 1,436 7,331 8,767 841 2015 Phoenix III, AZ 121,880 2,115 10,429 277 2,115 10,706 12,821 1,644 2014 Phoenix IV, AZ 69,710 930 12,277 102 930 12,380 13,310 797 2016 Queen Creek, AZ 94,462 1,159 5,716 90 1,159 5,806 6,965 702 2015 Scottsdale, AZ 79,925 443 4,879 1,766 883 5,528 6,411 2,793 1998 Surprise , AZ 72,475 584 3,761 122 584 3,883 4,467 383 2015 Tempe I, AZ 53,910 749 2,159 657 749 2,505 3,254 941 2005 Tempe II, AZ 68,409 588 2,898 2,157 588 5,055 5,643 999 2013 Tucson I, AZ 59,800 188 2,078 1,149 384 2,723 3,107 1,345 1998 Tucson II, AZ 43,950 188 2,078 1,136 391 2,729 3,120 1,324 1998 Tucson III, AZ 49,820 532 2,048 307 533 1,995 2,528 840 2005 Tucson IV, AZ 48,040 674 2,595 401 675 2,575 3,250 1,075 2005 Tucson V, AZ 45,134 515 1,980 413 515 2,037 2,552 860 2005 Tucson VI, AZ 40,766 440 1,692 264 430 1,658 2,088 707 2005 Tucson VII, AZ 52,663 670 2,576 394 670 2,556 3,226 1,084 2005 Tucson VIII, AZ 46,700 589 2,265 382 589 2,296 2,885 974 2005 Tucson IX, AZ 67,496 724 2,786 478 725 2,743 3,468 1,172 2005 Tucson X, AZ 46,350 424 1,633 336 425 1,659 2,084 691 2005 Tucson XI, AZ 42,700 439 1,689 427 439 1,825 2,264 838 2005 Tucson XII, AZ 42,275 671 2,582 401 672 2,554 3,226 1,055 2005 Tucson XIII, AZ 45,800 587 2,258 357 587 2,245 2,832 971 2005 Tucson XIV, AZ 48,995 707 2,721 496 708 2,668 3,376 1,153 2005 Benicia, CA 74,770 2,392 7,028 412 2,392 6,346 8,738 2,633 2005 Citrus Heights, CA 75,620 1,633 4,793 245 1,634 4,261 5,895 1,862 2005 Corona, CA 95,043 2,107 10,385 182 2,107 10,567 12,674 1,393 2014 Diamond Bar, CA 103,558 2,522 7,404 328 2,524 6,621 9,145 2,850 2005 Escondido, CA 143,645 3,040 11,804 301 3,040 9,746 12,786 3,451 2007 Fallbrook, CA 45,926 133 1,492 1,881 432 2,830 3,262 1,400 1997 Fremont, CA 51,189 1,158 5,711 172 1,158 5,884 7,042 938 2014 Lancaster, CA 60,475 390 2,247 1,123 556 2,635 3,191 1,111 2001 Long Beach, CA 124,541 3,138 14,368 1,005 3,138 13,438 16,576 5,453 2006 Los Angeles, CA 76,178 23,289 25,867 8 23,289 25,876 49,165 171 2018 Murrieta, CA 49,775 1,883 5,532 307 1,903 4,972 6,875 2,081 2005 North Highlands, CA 57,094 868 2,546 476 868 2,561 3,429 1,114 2005 Ontario, CA 93,540 1,705 8,401 353 1,705 8,753 10,458 1,190 2014 Orangevale, CA 50,542 1,423 4,175 363 1,423 3,860 5,283 1,676 2005 Pleasanton, CA 83,600 2,799 8,222 360 2,799 7,339 10,138 3,034 2005 Rancho Cordova, CA 53,978 1,094 3,212 406 1,095 3,073 4,168 1,309 2005 Rialto I, CA 57,391 899 4,118 299 899 3,844 4,743 1,559 2006 Rialto II, CA 99,783 277 3,098 1,844 672 4,145 4,817 2,152 1997 Riverside I, CA 67,320 1,351 6,183 640 1,351 5,991 7,342 2,443 2006 Riverside II, CA 85,131 1,170 5,359 492 1,170 5,047 6,217 2,059 2006 Roseville, CA 59,944 1,284 3,767 428 1,284 3,597 4,881 1,590 2005 Sacramento I, CA 50,664 1,152 3,380 405 1,152 3,223 4,375 1,377 2005 Sacramento II, CA 111,736 2,085 6,750 509 2,086 6,592 8,678 1,767 2005/2017 San Bernardino I, CA 31,070 51 572 1,193 182 1,434 1,616 703 1997 San Bernardino II, CA 41,546 112 1,251 1,381 306 2,088 2,394 1,021 1997 San Bernardino III, CA 35,416 98 1,093 1,336 242 1,931 2,173 959 1997 San Bernardino IV, CA 83,427 1,872 5,391 228 1,872 4,903 6,775 2,037 2005 San Bernardino V, CA 56,803 783 3,583 628 783 3,685 4,468 1,526 2006 San Bernardino VII, CA 78,704 1,475 6,753 418 1,290 6,423 7,713 2,665 2006 San Bernardino VIII, CA 111,583 1,691 7,741 615 1,692 6,404 8,096 2,725 2006 San Diego, CA 87,483 1,185 16,740 13 1,186 16,752 17,938 85 2018 San Marcos, CA 37,425 775 2,288 179 776 2,096 2,872 907 2005 Santa Ana, CA 63,916 1,223 5,600 464 1,223 5,286 6,509 2,169 2006 South Sacramento, CA 52,390 790 2,319 425 791 2,325 3,116 973 2005 Spring Valley, CA 55,035 1,178 5,394 879 1,178 5,529 6,707 2,277 2006 Temecula I, CA 81,340 660 4,735 1,025 899 4,919 5,818 2,190 1998 Temecula II, CA 84,520 3,080 5,839 730 3,080 5,633 8,713 1,936 2007 Vista I, CA 74,238 711 4,076 2,353 1,118 5,094 6,212 2,197 2001 Vista II, CA 147,723 4,629 13,599 198 4,629 11,736 16,365 4,977 2005 Walnut, CA 50,688 1,578 4,635 475 1,595 4,371 5,966 1,798 2005 West Sacramento, CA 39,765 (A) 1,222 3,590 221 1,222 3,244 4,466 1,391 2005 Westminster, CA 68,393 1,740 5,142 382 1,743 4,637 6,380 2,042 2005 Aurora, CO 75,717 1,343 2,986 587 1,343 3,025 4,368 1,212 2005 Centennial, CO 62,400 1,281 8,958 96 1,281 9,053 10,334 715 2016 Colorado Springs I, CO 47,975 771 1,717 412 771 1,786 2,557 749 2005 Colorado Springs II, CO 62,400 657 2,674 272 656 2,438 3,094 1,021 2006 Denver I, CO 59,200 673 2,741 237 646 2,500 3,146 1,101 2006 Denver II, CO 74,420 1,430 7,053 179 1,430 7,231 8,661 1,450 2012 Denver III, CO 76,025 1,828 12,109 74 1,828 12,183 14,011 870 2016 Federal Heights, CO 54,770 878 1,953 342 879 1,896 2,775 768 2005 Golden, CO 87,800 1,683 3,744 572 1,684 3,644 5,328 1,495 2005 Littleton, CO 53,490 1,268 2,820 393 1,268 2,705 3,973 1,076 2005 Northglenn, CO 43,102 862 1,917 513 662 2,216 2,878 835 2005 Bloomfield, CT 48,700 78 880 2,411 360 2,682 3,042 1,263 1997 Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Branford, CT 50,629 217 2,433 1,627 504 3,347 3,851 1,707 1995 Bristol, CT 47,725 1,819 3,161 186 1,819 2,882 4,701 1,311 2005 East Windsor, CT 45,966 744 1,294 525 744 1,548 2,292 744 2005 Enfield, CT 52,875 424 2,424 463 473 2,106 2,579 947 2001 Gales Ferry, CT 54,905 240 2,697 1,604 489 3,580 4,069 1,958 1995 Manchester I, CT 46,925 540 3,096 515 563 2,614 3,177 1,095 2002 Manchester II, CT 52,725 996 1,730 376 996 1,798 2,794 807 2005 Manchester III, CT 60,113 671 3,308 161 671 3,469 4,140 560 2014 Milford, CT 44,885 87 1,050 1,336 274 1,892 2,166 908 1996 Monroe, CT 58,500 2,004 3,483 709 2,004 3,507 5,511 1,691 2005 Mystic, CT 50,850 136 1,645 2,085 410 2,965 3,375 1,500 1996 Newington I, CT 42,420 1,059 1,840 277 1,059 1,821 2,880 832 2005 Newington II, CT 36,140 911 1,584 294 911 1,604 2,515 748 2005 Norwalk I, CT 30,160 646 3,187 61 646 3,248 3,894 675 2012 Norwalk II, CT 77,825 1,171 15,422 132 1,171 15,554 16,725 1,215 2016 Old Saybrook I, CT 87,000 3,092 5,374 709 3,092 5,229 8,321 2,444 2005 Old Saybrook II, CT 26,425 1,135 1,973 257 1,135 1,903 3,038 921 2005 Shelton, CT 78,405 1,613 9,032 535 1,613 8,483 10,096 1,885 2011 South Windsor, CT 72,025 90 1,127 1,512 272 2,247 2,519 1,102 1996 Stamford, CT 28,907 1,941 3,374 191 1,941 3,025 4,966 1,380 2005 Wilton, CT 84,515 2,409 12,261 747 2,421 13,069 15,490 2,777 2012 Washington I, DC 62,685 (A) 871 12,759 617 894 10,653 11,547 3,680 2008 Washington II, DC 82,552 3,152 13,612 292 3,154 12,129 15,283 2,693 2011 Washington III, DC 78,315 4,469 15,438 97 4,469 15,536 20,005 1,344 2016 Washington IV, DC 72,323 6,359 20,417 107 6,359 20,524 26,883 669 2017 Washington V, DC 114,200 13,908 18,770 90 13,917 18,852 32,769 279 2018 Boca Raton, FL 37,968 529 3,054 1,651 813 3,597 4,410 1,562 2001 Boynton Beach I, FL 61,695 667 3,796 1,946 958 4,410 5,368 1,926 2001 Boynton Beach II, FL 61,514 1,030 2,968 452 1,030 2,982 4,012 1,251 2005 Boynton Beach III, FL 67,393 1,225 6,037 255 1,225 6,293 7,518 929 2014 Boynton Beach IV, FL 76,414 1,455 7,171 85 1,455 7,257 8,712 809 2015 Bradenton I, FL 68,389 1,180 3,324 280 1,180 3,082 4,262 1,313 2004 Bradenton II, FL 88,063 1,931 5,561 1,148 1,931 5,597 7,528 2,403 2004 Cape Coral I, FL 76,857 472 2,769 2,587 830 4,033 4,863 2,111 2000 Cape Coral II, FL 67,955 1,093 5,387 104 1,093 5,490 6,583 725 2014 Coconut Creek I, FL 78,846 1,189 5,863 188 1,189 6,050 7,239 1,231 2012 Coconut Creek II, FL 90,147 1,937 9,549 192 1,937 9,741 11,678 1,538 2014 Dania Beach, FL 180,588 3,584 10,324 1,709 3,584 10,495 14,079 4,460 2004 Dania, FL 58,165 205 2,068 1,755 481 3,125 3,606 1,538 1996 Davie, FL 80,985 1,268 7,183 1,345 1,373 6,255 7,628 2,561 2001 Deerfield Beach, FL 57,230 946 2,999 2,013 1,311 4,503 5,814 2,182 1998 Delray Beach I, FL 67,843 798 4,539 832 883 4,085 4,968 1,824 2001 Delray Beach II, FL 75,710 957 4,718 267 957 4,985 5,942 905 2013 Delray Beach III, FL 94,277 2,086 10,286 166 2,086 10,453 12,539 1,514 2014 Delray Beach IV, FL 97,370 2,208 14,384 19 2,208 14,403 16,611 472 2017 Ft. Lauderdale I, FL 70,043 937 3,646 2,508 1,384 5,470 6,854 2,644 1999 Ft. Lauderdale II, FL 49,662 862 4,250 89 862 4,340 5,202 699 2013 Ft. Myers I, FL 67,534 303 3,329 983 328 3,309 3,637 1,613 1999 Ft. Myers II, FL 83,375 1,030 5,080 151 1,030 5,231 6,261 766 2014 Ft. Myers III, FL 81,554 1,148 5,658 165 1,148 5,824 6,972 849 2014 Jacksonville I, FL 79,735 1,862 5,362 162 1,862 4,842 6,704 1,893 2005 Jacksonville II, FL 64,970 950 7,004 212 950 5,668 6,618 2,007 2007 Jacksonville III, FL 65,830 860 7,409 1,050 1,670 6,049 7,719 2,147 2007 Jacksonville IV, FL 95,525 870 8,049 1,179 1,651 7,147 8,798 2,525 2007 Jacksonville V, FL 82,573 1,220 8,210 399 1,220 6,866 8,086 2,448 2007 Jacksonville VI, FL 67,375 755 3,725 145 755 3,869 4,624 514 2014 Kendall, FL 75,495 (A) 2,350 8,106 482 2,350 6,814 9,164 2,387 2007 Lake Worth I, FL 158,842 183 6,597 7,589 354 10,957 11,311 5,283 1998 Lake Worth II, FL 86,920 1,552 7,654 184 1,552 7,838 9,390 1,178 2014 Lake Worth III, FL 92,510 957 4,716 232 957 4,949 5,906 589 2015 Lakeland, FL 49,079 81 896 1,287 256 1,593 1,849 794 1994 Leisure City, FL 56,185 409 2,018 188 409 2,205 2,614 461 2012 Lutz I, FL 66,795 901 2,478 349 901 2,439 3,340 1,007 2004 Lutz II, FL 69,232 992 2,868 403 992 2,776 3,768 1,170 2004 Margate I, FL 53,660 161 1,763 2,318 399 3,400 3,799 1,729 1996 Margate II, FL 65,380 132 1,473 1,979 383 2,824 3,207 1,370 1996 Merritt Island, FL 50,201 716 2,983 700 796 2,770 3,566 1,118 2002 Miami I, FL 46,500 179 1,999 1,862 484 2,862 3,346 1,462 1996 Miami II, FL 67,160 253 2,544 1,677 561 3,382 3,943 1,750 1996 Miami III, FL 151,620 4,577 13,185 888 4,577 12,248 16,825 4,931 2005 Miami IV, FL 76,695 1,852 10,494 948 1,963 9,881 11,844 2,447 2011 Miramar, FL 80,130 1,206 5,944 133 1,206 6,078 7,284 1,078 2013 Naples I, FL 48,100 90 1,010 2,745 270 3,212 3,482 1,569 1996 Naples II, FL 65,850 148 1,652 4,301 558 5,255 5,813 2,687 1997 Naples III, FL 80,005 139 1,561 4,204 598 4,132 4,730 2,123 1997 Naples IV, FL 40,625 262 2,980 667 407 3,049 3,456 1,563 1998 New Smyrna Beach, FL 81,454 1,261 6,215 197 1,261 6,411 7,672 860 2014 North Palm Beach, FL 45,825 1,374 7,649 32 1,374 7,682 9,056 492 2017 Oakland Park, FL 63,806 3,007 10,145 36 3,007 10,181 13,188 331 2017 Ocoee, FL 76,150 1,286 3,705 228 1,286 3,415 4,701 1,388 2005 Orange City, FL 59,580 1,191 3,209 307 1,191 3,029 4,220 1,280 2004 Orlando II, FL 63,184 1,589 4,576 215 1,589 4,151 5,740 1,696 2005 Orlando III, FL 101,490 1,209 7,768 757 1,209 7,137 8,346 2,643 2006 Orlando IV, FL 76,601 633 3,587 190 633 3,274 3,907 843 2010 Orlando V, FL 75,377 950 4,685 139 950 4,823 5,773 965 2012 Orlando VI, FL 67,275 640 3,154 150 640 3,304 3,944 447 2014 Oviedo, FL 49,276 440 2,824 626 440 2,778 3,218 1,058 2006 Palm Coast I, FL 47,400 555 2,735 117 555 2,852 3,407 463 2014 Palm Coast II, FL 122,490 1,511 7,450 419 1,511 7,870 9,381 1,262 2014 Palm Harbor, FL 82,685 2,457 16,178 132 2,457 16,311 18,768 1,234 2016 Pembroke Pines, FL 67,321 337 3,772 2,817 953 5,442 6,395 2,797 1997 Royal Palm Beach II, FL 81,178 1,640 8,607 331 1,640 7,277 8,917 2,597 2007 Sanford I, FL 61,810 453 2,911 237 453 2,580 3,033 928 2006 Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Sanford II, FL 69,875 1,003 4,944 234 1,003 5,177 6,180 701 2014 Sarasota, FL 71,142 333 3,656 1,510 529 3,949 4,478 1,856 1999 St. Augustine, FL 59,725 135 1,515 3,447 383 4,358 4,741 2,260 1996 St. Petersburg, FL 66,025 2,721 10,173 425 2,721 10,598 13,319 810 2016 Stuart, FL 86,736 324 3,625 3,214 685 5,852 6,537 2,977 1997 SW Ranches, FL 64,990 1,390 7,598 296 1,390 6,032 7,422 2,136 2007 Tampa I, FL 83,938 2,670 6,249 267 2,670 5,163 7,833 1,830 2007 Tampa II, FL 74,790 2,291 10,262 133 2,291 10,396 12,687 781 2016 West Palm Beach I, FL 66,831 719 3,420 1,826 835 3,998 4,833 1,715 2001 West Palm Beach II, FL 94,113 2,129 8,671 488 2,129 7,854 9,983 3,393 2004 West Palm Beach III, FL 77,410 804 3,962 89 804 4,051 4,855 788 2012 West Palm Beach IV, FL 102,719 1,499 7,392 328 1,499 7,719 9,218 1,142 2014 Winter Park, FL 54,416 866 4,268 116 866 4,384 5,250 592 2014 Alpharetta, GA 90,501 806 4,720 1,024 917 4,046 4,963 1,737 2001 Atlanta, GA 66,825 822 4,053 82 822 4,136 4,958 841 2012 Austell, GA 83,655 1,635 4,711 441 1,643 4,497 6,140 1,635 2006 Decatur, GA 145,320 616 6,776 449 616 6,230 6,846 3,314 1998 Duluth, GA 70,885 373 2,044 233 373 1,952 2,325 466 2011 Lawrenceville, GA 73,890 546 2,903 434 546 2,920 3,466 717 2011 Lithia Springs, GA 66,750 748 5,552 133 748 5,684 6,432 567 2015 Norcross I, GA 85,320 514 2,930 986 632 2,999 3,631 1,264 2001 Norcross II, GA 52,595 366 2,025 233 366 1,973 2,339 483 2011 Norcross III, GA 46,955 938 4,625 83 938 4,709 5,647 1,028 2012 Norcross IV, GA 57,505 576 2,839 129 576 2,968 3,544 603 2012 Peachtree City I, GA 49,875 435 2,532 805 529 2,552 3,081 1,071 2001 Peachtree City II, GA 59,950 398 1,963 141 398 2,104 2,502 425 2012 Smyrna, GA 57,015 750 4,271 325 750 3,478 4,228 1,511 2001 Snellville, GA 79,950 1,660 4,781 381 1,660 4,499 6,159 1,624 2007 Suwanee I, GA 85,125 1,737 5,010 349 1,737 4,657 6,394 1,684 2007 Suwanee II, GA 80,340 800 6,942 110 622 5,847 6,469 2,087 2007 Villa Rica, GA 65,281 757 5,616 161 757 5,776 6,533 576 2015 Addison, IL 31,575 428 3,531 503 428 3,533 3,961 1,490 2004 Aurora, IL 73,985 644 3,652 259 644 3,391 4,035 1,420 2004 Bartlett, IL 51,395 931 2,493 313 931 2,402 3,333 1,025 2004 Bellwood, IL 86,500 1,012 5,768 1,148 1,012 5,178 6,190 2,156 2001 Blue Island, IL 55,125 633 3,120 66 633 3,186 3,819 386 2015 Bolingbrook, IL 82,575 1,675 8,254 193 1,675 8,448 10,123 1,137 2014 Chicago I, IL 95,795 2,667 13,118 994 2,667 14,111 16,778 1,940 2014 Chicago II, IL 78,835 833 4,035 81 833 4,116 4,949 550 2014 Chicago III, IL 84,990 2,427 11,962 825 2,427 12,787 15,214 1,766 2014 Chicago IV, IL 60,420 1,296 6,385 120 1,296 6,506 7,802 775 2015 Chicago V, IL 51,775 1,044 5,144 73 1,044 5,217 6,261 624 2015 Chicago VI, IL 71,748 1,596 9,535 55 1,596 9,590 11,186 775 2016 Chicago VII, IL 90,947 — 11,191 321 — 11,512 11,512 405 2017 Countryside, IL 97,633 2,607 12,684 214 2,607 12,899 15,506 1,724 2014 Des Plaines, IL 69,450 1,564 4,327 867 1,564 4,555 6,119 1,865 2004 Downers Grove, IL 71,625 1,498 13,153 45 1,498 13,197 14,695 1,087 2016 Elk Grove Village, IL 64,104 1,446 3,535 314 1,446 3,319 4,765 1,455 2004 Evanston, IL 57,715 1,103 5,440 248 1,103 5,687 6,790 1,039 2013 Glenview I, IL 100,085 3,740 10,367 587 3,740 9,487 13,227 4,019 2004 Glenview II, IL 30,843 725 3,144 1 725 3,145 3,870 9 2018 Gurnee, IL 80,300 1,521 5,440 411 1,521 5,081 6,602 2,162 2004 Hanover, IL 41,190 1,126 2,197 353 1,126 2,212 3,338 939 2004 Harvey, IL 60,090 869 3,635 494 869 3,587 4,456 1,446 2004 Joliet, IL 72,865 547 4,704 269 547 4,313 4,860 1,840 2004 Kildeer, IL 74,463 2,102 2,187 4,599 1,997 6,583 8,580 1,218 2004 Lombard, IL 58,728 1,305 3,938 992 1,305 4,325 5,630 1,833 2004 Maywood, IL 60,225 749 3,689 49 749 3,738 4,487 446 2015 Mount Prospect, IL 65,000 1,701 3,114 659 1,701 3,320 5,021 1,370 2004 Mundelein, IL 44,700 1,498 2,782 461 1,498 2,827 4,325 1,148 2004 North Chicago, IL 53,400 1,073 3,006 513 1,073 3,034 4,107 1,289 2004 Plainfield I, IL 53,900 1,770 1,715 360 1,740 1,782 3,522 728 2004 Plainfield II, IL 51,900 694 2,000 290 694 1,958 2,652 768 2005 Riverwoods, IL 73,915 1,585 7,826 81 1,585 7,907 9,492 473 2017 Schaumburg, IL 31,160 538 645 266 538 774 1,312 317 2004 Streamwood, IL 64,505 1,447 1,662 547 1,447 1,898 3,345 774 2004 Warrenville, IL 48,796 1,066 3,072 508 1,066 3,148 4,214 1,223 2005 Waukegan, IL 79,500 1,198 4,363 668 1,198 4,378 5,576 1,820 2004 West Chicago, IL 48,175 1,071 2,249 500 1,071 2,390 3,461 996 2004 Westmont, IL 53,400 1,155 3,873 332 1,155 3,664 4,819 1,528 2004 Wheeling I, IL 54,210 857 3,213 508 857 3,249 4,106 1,367 2004 Wheeling II, IL 67,825 793 3,816 559 793 3,823 4,616 1,641 2004 Woodridge, IL 50,232 943 3,397 309 943 3,231 4,174 1,354 2004 Schererville, IN 67,604 1,134 5,589 58 1,134 5,647 6,781 827 2014 Boston I, MA 33,286 538 3,048 282 538 2,899 3,437 745 2010 Boston II, MA 60,470 1,516 8,628 825 1,516 6,997 8,513 2,798 2002 Boston III, MA 108,205 3,211 15,829 706 3,211 16,535 19,746 2,234 2014 Brockton, MA 59,446 577 4,394 1,165 577 5,559 6,136 500 2015 Haverhill, MA 60,589 669 6,610 193 669 6,803 7,472 664 2015 Lawrence, MA 34,672 585 4,737 268 585 5,005 5,590 501 2015 Leominster, MA 54,048 90 1,519 2,664 338 3,541 3,879 1,674 1998 Medford, MA 58,685 1,330 7,165 329 1,330 6,001 7,331 1,988 2007 Stoneham, MA 62,200 1,558 7,679 303 1,558 7,982 9,540 1,417 2013 Tewksbury, MA 62,402 1,537 7,579 279 1,537 7,857 9,394 1,163 2014 Walpole, MA 74,880 634 13,069 336 634 13,405 14,039 976 2016 Annapolis, MD 92,332 5,626 2,643 13,938 68 2,643 14,007 16,650 680 2017 Baltimore, MD 93,750 1,050 5,997 1,483 1,173 5,321 6,494 2,262 2001 Beltsville, MD 63,657 1,277 6,295 75 1,268 6,379 7,647 1,144 2013 California, MD 77,840 1,486 4,280 353 1,486 4,018 5,504 1,668 2004 Capitol Heights, MD 79,500 2,704 13,332 50 2,704 13,383 16,087 1,455 2015 Clinton, MD 84,225 2,182 10,757 140 2,182 10,897 13,079 1,769 2013 District Heights, MD 78,265 1,527 8,313 557 1,527 7,744 9,271 1,836 2011 Elkridge, MD 63,475 1,155 5,695 209 1,120 5,939 7,059 990 2013 Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Gaithersburg I, MD 87,045 3,124 9,000 488 3,124 8,225 11,349 3,475 2005 Gaithersburg II, MD 74,100 2,383 11,750 80 2,383 11,829 14,212 1,294 2015 Hyattsville, MD 52,830 1,113 5,485 108 1,113 5,593 6,706 1,002 2013 Laurel, MD 162,896 1,409 8,035 3,919 1,928 9,091 11,019 3,893 2001 Temple Hills I, MD 97,270 1,541 8,788 2,643 1,800 8,929 10,729 3,827 2001 Temple Hills II, MD 84,175 2,229 10,988 64 2,229 11,052 13,281 1,732 2014 Timonium, MD 66,717 2,269 11,184 209 2,269 11,393 13,662 1,796 2014 Upper Marlboro, MD 62,290 1,309 6,455 104 1,309 6,557 7,866 1,182 2013 Bloomington, MN 100,928 1,598 12,298 210 1,598 12,510 14,108 808 2016 Belmont, NC 81,850 385 2,196 963 451 2,341 2,792 1,015 2001 Burlington I, NC 109,300 498 2,837 897 498 2,917 3,415 1,325 2001 Burlington II, NC 42,165 320 1,829 473 340 1,761 2,101 765 2001 Cary, NC 111,750 543 3,097 917 543 3,316 3,859 1,464 2001 Charlotte I, NC 69,000 782 4,429 1,589 1,068 4,562 5,630 1,849 2002 Charlotte II, NC 53,706 821 8,764 58 821 8,821 9,642 528 2016 Charlotte III, NC 69,037 1,974 8,211 83 1,974 8,293 10,267 84 2018 Cornelius, NC 59,270 2,424 4,991 980 2,424 5,971 8,395 577 2015 Pineville, NC 77,747 2,490 9,169 151 2,490 9,320 11,810 926 2015 Raleigh, NC 48,675 209 2,398 464 296 2,386 2,682 1,180 1998 Bordentown, NJ 50,550 457 2,255 173 457 2,427 2,884 483 2012 Brick, NJ 51,710 234 2,762 1,553 485 3,465 3,950 1,826 1996 Cherry Hill I, NJ 51,500 222 1,260 204 222 1,249 1,471 316 2010 Cherry Hill II, NJ 65,425 471 2,323 320 471 2,643 3,114 518 2012 Clifton, NJ 105,550 4,346 12,520 331 4,340 11,171 15,511 4,521 2005 Cranford, NJ 91,280 290 3,493 2,792 779 5,090 5,869 2,546 1996 East Hanover, NJ 504 9,492 1996 Egg Harbor I, NJ 104 685 2010 Egg Harbor II, NJ 284 1,979 2010 Elizabeth, NJ 38,770 751 2,164 719 751 2,560 3,311 1,018 2005 Fairview, NJ 27,876 246 2,759 617 246 2,767 3,013 1,420 1997 Freehold, NJ 81,420 1,086 5,355 211 1,086 5,566 6,652 1,133 2012 Hamilton, NJ 70,550 1,885 5,430 511 1,893 5,173 7,066 1,891 2006 Hoboken, NJ 34,194 1,370 3,947 972 1,370 4,285 5,655 1,776 2005 Linden, NJ 100,425 517 6,008 2,669 1,043 7,139 8,182 3,579 1996 Lumberton, NJ 96,025 987 4,864 316 987 5,180 6,167 1,052 2012 Morris Township, NJ 72,226 500 5,602 3,100 1,072 7,054 8,126 3,499 1997 Parsippany, NJ 84,655 475 5,322 5,820 844 9,798 10,642 3,430 1997 Rahway, NJ 83,121 1,486 7,326 680 1,486 8,007 9,493 1,400 2013 Randolph, NJ 52,565 855 4,872 1,574 1,108 4,757 5,865 1,940 2002 Ridgefield, NJ 67,803 1,810 8,925 318 1,810 9,243 11,053 1,008 2015 Roseland, NJ 53,569 1,844 9,759 189 1,844 9,948 11,792 989 2015 Sewell, NJ 57,826 484 2,766 1,441 706 3,129 3,835 1,362 2001 Somerset, NJ 57,485 1,243 6,129 587 1,243 6,716 7,959 1,286 2012 Whippany, NJ 92,070 2,153 10,615 653 2,153 11,268 13,421 1,945 2013 Albuquerque I, NM 65,927 1,039 3,395 367 1,039 3,178 4,217 1,403 2005 Albuquerque II, NM 58,798 1,163 3,801 284 1,163 3,462 4,625 1,554 2005 Albuquerque III, NM 57,536 664 2,171 371 664 2,151 2,815 967 2005 Henderson, NV 75,150 1,246 6,143 105 1,246 6,246 7,492 839 2014 Las Vegas I, NV 48,732 1,851 2,986 593 1,851 3,167 5,018 1,484 2006 Las Vegas II, NV 48,850 3,354 5,411 615 3,355 5,444 8,799 2,477 2006 Las Vegas III, NV 84,600 1,171 10,034 113 1,171 10,148 11,319 679 2016 Las Vegas IV, NV 90,527 1,116 8,575 365 1,116 8,939 10,055 626 2016 Las Vegas V, NV 107,226 1,460 9,560 183 1,460 9,744 11,204 613 2016 Las Vegas VI, NV 92,732 1,386 12,299 123 1,386 12,422 13,808 699 2016 Las Vegas VII, NV 94,525 1,575 11,483 146 1,575 11,630 13,205 105 2018 Baldwin, NY 61,380 1,559 7,685 646 1,559 8,331 9,890 915 2015 Bronx I, NY 67,864 2,014 11,411 1,118 2,014 10,937 12,951 2,917 2010 Bronx II, NY 99,028 — 28,289 1,721 — 29,475 29,475 6,654 2011 Bronx III, NY 105,900 6,459 36,180 219 6,460 32,052 38,512 7,285 2011 Bronx IV, NY 74,580 — 22,074 130 — 19,549 19,549 4,461 2011 Bronx V, NY 54,704 — 17,556 226 — 15,671 15,671 3,580 2011 Bronx VI, NY 45,970 — 16,803 364 — 15,136 15,136 3,452 2011 Bronx VII, NY 78,700 8,022 — 22,512 189 — 22,810 22,810 4,959 2012 Bronx VIII, NY 30,550 2,816 1,245 6,137 308 1,251 6,475 7,726 1,389 2012 Bronx IX, NY 147,915 22,041 7,967 39,279 1,452 7,967 40,730 48,697 8,714 2012 Bronx X, NY 159,805 24,893 9,090 44,816 537 9,090 45,353 54,443 9,298 2012 Bronx XI, NY 46,425 — 17,130 344 — 17,476 17,476 2,212 2014 Bronx XII, NY 101,268 — 31,603 80 — 31,681 31,681 2,614 2016 Bronx XIII, NY 201,195 19,622 68,290 — 19,621 68,379 88,000 516 2018 Brooklyn I, NY 57,456 1,795 10,172 410 1,795 9,166 10,961 2,397 2010 Brooklyn II, NY 60,920 1,601 9,073 497 1,601 8,251 9,852 2,198 2010 Brooklyn III, NY 41,610 2,772 13,570 146 2,772 13,798 16,570 3,155 2011 Brooklyn IV, NY 37,560 2,283 11,184 198 2,284 11,444 13,728 2,620 2011 Brooklyn V, NY 47,045 2,374 11,636 120 2,374 11,809 14,183 2,686 2011 Brooklyn VI, NY 74,820 4,210 20,638 124 4,211 20,869 25,080 4,742 2011 Brooklyn VII, NY 72,725 5,604 27,452 200 5,604 27,817 33,421 6,338 2011 Brooklyn VIII, NY 61,525 4,982 24,561 118 4,982 24,678 29,660 3,671 2014 Brooklyn IX, NY 46,980 2,966 14,620 154 2,966 14,774 17,740 2,195 2014 Brooklyn X, NY 55,938 3,739 7,703 3,118 4,885 9,674 14,559 978 2015 Brooklyn XI, NY 110,215 10,093 35,385 229 10,093 35,613 45,706 3,116 2016 Brooklyn XII, NY 131,913 7,249 40,230 9 7,250 40,243 47,493 1,246 2017 Flushing, NY 64,993 17,177 17,356 18 17,177 17,373 34,550 40 2018 Holbrook, NY 60,377 2,029 10,737 77 2,029 10,814 12,843 1,066 2015 Jamaica I, NY 88,385 2,043 11,658 2,374 2,043 11,299 13,342 4,755 2001 Jamaica II, NY 92,805 5,391 26,413 397 5,391 26,953 32,344 6,132 2011 Long Island City, NY 88,775 5,700 28,101 46 5,700 28,147 33,847 3,655 2014 New Rochelle I, NY 43,596 1,673 4,827 1,223 1,673 5,391 7,064 2,080 2005 New Rochelle II, NY 63,425 3,167 2,713 452 3,762 18,999 22,761 4,146 2012 New York, NY 94,912 31,171 42,022 38,753 23 42,022 38,777 80,799 1,531 2017 North Babylon, NY 78,350 225 2,514 4,233 568 5,595 6,163 2,775 1998 Patchogue, NY 47,759 1,141 5,624 61 1,141 5,685 6,826 757 2014 Queens I, NY 82,875 5,158 12,339 1,156 5,160 13,493 18,653 1,415 2015 Queens II, NY 90,728 6,208 25,815 484 6,208 26,300 32,508 2,598 2016 Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Riverhead, NY 38,490 1,068 1,149 216 1,068 1,086 2,154 527 2005 Southold, NY 59,945 2,079 2,238 350 2,079 2,184 4,263 1,035 2005 Staten Island, NY 96,573 1,919 9,463 870 1,919 10,334 12,253 1,790 2013 Tuckahoe, NY 51,358 2,363 17,411 311 2,363 11,951 14,314 2,711 2011 West Hempstead, NY 83,395 2,237 11,030 245 2,237 11,273 13,510 2,254 2012 White Plains, NY 85,874 3,295 18,049 1,030 3,295 16,582 19,877 4,055 2011 Woodhaven, NY 50,665 2,015 11,219 158 2,015 10,080 12,095 2,283 2011 Wyckoff, NY 60,440 1,961 11,113 351 1,961 9,980 11,941 2,546 2010 Yorktown, NY 78,879 2,382 11,720 216 2,382 11,949 14,331 2,728 2011 Cleveland I, OH 46,000 525 2,592 273 524 2,515 3,039 1,097 2005 Cleveland II, OH 58,325 290 1,427 239 289 1,413 1,702 622 2005 Columbus I, OH 71,905 1,234 3,151 153 1,239 2,828 4,067 1,187 2006 Columbus II, OH 36,659 769 3,788 293 769 4,081 4,850 547 2014 Columbus III, OH 51,200 326 1,607 124 326 1,732 2,058 240 2014 Columbus IV, OH 60,950 443 2,182 106 443 2,288 2,731 314 2014 Columbus V, OH 73,325 838 4,128 139 838 4,267 5,105 571 2014 Columbus VI, OH 63,525 701 3,454 120 701 3,575 4,276 480 2014 Grove City, OH 89,290 1,756 4,485 290 1,761 4,157 5,918 1,700 2006 Hilliard, OH 89,290 1,361 3,476 285 1,366 3,273 4,639 1,349 2006 Lakewood, OH 39,332 405 854 690 405 1,385 1,790 1,046 1989 Lewis Center, OH 76,224 1,056 5,206 146 1,056 5,351 6,407 721 2014 Middleburg Heights, OH 93,200 63 704 2,402 332 2,436 2,768 1,151 1980 North Olmsted I, OH 48,672 63 704 1,591 214 1,802 2,016 884 1979 North Olmsted II, OH 47,850 290 1,129 1,232 469 2,034 2,503 1,724 1988 North Randall, OH 80,297 515 2,323 3,274 898 3,997 4,895 1,821 1998 Reynoldsburg, OH 67,245 1,290 3,295 388 1,295 3,229 4,524 1,331 2006 Strongsville, OH 43,683 570 3,486 430 570 3,082 3,652 1,126 2007 Warrensville Heights, OH 90,281 525 766 3,292 935 3,443 4,378 1,612 1980 Westlake, OH 62,750 509 2,508 264 508 2,383 2,891 1,068 2005 Conshohocken, PA 81,285 1,726 8,508 182 1,726 8,689 10,415 1,765 2012 Exton, PA 57,750 541 2,668 127 519 2,817 3,336 573 2012 Langhorne, PA 64,838 1,019 5,023 360 1,019 5,383 6,402 1,083 2012 Levittown, PA 76,130 926 5,296 1,306 926 4,881 5,807 2,100 2001 Malvern, PA 18,820 2,959 18,198 1,727 2,959 19,923 22,882 2,734 2013 Montgomeryville, PA 84,145 975 4,809 261 975 5,069 6,044 1,044 2012 Norristown, PA 61,520 662 3,142 789 638 4,061 4,699 1,007 2011 Philadelphia I, PA 96,099 1,461 8,334 1,931 1,461 6,921 8,382 3,047 2001 Philadelphia II, PA 68,279 1,012 4,990 167 1,012 5,157 6,169 810 2014 Exeter, RI 41,275 547 2,697 148 547 2,845 3,392 387 2014 Johnston, RI 77,275 1,061 5,229 106 1,061 5,336 6,397 715 2014 Wakefield, RI 45,745 823 4,058 85 823 4,143 4,966 546 2014 Woonsocket, RI 72,900 1,049 5,172 174 1,049 5,346 6,395 718 2014 Antioch, TN 75,985 588 4,906 372 588 4,510 5,098 1,887 2005 Nashville I, TN 107,950 405 3,379 1,056 405 3,846 4,251 1,495 2005 Nashville II, TN 83,174 593 4,950 272 593 4,527 5,120 1,910 2005 Nashville III, TN 101,525 416 3,469 347 416 3,482 3,898 1,461 2006 Nashville IV, TN 102,450 992 8,274 396 992 7,428 8,420 3,106 2006 Nashville V, TN 74,560 2,363 895 4,311 854 895 5,165 6,060 657 2015 Nashville VI, TN 72,416 2,749 8,443 124 2,749 8,566 11,315 847 2015 Allen, TX 62,170 714 3,519 134 714 3,653 4,367 754 2012 Austin I, TX 59,645 2,239 2,038 278 2,239 1,967 4,206 807 2005 Austin II, TX 64,360 (A) 734 3,894 419 738 3,751 4,489 1,445 2006 Austin III, TX 70,735 1,030 5,468 358 1,035 5,167 6,202 1,962 2006 Austin IV, TX 65,258 862 4,250 381 862 4,632 5,494 716 2014 Austin V, TX 67,850 1,050 5,175 294 1,050 5,469 6,519 757 2014 Austin VI, TX 62,850 1,150 5,669 327 1,150 5,996 7,146 808 2014 Austin VII, TX 71,023 1,429 6,263 256 1,429 6,519 7,948 637 2015 Austin VIII, TX 62,288 2,935 7,007 63 2,935 7,071 10,006 685 2016 Austin IX, TX 78,547 1,321 9,643 34 1,321 9,677 10,998 308 2018 Bryan, TX 60,650 1,394 1,268 575 1,396 1,605 3,001 576 2005 Carrollton, TX 77,780 661 3,261 140 661 3,401 4,062 660 2012 Cedar Park, TX 86,725 3,350 7,950 380 3,350 8,331 11,681 765 2016 College Station, TX 26,550 812 740 216 813 769 1,582 303 2005 Cypress, TX 58,161 360 1,773 154 360 1,928 2,288 409 2012 Dallas I, TX 58,582 2,475 2,253 489 2,475 2,264 4,739 922 2005 Dallas II, TX 77,073 940 4,635 234 940 4,869 5,809 813 2013 Dallas III, TX 83,479 2,608 12,857 306 2,608 13,163 15,771 1,714 2014 Dallas IV, TX 114,750 2,369 11,850 75 2,369 11,924 14,293 1,449 2015 Dallas V, TX 54,510 — 11,604 87 — 11,692 11,692 1,285 2015 Denton, TX 60,846 553 2,936 445 569 2,886 3,455 1,017 2006 Fort Worth I, TX 50,416 1,253 1,141 356 1,253 1,259 2,512 495 2005 Fort Worth II, TX 72,900 868 4,607 399 874 4,338 5,212 1,689 2006 Fort Worth III, TX 81,145 1,000 4,928 186 1,000 5,115 6,115 626 2015 Fort Worth IV, TX 78,579 1,274 7,693 34 1,274 7,728 9,002 679 2016 Frisco I, TX 50,904 1,093 3,148 205 1,093 2,895 3,988 1,174 2005 Frisco II, TX 71,839 1,564 4,507 244 1,564 4,135 5,699 1,664 2005 Frisco III, TX 74,665 1,147 6,088 682 1,154 5,961 7,115 2,250 2006 Frisco IV, TX 75,175 719 4,072 293 719 3,769 4,488 985 2010 Frisco V, TX 74,415 1,159 5,714 145 1,159 5,858 7,017 903 2014 Frisco VI, TX 69,176 1,064 5,247 174 1,064 5,421 6,485 738 2014 Garland I, TX 70,100 751 3,984 628 767 4,018 4,785 1,541 2006 Garland II, TX 68,425 862 4,578 310 862 4,291 5,153 1,587 2006 Grapevine, TX 78,769 1,211 8,559 117 1,211 8,676 9,887 755 2016 Houston III, TX 61,590 575 524 486 576 898 1,474 357 2005 Houston IV, TX 43,750 960 875 704 961 1,379 2,340 503 2005 Houston V, TX 124,279 1,153 6,122 1,804 991 7,176 8,167 2,418 2006 Houston VI, TX 54,690 575 524 5,857 983 5,060 6,043 1,212 2011 Houston VII, TX 46,991 681 3,355 185 681 3,540 4,221 785 2012 Houston VIII, TX 54,215 1,294 6,377 383 1,294 6,761 8,055 1,400 2012 Houston IX, TX 51,208 296 1,459 149 296 1,608 1,904 336 2012 Houston X, TX 96,061 5,267 12,667 10 5,267 12,677 17,944 223 2018 Houston XI, TX 80,930 5,618 15,330 5 5,618 15,334 20,952 104 2018 Humble, TX 70,700 706 5,727 113 706 5,840 6,546 579 2015 Gross Carrying Amount at Initial Cost Costs December 31, 2018 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Katy, TX 71,308 1,329 6,552 87 1,329 6,640 7,969 1,075 2013 Keller, TX 88,585 1,330 7,960 329 1,331 7,673 9,004 1,831 2006/2017 Lewisville I, TX 67,340 476 2,525 539 492 2,627 3,119 957 2006 Lewisville II, TX 127,659 1,464 7,217 508 1,464 7,725 9,189 1,313 2013 Lewisville III, TX 93,855 1,307 15,025 204 1,307 15,229 16,536 1,242 2016 Little Elm I, TX 60,115 892 5,529 138 892 5,668 6,560 483 2016 Little Elm II, TX 97,136 1,219 9,864 121 1,219 9,986 11,205 830 2016 Mansfield I, TX 63,000 837 4,443 292 843 4,152 4,995 1,614 2006 Mansfield II, TX 57,375 662 3,261 165 662 3,426 4,088 725 2012 Mansfield III, TX 71,000 947 4,703 183 947 4,887 5,834 343 2016 McKinney I, TX 47,020 1,632 1,486 286 1,634 1,532 3,166 604 2005 McKinney II, TX 70,050 855 5,076 287 857 4,738 5,595 1,834 2006 McKinney III, TX 53,650 652 3,213 73 652 3,285 3,937 424 2014 North Richland Hills, TX 57,200 2,252 2,049 258 2,252 1,928 4,180 784 2005 Pearland, TX 72,050 450 2,216 418 450 2,635 3,085 525 2012 Richmond, TX 102,295 1,437 7,083 171 1,437 7,254 8,691 1,174 2013 Roanoke, TX 59,300 1,337 1,217 238 1,337 1,229 2,566 477 2005 San Antonio I, TX 73,579 2,895 2,635 376 2,895 2,478 5,373 1,007 2005

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Noncontrolling Interests	Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity 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 noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2018, 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 $0.3 million as of December 31, 2018. Disclosure of such redemption provisions is provided in note 12.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact the Company’s future operating results.
Self-Storage Facilities	Self-Storage Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018 (see section entitled Recent Accounting Pronouncements” ), and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development.
Purchase Price Allocation	Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual store along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization	Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
Long-Lived Assets Held for Sale	Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements.
Loan Procurement Costs	Loan Procurement Costs Loan procurement costs related to borrowings were $21.5 million and $21.4 million as of December 31, 2018 and 2017, respectively, and are reported net of accumulated amortization of $13.4 million and $11.1 million as of December 31, 2018 and 2017, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets	Other Assets Other assets are comprised of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Intangible assets, net of accumulated amortization of $3,124 and $1,532 $ 8,145 $ 1,716 Accounts receivable 5,672 5,498 Prepaid real estate taxes 4,406 3,960 Prepaid insurance 1,479 2,105 Amounts due from affiliates (see note 13) 10,584 7,480 Assets held in trust related to deferred compensation arrangements 9,645 9,393 Equity investment recorded at cost (1) 5,000 — Other 3,832 4,438 Total other assets, net $ 48,763 $ 34,590 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A Preferred Units of Capital Storage Partners, LLC, a newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5), and Texas (13). The Class A Preferred Units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively.
Environmental Costs	Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party.
Revenue Recognition	Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. Property management fee income is recognized monthly as services are performed and in accordance with the terms of the related management agreements. The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred.
Advertising and Marketing Costs	Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred $10.3 million, $9.7 million, and $9.4 million in advertising and marketing expenses for the years ended December 31, 2018, 2017 and 2016, respectively, which are included in Property operating expenses on the Company’s consolidated statements of operations.
Equity Offering Costs	Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $1.6 million, $0.6 million, and $1.6 million, respectively, of equity offering costs related to the issuance of common shares.
Other Property Related Income	Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned.
Capitalized Interest	Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2018, 2017 and 2016, the Company capitalized $4.4 million, $5.6 million, and $4.6 million, respectively, of interest incurred that is directly associated with construction activities.
Derivative Financial Instruments	Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $150.0 million and $100.0 million as of December 31, 2018 and 2017, respectively, the fair values of which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.
Income Taxes	Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $3.6 billion and $3.4 billion as of December 31, 2018 and 2017, respectively. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain, or return of capital. The characterization of the Company’s dividends for 2018 consisted of a 78.190% ordinary income distribution, a 13.653% capital gain distribution, and an 8.157% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2018, 2017, or 2016. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.4 million as of December 31, 2018 and 2017. Legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017.
Earnings per Share and Unit	Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were 842,000; 923,000 and 1,287,000 in 2018, 2017 and 2016, respectively.
Share Based Payments	Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management.
Reclassifications	Reclassifications On January 1, 2018, the Company adopted ASU No. 2016-15: Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which requires retrospective application for a number of cash flow classification items for which there was diversity in practice. See Recent Accounting Pronouncements below for the specific cash flow areas addressed by the new standard. As a result of adopting the new guidance, $1.6 million and $1.3 million of proceeds received from the settlement of insurance claims during the years ended December 31, 2017 and 2016, respectively, have been reclassified from operating activities to investing activities within the consolidated statements of cash flows. On January 1, 2018, the Company also adopted ASU No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $0.1 million and $4.1 million of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the year ended December 31, 2017, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the year. For the year ended December 31, 2016, $0.6 million and $16.1 million of restricted cash, which were previously included as operating cash inflows and investing cash inflows, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the year.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the majority of the Company’s future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. In August 2016, the FASB issued ASU No. 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. In addition, the Company elected the practical expedient that allows reporting entities to use hindsight to determine the lease term for existing leases. The Company expects to record lease liabilities of approximately $55.0 million and right-of-use assets of approximately $50.0 million, primarily related to the Company’s ten ground leases in which it serves as lessee (see note 14). In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), 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 new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU No. 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU No. 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU No. 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The Company finalized the impact of the adoption of ASU No. 2014-09 and ASU No. 2016-12 on the Company’s consolidated financial statements and related disclosures and adopted the standards using the modified retrospective transition method. The standards did not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because most of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, property management fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance does not differ materially from revenue recognized under previous guidance and there is no material prior year impact.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in Florida, New York, Texas, and California provided approximately 17%, 16%, 10% and 8%, respectively, of our total revenues for each of the years ended December 31, 2018, 2017 and 2016.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Intangible assets, net of accumulated amortization of $3,124 and $1,532 $ 8,145 $ 1,716 Accounts receivable 5,672 5,498 Prepaid real estate taxes 4,406 3,960 Prepaid insurance 1,479 2,105 Amounts due from affiliates (see note 13) 10,584 7,480 Assets held in trust related to deferred compensation arrangements 9,645 9,393 Equity investment recorded at cost (1) 5,000 — Other 3,832 4,438 Total other assets, net $ 48,763 $ 34,590 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A Preferred Units of Capital Storage Partners, LLC, a newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5), and Texas (13). The Class A Preferred Units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
STORAGE PROPERTIES
Summary of real estate assets	December 31, 2018 2017 (in thousands) Land $ 806,916 $ 711,140 Buildings and improvements 3,343,173 3,086,252 Equipment 176,583 182,958 Construction in progress 136,783 181,365 Storage properties 4,463,455 4,161,715 Less: Accumulated depreciation (862,487) (752,925) Storage properties, net $ 3,600,968 $ 3,408,790
Schedule of acquisitions and dispositions of real estate assets	Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2018 Acquisitions: Texas Asset Texas Markets - Major January 2018 1 $ 12,200 Texas Asset Texas Markets - Major May 2018 1 19,000 Metro DC Asset Baltimore / DC July 2018 1 34,200 Nevada Asset Las Vegas September 2018 1 14,350 North Carolina Asset Charlotte September 2018 1 11,000 California Asset Los Angeles October 2018 1 53,250 Texas Asset Texas Markets - Major October 2018 1 23,150 California Asset San Diego November 2018 1 19,118 New York Asset New York / Northern NJ November 2018 1 37,000 Illinois Asset Chicago December 2018 1 4,250 10 $ 2018 Dispositions: Arizona Assets Phoenix November 2018 2 $ 17,502 2 $ 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $ 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ 21,000 Texas Assets Texas Markets - Major January 2016 2 24,800 New York Asset New York / Northern NJ January 2016 1 48,500 Texas Asset Texas Markets - Major January 2016 1 11,600 Connecticut Asset Connecticut February 2016 1 19,000 Texas Asset Texas Markets - Major March 2016 1 11,600 Florida Assets Florida Markets - Other March 2016 3 47,925 Colorado Asset Denver April 2016 1 11,350 Texas Asset Texas Markets - Major April 2016 1 11,600 Texas Asset Texas Markets - Major May 2016 1 10,100 Texas Asset Texas Markets - Major May 2016 1 10,800 Illinois Asset Chicago May 2016 1 12,350 Illinois Asset Chicago May 2016 1 16,000 Massachusetts Asset Massachusetts June 2016 1 14,300 Nevada Assets Las Vegas July 2016 2 23,200 Arizona Asset Phoenix August 2016 1 14,525 Minnesota Asset Minneapolis August 2016 1 15,150 Colorado Asset Denver August 2016 1 15,600 Texas Asset Texas Markets - Major September 2016 1 6,100 Texas Asset Texas Markets - Major September 2016 1 5,300 Nevada Asset Las Vegas October 2016 1 13,250 North Carolina Asset Charlotte November 2016 1 10,600 Arizona Asset Phoenix November 2016 1 14,000 Nevada Asset Las Vegas December 2016 1 14,900 28 $

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2018
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations	Year Ended December 31, 2018 (in thousands) Total revenue $ 4,089 Net loss (2,732)
Schedule of capitalized costs for investments in storage properties	CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY 1 Q3 2018 51% $ 92,100 Brooklyn, NY (1) 1 Q4 2017 100% 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 Bronx, NY (1) (2) 1 Q2 2016 100% 32,200 Queens, NY (1) 1 Q1 2016 100% 31,800 7 $ 324,100 (1) These stores were previously owned through three separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. On March 28, 2018, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $20.4 million. These amounts are included in Development costs on the Company’s consolidated statements of cash flows. (2) This store is subject to a ground lease.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Summary of the financial position of the ventures	December 31, 2018 2017 Assets Storage properties, net $ 741,209 $ 647,668 Other assets 16,042 8,284 Total assets $ 757,251 $ 655,952 Liabilities and equity Other liabilities $ 7,911 $ 6,853 Debt 413,848 346,475 Equity CubeSmart 95,796 91,206 Joint venture partners 239,696 211,418 Total liabilities and equity $ 757,251 $ 655,952
Summary of results of operations of the ventures	Year ended December 31, 2018 2017 2016 Total revenues $ 90,111 $ 81,058 $ 64,931 Operating expenses 37,899 33,922 26,150 Other expense 938 783 3,750 Interest expense, net 13,311 11,703 9,432 Depreciation and amortization 41,972 45,086 53,701 Net loss $ (4,009) $ (10,436) $ (28,102) Company’s share of net loss $ (865) $ (1,386) $ (2,662)

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2018
Senior Notes
Summary of debt	December 31, Effective Issuance Maturity Unsecured Senior Notes 2018 2017 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (568) (617) Less: Loan procurement costs, net (5,908) (6,923) Total unsecured senior notes, net $ 1,143,524 $ 1,142,460 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%.

REVOLVING CREDIT FACILITY AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)	12 Months Ended
	Dec. 31, 2018
Credit Facility and Term Loan Facility
Summary of debt	Carrying Value as of: Effective Interest December 31, Rate as of Maturity Unsecured Term Loans 2018 2017 December 31, 2018 (1) Date (in thousands) Credit Facility Unsecured term loan (2) $ 200,000 $ 200,000 3.80 % Jan-19 Term Loan Facility Unsecured term loan 100,000 100,000 3.65 % Jan-20 Principal balance outstanding 300,000 300,000 Less: Loan procurement costs, net (201) (604) Total unsecured term loans, net $ 299,799 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan that matured in January 2019 were priced at 1.30% over LIBOR, while amounts drawn under the term loan that is scheduled to mature in January 2020 are priced at 1.15% over LIBOR. As of December 31, 2018, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended, had an effective weighted average interest rate of 3.75%. (2) On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes” - see note 18) to repay all of the outstanding indebtedness under the unsecured term loan portion of the Credit Facility that was scheduled to mature in January 2019.

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	12 Months Ended
	Dec. 31, 2018
Summary of debt	Carrying Value as of: December 31, Effective Maturity Mortgage Loans and Notes Payable 2018 2017 Interest Rate Date (in thousands) YSI 33 $ 9,214 $ 9,547 6.42 % Jul-19 YSI 26 8,022 8,228 4.56 % Nov-20 YSI 57 2,816 2,889 4.61 % Nov-20 YSI 55 22,041 22,508 4.85 % Jun-21 YSI 24 24,893 25,700 4.64 % Jun-21 YSI 65 2,363 2,411 3.85 % Jun-23 YSI 66 31,171 31,727 3.51 % Jun-23 YSI 68 5,626 5,786 3.78 % May-24 Principal balance outstanding 106,146 108,796 Plus: Unamortized fair value adjustment 2,551 3,286 Less: Loan procurement costs, net (451) (648) Total mortgage loans and notes payable, net $ 108,246 $
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 as of December 31, 2018 (in thousands): 2019 $ 11,652 2020 12,791 2021 45,057 2022 923 2023 31,019 2024 and thereafter 4,704 Total mortgage payments 106,146 Plus: Unamortized fair value adjustment 2,551 Less: Loan procurement costs, net (451) Total mortgage loans and notes payable, net $ 108,246

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
Summary of changes in accumulated other comprehensive income by component	The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2018 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps Other comprehensive loss before reclassifications $ (970) Amounts reclassified from accumulated other comprehensive income (62) (1) Net current-period other comprehensive loss (1,032) Balance at December 31, 2017 3 Balance at December 31, 2018 $ (1,029) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
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 as of December 31, 2018 and 2017 (in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type December 31, 2018 December 31, 2017 Strike Date Maturity December 31, 2018 December 31, 2017 Swap Cash flow (1) $ 75,000 $ — % 6/28/2019 6/28/2029 $ (516) $ — Swap Cash flow (1) 50,000 — % 6/28/2019 6/28/2029 (350) — Swap Cash flow (1) 25,000 — % 6/28/2019 6/28/2029 (173) — Swap Cash flow (2) — 40,000 % 6/20/2011 6/20/2018 — (161) Swap Cash flow (2) — 40,000 % 6/20/2011 6/20/2018 — (163) Swap Cash flow (2) — 20,000 % 6/20/2011 6/20/2018 — (82) $ 150,000 $ 100,000 $ (1,039) $ (406) (1) These interest rate swaps were entered into on December 24, 2018 to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. On January 24, 2019, in conjunction with the issuance of the 2029 Notes (see note 18), the Company settled these interest rate swaps for $0.8 million. The termination premium will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. Hedged unsecured variable rate debt by fixing 30-day LIBOR.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	Financial assets and liabilities carried at fair value as of December 31, 2018 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 $ — $ 1,039 $ — Total liabilities at fair value $ — $ 1,039 $ — Financial assets and liabilities carried at fair value as of December 31, 2017 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 $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ —

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	Accordingly, the Company consolidates the assets, liabilities, and results of operations of the joint ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number Estimated Ownership December 31, 2018 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q2 2020 (est.) 90% $ 3,829 $ 2,424 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2020 (est.) 90% 7,077 549 CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% 30,291 8,341 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 20,947 12,023 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q1 2019 (est.) 90% 14,764 9,025 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q1 2019 (est.) 51% 42,840 14,876 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 51% 88,207 39,097 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 78,837 32,998 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Queens, NY Q4 2015 90% 17,588 12,497 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 15,521 12,497 10 $ 319,901 $ 144,327 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2018, has accrued $6.7 million, $9.8 million, $13.1 million, and $37.8 million related to McDonald Ave, 22nd St, 46th St, and Exterior St, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2018, the Company has funded $1.1 million of a total $6.9 million loan commitment to 92 nd St, $0.5 million of a total $12.1 million loan commitment to Newton, $6.8 million of a total $10.8 million loan commitment to Waltham, $12.4 million of a total $12.8 million loan commitment to Jamaica Ave, and $12.4 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments under non-cancelable ground leases	Ground Lease Amount (in thousands) 2019 $ 2,814 2020 2,887 2021 2,956 2022 3,116 2023 3,090 2024 and thereafter 116,379 $ 131,242

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2018
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	Assumptions: 2018 2017 2016 Risk-free interest rate % % % Expected dividend yield % % % Volatility (1) % % % Weighted average expected life of the options (2) years years years Weighted average grant date fair value of options granted per share $ $ $ (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns.
Summary of option activity	Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2015 2,421,944 $ 13.07 4.08 Options granted 213,008 30.32 9.07 Options exercised (695,262) 18.69 0.29 Balance at December 31, 2016 1,939,690 $ 12.94 4.85 Options granted Options exercised Balance at December 31, 2017 1,833,173 $ 16.55 5.26 Options granted 305,805 27.85 9.08 Options canceled (74,748) 26.95 — Options exercised (405,227) 9.47 1.98 Balance at December 31, 2018 $ 19.89 Vested or expected to vest at December 31, 2018 1,659,003 $ 19.89 5.52 Exercisable at December 31, 2018 1,161,209 $ 16.58 4.25
Schedule of non-vested restricted share activity	Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2018 352,462 Granted 165,551 Vested (95,553) Forfeited (39,860) Non-Vested at December 31, 2018

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2018
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings (loss) per common share	For the year ended December 31, 2018 2017 2016 (Dollars and units in thousands, except per unit amounts) Net income $ 165,488 $ 135,611 $ 88,376 Operating Partnership interests of third parties (1,820) (1,593) (941) Noncontrolling interest in subsidiaries 221 270 470 Distribution to preferred unitholders (1) — — (5,045) Preferred unit redemption charge — — (2,937) Net income attributable to common unitholders $ 163,889 $ 134,288 $ 79,923 Weighted-average units outstanding 184,653 180,525 178,246 Unit options and restricted share units 842 923 1,287 Weighted-average diluted units outstanding (2) 185,495 181,448 179,533 Basic earnings per unit attributable to common unitholders $ 0.89 $ 0.74 $ 0.45 Diluted earnings per unit attributable to common unitholders $ 0.88 $ 0.74 $ 0.45 (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. (2) For the years ended December 31, 2018, 2017 and 2016, the Company declared cash dividends per common share/unit of $1.22, $1.11, and $0.90, respectively.
Schedule of common shares sold pursuant to equity distribution agreements	For the year ended December 31, 2018 2017 2016 (Dollars and shares in thousands, except per share amounts) Number of shares sold 4,291 1,036 4,408 Average sales price per share $ 31.09 $ 29.13 $ 31.25 Net proceeds after deducting offering costs $ 131,835 $ 29,642 $ 136,120

PRO FORMA FINANCIAL INFORMATI_2

PRO FORMA FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
PRO FORMA FINANCIAL INFORMATION
Schedule of consolidated results of operations on a pro forma basis	Year ended December 31, 2018 2017 (in thousands, except per share data) Pro forma revenues $ 607,181 $ 561,244 Pro forma net income $ 173,510 $ 129,740 Earnings per share attributable to common shareholders: Basic - as reported $ 0.89 $ 0.74 Diluted - as reported $ 0.88 $ 0.74 Basic - as pro forma $ 0.93 $ 0.71 Diluted - as pro forma $ 0.93 $ 0.71

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summary of quarterly financial information	The following is a summary of quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Total revenues $ 142,877 $ 147,815 $ 153,370 $ 153,882 Total operating expenses 92,464 92,915 93,774 98,775 Net income 34,799 38,751 43,302 48,636 Net income attributable to the Company's common shareholders 34,423 38,410 42,900 48,156 Basic earnings per share attributable to the Company's common shareholders Diluted earnings per share attributable to the Company's common shareholders Three months ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Total revenues $ $ $ $ Total operating expenses Net income Net income attributable to the Company's common shareholders Basic earnings per share attributable to the Company's common shareholders Diluted earnings per share attributable to the Company's common shareholders

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2018statesegment
Number of states in which self-storage facilities are located | state	23
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart, L P and Subsidiaries [Member]
Percentage of the entity's partnership interest in Operating Partnership	99.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ 299	$ 3,965	$ (7,388)
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	$ 0
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
Cubesmart, L P and Subsidiaries [Member]
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ 299	$ 3,965	$ (7,388)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) $ in Thousands	Sep. 05, 2018USD ($)facility	Dec. 31, 2018USD ($)facility	Dec. 31, 2017USD ($)facility
Long-Lived Assets held for sale, timing of expected sale		1 year
Loan procurement costs
Loan procurement costs		$ 21,500	$ 21,400
Loan procurement costs, accumulated amortization		13,400	11,100
Other Assets
Intangible assets, net of accumulated amortization of $3,124 and $1,532		8,145	1,716
Accounts receivable		5,672	5,498
Prepaid real estate taxes		4,406	3,960
Prepaid insurance		1,479	2,105
Amounts due from affiliates (see note 13)		10,584	7,480
Assets held in trust related to deferred compensation arrangements		9,645	9,393
Equity investment recorded at cost		5,000
Other		3,832	4,438
Total		48,763	34,590
Accumulated amortization		$ 3,124	$ 1,532
Number of self-storage facilities acquired | facility		10	7
Capital Storage Partners, LLC
Other Assets
Equity investment recorded at cost	$ 5,000
Ownership interest in partnership (as a percent)	100.00%
Number of self-storage facilities acquired | facility	22
Series A Preferred shares, percentage	11.00%
Capital Storage Partners, LLC | Florida
Other Assets
Number of self-storage facilities acquired | facility	4
Capital Storage Partners, LLC | Oklahoma
Other Assets
Number of self-storage facilities acquired | facility	5
Capital Storage Partners, LLC | Texas
Other Assets
Number of self-storage facilities acquired | facility	13

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Advertising and Marketing Costs
Advertising and marketing expenses	$ 10.3	$ 9.7	$ 9.4
Equity Offering Costs
Equity offering costs	1.6	0.6	1.6
Capitalized Interest
Interest costs, capitalized	$ 4.4	$ 5.6	$ 4.6

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Net tax basis in the entity's assets	$ 3,600	$ 3,400
Percentage of distributions characterized as ordinary income dividends	78.19%
Percentage of distributions characterized as capital gain dividends	13.653%
Percentage of distributions characterized as return of capital dividends	8.157%
Federal excise tax rate (as a percent)	4.00%
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax	85.00%
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax	95.00%
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax	100.00%
Sales and Excise Tax Payable	$ 0
Net deferred tax asset recorded by REIT subsidiary TRS	$ 1.4	$ 1.4
Earnings per Share and Unit
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares)			1,287,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	842,000	923,000
Interest rate swap | Designated | Cash flow
Foreign currency
Notional principal amounts	$ 150	$ 100

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	Jan. 01, 2017	Jan. 01, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows			$ (322,259)	$ (150,303)	$ (559,288)
Operating cash flows			304,335	291,914	263,274
Accounting Standards Update 2016-18 | Reclassifications
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows				(4,100)	(16,100)
Operating cash flows	$ (100)	$ (600)
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows				1,600	1,300
Accounting Standards Update 2016-02 | Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities						$ 55,000
Right-of-use assets						$ 50,000
Cubesmart, L P and Subsidiaries [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows			(322,259)	(150,303)	(559,288)
Operating cash flows			$ 304,335	$ 291,914	$ 263,274

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	16.00%	16.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	17.00%	17.00%	17.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	8.00%	8.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	10.00%	10.00%	10.00%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
STORAGE FACILITIES
Storage properties	$ 4,463,455	$ 4,161,715
Less: Accumulated depreciation	(862,487)	(752,925)
Storage properties, net (including VIE assets of $330,986 and $291,496, respectively)	3,600,968	3,408,790	$ 3,326,816
Land
STORAGE FACILITIES
Storage properties	806,916	711,140
Buildings and improvements
STORAGE FACILITIES
Storage properties	3,343,173	3,086,252
Equipment
STORAGE FACILITIES
Storage properties	176,583	182,958
Construction in progress
STORAGE FACILITIES
Storage properties	$ 136,783	$ 181,365

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) Unit12 in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018facility	Dec. 31, 2018	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)facility	Dec. 31, 2016property	Dec. 31, 2016facility	Dec. 31, 2016USD ($)
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	10			7
Purchase Price			$ 227,518	$ 80,650
2018 Acquisitions
STORAGE FACILITIES
Purchase Price			227,518
2018 Acquisitions | Texas Asset January 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			12,200
2018 Acquisitions | Texas Asset May 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			19,000
2018 Acquisitions | Metro DC Asset July 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			34,200
2018 Acquisitions | Nevada Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			14,350
2018 Acquisitions | North Carolina Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			11,000
2018 Acquisitions | California Asset October 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			53,250
2018 Acquisitions | Texas Asset October 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			23,150
2018 Acquisitions | California Asset November 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			19,118
2018 Acquisitions | New York Asset November 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price			37,000
2018 Acquisitions | Illinois Asset December 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
2018 Acquisitions | Illinois Asset
STORAGE FACILITIES
Purchase Price			$ 4,250
2017 Acquisitions | Illinois Asset April 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 11,200
2017 Acquisitions | Maryland Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 18,200
2017 Acquisitions | California Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 3,650
2017 Acquisitions | Texas Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 4,050
2017 Acquisitions | Florida Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 14,500
2017 Acquisitions | Illinois Asset November 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 11,300
2017 Acquisitions | Florida Asset December 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 17,750
2016 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)					28	28
Purchase Price							$ 403,550
2016 Acquisitions | Metro DC Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							21,000
2016 Acquisitions | Texas Asset Nineteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						2
Purchase Price							24,800
2016 Acquisitions | New York Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							48,500
2016 Acquisitions | Texas Asset Twenty
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							11,600
2016 Acquisitions | Connecticut Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							19,000
2016 Acquisitions | Texas Asset Twenty-one
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							11,600
2016 Acquisitions | Florida Assets Thirteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						3
Purchase Price							47,925
2016 Acquisitions | Colorado Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							11,350
2016 Acquisitions | Texas Asset Twenty-Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							11,600
2016 Acquisitions | Texas Asset Twenty-Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							10,100
2016 Acquisitions | Texas Asset Twenty-Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							10,800
2016 Acquisitions | Illinois Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							12,350
2016 Acquisitions | Illinois Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							16,000
2016 Acquisitions | Massachusetts Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							14,300
2016 Acquisitions | Nevada Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						2
Purchase Price							23,200
2016 Acquisitions | Arizona Asset Seven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							14,525
2016 Acquisitions | Minnesota Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							15,150
2016 Acquisitions | Colorado Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							15,600
2016 Acquisitions | Texas Asset Twenty-Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							6,100
2016 Acquisitions | Texas Asset Twenty Six
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							5,300
2016 Acquisitions | Nevada Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							13,250
2016 Acquisitions | North Carolina Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							10,600
2016 Acquisitions | Arizona Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							14,000
2016 Acquisitions | Nevada Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price							$ 14,900
Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)	2	17,502
Dispositions | Arizona Asset
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)	2	17,502

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)	Nov. 28, 2018USD ($)facility	Jul. 23, 2018shares	Jun. 23, 2018shares	Mar. 28, 2018USD ($)	Jan. 31, 2018USD ($)shares	Jun. 02, 2017USD ($)	Apr. 12, 2017USD ($)shares	Aug. 12, 2016USD ($)	Apr. 18, 2016USD ($)shares	Apr. 05, 2016USD ($)	May 14, 2015USD ($)shares	Dec. 31, 2015	Dec. 31, 2018USD ($)propertyfacilityshares	Dec. 31, 2017USD ($)propertyfacility$ / sharesshares	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)item	Dec. 31, 2016USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)facility
Self-storage facilities
Number of self-storage facilities | facility																				7
Number of self-storage facilities acquired | facility													10	7
Aggregate purchase price													$ 227,518,000	$ 80,650,000
Proceeds from sales of facilities, net													16,389,000
Total Construction Costs																				$ 324,100,000
Storage properties													4,463,455,000	4,161,715,000						4,463,455,000
Restricted cash													2,718,000	3,890,000						2,718,000
Gain from sale of real estate, net													$ 10,576,000
OP units issued (in shares) | shares									61,224		20,408
Issuance of OP Shares									$ 1,500,000		$ 500,000
Common stock, conversion ratio													1
Acquisition of noncontrolling interest														$ 9,033,000
Self storage under construction
Self-storage facilities
Number of facilities under contract | facility													6
Development costs													$ 118,600,000							$ 118,600,000
Expected construction cost													162,700,000
Self Storage Facility in Queens, NY I
Self-storage facilities
Cash paid for acquisition										$ 12,500,000
Acquisition of remaining interest in real estate ventures (as a percent)										49.00%
Cash paid for acquisition of remaining interest in real estate ventures										$ 12,500,000
Self Storage Facility in Brooklyn, NY I
Self-storage facilities
Cash paid for acquisition						$ 9,000,000
Ownership interest held by the entity (as a percent)												90.00%
Acquisition of remaining interest in real estate ventures (as a percent)				49.00%		10.00%
Cash paid for acquisition of remaining interest in real estate ventures						$ 9,000,000
Acquisition of noncontrolling interest				$ 20,400,000		8,600,000
Repayments of debt						$ 9,800,000
Self-storage Facility in Bronx, NY I
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				51.00%
Total Construction Costs																				$ 92,100,000
Self-storage Facility in Brooklyn, NY
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				100.00%
Total Construction Costs																				$ 49,300,000
Self-storage Facility in Washington DC
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				100.00%
Total Construction Costs																				$ 27,800,000
Self-storage facilities located in New York
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				90.00%
Total Construction Costs																				$ 81,200,000
Self-storage Facility In North Palm Beach, FL
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				100.00%
Total Construction Costs																				$ 9,700,000
Self-storage Facility in Bronx, NY
Self-storage facilities
Number of self-storage facilities | facility																				1
Cash paid for acquisition								$ 17,000,000
Ownership interest held by the entity (as a percent)																				100.00%
Total Construction Costs																				$ 32,200,000
Acquisition of remaining interest in real estate ventures (as a percent)								49.00%
Cash paid for acquisition of remaining interest in real estate ventures								$ 17,000,000
Self-storage Facility in Queens, NY
Self-storage facilities
Number of self-storage facilities | facility																				1
Ownership interest held by the entity (as a percent)																				100.00%
Total Construction Costs																				$ 31,800,000
Self Storage Facilities in Bronx, NY and Brooklyn, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)																		51.00%
Number of joint ventures | item																3
2018 Acquisitions
Self-storage facilities
Aggregate purchase price													227,518,000
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates
Total revenue													4,089,000
Net loss													(2,732,000)
2017 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | facility														6
Number of self-storage facilities acquired upon completion of construction | facility														2
Aggregate purchase price														$ 69,500,000
Units issued (in shares) | shares														12,300,000
Intangible value of the in-place leases														$ 3,200,000
Estimated life														12 months
Amortization expense													$ 1,700,000	$ 1,500,000
Number of properties, assumed mortgage | facility														1
Assumed mortgage debt, at fair value														$ 6,200,000
Outstanding principal balance of mortgage debt assumed on acquisitions														5,900,000
Premium on debt assumed on acquisitions														$ 300,000
2016 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired															28		28
Aggregate purchase price																			$ 403,550,000
Intangible value of the in-place leases															$ 18,800,000	$ 18,800,000	$ 18,800,000	$ 18,800,000	18,800,000
Estimated life														12 months
Amortization expense														$ 8,300,000					10,500,000
Number of properties, assumed mortgage | facility																	1
Assumed mortgage debt, at fair value															6,500,000	6,500,000	$ 6,500,000	6,500,000	6,500,000
Outstanding principal balance of mortgage debt assumed on acquisitions															6,300,000	6,300,000	6,300,000	6,300,000	6,300,000
Premium on debt assumed on acquisitions															$ 200,000	$ 200,000	$ 200,000	$ 200,000	200,000
Number of facilities not yet closed																			$ 3
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property													10	7
Aggregate purchase price													$ 227,500,000	$ 80,700,000
Self-storage facilities | 2018 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | facility													10
Number of self-storage facilities acquired upon completion of construction | facility													1
Cash paid for acquisition													$ 200,000
Intangible value of the in-place leases													$ 11,300,000							$ 11,300,000
Estimated life													12 months
Amortization expense													$ 3,100,000
Number of properties, assumed mortgage | facility													1
Issuance of OP Shares													$ 4,800,000
Common stock, conversion ratio													1
Cash paid for acquisition of remaining interest in real estate ventures													$ 200,000
Repayments of debt													$ 7,200,000
Texas
Self-storage facilities
Cash paid for acquisition					$ 200,000
Units issued (in shares) | shares					168,011
Units issued					$ 4,800,000
Total consideration					12,200,000
Cash paid for acquisition of remaining interest in real estate ventures					$ 200,000
New York | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility													3
Massachusetts | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility													2
New Jersey | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility													1
Arizona
Self-storage facilities
Net proceeds from sale of assets	$ 17,500,000
Number of assets sold | facility	2
Gain from sale of real estate, net	$ 10,600,000
Illinois
Self-storage facilities
Cash paid for acquisition							$ 9,700,000							9,700,000
Contract amount to purchase real estate														$ 11,200,000
Units issued (in shares) | shares			46,322				58,400							58,400
Stated value (in dollars per share) | $ / shares														$ 25
Distribution rate (as a percent)														3.00%
Total consideration							$ 11,200,000
Cash paid for acquisition of remaining interest in real estate ventures							$ 9,700,000							$ 9,700,000
Capital Unit Class C | Self-storage facilities | 2018 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Redemption period, holder													13 months
Issuance of OP Units (in shares) | shares													168,011
Capital Unit Class C | Illinois
Self-storage facilities
Units issued (in shares) | shares		46,322
Joint Venture | Self Storage Facility in Brooklyn, NY I
Self-storage facilities
Minority ownership interest (as a percent)						0.00%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Sep. 05, 2018USD ($)facility	Jan. 31, 2018USD ($)	Nov. 01, 2017USD ($)	Oct. 16, 2017USD ($)	Dec. 15, 2016USD ($)facility	Nov. 29, 2016USD ($)facility	Jun. 15, 2016USD ($)facility	Apr. 21, 2016USD ($)facility	Mar. 30, 2016USD ($)facility	Jan. 26, 2016USD ($)facility	Dec. 08, 2015USD ($)facility	May 01, 2014USD ($)facility	Dec. 10, 2013USD ($)propertyfacility	Mar. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)facility	Dec. 31, 2018USD ($)facility	Dec. 31, 2017USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)facility	Dec. 15, 2017
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities																$ 95,796	$ 91,206		$ 95,796
Number of storage facilities owned by investee | facility																			7
Number of self-storage facilities acquired | facility																10	7
Acquisitions of storage facilities																$ 214,510	$ 69,629	$ 388,641
Investment in joint venture																5,000			$ 5,000
Interest on real estate venture debt																				4.375%
Summary of results of operations of the real estate venture
Company’s share of net income (loss)																(865)	(1,386)	(2,662)
HVP and HHF
Assets
Storage facilities, net																741,209	647,668		741,209
Other assets																16,042	8,284		16,042
Total Assets																757,251	655,952		757,251
Liabilities and equity
Other liabilities																7,911	6,853		7,911
Debt																413,848	346,475		413,848
Equity
CubeSmart																95,796	91,206		95,796
Joint venture partner																239,696	211,418		239,696
Total liabilities and equity																757,251	655,952		$ 757,251
Summary of results of operations of the real estate venture
Total revenues																90,111	81,058	64,931
Operating expenses																37,899	33,922	26,150
Other expenses																938	783	3,750
Interest expense, net																13,311	11,703	9,432
Depreciation and amortization																41,972	45,086	53,701
Net income (loss)																(4,009)	(10,436)	(28,102)
Company’s share of net income (loss)																$ (865)	(1,386)	$ (2,662)
HHFNE
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)					10.00%
Number of self-storage facilities acquired | facility					13
Acquisitions of storage facilities					$ 87,500
Intangible value of the in-place leases					$ 6,000
HVP
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)															10.00%
Number of self-storage facilities acquired | facility						1	1	5	30	1	30
Number of self-storage facilities acquired, assumed mortgage debt | facility															6
Acquisitions of storage facilities						$ 2,700	$ 7,000	$ 36,100	$ 112,800	$ 5,700	$ 193,700
Number of properties to be acquired under the contract | facility														31	37
Contract amount to purchase real estate														$ 115,500	$ 242,500
Intangible value of the in-place leases														10,600	18,900
Assumed mortgage debt, at fair value																	25,300
Outstanding principal balance of mortgage debt assumed on acquisitions																	23,700
Premium on debt assumed on acquisitions																	1,600
Investment in joint venture														5,400	10,700		$ 16,100
Payment to acquire ownership interest in joint venture															116,000
Venture's loan															$ 122,000
Amount of loan obtained														63,500
HVP | Maximum
Investment in Unconsolidated Real Estate Venture
Venture's loan														$ 185,500
HVP | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)														2.00%	2.00%
HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property													35
Payment made for acquisition of interest in real estate ventures													$ 315,700
Intangible value of the in-place leases													$ 12,100
Proceeds after closing costs distributed proportionately to partners												$ 99,200
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained												$ 100,000
Interest on real estate venture debt												3.59%
Michigan | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility															17
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					3
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					6
Massachusetts | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility															7
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					2
Tennessee | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility															10
Florida | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility															3
Texas
Investment in Unconsolidated Real Estate Venture
Acquisitions of storage facilities				$ 9,400
Cash paid for acquisition of remaining interest in real estate ventures		$ 200
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility												34
Number of self-storage facilities acquired | facility													34
North Carolina | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility														4
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility													(1)
South Carolina | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility														22
Georgia | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility														5
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in joint venture					$ 3,800
Payment to acquire ownership interest in joint venture					$ 44,500
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)					1.90%
HVP | Texas
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)			20.00%
Contribution of storage property to real estate venture			$ 9,400
Proceeds from venture related to real estate contribution			$ 7,500
HHF
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)													50.00%
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)	100.00%
Number of self-storage facilities acquired | facility	22
Investment in joint venture	$ 5,000
Series A Preferred shares, percentage	11.00%
Capital Storage Partners, LLC | Florida
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	4
Capital Storage Partners, LLC | Texas
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	13
Capital Storage Partners, LLC | Oklahoma
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	5

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Dec. 15, 2017USD ($)	Nov. 15, 2017USD ($)	Apr. 06, 2017USD ($)	Apr. 04, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)
Mortgage loans and Notes payable
Interest rate (as a percent)	4.375%
Less: Loan procurement costs, net					$ (1,592)	$ (963)
Total unsecured senior notes, net					1,142,460	1,143,524
Cubesmart, L P and Subsidiaries [Member]
Mortgage loans and Notes payable
Less: Loan procurement costs, net					(1,592)	(963)
Total unsecured senior notes, net					1,142,460	1,143,524
Senior Notes
Mortgage loans and Notes payable
Carrying value					1,150,000	1,150,000
Less: Discount on issuance of notes, net					(617)	(568)
Less: Loan procurement costs, net					(6,923)	(5,908)
Total unsecured senior notes, net					$ 1,142,460	1,143,524
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio					0.60
Secured debt leverage ratio					0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio					1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)					150.00%
Senior notes 4.800% due 2022
Mortgage loans and Notes payable
Senior notes, principal amount						$ 250,000
Interest rate (as a percent)						4.80%
Carrying value					$ 250,000	$ 250,000
Effective interest rate (as a percent)						4.82%
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount						$ 300,000
Interest rate (as a percent)			4.375%	4.375%		4.375%
Carrying value					$ 300,000	$ 300,000
Effective interest rate (as a percent)						4.33%
Effective weighted average interest rate (as a percent)	4.501%			3.495%	4.33%
Proceeds from senior notes	$ 250,000		$ 50,000	$ 50,000
Debt instrument, redemption percentage	98.995%			105.04%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount						$ 300,000
Interest rate (as a percent)		4.00%	4.00%	4.00%		4.00%
Carrying value					$ 300,000	$ 300,000
Effective interest rate (as a percent)		4.032%		3.811%		3.99%
Effective weighted average interest rate (as a percent)					3.994%
Proceeds from senior notes		$ 250,000	$ 50,000	$ 50,000
Debt instrument, redemption percentage		99.735%		101.343%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount						$ 300,000
Interest rate (as a percent)						3.125%
Carrying value					$ 300,000	$ 300,000
Effective interest rate (as a percent)						3.18%
Credit Facility
Mortgage loans and Notes payable
Less: Loan procurement costs, net					$ (604)	$ (201)

REVOLVING CREDIT FACILITY AND_3

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details)	Jan. 31, 2019USD ($)	Dec. 15, 2017USD ($)	Nov. 15, 2017USD ($)	Apr. 06, 2017USD ($)	Apr. 04, 2017USD ($)	Jun. 20, 2011USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Apr. 22, 2015USD ($)
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized							$ 21,400,000	$ 21,500,000
Loan procurement costs, net of amortization							1,592,000	963,000
Interest rate (as a percent)		4.375%
Unsecured term loan							299,396,000	299,799,000
Less: Loan procurement costs, net							(1,592,000)	(963,000)
Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan							100,000,000	$ 100,000,000
Effective interest rate (as a percent)								3.65%
Term Loan Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Tangible net worth							$ 821,211,200
Term Loan Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Percentage of funds from operations that can be distributed on common shares							95.00%
Term Loan Facility | Term Loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Effective interest rate (as a percent)							3.75%
Term Loan Facility | Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity						$ 100,000,000
Term of debt instrument						5 years
Repayment of outstanding debt	$ 100,000,000
Term Loan Facility | Term Loan A | Baa2/BBB | LIBOR
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)							1.30%
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity						$ 100,000,000
Term of debt instrument						7 years
Term Loan Facility | Term Loan B | Baa2/BBB | LIBOR
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)							1.15%
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization							$ 604,000	$ 201,000
Unsecured term loan							300,000,000	300,000,000
Less: Loan procurement costs, net							(604,000)	(201,000)
Total unsecured term loans, net							$ 299,396,000	299,799,000
Net proceeds from equity issuances added to minimum tangible net worth (as a percent)							75.00%
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio							1.50
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)							60.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity									$ 500,000,000
Interest rate, basis spread (as a percent)							1.25%
Facility fee (as a percent)							0.15%
Remaining borrowing capacity							$ 303,800,000
Outstanding letter of credit							700,000
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan							$ 200,000,000	$ 200,000,000
Effective interest rate (as a percent)								3.80%
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Proceeds from senior notes		$ 250,000,000		$ 50,000,000	$ 50,000,000
Interest rate (as a percent)				4.375%	4.375%			4.375%
Effective interest rate (as a percent)								4.33%
Effective weighted average interest rate (as a percent)		4.501%			3.495%		4.33%
Senior notes 4.000% due 2025
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Proceeds from senior notes			$ 250,000,000	$ 50,000,000	$ 50,000,000
Interest rate (as a percent)			4.00%	4.00%	4.00%			4.00%
Effective interest rate (as a percent)			4.032%		3.811%			3.99%
Effective weighted average interest rate (as a percent)							3.994%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (963)	$ (1,592)
Total mortgage loans and notes payable	108,246	111,434
Net book value of self-storage facilities	3,600,968	3,408,790	$ 3,326,816
Mortgages
Mortgage loans and Notes payable
Carrying value	106,146	108,796
Plus: Unamortized fair value adjustment	2,551	3,286
Less: Loan procurement costs, net	(451)	(648)
Total mortgage loans and notes payable	108,246	111,434
Net book value of self-storage facilities used to secure debt		231,000	$ 236,900
YSI 33
Mortgage loans and Notes payable
Carrying value	$ 9,214	9,547
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 8,022	8,228
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,816	2,889
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 22,041	22,508
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 24,893	25,700
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,363	2,411
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 31,171	31,727
Effective interest rate (as a percent)	3.51%
YSI 68
Mortgage loans and Notes payable
Carrying value	$ 5,626	$ 5,786
Effective interest rate (as a percent)	3.78%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (963)	$ (1,592)
Total mortgage loans and notes payable, net	108,246	111,434
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2,019	11,652
2,020	12,791
2,021	45,057
2,022	923
2,023	31,019
2024 and thereafter	4,704
Total mortgage payments	106,146	108,796
Plus: Unamortized fair value adjustment	2,551	3,286
Less: Loan procurement costs, net	(451)	(648)
Total mortgage loans and notes payable, net	$ 108,246	$ 111,434

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ 3
Ending balance	(1,029)
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	3
Other comprehensive loss before reclassifications	(970)
Amounts reclassified from accumulated other comprehensive loss	(62)
Net current-period other comprehensive income (loss)	(1,032)
Ending balance	$ (1,029)

RISK MANAGEMENT AND USE OF FI_3

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative financial instruments
Unrealized losses reclassified from accumulated other comprehensive loss	$ 100
Amount estimated to be reclassified as an increase to interest expense	100
Designated | Cash flow
Derivative financial instruments
Notional Amount	150	$ 100
Fair Value	(1,039)	$ (406)
Payments of interest rate swaps	$ 800
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	$ 75
Swap, Strike rate (as a percent)		2.8015%
Fair Value	(516)
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount	50
Swap, Strike rate (as a percent)		2.803%
Fair Value	(350)
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount	25
Swap, Strike rate (as a percent)		2.802%
Fair Value	$ (173)
Designated | Cash flow | Hedge Product, Swap four
Derivative financial instruments
Notional Amount		$ 40
Swap, Strike rate (as a percent)		2.459%
Fair Value		$ (161)
Designated | Cash flow | Hedge Product, Swap five
Derivative financial instruments
Notional Amount		$ 40
Swap, Strike rate (as a percent)		2.4725%
Fair Value		$ (163)
Designated | Cash flow | Hedge Product, Swap six
Derivative financial instruments
Notional Amount		$ 20
Swap, Strike rate (as a percent)		2.475%
Fair Value		$ (82)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)
Fair value of financial assets and liabilities carried at fair value
Estimated fair value of total debt			$ 1,700,000
Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Number of counterparties to derivative contracts who experienced significant downgrades in 2017 | item	0
Level 2
Fair value of financial assets and liabilities carried at fair value
Total liabilities at fair value	$ 406	$ 1,039
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities	$ 406	$ 1,039

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)facility	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 15, 2017
Interests in Consolidated Real Estate Joint Ventures
Interest rate (as a percent)				4.375%
Purchase Price	$ 227,518	$ 80,650
Gain (loss) from sale of land	10,576
Proceeds from sales of facilities, net	16,389
Gain from sale of real estate, net	10,576
Elimination of noncontrolling interest in subsidiaries due to acquisition		9,033
Reduction to additional paid in capital	925	1,058	$ 4,799
CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans	1,100
Amount of mortgage loan commitment	6,900
CS SDP Newtonville LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans	500
Amount of mortgage loan commitment	12,100
CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		10,000
Accretion liability		6,700
CS 160 East 22nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		11,500
Accretion liability		9,800
CS SDP Waltham LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans	6,800
Amount of mortgage loan commitment	10,800
2225 46th Street LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		14,200
Accretion liability		13,100
2880 Exterior St. LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		37,800
Accretion liability		$ 37,800
186 Jamaica Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans	12,400
Amount of mortgage loan commitment	12,800
Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans	12,400
Amount of mortgage loan commitment	$ 14,600
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	10
Total assets	$ 319,901
Total liabilities	$ 144,327
Period of option to call ownership interest of another member		1 year
Period of option to put ownership interest in venture		1 year
VIE | CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 3,829
Total liabilities	$ 2,424
VIE | CS SDP Newtonville LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 7,077
Total liabilities	$ 549
VIE | CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	51.00%
Total assets	$ 30,291
Total liabilities	$ 8,341
Option to put ownership interest in the venture		$ 10,000
VIE | CS 160 East 22nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	51.00%
Total assets	$ 20,947
Total liabilities	$ 12,023
Option to put ownership interest in the venture		11,500
VIE | CS SDP Waltham LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 14,764
Total liabilities	$ 9,025
VIE | 2225 46th Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	51.00%
Total assets	$ 42,840
Total liabilities	$ 14,876
Option to put ownership interest in the venture		14,200
VIE | 2880 Exterior St. LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	51.00%
Total assets	$ 88,207
Total liabilities	$ 39,097
Option to put ownership interest in the venture		37,800
VIE | 444 55th Street Holdings, LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 78,837
Total liabilities	$ 32,998
Assumed mortgage debt, at fair value		35,000
Outstanding principal balance of mortgage debt assumed on acquisitions		32,500
Premium on debt assumed on one of the acquisitions		$ 2,500
Interest rate (as a percent)		4.68%
VIE | 186 Jamaica Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 17,588
Total liabilities	$ 12,497
VIE | Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90.00%
Total assets	$ 15,521
Total liabilities	$ 12,497

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	Jul. 23, 2018	Jun. 23, 2018	Jan. 31, 2018	May 09, 2017	Apr. 12, 2017	Apr. 18, 2016	May 14, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Partnership Ownership
OP units issued (in shares)						61,224	20,408
Issuance of OP Shares						$ 1,500	$ 500
Adjustment for noncontrolling interest in the Operating Partnership								$ (299)	$ (3,965)	$ 7,388
Illinois
Operating Partnership Ownership
Total consideration					$ 11,200
Cash paid for acquisition					$ 9,700				$ 9,700
Units issued (in shares)		46,322			58,400				58,400
Maryland
Operating Partnership Ownership
Total consideration				$ 18,200
Amount of mortgage loan commitment				$ 5,900
Units issued (in shares)				440,160
Units issued				$ 12,300
Texas
Operating Partnership Ownership
Total consideration			$ 12,200
Cash paid for acquisition			200
Amount of mortgage loan commitment			$ 7,200
Units issued (in shares)			168,011
Units issued			$ 4,800
Capital Unit Class C | Illinois
Operating Partnership Ownership
Units issued (in shares)	46,322
Cubesmart, L P and Subsidiaries [Member]
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)										1.00%
OP units outstanding (in shares)								1,945,570	1,878,253
Number of trading days used to determine average of the closing prices of the shares								10 days	10 days
Adjustment for noncontrolling interest in the Operating Partnership								$ (299)	$ (3,965)	$ 7,388

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018facility	Dec. 31, 2017USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
RELATED PARTY TRANSACTIONS
Number of Real Estate Properties Acquired | facility	10	7
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees		$ 4.5	$ 3.8	$ 2.9
Mortgage loans receivable from consolidated joint ventures		$ 33.2	25.5
Acquisition fee (as a percent)		0.50%
Acquisition fees		$ 0.6	0.5
Amount due to the entity from joint venture		$ 10.6	$ 7.5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertyfacility	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
COMMITMENTS AND CONTINGENCIES
Number of self-storage facilities under development subject to a ground lease | facility	6
Ground rent expense	$ 3,700	$ 3,400	$ 2,700
Total future minimum rental payments under non-cancelable ground leases
2,019	2,814
2,020	2,887
2,021	2,956
2,022	3,116
2,023	3,090
2024 and thereafter	116,379
Total	131,242
Future milestone payments payable	$ 41,600
Self-storage facilities subject to ground lease
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	8
Number of self-storage facilities under development subject to a ground lease | property	2
Land
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Florida Class Action
Property Subject to or Available for Operating Lease [Line Items]
Loss contingency provision	$ 1.8

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 23, 2018	Jan. 23, 2017	Jan. 22, 2016	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Options
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)					2.50%	2.20%	1.80%
Expected dividend yield (as a percent)					3.70%	3.50%	2.70%
Volatility (as a percent)					32.00%	33.00%	33.00%
Weighted average expected life of the options					6 years	6 years	6 years
Weighted average grant date fair value of options granted per share (in dollars per share)					$ 6.24	$ 6.12	$ 7.61
Share options, additional general disclosures
Compensation expense recognized (in dollars)						$ 1.5	$ 1.5	$ 1.3
Aggregate grant date fair value of share based awards issued (in dollars)					$ 1.7
Unrecognized compensation cost					$ 1.7
Unrecognized compensation cost recorded, period						3 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)					1,833,173	1,939,690	2,421,944
Options granted (in shares)					305,805	289,104	213,008
Options canceled (in shares)					(74,748)
Options exercised (in shares)					(405,227)	(395,621)	(695,262)
Balance at the end of the period (in shares)					1,659,003	1,833,173	1,939,690	2,421,944
Vested or expected to vest at the end of the period (in shares)					1,659,003
Exercisable at the end of the period (in shares)					1,161,209
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)					$ 16.55	$ 12.94	$ 13.07
Options granted (in dollars per share)					27.85	26.30	30.32
Options canceled (in dollars per share)					26.95
Options exercised (in dollars per share)					9.47	5.98	18.69
Balance at the end of the period (in dollars per share)					19.89	$ 16.55	$ 12.94	$ 13.07
Vested or expected to vest at the end of the period (in dollars per share)					19.89
Exercisable at the end of the period (in dollars per share)					$ 16.58
Weighted Average Remaining Contractual Term
Balance at the end of the period					5 years 6 months 7 days	5 years 3 months 4 days	4 years 10 months 6 days	4 years 29 days
Options granted					9 years 29 days	9 years 26 days	9 years 26 days
Options exercised					1 year 11 months 23 days	1 year 1 month 21 days	3 months 15 days
Vested or expected to vest at the end of the period					5 years 6 months 7 days
Exercisable at the end of the period					4 years 3 months
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars)					$ 14.9
Options exercised (in dollars)					$ 8.4
Share Options | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 4	$ 4.1	$ 3.6
Aggregate grant date fair value of share based awards issued (in dollars)					4.9	$ 4.7
Unrecognized compensation cost					$ 5
Unrecognized compensation cost recorded, period					5 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)					352,462
Granted (in shares)					165,551		166,000
Vested (in shares)					(95,553)
Forfeited (in shares)					(39,860)
Non-vested at the end of the period (in shares)					382,600	352,462
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period					5 years
Restricted share units
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars)	$ 1.9	$ 1.8	$ 1.6
Number of Non-Vested Restricted Shares
Granted (in shares)	66,872	52,426	37,008
Restricted share, additional disclosure
Period for calculation of total return to shareholders	3 years	3 years	3 years
2007 Plan
SHARE-BASED COMPENSATION PLANS
Additional shares authorized				4,500,000
Shares reserved for future issuance				991,117
Shares available for future awards					4,517,038	4,517,038
Maximum term of options					10 years
2007 Plan | Maximum
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					1,000,000
2007 Plan | Maximum | Non Employee Trustee
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					250,000
2007 Plan | Restricted Shares
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance					449,948
2004 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance							3,000,000

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Net income									$ 165,488	$ 135,611	$ 88,376
Noncontrolling interests in the Operating Partnership									(1,820)	(1,593)	(941)
Noncontrolling interest in subsidiaries									221	270	470
Distribution to preferred shareholders											(5,045)
Preferred share redemption charge											(2,937)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 163,889	$ 134,288	$ 79,923
Weighted-average shares outstanding (in shares)									184,653,000	180,525,000	178,246,000
Share options and restricted share units (in shares)									842,000	923,000	1,287,000
Weighted-average diluted shares outstanding (in shares)									185,495,000	181,448,000	179,533,000
Earnings (loss) per common share
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.89	$ 0.74	$ 0.45
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.88	$ 0.74	0.45
Preferred stock, cash dividends declared (in dollars per share)											$ 1.626
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)											1,287,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)									842,000	923,000
Common stock, cash dividends declared (in dollars per share)									$ 1.22	$ 1.11	$ 0.90
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,945,570				1,878,253				1,945,570	1,878,253	2,032,394
Common shares, shares outstanding	187,145,103				182,215,735				187,145,103	182,215,735	180,083,111

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands	Nov. 02, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Issuance of Common and Preferred Shares
Series A Cumulative Redeemable Preferred, redeemed				$ 77,574,000
Net proceeds from sale of common shares		$ 131,829,000	$ 29,642,000	$ 136,121,000
Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold		50,000
Common Shares | Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)		4,291	1,036	4,408
Average sales price per common share (in dollars per share)		$ 31.09	$ 29.13	$ 31.25
Net proceeds from sale of common shares		$ 131,835,000	$ 29,642,000	$ 136,120,000
Common shares remained available for issuance		10,500	4,700	5,800
Series A
Issuance of Common and Preferred Shares
Series A Cumulative Redeemable Preferred, shares redeemed	3,100
Series A Cumulative Redeemable Preferred shares, percentage	7.75%
Series A Cumulative Redeemable Preferred, redeemed	$ 77,500,000
Series A Cumulative Redeemable Preferred shares, redemption price (in dollars per share)	$ 25
Series A Cumulative Redeemable Preferred shares, dividend (in dollars per share)	$ 0.17374
Series A Preferred shares, percentage	7.75%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Valuation allowance	$ 0	$ 0
Deferred tax assets, net	$ 1.4	$ 1.4

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Jan. 30, 2019	Dec. 15, 2017
Subsequent Events
Interest rate (as a percent)		4.375%
Subsequent event | Senior notes 4.375 % due 2029
Subsequent Events
Senior notes, principal amount	$ 350
Proceeds from senior notes	$ 345.5
Interest rate (as a percent)	4.375%
Debt instrument, redemption percentage	99.356%
Effective interest rate (as a percent)	4.455%
Subsequent event | Term Loan Facility | Unsecured term loan
Subsequent Events
Repayment of outstanding debt	$ 200

PRO FORMA FINANCIAL INFORMATI_3

PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017$ / shares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2018USD ($)propertyfacility$ / shares	Dec. 31, 2017USD ($)propertyfacility$ / shares	Dec. 31, 2016$ / shares
Self-storage facilities
Number of self-storage facilities acquired | facility									10	7
Aggregate purchase price | $									$ 227,518	$ 80,650
Consolidated results of operations on a pro forma basis
Pro forma revenue | $									607,181	561,244
Pro forma income | $									$ 173,510	$ 129,740
Earnings per share from continuing operations:
Basic - as reported (in dollars per share) | $ / shares	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.89	$ 0.74	$ 0.45
Diluted - as reported (in dollars per share) | $ / shares	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	0.88	0.74	$ 0.45
Basic - as pro forma (in dollars per share) | $ / shares									0.93	0.71
Diluted - as pro forma (in dollars per share) | $ / shares									$ 0.93	$ 0.71
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property									10	7
Aggregate purchase price | $									$ 227,500	$ 80,700

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly financial information
Total revenues	$ 153,882	$ 153,370	$ 147,815	$ 142,877	$ 143,482	$ 143,865	$ 138,559	$ 133,037	$ 597,944	$ 558,943	$ 510,039
Total operating expenses	98,775	93,774	92,915	92,464	87,971	91,586	91,025	92,646	377,928	363,228	367,087
Net income	48,636	43,302	38,751	34,799	39,858	37,709	32,838	25,206	165,488	135,611	88,376
Net income attributable to the company	$ 48,156	$ 42,900	$ 38,410	$ 34,423	$ 39,547	$ 37,297	$ 32,458	$ 24,986	$ 163,889	$ 134,288	$ 87,905
Basic - as reported (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.89	$ 0.74	$ 0.45
Diluted - as reported (in dollars per share)	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.22	$ 0.21	$ 0.18	$ 0.14	$ 0.88	$ 0.74	$ 0.45

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ft²	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)
Gross Carrying Amount at year end
Total	$ 4,150,089
Total	$ 4,463,455	$ 3,998,180	$ 4,161,715	$ 3,467,032
Minimum
Gross Carrying Amount at year end
Estimated useful lives		5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives		39 years
YSI 33
REAL ESTATE AND RELATED DEPRECIATION
Encumbrances		$ 9,214
Chandler I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,880
Initial cost
Land	$ 327
Building and Improvements	1,257
Costs Subsequent to Acquisition	545
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,625
Total	1,952
Accumulated Depreciation	$ 678
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,915
Initial cost
Land	$ 1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	137
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,621
Total	9,139
Accumulated Depreciation	$ 1,292
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,100
Initial cost
Land	$ 951
Building and Improvements	4,688
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,791
Total	5,742
Accumulated Depreciation	$ 886
Gilbert II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,080
Initial cost
Land	$ 1,199
Building and Improvements	11,846
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	1,199
Building and Improvements	12,013
Total	13,212
Accumulated Depreciation	$ 740
Glendale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,807
Initial cost
Land	$ 201
Building and Improvements	2,265
Costs Subsequent to Acquisition	1,295
Gross Carrying Amount at year end
Land	418
Building and Improvements	2,998
Total	3,416
Accumulated Depreciation	$ 1,454
Green Valley, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	25,050
Initial cost
Land	$ 298
Building and Improvements	1,153
Costs Subsequent to Acquisition	211
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,153
Total	1,451
Accumulated Depreciation	$ 477
Mesa I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,575
Initial cost
Land	$ 920
Building and Improvements	2,739
Costs Subsequent to Acquisition	381
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,674
Total	3,595
Accumulated Depreciation	$ 1,136
Mesa II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,511
Initial cost
Land	$ 731
Building and Improvements	2,176
Costs Subsequent to Acquisition	299
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,145
Total	2,876
Accumulated Depreciation	$ 937
Mesa III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,524
Initial cost
Land	$ 706
Building and Improvements	2,101
Costs Subsequent to Acquisition	454
Gross Carrying Amount at year end
Land	706
Building and Improvements	2,171
Total	2,877
Accumulated Depreciation	$ 889
Peoria, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,810
Initial cost
Land	$ 1,436
Building and Improvements	7,082
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	1,436
Building and Improvements	7,331
Total	8,767
Accumulated Depreciation	$ 841
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	121,880
Initial cost
Land	$ 2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,706
Total	12,821
Accumulated Depreciation	$ 1,644
Phoenix IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,710
Initial cost
Land	$ 930
Building and Improvements	12,277
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Land	930
Building and Improvements	12,380
Total	13,310
Accumulated Depreciation	$ 797
Queen Creek, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,462
Initial cost
Land	$ 1,159
Building and Improvements	5,716
Costs Subsequent to Acquisition	90
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,806
Total	6,965
Accumulated Depreciation	$ 702
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,925
Initial cost
Land	$ 443
Building and Improvements	4,879
Costs Subsequent to Acquisition	1,766
Gross Carrying Amount at year end
Land	883
Building and Improvements	5,528
Total	6,411
Accumulated Depreciation	$ 2,793
Surprise , AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,475
Initial cost
Land	$ 584
Building and Improvements	3,761
Costs Subsequent to Acquisition	122
Gross Carrying Amount at year end
Land	584
Building and Improvements	3,883
Total	4,467
Accumulated Depreciation	$ 383
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,910
Initial cost
Land	$ 749
Building and Improvements	2,159
Costs Subsequent to Acquisition	657
Gross Carrying Amount at year end
Land	749
Building and Improvements	2,505
Total	3,254
Accumulated Depreciation	$ 941
Tempe II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,409
Initial cost
Land	$ 588
Building and Improvements	2,898
Costs Subsequent to Acquisition	2,157
Gross Carrying Amount at year end
Land	588
Building and Improvements	5,055
Total	5,643
Accumulated Depreciation	$ 999
Tucson I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,800
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,149
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,723
Total	3,107
Accumulated Depreciation	$ 1,345
Tucson II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,950
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,136
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,729
Total	3,120
Accumulated Depreciation	$ 1,324
Tucson III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,820
Initial cost
Land	$ 532
Building and Improvements	2,048
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	533
Building and Improvements	1,995
Total	2,528
Accumulated Depreciation	$ 840
Tucson IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,040
Initial cost
Land	$ 674
Building and Improvements	2,595
Costs Subsequent to Acquisition	401
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,575
Total	3,250
Accumulated Depreciation	$ 1,075
Tucson V, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,134
Initial cost
Land	$ 515
Building and Improvements	1,980
Costs Subsequent to Acquisition	413
Gross Carrying Amount at year end
Land	515
Building and Improvements	2,037
Total	2,552
Accumulated Depreciation	$ 860
Tucson VI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,766
Initial cost
Land	$ 440
Building and Improvements	1,692
Costs Subsequent to Acquisition	264
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,658
Total	2,088
Accumulated Depreciation	$ 707
Tucson VII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,663
Initial cost
Land	$ 670
Building and Improvements	2,576
Costs Subsequent to Acquisition	394
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,556
Total	3,226
Accumulated Depreciation	$ 1,084
Tucson VIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,700
Initial cost
Land	$ 589
Building and Improvements	2,265
Costs Subsequent to Acquisition	382
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,296
Total	2,885
Accumulated Depreciation	$ 974
Tucson IX, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,496
Initial cost
Land	$ 724
Building and Improvements	2,786
Costs Subsequent to Acquisition	478
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,743
Total	3,468
Accumulated Depreciation	$ 1,172
Tucson X, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,350
Initial cost
Land	$ 424
Building and Improvements	1,633
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,659
Total	2,084
Accumulated Depreciation	$ 691
Tucson XI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,700
Initial cost
Land	$ 439
Building and Improvements	1,689
Costs Subsequent to Acquisition	427
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,825
Total	2,264
Accumulated Depreciation	$ 838
Tucson XII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,275
Initial cost
Land	$ 671
Building and Improvements	2,582
Costs Subsequent to Acquisition	401
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,554
Total	3,226
Accumulated Depreciation	$ 1,055
Tucson XIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,800
Initial cost
Land	$ 587
Building and Improvements	2,258
Costs Subsequent to Acquisition	357
Gross Carrying Amount at year end
Land	587
Building and Improvements	2,245
Total	2,832
Accumulated Depreciation	$ 971
Tucson XIV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,995
Initial cost
Land	$ 707
Building and Improvements	2,721
Costs Subsequent to Acquisition	496
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,668
Total	3,376
Accumulated Depreciation	$ 1,153
Benicia, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,770
Initial cost
Land	$ 2,392
Building and Improvements	7,028
Costs Subsequent to Acquisition	412
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	6,346
Total	8,738
Accumulated Depreciation	$ 2,633
Citrus Heights, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,620
Initial cost
Land	$ 1,633
Building and Improvements	4,793
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	4,261
Total	5,895
Accumulated Depreciation	$ 1,862
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,043
Initial cost
Land	$ 2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,567
Total	12,674
Accumulated Depreciation	$ 1,393
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	103,558
Initial cost
Land	$ 2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	328
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	6,621
Total	9,145
Accumulated Depreciation	$ 2,850
Escondido, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	143,645
Initial cost
Land	$ 3,040
Building and Improvements	11,804
Costs Subsequent to Acquisition	301
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,746
Total	12,786
Accumulated Depreciation	$ 3,451
Fallbrook, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,926
Initial cost
Land	$ 133
Building and Improvements	1,492
Costs Subsequent to Acquisition	1,881
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,830
Total	3,262
Accumulated Depreciation	$ 1,400
Fremont, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,189
Initial cost
Land	$ 1,158
Building and Improvements	5,711
Costs Subsequent to Acquisition	172
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,884
Total	7,042
Accumulated Depreciation	$ 938
Lancaster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,475
Initial cost
Land	$ 390
Building and Improvements	2,247
Costs Subsequent to Acquisition	1,123
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,635
Total	3,191
Accumulated Depreciation	$ 1,111
Long Beach, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	124,541
Initial cost
Land	$ 3,138
Building and Improvements	14,368
Costs Subsequent to Acquisition	1,005
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	13,438
Total	16,576
Accumulated Depreciation	$ 5,453
Los Angeles, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,178
Initial cost
Land	$ 23,289
Building and Improvements	25,867
Costs Subsequent to Acquisition	8
Gross Carrying Amount at year end
Land	23,289
Building and Improvements	25,876
Total	49,165
Accumulated Depreciation	$ 171
Murrieta, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,775
Initial cost
Land	$ 1,883
Building and Improvements	5,532
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,972
Total	6,875
Accumulated Depreciation	$ 2,081
North Highlands, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,094
Initial cost
Land	$ 868
Building and Improvements	2,546
Costs Subsequent to Acquisition	476
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,561
Total	3,429
Accumulated Depreciation	$ 1,114
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,540
Initial cost
Land	$ 1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	353
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,753
Total	10,458
Accumulated Depreciation	$ 1,190
Orangevale, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,542
Initial cost
Land	$ 1,423
Building and Improvements	4,175
Costs Subsequent to Acquisition	363
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,860
Total	5,283
Accumulated Depreciation	$ 1,676
Pleasanton, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,600
Initial cost
Land	$ 2,799
Building and Improvements	8,222
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	7,339
Total	10,138
Accumulated Depreciation	$ 3,034
Rancho Cordova, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,978
Initial cost
Land	$ 1,094
Building and Improvements	3,212
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	3,073
Total	4,168
Accumulated Depreciation	$ 1,309
Rialto I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,391
Initial cost
Land	$ 899
Building and Improvements	4,118
Costs Subsequent to Acquisition	299
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,844
Total	4,743
Accumulated Depreciation	$ 1,559
Rialto II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,783
Initial cost
Land	$ 277
Building and Improvements	3,098
Costs Subsequent to Acquisition	1,844
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,145
Total	4,817
Accumulated Depreciation	$ 2,152
Riverside I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,320
Initial cost
Land	$ 1,351
Building and Improvements	6,183
Costs Subsequent to Acquisition	640
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	5,991
Total	7,342
Accumulated Depreciation	$ 2,443
Riverside II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,131
Initial cost
Land	$ 1,170
Building and Improvements	5,359
Costs Subsequent to Acquisition	492
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	5,047
Total	6,217
Accumulated Depreciation	$ 2,059
Roseville, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,944
Initial cost
Land	$ 1,284
Building and Improvements	3,767
Costs Subsequent to Acquisition	428
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,597
Total	4,881
Accumulated Depreciation	$ 1,590
Sacramento I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,664
Initial cost
Land	$ 1,152
Building and Improvements	3,380
Costs Subsequent to Acquisition	405
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	3,223
Total	4,375
Accumulated Depreciation	$ 1,377
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,736
Initial cost
Land	$ 2,085
Building and Improvements	6,750
Costs Subsequent to Acquisition	509
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	6,592
Total	8,678
Accumulated Depreciation	$ 1,767
San Bernardino I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,070
Initial cost
Land	$ 51
Building and Improvements	572
Costs Subsequent to Acquisition	1,193
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,434
Total	1,616
Accumulated Depreciation	$ 703
San Bernardino II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,546
Initial cost
Land	$ 112
Building and Improvements	1,251
Costs Subsequent to Acquisition	1,381
Gross Carrying Amount at year end
Land	306
Building and Improvements	2,088
Total	2,394
Accumulated Depreciation	$ 1,021
San Bernardino III, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,416
Initial cost
Land	$ 98
Building and Improvements	1,093
Costs Subsequent to Acquisition	1,336
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,931
Total	2,173
Accumulated Depreciation	$ 959
San Bernardino IV, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,427
Initial cost
Land	$ 1,872
Building and Improvements	5,391
Costs Subsequent to Acquisition	228
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,903
Total	6,775
Accumulated Depreciation	$ 2,037
San Bernardino V, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,803
Initial cost
Land	$ 783
Building and Improvements	3,583
Costs Subsequent to Acquisition	628
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,685
Total	4,468
Accumulated Depreciation	$ 1,526
San Bernardino VII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,704
Initial cost
Land	$ 1,475
Building and Improvements	6,753
Costs Subsequent to Acquisition	418
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,423
Total	7,713
Accumulated Depreciation	$ 2,665
San Bernardino VIII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,583
Initial cost
Land	$ 1,691
Building and Improvements	7,741
Costs Subsequent to Acquisition	615
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,404
Total	8,096
Accumulated Depreciation	$ 2,725
San Diego, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,483
Initial cost
Land	$ 1,185
Building and Improvements	16,740
Costs Subsequent to Acquisition	13
Gross Carrying Amount at year end
Land	1,186
Building and Improvements	16,752
Total	17,938
Accumulated Depreciation	$ 85
San Marcos, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,425
Initial cost
Land	$ 775
Building and Improvements	2,288
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	776
Building and Improvements	2,096
Total	2,872
Accumulated Depreciation	$ 907
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,916
Initial cost
Land	$ 1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	464
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,286
Total	6,509
Accumulated Depreciation	$ 2,169
South Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,390
Initial cost
Land	$ 790
Building and Improvements	2,319
Costs Subsequent to Acquisition	425
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,325
Total	3,116
Accumulated Depreciation	$ 973
Spring Valley, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,035
Initial cost
Land	$ 1,178
Building and Improvements	5,394
Costs Subsequent to Acquisition	879
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,529
Total	6,707
Accumulated Depreciation	$ 2,277
Temecula I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,340
Initial cost
Land	$ 660
Building and Improvements	4,735
Costs Subsequent to Acquisition	1,025
Gross Carrying Amount at year end
Land	899
Building and Improvements	4,919
Total	5,818
Accumulated Depreciation	$ 2,190
Temecula II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,520
Initial cost
Land	$ 3,080
Building and Improvements	5,839
Costs Subsequent to Acquisition	730
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	5,633
Total	8,713
Accumulated Depreciation	$ 1,936
Vista I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,238
Initial cost
Land	$ 711
Building and Improvements	4,076
Costs Subsequent to Acquisition	2,353
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,094
Total	6,212
Accumulated Depreciation	$ 2,197
Vista II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,723
Initial cost
Land	$ 4,629
Building and Improvements	13,599
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	11,736
Total	16,365
Accumulated Depreciation	$ 4,977
Walnut, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,688
Initial cost
Land	$ 1,578
Building and Improvements	4,635
Costs Subsequent to Acquisition	475
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	4,371
Total	5,966
Accumulated Depreciation	$ 1,798
West Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,765
Initial cost
Land	$ 1,222
Building and Improvements	3,590
Costs Subsequent to Acquisition	221
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	3,244
Total	4,466
Accumulated Depreciation	$ 1,391
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,393
Initial cost
Land	$ 1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	382
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	4,637
Total	6,380
Accumulated Depreciation	$ 2,042
Aurora, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,717
Initial cost
Land	$ 1,343
Building and Improvements	2,986
Costs Subsequent to Acquisition	587
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	3,025
Total	4,368
Accumulated Depreciation	$ 1,212
Centennial, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 1,281
Building and Improvements	8,958
Costs Subsequent to Acquisition	96
Gross Carrying Amount at year end
Land	1,281
Building and Improvements	9,053
Total	10,334
Accumulated Depreciation	$ 715
Colorado Springs I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,975
Initial cost
Land	$ 771
Building and Improvements	1,717
Costs Subsequent to Acquisition	412
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,786
Total	2,557
Accumulated Depreciation	$ 749
Colorado Springs II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 657
Building and Improvements	2,674
Costs Subsequent to Acquisition	272
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,438
Total	3,094
Accumulated Depreciation	$ 1,021
Denver I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,200
Initial cost
Land	$ 673
Building and Improvements	2,741
Costs Subsequent to Acquisition	237
Gross Carrying Amount at year end
Land	646
Building and Improvements	2,500
Total	3,146
Accumulated Depreciation	$ 1,101
Denver II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,420
Initial cost
Land	$ 1,430
Building and Improvements	7,053
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,231
Total	8,661
Accumulated Depreciation	$ 1,450
Denver III, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,025
Initial cost
Land	$ 1,828
Building and Improvements	12,109
Costs Subsequent to Acquisition	74
Gross Carrying Amount at year end
Land	1,828
Building and Improvements	12,183
Total	14,011
Accumulated Depreciation	$ 870
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,770
Initial cost
Land	$ 878
Building and Improvements	1,953
Costs Subsequent to Acquisition	342
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,896
Total	2,775
Accumulated Depreciation	$ 768
Golden, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,800
Initial cost
Land	$ 1,683
Building and Improvements	3,744
Costs Subsequent to Acquisition	572
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,644
Total	5,328
Accumulated Depreciation	$ 1,495
Littleton, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,490
Initial cost
Land	$ 1,268
Building and Improvements	2,820
Costs Subsequent to Acquisition	393
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,705
Total	3,973
Accumulated Depreciation	$ 1,076
Northglenn, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,102
Initial cost
Land	$ 862
Building and Improvements	1,917
Costs Subsequent to Acquisition	513
Gross Carrying Amount at year end
Land	662
Building and Improvements	2,216
Total	2,878
Accumulated Depreciation	$ 835
Bloomfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,700
Initial cost
Land	$ 78
Building and Improvements	880
Costs Subsequent to Acquisition	2,411
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,682
Total	3,042
Accumulated Depreciation	$ 1,263
Branford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,629
Initial cost
Land	$ 217
Building and Improvements	2,433
Costs Subsequent to Acquisition	1,627
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,347
Total	3,851
Accumulated Depreciation	$ 1,707
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,725
Initial cost
Land	$ 1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	186
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	2,882
Total	4,701
Accumulated Depreciation	$ 1,311
East Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,966
Initial cost
Land	$ 744
Building and Improvements	1,294
Costs Subsequent to Acquisition	525
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,548
Total	2,292
Accumulated Depreciation	$ 744
Enfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,875
Initial cost
Land	$ 424
Building and Improvements	2,424
Costs Subsequent to Acquisition	463
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,106
Total	2,579
Accumulated Depreciation	$ 947
Gales Ferry, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,905
Initial cost
Land	$ 240
Building and Improvements	2,697
Costs Subsequent to Acquisition	1,604
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,580
Total	4,069
Accumulated Depreciation	$ 1,958
Manchester I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,925
Initial cost
Land	$ 540
Building and Improvements	3,096
Costs Subsequent to Acquisition	515
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,614
Total	3,177
Accumulated Depreciation	$ 1,095
Manchester II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,725
Initial cost
Land	$ 996
Building and Improvements	1,730
Costs Subsequent to Acquisition	376
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,798
Total	2,794
Accumulated Depreciation	$ 807
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,113
Initial cost
Land	$ 671
Building and Improvements	3,308
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,469
Total	4,140
Accumulated Depreciation	$ 560
Milford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,885
Initial cost
Land	$ 87
Building and Improvements	1,050
Costs Subsequent to Acquisition	1,336
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,892
Total	2,166
Accumulated Depreciation	$ 908
Monroe, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,500
Initial cost
Land	$ 2,004
Building and Improvements	3,483
Costs Subsequent to Acquisition	709
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,507
Total	5,511
Accumulated Depreciation	$ 1,691
Mystic, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,850
Initial cost
Land	$ 136
Building and Improvements	1,645
Costs Subsequent to Acquisition	2,085
Gross Carrying Amount at year end
Land	410
Building and Improvements	2,965
Total	3,375
Accumulated Depreciation	$ 1,500
Newington I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,420
Initial cost
Land	$ 1,059
Building and Improvements	1,840
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,821
Total	2,880
Accumulated Depreciation	$ 832
Newington II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,140
Initial cost
Land	$ 911
Building and Improvements	1,584
Costs Subsequent to Acquisition	294
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,604
Total	2,515
Accumulated Depreciation	$ 748
Norwalk I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,160
Initial cost
Land	$ 646
Building and Improvements	3,187
Costs Subsequent to Acquisition	61
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,248
Total	3,894
Accumulated Depreciation	$ 675
Norwalk II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,825
Initial cost
Land	$ 1,171
Building and Improvements	15,422
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	15,554
Total	16,725
Accumulated Depreciation	$ 1,215
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,000
Initial cost
Land	$ 3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	709
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	5,229
Total	8,321
Accumulated Depreciation	$ 2,444
Old Saybrook II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,425
Initial cost
Land	$ 1,135
Building and Improvements	1,973
Costs Subsequent to Acquisition	257
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,903
Total	3,038
Accumulated Depreciation	$ 921
Shelton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,405
Initial cost
Land	$ 1,613
Building and Improvements	9,032
Costs Subsequent to Acquisition	535
Gross Carrying Amount at year end
Land	1,613
Building and Improvements	8,483
Total	10,096
Accumulated Depreciation	$ 1,885
South Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,025
Initial cost
Land	$ 90
Building and Improvements	1,127
Costs Subsequent to Acquisition	1,512
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,247
Total	2,519
Accumulated Depreciation	$ 1,102
Stamford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	28,907
Initial cost
Land	$ 1,941
Building and Improvements	3,374
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	3,025
Total	4,966
Accumulated Depreciation	$ 1,380
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,515
Initial cost
Land	$ 2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	747
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	13,069
Total	15,490
Accumulated Depreciation	$ 2,777
Washington I, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,685
Initial cost
Land	$ 871
Building and Improvements	12,759
Costs Subsequent to Acquisition	617
Gross Carrying Amount at year end
Land	894
Building and Improvements	10,653
Total	11,547
Accumulated Depreciation	$ 3,680
Washington II, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,552
Initial cost
Land	$ 3,152
Building and Improvements	13,612
Costs Subsequent to Acquisition	292
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	12,129
Total	15,283
Accumulated Depreciation	$ 2,693
Washington III, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,315
Initial cost
Land	$ 4,469
Building and Improvements	15,438
Costs Subsequent to Acquisition	97
Gross Carrying Amount at year end
Land	4,469
Building and Improvements	15,536
Total	20,005
Accumulated Depreciation	$ 1,344
Washington IV, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,323
Initial cost
Land	$ 6,359
Building and Improvements	20,417
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	6,359
Building and Improvements	20,524
Total	26,883
Accumulated Depreciation	$ 669
Washington V DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,200
Initial cost
Land	$ 13,908
Building and Improvements	18,770
Costs Subsequent to Acquisition	90
Gross Carrying Amount at year end
Land	13,917
Building and Improvements	18,852
Total	32,769
Accumulated Depreciation	$ 279
Boca Raton, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,968
Initial cost
Land	$ 529
Building and Improvements	3,054
Costs Subsequent to Acquisition	1,651
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,597
Total	4,410
Accumulated Depreciation	$ 1,562
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,695
Initial cost
Land	$ 667
Building and Improvements	3,796
Costs Subsequent to Acquisition	1,946
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,410
Total	5,368
Accumulated Depreciation	$ 1,926
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,514
Initial cost
Land	$ 1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	452
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	2,982
Total	4,012
Accumulated Depreciation	$ 1,251
Boynton Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,393
Initial cost
Land	$ 1,225
Building and Improvements	6,037
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,293
Total	7,518
Accumulated Depreciation	$ 929
Boynton Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,414
Initial cost
Land	$ 1,455
Building and Improvements	7,171
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	1,455
Building and Improvements	7,257
Total	8,712
Accumulated Depreciation	$ 809
Bradenton I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,389
Initial cost
Land	$ 1,180
Building and Improvements	3,324
Costs Subsequent to Acquisition	280
Gross Carrying Amount at year end
Land	1,180
Building and Improvements	3,082
Total	4,262
Accumulated Depreciation	$ 1,313
Bradenton II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,063
Initial cost
Land	$ 1,931
Building and Improvements	5,561
Costs Subsequent to Acquisition	1,148
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,597
Total	7,528
Accumulated Depreciation	$ 2,403
Cape Coral I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,857
Initial cost
Land	$ 472
Building and Improvements	2,769
Costs Subsequent to Acquisition	2,587
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,033
Total	4,863
Accumulated Depreciation	$ 2,111
Cape Coral II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,955
Initial cost
Land	$ 1,093
Building and Improvements	5,387
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,490
Total	6,583
Accumulated Depreciation	$ 725
Coconut Creek I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,846
Initial cost
Land	$ 1,189
Building and Improvements	5,863
Costs Subsequent to Acquisition	188
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	6,050
Total	7,239
Accumulated Depreciation	$ 1,231
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,147
Initial cost
Land	$ 1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	192
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,741
Total	11,678
Accumulated Depreciation	$ 1,538
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	180,588
Initial cost
Land	$ 3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,709
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	10,495
Total	14,079
Accumulated Depreciation	$ 4,460
Dania, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,165
Initial cost
Land	$ 205
Building and Improvements	2,068
Costs Subsequent to Acquisition	1,755
Gross Carrying Amount at year end
Land	481
Building and Improvements	3,125
Total	3,606
Accumulated Depreciation	$ 1,538
Davie, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,985
Initial cost
Land	$ 1,268
Building and Improvements	7,183
Costs Subsequent to Acquisition	1,345
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	6,255
Total	7,628
Accumulated Depreciation	$ 2,561
Deerfield Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,230
Initial cost
Land	$ 946
Building and Improvements	2,999
Costs Subsequent to Acquisition	2,013
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,503
Total	5,814
Accumulated Depreciation	$ 2,182
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,843
Initial cost
Land	$ 798
Building and Improvements	4,539
Costs Subsequent to Acquisition	832
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,085
Total	4,968
Accumulated Depreciation	$ 1,824
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,710
Initial cost
Land	$ 957
Building and Improvements	4,718
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,985
Total	5,942
Accumulated Depreciation	$ 905
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,277
Initial cost
Land	$ 2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	166
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,453
Total	12,539
Accumulated Depreciation	$ 1,514
Delray Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,370
Initial cost
Land	$ 2,208
Building and Improvements	14,384
Costs Subsequent to Acquisition	19
Gross Carrying Amount at year end
Land	2,208
Building and Improvements	14,403
Total	16,611
Accumulated Depreciation	$ 472
Ft. Lauderdale I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,043
Initial cost
Land	$ 937
Building and Improvements	3,646
Costs Subsequent to Acquisition	2,508
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,470
Total	6,854
Accumulated Depreciation	$ 2,644
Ft. Lauderdale II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,662
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	89
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,340
Total	5,202
Accumulated Depreciation	$ 699
Ft. Myers I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,534
Initial cost
Land	$ 303
Building and Improvements	3,329
Costs Subsequent to Acquisition	983
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,309
Total	3,637
Accumulated Depreciation	$ 1,613
Ft. Myers II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,375
Initial cost
Land	$ 1,030
Building and Improvements	5,080
Costs Subsequent to Acquisition	151
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,231
Total	6,261
Accumulated Depreciation	$ 766
Ft. Myers III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,554
Initial cost
Land	$ 1,148
Building and Improvements	5,658
Costs Subsequent to Acquisition	165
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,824
Total	6,972
Accumulated Depreciation	$ 849
Jacksonville I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,735
Initial cost
Land	$ 1,862
Building and Improvements	5,362
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,842
Total	6,704
Accumulated Depreciation	$ 1,893
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,970
Initial cost
Land	$ 950
Building and Improvements	7,004
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,668
Total	6,618
Accumulated Depreciation	$ 2,007
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,830
Initial cost
Land	$ 860
Building and Improvements	7,409
Costs Subsequent to Acquisition	1,050
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	6,049
Total	7,719
Accumulated Depreciation	$ 2,147
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,525
Initial cost
Land	$ 870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,179
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,147
Total	8,798
Accumulated Depreciation	$ 2,525
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,573
Initial cost
Land	$ 1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	399
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,866
Total	8,086
Accumulated Depreciation	$ 2,448
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,375
Initial cost
Land	$ 755
Building and Improvements	3,725
Costs Subsequent to Acquisition	145
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,869
Total	4,624
Accumulated Depreciation	$ 514
Kendall, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,495
Initial cost
Land	$ 2,350
Building and Improvements	8,106
Costs Subsequent to Acquisition	482
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,814
Total	9,164
Accumulated Depreciation	$ 2,387
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	158,842
Initial cost
Land	$ 183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,589
Gross Carrying Amount at year end
Land	354
Building and Improvements	10,957
Total	11,311
Accumulated Depreciation	$ 5,283
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,920
Initial cost
Land	$ 1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,838
Total	9,390
Accumulated Depreciation	$ 1,178
Lake Worth III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,510
Initial cost
Land	$ 957
Building and Improvements	4,716
Costs Subsequent to Acquisition	232
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,949
Total	5,906
Accumulated Depreciation	$ 589
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,079
Initial cost
Land	$ 81
Building and Improvements	896
Costs Subsequent to Acquisition	1,287
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,593
Total	1,849
Accumulated Depreciation	$ 794
Leisure City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,185
Initial cost
Land	$ 409
Building and Improvements	2,018
Costs Subsequent to Acquisition	188
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,205
Total	2,614
Accumulated Depreciation	$ 461
Lutz I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,795
Initial cost
Land	$ 901
Building and Improvements	2,478
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,439
Total	3,340
Accumulated Depreciation	$ 1,007
Lutz II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,232
Initial cost
Land	$ 992
Building and Improvements	2,868
Costs Subsequent to Acquisition	403
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,776
Total	3,768
Accumulated Depreciation	$ 1,170
Margate I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,660
Initial cost
Land	$ 161
Building and Improvements	1,763
Costs Subsequent to Acquisition	2,318
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,400
Total	3,799
Accumulated Depreciation	$ 1,729
Margate II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,380
Initial cost
Land	$ 132
Building and Improvements	1,473
Costs Subsequent to Acquisition	1,979
Gross Carrying Amount at year end
Land	383
Building and Improvements	2,824
Total	3,207
Accumulated Depreciation	$ 1,370
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,201
Initial cost
Land	$ 716
Building and Improvements	2,983
Costs Subsequent to Acquisition	700
Gross Carrying Amount at year end
Land	796
Building and Improvements	2,770
Total	3,566
Accumulated Depreciation	$ 1,118
Miami I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,500
Initial cost
Land	$ 179
Building and Improvements	1,999
Costs Subsequent to Acquisition	1,862
Gross Carrying Amount at year end
Land	484
Building and Improvements	2,862
Total	3,346
Accumulated Depreciation	$ 1,462
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,160
Initial cost
Land	$ 253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,677
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,382
Total	3,943
Accumulated Depreciation	$ 1,750
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	151,620
Initial cost
Land	$ 4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	888
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	12,248
Total	16,825
Accumulated Depreciation	$ 4,931
Miami IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,695
Initial cost
Land	$ 1,852
Building and Improvements	10,494
Costs Subsequent to Acquisition	948
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,881
Total	11,844
Accumulated Depreciation	$ 2,447
Miramar, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,130
Initial cost
Land	$ 1,206
Building and Improvements	5,944
Costs Subsequent to Acquisition	133
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	6,078
Total	7,284
Accumulated Depreciation	$ 1,078
Naples I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,100
Initial cost
Land	$ 90
Building and Improvements	1,010
Costs Subsequent to Acquisition	2,745
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,212
Total	3,482
Accumulated Depreciation	$ 1,569
Naples II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,850
Initial cost
Land	$ 148
Building and Improvements	1,652
Costs Subsequent to Acquisition	4,301
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,255
Total	5,813
Accumulated Depreciation	$ 2,687
Naples III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,005
Initial cost
Land	$ 139
Building and Improvements	1,561
Costs Subsequent to Acquisition	4,204
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,132
Total	4,730
Accumulated Depreciation	$ 2,123
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,625
Initial cost
Land	$ 262
Building and Improvements	2,980
Costs Subsequent to Acquisition	667
Gross Carrying Amount at year end
Land	407
Building and Improvements	3,049
Total	3,456
Accumulated Depreciation	$ 1,563
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,454
Initial cost
Land	$ 1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	197
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,411
Total	7,672
Accumulated Depreciation	$ 860
North Palm Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,825
Initial cost
Land	$ 1,374
Building and Improvements	7,649
Costs Subsequent to Acquisition	32
Gross Carrying Amount at year end
Land	1,374
Building and Improvements	7,682
Total	9,056
Accumulated Depreciation	$ 492
Oakland Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,806
Initial cost
Land	$ 3,007
Building and Improvements	10,145
Costs Subsequent to Acquisition	36
Gross Carrying Amount at year end
Land	3,007
Building and Improvements	10,181
Total	13,188
Accumulated Depreciation	$ 331
Ocoee, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,150
Initial cost
Land	$ 1,286
Building and Improvements	3,705
Costs Subsequent to Acquisition	228
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,415
Total	4,701
Accumulated Depreciation	$ 1,388
Orange City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,580
Initial cost
Land	$ 1,191
Building and Improvements	3,209
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	3,029
Total	4,220
Accumulated Depreciation	$ 1,280
Orlando II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,184
Initial cost
Land	$ 1,589
Building and Improvements	4,576
Costs Subsequent to Acquisition	215
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	4,151
Total	5,740
Accumulated Depreciation	$ 1,696
Orlando III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,490
Initial cost
Land	$ 1,209
Building and Improvements	7,768
Costs Subsequent to Acquisition	757
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,137
Total	8,346
Accumulated Depreciation	$ 2,643
Orlando IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,601
Initial cost
Land	$ 633
Building and Improvements	3,587
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,274
Total	3,907
Accumulated Depreciation	$ 843
Orlando V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,377
Initial cost
Land	$ 950
Building and Improvements	4,685
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,823
Total	5,773
Accumulated Depreciation	$ 965
Orlando VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 640
Building and Improvements	3,154
Costs Subsequent to Acquisition	150
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,304
Total	3,944
Accumulated Depreciation	$ 447
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,276
Initial cost
Land	$ 440
Building and Improvements	2,824
Costs Subsequent to Acquisition	626
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,778
Total	3,218
Accumulated Depreciation	$ 1,058
Palm Coast I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,400
Initial cost
Land	$ 555
Building and Improvements	2,735
Costs Subsequent to Acquisition	117
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,852
Total	3,407
Accumulated Depreciation	$ 463
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	122,490
Initial cost
Land	$ 1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	419
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,870
Total	9,381
Accumulated Depreciation	$ 1,262
Palm Harbor, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,685
Initial cost
Land	$ 2,457
Building and Improvements	16,178
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	2,457
Building and Improvements	16,311
Total	18,768
Accumulated Depreciation	$ 1,234
Pembroke Pines, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,321
Initial cost
Land	$ 337
Building and Improvements	3,772
Costs Subsequent to Acquisition	2,817
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,442
Total	6,395
Accumulated Depreciation	$ 2,797
Royal Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,178
Initial cost
Land	$ 1,640
Building and Improvements	8,607
Costs Subsequent to Acquisition	331
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,277
Total	8,917
Accumulated Depreciation	$ 2,597
Sanford, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,810
Initial cost
Land	$ 453
Building and Improvements	2,911
Costs Subsequent to Acquisition	237
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,580
Total	3,033
Accumulated Depreciation	$ 928
Sanford II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,875
Initial cost
Land	$ 1,003
Building and Improvements	4,944
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	5,177
Total	6,180
Accumulated Depreciation	$ 701
Sarasota, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,142
Initial cost
Land	$ 333
Building and Improvements	3,656
Costs Subsequent to Acquisition	1,510
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,949
Total	4,478
Accumulated Depreciation	$ 1,856
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,725
Initial cost
Land	$ 135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,447
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,358
Total	4,741
Accumulated Depreciation	$ 2,260
St. Petersburg, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,025
Initial cost
Land	$ 2,721
Building and Improvements	10,173
Costs Subsequent to Acquisition	425
Gross Carrying Amount at year end
Land	2,721
Building and Improvements	10,598
Total	13,319
Accumulated Depreciation	$ 810
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,736
Initial cost
Land	$ 324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,214
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,852
Total	6,537
Accumulated Depreciation	$ 2,977
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,990
Initial cost
Land	$ 1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	296
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	6,032
Total	7,422
Accumulated Depreciation	$ 2,136
Tampa I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,938
Initial cost
Land	$ 2,670
Building and Improvements	6,249
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,163
Total	7,833
Accumulated Depreciation	$ 1,830
Tampa II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,790
Initial cost
Land	$ 2,291
Building and Improvements	10,262
Costs Subsequent to Acquisition	133
Gross Carrying Amount at year end
Land	2,291
Building and Improvements	10,396
Total	12,687
Accumulated Depreciation	$ 781
West Palm Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,831
Initial cost
Land	$ 719
Building and Improvements	3,420
Costs Subsequent to Acquisition	1,826
Gross Carrying Amount at year end
Land	835
Building and Improvements	3,998
Total	4,833
Accumulated Depreciation	$ 1,715
West Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,113
Initial cost
Land	$ 2,129
Building and Improvements	8,671
Costs Subsequent to Acquisition	488
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,854
Total	9,983
Accumulated Depreciation	$ 3,393
West Palm Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,410
Initial cost
Land	$ 804
Building and Improvements	3,962
Costs Subsequent to Acquisition	89
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,051
Total	4,855
Accumulated Depreciation	$ 788
West Palm Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,719
Initial cost
Land	$ 1,499
Building and Improvements	7,392
Costs Subsequent to Acquisition	328
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,719
Total	9,218
Accumulated Depreciation	$ 1,142
Winter Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,416
Initial cost
Land	$ 866
Building and Improvements	4,268
Costs Subsequent to Acquisition	116
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,384
Total	5,250
Accumulated Depreciation	$ 592
Alpharetta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,501
Initial cost
Land	$ 806
Building and Improvements	4,720
Costs Subsequent to Acquisition	1,024
Gross Carrying Amount at year end
Land	917
Building and Improvements	4,046
Total	4,963
Accumulated Depreciation	$ 1,737
Atlanta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,825
Initial cost
Land	$ 822
Building and Improvements	4,053
Costs Subsequent to Acquisition	82
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,136
Total	4,958
Accumulated Depreciation	$ 841
Austell, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,655
Initial cost
Land	$ 1,635
Building and Improvements	4,711
Costs Subsequent to Acquisition	441
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,497
Total	6,140
Accumulated Depreciation	$ 1,635
Decatur, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	145,320
Initial cost
Land	$ 616
Building and Improvements	6,776
Costs Subsequent to Acquisition	449
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,230
Total	6,846
Accumulated Depreciation	$ 3,314
Duluth, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,885
Initial cost
Land	$ 373
Building and Improvements	2,044
Costs Subsequent to Acquisition	233
Gross Carrying Amount at year end
Land	373
Building and Improvements	1,952
Total	2,325
Accumulated Depreciation	$ 466
Lawrenceville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,890
Initial cost
Land	$ 546
Building and Improvements	2,903
Costs Subsequent to Acquisition	434
Gross Carrying Amount at year end
Land	546
Building and Improvements	2,920
Total	3,466
Accumulated Depreciation	$ 717
Lithia Springs, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,750
Initial cost
Land	$ 748
Building and Improvements	5,552
Costs Subsequent to Acquisition	133
Gross Carrying Amount at year end
Land	748
Building and Improvements	5,684
Total	6,432
Accumulated Depreciation	$ 567
Norcross I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,320
Initial cost
Land	$ 514
Building and Improvements	2,930
Costs Subsequent to Acquisition	986
Gross Carrying Amount at year end
Land	632
Building and Improvements	2,999
Total	3,631
Accumulated Depreciation	$ 1,264
Norcross II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,595
Initial cost
Land	$ 366
Building and Improvements	2,025
Costs Subsequent to Acquisition	233
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,973
Total	2,339
Accumulated Depreciation	$ 483
Norcross III, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,955
Initial cost
Land	$ 938
Building and Improvements	4,625
Costs Subsequent to Acquisition	83
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,709
Total	5,647
Accumulated Depreciation	$ 1,028
Norcross IV, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,505
Initial cost
Land	$ 576
Building and Improvements	2,839
Costs Subsequent to Acquisition	129
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,968
Total	3,544
Accumulated Depreciation	$ 603
Peachtree City I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,875
Initial cost
Land	$ 435
Building and Improvements	2,532
Costs Subsequent to Acquisition	805
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,552
Total	3,081
Accumulated Depreciation	$ 1,071
Peachtree City II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,950
Initial cost
Land	$ 398
Building and Improvements	1,963
Costs Subsequent to Acquisition	141
Gross Carrying Amount at year end
Land	398
Building and Improvements	2,104
Total	2,502
Accumulated Depreciation	$ 425
Smyrna, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,015
Initial cost
Land	$ 750
Building and Improvements	4,271
Costs Subsequent to Acquisition	325
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,478
Total	4,228
Accumulated Depreciation	$ 1,511
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,950
Initial cost
Land	$ 1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	381
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,499
Total	6,159
Accumulated Depreciation	$ 1,624
Suwanee I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,125
Initial cost
Land	$ 1,737
Building and Improvements	5,010
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,657
Total	6,394
Accumulated Depreciation	$ 1,684
Suwanee II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,340
Initial cost
Land	$ 800
Building and Improvements	6,942
Costs Subsequent to Acquisition	110
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,847
Total	6,469
Accumulated Depreciation	$ 2,087
Villa Rica, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,281
Initial cost
Land	$ 757
Building and Improvements	5,616
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	757
Building and Improvements	5,776
Total	6,533
Accumulated Depreciation	$ 576
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,575
Initial cost
Land	$ 428
Building and Improvements	3,531
Costs Subsequent to Acquisition	503
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,533
Total	3,961
Accumulated Depreciation	$ 1,490
Aurora, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,985
Initial cost
Land	$ 644
Building and Improvements	3,652
Costs Subsequent to Acquisition	259
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,391
Total	4,035
Accumulated Depreciation	$ 1,420
Bartlett, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,395
Initial cost
Land	$ 931
Building and Improvements	2,493
Costs Subsequent to Acquisition	313
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,402
Total	3,333
Accumulated Depreciation	$ 1,025
Bellwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,500
Initial cost
Land	$ 1,012
Building and Improvements	5,768
Costs Subsequent to Acquisition	1,148
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,178
Total	6,190
Accumulated Depreciation	$ 2,156
Blue Island, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,125
Initial cost
Land	$ 633
Building and Improvements	3,120
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,186
Total	3,819
Accumulated Depreciation	$ 386
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,575
Initial cost
Land	$ 1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	193
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,448
Total	10,123
Accumulated Depreciation	$ 1,137
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,795
Initial cost
Land	$ 2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	994
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	14,111
Total	16,778
Accumulated Depreciation	$ 1,940
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,835
Initial cost
Land	$ 833
Building and Improvements	4,035
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,116
Total	4,949
Accumulated Depreciation	$ 550
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,990
Initial cost
Land	$ 2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	825
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	12,787
Total	15,214
Accumulated Depreciation	$ 1,766
Chicago IV, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,420
Initial cost
Land	$ 1,296
Building and Improvements	6,385
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	1,296
Building and Improvements	6,506
Total	7,802
Accumulated Depreciation	$ 775
Chicago V, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,775
Initial cost
Land	$ 1,044
Building and Improvements	5,144
Costs Subsequent to Acquisition	73
Gross Carrying Amount at year end
Land	1,044
Building and Improvements	5,217
Total	6,261
Accumulated Depreciation	$ 624
Chicago VI, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,748
Initial cost
Land	$ 1,596
Building and Improvements	9,535
Costs Subsequent to Acquisition	55
Gross Carrying Amount at year end
Land	1,596
Building and Improvements	9,590
Total	11,186
Accumulated Depreciation	$ 775
Chicago VII, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,947
Initial cost
Building and Improvements	$ 11,191
Costs Subsequent to Acquisition	321
Gross Carrying Amount at year end
Building and Improvements	11,512
Total	11,512
Accumulated Depreciation	$ 405
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,633
Initial cost
Land	$ 2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	214
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	12,899
Total	15,506
Accumulated Depreciation	$ 1,724
Des Plaines, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,450
Initial cost
Land	$ 1,564
Building and Improvements	4,327
Costs Subsequent to Acquisition	867
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,555
Total	6,119
Accumulated Depreciation	$ 1,865
Downers Grove, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,625
Initial cost
Land	$ 1,498
Building and Improvements	13,153
Costs Subsequent to Acquisition	45
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	13,197
Total	14,695
Accumulated Depreciation	$ 1,087
Elk Grove Village, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,104
Initial cost
Land	$ 1,446
Building and Improvements	3,535
Costs Subsequent to Acquisition	314
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	3,319
Total	4,765
Accumulated Depreciation	$ 1,455
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,715
Initial cost
Land	$ 1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	248
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,687
Total	6,790
Accumulated Depreciation	$ 1,039
Glenview I IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,085
Initial cost
Land	$ 3,740
Building and Improvements	10,367
Costs Subsequent to Acquisition	587
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	9,487
Total	13,227
Accumulated Depreciation	$ 4,019
Glenview II IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,843
Initial cost
Land	$ 725
Building and Improvements	3,144
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	725
Building and Improvements	3,145
Total	3,870
Accumulated Depreciation	$ 9
Gurnee, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,300
Initial cost
Land	$ 1,521
Building and Improvements	5,440
Costs Subsequent to Acquisition	411
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	5,081
Total	6,602
Accumulated Depreciation	$ 2,162
Hanover, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,190
Initial cost
Land	$ 1,126
Building and Improvements	2,197
Costs Subsequent to Acquisition	353
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,212
Total	3,338
Accumulated Depreciation	$ 939
Harvey, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,090
Initial cost
Land	$ 869
Building and Improvements	3,635
Costs Subsequent to Acquisition	494
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,587
Total	4,456
Accumulated Depreciation	$ 1,446
Joliet, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,865
Initial cost
Land	$ 547
Building and Improvements	4,704
Costs Subsequent to Acquisition	269
Gross Carrying Amount at year end
Land	547
Building and Improvements	4,313
Total	4,860
Accumulated Depreciation	$ 1,840
Kildeer, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,463
Initial cost
Land	$ 2,102
Building and Improvements	2,187
Costs Subsequent to Acquisition	4,599
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	6,583
Total	8,580
Accumulated Depreciation	$ 1,218
Lombard, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,728
Initial cost
Land	$ 1,305
Building and Improvements	3,938
Costs Subsequent to Acquisition	992
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	4,325
Total	5,630
Accumulated Depreciation	$ 1,833
Maywood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,225
Initial cost
Land	$ 749
Building and Improvements	3,689
Costs Subsequent to Acquisition	49
Gross Carrying Amount at year end
Land	749
Building and Improvements	3,738
Total	4,487
Accumulated Depreciation	$ 446
Mount Prospect, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,000
Initial cost
Land	$ 1,701
Building and Improvements	3,114
Costs Subsequent to Acquisition	659
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,320
Total	5,021
Accumulated Depreciation	$ 1,370
Mundelein, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,700
Initial cost
Land	$ 1,498
Building and Improvements	2,782
Costs Subsequent to Acquisition	461
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,827
Total	4,325
Accumulated Depreciation	$ 1,148
North Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,400
Initial cost
Land	$ 1,073
Building and Improvements	3,006
Costs Subsequent to Acquisition	513
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	3,034
Total	4,107
Accumulated Depreciation	$ 1,289
Plainfield I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,900
Initial cost
Land	$ 1,770
Building and Improvements	1,715
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,782
Total	3,522
Accumulated Depreciation	$ 728
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,900
Initial cost
Land	$ 694
Building and Improvements	2,000
Costs Subsequent to Acquisition	290
Gross Carrying Amount at year end
Land	694
Building and Improvements	1,958
Total	2,652
Accumulated Depreciation	$ 768
Riverwoods, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,915
Initial cost
Land	$ 1,585
Building and Improvements	7,826
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	1,585
Building and Improvements	7,907
Total	9,492
Accumulated Depreciation	$ 473
Schaumburg, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,160
Initial cost
Land	$ 538
Building and Improvements	645
Costs Subsequent to Acquisition	266
Gross Carrying Amount at year end
Land	538
Building and Improvements	774
Total	1,312
Accumulated Depreciation	$ 317
Streamwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,505
Initial cost
Land	$ 1,447
Building and Improvements	1,662
Costs Subsequent to Acquisition	547
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,898
Total	3,345
Accumulated Depreciation	$ 774
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,796
Initial cost
Land	$ 1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	508
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	3,148
Total	4,214
Accumulated Depreciation	$ 1,223
Waukegan, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,500
Initial cost
Land	$ 1,198
Building and Improvements	4,363
Costs Subsequent to Acquisition	668
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	4,378
Total	5,576
Accumulated Depreciation	$ 1,820
West Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,175
Initial cost
Land	$ 1,071
Building and Improvements	2,249
Costs Subsequent to Acquisition	500
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,390
Total	3,461
Accumulated Depreciation	$ 996
Westmont, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,400
Initial cost
Land	$ 1,155
Building and Improvements	3,873
Costs Subsequent to Acquisition	332
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,664
Total	4,819
Accumulated Depreciation	$ 1,528
Wheeling I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,210
Initial cost
Land	$ 857
Building and Improvements	3,213
Costs Subsequent to Acquisition	508
Gross Carrying Amount at year end
Land	857
Building and Improvements	3,249
Total	4,106
Accumulated Depreciation	$ 1,367
Wheeling II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,825
Initial cost
Land	$ 793
Building and Improvements	3,816
Costs Subsequent to Acquisition	559
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,823
Total	4,616
Accumulated Depreciation	$ 1,641
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,232
Initial cost
Land	$ 943
Building and Improvements	3,397
Costs Subsequent to Acquisition	309
Gross Carrying Amount at year end
Land	943
Building and Improvements	3,231
Total	4,174
Accumulated Depreciation	$ 1,354
Schererville, IN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,604
Initial cost
Land	$ 1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	58
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,647
Total	6,781
Accumulated Depreciation	$ 827
Boston I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	33,286
Initial cost
Land	$ 538
Building and Improvements	3,048
Costs Subsequent to Acquisition	282
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,899
Total	3,437
Accumulated Depreciation	$ 745
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,470
Initial cost
Land	$ 1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	825
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	6,997
Total	8,513
Accumulated Depreciation	$ 2,798
Boston III, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	108,205
Initial cost
Land	$ 3,211
Building and Improvements	15,829
Costs Subsequent to Acquisition	706
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	16,535
Total	19,746
Accumulated Depreciation	$ 2,234
Brockton, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,446
Initial cost
Land	$ 577
Building and Improvements	4,394
Costs Subsequent to Acquisition	1,165
Gross Carrying Amount at year end
Land	577
Building and Improvements	5,559
Total	6,136
Accumulated Depreciation	$ 500
Haverhill, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,589
Initial cost
Land	$ 669
Building and Improvements	6,610
Costs Subsequent to Acquisition	193
Gross Carrying Amount at year end
Land	669
Building and Improvements	6,803
Total	7,472
Accumulated Depreciation	$ 664
Lawrence, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,672
Initial cost
Land	$ 585
Building and Improvements	4,737
Costs Subsequent to Acquisition	268
Gross Carrying Amount at year end
Land	585
Building and Improvements	5,005
Total	5,590
Accumulated Depreciation	$ 501
Leominster, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,048
Initial cost
Land	$ 90
Building and Improvements	1,519
Costs Subsequent to Acquisition	2,664
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,541
Total	3,879
Accumulated Depreciation	$ 1,674
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,685
Initial cost
Land	$ 1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	329
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	6,001
Total	7,331
Accumulated Depreciation	$ 1,988
Stoneham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,200
Initial cost
Land	$ 1,558
Building and Improvements	7,679
Costs Subsequent to Acquisition	303
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	7,982
Total	9,540
Accumulated Depreciation	$ 1,417
Tewksbury, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,402
Initial cost
Land	$ 1,537
Building and Improvements	7,579
Costs Subsequent to Acquisition	279
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,857
Total	9,394
Accumulated Depreciation	$ 1,163
Walpole, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,880
Initial cost
Land	$ 634
Building and Improvements	13,069
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	634
Building and Improvements	13,405
Total	14,039
Accumulated Depreciation	$ 976
Annapolis, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,332
Encumbrances	$ 5,626
Initial cost
Land	2,643
Building and Improvements	13,938
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	2,643
Building and Improvements	14,007
Total	16,650
Accumulated Depreciation	$ 680
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,750
Initial cost
Land	$ 1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,483
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,321
Total	6,494
Accumulated Depreciation	$ 2,262
Beltsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,657
Initial cost
Land	$ 1,277
Building and Improvements	6,295
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	6,379
Total	7,647
Accumulated Depreciation	$ 1,144
California, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,840
Initial cost
Land	$ 1,486
Building and Improvements	4,280
Costs Subsequent to Acquisition	353
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	4,018
Total	5,504
Accumulated Depreciation	$ 1,668
Capitol Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,500
Initial cost
Land	$ 2,704
Building and Improvements	13,332
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	2,704
Building and Improvements	13,383
Total	16,087
Accumulated Depreciation	$ 1,455
Clinton, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,225
Initial cost
Land	$ 2,182
Building and Improvements	10,757
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,897
Total	13,079
Accumulated Depreciation	$ 1,769
District Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,265
Initial cost
Land	$ 1,527
Building and Improvements	8,313
Costs Subsequent to Acquisition	557
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,744
Total	9,271
Accumulated Depreciation	$ 1,836
Elkridge, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,475
Initial cost
Land	$ 1,155
Building and Improvements	5,695
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	1,120
Building and Improvements	5,939
Total	7,059
Accumulated Depreciation	$ 990
Gaithersburg I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,045
Initial cost
Land	$ 3,124
Building and Improvements	9,000
Costs Subsequent to Acquisition	488
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	8,225
Total	11,349
Accumulated Depreciation	$ 3,475
Gaithersburg II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,100
Initial cost
Land	$ 2,383
Building and Improvements	11,750
Costs Subsequent to Acquisition	80
Gross Carrying Amount at year end
Land	2,383
Building and Improvements	11,829
Total	14,212
Accumulated Depreciation	$ 1,294
Hyattsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,830
Initial cost
Land	$ 1,113
Building and Improvements	5,485
Costs Subsequent to Acquisition	108
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,593
Total	6,706
Accumulated Depreciation	$ 1,002
Laurel, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	162,896
Initial cost
Land	$ 1,409
Building and Improvements	8,035
Costs Subsequent to Acquisition	3,919
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	9,091
Total	11,019
Accumulated Depreciation	$ 3,893
Temple Hills I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,270
Initial cost
Land	$ 1,541
Building and Improvements	8,788
Costs Subsequent to Acquisition	2,643
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	8,929
Total	10,729
Accumulated Depreciation	$ 3,827
Temple Hills II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,175
Initial cost
Land	$ 2,229
Building and Improvements	10,988
Costs Subsequent to Acquisition	64
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,052
Total	13,281
Accumulated Depreciation	$ 1,732
Timonium, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,717
Initial cost
Land	$ 2,269
Building and Improvements	11,184
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,393
Total	13,662
Accumulated Depreciation	$ 1,796
Upper Marlboro, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,290
Initial cost
Land	$ 1,309
Building and Improvements	6,455
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,557
Total	7,866
Accumulated Depreciation	$ 1,182
Bloomington, MN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,928
Initial cost
Land	$ 1,598
Building and Improvements	12,298
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	1,598
Building and Improvements	12,510
Total	14,108
Accumulated Depreciation	$ 808
Belmont, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,850
Initial cost
Land	$ 385
Building and Improvements	2,196
Costs Subsequent to Acquisition	963
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,341
Total	2,792
Accumulated Depreciation	$ 1,015
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	109,300
Initial cost
Land	$ 498
Building and Improvements	2,837
Costs Subsequent to Acquisition	897
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,917
Total	3,415
Accumulated Depreciation	$ 1,325
Burlington II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,165
Initial cost
Land	$ 320
Building and Improvements	1,829
Costs Subsequent to Acquisition	473
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,761
Total	2,101
Accumulated Depreciation	$ 765
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,750
Initial cost
Land	$ 543
Building and Improvements	3,097
Costs Subsequent to Acquisition	917
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,316
Total	3,859
Accumulated Depreciation	$ 1,464
Charlotte I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,000
Initial cost
Land	$ 782
Building and Improvements	4,429
Costs Subsequent to Acquisition	1,589
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,562
Total	5,630
Accumulated Depreciation	$ 1,849
Charlotte II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,706
Initial cost
Land	$ 821
Building and Improvements	8,764
Costs Subsequent to Acquisition	58
Gross Carrying Amount at year end
Land	821
Building and Improvements	8,821
Total	9,642
Accumulated Depreciation	$ 528
Charlotte III, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,037
Initial cost
Land	$ 1,974
Building and Improvements	8,211
Costs Subsequent to Acquisition	83
Gross Carrying Amount at year end
Land	1,974
Building and Improvements	8,293
Total	10,267
Accumulated Depreciation	$ 84
Cornelius, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,270
Initial cost
Land	$ 2,424
Building and Improvements	4,991
Costs Subsequent to Acquisition	980
Gross Carrying Amount at year end
Land	2,424
Building and Improvements	5,971
Total	8,395
Accumulated Depreciation	$ 577
Pineville, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,747
Initial cost
Land	$ 2,490
Building and Improvements	9,169
Costs Subsequent to Acquisition	151
Gross Carrying Amount at year end
Land	2,490
Building and Improvements	9,320
Total	11,810
Accumulated Depreciation	$ 926
Raleigh, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,675
Initial cost
Land	$ 209
Building and Improvements	2,398
Costs Subsequent to Acquisition	464
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,386
Total	2,682
Accumulated Depreciation	$ 1,180
Bordentown, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,550
Initial cost
Land	$ 457
Building and Improvements	2,255
Costs Subsequent to Acquisition	173
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,427
Total	2,884
Accumulated Depreciation	$ 483
Brick, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,710
Initial cost
Land	$ 234
Building and Improvements	2,762
Costs Subsequent to Acquisition	1,553
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,465
Total	3,950
Accumulated Depreciation	$ 1,826
Cherry Hill I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,500
Initial cost
Land	$ 222
Building and Improvements	1,260
Costs Subsequent to Acquisition	204
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,249
Total	1,471
Accumulated Depreciation	$ 316
Cherry Hill II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,425
Initial cost
Land	$ 471
Building and Improvements	2,323
Costs Subsequent to Acquisition	320
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,643
Total	3,114
Accumulated Depreciation	$ 518
Clifton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,550
Initial cost
Land	$ 4,346
Building and Improvements	12,520
Costs Subsequent to Acquisition	331
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	11,171
Total	15,511
Accumulated Depreciation	$ 4,521
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,280
Initial cost
Land	$ 290
Building and Improvements	3,493
Costs Subsequent to Acquisition	2,792
Gross Carrying Amount at year end
Land	779
Building and Improvements	5,090
Total	5,869
Accumulated Depreciation	$ 2,546
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,704
Initial cost
Land	$ 504
Building and Improvements	5,763
Costs Subsequent to Acquisition	4,395
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	8,177
Total	9,492
Accumulated Depreciation	$ 4,194
Egg Harbor I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,025
Initial cost
Land	$ 104
Building and Improvements	510
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	104
Building and Improvements	581
Total	685
Accumulated Depreciation	$ 145
Egg Harbor II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,400
Initial cost
Land	$ 284
Building and Improvements	1,608
Costs Subsequent to Acquisition	309
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,695
Total	1,979
Accumulated Depreciation	$ 459
Elizabeth, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,770
Initial cost
Land	$ 751
Building and Improvements	2,164
Costs Subsequent to Acquisition	719
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,560
Total	3,311
Accumulated Depreciation	$ 1,018
Fairview, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	27,876
Initial cost
Land	$ 246
Building and Improvements	2,759
Costs Subsequent to Acquisition	617
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,767
Total	3,013
Accumulated Depreciation	$ 1,420
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,420
Initial cost
Land	$ 1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	211
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,566
Total	6,652
Accumulated Depreciation	$ 1,133
Hamilton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,550
Initial cost
Land	$ 1,885
Building and Improvements	5,430
Costs Subsequent to Acquisition	511
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	5,173
Total	7,066
Accumulated Depreciation	$ 1,891
Hoboken, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,194
Initial cost
Land	$ 1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	972
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	4,285
Total	5,655
Accumulated Depreciation	$ 1,776
Linden, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,425
Initial cost
Land	$ 517
Building and Improvements	6,008
Costs Subsequent to Acquisition	2,669
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	7,139
Total	8,182
Accumulated Depreciation	$ 3,579
Lumberton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,025
Initial cost
Land	$ 987
Building and Improvements	4,864
Costs Subsequent to Acquisition	316
Gross Carrying Amount at year end
Land	987
Building and Improvements	5,180
Total	6,167
Accumulated Depreciation	$ 1,052
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,226
Initial cost
Land	$ 500
Building and Improvements	5,602
Costs Subsequent to Acquisition	3,100
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	7,054
Total	8,126
Accumulated Depreciation	$ 3,499
Parsippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,655
Initial cost
Land	$ 475
Building and Improvements	5,322
Costs Subsequent to Acquisition	5,820
Gross Carrying Amount at year end
Land	844
Building and Improvements	9,798
Total	10,642
Accumulated Depreciation	$ 3,430
Rahway, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,121
Initial cost
Land	$ 1,486
Building and Improvements	7,326
Costs Subsequent to Acquisition	680
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	8,007
Total	9,493
Accumulated Depreciation	$ 1,400
Randolph, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,565
Initial cost
Land	$ 855
Building and Improvements	4,872
Costs Subsequent to Acquisition	1,574
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,757
Total	5,865
Accumulated Depreciation	$ 1,940
Ridgefield, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,803
Initial cost
Land	$ 1,810
Building and Improvements	8,925
Costs Subsequent to Acquisition	318
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	9,243
Total	11,053
Accumulated Depreciation	$ 1,008
Roseland, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,569
Initial cost
Land	$ 1,844
Building and Improvements	9,759
Costs Subsequent to Acquisition	189
Gross Carrying Amount at year end
Land	1,844
Building and Improvements	9,948
Total	11,792
Accumulated Depreciation	$ 989
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,826
Initial cost
Land	$ 484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,441
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,129
Total	3,835
Accumulated Depreciation	$ 1,362
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,485
Initial cost
Land	$ 1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	587
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,716
Total	7,959
Accumulated Depreciation	$ 1,286
Whippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,070
Initial cost
Land	$ 2,153
Building and Improvements	10,615
Costs Subsequent to Acquisition	653
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	11,268
Total	13,421
Accumulated Depreciation	$ 1,945
Albuquerque I, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,927
Initial cost
Land	$ 1,039
Building and Improvements	3,395
Costs Subsequent to Acquisition	367
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	3,178
Total	4,217
Accumulated Depreciation	$ 1,403
Albuquerque II, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,798
Initial cost
Land	$ 1,163
Building and Improvements	3,801
Costs Subsequent to Acquisition	284
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,462
Total	4,625
Accumulated Depreciation	$ 1,554
Albuquerque III, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,536
Initial cost
Land	$ 664
Building and Improvements	2,171
Costs Subsequent to Acquisition	371
Gross Carrying Amount at year end
Land	664
Building and Improvements	2,151
Total	2,815
Accumulated Depreciation	$ 967
Henderson, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,150
Initial cost
Land	$ 1,246
Building and Improvements	6,143
Costs Subsequent to Acquisition	105
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,246
Total	7,492
Accumulated Depreciation	$ 839
Las Vegas I, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,732
Initial cost
Land	$ 1,851
Building and Improvements	2,986
Costs Subsequent to Acquisition	593
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,167
Total	5,018
Accumulated Depreciation	$ 1,484
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,850
Initial cost
Land	$ 3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	615
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	5,444
Total	8,799
Accumulated Depreciation	$ 2,477
Las Vegas III, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,600
Initial cost
Land	$ 1,171
Building and Improvements	10,034
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	10,148
Total	11,319
Accumulated Depreciation	$ 679
Las Vegas IV, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,527
Initial cost
Land	$ 1,116
Building and Improvements	8,575
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,939
Total	10,055
Accumulated Depreciation	$ 626
Las Vegas, V NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,226
Initial cost
Land	$ 1,460
Building and Improvements	9,560
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	1,460
Building and Improvements	9,744
Total	11,204
Accumulated Depreciation	$ 613
Las Vegas VI, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,732
Initial cost
Land	$ 1,386
Building and Improvements	12,299
Costs Subsequent to Acquisition	123
Gross Carrying Amount at year end
Land	1,386
Building and Improvements	12,422
Total	13,808
Accumulated Depreciation	$ 699
Las Vegas VII NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,525
Initial cost
Land	$ 1,575
Building and Improvements	11,483
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	1,575
Building and Improvements	11,630
Total	13,205
Accumulated Depreciation	$ 105
Baldwin, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,380
Initial cost
Land	$ 1,559
Building and Improvements	7,685
Costs Subsequent to Acquisition	646
Gross Carrying Amount at year end
Land	1,559
Building and Improvements	8,331
Total	9,890
Accumulated Depreciation	$ 915
Bronx I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,864
Initial cost
Land	$ 2,014
Building and Improvements	11,411
Costs Subsequent to Acquisition	1,118
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	10,937
Total	12,951
Accumulated Depreciation	$ 2,917
Bronx II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,028
Initial cost
Building and Improvements	$ 28,289
Costs Subsequent to Acquisition	1,721
Gross Carrying Amount at year end
Building and Improvements	29,475
Total	29,475
Accumulated Depreciation	$ 6,654
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,900
Initial cost
Land	$ 6,459
Building and Improvements	36,180
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	6,460
Building and Improvements	32,052
Total	38,512
Accumulated Depreciation	$ 7,285
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,580
Initial cost
Building and Improvements	$ 22,074
Costs Subsequent to Acquisition	130
Gross Carrying Amount at year end
Building and Improvements	19,549
Total	19,549
Accumulated Depreciation	$ 4,461
Bronx V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,704
Initial cost
Building and Improvements	$ 17,556
Costs Subsequent to Acquisition	226
Gross Carrying Amount at year end
Building and Improvements	15,671
Total	15,671
Accumulated Depreciation	$ 3,580
Bronx VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,970
Initial cost
Building and Improvements	$ 16,803
Costs Subsequent to Acquisition	364
Gross Carrying Amount at year end
Building and Improvements	15,136
Total	15,136
Accumulated Depreciation	$ 3,452
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,700
Encumbrances	$ 8,022
Initial cost
Building and Improvements	22,512
Costs Subsequent to Acquisition	189
Gross Carrying Amount at year end
Building and Improvements	22,810
Total	22,810
Accumulated Depreciation	$ 4,959
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,550
Encumbrances	$ 2,816
Initial cost
Land	1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	308
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,475
Total	7,726
Accumulated Depreciation	$ 1,389
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,915
Encumbrances	$ 22,041
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	1,452
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,730
Total	48,697
Accumulated Depreciation	$ 8,714
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	159,805
Encumbrances	$ 24,893
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	537
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,353
Total	54,443
Accumulated Depreciation	$ 9,298
Bronx XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,425
Initial cost
Building and Improvements	$ 17,130
Costs Subsequent to Acquisition	344
Gross Carrying Amount at year end
Building and Improvements	17,476
Total	17,476
Accumulated Depreciation	$ 2,212
Bronx XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,268
Initial cost
Building and Improvements	$ 31,603
Costs Subsequent to Acquisition	80
Gross Carrying Amount at year end
Building and Improvements	31,681
Total	31,681
Accumulated Depreciation	$ 2,614
Bronx XIII NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	201,195
Initial cost
Land	$ 19,622
Building and Improvements	68,290
Gross Carrying Amount at year end
Land	19,621
Building and Improvements	68,379
Total	88,000
Accumulated Depreciation	$ 516
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,456
Initial cost
Land	$ 1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	410
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,166
Total	10,961
Accumulated Depreciation	$ 2,397
Brooklyn II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,920
Initial cost
Land	$ 1,601
Building and Improvements	9,073
Costs Subsequent to Acquisition	497
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,251
Total	9,852
Accumulated Depreciation	$ 2,198
Brooklyn III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,610
Initial cost
Land	$ 2,772
Building and Improvements	13,570
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	2,772
Building and Improvements	13,798
Total	16,570
Accumulated Depreciation	$ 3,155
Brooklyn IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,560
Initial cost
Land	$ 2,283
Building and Improvements	11,184
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	2,284
Building and Improvements	11,444
Total	13,728
Accumulated Depreciation	$ 2,620
Brooklyn V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,045
Initial cost
Land	$ 2,374
Building and Improvements	11,636
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	2,374
Building and Improvements	11,809
Total	14,183
Accumulated Depreciation	$ 2,686
Brooklyn VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,820
Initial cost
Land	$ 4,210
Building and Improvements	20,638
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	4,211
Building and Improvements	20,869
Total	25,080
Accumulated Depreciation	$ 4,742
Brooklyn VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,725
Initial cost
Land	$ 5,604
Building and Improvements	27,452
Costs Subsequent to Acquisition	200
Gross Carrying Amount at year end
Land	5,604
Building and Improvements	27,817
Total	33,421
Accumulated Depreciation	$ 6,338
Brooklyn VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,525
Initial cost
Land	$ 4,982
Building and Improvements	24,561
Costs Subsequent to Acquisition	118
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,678
Total	29,660
Accumulated Depreciation	$ 3,671
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,980
Initial cost
Land	$ 2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,774
Total	17,740
Accumulated Depreciation	$ 2,195
Brooklyn X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,938
Initial cost
Land	$ 3,739
Building and Improvements	7,703
Costs Subsequent to Acquisition	3,118
Gross Carrying Amount at year end
Land	4,885
Building and Improvements	9,674
Total	14,559
Accumulated Depreciation	$ 978
Brooklyn XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,215
Initial cost
Land	$ 10,093
Building and Improvements	35,385
Costs Subsequent to Acquisition	229
Gross Carrying Amount at year end
Land	10,093
Building and Improvements	35,613
Total	45,706
Accumulated Depreciation	$ 3,116
Brooklyn XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	131,913
Initial cost
Land	$ 7,249
Building and Improvements	40,230
Costs Subsequent to Acquisition	9
Gross Carrying Amount at year end
Land	7,250
Building and Improvements	40,243
Total	47,493
Accumulated Depreciation	$ 1,246
Flushing, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,993
Initial cost
Land	$ 17,177
Building and Improvements	17,356
Costs Subsequent to Acquisition	18
Gross Carrying Amount at year end
Land	17,177
Building and Improvements	17,373
Total	34,550
Accumulated Depreciation	$ 40
Holbrook, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,377
Initial cost
Land	$ 2,029
Building and Improvements	10,737
Costs Subsequent to Acquisition	77
Gross Carrying Amount at year end
Land	2,029
Building and Improvements	10,814
Total	12,843
Accumulated Depreciation	$ 1,066
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,385
Initial cost
Land	$ 2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	2,374
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	11,299
Total	13,342
Accumulated Depreciation	$ 4,755
Jamaica II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,805
Initial cost
Land	$ 5,391
Building and Improvements	26,413
Costs Subsequent to Acquisition	397
Gross Carrying Amount at year end
Land	5,391
Building and Improvements	26,953
Total	32,344
Accumulated Depreciation	$ 6,132
Long Island City, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,775
Initial cost
Land	$ 5,700
Building and Improvements	28,101
Costs Subsequent to Acquisition	46
Gross Carrying Amount at year end
Land	5,700
Building and Improvements	28,147
Total	33,847
Accumulated Depreciation	$ 3,655
New Rochelle I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,596
Initial cost
Land	$ 1,673
Building and Improvements	4,827
Costs Subsequent to Acquisition	1,223
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	5,391
Total	7,064
Accumulated Depreciation	$ 2,080
New Rochelle II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,425
Initial cost
Land	$ 3,167
Building and Improvements	2,713
Costs Subsequent to Acquisition	452
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,999
Total	22,761
Accumulated Depreciation	$ 4,146
New York, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,912
Encumbrances	$ 31,171
Initial cost
Land	42,022
Building and Improvements	38,753
Costs Subsequent to Acquisition	23
Gross Carrying Amount at year end
Land	42,022
Building and Improvements	38,777
Total	80,799
Accumulated Depreciation	$ 1,531
North Babylon, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,350
Initial cost
Land	$ 225
Building and Improvements	2,514
Costs Subsequent to Acquisition	4,233
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,595
Total	6,163
Accumulated Depreciation	$ 2,775
Patchogue, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,759
Initial cost
Land	$ 1,141
Building and Improvements	5,624
Costs Subsequent to Acquisition	61
Gross Carrying Amount at year end
Land	1,141
Building and Improvements	5,685
Total	6,826
Accumulated Depreciation	$ 757
Queens I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,875
Initial cost
Land	$ 5,158
Building and Improvements	12,339
Costs Subsequent to Acquisition	1,156
Gross Carrying Amount at year end
Land	5,160
Building and Improvements	13,493
Total	18,653
Accumulated Depreciation	$ 1,415
Queens II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,728
Initial cost
Land	$ 6,208
Building and Improvements	25,815
Costs Subsequent to Acquisition	484
Gross Carrying Amount at year end
Land	6,208
Building and Improvements	26,300
Total	32,508
Accumulated Depreciation	$ 2,598
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,490
Initial cost
Land	$ 1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	216
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	1,086
Total	2,154
Accumulated Depreciation	$ 527
Southold, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,945
Initial cost
Land	$ 2,079
Building and Improvements	2,238
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	2,184
Total	4,263
Accumulated Depreciation	$ 1,035
Staten Island, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,573
Initial cost
Land	$ 1,919
Building and Improvements	9,463
Costs Subsequent to Acquisition	870
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	10,334
Total	12,253
Accumulated Depreciation	$ 1,790
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,358
Initial cost
Land	$ 2,363
Building and Improvements	17,411
Costs Subsequent to Acquisition	311
Gross Carrying Amount at year end
Land	2,363
Building and Improvements	11,951
Total	14,314
Accumulated Depreciation	$ 2,711
West Hempstead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,395
Initial cost
Land	$ 2,237
Building and Improvements	11,030
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,273
Total	13,510
Accumulated Depreciation	$ 2,254
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,874
Initial cost
Land	$ 3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	1,030
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,582
Total	19,877
Accumulated Depreciation	$ 4,055
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,665
Initial cost
Land	$ 2,015
Building and Improvements	11,219
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	2,015
Building and Improvements	10,080
Total	12,095
Accumulated Depreciation	$ 2,283
Wyckoff, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,440
Initial cost
Land	$ 1,961
Building and Improvements	11,113
Costs Subsequent to Acquisition	351
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	9,980
Total	11,941
Accumulated Depreciation	$ 2,546
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,879
Initial cost
Land	$ 2,382
Building and Improvements	11,720
Costs Subsequent to Acquisition	216
Gross Carrying Amount at year end
Land	2,382
Building and Improvements	11,949
Total	14,331
Accumulated Depreciation	$ 2,728
Cleveland I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,000
Initial cost
Land	$ 525
Building and Improvements	2,592
Costs Subsequent to Acquisition	273
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,515
Total	3,039
Accumulated Depreciation	$ 1,097
Cleveland II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,325
Initial cost
Land	$ 290
Building and Improvements	1,427
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,413
Total	1,702
Accumulated Depreciation	$ 622
Columbus I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,905
Initial cost
Land	$ 1,234
Building and Improvements	3,151
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,828
Total	4,067
Accumulated Depreciation	$ 1,187
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,659
Initial cost
Land	$ 769
Building and Improvements	3,788
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	769
Building and Improvements	4,081
Total	4,850
Accumulated Depreciation	$ 547
Columbus III, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,200
Initial cost
Land	$ 326
Building and Improvements	1,607
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,732
Total	2,058
Accumulated Depreciation	$ 240
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,950
Initial cost
Land	$ 443
Building and Improvements	2,182
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,288
Total	2,731
Accumulated Depreciation	$ 314
Columbus V, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,325
Initial cost
Land	$ 838
Building and Improvements	4,128
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,267
Total	5,105
Accumulated Depreciation	$ 571
Columbus VI, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,525
Initial cost
Land	$ 701
Building and Improvements	3,454
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,575
Total	4,276
Accumulated Depreciation	$ 480
Grove City, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,756
Building and Improvements	4,485
Costs Subsequent to Acquisition	290
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,157
Total	5,918
Accumulated Depreciation	$ 1,700
Hilliard, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,361
Building and Improvements	3,476
Costs Subsequent to Acquisition	285
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,273
Total	4,639
Accumulated Depreciation	$ 1,349
Lakewood, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,332
Initial cost
Land	$ 405
Building and Improvements	854
Costs Subsequent to Acquisition	690
Gross Carrying Amount at year end
Land	405
Building and Improvements	1,385
Total	1,790
Accumulated Depreciation	$ 1,046
Lewis Center, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,224
Initial cost
Land	$ 1,056
Building and Improvements	5,206
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,351
Total	6,407
Accumulated Depreciation	$ 721
Middleburg Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,200
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	2,402
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,436
Total	2,768
Accumulated Depreciation	$ 1,151
North Olmsted I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,672
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	1,591
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,802
Total	2,016
Accumulated Depreciation	$ 884
North Olmsted II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,850
Initial cost
Land	$ 290
Building and Improvements	1,129
Costs Subsequent to Acquisition	1,232
Gross Carrying Amount at year end
Land	469
Building and Improvements	2,034
Total	2,503
Accumulated Depreciation	$ 1,724
North Randall, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,297
Initial cost
Land	$ 515
Building and Improvements	2,323
Costs Subsequent to Acquisition	3,274
Gross Carrying Amount at year end
Land	898
Building and Improvements	3,997
Total	4,895
Accumulated Depreciation	$ 1,821
Reynoldsburg, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,245
Initial cost
Land	$ 1,290
Building and Improvements	3,295
Costs Subsequent to Acquisition	388
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,229
Total	4,524
Accumulated Depreciation	$ 1,331
Strongsville, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,683
Initial cost
Land	$ 570
Building and Improvements	3,486
Costs Subsequent to Acquisition	430
Gross Carrying Amount at year end
Land	570
Building and Improvements	3,082
Total	3,652
Accumulated Depreciation	$ 1,126
Warrensville Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,281
Initial cost
Land	$ 525
Building and Improvements	766
Costs Subsequent to Acquisition	3,292
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,443
Total	4,378
Accumulated Depreciation	$ 1,612
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,750
Initial cost
Land	$ 509
Building and Improvements	2,508
Costs Subsequent to Acquisition	264
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,383
Total	2,891
Accumulated Depreciation	$ 1,068
Conshohocken, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,285
Initial cost
Land	$ 1,726
Building and Improvements	8,508
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,689
Total	10,415
Accumulated Depreciation	$ 1,765
Exton, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,750
Initial cost
Land	$ 541
Building and Improvements	2,668
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	519
Building and Improvements	2,817
Total	3,336
Accumulated Depreciation	$ 573
Langhorne, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,838
Initial cost
Land	$ 1,019
Building and Improvements	5,023
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,383
Total	6,402
Accumulated Depreciation	$ 1,083
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,130
Initial cost
Land	$ 926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,306
Gross Carrying Amount at year end
Land	926
Building and Improvements	4,881
Total	5,807
Accumulated Depreciation	$ 2,100
Malvern, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	18,820
Initial cost
Land	$ 2,959
Building and Improvements	18,198
Costs Subsequent to Acquisition	1,727
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	19,923
Total	22,882
Accumulated Depreciation	$ 2,734
Montgomeryville, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,145
Initial cost
Land	$ 975
Building and Improvements	4,809
Costs Subsequent to Acquisition	261
Gross Carrying Amount at year end
Land	975
Building and Improvements	5,069
Total	6,044
Accumulated Depreciation	$ 1,044
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,520
Initial cost
Land	$ 662
Building and Improvements	3,142
Costs Subsequent to Acquisition	789
Gross Carrying Amount at year end
Land	638
Building and Improvements	4,061
Total	4,699
Accumulated Depreciation	$ 1,007
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,099
Initial cost
Land	$ 1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	1,931
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	6,921
Total	8,382
Accumulated Depreciation	$ 3,047
Philadelphia II, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,279
Initial cost
Land	$ 1,012
Building and Improvements	4,990
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,157
Total	6,169
Accumulated Depreciation	$ 810
Exeter, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,275
Initial cost
Land	$ 547
Building and Improvements	2,697
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	547
Building and Improvements	2,845
Total	3,392
Accumulated Depreciation	$ 387
Johnston, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,275
Initial cost
Land	$ 1,061
Building and Improvements	5,229
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,336
Total	6,397
Accumulated Depreciation	$ 715
Wakefield, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,745
Initial cost
Land	$ 823
Building and Improvements	4,058
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,143
Total	4,966
Accumulated Depreciation	$ 546
Woonsocket, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,900
Initial cost
Land	$ 1,049
Building and Improvements	5,172
Costs Subsequent to Acquisition	174
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,346
Total	6,395
Accumulated Depreciation	$ 718
Antioch, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,985
Initial cost
Land	$ 588
Building and Improvements	4,906
Costs Subsequent to Acquisition	372
Gross Carrying Amount at year end
Land	588
Building and Improvements	4,510
Total	5,098
Accumulated Depreciation	$ 1,887
Nashville I, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,950
Initial cost
Land	$ 405
Building and Improvements	3,379
Costs Subsequent to Acquisition	1,056
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,846
Total	4,251
Accumulated Depreciation	$ 1,495
Nashville II, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,174
Initial cost
Land	$ 593
Building and Improvements	4,950
Costs Subsequent to Acquisition	272
Gross Carrying Amount at year end
Land	593
Building and Improvements	4,527
Total	5,120
Accumulated Depreciation	$ 1,910
Nashville III, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,525
Initial cost
Land	$ 416
Building and Improvements	3,469
Costs Subsequent to Acquisition	347
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,482
Total	3,898
Accumulated Depreciation	$ 1,461
Nashville IV, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,450
Initial cost
Land	$ 992
Building and Improvements	8,274
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,428
Total	8,420
Accumulated Depreciation	$ 3,106
Nashville V, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,560
Encumbrances	$ 2,363
Initial cost
Land	895
Building and Improvements	4,311
Costs Subsequent to Acquisition	854
Gross Carrying Amount at year end
Land	895
Building and Improvements	5,165
Total	6,060
Accumulated Depreciation	$ 657
Nashville VI, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,416
Initial cost
Land	$ 2,749
Building and Improvements	8,443
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	2,749
Building and Improvements	8,566
Total	11,315
Accumulated Depreciation	$ 847
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,170
Initial cost
Land	$ 714
Building and Improvements	3,519
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,653
Total	4,367
Accumulated Depreciation	$ 754
Austin I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,239
Building and Improvements	2,038
Costs Subsequent to Acquisition	278
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	1,967
Total	4,206
Accumulated Depreciation	$ 807
Austin II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,360
Initial cost
Land	$ 734
Building and Improvements	3,894
Costs Subsequent to Acquisition	419
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,751
Total	4,489
Accumulated Depreciation	$ 1,445
Austin III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,735
Initial cost
Land	$ 1,030
Building and Improvements	5,468
Costs Subsequent to Acquisition	358
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,167
Total	6,202
Accumulated Depreciation	$ 1,962
Austin IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,258
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	381
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,632
Total	5,494
Accumulated Depreciation	$ 716
Austin V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,850
Initial cost
Land	$ 1,050
Building and Improvements	5,175
Costs Subsequent to Acquisition	294
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,469
Total	6,519
Accumulated Depreciation	$ 757
Austin VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,850
Initial cost
Land	$ 1,150
Building and Improvements	5,669
Costs Subsequent to Acquisition	327
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	5,996
Total	7,146
Accumulated Depreciation	$ 808
Austin VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,023
Initial cost
Land	$ 1,429
Building and Improvements	6,263
Costs Subsequent to Acquisition	256
Gross Carrying Amount at year end
Land	1,429
Building and Improvements	6,519
Total	7,948
Accumulated Depreciation	$ 637
Austin V III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,288
Initial cost
Land	$ 2,935
Building and Improvements	7,007
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	2,935
Building and Improvements	7,071
Total	10,006
Accumulated Depreciation	$ 685
Austin IX Tx
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,547
Initial cost
Land	$ 1,321
Building and Improvements	9,643
Costs Subsequent to Acquisition	34
Gross Carrying Amount at year end
Land	1,321
Building and Improvements	9,677
Total	10,998
Accumulated Depreciation	$ 308
Bryan, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,650
Initial cost
Land	$ 1,394
Building and Improvements	1,268
Costs Subsequent to Acquisition	575
Gross Carrying Amount at year end
Land	1,396
Building and Improvements	1,605
Total	3,001
Accumulated Depreciation	$ 576
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,780
Initial cost
Land	$ 661
Building and Improvements	3,261
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,401
Total	4,062
Accumulated Depreciation	$ 660
Cedar Park, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,725
Initial cost
Land	$ 3,350
Building and Improvements	7,950
Costs Subsequent to Acquisition	380
Gross Carrying Amount at year end
Land	3,350
Building and Improvements	8,331
Total	11,681
Accumulated Depreciation	$ 765
College Station, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,550
Initial cost
Land	$ 812
Building and Improvements	740
Costs Subsequent to Acquisition	216
Gross Carrying Amount at year end
Land	813
Building and Improvements	769
Total	1,582
Accumulated Depreciation	$ 303
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,161
Initial cost
Land	$ 360
Building and Improvements	1,773
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,928
Total	2,288
Accumulated Depreciation	$ 409
Dallas I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,582
Initial cost
Land	$ 2,475
Building and Improvements	2,253
Costs Subsequent to Acquisition	489
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,264
Total	4,739
Accumulated Depreciation	$ 922
Dallas II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,073
Initial cost
Land	$ 940
Building and Improvements	4,635
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,869
Total	5,809
Accumulated Depreciation	$ 813
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,479
Initial cost
Land	$ 2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	306
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	13,163
Total	15,771
Accumulated Depreciation	$ 1,714
Dallas IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,750
Initial cost
Land	$ 2,369
Building and Improvements	11,850
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	2,369
Building and Improvements	11,924
Total	14,293
Accumulated Depreciation	$ 1,449
Dallas V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,510
Initial cost
Building and Improvements	$ 11,604
Costs Subsequent to Acquisition	87
Gross Carrying Amount at year end
Building and Improvements	11,692
Total	11,692
Accumulated Depreciation	$ 1,285
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,846
Initial cost
Land	$ 553
Building and Improvements	2,936
Costs Subsequent to Acquisition	445
Gross Carrying Amount at year end
Land	569
Building and Improvements	2,886
Total	3,455
Accumulated Depreciation	$ 1,017
Fort Worth I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,416
Initial cost
Land	$ 1,253
Building and Improvements	1,141
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,259
Total	2,512
Accumulated Depreciation	$ 495
Fort Worth II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,900
Initial cost
Land	$ 868
Building and Improvements	4,607
Costs Subsequent to Acquisition	399
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,338
Total	5,212
Accumulated Depreciation	$ 1,689
Fort Worth III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,145
Initial cost
Land	$ 1,000
Building and Improvements	4,928
Costs Subsequent to Acquisition	186
Gross Carrying Amount at year end
Land	1,000
Building and Improvements	5,115
Total	6,115
Accumulated Depreciation	$ 626
Fort Worth IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,579
Initial cost
Land	$ 1,274
Building and Improvements	7,693
Costs Subsequent to Acquisition	34
Gross Carrying Amount at year end
Land	1,274
Building and Improvements	7,728
Total	9,002
Accumulated Depreciation	$ 679
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,904
Initial cost
Land	$ 1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,895
Total	3,988
Accumulated Depreciation	$ 1,174
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,839
Initial cost
Land	$ 1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	244
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,135
Total	5,699
Accumulated Depreciation	$ 1,664
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,665
Initial cost
Land	$ 1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	682
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	5,961
Total	7,115
Accumulated Depreciation	$ 2,250
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,175
Initial cost
Land	$ 719
Building and Improvements	4,072
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,769
Total	4,488
Accumulated Depreciation	$ 985
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,415
Initial cost
Land	$ 1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	145
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,858
Total	7,017
Accumulated Depreciation	$ 903
Frisco VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,176
Initial cost
Land	$ 1,064
Building and Improvements	5,247
Costs Subsequent to Acquisition	174
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,421
Total	6,485
Accumulated Depreciation	$ 738
Garland I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,100
Initial cost
Land	$ 751
Building and Improvements	3,984
Costs Subsequent to Acquisition	628
Gross Carrying Amount at year end
Land	767
Building and Improvements	4,018
Total	4,785
Accumulated Depreciation	$ 1,541
Garland II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,425
Initial cost
Land	$ 862
Building and Improvements	4,578
Costs Subsequent to Acquisition	310
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,291
Total	5,153
Accumulated Depreciation	$ 1,587
Grapevine, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,769
Initial cost
Land	$ 1,211
Building and Improvements	8,559
Costs Subsequent to Acquisition	117
Gross Carrying Amount at year end
Land	1,211
Building and Improvements	8,676
Total	9,887
Accumulated Depreciation	$ 755
Houston III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,590
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	486
Gross Carrying Amount at year end
Land	576
Building and Improvements	898
Total	1,474
Accumulated Depreciation	$ 357
Houston IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,750
Initial cost
Land	$ 960
Building and Improvements	875
Costs Subsequent to Acquisition	704
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,379
Total	2,340
Accumulated Depreciation	$ 503
Houston V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	124,279
Initial cost
Land	$ 1,153
Building and Improvements	6,122
Costs Subsequent to Acquisition	1,804
Gross Carrying Amount at year end
Land	991
Building and Improvements	7,176
Total	8,167
Accumulated Depreciation	$ 2,418
Houston VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,690
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	5,857
Gross Carrying Amount at year end
Land	983
Building and Improvements	5,060
Total	6,043
Accumulated Depreciation	$ 1,212
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,991
Initial cost
Land	$ 681
Building and Improvements	3,355
Costs Subsequent to Acquisition	185
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,540
Total	4,221
Accumulated Depreciation	$ 785
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,215
Initial cost
Land	$ 1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	383
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,761
Total	8,055
Accumulated Depreciation	$ 1,400
Houston IX, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,208
Initial cost
Land	$ 296
Building and Improvements	1,459
Costs Subsequent to Acquisition	149
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,608
Total	1,904
Accumulated Depreciation	$ 336
Houston X TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,061
Initial cost
Land	$ 5,267
Building and Improvements	12,667
Costs Subsequent to Acquisition	10
Gross Carrying Amount at year end
Land	5,267
Building and Improvements	12,677
Total	17,944
Accumulated Depreciation	$ 223
Houston XI TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,930
Initial cost
Land	$ 5,618
Building and Improvements	15,330
Costs Subsequent to Acquisition	5
Gross Carrying Amount at year end
Land	5,618
Building and Improvements	15,334
Total	20,952
Accumulated Depreciation	$ 104
Humble, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,700
Initial cost
Land	$ 706
Building and Improvements	5,727
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	706
Building and Improvements	5,840
Total	6,546
Accumulated Depreciation	$ 579
Katy, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,308
Initial cost
Land	$ 1,329
Building and Improvements	6,552
Costs Subsequent to Acquisition	87
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,640
Total	7,969
Accumulated Depreciation	$ 1,075
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,585
Initial cost
Land	$ 1,330
Building and Improvements	7,960
Costs Subsequent to Acquisition	329
Gross Carrying Amount at year end
Land	1,331
Building and Improvements	7,673
Total	9,004
Accumulated Depreciation	$ 1,831
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,340
Initial cost
Land	$ 476
Building and Improvements	2,525
Costs Subsequent to Acquisition	539
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,627
Total	3,119
Accumulated Depreciation	$ 957
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	127,659
Initial cost
Land	$ 1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	508
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,725
Total	9,189
Accumulated Depreciation	$ 1,313
Lewisville III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,855
Initial cost
Land	$ 1,307
Building and Improvements	15,025
Costs Subsequent to Acquisition	204
Gross Carrying Amount at year end
Land	1,307
Building and Improvements	15,229
Total	16,536
Accumulated Depreciation	$ 1,242
Little Elm I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,115
Initial cost
Land	$ 892
Building and Improvements	5,529
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	892
Building and Improvements	5,668
Total	6,560
Accumulated Depreciation	$ 483
Little Elm II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,136
Initial cost
Land	$ 1,219
Building and Improvements	9,864
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	1,219
Building and Improvements	9,986
Total	11,205
Accumulated Depreciation	$ 830
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,000
Initial cost
Land	$ 837
Building and Improvements	4,443
Costs Subsequent to Acquisition	292
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,152
Total	4,995
Accumulated Depreciation	$ 1,614
Mansfield II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,375
Initial cost
Land	$ 662
Building and Improvements	3,261
Costs Subsequent to Acquisition	165
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,426
Total	4,088
Accumulated Depreciation	$ 725
Mansfield III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,000
Initial cost
Land	$ 947
Building and Improvements	4,703
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	947
Building and Improvements	4,887
Total	5,834
Accumulated Depreciation	$ 343
McKinney I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,020
Initial cost
Land	$ 1,632
Building and Improvements	1,486
Costs Subsequent to Acquisition	286
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,532
Total	3,166
Accumulated Depreciation	$ 604
McKinney II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,050
Initial cost
Land	$ 855
Building and Improvements	5,076
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,738
Total	5,595
Accumulated Depreciation	$ 1,834
McKinney III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,650
Initial cost
Land	$ 652
Building and Improvements	3,213
Costs Subsequent to Acquisition	73
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,285
Total	3,937
Accumulated Depreciation	$ 424
North Richland Hills, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,200
Initial cost
Land	$ 2,252
Building and Improvements	2,049
Costs Subsequent to Acquisition	258
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,928
Total	4,180
Accumulated Depreciation	$ 784
Pearland, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,050
Initial cost
Land	$ 450
Building and Improvements	2,216
Costs Subsequent to Acquisition	418
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,635
Total	3,085
Accumulated Depreciation	$ 525
Richmond, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,295
Initial cost
Land	$ 1,437
Building and Improvements	7,083
Costs Subsequent to Acquisition	171
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,254
Total	8,691
Accumulated Depreciation	$ 1,174
Roanoke, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,300
Initial cost
Land	$ 1,337
Building and Improvements	1,217
Costs Subsequent to Acquisition	238
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,229
Total	2,566
Accumulated Depreciation	$ 477
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,579
Initial cost
Land	$ 2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	376
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,478
Total	5,373
Accumulated Depreciation	$ 1,007
San Antonio II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,955
Initial cost
Land	$ 1,047
Building and Improvements	5,558
Costs Subsequent to Acquisition	288
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,153
Total	6,205
Accumulated Depreciation	$ 1,890
San Antonio III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,825
Initial cost
Land	$ 996
Building and Improvements	5,286
Costs Subsequent to Acquisition	332
Gross Carrying Amount at year end
Land	996
Building and Improvements	4,896
Total	5,892
Accumulated Depreciation	$ 1,779
San Antonio IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,500
Initial cost
Land	$ 829
Building and Improvements	3,891
Costs Subsequent to Acquisition	156
Gross Carrying Amount at year end
Land	829
Building and Improvements	4,048
Total	4,877
Accumulated Depreciation	$ 271
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 580
Building and Improvements	3,081
Costs Subsequent to Acquisition	309
Gross Carrying Amount at year end
Land	580
Building and Improvements	2,898
Total	3,478
Accumulated Depreciation	$ 1,123
Murray I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,280
Initial cost
Land	$ 3,847
Building and Improvements	1,017
Costs Subsequent to Acquisition	546
Gross Carrying Amount at year end
Land	3,848
Building and Improvements	1,346
Total	5,194
Accumulated Depreciation	$ 602
Murray II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,996
Initial cost
Land	$ 2,147
Building and Improvements	567
Costs Subsequent to Acquisition	674
Gross Carrying Amount at year end
Land	2,147
Building and Improvements	1,069
Total	3,216
Accumulated Depreciation	$ 416
Salt Lake City I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,446
Initial cost
Land	$ 2,695
Building and Improvements	712
Costs Subsequent to Acquisition	544
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,070
Total	3,766
Accumulated Depreciation	$ 479
Salt Lake City II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,676
Initial cost
Land	$ 2,074
Building and Improvements	548
Costs Subsequent to Acquisition	416
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	798
Total	2,735
Accumulated Depreciation	$ 371
Alexandria, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,100
Initial cost
Land	$ 2,812
Building and Improvements	13,865
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,116
Total	16,928
Accumulated Depreciation	$ 2,935
Arlington, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,143
Initial cost
Land	$ 6,836
Building and Improvements	9,843
Costs Subsequent to Acquisition	99
Gross Carrying Amount at year end
Land	6,836
Building and Improvements	9,943
Total	16,779
Accumulated Depreciation	$ 1,341
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,467
Initial cost
Land	$ 2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,194
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,536
Total	12,629
Accumulated Depreciation	$ 2,652
Fairfax, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,265
Initial cost
Land	$ 2,276
Building and Improvements	11,220
Costs Subsequent to Acquisition	316
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,537
Total	13,813
Accumulated Depreciation	$ 2,327
Fredericksburg I, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,475
Initial cost
Land	$ 1,680
Building and Improvements	4,840
Costs Subsequent to Acquisition	370
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,537
Total	6,217
Accumulated Depreciation	$ 1,740
Fredericksburg II, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,057
Initial cost
Land	$ 1,757
Building and Improvements	5,062
Costs Subsequent to Acquisition	438
Gross Carrying Amount at year end
Land	1,757
Building and Improvements	4,808
Total	6,565
Accumulated Depreciation	$ 1,859
Leesburg, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,503
Initial cost
Land	$ 1,746
Building and Improvements	9,894
Costs Subsequent to Acquisition	189
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,794
Total	10,540
Accumulated Depreciation	$ 1,986
Manassas, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 860
Building and Improvements	4,872
Costs Subsequent to Acquisition	274
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,480
Total	5,340
Accumulated Depreciation	$ 1,162
McLearen, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,385
Initial cost
Land	$ 1,482
Building and Improvements	8,400
Costs Subsequent to Acquisition	257
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,502
Total	8,984
Accumulated Depreciation	$ 1,905
Vienna, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,120
Initial cost
Land	$ 2,300
Building and Improvements	11,340
Costs Subsequent to Acquisition	173
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,513
Total	13,813
Accumulated Depreciation	2,320
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	398
Gross Carrying Amount at year end
Building and Improvements	398
Total	398
Accumulated Depreciation	$ 114

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Activity in Storage facilities
Balance at beginning of year	$ 4,161,715	$ 3,998,180	$ 3,467,032
Acquisitions & improvements	381,182	247,546	490,980
Fully depreciated assets	(26,125)	(53,903)	(61,232)
Dispositions and other	(8,735)	(9,179)
Construction in progress	(44,582)	(20,929)	101,400
Balance at end of year	4,463,455	4,161,715	3,998,180
Activity in Accumulated depreciation
Balance at beginning of year	752,925	671,364	594,049
Depreciation expense	138,510	135,732	138,547
Fully depreciated assets	(26,125)	(53,903)	(61,232)
Dispositions and other	(2,823)	(268)
Balance at end of year	862,487	752,925	671,364
Real Estate Investment Property, Net	3,600,968	$ 3,408,790	$ 3,326,816
Aggregate cost of real estate investments for federal income tax purposes	$ 4,600,000

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Storage properties	$ 4,463,455	$ 4,161,715
Less: Accumulated depreciation	(862,487)	(752,925)
Storage properties, net (including VIE assets of $330,986 and $291,496, respectively)	3,600,968	3,408,790
Cash and cash equivalents	3,764	5,268
Restricted cash	2,718	3,890
Loan procurement costs, net of amortization	963	1,592
Investment in real estate venture, at equity	95,796	91,206
Other assets, net	48,763	34,590
Total assets	3,752,972	3,545,336
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,143,524	1,142,460
Revolving credit facility	195,525	81,700
Unsecured term loan	299,799	299,396
Mortgage loans and notes payable, net	108,246	111,434
Accounts payable, accrued expenses and other liabilities	149,914	143,344
Distributions payable	60,627	55,297
Deferred revenue	22,595	21,529
Security deposits	474	486
Total liabilities	1,980,704	1,855,646
Limited Partnership interests of third parties	55,819	54,320
Capital
Accumulated other comprehensive income	(1,029)	3
Total liabilities and equity	3,752,972	3,545,336
Cubesmart, L P and Subsidiaries [Member]
ASSETS
Storage properties	4,463,455	4,161,715
Less: Accumulated depreciation	(862,487)	(752,925)
Storage properties, net (including VIE assets of $330,986 and $291,496, respectively)	3,600,968	3,408,790
Cash and cash equivalents	3,764	5,268
Restricted cash	2,718	3,890
Loan procurement costs, net of amortization	963	1,592
Investment in real estate venture, at equity	95,796	91,206
Other assets, net	48,763	34,590
Total assets	3,752,972	3,545,336
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,143,524	1,142,460
Revolving credit facility	195,525	81,700
Unsecured term loan	299,799	299,396
Mortgage loans and notes payable, net	108,246	111,434
Accounts payable, accrued expenses and other liabilities	149,914	143,344
Distributions payable	60,627	55,297
Deferred revenue	22,595	21,529
Security deposits	474	486
Total liabilities	1,980,704	1,855,646
Limited Partnership interests of third parties	55,819	54,320
Capital
Operating Partner	1,710,707	1,629,131
Accumulated other comprehensive income	(1,029)	3
Total CubeSmart, L.P. capital	1,709,678	1,629,134
Noncontrolling interests in subsidiaries	6,771	6,236
Total capital	1,716,449	1,635,370
Total liabilities and equity	$ 3,752,972	$ 3,545,336

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Storage facilities, net	$ 3,600,968	$ 3,408,790
VIE
Storage facilities, net	330,986	291,496
Cubesmart, L P and Subsidiaries [Member]
Storage facilities, net	3,600,968	3,408,790
Cubesmart, L P and Subsidiaries [Member] | VIE
Storage facilities, net	$ 330,986	$ 291,496

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES
Rental income	$ 517,535	$ 489,043	$ 449,601
Other property related income	60,156	55,001	50,255
Property management fee income	20,253	14,899	10,183
Total revenues	597,944	558,943	510,039
OPERATING EXPENSES
Property operating expenses	196,866	181,508	165,847
Depreciation and amortization	143,350	145,681	161,865
General and administrative	37,712	34,745	32,823
Acquisition related costs		1,294	6,552
Total operating expenses	377,928	363,228	367,087
Interest:
Interest expense on loans	(62,132)	(56,952)	(50,399)
Loan procurement amortization expense	(2,313)	(2,638)	(2,577)
Equity in losses of real estate ventures	(865)	(1,386)	(2,662)
Gain from sale of real estate, net	10,576
Other	206	872	1,062
Total other expense	(54,528)	(60,104)	(54,576)
INCOME FROM CONTINUING OPERATIONS	165,488	135,611	88,376
NET INCOME	165,488	135,611	88,376
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	221	270	470
Operating Partnership interests of third parties	(1,820)	(1,593)	(941)
Distribution to preferred unitholders			(5,045)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 163,889	$ 134,288	$ 79,923
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.88	$ 0.74	$ 0.45
Weighted-average basic units outstanding (in units)	184,653	180,525	178,246
Weighted-average diluted units outstanding (in units)	185,495	181,448	179,533
Cubesmart, L P and Subsidiaries [Member]
REVENUES
Rental income	$ 517,535	$ 489,043	$ 449,601
Other property related income	60,156	55,001	50,255
Property management fee income	20,253	14,899	10,183
Total revenues	597,944	558,943	510,039
OPERATING EXPENSES
Property operating expenses	196,866	181,508	165,847
Depreciation and amortization	143,350	145,681	161,865
General and administrative	37,712	34,745	32,823
Acquisition related costs		1,294	6,552
Total operating expenses	377,928	363,228	367,087
Interest:
Interest expense on loans	(62,132)	(56,952)	(50,399)
Loan procurement amortization expense	(2,313)	(2,638)	(2,577)
Equity in losses of real estate ventures	(865)	(1,386)	(2,662)
Gain from sale of real estate, net	10,576
Other	206	872	1,062
Total other expense	(54,528)	(60,104)	(54,576)
NET INCOME	165,488	135,611	88,376
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	221	270	470
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	165,709	135,881	88,846
Operating Partnership interests of third parties	(1,820)	(1,593)	(941)
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	163,889	134,288	87,905
Distribution to preferred unitholders			(5,045)
Preferred unit redemption charge			(2,937)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 163,889	$ 134,288	$ 79,923
Basic earnings per unit attributable to common unitholders	$ 0.89	$ 0.74	$ 0.45
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.88	$ 0.74	$ 0.45
Weighted-average basic units outstanding (in units)	184,653	180,525	178,246
Weighted-average diluted units outstanding (in units)	185,495	181,448	179,533

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
NET INCOME	$ 165,488	$ 135,611	$ 88,376
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(979)	195	(1,247)
Reclassification of realized losses (gains) on interest rate swaps	(60)	1,680	4,412
OTHER COMPREHENSIVE (LOSS) INCOME	(1,039)	1,875	3,165
COMPREHENSIVE INCOME	164,449	137,486	91,541
Comprehensive income attributable to Operating Partnership interests of third parties	(1,814)	(1,615)	(978)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	221	270	470
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	162,856	136,141	91,033
Cubesmart, L P and Subsidiaries [Member]
NET INCOME	165,488	135,611	88,376
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(979)	195	(1,247)
Reclassification of realized losses (gains) on interest rate swaps	(60)	1,680	4,412
OTHER COMPREHENSIVE (LOSS) INCOME	(1,039)	1,875	3,165
COMPREHENSIVE INCOME	164,449	137,486	91,541
Comprehensive income attributable to Operating Partnership interests of third parties	(1,814)	(1,615)	(978)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	221	270	470
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 162,856	$ 136,141	$ 91,033

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 54,320
Contributions from noncontrolling interests in subsidiaries	925	$ 1,058	$ 4,799
Distributions to noncontrolling interests in subsidiaries	(169)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Adjustment for Operating Partnership interests of third parties	(299)	(3,965)	7,388
Net income (loss)	163,668	134,018	87,435
Other comprehensive income, net	(627)	1,853	3,128
Balance of Noncontrolling Interests in the Operating Partnership	55,819	54,320
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Issuance of OP units	6,242	12,324	1,500
Adjustment for Operating Partnership interests of third parties	299	3,965	(7,388)
Net income (loss)	1,820
Net income (loss)		1,593	941
Other comprehensive income, net	(6)	22	37
Cubesmart, L P and Subsidiaries [Member]
Increase (Decrease) in Partners' Capital
Balance	1,635,370	1,661,237	1,644,853
Balance of Noncontrolling Interests in the Operating Partnership	54,320
Contributions from noncontrolling interests in subsidiaries	925	1,058	4,799
Distributions to noncontrolling interests in subsidiaries	(169)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Preferred OP unit redemption			(77,574)
Issuance of common OP units	131,829	29,642	136,121
Issuance of restricted OP units	1	1	1
Conversion from OP units to shares	4,404	15,706	4,876
Exercise of OP unit options	3,835	2,364	13,283
Amortization of restricted OP units	2,570	2,009	1,952
OP unit compensation expense	1,541	1,531	1,260
Adjustment for Operating Partnership interests of third parties	(299)	(3,965)	7,388
Net income (loss)	163,668	134,018	87,435
Other comprehensive income, net	(627)	1,853	3,128
Preferred OP unit distributions			(5,045)
Common OP unit distributions	(226,599)	(201,051)	(161,240)
Balance	1,716,449	1,635,370	1,661,237
Balance of Noncontrolling Interests in the Operating Partnership	55,819	54,320
Cubesmart, L P and Subsidiaries [Member] | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	54,320	54,407	66,128
Issuance of OP units	6,242	12,324	1,500
Conversion from OP units to shares	(4,404)	(15,706)	(4,876)
Adjustment for Operating Partnership interests of third parties	299	3,965	(7,388)
Net income (loss)		1,593
Net income (loss)	1,820		941
Other comprehensive income, net	(6)	22	37
Common OP unit distributions	(2,452)	(2,285)	(1,935)
Balance of Noncontrolling Interests in the Operating Partnership	55,819	54,320	54,407
Cubesmart, L P and Subsidiaries [Member] | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,629,134	1,655,382	1,643,327
Acquisition of noncontrolling interest in subsidiary		(8,626)
Preferred OP unit redemption			(77,574)
Issuance of common OP units	131,829	29,642	136,121
Issuance of restricted OP units	1	1	1
Conversion from OP units to shares	4,404	15,706	4,876
Exercise of OP unit options	3,835	2,364	13,283
Amortization of restricted OP units	2,570	2,009	1,952
OP unit compensation expense	1,541	1,531	1,260
Adjustment for Operating Partnership interests of third parties	(299)	(3,965)	7,388
Net income (loss)	163,889	134,288	87,905
Other comprehensive income, net	(627)	1,853	3,128
Preferred OP unit distributions			(5,045)
Common OP unit distributions	(226,599)	(201,051)	(161,240)
Balance	1,709,678	1,629,134	1,655,382
Cubesmart, L P and Subsidiaries [Member] | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,629,131	$ 1,657,232	$ 1,648,305
Balance (in units)	182,216	180,083	174,668
Acquisition of noncontrolling interest in subsidiary		$ (8,626)
Preferred OP unit redemption			$ (77,574)
Issuance of common OP units	$ 131,829	$ 29,642	$ 136,121
Issuance of common OP units (in units)	4,291	1,036	4,408
Issuance of restricted OP units	$ 1	$ 1	$ 1
Issuance of restricted OP units (in units)	86	106	123
Conversion from OP units to shares	$ 4,404	$ 15,706	$ 4,876
Conversion from OP units to shares (in units)	147	594	188
Exercise of OP unit options	$ 3,835	$ 2,364	$ 13,283
Exercise of OP unit options (in units)	405	397	696
Amortization of restricted OP units	$ 2,570	$ 2,009	$ 1,952
OP unit compensation expense	1,541	1,531	1,260
Adjustment for Operating Partnership interests of third parties	(299)	(3,965)	7,388
Net income (loss)	163,889	134,288	87,905
Other comprehensive income, net	405
Preferred OP unit distributions			(5,045)
Common OP unit distributions	(226,599)	(201,051)	(161,240)
Balance	$ 1,710,707	$ 1,629,131	$ 1,657,232
Balance (in units)	187,145	182,216	180,083
Cubesmart, L P and Subsidiaries [Member] | Preferred Operating Partner
Increase (Decrease) in Partners' Capital
Balance (in units)			3,100
Preferred OP unit redemption (in units)			(3,100)
Cubesmart, L P and Subsidiaries [Member] | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ 3	$ (1,850)	$ (4,978)
Other comprehensive income, net	(1,032)	1,853	3,128
Balance	(1,029)	3	(1,850)
Cubesmart, L P and Subsidiaries [Member] | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	6,236	5,855	1,526
Contributions from noncontrolling interests in subsidiaries	925	1,058	4,799
Distributions to noncontrolling interests in subsidiaries	(169)
Acquisition of noncontrolling interest in subsidiary		(407)
Net income (loss)	(221)	(270)	(470)
Balance	$ 6,771	$ 6,236	$ 5,855

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net income	$ 165,488	$ 135,611	$ 88,376
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	145,663	148,319	164,442
Equity in losses of real estate ventures	865	1,386	2,662
Gain from sale of real estate, net	(10,576)
Equity compensation expense	5,572	5,586	4,850
Accretion of fair market value adjustment of debt	(735)	(559)	(1,138)
Changes in other operating accounts:
Other assets	(4,937)	(10,429)	(5,229)
Accounts payable and accrued expenses	2,653	10,846	7,862
Other liabilities	342	1,154	1,449
Net cash provided by operating activities	304,335	291,914	263,274
Investing Activities
Acquisitions of storage facilities	(214,510)	(69,629)	(388,641)
Additions and improvements to storage facilities	(27,626)	(27,378)	(29,672)
Development costs	(86,002)	(68,778)	(136,912)
Investment in real estate ventures, at equity	(19,216)	(301)	(12,176)
Cash distributed from real estate ventures	8,706	15,783	8,113
Proceeds from sale of real estate, net	16,389
Net cash used in investing activities	(322,259)	(150,303)	(559,288)
Proceeds from:
Unsecured senior notes		103,192	298,512
Revolving credit facility	679,535	628,400	958,200
Principal payments on:
Revolving credit facility	(565,710)	(590,000)	(914,900)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,816)	(8,666)	(37,260)
Loan procurement costs		(953)	(2,467)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Cash paid upon vesting of restricted OP units	(1,461)	(2,046)	(1,638)
Redemption of preferred units			(77,574)
Contributions from noncontrolling interests in subsidiaries	925	1,058	4,799
Distributions paid to noncontrolling interests in subsidiaries	(169)
Distributions paid to common OP unitholders	(221,328)	(195,006)	(149,280)
Distributions paid to preferred OP unitholders			(6,545)
Net cash provided by (used in) financing activities	15,248	(143,319)	219,411
Cash paid for acquisition of noncontrolling interest		(9,033)
Change in cash, cash equivalents, and restricted cash	(2,676)	(1,708)	(76,603)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866	87,469
Cash, cash equivalents, and restricted cash at end of period	6,482	9,158	10,866
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	66,829	63,407	53,085
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities			(22,019)
Accretion of put liability	24,747	35,122	31,426
Derivative valuation adjustment	(633)	1,875	3,165
Discount on issuance of unsecured senior notes			1,488
Mortgage loan assumptions	7,166	6,201	41,513
Preferred unit redemption			2,863
Issuance of OP units	6,242	12,324
Liability for acquisition of storage property		1,470
Consolidation of real estate venture		9,400
Cubesmart, L P and Subsidiaries [Member]
Operating Activities
Net income	165,488	135,611	88,376
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	145,663	148,319	164,442
Equity in losses of real estate ventures	865	1,386	2,662
Gain from sale of real estate, net	(10,576)
Equity compensation expense	5,572	5,586	4,850
Accretion of fair market value adjustment of debt	(735)	(559)	(1,138)
Changes in other operating accounts:
Other assets	(4,937)	(10,429)	(5,229)
Accounts payable and accrued expenses	2,653	10,846	7,862
Other liabilities	342	1,154	1,449
Net cash provided by operating activities	304,335	291,914	263,274
Investing Activities
Acquisitions of storage facilities	(214,510)	(69,629)	(388,641)
Additions and improvements to storage facilities	(27,626)	(27,378)	(29,672)
Development costs	(86,002)	(68,778)	(136,912)
Investment in real estate ventures, at equity	(19,216)	(301)	(12,176)
Cash distributed from real estate ventures	8,706	15,783	8,113
Proceeds from sale of real estate, net	16,389
Net cash used in investing activities	(322,259)	(150,303)	(559,288)
Proceeds from:
Unsecured senior notes		103,192	298,512
Revolving credit facility	679,535	628,400	958,200
Principal payments on:
Revolving credit facility	(565,710)	(590,000)	(914,900)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,816)	(8,666)	(37,260)
Loan procurement costs		(953)	(2,467)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Proceeds from issuance of common OP units	131,830	29,643	136,122
Cash paid upon vesting of restricted OP units	(1,461)	(2,046)	(1,638)
Redemption of preferred units			(77,574)
Exercise of OP unit options	3,835	2,364	13,283
Contributions from noncontrolling interests in subsidiaries	925	1,058	4,799
Distributions paid to noncontrolling interests in subsidiaries	(169)
Distributions paid to common OP unitholders	(223,721)	(197,278)	(151,121)
Distributions paid to preferred OP unitholders			(6,545)
Net cash provided by (used in) financing activities	15,248	(143,319)	219,411
Cash paid for acquisition of noncontrolling interest		(9,033)
Change in cash, cash equivalents, and restricted cash	(2,676)	(1,708)	(76,603)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866	87,469
Cash, cash equivalents, and restricted cash at end of period	6,482	9,158	10,866
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	66,829	63,407	53,085
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities			(22,019)
Accretion of put liability	24,747	35,122	31,426
Derivative valuation adjustment	(633)	1,875	3,165
Discount on issuance of unsecured senior notes			1,488
Mortgage loan assumptions	7,166	6,201	41,513
Preferred unit redemption			$ 2,863
Issuance of OP units	$ 6,242	12,324
Liability for acquisition of storage property		1,470
Consolidation of real estate venture		$ 9,400