CubeSmart (CUBE) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,677,437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001298675
Amendment Flag	false
CubeSmart, L.P. and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Storage properties	$ 7,303,888	$ 7,295,778
Less: Accumulated depreciation	(1,290,075)	(1,247,775)
Storage properties, net (including VIE assets of $131,605 and $167,180, respectively)	6,013,813	6,048,003
Cash and cash equivalents	5,510	6,064
Restricted cash	3,272	2,861
Loan procurement costs, net of amortization	4,907	5,182
Investment in real estate ventures, at equity	103,687	105,993
Assets held for sale	3,764	3,745
Other assets, net	156,052	153,982
Total assets	6,291,005	6,325,830
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,773,385	2,772,350
Revolving credit facility	61,400	60,900
Mortgage loans and notes payable, net	161,711	162,918
Lease liabilities - finance leases	65,740	65,758
Accounts payable, accrued expenses and other liabilities	188,199	213,297
Distributions payable	111,215	111,190
Deferred revenue	39,484	38,757
Security deposits	1,077	1,087
Liabilities held for sale	1,633	1,773
Total liabilities	3,403,844	3,428,030
Noncontrolling interests in the Operating Partnership	65,565	57,419
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 224,671,525 and 224,603,462 shares issued and outstanding at March 31, 2023, and December 31, 2022, respectively	2,247	2,246
Additional paid-in capital	4,128,563	4,125,478
Accumulated other comprehensive loss	(471)	(491)
Accumulated deficit	(1,322,576)	(1,301,030)
Total CubeSmart shareholders' equity	2,807,763	2,826,203
Noncontrolling interests in subsidiaries	13,833	14,178
Total equity	2,821,596	2,840,381
Total liabilities and equity	$ 6,291,005	$ 6,325,830

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Storage properties	$ 6,013,813	$ 6,048,003
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	224,671,525	224,603,462
Common shares, shares outstanding	224,671,525	224,603,462
VIE
Storage properties	$ 131,605	$ 167,180

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental income	$ 223,584	$ 208,371
Total revenues	256,528	238,565
OPERATING EXPENSES
Property operating expenses	71,127	70,567
Depreciation and amortization	50,329	82,557
General and administrative	14,674	14,525
Total operating expenses	136,130	167,649
Interest:
Interest expense on loans	(23,691)	(22,824)
Loan procurement amortization expense	(1,040)	(957)
Equity in earnings of real estate ventures	2,551	294
Other	(276)	(9,163)
Total other expense	(22,456)	(32,650)
NET INCOME	97,942	38,266
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(614)	(292)
Noncontrolling interest in subsidiaries	238	181
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 97,566	$ 38,155
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Weighted average basic shares outstanding (in shares)	225,294	224,663
Weighted average diluted shares outstanding (in shares)	226,183	225,737
Other Property Related Income
REVENUES
Property related income	$ 24,384	$ 22,280
Property Management Fee Income
REVENUES
Property related income	$ 8,560	$ 7,914

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 97,942	$ 38,266
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	97,962	38,286
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(614)	(293)
Comprehensive loss attributable to noncontrolling interest in subsidiaries	238	181
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 97,586	$ 38,174

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in the Operating Partnership	Total
Balance at Dec. 31, 2021	$ 2,871,563	$ 2,239	$ 4,088,392	$ (570)	$ (1,218,498)	$ 18,597		$ 2,890,160
Balance (in shares) at Dec. 31, 2021		223,918
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2021							$ 108,220
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(2,033)		(2,033)
Issuance of common shares, net	(123)		(123)					(123)
Issuance of restricted shares (in shares)		35
Conversion from units to shares	21,538	$ 4	21,534				(21,538)	21,538
Conversion from units to shares (in shares)		441
Exercise of stock options	1,226	$ 1	1,225					1,226
Exercise of stock options (in shares)		40
Amortization of restricted shares	519		519					519
Share compensation expense	636		636					636
Adjustment for noncontrolling interests in the Operating Partnership	10,356				10,356		(10,356)	10,356
Net income (loss)	38,155				38,155	(181)		37,974
Net income (loss)							292
Other comprehensive income (loss), net	19			19				19
Other comprehensive income (loss), net							1
Common share distributions	(96,817)				(96,817)		(628)	(96,817)
Balance at Mar. 31, 2022	2,847,072	$ 2,244	4,112,183	(551)	(1,266,804)	16,383		2,863,455
Balance (in shares) at Mar. 31, 2022		224,434
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2022							75,991
Balance at Dec. 31, 2022	2,826,203	$ 2,246	4,125,478	(491)	(1,301,030)	14,178		2,840,381
Balance (in shares) at Dec. 31, 2022		224,603
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2022							57,419	57,419
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(107)		(107)
Issuance of common shares, net	(91)		(91)					(91)
Issuance of restricted shares (in shares)		22
Conversion from units to shares	361		361				(361)	361
Conversion from units to shares (in shares)		8
Exercise of stock options	915	$ 1	914					915
Exercise of stock options (in shares)		39
Amortization of restricted shares	1,171		1,171					1,171
Share compensation expense	730		730					730
Adjustment for noncontrolling interests in the Operating Partnership	(8,588)				(8,588)		8,588	(8,588)
Net income (loss)	97,566				97,566	(238)		97,328
Net income (loss)							614
Other comprehensive income (loss), net	20			20				20
Common share distributions	(110,524)				(110,524)		(695)	(110,524)
Balance at Mar. 31, 2023	$ 2,807,763	$ 2,247	$ 4,128,563	$ (471)	$ (1,322,576)	$ 13,833		2,821,596
Balance (in shares) at Mar. 31, 2023		224,672
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2023							$ 65,565	$ 65,565

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENT OF EQUITY
Common share distributions (in dollars per share)	$ 0.49	$ 0.43

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income	$ 97,942	$ 38,266
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,369	83,514
Non-cash portion of interest expense related to finance leases	(18)	(18)
Equity in earnings of real estate ventures	(2,551)	(294)
Equity compensation expense	2,536	2,193
Accretion of fair market value adjustment of debt	(260)	(269)
Changes in other operating accounts:
Other assets	(3,317)	4,085
Accounts payable and accrued expenses	(10,912)	1,911
Other liabilities	717	1,347
Net cash provided by operating activities	135,506	130,735
Investing Activities
Acquisitions of storage properties		(39,761)
Additions and improvements to storage properties	(11,150)	(7,755)
Development costs	(18,067)	(7,785)
Investment in real estate ventures	(5)	(5)
Cash distributed from real estate ventures	4,862	3,025
Proceeds from sale of real estate, net		43,193
Net cash used in investing activities	(24,360)	(9,088)
Proceeds from:
Revolving credit facility	220,073	151,532
Principal payments on:
Revolving credit facility	(219,573)	(176,032)
Mortgage loans and notes payable	(638)	(611)
Loan procurement costs	(39)
Proceeds from issuance of common shares, net	(91)	(123)
Cash paid upon vesting of restricted shares	(635)	(1,038)
Exercise of stock options	915	1,226
Distributions paid to noncontrolling interests in subsidiaries	(107)	(2,033)
Distributions paid to common shareholders	(110,495)	(96,605)
Distributions paid to noncontrolling interests in Operating Partnership	(699)	(818)
Net cash (used in) provided by financing activities	(111,289)	(124,502)
Change in cash, cash equivalents and restricted cash	(143)	(2,855)
Cash, cash equivalents and restricted cash at beginning of period	8,925	13,318
Cash, cash equivalents and restricted cash at end of period	8,782	10,463
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	32,202	24,725
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(700)
Accretion of put liability		1,222
Derivative valuation adjustment	$ 20	$ 20

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
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 unaudited consolidated financial statements, we use the terms “the Company”, “we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of March 31, 2023, the Company owned (or partially owned and consolidated) self-storage properties located in 24 states throughout the United States and the District of Columbia that are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. ​ As of March 31, 2023, the Parent Company owned approximately 99.4% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time 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”. ​ The Company typically experiences seasonal fluctuations in the occupancy levels of its stores, which are generally slightly higher during the summer months due to increased moving activity. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2022, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2022 ​ The Operating Partnership meets the criteria as a variable interest entity (“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, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.

STORAGE PROPERTIES

STORAGE PROPERTIES	3 Months Ended
	Mar. 31, 2023
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ (in thousands) ​ Land ​ $ 1,588,138 ​ $ 1,588,138 ​ Buildings and improvements ​ 5,485,336 ​ 5,483,506 ​ Equipment ​ 146,052 ​ 144,605 ​ Construction in progress ​ 42,417 ​ 37,584 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,945 ​ Storage properties ​ 7,303,888 ​ 7,295,778 ​ Less: Accumulated depreciation ​ (1,290,075) ​ (1,247,775) ​ Storage properties, net ​ $ 6,013,813 ​ $ 6,048,003 ​ ​ The following table summarizes the Company’s acquisition activity during the period January 1, 2022 through March 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ Texas Asset ​ San Antonio, TX ​ June 2022 ​ 1 ​ ​ 23,000 ​ Georgia Asset ​ Atlanta, GA ​ July 2022 ​ 1 ​ ​ 20,700 ​ ​ ​ ​ ​ ​ ​ 3 ​ $ 75,700 ​ ​

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	3 Months Ended
	Mar. 31, 2023
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY ​ The Company did not acquire or dispose of any wholly-owned stores during the three months ended March 31, 2023. ​ 2022 Acquisitions ​ During the year ended December 31, 2022, the Company acquired three stores located in Georgia (1) , Maryland (1) and Texas (1) for an aggregate purchase price of $75.7 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $3.4 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months ended March 31, 2023 and 2022 was approximately $0.6 million and $0.2 million, respectively. ​ Additionally, on February 2, 2022, the Company acquired land underlying a wholly-owned store located in Bronx, New York for $7.5 million. The land was previously subject to a ground lease in which the Company served as lessee. As a result of the transaction, which was accounted for as an asset acquisition, the Company was released from its obligations under the ground lease, and the right-of-use asset and lease liability totaling $4.1 million and $5.0 million, respectively, were removed from the Company’s consolidated balance sheets. ​ Also, on April 28, 2022, the Company acquired land underlying a store owned by 191 IV CUBE LLC, an unconsolidated joint venture in which the Company holds a 20% ownership interest (see note 5). The purchase price for the land was $6.1 million, and the Company now serves as the lessor in a ground lease to 191 IV CUBE LLC. ​ ​ 2022 Dispositions ​ During the year ended December 31, 2022, the Company sold the Los Angeles Athletic Club, which it purchased in December 2021 as part of its acquisition of LAACO, Ltd. (“LAACO”), for $44.0 million. No gain or loss was recognized in conjunction with the sale. ​ Assets Held for Sale ​ As of March 31, 2023, the Company determined that the California Yacht Club (the "CYC"), which it purchased in December 2021 as part of its acquisition of LAACO, met the criteria to be classified as held for sale. Accordingly, the assets and liabilities associated with the CYC have been categorized as held for sale within the Company’s consolidated balance sheets. As of March 31, 2023, the estimated fair value less selling costs of the CYC was greater than the carrying value of the CYC, and therefore no loss has been recorded in the current period. ​ Development Activity ​ As of March 31, 2023, the Company had invested in consolidated joint ventures to develop two self-storage properties located in New Jersey (1) and New York (1). Construction for these projects is expected to be completed by the second quarter of 2024. As of March 31, 2023, development costs incurred to date for these projects totaled $31.3 million. Total construction costs for these projects are expected to be $64.0 million. These costs are capitalized to construction in progress while the project is 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 during the period January 1, 2022 through March 31, 2023. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valley Stream, NY (1) ​ 1 ​ Q3 2022 ​ 100% ​ $ 37,200 Vienna, VA (2) ​ 1 ​ Q2 2022 ​ 80% ​ ​ 21,800 ​ ​ 2 ​ ​ ​ ​ ​ $ 59,000 ​ (1) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On January 18, 2023, the noncontrolling member put its 49% interest in the venture to the Company for $15.3 million. The cash payment related to this transaction is included in Development costs in the consolidated statements of cash flows. ​ (2) This store is located adjacent to an existing consolidated joint venture store. Given this proximity, this store has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES ​ The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores as of ​ Carrying Value of Investment as of ​ ​ Ownership ​ March 31, ​ December 31, ​ March 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2023 ​ 2022 2023 ​ 2022 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 13,745 ​ $ 13,789 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 20,972 ​ ​ 20,994 191 V CUBE LLC ("HVP V") ​ 20% ​ 6 ​ 6 ​ ​ 13,916 ​ ​ 14,318 191 IV CUBE LLC ("HVP IV") ​ 20% ​ 28 ​ 28 ​ ​ 18,998 ​ ​ 19,853 CUBE HHF Northeast Venture LLC ("HHFNE") ​ 10% ​ 13 ​ 13 ​ ​ 1,070 ​ ​ 1,101 CUBE HHF Limited Partnership ("HHF") ​ 50% ​ 28 ​ 28 ​ ​ 34,986 ​ ​ 35,938 ​ ​ ​ ​ 77 ​ 77 ​ $ 103,687 ​ $ 105,993 ​ (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. As of March 31, 2023, this difference was $13.0 million and $19.5 million for Fontana and RCSS, respectively. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. ​ As of March 31, 2023, the Company also held a 10% interest in 191 IV CUBE Southeast LLC ("HVPSE"). On August 30, 2022, HVPSE sold all 14 of its stores to an unaffiliated third-party buyer for an aggregate sales price of $235.0 million. During the three months ended March 31, 2023, the Company received distributions of $1.7 million in excess of its investment in HVPSE from proceeds that were held back at the time of the sale. These distributions are included in Equity in earnings of real estate ventures within the consolidated statements of operations. As of March 31, 2023 , HVPSE had no significant assets or liabilities and was winding down its operations. ​ The Company determined that Fontana, RCSS, HVP V, HVPSE, HVP IV, HHFNE and HHF (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 earnings of real estate ventures on the Company’s consolidated statements of operations. ​ The following is a summary of the financial position of the Ventures as of March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Assets ​ (in thousands) Storage properties, net ​ $ 734,604 ​ $ 741,563 Other assets ​ 10,033 ​ 11,708 Total assets ​ $ 744,637 ​ $ 753,271 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 469,230 ​ $ 468,783 Other liabilities ​ ​ 19,260 ​ ​ 16,626 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 71,199 ​ ​ 73,289 Joint venture partners ​ 184,948 ​ ​ 194,573 Total liabilities and equity ​ $ 744,637 ​ $ 753,271 ​ The following is a summary of results of operations of the Ventures for the three months ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ ​ (in thousands) Total revenues ​ $ 24,064 ​ $ 24,965 Operating expenses ​ (10,519) ​ ​ (10,743) Other expenses ​ ​ (69) ​ ​ (114) Interest expense, net ​ (4,084) ​ ​ (3,852) Depreciation and amortization ​ (7,772) ​ (10,388) Net income (loss) ​ $ 1,620 ​ $ (132) Company’s share of net income (loss) ​ $ 2,551 ​ $ 294 ​

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2023
Other Assets, Unclassified [Abstract]
OTHER ASSETS	​ 6. OTHER ASSETS ​ Other assets are comprised of the following as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $1,609 and $2,263, respectively ​ $ 536 ​ $ 1,181 Accounts receivable, net ​ 7,200 ​ 7,932 Prepaid property taxes ​ 6,359 ​ 8,033 Prepaid property and casualty insurance ​ 1,757 ​ 2,129 Amounts due from affiliates (see note 15) ​ ​ 16,631 ​ ​ 15,947 Assets related to deferred compensation arrangements ​ ​ 57,804 ​ ​ 55,572 Right-of-use assets - operating leases ​ ​ 49,157 ​ ​ 49,491 Ground lease receivable ​ ​ 6,151 ​ ​ 6,138 Other ​ 10,457 ​ 7,559 Total other assets, net ​ $ 156,052 ​ $ 153,982 ​

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	3 Months Ended
	Mar. 31, 2023
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	​ ​ 7. UNSECURED SENIOR NOTES ​ The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2023 2022 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.000% Guaranteed Notes due 2025 (1) ​ $ 300,000 ​ $ 300,000 3.99 % ​ Various (1) ​ Nov-25 $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 $550M 2.250% Guaranteed Notes due 2028 ​ ​ 550,000 ​ ​ 550,000 ​ 2.33 % ​ Nov-21 ​ Dec-28 $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ 350,000 ​ 4.46 % ​ Jan-19 ​ Feb-29 $350M 3.000% Guaranteed Notes due 2030 ​ ​ 350,000 ​ ​ 350,000 ​ 3.04 % ​ Oct-19 ​ Feb-30 $450M 2.000% Guaranteed Notes due 2031 ​ ​ 450,000 ​ ​ 450,000 ​ 2.10 % ​ Oct-20 ​ Feb-31 $500M 2.500% Guaranteed Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 ​ 2.59 % ​ Nov-21 ​ Feb-32 Principal balance outstanding ​ ​ 2,800,000 ​ ​ 2,800,000 ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (11,388) ​ ​ (11,801) ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (15,227) ​ ​ (15,849) ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,773,385 ​ $ 2,772,350 ​ ​ ​ ​ ​ ​ ​ ​ (1) 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 :1.0 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 March 31, 2023, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	3 Months Ended
	Mar. 31, 2023
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY	8. REVOLVING CREDIT FACILITY ​ On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended and restated. On October 26, 2022, the Company again amended and restated, in its entirety, the Credit Facility (the “Second Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of an $850.0 million unsecured revolving facility (the “Revolver”) maturing on February 15, 2027. Under the Second Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings and leverage levels. At the Company’s current unsecured debt credit ratings and leverage levels, amounts drawn under the Revolver are priced using a margin of 0.775% plus a facility fee of 0.15% over SOFR and a 0.10% SOFR adjustment. ​ As of March 31, 2023, borrowings under the Revolver had an interest rate of 5.90%. Additionally, as of March 31, 2023, $788.0 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. ​ Under the Second Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of March 31, 2023, the Company was in compliance with all of its financial covenants related to the Second Amended and Restated Credit Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	3 Months Ended
	Mar. 31, 2023
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	​ 9. MORTGAGE LOANS AND NOTES PAYABLE ​ The Company’s mortgage loans and notes payable are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2023 2022 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,133 ​ $ 2,148 ​ 3.85 % ​ Jun-23 New York, NY ​ ​ 28,492 ​ ​ 28,669 ​ 3.51 % ​ Jun-23 Annapolis I, MD ​ ​ 4,856 ​ ​ 4,906 ​ 3.78 % ​ May-24 Brooklyn XV, NY ​ ​ 15,005 ​ ​ 15,093 ​ 2.15 % ​ May-24 Long Island City IV, NY ​ ​ 12,188 ​ ​ 12,270 ​ 2.15 % ​ May-24 Long Island City II, NY ​ ​ 18,170 ​ ​ 18,283 ​ 2.25 % ​ Jul-26 Long Island City III, NY ​ ​ 18,177 ​ ​ 18,290 ​ 2.25 % ​ Aug-26 Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 Principal balance outstanding ​ ​ 153,321 ​ ​ 153,959 ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 9,556 ​ 10,228 ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,166) ​ ​ (1,269) ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 161,711 ​ $ 162,918 ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 and December 31, 2022, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $440.8 million and $442.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ 2023 $ 31,953 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 ​ — 2028 and thereafter ​ 54,300 Total mortgage payments ​ 153,321 Plus: Unamortized fair value adjustment ​ 9,556 Less: Loan procurement costs, net ​ ​ (1,166) Total mortgage loans and notes payable, net ​ $ 161,711 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	10. ACCUMULATED OTHER COMPREHENSIVE LOSS ​ The following table summarizes the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023. ​ ​ ​ ​ ​ March 31, ​ 2023 ​ ​ (in thousands) Beginning balance $ (494) Reclassification of realized losses on interest rate swaps (1) ​ 20 Ending balance ​ (474) Less: portion included in noncontrolling interests in the Operating Partnership ​ 3 Total accumulated other comprehensive loss included in equity $ (471) ​ (1) See note 11 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	11. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS ​ The Company is exposed to credit risk with regard to its cash accounts. The Company holds deposits at certain financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company's cash accounts are held with major financial institutions and management believes that the risk of loss due to disruption at these financial institutions is low. ​ 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 exposure 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 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 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 the 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 the 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 reflects in its statement of operations realized and unrealized gains and losses with respect to the derivative. As of March 31, 2023 and December 31, 2022, all derivative instruments entered into by the Company had been settled. ​ On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) 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. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the consolidated balance sheet at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of its 4.375% senior notes due 2029 (the “2029 Notes”), the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2023. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. 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. ​ The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other financial instruments included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at March 31, 2023 and December 31, 2022. ​ The following table summarizes the carrying value and estimated fair value of the Company’s debt as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ (in thousands) Carrying value $ 2,996,496 ​ $ 2,996,168 Fair value ​ 2,657,699 ​ ​ 2,568,103 ​ The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at March 31, 2023 and December 31, 2021. The Company estimates the fair value of its fixed-rate debt and the credit spreads over variable market rates on its variable-rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2023
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	​ 13. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka, which was formed to acquire an existing store that had commenced operations. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Ownership ​ March 31, 2023 Consolidated Joint Ventures of Stores Interest ​ Total Assets ​ Total Liabilities ​ Related Party Loans (1) ​ ​ ​ ​ ​ ​ (in thousands) 1074 Raritan Road, LLC ("Clark") ​ 1 ​ 90% ​ $ 4,392 ​ $ 898 ​ $ — Astoria Investors, LLC ("Astoria") ​ 1 ​ 70% ​ ​ 27,556 ​ ​ 12,955 ​ ​ 11,539 CS Lock Up Anoka, LLC ("Anoka") ​ 1 ​ 50% ​ ​ 10,785 ​ ​ 5,605 ​ ​ 5,540 CS Valley Forge Village Storage, LLC ("VFV") ​ 1 ​ 70% ​ ​ 20,461 ​ ​ 15,087 ​ ​ 15,018 CS Vienna, LLC ("Vienna") ​ 1 ​ 80% ​ ​ 32,026 ​ ​ 35,195 ​ ​ 34,875 SH3, LLC ("SH3") ​ 1 ​ 90% ​ ​ 37,723 ​ ​ 492 ​ ​ — ​ ​ 6 ​ ​ ​ $ 132,943 ​ $ 70,232 ​ $ 66,972 ​ (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes. ​ 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 0.6% of the outstanding OP Units, as of both March 31, 2023 and December 31, 2022, 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 settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. ​ As of March 31, 2023 and December 31, 2022, 1,418,549 and 1,426,549 OP units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP units was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of March 31, 2023 and December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES ​ 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 claim expenses, insurance retention and litigation costs 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS ​ 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 three months ended March 31, 2023 totaled $1.2 million compared to $1.3 million for the same period in 2022. ​ 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 $16.6 million and $15.9 million as of March 31, 2023 and December 31, 2022, respectively, and are reflected in Other assets, net on the Company’s consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $67.0 million and $64.4 million as of March 31, 2023 and December 31, 2022, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. ​ The HVP V, HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVP V, HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVP V, HVPSE, HVP IV and HHFNE or any of their subsidiaries and completion of certain measures as defined in the operating agreements. There were no such fees recognized during the three months ended March 31, 2023 or 2022. ​ In April 2022, the Company began serving as lessor in a ground lease related to land underlying an HVP IV property located in Texas (see note 4). During the three months ended March 31, 2023, the Company recognized income associated with this ground lease of $0.1 million. No such income was recognized during the three months ended March 31, 2022. This income is included in the component of other (expense) income designated as Other on the consolidated statements of operations ​

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	3 Months Ended
	Mar. 31, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ (dollars and units in thousands, except per share amounts) Net income $ 97,942 $ 38,266 ​ Noncontrolling interests in the Operating Partnership ​ (614) ​ (292) ​ Noncontrolling interest in subsidiaries ​ 238 ​ 181 ​ Net income attributable to the Company’s common shareholders ​ $ 97,566 ​ $ 38,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 225,294 ​ 224,663 ​ Share options and restricted share units ​ 889 ​ 1,074 ​ Weighted average diluted shares outstanding (1) ​ 226,183 ​ 225,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.43 ​ $ 0.17 ​ Diluted earnings per share attributable to common shareholders (2) ​ $ 0.43 ​ $ 0.17 ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 97,942 $ 38,266 Operating Partnership interests of third parties ​ (614) ​ (292) Noncontrolling interest in subsidiaries ​ 238 ​ 181 Net income attributable to common unitholders ​ $ 97,566 ​ $ 38,155 ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 225,294 ​ 224,663 Unit options and restricted share units ​ 889 ​ 1,074 Weighted average diluted units outstanding (1) ​ 226,183 ​ 225,737 ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.43 ​ $ 0.17 Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.43 ​ $ 0.17 ​ (1) For the three months ended March 31, 2023 and 2022, the Company declared cash dividends per common share/unit of $0.49 and $0.43 , respectively. ​ (2) For the three months ended March 31, 2023 and 2022, the amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit was 0.7 million and 0.3 million, respectively. ​ Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average OP units outstanding for the three months ended March 31, 2023 and 2022 were ​ 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 OP unit may be redeemed for cash, or, at the Company’s option, common units on a one-for-one basis. The following is a summary of OP and common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ ​ 2023 ​ 2022 Outstanding OP units 1,418,549 ​ 1,460,520 Outstanding common units ​ 224,671,525 ​ 224,433,506 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2022, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2022 ​ The Operating Partnership meets the criteria as a variable interest entity (“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, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2023
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ (in thousands) ​ Land ​ $ 1,588,138 ​ $ 1,588,138 ​ Buildings and improvements ​ 5,485,336 ​ 5,483,506 ​ Equipment ​ 146,052 ​ 144,605 ​ Construction in progress ​ 42,417 ​ 37,584 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,945 ​ Storage properties ​ 7,303,888 ​ 7,295,778 ​ Less: Accumulated depreciation ​ (1,290,075) ​ (1,247,775) ​ Storage properties, net ​ $ 6,013,813 ​ $ 6,048,003 ​ ​
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition activity during the period January 1, 2022 through March 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ Texas Asset ​ San Antonio, TX ​ June 2022 ​ 1 ​ ​ 23,000 ​ Georgia Asset ​ Atlanta, GA ​ July 2022 ​ 1 ​ ​ 20,700 ​ ​ ​ ​ ​ ​ ​ 3 ​ $ 75,700 ​

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	3 Months Ended
	Mar. 31, 2023
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ Number of ​ ​ ​ Ownership ​ Total Store Location Stores Date Opened ​ Interest ​ Construction Costs ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valley Stream, NY (1) ​ 1 ​ Q3 2022 ​ 100% ​ $ 37,200 Vienna, VA (2) ​ 1 ​ Q2 2022 ​ 80% ​ ​ 21,800 ​ ​ 2 ​ ​ ​ ​ ​ $ 59,000 ​ (1) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On January 18, 2023, the noncontrolling member put its 49% interest in the venture to the Company for $15.3 million. The cash payment related to this transaction is included in Development costs in the consolidated statements of cash flows. ​ (2) This store is located adjacent to an existing consolidated joint venture store. Given this proximity, this store has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in real estate ventures	The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores as of ​ Carrying Value of Investment as of ​ ​ Ownership ​ March 31, ​ December 31, ​ March 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2023 ​ 2022 2023 ​ 2022 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 13,745 ​ $ 13,789 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 20,972 ​ ​ 20,994 191 V CUBE LLC ("HVP V") ​ 20% ​ 6 ​ 6 ​ ​ 13,916 ​ ​ 14,318 191 IV CUBE LLC ("HVP IV") ​ 20% ​ 28 ​ 28 ​ ​ 18,998 ​ ​ 19,853 CUBE HHF Northeast Venture LLC ("HHFNE") ​ 10% ​ 13 ​ 13 ​ ​ 1,070 ​ ​ 1,101 CUBE HHF Limited Partnership ("HHF") ​ 50% ​ 28 ​ 28 ​ ​ 34,986 ​ ​ 35,938 ​ ​ ​ ​ 77 ​ 77 ​ $ 103,687 ​ $ 105,993 ​ (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. As of March 31, 2023, this difference was $13.0 million and $19.5 million for Fontana and RCSS, respectively. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures.
Summary of the financial position of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Assets ​ (in thousands) Storage properties, net ​ $ 734,604 ​ $ 741,563 Other assets ​ 10,033 ​ 11,708 Total assets ​ $ 744,637 ​ $ 753,271 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 469,230 ​ $ 468,783 Other liabilities ​ ​ 19,260 ​ ​ 16,626 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 71,199 ​ ​ 73,289 Joint venture partners ​ 184,948 ​ ​ 194,573 Total liabilities and equity ​ $ 744,637 ​ $ 753,271 ​
Summary of results of operations of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ ​ (in thousands) Total revenues ​ $ 24,064 ​ $ 24,965 Operating expenses ​ (10,519) ​ ​ (10,743) Other expenses ​ ​ (69) ​ ​ (114) Interest expense, net ​ (4,084) ​ ​ (3,852) Depreciation and amortization ​ (7,772) ​ (10,388) Net income (loss) ​ $ 1,620 ​ $ (132) Company’s share of net income (loss) ​ $ 2,551 ​ $ 294

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Other Assets, Unclassified [Abstract]
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $1,609 and $2,263, respectively ​ $ 536 ​ $ 1,181 Accounts receivable, net ​ 7,200 ​ 7,932 Prepaid property taxes ​ 6,359 ​ 8,033 Prepaid property and casualty insurance ​ 1,757 ​ 2,129 Amounts due from affiliates (see note 15) ​ ​ 16,631 ​ ​ 15,947 Assets related to deferred compensation arrangements ​ ​ 57,804 ​ ​ 55,572 Right-of-use assets - operating leases ​ ​ 49,157 ​ ​ 49,491 Ground lease receivable ​ ​ 6,151 ​ ​ 6,138 Other ​ 10,457 ​ 7,559 Total other assets, net ​ $ 156,052 ​ $ 153,982

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	3 Months Ended
	Mar. 31, 2023
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2023 2022 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.000% Guaranteed Notes due 2025 (1) ​ $ 300,000 ​ $ 300,000 3.99 % ​ Various (1) ​ Nov-25 $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 $550M 2.250% Guaranteed Notes due 2028 ​ ​ 550,000 ​ ​ 550,000 ​ 2.33 % ​ Nov-21 ​ Dec-28 $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ 350,000 ​ 4.46 % ​ Jan-19 ​ Feb-29 $350M 3.000% Guaranteed Notes due 2030 ​ ​ 350,000 ​ ​ 350,000 ​ 3.04 % ​ Oct-19 ​ Feb-30 $450M 2.000% Guaranteed Notes due 2031 ​ ​ 450,000 ​ ​ 450,000 ​ 2.10 % ​ Oct-20 ​ Feb-31 $500M 2.500% Guaranteed Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 ​ 2.59 % ​ Nov-21 ​ Feb-32 Principal balance outstanding ​ ​ 2,800,000 ​ ​ 2,800,000 ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (11,388) ​ ​ (11,801) ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (15,227) ​ ​ (15,849) ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,773,385 ​ $ 2,772,350 ​ ​ ​ ​ ​ ​ ​ ​ (1) 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% . ​

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans	3 Months Ended
	Mar. 31, 2023
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2023 2022 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,133 ​ $ 2,148 ​ 3.85 % ​ Jun-23 New York, NY ​ ​ 28,492 ​ ​ 28,669 ​ 3.51 % ​ Jun-23 Annapolis I, MD ​ ​ 4,856 ​ ​ 4,906 ​ 3.78 % ​ May-24 Brooklyn XV, NY ​ ​ 15,005 ​ ​ 15,093 ​ 2.15 % ​ May-24 Long Island City IV, NY ​ ​ 12,188 ​ ​ 12,270 ​ 2.15 % ​ May-24 Long Island City II, NY ​ ​ 18,170 ​ ​ 18,283 ​ 2.25 % ​ Jul-26 Long Island City III, NY ​ ​ 18,177 ​ ​ 18,290 ​ 2.25 % ​ Aug-26 Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 Principal balance outstanding ​ ​ 153,321 ​ ​ 153,959 ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 9,556 ​ 10,228 ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,166) ​ ​ (1,269) ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 161,711 ​ $ 162,918 ​ ​ ​ ​ ​
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 March 31, 2023 (in thousands): ​ ​ ​ ​ ​ 2023 $ 31,953 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 ​ — 2028 and thereafter ​ 54,300 Total mortgage payments ​ 153,321 Plus: Unamortized fair value adjustment ​ 9,556 Less: Loan procurement costs, net ​ ​ (1,166) Total mortgage loans and notes payable, net ​ $ 161,711

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	The following table summarizes the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023. ​ ​ ​ ​ ​ March 31, ​ 2023 ​ ​ (in thousands) Beginning balance $ (494) Reclassification of realized losses on interest rate swaps (1) ​ 20 Ending balance ​ (474) Less: portion included in noncontrolling interests in the Operating Partnership ​ 3 Total accumulated other comprehensive loss included in equity $ (471) ​ (1) See note 11 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ (in thousands) Carrying value $ 2,996,496 ​ $ 2,996,168 Fair value ​ 2,657,699 ​ ​ 2,568,103 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2023
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Ownership ​ March 31, 2023 Consolidated Joint Ventures of Stores Interest ​ Total Assets ​ Total Liabilities ​ Related Party Loans (1) ​ ​ ​ ​ ​ ​ (in thousands) 1074 Raritan Road, LLC ("Clark") ​ 1 ​ 90% ​ $ 4,392 ​ $ 898 ​ $ — Astoria Investors, LLC ("Astoria") ​ 1 ​ 70% ​ ​ 27,556 ​ ​ 12,955 ​ ​ 11,539 CS Lock Up Anoka, LLC ("Anoka") ​ 1 ​ 50% ​ ​ 10,785 ​ ​ 5,605 ​ ​ 5,540 CS Valley Forge Village Storage, LLC ("VFV") ​ 1 ​ 70% ​ ​ 20,461 ​ ​ 15,087 ​ ​ 15,018 CS Vienna, LLC ("Vienna") ​ 1 ​ 80% ​ ​ 32,026 ​ ​ 35,195 ​ ​ 34,875 SH3, LLC ("SH3") ​ 1 ​ 90% ​ ​ 37,723 ​ ​ 492 ​ ​ — ​ ​ 6 ​ ​ ​ $ 132,943 ​ $ 70,232 ​ $ 66,972 ​ (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes. ​

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings per common share	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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ (dollars and units in thousands, except per share amounts) Net income $ 97,942 $ 38,266 ​ Noncontrolling interests in the Operating Partnership ​ (614) ​ (292) ​ Noncontrolling interest in subsidiaries ​ 238 ​ 181 ​ Net income attributable to the Company’s common shareholders ​ $ 97,566 ​ $ 38,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 225,294 ​ 224,663 ​ Share options and restricted share units ​ 889 ​ 1,074 ​ Weighted average diluted shares outstanding (1) ​ 226,183 ​ 225,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.43 ​ $ 0.17 ​ Diluted earnings per share attributable to common shareholders (2) ​ $ 0.43 ​ $ 0.17 ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 97,942 $ 38,266 Operating Partnership interests of third parties ​ (614) ​ (292) Noncontrolling interest in subsidiaries ​ 238 ​ 181 Net income attributable to common unitholders ​ $ 97,566 ​ $ 38,155 ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 225,294 ​ 224,663 Unit options and restricted share units ​ 889 ​ 1,074 Weighted average diluted units outstanding (1) ​ 226,183 ​ 225,737 ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.43 ​ $ 0.17 Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.43 ​ $ 0.17 ​ (1) For the three months ended March 31, 2023 and 2022, the Company declared cash dividends per common share/unit of $0.49 and $0.43 , respectively. ​ (2) For the three months ended March 31, 2023 and 2022, the amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit was 0.7 million and 0.3 million, respectively. ​ Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average OP units outstanding for the three months ended March 31, 2023 and 2022 were ​
Summary of OP and Common units	​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ ​ 2023 ​ 2022 Outstanding OP units 1,418,549 ​ 1,460,520 Outstanding common units ​ 224,671,525 ​ 224,433,506

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	3 Months Ended
	Mar. 31, 2023 state segment
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	99.40%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
STORAGE FACILITIES
Storage properties	$ 7,303,888	$ 7,295,778
Less: Accumulated depreciation	(1,290,075)	(1,247,775)
Storage properties, net (including VIE assets of $131,605 and $167,180, respectively)	6,013,813	6,048,003
Land
STORAGE FACILITIES
Storage properties	1,588,138	1,588,138
Buildings and improvements
STORAGE FACILITIES
Storage properties	5,485,336	5,483,506
Equipment
STORAGE FACILITIES
Storage properties	146,052	144,605
Construction in progress
STORAGE FACILITIES
Storage properties	42,417	37,584
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,945	$ 41,945

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) - 2022 Acquisitions $ in Thousands	12 Months Ended	15 Months Ended
	Dec. 31, 2022 USD ($) facility	Mar. 31, 2023 USD ($) facility
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	3	3
Purchase Price | $	$ 75,700	$ 75,700
Maryland Asset February 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 32,000
Texas Asset June 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 23,000
Georgia Asset July 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 20,700

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)				3 Months Ended		12 Months Ended	15 Months Ended
	Jan. 18, 2023 USD ($)	Apr. 28, 2022 USD ($)	Feb. 02, 2022 USD ($)	Mar. 31, 2023 USD ($) facility	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) facility	Mar. 31, 2023 USD ($) facility
Self-storage facilities
Number of facilities, construction completed and opened							$ 2
Right-of-use assets - operating leases				$ 49,157,000		$ 49,491,000	49,157,000
Construction
Self-storage facilities
Total Construction Costs							$ 59,000
Self storage under construction
Self-storage facilities
Number of self-storage facilities | facility				2			2
Development costs				$ 31,300,000			$ 31,300,000
Expected construction cost				$ 64,000,000			$ 64,000,000
Self storage under construction | New York
Self-storage facilities
Number of self-storage facilities | facility				1			1
Self storage under construction | New Jersey
Self-storage facilities
Number of self-storage facilities | facility				1			1
Self Storage Facility in Valley Stream, NY
Self-storage facilities
Number of facilities, construction completed and opened							$ 1
Option to put ownership interest in the venture	$ 49
Cash portion of put option paid	$ 15,300,000
Self Storage Facility in Valley Stream, NY | Construction
Self-storage facilities
Total Construction Costs							37,200,000
Self Storage Facility in Vienna, VA
Self-storage facilities
Number of facilities, construction completed and opened							1
Self Storage Facility in Vienna, VA | Construction
Self-storage facilities
Total Construction Costs							$ 21,800,000
Self-storage Facility in Bronx, NY
Self-storage facilities
Lease liability derecognized			$ 5,000,000
Right of use Assets derecognized			4,100,000
2022 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility						3	3
Aggregate purchase price						$ 75,700,000	$ 75,700,000
Intangible value of the in-place leases						$ 3,400,000
Estimated life						12 months
2022 Acquisitions | Leases, Acquired-in-Place
Self-storage facilities
Amortization expense				$ 600,000	$ 200,000
2022 Acquisitions | Texas
Self-storage facilities
Number of self-storage facilities acquired | facility						1
2022 Acquisitions | Maryland
Self-storage facilities
Number of self-storage facilities acquired | facility						1
2022 Acquisitions | Georgia
Self-storage facilities
Number of self-storage facilities acquired | facility						1
2022 Acquisitions | Self-storage Facility in Bronx, NY
Self-storage facilities
Aggregate purchase price			$ 7,500,000
2022 Dispositions | LAACO
Self-storage facilities
Aggregate sale price						$ 44,000,000
Gains from sales of real estate, net						$ 0
Joint Venture
Self-storage facilities
Real estate property acquired, land subject to ground lease		$ 6,100,000
Joint Venture | Acquisitions
Self-storage facilities
Percentage of interest acquired		20%
Joint Venture | Self Storage Facility in Valley Stream, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)						51%
Cubesmart
Self-storage facilities
Ownership interest by Parent				99.40%			99.40%
Cubesmart | Self Storage Facility in Valley Stream, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)							100%
Cubesmart | Self Storage Facility in Vienna, VA
Self-storage facilities
Ownership interest held by the entity (as a percent)							80%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands		3 Months Ended
	Aug. 30, 2022 USD ($) facility	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 09, 2021 facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 103,687		$ 105,993
Acquisitions of storage facilities			$ 39,761
Investment in real estate ventures		(5)	(5)
Credit facility, outstanding		61,400		60,900
Principal amount of debt		2,800,000		2,800,000
Total liabilities		3,403,844		3,428,030
ASSETS
Storage facilities, net		6,013,813		6,048,003
Total assets		6,291,005		6,325,830
Equity
CubeSmart		2,807,763		2,826,203
Joint venture partners		13,833		14,178
Total liabilities and equity		6,291,005		6,325,830
Total revenues		256,528	238,565
Net income		97,942	38,266
Company's share of net income (loss)		$ 2,551	294
HVPSE
Investment in Unconsolidated Real Estate Venture
Ownership interest held by the entity (as a percent)		10%
Number of assets sold | facility	14
Aggregate amount of sale price of real estate property	$ 235,000
Proceeds from venture related to real estate contribution		$ 1,700
Total liabilities		0
ASSETS
Total assets		0
Ventures
ASSETS
Storage facilities, net		734,604		741,563
Other assets		10,033		11,708
Total assets		744,637		753,271
LIABILITIES AND CAPITAL
Debt		469,230		468,783
Other liabilities		19,260		16,626
Equity
CubeSmart		71,199		73,289
Joint venture partners		184,948		194,573
Total liabilities and equity		744,637		753,271
Total revenues		24,064	24,965
Operating expenses		(10,519)	(10,743)
Other (expenses) income		(69)	(114)
Interest expense, net		(4,084)	(3,852)
Depreciation and amortization		(7,772)	(10,388)
Net income		1,620	(132)
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 103,687		$ 105,993
Number of storage facilities owned by investee | property		77		77
Equity
Company's share of net income (loss)		$ 2,551	$ 294
Fontana
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 13,745		$ 13,789
Ownership interest in partnership (as a percent)		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 13,000
Number of storage facilities owned by investee		1		1	1
RCSS
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 20,972		$ 20,994
Ownership interest in partnership (as a percent)		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 19,500
Number of storage facilities owned by investee | property		1		1
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 13,916		$ 14,318
Ownership interest in partnership (as a percent)		20%
Number of storage facilities owned by investee | property		6		6
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 18,998		$ 19,853
Ownership interest in partnership (as a percent)		20%
Number of storage facilities owned by investee | property		28		28
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 1,070		$ 1,101
Ownership interest in partnership (as a percent)		10%
Number of storage facilities owned by investee | property		13		13
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 34,986		$ 35,938
Ownership interest in partnership (as a percent)		50%
Number of storage facilities owned by investee | property		28		28

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets
Intangible assets, net of accumulated amortization of $1,609 and $2,263, respectively	$ 536	$ 1,181
Accounts receivable, net	7,200	7,932
Prepaid property taxes	6,359	8,033
Prepaid property and casualty insurance	1,757	2,129
Amounts due from affiliates (see note 15)	16,631	15,947
Assets related to deferred compensation arrangements	57,804	55,572
Right-of-use assets - operating leases	49,157	49,491
Ground lease receivable	6,151	6,138
Other	10,457	7,559
Total	156,052	153,982
Accumulated amortization	$ 1,609	$ 2,263

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands			3 Months Ended
	Apr. 04, 2017 USD ($)	Oct. 26, 2015 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 24, 2019
Mortgage loans and Notes payable
Senior notes, principal amount			$ 2,800,000	$ 2,800,000
Total unsecured senior notes, net			2,773,385	2,772,350
CubeSmart, L.P. and Subsidiaries
Mortgage loans and Notes payable
Total unsecured senior notes, net			2,773,385	2,772,350
Senior Notes
Mortgage loans and Notes payable
Less: Discount on issuance of notes, net			(11,388)	(11,801)
Less: Loan procurement costs, net			(15,227)	(15,849)
Total unsecured senior notes, net			$ 2,773,385	2,772,350
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%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000	$ 250,000	$ 300,000	300,000
Interest rate (as a percent)	4%	4%	4%
Effective interest rate (as a percent)	3.811%	4.032%	3.99%
Effective weighted average interest rate (as a percent)			3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount			$ 300,000	300,000
Interest rate (as a percent)			3.125%
Effective interest rate (as a percent)			3.18%
Senior Notes 2.250 % Due 2028
Mortgage loans and Notes payable
Senior notes, principal amount			$ 550,000	550,000
Interest rate (as a percent)			2.25%
Effective interest rate (as a percent)			2.33%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			4.375%		4.375%
Effective interest rate (as a percent)			4.46%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			3%
Effective interest rate (as a percent)			3.04%
Senior Notes 2.000 % Due 2031
Mortgage loans and Notes payable
Senior notes, principal amount			$ 450,000	450,000
Interest rate (as a percent)			2%
Effective interest rate (as a percent)			2.10%
Senior Notes 2.500 % Due 2032
Mortgage loans and Notes payable
Senior notes, principal amount			$ 500,000	$ 500,000
Interest rate (as a percent)			2.50%
Effective interest rate (as a percent)			2.59%

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Oct. 26, 2022
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount	$ 2,800,000	$ 2,800,000
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity	788,000
Outstanding letter of credit	$ 600
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio	1.5
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)	60%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity			$ 850,000
Interest rate, basis spread (as a percent)	0.775%
Facility fee (as a percent)	0.15%
Facility fee, adjustment (as a percent)	0.10%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage loans and Notes payable
Principal amount of debt	$ 2,800,000	$ 2,800,000
Total mortgage loans and notes payable	161,711	162,918
Net book value of self-storage facilities	6,013,813	6,048,003
Mortgage Loans
Mortgage loans and Notes payable
Carrying value	153,321
Plus: Unamortized fair value adjustment	9,556
Less: Loan procurement costs, net	(1,166)	(1,269)
Total mortgage loans and notes payable	161,711	162,918
Net book value of self-storage facilities	$ 440,800	442,900
Revolver
Mortgage loans and Notes payable
Effective interest rate (as a percent)	5.90%
Nashville V, TN | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 2,133	2,148
Effective interest rate (as a percent)	3.85%
New York, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 28,492	28,669
Effective interest rate (as a percent)	3.51%
Annapolis I, MD | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 4,856	4,906
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 15,005	15,093
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 12,188	12,270
Effective interest rate (as a percent)	2.15%
Long Island City II, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 18,170	18,283
Effective interest rate (as a percent)	2.25%
Long Island City III, NY | Mortgage Loans
Mortgage loans and Notes payable
Principal amount of debt	$ 153,321	153,959
Carrying value	$ 18,177	18,290
Effective interest rate (as a percent)	2.25%
Flushing II, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 54,300	54,300
Plus: Unamortized fair value adjustment	$ 9,556	$ 10,228
Effective interest rate (as a percent)	2.15%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Total mortgage loans and notes payable, net	$ 161,711	$ 162,918
Mortgage Loans
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2023	31,953
2024	32,329
2025	979
2026	33,760
2028 and thereafter	54,300
Total mortgage payments	153,321
Plus: Unamortized fair value adjustment	9,556
Less: Loan procurement costs, net	(1,166)	(1,269)
Total mortgage loans and notes payable, net	$ 161,711	$ 162,918

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in accumulated other comprehensive income by component
Balance	$ 2,840,381	$ 2,890,160
Reclassification of realized losses on interest rate swaps	20	20
Balance	2,821,596	2,863,455
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Reclassification of realized losses on interest rate swaps	20
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	(494)
Balance	(474)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income by component
Balance	(491)	(570)
Balance	(471)	$ (551)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	$ 3

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 24, 2019	Mar. 31, 2023	Dec. 31, 2022	Dec. 24, 2018
Derivative financial instruments
Realized losses reclassified from accumulated other comprehensive loss		$ 20
Amount estimated to be reclassified as an increase to interest expense		100
Senior notes, principal amount		2,800,000	$ 2,800,000
Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Termination Premium	$ 800
Senior Notes 4.375 % Due 2029
Derivative financial instruments
Senior notes, principal amount		$ 350,000	$ 350,000
Interest rate (as a percent)	4.375%	4.375%
Designated as an accounting hedge | Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	$ 2,996,496	$ 2,996,168
Estimated fair value of total debt	$ 2,657,699	$ 2,568,103

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 6,291,005	$ 6,325,830
Total liabilities	$ 3,403,844	$ 3,428,030
VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	6
Total assets	$ 132,943
Total liabilities	70,232
Carrying amount of mortgage loans	$ 66,972
1074 Raritan Road, LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90%
Total assets	$ 4,392
Total liabilities	$ 898
Astoria Investors, LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	70%
Total assets	$ 27,556
Total liabilities	12,955
Carrying amount of mortgage loans	$ 11,539
CS Vienna LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	80%
Total assets	$ 32,026
Total liabilities	35,195
Carrying amount of mortgage loans	$ 34,875
CS Valley Forge Village Storage LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	70%
Total assets	$ 20,461
Total liabilities	15,087
Carrying amount of mortgage loans	$ 15,018
SH3, LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	90%
Total assets	$ 37,723
Total liabilities	$ 492
C S Lock Up Anoka LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	1
Ownership interest held by the entity (as a percent)	50%
Total assets	$ 10,785
Total liabilities	5,605
Carrying amount of mortgage loans	$ 5,540

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)	0.60%
OP units outstanding (in shares)	1,418,549	1,460,520	1,426,549
Adjustment for noncontrolling interests in the Operating Partnership	$ (8,588)	$ 10,356
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Adjustment for noncontrolling interests in the Operating Partnership	$ (8,588)	$ 10,356

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lease agreements with related parties
RELATED PARTY TRANSACTIONS
Ground lease income	$ 0.1	$ 0
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees	1.2	$ 1.3
Amounts due to the Company from related parties	16.6		$ 15.9
Mortgage loans receivable from consolidated joint ventures	$ 67		$ 64.4

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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Basic and diluted earnings per common share
Net income	$ 97,942	$ 38,266
Noncontrolling interests in the Operating Partnership	(614)	(292)
Noncontrolling interest in subsidiaries	238	181
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 97,566	$ 38,155
Weighted average basic shares outstanding (in shares)	225,294,000	224,663,000
Share options and restricted share units (in shares)	889,000	1,074,000
Weighted-average diluted shares outstanding (in shares)	226,183,000	225,737,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Basic and diluted earnings per common unit
Noncontrolling interests in the Operating Partnership	$ (614)	$ (292)
Weighted average basic shares outstanding (in shares)	225,294,000	224,663,000
Share options and restricted share units (in shares)	889,000	1,074,000
Weighted-average diluted shares outstanding (in shares)	226,183,000	225,737,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	700,000	300,000
Common stock, cash dividends declared (in dollars per share)	$ 0.49	$ 0.43
OP units outstanding (in shares)	1,418,549	1,460,520	1,426,549
Common shares, shares outstanding	224,671,525	224,433,506	224,603,462
Operating Partnership [Member]
Basic and diluted earnings per common unit
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	1,400,000	1,700,000
CubeSmart, L.P. and Subsidiaries
Basic and diluted earnings per common share
Net income	$ 97,942	$ 38,266
Noncontrolling interests in the Operating Partnership	$ (614)	$ (292)
Weighted average basic shares outstanding (in shares)	225,294,000	224,663,000
Share options and restricted share units (in shares)	889,000	1,074,000
Weighted-average diluted shares outstanding (in shares)	226,183,000	225,737,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Basic and diluted earnings per common unit
Net Income	$ 97,942	$ 38,266
Noncontrolling interests in the Operating Partnership	(614)	(292)
Noncontrolling interest in subsidiaries	238	181
Net income attributable to common unitholders	$ 97,566	$ 38,155
Weighted average basic shares outstanding (in shares)	225,294,000	224,663,000
Share options and restricted share units (in shares)	889,000	1,074,000
Weighted-average diluted shares outstanding (in shares)	226,183,000	225,737,000
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.43	$ 0.17
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Summary of OP and Common Units (Details) - shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Outstanding OP units	1,418,549	1,426,549	1,460,520
Common shares outstanding	224,671,525	224,603,462	224,433,506

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Storage properties	$ 7,303,888	$ 7,295,778
Less: Accumulated depreciation	(1,290,075)	(1,247,775)
Storage properties, net (including VIE assets of $131,605 and $167,180, respectively)	6,013,813	6,048,003
Cash and cash equivalents	5,510	6,064
Restricted cash	3,272	2,861
Loan procurement costs, net of amortization	4,907	5,182
Investment in real estate ventures, at equity	103,687	105,993
Assets held for sale	3,764	3,745
Other assets, net	156,052	153,982
Total assets	6,291,005	6,325,830
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,773,385	2,772,350
Revolving credit facility	61,400	60,900
Mortgage loans and notes payable, net	161,711	162,918
Lease liabilities - finance leases	65,740	65,758
Accounts payable, accrued expenses and other liabilities	188,199	213,297
Distributions payable	111,215	111,190
Deferred revenue	39,484	38,757
Security deposits	1,077	1,087
Liabilities held for sale	1,633	1,773
Total liabilities	3,403,844	3,428,030
Limited Partnership interests of third parties	65,565	57,419
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(471)	(491)
Total liabilities and equity	6,291,005	6,325,830
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage properties	7,303,888	7,295,778
Less: Accumulated depreciation	(1,290,075)	(1,247,775)
Storage properties, net (including VIE assets of $131,605 and $167,180, respectively)	6,013,813	6,048,003
Cash and cash equivalents	5,510	6,064
Restricted cash	3,272	2,861
Loan procurement costs, net of amortization	4,907	5,182
Investment in real estate ventures, at equity	103,687	105,993
Assets held for sale	3,764	3,745
Other assets, net	156,052	153,982
Total assets	6,291,005	6,325,830
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,773,385	2,772,350
Revolving credit facility	61,400	60,900
Mortgage loans and notes payable, net	161,711	162,918
Lease liabilities - finance leases	65,740	65,758
Accounts payable, accrued expenses and other liabilities	188,199	213,297
Distributions payable	111,215	111,190
Deferred revenue	39,484	38,757
Security deposits	1,077	1,087
Liabilities held for sale	1,633	1,773
Total liabilities	3,403,844	3,428,030
Limited Partnership interests of third parties	65,565	57,419
Commitments and contingencies
Capital
Operating Partner	2,808,234	2,826,694
Accumulated other comprehensive loss	(471)	(491)
Total CubeSmart, L.P. capital	2,807,763	2,826,203
Noncontrolling interests in subsidiaries	13,833	14,178
Total capital	2,821,596	2,840,381
Total liabilities and equity	$ 6,291,005	$ 6,325,830

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Storage facilities, net	$ 6,013,813	$ 6,048,003
VIE
Storage facilities, net	131,605	167,180
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	6,013,813	6,048,003
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$ 131,605	$ 167,180

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental income	$ 223,584	$ 208,371
Total revenues	256,528	238,565
OPERATING EXPENSES
Property operating expenses	71,127	70,567
Depreciation and amortization	50,329	82,557
General and administrative	14,674	14,525
Total operating expenses	136,130	167,649
Interest:
Interest expense on loans	(23,691)	(22,824)
Loan procurement amortization expense	(1,040)	(957)
Equity in earnings of real estate ventures	2,551	294
Other	(276)	(9,163)
Total other expense	(22,456)	(32,650)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (614)	$ (292)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Weighted-average basic units outstanding (in units)	225,294	224,663
Weighted-average diluted units outstanding (in units)	226,183	225,737
Other Property Related Income
REVENUES
Property related income	$ 24,384	$ 22,280
Property Management Fee Income
REVENUES
Property related income	8,560	7,914
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	223,584	208,371
Total revenues	256,528	238,565
OPERATING EXPENSES
Property operating expenses	71,127	70,567
Depreciation and amortization	50,329	82,557
General and administrative	14,674	14,525
Total operating expenses	136,130	167,649
Interest:
Interest expense on loans	(23,691)	(22,824)
Loan procurement amortization expense	(1,040)	(957)
Equity in earnings of real estate ventures	2,551	294
Other	(276)	(9,163)
Total other expense	(22,456)	(32,650)
NET INCOME	97,942	38,266
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	238	181
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	98,180	38,447
Operating Partnership interests of third parties	(614)	(292)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 97,566	$ 38,155
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.43	$ 0.17
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.17
Weighted-average basic units outstanding (in units)	225,294	224,663
Weighted-average diluted units outstanding (in units)	226,183	225,737
CubeSmart, L.P. and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 24,384	$ 22,280
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 8,560	$ 7,914

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	$ 20	$ 20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	97,962	38,286
Comprehensive income attributable to Operating Partnership interests of third parties	(614)	(293)
Comprehensive loss attributable to noncontrolling interest in subsidiaries	238	181
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	97,586	38,174
CubeSmart, L.P. and Subsidiaries
NET INCOME	97,942	38,266
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	97,962	38,286
Comprehensive income attributable to Operating Partnership interests of third parties	(614)	(293)
Comprehensive loss attributable to noncontrolling interest in subsidiaries	238	181
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 97,586	$ 38,174

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 57,419
Distributions paid to noncontrolling interest in subsidiaries	(107)	$ (2,033)
Adjustment for Operating Partnership interests of third parties	(8,588)	10,356
Net income (loss)	97,328	37,974
Other comprehensive income (loss), net	20	19
Balance of Noncontrolling Interests in the Operating Partnership	65,565
Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	57,419	108,220
Adjustment for Operating Partnership interests of third parties	8,588	(10,356)
Net income (loss)	614	292
Other comprehensive income (loss), net		1
Balance of Noncontrolling Interests in the Operating Partnership	65,565	75,991
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	2,840,381	2,890,160
Balance of Noncontrolling Interests in the Operating Partnership	57,419
Distributions paid to noncontrolling interest in subsidiaries	(107)	(2,033)
Issuance of common OP units	91	123
Conversion from OP units to shares	361	21,538
Exercise of OP unit options	915	1,226
Amortization of restricted OP units	1,171	519
OP unit compensation expense	730	636
Adjustment for Operating Partnership interests of third parties	(8,588)	10,356
Net income (loss)	97,328	37,974
Other comprehensive income (loss), net	20	19
Common OP unit distributions	(110,524)	(96,817)
Balance	2,821,596	2,863,455
Balance of Noncontrolling Interests in the Operating Partnership	65,565
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	57,419	108,220
Conversion from OP units to shares	(361)	(21,538)
Adjustment for Operating Partnership interests of third parties	8,588	(10,356)
Net income (loss)	614	292
Other comprehensive income (loss), net		1
Common OP unit distributions	(695)	(628)
Balance of Noncontrolling Interests in the Operating Partnership	65,565	75,991
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	2,826,203	2,871,563
Issuance of common OP units	91	123
Conversion from OP units to shares	361	21,538
Exercise of OP unit options	915	1,226
Amortization of restricted OP units	1,171	519
OP unit compensation expense	730	636
Adjustment for Operating Partnership interests of third parties	(8,588)	10,356
Net income (loss)	97,566	38,155
Other comprehensive income (loss), net	20	19
Common OP unit distributions	(110,524)	(96,817)
Balance	2,807,763	2,847,072
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 2,826,694	$ 2,872,133
Balance (in units)	224,603	223,918
Issuance of common OP units	$ 91	$ 123
Issuance of restricted OP units (in units)	22	35
Conversion from OP units to shares	$ 361	$ 21,538
Conversion from OP units to shares (in units)	8	441
Exercise of OP unit options	$ 915	$ 1,226
Exercise of OP unit options (in units)	39	40
Amortization of restricted OP units	$ 1,171	$ 519
OP unit compensation expense	730	636
Adjustment for Operating Partnership interests of third parties	(8,588)	10,356
Net income (loss)	97,566	38,155
Common OP unit distributions	(110,524)	(96,817)
Balance	$ 2,808,234	$ 2,847,623
Balance (in units)	224,672	224,434
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital
Balance	$ (491)	$ (570)
Other comprehensive income (loss), net	20	19
Balance	(471)	(551)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	14,178	18,597
Distributions paid to noncontrolling interest in subsidiaries	(107)	(2,033)
Net income (loss)	(238)	(181)
Balance	$ 13,833	$ 16,383

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
CubeSmart, L.P. and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.49	$ 0.43

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income	$ 97,942	$ 38,266
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,369	83,514
Non-cash portion of interest expense related to finance leases	(18)	(18)
Equity in earnings of real estate ventures	(2,551)	(294)
Equity compensation expense	2,536	2,193
Accretion of fair market value adjustment of debt	(260)	(269)
Changes in other operating accounts:
Other assets	(3,317)	4,085
Accounts payable and accrued expenses	(10,912)	1,911
Other liabilities	717	1,347
Net cash provided by operating activities	135,506	130,735
Investing Activities
Acquisitions of storage properties		(39,761)
Additions and improvements to storage properties	(11,150)	(7,755)
Development costs	(18,067)	(7,785)
Investment in real estate ventures	(5)	(5)
Cash distributed from real estate ventures	4,862	3,025
Proceeds from sale of real estate, net		43,193
Net cash used in investing activities	(24,360)	(9,088)
Proceeds from:
Revolving credit facility	220,073	151,532
Principal payments on:
Revolving credit facility	(219,573)	(176,032)
Mortgage loans and notes payable	(638)	(611)
Loan procurement costs	(39)
Cash paid upon vesting of restricted OP units	(635)	(1,038)
Distributions paid to noncontrolling interests in subsidiaries	(107)	(2,033)
Distributions paid to common OP unitholders	(110,495)	(96,605)
Net cash (used in) provided by financing activities	(111,289)	(124,502)
Change in cash, cash equivalents and restricted cash	(143)	(2,855)
Cash, cash equivalents and restricted cash at beginning of period	8,925	13,318
Cash, cash equivalents and restricted cash at end of period	8,782	10,463
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	32,202	24,725
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(700)
Accretion of put liability		1,222
Derivative valuation adjustment	20	20
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	97,942	38,266
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,369	83,514
Non-cash portion of interest expense related to finance leases	(18)	(18)
Equity in earnings of real estate ventures	(2,551)	(294)
Equity compensation expense	2,536	2,193
Accretion of fair market value adjustment of debt	(260)	(269)
Changes in other operating accounts:
Other assets	(3,317)	4,085
Accounts payable and accrued expenses	(10,912)	1,911
Other liabilities	717	1,347
Net cash provided by operating activities	135,506	130,735
Investing Activities
Acquisitions of storage properties		(39,761)
Additions and improvements to storage properties	(11,150)	(7,755)
Development costs	(18,067)	(7,785)
Investment in real estate ventures	(5)	(5)
Cash distributed from real estate ventures	4,862	3,025
Proceeds from sale of real estate, net		43,193
Net cash used in investing activities	(24,360)	(9,088)
Proceeds from:
Revolving credit facility	220,073	151,532
Principal payments on:
Revolving credit facility	(219,573)	(176,032)
Mortgage loans and notes payable	(638)	(611)
Loan procurement costs	(39)
Proceeds from issuance of common OP units	(91)	(123)
Cash paid upon vesting of restricted OP units	(635)	(1,038)
Exercise of OP unit options	915	1,226
Distributions paid to noncontrolling interests in subsidiaries	(107)	(2,033)
Distributions paid to common OP unitholders	(111,194)	(97,423)
Net cash (used in) provided by financing activities	(111,289)	(124,502)
Change in cash, cash equivalents and restricted cash	(143)	(2,855)
Cash, cash equivalents and restricted cash at beginning of period	8,925	13,318
Cash, cash equivalents and restricted cash at end of period	8,782	10,463
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	32,202	24,725
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(700)
Accretion of put liability		1,222
Derivative valuation adjustment	$ 20	$ 20