CubeSmart 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 24, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	CubeSmart
Entity Central Index Key	1298675
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$2,694,476,141
Entity Common Stock, Shares Outstanding		165,750,278
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Storage facilities	$3,117,198	$2,553,706
Less: Accumulated depreciation	-492,069	-398,536
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively)	2,625,129	2,155,170
Cash and cash equivalents	2,901	3,176
Restricted cash	3,305	4,025
Loan procurement costs, net of amortization	10,653	12,687
Investment in real estate venture, at equity	95,709	156,310
Other assets, net	48,642	27,256
Total assets	2,786,339	2,358,624
LIABILITIES AND EQUITY
Unsecured senior notes	500,000	500,000
Revolving credit facility	78,000	38,600
Unsecured term loans	400,000	400,000
Mortgage loans and notes payable	195,851	200,218
Accounts payable, accrued expenses and other liabilities	69,198	57,599
Distributions payable	28,137	19,955
Deferred revenue	15,311	12,394
Security deposits	401	376
Total liabilities	1,286,898	1,229,142
Noncontrolling interests in the Operating Partnership	49,823	36,275
Commitments and contingencies
Equity
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 3,100,000 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	31	31
Common shares $.01 par value, 200,000,000 shares authorized, 163,956,675 and 139,328,366 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	1,639	1,393
Additional paid in capital	1,974,308	1,542,703
Accumulated other comprehensive loss	-8,759	-11,014
Accumulated deficit	-519,193	-440,837
Total CubeSmart shareholders' equity	1,448,026	1,092,276
Noncontrolling interests in subsidiaries	1,592	931
Total equity	1,449,618	1,093,207
Total liabilities and equity	$2,786,339	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Storage facilities, net	$2,625,129	$2,155,170
Series A Preferred shares, percentage	7.75%	7.75%
Series A Preferred shares, par value (in dollars per share)	$0.01	$0.01
Series A Preferred shares, shares authorized	3,220,000	3,220,000
Series A Preferred shares, shares issued	3,100,000	3,100,000
Series A Preferred shares, shares outstanding	3,100,000	3,100,000
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	163,956,675	139,328,366
Common shares, shares outstanding	163,956,675	139,328,366
VIE
Storage facilities, net	$49,829	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Rental income	$330,898	$281,250	$236,160
Other property related income	40,065	32,365	25,821
Property management fee income	6,000	4,780	4,341
Total revenues	376,963	318,395	266,322
OPERATING EXPENSES
Property operating expenses	132,701	118,222	103,488
Depreciation and amortization	126,813	112,313	109,830
General and administrative	28,422	29,563	26,131
Acquisition related costs	7,484	3,849	3,086
Total operating expenses	295,420	263,947	242,535
OPERATING INCOME	81,543	54,448	23,787
Interest:
Interest expense on loans	-46,802	-40,424	-40,318
Loan procurement amortization expense	-2,190	-2,058	-3,279
Loan procurement amortization expense - early repayment of debt		-414
Equity in losses of real estate ventures	-6,255	-1,151	-745
Gain from remeasurement of investment in real estate venture			7,023
Gain from sale of real estate	475
Other	-405	8	256
Total other expense	-55,177	-44,039	-37,063
INCOME (LOSS) FROM CONTINUING OPERATIONS	26,366	10,409	-13,276
DISCONTINUED OPERATIONS
Income from discontinued operations	336	4,145	7,093
Gain from disposition of discontinued operations		27,440	9,811
Total discontinued operations	336	31,585	16,904
NET INCOME	26,702	41,994	3,628
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	-307	-588	107
Noncontrolling interest in subsidiaries	-16	42	-1,918
NET INCOME ATTRIBUTABLE TO THE COMPANY	26,379	41,448	1,817
Distribution to preferred shares	-6,008	-6,008	-6,008
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	20,371	35,440	-4,191
Basic earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.13	$0.03	($0.17)
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0.01	$0.23	$0.14
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.14	$0.26	($0.03)
Diluted earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share)	$0.13	$0.03	($0.17)
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)	$0.01	$0.23	$0.14
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.14	$0.26	($0.03)
Weighted-average basic shares outstanding (in shares)	149,107	135,191	124,548
Weighted-average diluted shares outstanding (in shares)	150,863	137,742	124,548
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS:
Income (loss) from continuing operations	20,040	4,392	-20,689
Total discontinued operations	331	31,048	16,498
Net income (loss)	$20,371	$35,440	($4,191)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$26,702	$41,994	$3,628
Other comprehensive income (loss):
Unrealized (losses) gains on interest rate swaps	-3,944	2,636	-13,548
Reclassification of realized losses on interest rate swaps	6,408	6,266	6,082
Unrealized (loss) gain on foreign currency translation	-175	56	172
OTHER COMPREHENSIVE INCOME (LOSS)	2,289	8,958	-7,294
COMPREHENSIVE INCOME (LOSS)	28,991	50,952	-3,666
Comprehensive (income) loss attributable to noncontrolling interests in the Operating Partnership	-338	-740	445
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	-19	18	-1,927
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$28,634	$50,230	($5,148)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss)	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Operating Partnership Interests of third parties	Total
In Thousands, except Share data, unless otherwise specified
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2011								$49,732
Balance at Dec. 31, 2011	955,913	1,221	31	1,309,505	-12,831	-342,013	39,409		995,322
Balance (in shares) at Dec. 31, 2011		122,059,000	3,100,000
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, net	102,079	79		102,000					102,079
Issuance of common shares, net (in shares)		7,900,000
Issuance of restricted shares	2	2							2
Issuance of restricted shares (in shares)		246,000
Conversion from units to shares	19,247	14		19,233				-19,247	19,247
Conversion from units to shares (in shares)		1,380,000
Exercise of stock options	1,629	2		1,627					1,629
Exercise of stock options (in shares)		210,000
Amortization of restricted shares	3,352			3,352					3,352
Share compensation expense	1,198			1,198					1,198
Acquisition of noncontrolling interest	-18,452			-18,452			-38,532	-132	-56,984
Adjustment for noncontrolling interest in the Operating Partnership	-19,520					-19,520		19,520	-19,520
Net income (loss)	1,817					1,817	1,918	-107	-4,191
Net income (loss), including temporary equity									3,735
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	-7,124				-7,124			-342	-7,124
Unrealized (loss) gain on foreign currency translation	159				159		9	4	168
Preferred share distributions	-6,008					-6,008			-6,008
Common share distributions	-44,501					-44,501	-2,686	-1,438	-47,187
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012								47,990
Balance at Dec. 31, 2012	989,791	1,318	31	1,418,463	-19,796	-410,225	118		989,909
Balance (in shares) at Dec. 31, 2012		131,795,000	3,100,000
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							831		831
Issuance of common shares, net	100,287	57		100,230					100,287
Issuance of common shares, net (in shares)		5,700,000
Issuance of restricted shares	3	3							3
Issuance of restricted shares (in shares)		301,000
Conversion from units to shares	14,698	10		14,688				-14,698	14,698
Conversion from units to shares (in shares)		1,018,000
Exercise of stock options	3,710	5		3,705					3,710
Exercise of stock options (in shares)		514,000
Amortization of restricted shares	4,747			4,747					4,747
Share compensation expense	870			870					870
Adjustment for noncontrolling interest in the Operating Partnership	-3,292					-3,292		3,292	-3,292
Net income (loss)	41,448					41,448	-42	588	35,440
Net income (loss), including temporary equity									41,406
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	8,751				8,751			151	8,751
Unrealized (loss) gain on foreign currency translation	31				31		24	1	55
Preferred share distributions	-6,008					-6,008			-6,008
Common share distributions	-62,760					-62,760		-1,049	-62,760
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013								36,275	36,275
Balance at Dec. 31, 2013	1,092,276	1,393	31	1,542,703	-11,014	-440,837	931		1,093,207
Balance (in shares) at Dec. 31, 2013		139,328,000	3,100,000
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							642		642
Issuance of common shares, net	416,001	227		415,774					416,001
Issuance of common shares, net (in shares)		22,704,000
Issuance of restricted shares	5	5							5
Issuance of restricted shares (in shares)		482,000
Conversion from units to shares	308			308				-308	308
Conversion from units to shares (in shares)		18,000
Exercise of stock options	13,802	14		13,788					13,802
Exercise of stock options (in shares)		1,425,000
Amortization of restricted shares	182			182					182
Share compensation expense	1,553			1,553					1,553
Adjustment for noncontrolling interest in the Operating Partnership	-14,761					-14,761		14,761	-14,761
Net income (loss)	26,379					26,379	16	307	20,371
Net income (loss), including temporary equity									26,395
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	2,427				2,427			37	2,427
Unrealized (loss) gain on foreign currency translation	-172				-172		3	-6	-169
Preferred share distributions	-6,008					-6,008			-6,008
Common share distributions	-83,966					-83,966		-1,243	-83,966
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2014								49,823	49,823
Balance at Dec. 31, 2014	$1,448,026	$1,639	$31	$1,974,308	($8,759)	($519,193)	$1,592		$1,449,618
Balance (in shares) at Dec. 31, 2014		163,957,000	3,100,000

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Activities
Net income	$26,702	$41,994	$3,628
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	129,003	117,074	118,573
Gain from sale of real estate	-475	-27,440	-9,811
Gain from remeasurement of investment in real estate venture			-7,023
Equity compensation expense	1,735	5,617	4,550
Accretion of fair market value adjustment of debt	-1,685	-1,018	-707
Loan procurement amortization expense - early repayment of debt		414
Equity in losses of real estate ventures	6,255	1,151	745
Changes in other operating accounts:
Other assets	808	-1,156	-2,125
Restricted cash	411	567	3,545
Accounts payable and accrued expenses	2,699	4,564	6,899
Other liabilities	579	1,095	154
Net cash provided by operating activities	166,032	142,862	118,428
Investing Activities
Acquisitions of storage facilities	-547,515	-181,612	-220,791
Additions and improvements to storage facilities	-19,967	-20,320	-22,395
Development costs	-23,566	-53,979	-4,227
Cash paid for remaining interest in real estate venture			-81,158
Investment in real estate venture, at equity		-157,461
Cash contributed to real estate venture	-2,550
Cash distributed from real estate venture	56,896		909
Proceeds from sales of facilities, net	13,475	123,780	52,630
Proceeds from notes receivable		5,192
Change in restricted cash	528	1,476	3,096
Net cash used in investing activities	-522,699	-282,924	-271,936
Proceeds from:
Unsecured senior notes		247,488	249,638
Revolving credit facility	712,500	636,200	403,000
Unsecured term loans			100,000
Mortgage loans and notes payable	0
Principal payments on:
Revolving credit facility	-673,100	-642,600	-358,000
Unsecured term loans		-100,000
Mortgage loans and notes payable	-30,149	-36,496	-236,340
Loan procurement costs	-274	-4,400	-2,145
Settlement of hedge transactions			-195
Proceeds from issuance of common shares, net	416,006	100,290	102,079
Exercise of stock options	13,802	3,710	1,629
Contributions from noncontrolling interests in subsidiaries	642	831
Cash paid for acquisition of noncontrolling interest			-61,113
Distributions paid to common shareholders	-75,849	-59,159	-39,755
Distributions paid to preferred shareholders	-6,008	-6,008	-5,724
Distributions paid to noncontrolling interests in Operating Partnership	-1,178	-1,113	-1,454
Distributions paid to noncontrolling interest in subsidiaries			-2,686
Net cash provided by financing activities	356,392	138,743	148,934
Change in cash and cash equivalents	-275	-1,319	-4,574
Cash and cash equivalents at beginning of year	3,176	4,495	9,069
Cash and cash equivalents at end of year	2,901	3,176	4,495
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	50,024	43,130	33,578
Supplemental disclosure of noncash activities:
Accretion of liability	8,977
Consolidation of real estate venture			13,527
Derivative valuation adjustment	2,464	8,902	-7,271
Foreign currency translation adjustment	-175	56	172
Discount on issuance of unsecured senior notes		2,512	362
Mortgage loan assumption - acquisition of storage facilities	$27,467	$8,866	$107,011

ORGANIZATION_AND_NATURE_OF_OPE

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2014
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS
	1.  ORGANIZATION AND NATURE OF OPERATIONS
	CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries.  CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner.  In the notes to the consolidated financial statements, we use the terms the “Company,” “we,” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise.   As of December 31, 2014, the Company owned self-storage facilities located in 22 states throughout the United States and in the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage facilities.
	As of December 31, 2014, the Parent Company owned approximately 98.6% of the partnership interests (“OP Units”) of the Operating Partnership.  The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in facilities to us in exchange for OP Units.  Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time for cash equal to the fair value of an equivalent number of common shares of the Parent Company.  In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units.  If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis.  This one-for-one exchange ratio is subject to adjustment to prevent dilution.  With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase.  In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued.  This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.”

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries.  The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.
	When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights.
	Noncontrolling Interests
	The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009.  The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent.  The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests.  Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity.  On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less-than-wholly-owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests.  Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity.
	However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity.  This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets.  The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions.  Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract.  The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value.
	The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company.  These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage facilities.  Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company.  However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares.  Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets.  Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations.  The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable.  Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value at December 31, 2014, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $14.8 million at December 31, 2014.  Disclosure of such redemption provisions is provided in note 12.
	Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our reported results.  The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results.
	Self-Storage Facilities
	Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses.  The cost of self-storage facilities reflects their purchase price or development cost.  Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility.  Acquisition costs, ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.  The costs to develop self-storage facilities are capitalized to construction in progress while the project is under development.
	Purchase Price Allocation
	When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values.  When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.  Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management.
	In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities.  The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases.  This intangible is generally amortized to expense over the expected remaining term of the respective leases.  Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts.   Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles.  To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
	Depreciation and Amortization
	The costs of self-storage facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years.
	Impairment of Long-Lived Assets
	We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment.  The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets, to determine if the facility’s basis is recoverable.  If a facility’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value.  The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
	Long-Lived Assets Held for Sale
	We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
	Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer and there are no contingencies related to the sale that may prevent the transaction from closing.  However, each potential transaction is evaluated based on its separate facts and circumstances.  Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell.
	Cash and Cash Equivalents
	Cash and cash equivalents are highly-liquid investments with original maturities of three months or less.  The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
	Restricted Cash
	Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements.
	Loan Procurement Costs
	Loan procurement costs related to borrowings were $17.0 million and $17.3 million at December 31, 2014 and 2013, respectively, and are reported net of accumulated amortization of $6.4 million and $4.6 million as of December 31, 2014 and 2013, respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
	Other Assets
	Other assets are comprised of the following as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014		2013
	Intangible assets, net of accumulated amortization	$	22,494	$	9,463
	Deposits on future settlements	10,250		1,287
	Accounts receivable	4,237		4,957
	Prepaid insurance	1,545		1,304
	Prepaid real estate taxes	2,425		1,893
	Other	7,691		8,352
	Total	$	48,642	$	27,256
	Revenue Recognition
	Management has determined that all of our leases are operating leases.  Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month.
	The Company recognizes gains from disposition of facilities only upon closing in accordance with the guidance on sales of real estate.  Payments received from purchasers prior to closing are recorded as deposits.  Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale.  Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance.
	Advertising and Marketing Costs
	The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements.  The Company incurred $7.7 million, $7.6 million and $8.1 million in advertising and marketing expenses for the years ended 2014, 2013 and 2012, respectively, which are included in other operating expenses on the Company’s consolidated statements of operations.
	Equity Offering Costs
	Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital.  For the years ended December 31, 2014, 2013 and 2012, the Company recognized $6.0 million, $1.8 million and $1.7 million of equity offering costs related to the issuance of common and preferred shares during the years, respectively.
	Other Property Related Income
	Other property related income consists of late fees, administrative charges, customer insurance commissions, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned.
	Capitalized Interest
	The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service.  Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $1.3 million for the year ended December 31, 2014, $0.9 million for the year ended December 31, 2013 and $0.2 million for the year ended December 31, 2012.
	Derivative Financial Instruments
	The Company carries all derivatives on the balance sheet at fair value.  The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data.  The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it.  The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks.  Additionally, the Company had interest rate swap agreements for notional principal amounts aggregating $400 million at December 31, 2014 and 2013, the fair value of which are included in accounts payable, accrued expenses and other liabilities.
	Income Taxes
	The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004.  In management’s opinion, the requirements to maintain these elections are being met.  Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries.
	Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes.  The net tax basis in the Company’s assets was $2.6 billion and $2.2 billion as of December 31, 2014 and 2013, respectively.
	Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital.  Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital.  The characterization of the Company’s dividends for 2014 consisted of a 94.143% ordinary income distribution and a 5.857% capital gain distribution from earnings and profits.
	Distributions to 7.75% Series A Cumulative Redeemable Preferred Shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital.  Annually, the Company provides each of its shareholders a statement detailing preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain or return of capital.  The characterization of our preferred dividends for 2014 consisted of a 92.837% ordinary income distribution and a 7.163% capital gain distribution from earnings and profits.
	The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits.  The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company.  No excise tax was incurred in 2014, 2013, or 2012.
	Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes.  Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.0 million and $0.7 million as of December 31, 2014 and 2013, respectively.
	Earnings per Share and Unit
	Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period.  Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method.  Potentially dilutive securities calculated under the treasury stock method were 1,756,000, 2,551,000 and 2,000,000 in 2014, 2013 and 2012, respectively.  The amount in 2012 was not included in the calculation of diluted earnings per share and unit, as the impact of inclusion was anti-dilutive for that year.
	Share-Based Payments
	We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan.  Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options.  The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in General and administrative expense on the Company’s consolidated statements of operations.
Foreign Currency
The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures.  The local currency is the functional currency for the Company’s foreign subsidiaries.  Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity.  The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred.  The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at an end-of-period exchange rate of approximately 1.558642 and 1.657413 U.S. Dollars per Pound at December 31, 2014 and December 31, 2013, respectively, and an average exchange rate of 1.643106, 1.588598 and 1.585074 U.S. Dollars per Pound for the years ended December 31, 2014, 2013 and 2012, respectively.  Accordingly, the Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively.
Investments in Unconsolidated Real Estate Ventures
The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting.  Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of its ownership interest.
Recent Accounting Pronouncements
In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP (“GAAP”) when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method.  The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements and related disclosures.
In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations.  The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements.  This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted.  The Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations.  The Company disposed of one asset during the year ended December 31, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance.
Concentration of Credit Risk
The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility.  No single customer represents a significant concentration of our revenues.  The facilities in Florida, New York, Texas, and California provided total revenues of approximately 17%, 17%, 10% and 8%, respectively, for the year ended December 31, 2014.  The facilities in New York, Florida, Texas, and California provided total revenues of approximately 17%, 15%, 10% and 9%, respectively, for the year ended December 31, 2013.  The facilities in New York, Florida, California, and Texas provided total revenues of approximately 16%, 15%, 10% and 10%, respectively, for the year ended December 31, 2012.

STORAGE_FACILITIES

STORAGE FACILITIES	12 Months Ended
	Dec. 31, 2014
STORAGE FACILITIES
STORAGE FACILITIES
	3.  STORAGE FACILITIES
	The book value of the Company’s real estate assets is summarized as follows:
		December 31,
		2014			2013
		(in thousands)
	Land	$	545,393		$	465,680
	Buildings and improvements	2,304,653			1,888,823
	Equipment	218,731			158,000
	Construction in progress	48,421			41,203
	Storage facilities	3,117,198			2,553,706
	Less accumulated depreciation	(492,069		)	(398,536		)
	Storage facilities, net	$	2,625,129		$	2,155,170
	The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2014, 2013 and 2012:
	Asset/Portfolio	Market		Transaction Date		Number of		Purchase / Sale Price
						Facilities		(in thousands)
	2014 Acquisitions:
	Connecticut Asset	Connecticut		January 2014		1		$	4,950
	Florida Asset	Miami / Ft. Lauderdale		January 2014		1		14,000
	Florida Assets	Florida Markets - Other		January 2014		2		14,450
	California Asset	Other West		January 2014		1		8,300
	Maryland Asset	Baltimore / DC		February 2014		1		15,800
	Maryland Asset	Baltimore / DC		February 2014		1		15,500
	Arizona Asset	Arizona / Las Vegas		March 2014		1		14,750
	Pennsylvania Asset	Philadelphia / Southern NJ		March 2014		1		7,350
	Texas Asset	Texas Markets - Major		March 2014		1		8,225
	Texas Asset	Texas Markets - Major		April 2014		1		6,450
	New York Assets	New York / Northern NJ		April 2014		2		55,000
	Florida Asset	Florida Markets - Other		April 2014		1		11,406
	Massachusetts Asset	Other Northeast		April 2014		1		11,100
	Indiana Asset	Other Midwest		May 2014		1		8,400
	Florida Assets	Florida Markets - Other		June 2014		3		35,000
	Florida Assets	Florida Markets - Other		July 2014		2		15,800
	Massachusetts Asset	Boston		September 2014		1		23,100
	Texas Asset	Texas Markets - Major		October 2014		1		7,700
	Texas Asset	Texas Markets - Major		October 2014		1		8,500
	Texas Asset	Texas Markets - Major		October 2014		1		7,750
	HSRE Assets	Various (see note 4)		November 2014		22		195,500
	Texas Asset	Texas Markets - Major		December 2014		1		18,650
	Florida Assets	Florida Markets - Other		December 2014		3		18,200
	New York Asset	New York / Northern NJ		December 2014		1		38,000
	Texas Asset	Texas Markets - Major		December 2014		1		4,345
						53		$	568,226
	2013 Acquisitions:
	Arizona Asset	Arizona / Las Vegas		March 2013		1		$	6,900
	Illinois Asset	Chicago		May 2013		1		8,300
	Florida Asset	Florida Markets - Other		May 2013		1		7,150
	Florida Asset	Miami / Ft. Lauderdale		June 2013		1		9,000
	Massachusetts Asset	Boston		June 2013		1		10,600
	Maryland / New Jersey Assets	Baltimore / DC and New York / Northern NJ		June 2013		5		52,400
	New York Asset	New York / Northern NJ		July 2013		1		13,000
	Texas Asset	Texas Markets - Major		August 2013		1		10,975
	Arizona Asset	Arizona / Las Vegas		September 2013		1		10,500
	Arizona Asset	Arizona / Las Vegas		September 2013		1		4,300
	Maryland Asset	Baltimore / DC		November 2013		1		15,375
	Texas Asset	Texas Markets - Major		November 2013		1		9,700
	Texas Asset	Texas Markets - Major		December 2013		1		10,497
	Texas Asset	Texas Markets - Major		December 2013		1		6,925
	Maryland Asset	Baltimore / DC		December 2013		1		8,200
	Florida Asset	Miami / Ft. Lauderdale		December 2013		1		6,000
						20		$	189,822
	Asset/Portfolio	Market		Transaction Date		Number of		Purchase / Sale Price
						Facilities		(in thousands)
	2013 Dispositions:
Texas/Indiana Assets	Texas Markets - Major and Other Midwest		March 2013		5		$	11,400
Tennessee Assets	Tennessee		August 2013		8		25,000
California/Ohio/Tennessee/Texas/ Wisconsin Assets	Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major		October/November 2013		22		90,000
					35		$	126,400
2012 Acquisitions:
Texas Asset	Texas Markets - Major		February 2012		1		$	5,100
Georgia Asset	Atlanta		February 2012		1		6,900
Texas Asset	Texas Markets - Major		June 2012		1		4,970
Texas Assets	Texas Markets - Major		July 2012		4		18,150
Texas Asset	Texas Markets - Major		July 2012		1		5,130
Connecticut Asset	Connecticut		July 2012		1		5,000
Storage Deluxe Assets	New York / Northern NJ and Connecticut		February/April/August 2012		6		201,910
Virginia Asset	Baltimore / DC		August 2012		1		19,750
New Jersey Assets	Philadelphia / Southern NJ		August 2012		2		10,750
Georgia/Florida Assets	Atlanta and Miami / Ft. Lauderdale		August 2012		3		13,370
Georgia Asset	Atlanta		August 2012		1		3,100
HSREV Assets	Various (see note 4)		September 2012		9		102,000
Colorado Asset	Colorado / Utah		September 2012		1		10,600
Florida Assets	Florida Markets - Other		November 2012		2		13,010
Pennsylvania/New Jersey Assets	Philadelphia / Southern NJ		December 2012		2		7,800
Texas Asset	Texas Markets - Major		December 2012		1		4,800
					37		$	432,340
2012 Dispositions:
Michigan Assets	Other Midwest		June 2012		3		$	6,362
Alabama/Louisiana/Mississippi Assets	Other Southeast		June 2012		5		16,800
New Mexico Assets	Other West		August 2012		6		7,500
California Asset	Inland Empire		August 2012		1		5,000
Florida/ Tennessee Assets	Florida Markets - Other and Tennessee		November 2012		3		6,550
Ohio Assets	Ohio		November 2012		8		17,750
					26		$	59,962

INVESTMENT_ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
	Dec. 31, 2014
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY
	4.  INVESTMENT ACTIVITY
	2014 Acquisitions
	On August 25, 2014, the Operating Partnership entered into an Agreement for Purchase and Sale with certain limited liability companies controlled by HSRE REIT I and HSRE REIT II, each Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage facilities for an aggregate purchase price of $223.0 million plus customary closing costs.  On November 3, 2014, the Company closed on the first tranche of 22 facilities comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million.  The 22 facilities purchased are located in California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island.  In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $14.5 million at the time of the acquisition and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the year ended December 31, 2014 was approximately $2.4 million   The Company expects to close on the remaining four facilities no later than March 31, 2015. As of December 31, 2014, the Company had made a deposit of $5.0 million with respect to the second tranche of the HSRE Acquisition, which deposit is reflected in Other assets, net on the Company’s consolidated balance sheets.
	During 2014, the Company acquired an additional 31 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $372.7 million.  In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $23.8 million at the time of such acquisitions and prior to any amortization of such amounts.  The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the year ended December 31, 2014 was approximately $13.4 million.  In connection with four of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $27.5 million, which included an outstanding principal balance totaling $26.0 million and a net premium of $1.5 million to reflect the estimated fair value of the debt at the time of assumption.
	As of December 31, 2014, the Company was under contract and had made deposits of $5.2 million associated with four facilities under construction for a total purchase price of $85.2 million.  These deposits are reflected in Other assets, net on the Company’s consolidated balance sheets.  The purchase of these four facilities is expected to occur by the first quarter of 2016 after the completion of construction and the issuance of a certificate of occupancy.  These acquisitions are subject to due diligence and other customary closing conditions and no assurance can be provided that these acquisitions will be completed on the terms described, or at all.
	Development
	During the fourth quarter of 2014, the Company entered into a contract under a newly-formed joint venture for the construction of one self-storage facility located in New York (see note 12).  Construction for the project is expected to be completed by the second quarter of 2016.  At December 31, 2014, development costs for this project totaled $0.4 million.
	At December 31, 2014, the Company also had four contracts through joint ventures for the construction of three additional self-storage facilities located in New York and one self-storage facility located in Virginia (see note 12).  Construction for all projects is expected to be completed by the first quarter of 2016.  At December 31, 2014, development costs for these projects totaled $35.4 million.  These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage facilities on the Company’s consolidated balance sheets.
	During the first quarter of 2014, the Company completed the construction of a self-storage facility subject to a ground lease located in Bronx, NY and opened for operation.  Total costs for this project were $17.2 million at December 31, 2014.  These costs are capitalized to building and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets.
	During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use facility comprised of office space and relocated its corporate headquarters to 5 Old Lancaster Road in Malvern, PA, a suburb of Philadelphia.  During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the facility opened for operation.  Total costs for this mixed-use project were $25.1 million at December 31, 2014.
	2014 Disposition
	On June 30, 2014, the Company sold one asset in London, England owned by USIFB, LLP, a consolidated real estate joint venture in which the Company owns a 97% interest, for an aggregate sales price of £4.1 million (approximately $7.0 million).  The Company received net proceeds of $7.0 million, a portion of which were used to repay the loan the Company made to the venture, and recorded a gain of $0.5 million as a result of the transaction.
	2013 Acquisitions
	During 2013, the Company acquired 20 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $189.8 million.  In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $13.5 million at the time of the acquisition and prior to any amortization of such amounts.   The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the year ended December 31, 2014 and 2013 was approximately $8.2 million and $5.3 million, respectively.  In connection with one of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $8.9 million, which included an outstanding principal balance totaling $8.5 million and a net premium of $0.4 million in addition to the face value of the assumed debt to reflect the fair value of the debt at the time of assumption.
	2013 Dispositions
	During 2013, the Company sold 35 self-storage facilities located throughout the United States for an aggregate sales price of approximately $126.4 million.  In connection with these sales, the Company recorded gains that totaled $27.4 million.
	2012 Acquisitions
	During 2012, as part of the $560 million Storage Deluxe transaction involving 22 Class A self-storage facilities located primarily in the greater New York City area, the Company acquired the final six facilities with a purchase price of approximately $201.9 million. The six facilities purchased are located in New York and Connecticut.  In connection with the acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $12.3 million at the time of the acquisition and prior to any amortization of such amounts.  The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2013 and 2012 was approximately $4.4 million and $7.9 million, respectively.  In connection with the six acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $93.1 million, which included an outstanding principal balance totaling $88.9 million and a net premium of $4.2 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption.
	On September 28, 2012, the Company purchased, from its joint venture partner, the remaining 50% ownership in a partnership that owned nine self-storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”), for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities.  Following the purchase, the Company wholly owned the nine self-storage facilities which were unencumbered and had a fair value of $102.0 million at acquisition.  In connection with this acquisition, the Company allocated a portion of the fair value to the intangible value of in-place leases which aggregated $8.3 million. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2013 and 2012 was approximately $6.2 million and $2.1 million, respectively.
	During 2012, the Company acquired an additional 22 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $128.4 million.  In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $13.2 million at the time of the acquisition and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2013 and 2012 was approximately $8.4 million and $4.8 million, respectively.   In connection with two of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $13.9 million, which included an outstanding principal balance totaling $13.4 million and a net premium of $0.5 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption.
	2012 Dispositions
	During 2012, the Company sold 26 self-storage facilities located throughout the United States for an aggregate sales price of approximately $60.0 million.  In connection with these sales, the Company recorded gains that totaled $9.8 million.
	The following table summarizes the Company’s results of operations of the 2014, 2013 and 2012 acquisitions from the respective acquisition dates in the year they were acquired, included in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Total revenues	$	21,156		$	7,048		$	19,028
	Net loss	(12,350		)	(4,228		)	(11,464		)

INVESTMENT_IN_UNCONSOLIDATED_R

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	12 Months Ended
	Dec. 31, 2014
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
	5.  INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
	On December 10, 2013, the Company acquired a 50% ownership interest in 35 self-storage facilities located in Texas (34) and North Carolina (1) through a newly-formed joint venture (“HHF”).  HHF paid $315.7 million for these facilities, of which $12.1 million was allocated to the value of the in-place lease intangible.  The Company and the unaffiliated joint venture partner, collectively the “HHF Partners,” each contributed cash equal to 50% of the capital required to fund the acquisition.  HHF was not consolidated as the entity was not determined to be a VIE and the HHF Partners have equal ownership and voting rights in the entity.  The Company accounts for its unconsolidated interest in the real estate venture using the equity method.  The Company’s investment in HHF is included in Investment in real estate venture, at equity on the Company’s consolidated balance sheets and earnings attributed to HHF are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations.
	On May 1, 2014, HHF obtained a $100 million loan secured by the 34 self-storage facilities located in Texas that are owned by the venture. There is no recourse to the Company, subject to customary exceptions to non-recourse provisions. The loan bears interest at 3.59% per annum and matures on April 30, 2021. This financing completed the planned capital structure of HHF and proceeds (net of closing costs) of $99.2 million were distributed proportionately to the partners.
	On September 26, 2011, the Company contributed $15.4 million in cash for a 50% interest in HSREV, a partnership that owned nine self-storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida. The other partner held the remaining 50% interest in the partnership.  HSREV was not consolidated because the Company was not the primary beneficiary, the limited partners had the ability to dissolve or remove the Company without cause and the Company did not possess substantive participating rights.  The Company accounted for the unconsolidated interests in its real estate venture using the equity method.  The Company’s investment in HSREV was included in Investment in real estate venture, at equity on the Company’s consolidated balance sheet and earnings attributable to HSREV were presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations.
	As explained in note 4, on September 28, 2012, the Company purchased the remaining 50% ownership in HSREV for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities.  As noted above, the Company previously accounted for its investment in HSREV using the equity method. As a result, the Company’s original 50% interest was remeasured during 2012 and the Company recorded a gain of approximately $7.0 million, which is reflected in Gain from remeasurement of investment in real estate venture on the accompanying statements of operations.
	The amounts reflected in the following table are based on the historical financial information of the real estate venture.
	The following is a summary of the financial position of the HHF venture as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Assets
	Storage facilities, net	$	291,357		$	302,557
	Other assets	5,786			11,688
	Total assets	$	297,143		$	314,245
	Liabilities and equity
	Other liabilities	$	5,725		$	1,625
	Debt	100,000			—
	Equity
	CubeSmart	95,709			156,310
	Joint venture partner	95,709			156,310
	Total liabilities and equity	$	297,143		$	314,245
	The following is a summary of results of operations of the real estate ventures for the years ended December 31, 2014, 2013 and 2012 (in thousands).
		Year ended December 31,
		2014			2013			2012
	Total revenues	$	26,852		$	1,600		$	7,229
	Operating expenses	11,754			1,742			3,010
	Interest expense, net	2,522			—			2,690
	Depreciation and amortization	25,086			2,160			2,691
	Net loss	(12,510		)	(2,302		)	(1,162		)
	Company’s share of net loss	(6,255		)	(1,151		)	(745		)
	The results of operations above include the periods from December 13, 2013 (date of acquisition) through December 31, 2014 for HHF, and the periods from January 1, 2012 through September 28, 2012 for HSREV, the date of the Company’s acquisition of the remaining 50% interest.

UNSECURED_SENIOR_NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 2014
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES
	6.  UNSECURED SENIOR NOTES
	On December 17, 2013, the Operating Partnership issued $250 million in aggregate principal amount of 4.375% unsecured senior notes due December 15, 2023 (the “2023 Senior Notes”).  On June 26, 2012, the Operating Partnership issued $250 million in aggregate principal amount of 4.80% unsecured senior notes due July 15, 2022 (the “2022 Senior Notes”).  The 2023 Senior Notes along with the 2022 Senior Notes are collectively referred to as the “Senior Notes.”  The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 after giving effect to the incurrence of the debt.  The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt.  The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the year ended December 31, 2014, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING_CREDIT_FACILITY_AND_

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	12 Months Ended
	Dec. 31, 2014
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
	7.  REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
	On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”) which consisted of a $100 million term loan with a five-year maturity (“Term Loan A”) and a $100 million term loan with a seven-year maturity (“Term Loan B”).  On December 9, 2011, the Company entered into a credit facility (the “Credit Facility”) comprised of a $100 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300 million unsecured revolving facility maturing in December 2015 (“Revolver”).
	On June 18, 2013, the Company amended both the Term Loan Facility and Credit Facility.  With respect to the Term Loan Facility, among other things, the amendment extended the maturity and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment.  On August 5, 2014, the Company further amended the Term Loan Facility (collectively with the amendment on June 18, 2013, the “Amendments”) to extend the maturity and decrease the pricing of Term Loan B.  On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014.
	Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings.  On September 25, 2014, the Company’s unsecured debt credit rating was upgraded to Baa2 from Baa3 by Moody’s Investors Service with a stable outlook.  As a result, the LIBOR spreads applicable to our borrowings under the Term Loan Facility were reduced, effective October 1, 2014.  In addition, on November 3, 2014, the Company’s unsecured bonds and issuer ratings were upgraded to BBB from BBB- by Standard and Poor’s Ratings Services with a stable outlook.  At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR, with no LIBOR floor, while amounts drawn under Term Loan B are priced at 1.15% over LIBOR, with no LIBOR floor.
					Term Loan Facility Prior to Amendments					Term Loan Facility As Amended
						LIBOR Spread					LIBOR Spread
			Amount		Maturity Date	Baa3/BBB-		Baa2/BBB		Maturity Date	Baa3/BBB-		Baa2/BBB
	Term Loan A		$	100 million	June 2016	1.85	%	1.65	%	June 2018	1.50	%	1.30	%
	Term Loan B		$	100 million	June 2018	2.00	%	1.80	%	January 2020	1.40	%	1.15	%
	With respect to the Credit Facility, among other things, the Amendments extended the maturities of the Revolver and Term Loan D and decreased the pricing of the Revolver, Term Loan C and Term Loan D.  Pricing on the Credit Facility depends on the Company’s unsecured debt credit ratings.  At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.30% over LIBOR, inclusive of a facility fee of 0.20%, with no LIBOR floor, while amounts drawn under Term Loan C and Term Loan D are priced at 1.30% over LIBOR, with no LIBOR floor.
					Credit Facility Prior to Amendments					Credit Facility As Amended
						LIBOR Spread					LIBOR Spread
			Amount		Maturity Date	Baa3/BBB-		Baa2/BBB		Maturity Date	Baa3/BBB-		Baa2/BBB
	Revolver		$	300 million	December 2015	1.80	%	1.50	%	June 2017	1.60	%	1.30	%
	Term Loan C (1)		$	100 million	December 2014	1.75	%	1.45	%	December 2014	1.50	%	1.30	%
	Term Loan D		$	200 million	March 2017	1.75	%	1.45	%	January 2019	1.50	%	1.30	%
		-1		On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014.
	The Company incurred costs of $2.1 million in 2013 and $0.2 million in 2014 in connection with the Amendments and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheets.  Unamortized costs, along with costs incurred in connection with the amendments, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. In connection with the repayment of Term Loan C, the Company recognized $0.4 million related to the write-off of unamortized loan procurement costs associated with that term loan.
	As of December 31, 2014, $200 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200 million of unsecured term loan borrowings were outstanding under the Credit Facility, $78.0 million of unsecured revolving credit facility borrowings were outstanding under the Credit Facility and $222.0 million was available for borrowing on the unsecured revolving portion of the Credit Facility.  The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $30 thousand.  In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of December 31, 2014 that fix 30-day LIBOR (see note 10).  As of December 31, 2014, borrowings under the Credit Facility and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 2.95%.
	The Term Loan Facility and the term loan under the Credit Facility were fully drawn at December 31, 2014 and no further borrowings may be made under the term loans.  The Company’s ability to borrow under the revolving portion of the Credit Facility is subject to ongoing compliance with certain financial covenants which include:
	Maximum total indebtedness to total asset value of 60.0% at any time;
	Minimum fixed charge coverage ratio of 1.50:1.00; and
	Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010.
	Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on the Parent Company’s common shares in excess of the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status.
	As of and for the year ended December 31, 2014, the Company was in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE_LOANS_AND_NOTES_PAYAB

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2014
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE
	8.  MORTGAGE LOANS AND NOTES PAYABLE
	The Company’s mortgage loans and notes payable are summarized as follows:
		Carrying Value as of:
		December 31,		December 31,		Effective		Maturity
	Mortgage Loan	2014		2013		Interest Rate		Date
		(in thousands)
	YSI 10	—		3,839		5.87	%	15-Jan
	YSI 15	—		1,733		6.41	%	15-Jan
	YSI 52	—		4,548		5.63	%	15-Jan
	YSI 58	—		8,676		2.97	%	15-Jan
	YSI 29	12,635		12,853		3.69	%	15-Aug
	YSI 13	8,427		8,500		3.00	%	15-Oct
	YSI 20	54,091		56,373		5.97	%	15-Nov
	YSI 63	7,466		—		2.82	%	15-Dec
	YSI 59	9,221		9,418		4.82	%	16-Mar
	YSI 60	3,610		3,670		5.04	%	16-Aug
	YSI 51	7,105		7,219		5.15	%	16-Sep
	YSI 64	7,919		—		3.54	%	16-Oct
	YSI 62	7,962		—		3.54	%	16-Dec
	YSI 35	—		4,274		6.90	%	19-Jul
	YSI 33	10,429		10,688		6.42	%	19-Jul
	YSI 26	8,780		8,945		4.56	%	20-Nov
	YSI 57	3,082		3,140		4.61	%	20-Nov
	YSI 55	23,767		24,145		4.85	%	21-Jun
	YSI 24	27,873		28,523		4.64	%	21-Jun
	Unamortized fair value adjustment	3,484		3,674
	Total mortgage loans and notes payable	$	195,851	$	200,218
	As of December 31, 2014 and 2013, the Company’s mortgage loans payable were secured by certain of its self-storage facilities with net book values of approximately $344 million and $371 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at December 31, 2014 (in thousands):
	2015	$	84,874
	2016	36,837
	2017	1,784
	2018	1,886
	2019	10,852
	2020 and thereafter	56,134
	Total mortgage payments	192,367
	Plus: Unamortized fair value adjustment	3,484
	Total mortgage indebtedness	$	195,851

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9.  ACCUMULATED OTHER COMPREHENSIVE LOSS
	The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands):
			Unrealized losses			Unrealized loss on			Total
			on interest rate			foreign currency
			swaps			translation
	Balance at December 31, 2013		$	(10,222	)	$	(792	)	$	(11,014	)
	Other comprehensive loss before reclassifications		(3,885		)	(172		)	(4,057		)
	Amounts reclassified from accumulated other comprehensive loss		6,312		(a)	—			6,312
	Net current-period other comprehensive income		2,427			(172		)	2,255
	Balance at December 31, 2014		$	(7,795	)	$	(964	)	$	(8,759	)
		(a)		See note 10 for additional information about the effects of the amounts reclassified.

RISK_MANAGEMENT_AND_USE_OF_FIN

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
	10.  RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
	The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks.
	The Company has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt.   Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity as accumulated other comprehensive loss.  These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings.  However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately.
	The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations.  If management determines that a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative.
	The following table summarizes the terms and fair values of the Company’s derivative financial instruments at December 31, 2014 and December 31, 2013, respectively (in thousands):
											Fair Value
	Hedge				Notional						December 31,			December 31,
	Product		Hedge Type (a)		Amount		Strike		Effective Date	Maturity	2014			2013
	Swap		Cash flow		$	40,000	1.8025	%	6/20/11	6/20/16	$	(757	)	$	(1,265	)
	Swap		Cash flow		$	40,000	1.8025	%	6/20/11	6/20/16	(757		)	(1,265		)
	Swap		Cash flow		$	20,000	1.8025	%	6/20/11	6/20/16	(378		)	(632		)
	Swap		Cash flow		$	75,000	1.336	%	12/30/11	3/31/17	(841		)	(1,132		)
	Swap		Cash flow		$	50,000	1.336	%	12/30/11	3/31/17	(561		)	(752		)
	Swap		Cash flow		$	50,000	1.336	%	12/30/11	3/31/17	(561		)	(754		)
	Swap		Cash flow		$	25,000	1.3375	%	12/30/11	3/31/17	(281		)	(380		)
	Swap		Cash flow		$	40,000	2.459	%	6/20/11	6/20/18	(1,654		)	(1,820		)
	Swap		Cash flow		$	40,000	2.4725	%	6/20/11	6/20/18	(1,672		)	(1,842		)
	Swap		Cash flow		$	20,000	2.475	%	6/20/11	6/20/18	(837		)	(921		)
					$	400,000					$	(8,299	)	$	(10,763	)
		(a)		Hedging unsecured variable rate debt by fixing 30-day LIBOR.
	The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability.  As of December 31, 2014 and 2013, all derivative instruments were included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.  The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss).  Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.  The change in unrealized loss on interest rate swap reflects a reclassification of $6.3 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2014.  The Company estimates that $5.7 million will be reclassified as an increase to interest expense in 2015.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
	11.  FAIR VALUE MEASUREMENTS
	The Company applies the methods of determining fair value, as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:
	Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
	Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.
	Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.
	In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value.
	Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (in thousands):
			Level 1		Level 2		Level 3
	Interest Rate Swap Derivative Liabilities		$	—	$	8,299	$	—
	Total liabilities at fair value		$	—	$	8,299	$	—
	Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the table below in one of the three categories described above (in thousands):
			Level 1		Level 2		Level 3
	Interest Rate Swap Derivative Liabilities		$	—	$	10,763	$	—
	Total liabilities at fair value		$	—	$	10,763	$	—
	Financial assets and liabilities carried at fair value were classified as Level 2 inputs.  For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities:
		·		Interest rate swap derivative assets and liabilities — valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades in 2014 that would reduce the amount owed by the Company.  Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of December 31, 2014, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
	During 2012, the Company recorded a nonrecurring Level 3 fair value measurement gain of approximately $7.0 million resulting from the remeasurement of its investment in HSREV (see note 5).  Fair value for those assets measured using Level 3 inputs was determined through the use of a direct capitalization approach. The direct capitalization approach applies a projected yield for the investment to the estimated stabilized income for the facility.  Yield rates utilized in this approach are derived from market transactions as well as other financial and industry data. The yield rates used in determining the fair value of HSREV ranged from 6%-7%.
	The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values at December 31, 2014 and 2013.   The aggregate carrying value of the Company’s debt was $1.2 billion and $1.1 billion at December 31, 2014 and 2013, respectively.  The estimated fair value of the Company’s debt was $1.2 billion and $1.1 billion at December 31, 2014 and 2013, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at December 31, 2014 and 2013.  The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING_INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2014
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS
	12.  NONCONTROLLING INTERESTS
	Interests in Consolidated Real Estate Joint Ventures
	2301 Tillotson Ave, LLC (“Tillotson”) was formed to own, operate, and develop a self-storage facility in New York, NY.  The Company owns a 51% interest in Tillotson and 49% is owned by another member (the “Tillotson Member”).  The facility is expected to commence operations during 2016.  The Tillotson Member has an option to put its ownership interest in the venture to the Company for $17.0 million within the one-year period after construction of the facility is substantially complete.  Additionally, the Company has a one-year option to call the ownership interest of the Tillotson Member for $17.0 million beginning on the second anniversary of the facility’s construction being substantially complete.  The Company is accreting the $17.0 million liability during the development period and has accrued $2.4 million as of December 31, 2014.  The Company determined that Tillotson is a variable interest entity, and that the Company is the primary beneficiary.  Accordingly, the Company consolidates the assets, liabilities, and results of operations of Tillotson.  At December 31, 2014, Tillotson had total assets of $2.9 million and total liabilities of $2.8 million.
	251 Jamaica Ave, LLC (“Jamaica Ave”) was formed to own, operate, and develop a self-storage facility in New York, NY.  The Company owns a 51% interest in Jamaica Ave and 49% is owned by another member (the “Jamaica Ave Member”).  The facility is expected to commence operations during 2016.  The Jamaica Ave Member has an option to put its ownership interest in the venture to the Company for $12.5 million within the one-year period after construction of the facility is substantially complete.  Additionally, the Company has a one-year option to call the ownership interest of the Jamaica Ave Member for $12.5 million beginning on the second anniversary of the facility’s construction being substantially complete.  The Company is accreting the $12.5 million liability during the development period and has accrued $6.6 million as of December 31, 2014.  The Company determined that Jamaica Ave is a variable interest entity, and that the Company is the primary beneficiary.  Accordingly, the Company consolidates the assets, liabilities, and results of operations of Jamaica Ave.  At December 31, 2014, Jamaica Ave had total assets of $15.2 million and total liabilities of $7.3 million.
	CS SNL New York Ave, LLC and 186 Jamaica Avenue, LLC, collectively known as “SNL”, were formed with a partner to own, operate and develop two self-storage facilities in the boroughs of New York, NY.  The Company owns 90% of SNL and the facilities are expected to commence operations during 2015.  The Company consolidates the assets, liabilities, and results of operations of SNL.  At December 31, 2014, SNL had total assets of $12.3 million and total liabilities of $2.3 million.  The Company has provided $1.2 million of a total $20.1 million loan commitment to SNL which is secured by a mortgage on the real estate assets of SNL.  The loan and related interest was eliminated during consolidation.
	Shirlington Rd, LLC (“SRLLC”) was formed to own, operate, and develop a self-storage facility in Northern Virginia.  The Company owns a 90% interest in SRLLC and the facility is expected to commence operations during 2015.  The Company consolidates the assets, liabilities, and results of operations of SRLLC.  During 2013, SRLLC acquired land for development for $13.1 million. In 2014, SRLLC completed the planned subdivision of the land into two parcels and sold one parcel for $6.5 million.  No gain or loss was recorded as a result of this transaction.  SRLLC retained the second parcel of land for the development of the storage facility.  At December 31, 2014, SRLLC had total assets of $14.7 million and total liabilities of $10.6 million.  The Company has provided $9.6 million of a total $14.6 million loan commitment to SRLLC, which loan is secured by a mortgage on the real estate assets of SRLLC.  The loan and related interest was eliminated during consolidation.
	USIFB, LLP (“USIFB”) was formed to own, operate, acquire and develop self-storage facilities in England.  The Company owns a 97% interest in the USIFB through a wholly-owned subsidiary and USIFB commenced operations at two facilities in London, England during 2008.  The Company determined that USIFB is a variable interest entity, and that the Company is the primary beneficiary.  Accordingly, the Company consolidates the assets, liabilities and results of operations of USIFB.  On December 31, 2013 the Company provided a $6.8 million (£4.1 million) loan secured by a mortgage on real estate assets of USIFB.  On June 30, 2014, one of the assets was sold for net proceeds of $7.0 million and the loan was repaid with proceeds from the sale.  The loan and any related interest was eliminated during consolidation.  At December 31, 2014, USIFB had total assets of $5.7 million and total liabilities of $0.2 million.
	On August 13, 2009, the Company, through a wholly-owned affiliate, formed a joint venture (“HART”) with an affiliate of Heitman, LLC (“Heitman”) to own and operate 22 self-storage facilities, which are located throughout the United States.  Upon formation, Heitman contributed approximately $51 million of cash to a newly-formed limited partnership and the Company contributed certain unencumbered wholly-owned facilities with an agreed upon value of approximately $102 million to such limited partnership.  In exchange for its contribution of those facilities, the Company received a cash distribution from HART of approximately $51 million and retained a 50% interest in HART. The Company was the managing partner of HART and managed the facilities owned by HART in exchange for a market rate management fee.  The Company determined that HART was a variable interest entity, and that the Company was the primary beneficiary.  Accordingly, the Company consolidated the assets, liabilities and results of operations of HART.  The 50% interest that was owned by Heitman was reflected as noncontrolling interest in subsidiaries within permanent equity, separate from the Company’s equity on the consolidated balance sheets.
	On August 13, 2012, the Company purchased the remaining 50% interest in HART from Heitman for $61.1 million, and now owns 100% of HART. Accordingly, the Company wholly owns the facilities which are unencumbered by any property-level secured debt.  The Company previously consolidated HART, and therefore the acquisition of the remaining 50% interest is reflected in the equity section of the accompanying consolidated balance sheets.   As a result of the transaction, the Company eliminated noncontrolling interest in subsidiaries of $38.7 million and recorded a reduction to additional paid-in capital of $18.5 million.
	Operating Partnership Ownership
	The Company follows guidance regarding the classification and measurement of redeemable securities.  Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital.  This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets.  The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions.
	Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value.
	Approximately 1.4% and 1.6% of the outstanding OP Units as of December 31, 2014 and December 31, 2013, respectively, were not owned by CubeSmart, the sole general partner.  The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage facilities. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart.  However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares.  Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations.
	At December 31, 2014 and 2013, 2,257,486 and 2,275,730 OP Units, respectively, were held by third parties.  The per unit cash redemption amount of the outstanding OP Units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the final 10 trading days of the year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value at December 31, 2014 and 2013, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $14.8 million and $3.3 million at December 31, 2014 and 2013, respectively.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
	13.  RELATED PARTY TRANSACTIONS
	Affiliated Real Estate Investments
	The Company provides management services to certain joint ventures and other related party facilities.  Management agreements provide generally for management fees of between 5-6% of total revenues earned on a cash basis at the facilities.  Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2014, 2013 and 2012 respectively, were $0.9 million, $0.1 million and $0.2 million, respectively.
	The management agreements for certain joint ventures, other related parties and third-party facilities provide for the reimbursement to the Company for certain expenses incurred to manage the facilities.  These amounts consist of amounts due for management fees, payroll and other expenses incurred on behalf of the facilities.  The amounts due to the Company were $1.6 million and $2.1 million as of December 31, 2014 and 2013, respectively.  Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $10.8 million and $15.8 million as of December 31, 2014 and 2013, respectively, which are eliminated for consolidation purposes.  The Company believes that all of these related-party receivables are fully collectible.
	Corporate Office Leases
	Subsequent to its entry into lease agreements with related parties for office space, the Operating Partnership entered into sublease agreements with various unrelated tenants for the related office space.  Each of these properties is part of Airport Executive Park, a 50-acre office and flex development located in Cleveland, Ohio, which is owned by former executives. Our independent Trustees approved the terms of, and entry into, each of the office lease agreements by the Operating Partnership.  The table below shows the office space subject to these lease agreements and certain key provisions, including the maturity date of each lease agreement and the minimum and maximum rents payable per month during the term.  The Operating Partnership did not extend these lease agreements beyond the maturity dates set forth below.
	Office Space	Approximate	Maturity Date	Fixed Minimum		Fixed Maximum
		Square Footage		Rent Per Month		Rent Per Month
	The Parkview Building — 6745 Engle Road; and 6751 Engle Road	21,900	12/31/14	$	25,673	$	31,205
	6745 Engle Road — Suite 100	2,212	12/31/14	$	3,051	$	3,709
	6745 Engle Road — Suite 110	1,731	12/31/14	$	2,387	$	2,901
	6751 Engle Road — Suites C and D	3,000	12/31/14	$	3,137	$	3,771
	In addition to monthly rent, the office lease agreements provide that our Operating Partnership reimburse for certain maintenance and improvements to the leased office space.  The aggregate amount of lease payments incurred under these lease agreements for each of the years ended December 31, 2014, 2013 and 2012 was approximately $0.5 million.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	14.  COMMITMENTS AND CONTINGENCIES
	The Company currently owns six operating self-storage facilities and one self-storage facility currently under development that are subject to ground leases and four other operating self-storage facilities having portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $2.0 million, $2.2 million, and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.  Total future minimum rental payments under non-cancelable ground leases are as follows:
		Ground Lease
		Amount
		(in thousands)
	2015	$	1,443
	2016	1,649
	2017	1,649
	2018	1,562
	2019	1,557
	2020 and thereafter	87,393
		$	95,253
	The Company has development agreements for the construction of five new self-storage facilities (see note 4), which will require payments of approximately $50.3 million, due in installments upon completion of certain construction milestones, during 2015 and 2016.
	The Company has been named as a defendant in lawsuits in the ordinary course of business.  In most instances, these claims are covered by the Company’s liability insurance coverage.  Management believes that the ultimate settlement of the suits will not have a material adverse effect on the Company’s financial statements.

SHAREBASED_COMPENSATION_PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2014
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS
	15.  SHARE-BASED COMPENSATION PLANS
	On June 2, 2010 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 (as amended and restated, the “2007 Plan”).  On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan” and collectively with the 2007 Plan, the “Plans”).  The purpose of the Plans is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company.  To this end, the Plans provide for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights and cash awards.  Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals.  Share options granted under the Plans may be non-qualified share options or incentive share options.
	The Plans are administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the Plans and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards.
	The 2007 Plan uses a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan.  The Fungible Units methodology assigns weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards.  Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2010, a “Fungible Pool Limit” was established consisting of 4,728,561 shares plus any common shares restored to availability upon expiration or forfeiture of then-currently outstanding options or restricted share awards (consisting of 372,135 shares).
	The 2007 Plan provides that any common shares made the subject of awards in the form of options or share appreciation rights shall be counted against the Fungible Pool Limit as one (1) unit.  Any common shares made the subject of awards under the 2007 Plan in the form of restricted shares or share units (each a “Full-Value Award”) shall be counted against the Fungible Pool Limit as 1.66 units.  The Fungible Pool Limit and the computation of the number of common shares available for issuance are subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations.  The number of shares counted against the Fungible Pool Limit includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price.  If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of such option or other award that expires, is forfeited or that otherwise terminates, as the case may be, will again become available for issuance under the 2007 Plan.
	In addition to the overall limit on the number of shares that may be subject to awards under the 2007 Plan, the 2007 Plan limits the number of shares that may be the subject of awards during the three-year period ending December 31, 2014.  Specifically, the average of the following three ratios (each expressed as a percentage) shall not exceed the greater of two percent (2%) or the mean of the Company’s GICS peer group for the three-year period beginning January 1, 2012 and ending December 31, 2014.  The three ratios would correspond to the three calendar years in the three-year period ending December 31, 2014, and each ratio would be computed as (i) the number of shares subject to awards granted in the applicable year divided by (ii) the sum of the number of common shares and OP units exchangeable into common shares outstanding at the end of such year.  Solely for purposes of calculating the number of shares subject to awards under this limitation, shares underlying Full-Value Awards will be taken into account in the numerator of the foregoing ratios as 1.5 shares.
	Subject to adjustment upon certain corporate transactions or events, a participant may not receive awards (with shares subject to awards being counted, depending on the type of award, in the proportions ranging from 1.0 to 1.66), as described above in any one calendar year covering more than 1,000,000 units.
	With respect to the 2004 Plan, a total of 3 million common shares are reserved for issuance under the 2004 Plan. The maximum number of common shares underlying equity awards that may be granted to an individual participant under the 2004 Plan during any calendar year is 400,000 for options or share appreciation rights and 100,000 for restricted shares or restricted share units. The maximum number of common shares that can be awarded under the Plan to any person, other than pursuant to an option, share appreciation rights or time-vested restricted shares, is 250,000 per calendar year under the 2004 Plan.  To the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards become available for future grants under the 2004 Plan, unless the 2004 Plan has been terminated.
	Under the Plans, the Compensation Committee determines the vesting schedule of each share award and option. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date.
	Share Options
	The fair values for options granted in 2014, 2013, and 2012 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions:
	Assumptions:		2014			2013			2012
	Risk-free interest rate		1.9%			1.0%			2.0%
	Expected dividend yield		3.2%			3.3%			4.5%
	Volatility (a)		37.98%			42.00%			52.22%
	Weighted average expected life of the options (b)		6.0 years			6.0 years			9.59 years
	Weighted average grant date fair value of options granted per share		$	4.33		$	4.28		$	3.94
		(a)		Expected volatility is based upon the level of volatility historically experienced.
		(b)		Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns.
	The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2014, 2013 and 2012 grants was based on the trading history of the Company’s shares.
	In 2014, 2013, and 2012, the Company recognized compensation expense related to options issued to employees and executives of approximately $0.9 million, $0.9 million and $1.2 million, respectively, which was recorded in general and administrative expense.  Approximately 223,590 share options were issued during 2014 for which the fair value of the options at their respective grant dates was approximately $1.0 million, which vest over three years.  As of December 31, 2014, the Company had approximately $1.0 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years.
	The table below summarizes the option activity under the Plan for the years ended December 31, 2014, 2013 and 2012:
								Weighted Average
			Number of Shares		Weighted Average			Remaining
			Under Option		Strike Price			Contractual Term
	Balance at December 31, 2011		5,255,718		$	10.35		6.33
	Options granted		222,421		11.48			9.14
	Options canceled		(10,375	)	9.01			—
	Options exercised		(209,900	)	7.89			6.08
	Balance at December 31, 2012		5,257,864		$	10.5		5.49
	Options granted		182,297		14.84			9.08
	Options canceled		(24,000	)	13.57			—
	Options exercised		(511,548	)	7.24			4.53
	Balance at December 31, 2013		4,904,613		$	10.99		4.66
	Options granted		223,590		15.73			9.08
	Options canceled		(10,731	)	17.38			—
	Options exercised		(1,425,171	)	9.69			3.21
	Balance at December 31, 2014		3,692,301		$	11.76		4.16
	Vested or expected to vest at December 31, 2014		3,692,301		$	11.76		4.16
	Exercisable at December 31, 2014		3,271,474		$	11.37		3.6
	At December 31, 2014, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest and of options that were exercisable was approximately $38.1 million.  The aggregate intrinsic value of options exercised was approximately $15.5 million for the year ended December 31, 2014.
	Restricted Shares
	The Company applies the fair value method of accounting for contingently issued shares.  As such, each grant is recognized ratably over the related vesting period.  Approximately 194,000 restricted shares and share units were issued during 2014 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.4 million, which vest over three to five years.  During 2013, approximately 219,000 restricted shares and share units were issued for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.4 million.  As of December 31, 2014 the Company had approximately $3.0 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next four years.  Restricted share awards are considered to be performance awards and are valued using the share price on the grant date.  The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.
	In 2014, 2013 and 2012, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $3.5 million, $5.4 million, and $3.9 million, respectively; these amounts were recorded in general and administrative expense.  The following table presents non-vested restricted share and share unit activity during 2014:
			Number of Non-
			Vested Restricted
			Shares and Share
			Units
	Non-Vested at January 1, 2014		711,631
	Granted		194,495
	Vested		(523,700	)
	Forfeited		(1,643	)
	Non-Vested at December 31, 2014		380,783
	On January 24, 2014, 47,487 restricted share units were granted to certain executives.  The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date.  The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period.  The fair value of the restricted share units on the grant date was approximately $0.9 million.  The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards.  The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2016.  The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.
	On January 25, 2013, 41,503 restricted share units were granted to certain executives.  The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date.  The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period.  The fair value of the restricted share units on the grant date was approximately $0.8 million.  The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards.  The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2015.  The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.
	On January 25, 2012, 49,981 restricted share units were granted to certain executives.  The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date.  The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period.  The fair value of the restricted share units on the grant date was approximately $0.8 million.  The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards.  The restricted share units cliff vested on December 31, 2014.  The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.
	On May 30, 2012, 274,668 restricted share units were granted to our former chief executive officer.  The restricted share units were granted in the form of deferred share units with a market condition, entitling the holder thereof to receive common shares at a future date.  The deferred share units were awarded based on the price return of the Company’s share price over a two-year period.  The fair value of the restricted share units on the grant date was approximately $3.0 million.  The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards.  The restricted share units cliff vested on December 31, 2013.  The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.

EARNINGS_PER_SHARE_AND_UNIT_AN

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2014
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 (loss) per common share and shareholders’ equity
	The following is a summary of the elements used in calculating basic and diluted earnings (loss) per common share:
			For the year ended December 31,
			2014			2013			2012
			(Dollars and shares in thousands, except per share amounts)
	Income (loss) from continuing operations		$	26,366		$	10,409		$	(13,276	)
	Noncontrolling interests in the Operating Partnership		(302		)	(51		)	513
	Noncontrolling interest in subsidiaries		(16		)	42			(1,918		)
	Distribution to preferred shares (1)		(6,008		)	(6,008		)	(6,008		)
	Income (loss) from continuing operations attributable to the Company’s common shareholders		$	20,040		$	4,392		$	(20,689	)
	Total discontinued operations		336			31,585			16,904
	Noncontrolling interests in the Operating Partnership		(5		)	(537		)	(406		)
	Total discontinued operations attributable to the Company’s common shareholders		$	331		$	31,048		$	16,498
	Net income (loss) attributable to the Company’s common shareholders		$	20,371		$	35,440		$	(4,191	)
	Weighted-average shares outstanding		149,107			135,191			124,548
	Share options and restricted share units (2)		1,756			2,551			—
	Weighted-average diluted shares outstanding (3)		150,863			137,742			124,548
	Earnings (loss) per common share:
	Continuing operations		$	0.13		$	0.03		$	(0.17	)
	Discontinued operations		0.01			0.23			0.14
	Basic and diluted earnings (loss) per common share		$	0.14		$	0.26		$	(0.03	)
	Earnings (loss) per common unit and capital
	The following is a summary of the elements used in calculating basic and diluted earnings (loss) per common unit:
			For the year ended December 31,
			2014			2013			2012
			(Dollars and units in thousands, except per unit amounts)
	Income (loss) from continuing operations		$	26,366		$	10,409		$	(13,276	)
	Operating Partnership interests of third parties		(302		)	(51		)	513
	Noncontrolling interest in subsidiaries		(16		)	42			(1,918		)
	Distribution to preferred unitholders (1)		(6,008		)	(6,008		)	(6,008		)
	Income (loss) from continuing operations attributable to common unitholders		$	20,040		$	4,392		$	(20,689	)
	Total discontinued operations		336			31,585			16,904
	Operating Partnership interests of third parties		(5		)	(537		)	(406		)
	Total discontinued operations attributable to common unitholders		$	331		$	31,048		$	16,498
	Net income (loss) attributable to common unitholders		$	20,371		$	35,440		$	(4,191	)
	Weighted-average units outstanding		149,107			135,191			124,548
	Unit options and restricted share units (2)		1,756			2,551			—
	Weighted-average diluted units outstanding (3)		150,863			137,742			124,548
	Earnings (loss) per common unit:
	Continuing operations		$	0.13		$	0.03		$	(0.17	)
	Discontinued operations		0.01			0.23			0.14
	Basic and diluted earnings (loss) per common unit		$	0.14		$	0.26		$	(0.03	)
		-1		For each of the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per preferred share/unit of $1.938.
		-2		For the year ended December 31, 2012, the potentially dilutive shares/units of approximately 2,000,000 were not included in the earnings per share/unit calculation as their effect is antidilutive.
		-3		For the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per common share/unit of $0.550, $0.460 and $0.350, respectively.
	The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership.  An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis.  Outstanding noncontrolling interest units in the Operating Partnership were 2,257,486, 2,275,730 and 3,293,730 as of December 31, 2014, 2013 and 2012, respectively.  There were 163,956,675, 139,328,366 and 131,794,547 common units outstanding as of December 31, 2014, 2013 and 2012, respectively.
	Common and Preferred Shares
	Pursuant to a previous sales agreement, the Company had an “at-the-market” equity program that enabled it to sell common shares through a sales agent. On May 7, 2013, the Company terminated the previous sales agreement with its previous sales agent and entered into separate equity distribution agreements (the “Equity Distribution Agreements”) with each of Wells Fargo Securities LLC; BMO Capital Markets Corp.; Jefferies LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and RBC Capital Markets, LLC (collectively, the “Sales Agents”).  The Equity Distribution Agreements replaced the previous sale agreement and were amended on May 5, 2014 and October 2, 2014 to increase the number of common shares authorized for sale through “at-the-market” equity offerings.  Pursuant to the Equity Distribution Agreements, as amended, the Company may sell, from time to time, up to 30 million common shares of beneficial interest through the Sales Agents.
	During 2014, the Company sold a total of 15.2 million common shares under the agreements at an average sales price of $18.22 per share, resulting in net proceeds of $273.0 million after deducting offering costs.  The proceeds from the sales conducted during the year ended December 31, 2014 were used to fund acquisitions of self-storage facilities and for general corporate purposes.  As of December 31, 2014, 9.2 million common shares remained available for issuance under the Equity Distribution Agreements.
	During 2013, the Company sold a total of 5.7 million common shares under the previous sales agreement and the Equity Distribution Agreements at an average sales price of $17.92 per share, resulting in net proceeds of $100.3 million after deducting offering costs.  The proceeds from the sales conducted during the year ended December 31, 2013 were used to fund acquisitions of self-storage facilities and for general corporate purposes.
	On October 20, 2014, the Parent Company completed its public offering of 7,475,000 common shares at a public offering price of $19.33, inclusive of the full exercise by the underwriters of their option to purchase 975,000 shares to cover over-allotments. The Company received approximately $143.0 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses.  The proceeds combined with the proceeds raised from the program were used for general corporate purposes including funding a portion of the Company’s investment activity.
	The Parent Company had 3.1 million 7.75%  Series A preferred shares outstanding as of December 31, 2014 and 2013, with a liquidation preference of $77.5 million, or $25.00 per share.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
INCOME TAXES
	17.  INCOME TAXES
	Deferred income taxes are established for temporary differences between financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse.  A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized.  No valuation allowance was recorded at December 31, 2014 or 2013.  The Company had net deferred tax assets of $1.0 million and $0.7 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2014 and 2013, respectively.  The Company recorded $0.7 million in windfall tax benefits associated with share-based compensation during the year, which is included in Additional paid-in capital on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2014
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
	18.  DISCONTINUED OPERATIONS
	For the year ended December 31, 2014, discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage facilities that the Company sold in prior years.  For the years ended December 31, 2013 and 2012, discontinued operations relates to 35 facilities that the Company sold during 2013 and 26 facilities that the Company sold during 2012.  Each of the sales during 2013 and 2012 resulted in the recognition of a gain, which totaled $27.4 million and $9.8 million, respectively.
	The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2014, 2013 and 2012 (in thousands):
		For the year ended December 31,
		2014			2013			2012
	REVENUES
	Rental income	$	—		$	10,795		$	21,077
	Other property related income	—			1,583			2,703
	Total revenues	—			12,378			23,780
	OPERATING EXPENSES
	Property operating expenses	(336		)	5,318			10,742
	Depreciation and amortization	—			2,703			5,548
	Total operating expenses	(336		)	8,021			16,290
	OPERATING INCOME	336			4,357			7,490
	OTHER INCOME (EXPENSE)
	Interest expense on loans	—			(212		)	(397		)
	Gain from dispositions of discontinued operations	—			27,440			9,811
	Income from discontinued operations	$	336		$	31,585		$	16,904

PRO_FORMA_FINANCIAL_INFORMATIO

PRO FORMA FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
	19.  PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
	During the year ended December 31, 2014, the Company acquired 53 self-storage facilities for an aggregate purchase price of approximately $568.2 million (see note 3).
	The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2014 and 2013 as if each had occurred as of January 1, 2013 and 2012, respectively.  The unaudited pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations.
	The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the year ended December 31, 2014 and 2013 based on the assumptions described above:
		Year ended December 31,
		2014		2013
		(unaudited)
		(in thousands, except per share data)
	Pro forma revenue	$	405,171	$	378,518
	Pro forma income from continuing operations	$	59,406	$	(276	)
	Earnings (loss) per common share from continuing operations:
	Basic and diluted — as reported	$	0.13	$	0.03
	Basic — as pro forma	$	0.36	$	(0.05	)
	Diluted — as pro forma	$	0.35	$	(0.05	)

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	20.  SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	The following is a summary of quarterly financial information for the years ended December 31, 2014 and 2013 (in thousands, except per share data):
		For the three months ended
		March 31,			June 30,		September 30,		December 31,
		2014			2014		2014		2014
	Total revenues	$	87,267		$	92,337	$	97,092	$	100,267
	Total operating expenses	68,653			70,347		73,966		82,454
	Net income attributable to the Company	4,530			7,886		8,480		5,483
	Basic and diluted earnings per share	0.03			0.04		0.05		0.02
		For the three months ended
		March 31,			June 30,		September 30,		December 31,
		2013			2013		2013		2013
	Total revenues	$	74,655		$	78,289	$	82,487	$	82,964
	Total operating expenses	65,871			66,025		66,255		65,796
	Net (loss) income attributable to the Company	(392		)	2,550		16,342		22,948
	Basic and diluted (loss) earnings per share	(0.01		)	0.01		0.11		0.15
	The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts.  The above information was updated to reclassify amounts to discontinued operations (see note 18).

SCHEDULE_III_REAL_ESTATE_AND_R

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2014
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
	CUBESMART
	SCHEDULE III
	REAL ESTATE AND RELATED DEPRECIATION
	December 31, 2014
	(dollars in thousands)
							Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
										Subsequent	at December 31, 2014
	Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
			Footage						Improvements	Acquisition		Improvements		(C)	Developed
	Chandler I, AZ		47,520				327		1,257	271	327	1,353	1,680	421	2005
	Chandler II, AZ		83,819				1,518		7,485	12	1,518	7,496	9,014	474	2013
	Gilbert, AZ		57,380				951		4,688	11	951	4,699	5,650	1,305	2013
	Glendale, AZ		56,807				201		2,265	1,010	418	2,725	3,143	1,249	1998
	Green Valley, AZ		25,050				298		1,153	132	298	1,075	1,373	297	2005
	Mesa I, AZ		52,575				920		2,739	176	921	2,469	3,390	690	2006
	Mesa II, AZ		45,511				731		2,176	189	731	2,048	2,779	566	2006
	Mesa III, AZ		58,264				706		2,101	182	706	1,899	2,605	538	2006
	Phoenix I, AZ		100,775				1,134		3,376	348	1,135	3,075	4,210	870	2006
	Phoenix II, AZ		83,160				756		2,251	1,554	847	3,109	3,956	712	2006/2011
	Phoenix III, AZ		121,761				2,115		10,429	24	2,115	10,453	12,568	83	2014
	Scottsdale, AZ		79,525				443		4,879	1,698	883	5,475	6,358	2,499	1998
	Tempe I, AZ		53,890				749		2,159	236	749	2,086	2,835	552	2005
	Tempe II, AZ		35,125				588		2,898	31	588	2,929	3,517	518	2013
	Tucson I, AZ		59,800				188		2,078	966	384	2,590	2,974	1,169	1998
	Tucson II, AZ		43,950				188		2,078	1,032	391	2,635	3,026	1,122	1998
	Tucson III, AZ		49,832		(A)		532		2,048	243	533	1,930	2,463	520	2005
	Tucson IV, AZ		48,040		(A)		674		2,595	262	675	2,436	3,111	662	2005
	Tucson V, AZ		45,134		(A)		515		1,980	333	515	1,957	2,472	520	2005
	Tucson VI, AZ		40,814		(A)		440		1,692	201	430	1,595	2,025	439	2005
	Tucson VII, AZ		52,688		(A)		670		2,576	275	670	2,440	3,110	673	2005
	Tucson VIII, AZ		46,650		(A)		589		2,265	268	589	2,182	2,771	578	2005
	Tucson IX, AZ		67,545		(A)		724		2,786	349	725	2,619	3,344	730	2005
	Tucson X, AZ		46,350		(A)		424		1,633	203	425	1,526	1,951	424	2005
	Tucson XI, AZ		42,940		(A)		439		1,689	391	439	1,791	2,230	507	2005
	Tucson XII, AZ		42,225		(A)		671		2,582	285	672	2,454	3,126	653	2005
	Tucson XIII, AZ		45,800		(A)		587		2,258	271	587	2,167	2,754	584	2005
	Tucson XIV, AZ		49,095				707		2,721	455	708	2,642	3,350	707	2005
	Benicia, CA		74,770				2,392		7,028	191	2,392	6,146	8,538	1,642	2005
	Citrus Heights, CA		75,620		(A)		1,633		4,793	213	1,634	4,254	5,888	1,198	2005
	Corona, CA		95,125				2,107		10,385	1	2,107	10,385	12,492	55	2014
	Diamond Bar, CA		102,984				2,522		7,404	179	2,524	6,491	9,015	1,820	2005
	Escondido, CA		142,895				3,040		11,804	161	3,040	9,611	12,651	1,991	2007
							Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
										Subsequent	at December 31, 2014
	Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
			Footage						Improvements	Acquisition		Improvements		(C)	Developed
	Fallbrook, CA		46,401				133		1,492	1,736	432	2,722	3,154	1,084	1997
	Fremont, CA		51,243				1,158		5,711	38	1,158	5,750	6,908	45	2014
	Lancaster, CA		60,675				390		2,247	956	556	2,703	3,259	950	2001
	Long Beach, CA		124,571				3,138		14,368	493	3,138	12,950	16,088	3,352	2006
	Murrieta, CA		49,795				1,883		5,532	167	1,903	4,835	6,738	1,295	2005
	North Highlands, CA		57,169		(A)		868		2,546	390	868	2,480	3,348	690	2005
	Ontario, CA		93,590				1,705		8,401	17	1,705	8,418	10,123	44	2014
	Orangevale, CA		50,542		(A)		1,423		4,175	267	1,423	3,770	5,193	1,066	2005
	Pleasanton, CA		85,045				2,799		8,222	54	2,799	7,034	9,833	1,896	2005
	Rancho Cordova, CA		53,978		(A)		1,094		3,212	250	1,095	2,930	4,025	845	2005
	Rialto I, CA		57,391				899		4,118	177	899	3,725	4,624	972	2006
	Rialto II, CA		99,783				277		3,098	1,715	672	4,034	4,706	1,815	1997
	Riverside I, CA		67,120				1,351		6,183	417	1,351	5,768	7,119	1,473	2006
	Riverside II, CA		85,076				1,170		5,359	355	1,170	4,980	6,150	1,289	2006
	Roseville, CA		59,944		(A)		1,284		3,767	319	1,284	3,491	4,775	1,002	2005
	Sacramento I, CA		50,714		(A)		1,152		3,380	237	1,152	3,058	4,210	875	2005
	Sacramento II, CA		62,088		(A)		1,406		4,128	233	1,407	3,696	5,103	1,039	2005
San Bernardino I, CA		31,070				51		572	1,166	182	1,422	1,604	537	1997
San Bernardino II, CA		41,546				112		1,251	1,228	306	1,949	2,255	817	1997
San Bernardino III, CA		35,416				98		1,093	1,194	242	1,806	2,048	706	1997
San Bernardino IV, CA		83,307				1,872		5,391	154	1,872	4,828	6,700	1,316	2005
San Bernardino V, CA		57,595				783		3,583	478	783	3,534	4,317	923	2006
San Bernardino VII, CA		78,753				1,475		6,753	274	1,290	6,281	7,571	1,643	2006
San Bernardino VIII, CA		99,004				1,691		7,741	439	1,692	6,237	7,929	2,519	2006
San Marcos, CA		37,430				775		2,288	119	776	2,043	2,819	571	2005
Santa Ana, CA		64,071				1,223		5,600	280	1,223	5,107	6,330	1,331	2006
South Sacramento, CA		52,490		(A)		790		2,319	236	791	2,143	2,934	622	2005
Spring Valley, CA		55,045				1,178		5,394	561	1,178	5,210	6,388	1,368	2006
Temecula I, CA		81,320				660		4,735	1,231	899	5,409	6,308	1,257	1998
Temecula II, CA		84,318				3,080		5,839	198	3,080	5,108	8,188	1,060	2007
Vista I, CA		74,481				711		4,076	2,293	1,118	5,442	6,560	1,800	2001
Vista II, CA		147,871				4,629		13,599	142	4,629	11,698	16,327	3,165	2005
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Walnut, CA		50,708				1,578		4,635	236	1,595	4,133	5,728	1,105	2005
West Sacramento, CA		40,015		(B)		1,222		3,590	200	1,222	3,236	4,458	868	2005
Westminster, CA		68,428				1,740		5,142	303	1,743	4,560	6,303	1,292	2005
Aurora, CO		75,867		(A)		1,343		2,986	313	1,343	2,764	4,107	739	2005
Colorado Springs I, CO		47,975				771		1,717	337	771	1,711	2,482	449	2005
Colorado Springs II, CO		62,400				657		2,674	210	656	2,377	3,033	641	2006
Denver I, CO		59,200				673		2,741	197	671	2,436	3,107	694	2006
Denver II, CO		74,295				1,430		7,053	71	1,430	7,123	8,553	341	2012
Federal Heights, CO		54,770		(A)		878		1,953	251	879	1,810	2,689	471	2005
Golden, CO		87,800		(A)		1,683		3,744	404	1,684	3,477	5,161	915	2005
Littleton, CO		53,490		(A)		1,268		2,820	277	1,268	2,589	3,857	655	2005
Northglenn, CO		52,102		(A)		862		1,917	365	862	1,869	2,731	477	2005
Bloomfield, CT		48,700				78		880	2,338	360	2,644	3,004	1,029	1997
Branford, CT		50,679				217		2,433	1,317	504	3,055	3,559	1,626	1995
Bristol, CT		47,725				1,819		3,161	63	1,819	2,759	4,578	849	2005
East Windsor, CT		46,016				744		1,294	458	744	1,482	2,226	448	2005
Enfield, CT		52,875				424		2,424	396	473	2,229	2,702	873	2001
Gales Ferry, CT		54,805				240		2,697	1,458	489	3,473	3,962	1,503	1995
Manchester I, CT		46,925				540		3,096	360	563	2,684	3,247	1,100	2002
Manchester II, CT		52,725				996		1,730	255	996	1,677	2,673	495	2005
Manchester III, CT		60,113				671		3,308	6	671	3,314	3,985	26	2014
Milford, CT		44,885				87		1,050	1,129	274	1,707	1,981	819	1996
Monroe, CT		58,500				2,004		3,483	600	2,004	3,399	5,403	1,072	2005
Mystic, CT		50,825				136		1,645	1,927	410	2,840	3,250	1,377	1996
Newington I, CT		42,620				1,059		1,840	206	1,059	1,752	2,811	518	2005
Newington II, CT		36,140				911		1,584	231	911	1,541	2,452	463	2005
Norwalk, CT		30,414				646		3,187	48	646	3,235	3,881	171	2012
Old Saybrook I, CT		86,950				3,092		5,374	519	3,092	5,039	8,131	1,537	2005
Old Saybrook II, CT		26,425				1,135		1,973	231	1,135	1,877	3,012	586	2005
Shelton, CT		78,430				1,449		8,221	179	1,449	7,317	8,766	678	2011
South Windsor, CT		72,075				90		1,127	1,322	272	2,062	2,334	859	1996
Stamford, CT		28,907				1,941		3,374	102	1,941	2,940	4,881	891	2005
Wilton, CT		84,515		12,635		2,409		12,261	172	2,421	12,494	14,915	824	2012
Washington I, DC		63,085		(B)		871		12,759	403	894	10,480	11,374	2,048	2008
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Washington II, DC		82,982				3,152		13,612	146	3,154	11,983	15,137	856	2011
Boca Raton, FL		37,958				529		3,054	1,564	813	3,711	4,524	1,259	2001
Boynton Beach I, FL		61,749				667		3,796	1,801	958	4,507	5,465	1,530	2001
Boynton Beach II, FL		61,579				1,030		2,968	329	1,030	2,861	3,891	778	2005
Boynton Beach III, FL		67,393				1,225		6,037	12	1,225	6,050	7,275	48	2014
Bradenton I, FL		68,441				1,180		3,324	225	1,180	3,028	4,208	854	2004
Bradenton II, FL		87,958				1,931		5,561	975	1,931	5,441	7,372	1,507	2004
Cape Coral I, FL		76,842				472		2,769	2,538	830	4,371	5,201	1,786	2000
Cape Coral II, FL		67,955				1,093		5,387	1	1,093	5,388	6,481	14	2014
Coconut Creek I, FL		78,883				1,189		5,863	106	1,189	5,968	7,157	286	2012
Coconut Creek II, FL		90,400				1,937		9,549	109	1,937	9,658	11,595	77	2014
Dania Beach, FL		168,724				3,584		10,324	1,171	3,584	9,999	13,583	2,827	2004
Dania, FL		58,145				205		2,068	1,442	481	2,813	3,294	1,375	1996
Davie, FL		81,235				1,268		7,183	815	1,373	5,735	7,108	2,500	2001
Deerfield Beach, FL		57,230				946		2,999	2,019	1,311	4,524	5,835	1,631	1998
Delray Beach I, FL		67,833				798		4,539	690	883	4,229	5,112	1,535	2001
Delray Beach II, FL		75,712				957		4,718	194	957	4,912	5,869	1,507	2013
Delray Beach III, FL		94,495				2,086		10,286	2	2,086	10,289	12,375	82	2014
Fernandina Beach, FL		121,083				378		4,222	3,668	643	6,991	7,634	2,432	1996
Ft. Lauderdale I, FL		70,063				937		3,646	2,438	1,384	5,416	6,800	1,994	1999
Ft. Lauderdale II, FL		49,507				862		4,250	54	862	4,305	5,167	1,834	2013
Ft. Myers I, FL		67,546				303		3,329	824	328	3,167	3,495	1,637	1999
Ft. Myers II, FL		83,125				1,030		5,080	4	1,030	5,084	6,114	40	2014
Ft. Myers III, FL		81,554				1,148		5,658	29	1,148	5,688	6,836	46	2014
Jacksonville I, FL		80,215				1,862		5,362	72	1,862	4,752	6,614	1,190	2005
Jacksonville II, FL		65,070				950		7,004	120	950	5,571	6,521	1,143	2007
Jacksonville III, FL		65,590				860		7,409	989	1,670	5,997	7,667	1,239	2007
Jacksonville IV, FL		77,535				870		8,049	1,030	1,651	7,004	8,655	1,449	2007
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Jacksonville V, FL		82,235				1,220		8,210	312	1,220	6,813	8,033	1,406	2007
Jacksonville VI, FL		74,425				755		3,725	1	755	3,725	4,480	10	2014
Kendall, FL		75,495		(B)		2,350		8,106	201	2,350	6,534	8,884	1,346	2007
Lake Worth I, FL		160,949				183		6,597	7,161	354	11,076	11,430	4,680	1998
Lake Worth II, FL		87,050				1,552		7,654	100	1,552	7,753	9,305	61	2014
Lakeland, FL		49,095				81		896	1,127	256	1,440	1,696	803	1994
Leisure City, FL		56,042				409		2,018	127	409	2,144	2,553	105	2012
Lutz I, FL		66,795				901		2,478	232	901	2,325	3,226	640	2004
Lutz II, FL		69,232				992		2,868	339	992	2,717	3,709	769	2004
Margate I, FL		53,660				161		1,763	—	399	3,196	3,595	1,402	1996
Margate II, FL		65,180				132		1,473	—	383	2,663	3,046	1,204	1996
Merritt Island, FL		50,281				716		2,983	606	796	2,851	3,647	888	2002
Miami I, FL		46,500				179		1,999	1,811	484	3,123	3,607	1,720	1996
Miami II, FL		66,960				253		2,544	1,456	561	3,183	3,744	1,634	1996
Miami III, FL		150,425				4,577		13,185	816	4,577	12,177	16,754	3,073	2005
Miami IV, FL		76,337				1,852		10,494	878	1,963	9,812	11,775	933	2011
Miramar, FL		75,530				1,206		5,944	50	1,206	5,995	7,201	697	2013
Naples I, FL		48,150				90		1,010	2,509	270	3,139	3,409	1,362	1996
Naples II, FL		65,850				148		1,652	4,320	558	5,278	5,836	2,162	1997
Naples III, FL		80,021				139		1,561	4,090	598	4,340	4,938	2,100	1997
Naples IV, FL		40,550				262		2,980	580	407	2,977	3,384	1,445	1998
New Smyrna Beach, FL		81,454				1,261		6,215	1	1,261	6,215	7,476	33	2014
Ocoee, FL		76,250				1,286		3,705	176	1,286	3,364	4,650	880	2005
Orange City, FL		59,580				1,191		3,209	205	1,191	2,926	4,117	823	2004
Orlando II, FL		63,084				1,589		4,576	148	1,589	4,085	5,674	1,089	2005
Orlando III, FL		101,330				1,209		7,768	646	1,209	7,028	8,237	1,546	2006
Orlando IV, FL		76,565				633		3,587	102	633	3,185	3,818	337	2010
Orlando V, FL		75,358				950		4,685	101	950	4,785	5,735	205	2012
Orlando VI, FL		71,475				640		3,154	1	640	3,155	3,795	8	2014
Oviedo, FL		49,276				440		2,824	551	440	2,704	3,144	620	2006
Palm Coast I, FL		47,400				555		2,735	60	555	2,795	3,350	22	2014
Palm Coast II, FL		122,490		7,962		1,511		7,450	250	1,511	7,700	9,211	63	2014
Pembroke Pines, FL		67,321				337		3,772	2,745	953	5,375	6,328	3,171	1997
Royal Palm Beach II, FL		81,394				1,640		8,607	225	1,640	7,171	8,811	1,478	2007
Sanford I, FL		61,810				453		2,911	164	453	2,509	2,962	589	2006
Sanford II, FL		70,054				1,003		4,944	1	1,003	4,945	5,948	26	2014
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Sarasota, FL		71,152				333		3,656	1,313	529	3,774	4,303	1,912	1999
St. Augustine, FL		59,725				135		1,515	3,330	383	4,274	4,657	1,858	1996
Stuart, FL		87,176				324		3,625	3,070	685	5,762	6,447	2,504	1997
SW Ranches, FL		64,955				1,390		7,598	139	1,390	5,875	7,265	1,215	2007
Tampa, FL		83,913				2,670		6,249	121	2,670	5,017	7,687	1,036	2007
West Palm Beach I, FL		68,061				719		3,420	1,547	835	3,992	4,827	1,439	2001
West Palm Beach II, FL		94,428				2,129		8,671	356	2,129	7,724	9,853	2,173	2004
West Palm Beach III, FL		77,664				804		3,962	41	804	4,002	4,806	168	2012
West Palm Beach IV, FL		102,912				1,499		7,392	133	1,499	7,524	9,023	59	2014
Winter Park, FL		54,356				866		4,268	1	866	4,269	5,135	23	2014
Alpharetta, GA		90,501				806		4,720	1,006	967	4,128	5,095	1,328	2001
Atlanta, GA		66,675				822		4,053	37	822	4,091	4,913	206	2012
Austell, GA		83,675				1,635		4,711	201	1,643	4,257	5,900	973	2006
Decatur, GA		145,280				616		6,776	220	616	6,089	6,705	3,106	1998
Duluth, GA		70,885				373		2,044	164	373	1,884	2,257	164	2011
Lawrenceville, GA		73,615				546		2,903	327	546	2,813	3,359	246	2011
Norcross I, GA		85,420				514		2,930	817	632	3,017	3,649	1,201	2001
Norcross II, GA		52,545				366		2,025	154	366	1,895	2,261	165	2011
Norcross III, GA		47,220				938		4,625	51	938	4,677	5,615	310	2012
Norcross IV, GA		57,505				576		2,839	48	576	2,887	3,463	144	2012
Peachtree City I, GA		49,875				435		2,532	668	529	2,571	3,100	846	2001
Peachtree City II, GA		59,950				398		1,963	16	398	1,979	2,377	100	2012
Smyrna, GA		57,015				750		4,271	242	750	3,483	4,233	1,130	2001
Snellville, GA		79,950				1,660		4,781	319	1,660	4,438	6,098	942	2007
Suwanee I, GA		85,125				1,737		5,010	282	1,737	4,593	6,330	990	2007
Suwanee II, GA		79,590				800		6,942	37	622	5,775	6,397	1,196	2007
Addison, IL		31,325				428		3,531	341	428	3,372	3,800	934	2004
Aurora, IL		73,985				644		3,652	153	644	3,285	3,929	919	2004
Bartlett, IL		51,425				931		2,493	278	931	2,389	3,320	654	2004
Bellwood, IL		86,550				1,012		5,768	805	1,012	5,275	6,287	1,820	2001
Bolingbrook, IL		80,070				1,675		8,254	4	1,675	8,259	9,934	44	2014
Chicago I, IL		95,715				2,667		13,118	1	2,667	13,118	15,785	69	2014
Chicago II, IL		78,980				833		4,035	1	833	4,036	4,869	21	2014
Chicago III, IL		84,964				2,427		11,962	1	2,427	11,963	14,390	63	2014
Countryside, IL		99,931				2,607		12,684	2	2,607	12,687	15,294	67	2014
Des Plaines, IL		69,600				1,564		4,327	519	1,564	4,207	5,771	1,150	2004
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Elk Grove Village, IL		64,104				1,446		3,535	285	1,446	3,292	4,738	946	2004
Evanston, IL		58,050				1,103		5,440	184	1,103	5,623	6,726	964	2013
Glenview, IL		100,085				3,740		10,367	559	3,740	9,461	13,201	2,599	2004
Gurnee, IL		80,300				1,521		5,440	263	1,521	4,940	6,461	1,414	2004
Hanover, IL		41,190				1,126		2,197	261	1,126	2,119	3,245	583	2004
Harvey, IL		60,090				869		3,635	208	869	3,304	4,173	923	2004
Joliet, IL		72,865				547		4,704	229	547	4,274	4,821	1,195	2004
Kildeer, IL		46,485				2,102		2,187	217	1,997	2,203	4,200	584	2004
Lombard, IL		57,691				1,305		3,938	659	1,305	3,996	5,301	1,158	2004
Mount Prospect, IL		65,000				1,701		3,114	412	1,701	3,074	4,775	827	2004
Mundelein, IL		44,700				1,498		2,782	236	1,498	2,606	4,104	715	2004
North Chicago, IL		53,400				1,073		3,006	370	1,073	2,891	3,964	810	2004
Plainfield I, IL		53,900				1,770		1,715	237	1,740	1,660	3,400	452	2004
Plainfield II, IL		51,900				694		2,000	153	694	1,820	2,514	476	2005
Schaumburg, IL		31,160				538		645	183	538	692	1,230	184	2004
Streamwood, IL		64,305				1,447		1,662	352	1,447	1,703	3,150	470	2004
Warrenville, IL		48,796				1,066		3,072	222	1,066	2,862	3,928	745	2005
Waukegan, IL		79,500				1,198		4,363	337	1,198	4,047	5,245	1,138	2004
West Chicago, IL		48,175				1,071		2,249	341	1,071	2,232	3,303	605	2004
Westmont, IL		53,150				1,155		3,873	226	1,155	3,559	4,714	974	2004
Wheeling I, IL		54,210				857		3,213	325	857	3,065	3,922	858	2004
Wheeling II, IL		67,825				793		3,816	451	793	3,716	4,509	1,036	2004
Woodridge, IL		50,232				943		3,397	182	943	3,103	4,046	870	2004
Schererville, IN		67,280				1,134		5,589	21	1,134	5,611	6,745	45	2014
Boston I, MA		33,286				538		3,048	107	538	2,731	3,269	294	2010
Boston II, MA		60,420				1,516		8,628	333	1,516	7,125	8,641	2,410	2002
Boston III, MA		108,205				3,211		15,829	2	3,211	15,831	19,042	126	2014
Leominster, MA		54,023				90		1,519	2,445	338	3,346	3,684	1,621	1998
Medford, MA		58,725				1,330		7,165	241	1,330	5,928	7,258	1,188	2007
Stoneham, MA		60,900				1,558		7,679	62	1,558	7,741	9,299	1,176	2013
Tewksbury, MA		61,832				1,537		7,579	14	1,537	7,593	9,130	60	2014
Baltimore, MD		93,550				1,050		5,997	1,285	1,173	5,857	7,030	2,132	2001
Beltsville, MD		63,707				1,277		6,295	41	1,277	6,335	7,612	2,053	2013
California, MD		77,840				1,486		4,280	169	1,486	3,857	5,343	1,079	2004
Clinton, MD		84,225		8,427		2,182		10,757	26	2,182	10,782	12,964	1,043	2013
District Heights, MD		78,490				1,527		8,313	460	1,527	7,648	9,175	626	2011
Elkridge, MD		63,525				1,155		5,695	120	1,155	5,815	6,970	382	2013
Gaithersburg, MD		87,045				3,124		9,000	392	3,124	8,132	11,256	2,256	2005
Hyattsville, MD		52,765				1,113		5,485	33	1,113	5,519	6,632	2,085	2013
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Laurel, MD		162,696				1,409		8,035	3,592	1,928	9,521	11,449	3,297	2001
Temple Hills I, MD		97,150				1,541		8,788	2,391	1,800	9,333	11,133	3,743	2001
Temple Hills II, MD		84,100		7,466		2,229		10,988	15	2,229	11,003	13,232	88	2014
Timonium, MD		66,717		7,919		2,269		11,184	36	2,269	11,220	13,489	89	2014
Upper Marlboro, MD		62,290				1,309		6,455	59	1,309	6,513	7,822	3,569	2013
Belmont, NC		81,850				385		2,196	834	451	2,349	2,800	783	2001
Burlington I, NC		109,396				498		2,837	706	498	2,910	3,408	1,008	2001
Burlington II, NC		42,165				320		1,829	363	340	1,760	2,100	605	2001
Cary, NC		112,402				543		3,097	670	543	3,495	4,038	1,326	2001
Charlotte, NC		69,000				782		4,429	1,458	1,068	4,693	5,761	1,469	2002
Raleigh, NC		48,675				209		2,398	327	296	2,255	2,551	1,083	1998
Bordentown, NJ		50,600				457		2,255	22	457	2,277	2,734	115	2012
Brick, NJ		51,725				234		2,762	1,431	485	3,393	3,878	1,750	1996
Cherry Hill I, NJ		51,500				222		1,260	81	222	1,159	1,381	129	2010
Cherry Hill II, NJ		64,825				471		2,323	88	471	2,410	2,881	105	2012
Clifton, NJ		105,550				4,346		12,520	240	4,340	11,081	15,421	2,899	2005
Cranford, NJ		91,280				290		3,493	2,423	779	4,748	5,527	2,289	1996
East Hanover, NJ		107,679				504		5,763	3,961	1,315	7,861	9,176	3,963	1996
Egg Harbor I, NJ		35,825				104		510	30	104	529	633	57	2010
Egg Harbor II, NJ		70,400				284		1,608	183	284	1,571	1,855	178	2010
Elizabeth, NJ		38,830				751		2,164	454	751	2,294	3,045	601	2005
Fairview, NJ		27,876				246		2,759	442	246	2,608	2,854	1,454	1997
Freehold, NJ		81,420				1,086		5,355	96	1,086	5,451	6,537	264	2012
Hamilton, NJ		70,450				1,885		5,430	246	1,893	4,911	6,804	1,166	2006
Hoboken, NJ		34,180				1,370		3,947	641	1,370	3,961	5,331	1,138	2005
Linden, NJ		100,425				517		6,008	2,291	1,043	6,817	7,860	3,669	1996
Lumberton, NJ		96,025				987		4,864	88	987	4,952	5,939	251	2012
Morris Township, NJ		71,976				500		5,602	2,687	1,072	6,679	7,751	4,646	1997
Parsippany, NJ		58,550				475		5,322	2,008	844	6,016	6,860	3,096	1997
Rahway, NJ		83,121				1,486		7,326	98	1,486	7,424	8,910	1,725	2013
Randolph, NJ		52,565				855		4,872	1,323	1,108	4,861	5,969	1,707	2002
Sewell, NJ		57,826				484		2,766	1,317	706	3,232	3,938	1,123	2001
Somerset, NJ		57,485				1,243		6,129	71	1,243	6,199	7,442	295	2012
Whippany, NJ		92,070				2,153		10,615	86	2,153	10,701	12,854	332	2013
Albuquerque I, NM		65,927		(A)		1,039		3,395	273	1,039	3,084	4,123	879	2005
Albuquerque II, NM		58,798		(A)		1,163		3,801	257	1,163	3,435	4,598	981	2005
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Albuquerque III, NM		57,536		(A)		664		2,171	334	664	2,117	2,781	592	2005
Henderson, NV		75,150				1,246		6,143	1	1,246	6,143	7,389	33	2014
Las Vegas I, NV		48,332				1,851		2,986	486	1,851	3,061	4,912	874	2006
Las Vegas II, NV		48,850				3,354		5,411	306	3,355	5,136	8,491	1,515	2006
Bronx I, NY		69,308				2,014		11,411	738	2,014	10,556	12,570	1,172	2010
Bronx II, NY		90,170				—		31,561	92	—	31,118	31,118	1,914	2011
Bronx III, NY		106,065				6,017		33,999	142	6,017	29,794	35,811	2,588	2011
Bronx IV, NY		75,030				—		22,830	96	—	20,272	20,272	1,442	2011
Bronx V, NY		54,733				—		17,564	157	—	15,610	15,610	1,192	2011
Bronx VI, NY		46,020				—		15,095	327	—	13,391	13,391	1,249	2011
Bronx VII, NY		78,625		8,780		—		22,512	67	—	22,688	22,688	1,501	2012
Bronx VIII, NY		30,550		3,082		1,245		6,137	128	1,251	6,295	7,546	412	2012
Bronx IX, NY		147,720		23,767		7,967		39,279	847	7,967	40,124	48,091	2,447	2012
Bronx X, NY		159,780		27,873		9,090		44,816	270	9,090	45,086	54,176	2,402	2012
Bronx XI, NY		46,902				—		17,130	11	—	17,141	17,141	115	2014
Brooklyn I, NY		57,500				1,795		10,172	247	1,795	9,002	10,797	997	2010
Brooklyn II, NY		60,920				1,601		9,073	438	1,601	8,213	9,814	905	2010
Brooklyn III, NY		41,585				3,195		15,657	75	3,195	15,814	19,009	911	2011
Brooklyn IV, NY		37,467				2,500		12,252	130	2,500	12,445	14,945	799	2011
Brooklyn V, NY		47,010				2,207		10,814	79	2,207	10,947	13,154	953	2011
Brooklyn VI, NY		75,640				4,016		19,680	69	4,016	19,856	23,872	1,655	2011
Brooklyn VII, NY		72,685				5,816		28,498	98	5,816	28,761	34,577	2,052	2011
Brooklyn VIII, NY		61,075				4,982		24,561	26	4,982	24,586	29,568	196	2014
Brooklyn IX, NY		46,980				2,966		14,620	25	2,966	14,645	17,611	117	2014
Jamaica I, NY		88,385				2,043		11,658	1,614	2,043	10,648	12,691	3,949	2001
Jamaica II, NY		91,245				5,496		26,930	121	5,496	27,194	32,690	2,006	2011
Long Island City, NY		89,125				5,700		28,101	1	5,700	28,102	33,802	74	2014
New Rochelle I, NY		46,037				1,673		4,827	667	1,673	4,846	6,519	1,179	2005
New Rochelle II, NY		63,145				3,167		2,713	276	3,762	18,822	22,584	1,206	2012
North Babylon, NY		78,341				225		2,514	4,080	568	5,496	6,064	2,423	1998
Patchogue, NY		47,739				1,141		5,624	1	1,141	5,625	6,766	30	2014
Riverhead, NY		38,340				1,068		1,149	195	1,068	1,111	2,179	342	2005
Southold, NY		59,595				2,079		2,238	260	2,079	2,094	4,173	653	2005
						Initial Cost			Costs	Gross Carrying Amount			Accumulated	Year
									Subsequent	at December 31, 2014
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Staten Island, NY		96,623				1,919		9,463	53	1,919	9,517	11,436	784	2013
Tuckahoe, NY		51,343				1,516		13,236	168	1,516	7,633	9,149	1,179	2011
West Hempstead, NY		84,457				2,237		11,030	113	2,237	11,142	13,379	534	2012
White Plains, NY		86,465				3,295		18,049	835	3,295	16,393	19,688	1,521	2011
Woodhaven, NY		50,665				2,028		11,285	56	2,028	10,044	12,072	759	2011
Wyckoff, NY		61,565				1,961		11,113	218	1,961	9,849	11,810	1,013	2010
Yorktown, NY		78,595				2,710		13,338	126	2,710	13,477	16,187	795	2011
Cleveland I, OH		46,000				525		2,592	175	524	2,419	2,943	690	2005
Cleveland II, OH		58,325				290		1,427	177	289	1,353	1,642	391	2005
Columbus I, OH		71,905				1,234		3,151	69	1,239	2,745	3,984	715	2006
Columbus II, OH		36,844				769		3,788	1	769	3,788	4,557	20	2014
Columbus III, OH		51,400				326		1,607	1	326	1,608	1,934	9	2014
Columbus IV, OH		60,575				443		2,182	1	443	2,183	2,626	12	2014
Columbus V, OH		60,925				838		4,128	1	838	4,129	4,967	22	2014
Columbus VI, OH		63,725				701		3,454	1	701	3,455	4,156	18	2014
Grove City, OH		89,290				1,756		4,485	177	1,761	4,044	5,805	1,018	2006
Hilliard, OH		89,190				1,361		3,476	222	1,366	3,210	4,576	804	2006
Lakewood, OH		39,332				405		854	560	405	1,281	1,686	859	1989
Lewis Center, OH		80,830				1,056		5,206	1	1,056	5,207	6,263	28	2014
Middleburg Heights, OH		93,200				63		704	2,179	332	2,271	2,603	1,037	1980
North Olmsted I, OH		48,665				63		704	1,350	214	1,613	1,827	804	1979
North Olmsted II, OH		47,850				290		1,129	1,135	469	1,997	2,466	1,353	1988
North Randall, OH		80,239				515		2,323	3,071	898	4,149	5,047	1,756	1998
Reynoldsburg, OH		67,245				1,290		3,295	251	1,295	3,092	4,387	792	2006
Strongsville, OH		43,683				570		3,486	336	570	2,989	3,559	622	2007
Warrensville Heights, OH		90,281				525		766	2,925	935	3,103	4,038	1,248	1980
Westlake, OH		62,750				509		2,508	202	508	2,322	2,830	680	2005
Conshohocken, PA		81,255				1,726		8,508	103	1,726	8,611	10,337	415	2012
Exton, PA		57,750				541		2,668	110	541	2,778	3,319	119	2012
Langhorne, PA		65,050				1,019		5,023	158	1,019	5,181	6,200	242	2012
									Costs	Gross Carrying Amount
						Initial Cost			Subsequent	at December 31, 2014			Accumulated	Year
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Levittown, PA		76,180				926		5,296	1,160	926	5,444	6,370	2,014	2001
Malvern, PA		18,848				2,959		18,198	1,408	2,959	19,606	22,565	174	2013
Montgomeryville, PA		84,145				975		4,809	121	975	4,929	5,904	240	2012
Norristown, PA		54,911				777		3,709	567	777	4,381	5,158	253	2011
Philadelphia I, PA		97,414				1,461		8,334	1,762	1,461	6,918	8,379	2,612	2001
Philadelphia II, PA		68,239				1,012		4,990	68	1,012	5,057	6,069	41	2014
Exeter, RI		41,275				547		2,697	1	547	2,698	3,245	14	2014
Johnston, RI		80,725				1,061		5,229	1	1,061	5,231	6,292	28	2014
Wakefield, RI		45,895				823		4,058	1	823	4,059	4,882	21	2014
Woonsocket, RI		72,704				1,049		5,172	1	1,049	5,173	6,222	27	2014
Antioch, TN		76,190				588		4,906	287	588	4,426	5,014	1,167	2005
Nashville I, TN		103,840				405		3,379	469	405	3,270	3,675	884	2005
Nashville II, TN		83,384				593		4,950	183	593	4,443	5,036	1,199	2005
Nashville III, TN		101,575				416		3,469	191	416	3,328	3,744	873	2006
Nashville IV, TN		102,450				992		8,274	351	992	7,385	8,377	1,932	2006
Allen, TX		62,870		3,610		714		3,519	59	714	3,578	4,292	188	2012
Austin I, TX		59,620				2,239		2,038	152	2,239	1,865	4,104	499	2005
Austin II, TX		65,151		(B)		734		3,894	245	738	3,577	4,315	882	2006
Austin III, TX		70,560				1,030		5,468	224	1,035	5,032	6,067	1,175	2006
Austin IV, TX		65,370				862		4,250	106	862	4,356	5,218	35	2014
Austin V, TX		67,850				1,050		5,175	1	1,050	5,176	6,226	41	2014
Austin VI, TX		62,770				1,150		5,669	2	1,150	5,671	6,821	30	2014
Bryan, TX		60,400				1,394		1,268	146	1,396	1,194	2,590	327	2005
Carrollton, TX		77,140				661		3,261	47	661	3,308	3,969	132	2012
College Station, TX		26,550				812		740	119	813	710	1,523	188	2005
Cypress, TX		58,181				360		1,773	90	360	1,864	2,224	97	2012
Dallas I, TX		58,582				2,475		2,253	332	2,475	2,138	4,613	559	2005
Dallas II, TX		79,123				940		4,635	103	940	4,738	5,678	513	2013
Dallas III, TX		69,589				2,608		12,857	1	2,608	12,858	15,466	34	2014
Denton, TX		60,846				553		2,936	199	569	2,645	3,214	630	2006
El Paso I, TX		59,852		(A)		1,983		1,805	261	1,984	1,737	3,721	464	2005
El Paso II, TX		48,800		(A)		1,319		1,201	205	1,320	1,188	2,508	317	2005
El Paso III, TX		71,102		(A)		2,408		2,192	216	2,409	2,075	4,484	558	2005
El Paso IV, TX		66,906		(A)		2,073		1,888	59	2,074	1,635	3,709	523	2005
El Paso V, TX		62,290				1,758		1,617	157	1,761	1,514	3,275	410	2005
El Paso VI, TX		36,620				660		607	158	662	631	1,293	171	2005
El Paso VII, TX		34,423				563		517	8	565	559	1,124	15	2005
Fort Worth I, TX		50,246				1,253		1,141	220	1,253	1,126	2,379	282	2005
Fort Worth II, TX		72,900				868		4,607	292	874	4,232	5,106	1,034	2006
Frisco I, TX		50,754				1,093		3,148	131	1,093	2,841	3,934	744	2005
									Costs	Gross Carrying Amount
						Initial Cost			Subsequent	at December 31, 2014			Accumulated	Year
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Frisco II, TX		71,399				1,564		4,507	95	1,564	3,991	5,555	1,065	2005
Frisco III, TX		74,765				1,147		6,088	242	1,154	5,525	6,679	1,354	2006
Frisco IV, TX		75,035				719		4,072	117	719	3,630	4,349	405	2010
Frisco V, TX		74,490				1,159		5,714	16	1,159	5,729	6,888	46	2014
Frisco VI, TX		68,926				1,064		5,247	2	1,064	5,249	6,313	28	2014
Garland I, TX		70,100				751		3,984	419	767	3,817	4,584	916	2006
Garland II, TX		68,425				862		4,578	206	862	4,187	5,049	943	2006
Houston III, TX		60,820				575		524	287	576	699	1,275	196	2005
Houston IV, TX		43,750				960		875	371	961	1,052	2,013	245	2005
Houston V, TX		125,135				1,153		6,122	712	1,156	5,972	7,128	1,327	2006
Houston VI, TX		54,680				575		524	5,709	983	4,912	5,895	443	2011
Houston VII, TX		47,102				681		3,355	83	681	3,438	4,119	238	2012
Houston VIII, TX		54,241				1,294		6,377	136	1,294	6,514	7,808	343	2012
Houston IX, TX		51,218				296		1,459	62	296	1,521	1,817	80	2012
Katy, TX		71,308				1,329		6,552	9	1,329	6,561	7,890	957	2013
Keller, TX		61,885				890		4,727	140	890	4,282	5,172	1,057	2006
Lewisville I, TX		58,140				476		2,525	295	492	2,406	2,898	566	2006
Lewisville II, TX		127,609				1,464		7,217	135	1,464	7,353	8,817	601	2013
Mansfield I, TX		63,025				837		4,443	197	843	4,062	4,905	983	2006
Mansfield II, TX		57,775				662		3,261	63	662	3,323	3,985	193	2012
McKinney I, TX		47,020				1,632		1,486	134	1,634	1,381	3,015	364	2005
McKinney II, TX		70,050				855		5,076	161	857	4,612	5,469	1,131	2006
McKinney III, TX		67,468				652		3,213	1	652	3,214	3,866	—	2014
North Richland Hills, TX		57,200				2,252		2,049	126	2,252	1,798	4,050	490	2005
Pearland, TX		72,050				450		2,216	82	450	2,299	2,749	121	2012
Richmond, TX		102,278				1,437		7,083	66	1,437	7,149	8,586	322	2013
Roanoke, TX		59,660				1,337		1,217	127	1,337	1,145	2,482	295	2005
San Antonio I, TX		73,309				2,895		2,635	306	2,895	2,410	5,305	612	2005
San Antonio II, TX		73,230				1,047		5,558	148	1,052	5,013	6,065	1,134	2006
San Antonio III, TX		71,775				996		5,286	235	996	4,799	5,795	1,052	2007
Spring, TX		72,751				580		3,081	205	580	2,839	3,419	690	2006
Murray I, UT		60,280		(A)		3,847		1,017	458	3,848	1,261	5,109	337	2005
Murray II, UT		71,221		(A)		2,147		567	460	2,148	865	3,013	262	2005
Salt Lake City I, UT		56,446		(A)		2,695		712	477	2,696	1,012	3,708	251	2005
Salt Lake City II, UT		51,676		(A)		2,074		548	364	1,931	747	2,678	203	2005
									Costs	Gross Carrying Amount
						Initial Cost			Subsequent	at December 31, 2014			Accumulated	Year
Description		Square		Encumbrances		Land		Buildings and	to	Land	Buildings and	Total	Depreciation	Acquired /
		Footage						Improvements	Acquisition		Improvements		(C)	Developed
Alexandria, VA		114,150		9,221		2,812		13,865	177	2,812	14,043	16,855	745	2012
Burke Lake, VA		91,667		7,105		2,093		10,940	1,094	2,093	10,438	12,531	1,045	2011
Fairfax, VA		73,325				2,276		11,220	182	2,276	11,402	13,678	541	2012
Fredericksburg I, VA		69,475				1,680		4,840	280	1,680	4,447	6,127	1,086	2005
Fredericksburg II, VA		61,057				1,757		5,062	320	1,758	4,690	6,448	1,159	2005
Leesburg, VA		85,503				1,746		9,894	79	1,746	8,685	10,431	644	2011
Manassas, VA		72,745				860		4,872	118	860	4,327	5,187	467	2010
McLearen, VA		68,960				1,482		8,400	152	1,482	7,397	8,879	764	2010
Vienna, VA		54,698				2,300		11,340	115	2,300	11,456	13,756	549	2012
Divisional Offices									168		168	168	29
USIFB									5,702		5,702	5,702	1,247
		28,621,742				524,475		2,303,584	221,302	545,393	2,304,653	2,850,046	398,496
	(A)		This facility is part of the YSI 20 Loan portfolio, with a balance of $54,091 as of December 31, 2014.
	(B)		This facility is part of the YSI 33 Loan portfolio, with a balance of $10,429 as of December 31, 2014.
	(C)		Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years.
Activity in storage facilities during 2014 and 2013 was as follows (in thousands):
		2014			2013
Storage facilities*
Balance at beginning of year		$	2,553,706		$	2,443,022
Acquisitions & improvements		576,845			219,751
Fully depreciated assets		(6,855		)	(14,398		)
Dispositions and other		(13,716		)	(127,700		)
Construction in progress		7,218			33,031
Balance at end of year		$	3,117,198		$	2,553,706
Accumulated depreciation*
Balance at beginning of year		$	398,536		$	353,315
Depreciation expense		101,542			87,708
Fully depreciated assets		(6,855		)	(14,398		)
Dispositions and other		(1,154		)	(28,089		)
Balance at end of year		$	492,069		$	398,536
Storage facilities, net		$	2,625,129		$	2,155,170
	*		These amounts include equipment that is housed at the Company’s storage facilities which is excluded from Schedule III above.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
	Principles of Consolidation
	The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries.  The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated.  All significant intercompany accounts and transactions have been eliminated in consolidation.
	When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights.
Noncontrolling Interests
	Noncontrolling Interests
	The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009.  The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent.  The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests.  Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity.  On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less-than-wholly-owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests.  Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity.
	However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity.  This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets.  The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions.  Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract.  The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value.
	The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company.  These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage facilities.  Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company.  However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares.  Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets.  Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations.  The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable.  Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value at December 31, 2014, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $14.8 million at December 31, 2014.  Disclosure of such redemption provisions is provided in note 12.
Estimates
	Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our reported results.  The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results.
Self-Storage Facilities
	Self-Storage Facilities
	Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses.  The cost of self-storage facilities reflects their purchase price or development cost.  Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility.  Acquisition costs, ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.  The costs to develop self-storage facilities are capitalized to construction in progress while the project is under development.
Purchase Price Allocation
	Purchase Price Allocation
	When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values.  When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available.  Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management.
	In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities.  The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases.  This intangible is generally amortized to expense over the expected remaining term of the respective leases.  Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts.   Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles.  To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization
	Depreciation and Amortization
	The costs of self-storage facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years.
Impairment of Long-Lived Assets
	Impairment of Long-Lived Assets
	We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment.  The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets, to determine if the facility’s basis is recoverable.  If a facility’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value.  The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
Long-Lived Assets Held for Sale
	Long-Lived Assets Held for Sale
	We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
	Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer and there are no contingencies related to the sale that may prevent the transaction from closing.  However, each potential transaction is evaluated based on its separate facts and circumstances.  Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell.
Cash and Cash Equivalents
	Cash and Cash Equivalents
	Cash and cash equivalents are highly-liquid investments with original maturities of three months or less.  The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
Restricted Cash
	Restricted Cash
	Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements.
Loan Procurement Costs
	Loan Procurement Costs
	Loan procurement costs related to borrowings were $17.0 million and $17.3 million at December 31, 2014 and 2013, respectively, and are reported net of accumulated amortization of $6.4 million and $4.6 million as of December 31, 2014 and 2013, respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets
	Other Assets
	Other assets are comprised of the following as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014		2013
	Intangible assets, net of accumulated amortization	$	22,494	$	9,463
	Deposits on future settlements	10,250		1,287
	Accounts receivable	4,237		4,957
	Prepaid insurance	1,545		1,304
	Prepaid real estate taxes	2,425		1,893
	Other	7,691		8,352
	Total	$	48,642	$	27,256
Revenue Recognition
	Revenue Recognition
	Management has determined that all of our leases are operating leases.  Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month.
	The Company recognizes gains from disposition of facilities only upon closing in accordance with the guidance on sales of real estate.  Payments received from purchasers prior to closing are recorded as deposits.  Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale.  Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance.
Advertising and Marketing Costs
	Advertising and Marketing Costs
	The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements.  The Company incurred $7.7 million, $7.6 million and $8.1 million in advertising and marketing expenses for the years ended 2014, 2013 and 2012, respectively, which are included in other operating expenses on the Company’s consolidated statements of operations.
Equity Offering Costs
	Equity Offering Costs
	Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital.  For the years ended December 31, 2014, 2013 and 2012, the Company recognized $6.0 million, $1.8 million and $1.7 million of equity offering costs related to the issuance of common and preferred shares during the years, respectively.
Other Property Related Income
	Other Property Related Income
	Other property related income consists of late fees, administrative charges, customer insurance commissions, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned.
Capitalized Interest
	Capitalized Interest
	The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service.  Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $1.3 million for the year ended December 31, 2014, $0.9 million for the year ended December 31, 2013 and $0.2 million for the year ended December 31, 2012.
Derivative Financial Instruments
	Derivative Financial Instruments
	The Company carries all derivatives on the balance sheet at fair value.  The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data.  The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it.  The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks.  Additionally, the Company had interest rate swap agreements for notional principal amounts aggregating $400 million at December 31, 2014 and 2013, the fair value of which are included in accounts payable, accrued expenses and other liabilities.
Income Taxes
	Income Taxes
	The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004.  In management’s opinion, the requirements to maintain these elections are being met.  Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries.
	Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes.  The net tax basis in the Company’s assets was $2.6 billion and $2.2 billion as of December 31, 2014 and 2013, respectively.
	Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital.  Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital.  The characterization of the Company’s dividends for 2014 consisted of a 94.143% ordinary income distribution and a 5.857% capital gain distribution from earnings and profits.
	Distributions to 7.75% Series A Cumulative Redeemable Preferred Shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital.  Annually, the Company provides each of its shareholders a statement detailing preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain or return of capital.  The characterization of our preferred dividends for 2014 consisted of a 92.837% ordinary income distribution and a 7.163% capital gain distribution from earnings and profits.
	The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits.  The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company.  No excise tax was incurred in 2014, 2013, or 2012.
	Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes.  Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.0 million and $0.7 million as of December 31, 2014 and 2013, respectively.
Earnings per Share and Unit
	Earnings per Share and Unit
	Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period.  Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method.  Potentially dilutive securities calculated under the treasury stock method were 1,756,000, 2,551,000 and 2,000,000 in 2014, 2013 and 2012, respectively.  The amount in 2012 was not included in the calculation of diluted earnings per share and unit, as the impact of inclusion was anti-dilutive for that year.
Share Based Payments
	Share-Based Payments
	We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan.  Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options.  The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in General and administrative expense on the Company’s consolidated statements of operations.
Foreign Currency
	Foreign Currency
	The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures.  The local currency is the functional currency for the Company’s foreign subsidiaries.  Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity.  The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred.  The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at an end-of-period exchange rate of approximately 1.558642 and 1.657413 U.S. Dollars per Pound at December 31, 2014 and December 31, 2013, respectively, and an average exchange rate of 1.643106, 1.588598 and 1.585074 U.S. Dollars per Pound for the years ended December 31, 2014, 2013 and 2012, respectively.  Accordingly, the Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively.
Investments in Unconsolidated Real Estate Ventures
	Investments in Unconsolidated Real Estate Ventures
	The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting.  Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of its ownership interest.
Recent Accounting Pronouncements
	Recent Accounting Pronouncements
	In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP (“GAAP”) when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method.  The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements and related disclosures.
	In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations.  The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements.  This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted.  The Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations.  The Company disposed of one asset during the year ended December 31, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance.
Concentration of Credit Risk
	Concentration of Credit Risk
	The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility.  No single customer represents a significant concentration of our revenues.  The facilities in Florida, New York, Texas, and California provided total revenues of approximately 17%, 17%, 10% and 8%, respectively, for the year ended December 31, 2014.  The facilities in New York, Florida, Texas, and California provided total revenues of approximately 17%, 15%, 10% and 9%, respectively, for the year ended December 31, 2013.  The facilities in New York, Florida, California, and Texas provided total revenues of approximately 16%, 15%, 10% and 10%, respectively, for the year ended December 31, 2012.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets
	Other assets are comprised of the following as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014		2013
	Intangible assets, net of accumulated amortization	$	22,494	$	9,463
	Deposits on future settlements	10,250		1,287
	Accounts receivable	4,237		4,957
	Prepaid insurance	1,545		1,304
	Prepaid real estate taxes	2,425		1,893
	Other	7,691		8,352
	Total	$	48,642	$	27,256

STORAGE_FACILITIES_Tables

STORAGE FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2014
STORAGE FACILITIES
Summary of real estate assets
		December 31,
		2014			2013
		(in thousands)
	Land	$	545,393		$	465,680
	Buildings and improvements	2,304,653			1,888,823
	Equipment	218,731			158,000
	Construction in progress	48,421			41,203
	Storage facilities	3,117,198			2,553,706
	Less accumulated depreciation	(492,069		)	(398,536		)
	Storage facilities, net	$	2,625,129		$	2,155,170
Schedule of acquisitions and dispositions of real estate assets
	Asset/Portfolio	Market		Transaction Date		Number of		Purchase / Sale Price
						Facilities		(in thousands)
	2014 Acquisitions:
	Connecticut Asset	Connecticut		January 2014		1		$	4,950
	Florida Asset	Miami / Ft. Lauderdale		January 2014		1		14,000
	Florida Assets	Florida Markets - Other		January 2014		2		14,450
	California Asset	Other West		January 2014		1		8,300
	Maryland Asset	Baltimore / DC		February 2014		1		15,800
	Maryland Asset	Baltimore / DC		February 2014		1		15,500
	Arizona Asset	Arizona / Las Vegas		March 2014		1		14,750
	Pennsylvania Asset	Philadelphia / Southern NJ		March 2014		1		7,350
	Texas Asset	Texas Markets - Major		March 2014		1		8,225
	Texas Asset	Texas Markets - Major		April 2014		1		6,450
	New York Assets	New York / Northern NJ		April 2014		2		55,000
	Florida Asset	Florida Markets - Other		April 2014		1		11,406
	Massachusetts Asset	Other Northeast		April 2014		1		11,100
	Indiana Asset	Other Midwest		May 2014		1		8,400
	Florida Assets	Florida Markets - Other		June 2014		3		35,000
	Florida Assets	Florida Markets - Other		July 2014		2		15,800
	Massachusetts Asset	Boston		September 2014		1		23,100
	Texas Asset	Texas Markets - Major		October 2014		1		7,700
	Texas Asset	Texas Markets - Major		October 2014		1		8,500
	Texas Asset	Texas Markets - Major		October 2014		1		7,750
	HSRE Assets	Various (see note 4)		November 2014		22		195,500
	Texas Asset	Texas Markets - Major		December 2014		1		18,650
	Florida Assets	Florida Markets - Other		December 2014		3		18,200
	New York Asset	New York / Northern NJ		December 2014		1		38,000
	Texas Asset	Texas Markets - Major		December 2014		1		4,345
						53		$	568,226
	2013 Acquisitions:
	Arizona Asset	Arizona / Las Vegas		March 2013		1		$	6,900
	Illinois Asset	Chicago		May 2013		1		8,300
	Florida Asset	Florida Markets - Other		May 2013		1		7,150
	Florida Asset	Miami / Ft. Lauderdale		June 2013		1		9,000
	Massachusetts Asset	Boston		June 2013		1		10,600
	Maryland / New Jersey Assets	Baltimore / DC and New York / Northern NJ		June 2013		5		52,400
	New York Asset	New York / Northern NJ		July 2013		1		13,000
	Texas Asset	Texas Markets - Major		August 2013		1		10,975
	Arizona Asset	Arizona / Las Vegas		September 2013		1		10,500
	Arizona Asset	Arizona / Las Vegas		September 2013		1		4,300
	Maryland Asset	Baltimore / DC		November 2013		1		15,375
	Texas Asset	Texas Markets - Major		November 2013		1		9,700
	Texas Asset	Texas Markets - Major		December 2013		1		10,497
	Texas Asset	Texas Markets - Major		December 2013		1		6,925
	Maryland Asset	Baltimore / DC		December 2013		1		8,200
	Florida Asset	Miami / Ft. Lauderdale		December 2013		1		6,000
						20		$	189,822
	Asset/Portfolio	Market		Transaction Date		Number of		Purchase / Sale Price
						Facilities		(in thousands)
	2013 Dispositions:
	Texas/Indiana Assets	Texas Markets - Major and Other Midwest		March 2013		5		$	11,400
	Tennessee Assets	Tennessee		August 2013		8		25,000
	California/Ohio/Tennessee/Texas/ Wisconsin Assets	Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major		October/November 2013		22		90,000
						35		$	126,400
	2012 Acquisitions:
	Texas Asset	Texas Markets - Major		February 2012		1		$	5,100
	Georgia Asset	Atlanta		February 2012		1		6,900
	Texas Asset	Texas Markets - Major		June 2012		1		4,970
	Texas Assets	Texas Markets - Major		July 2012		4		18,150
	Texas Asset	Texas Markets - Major		July 2012		1		5,130
	Connecticut Asset	Connecticut		July 2012		1		5,000
	Storage Deluxe Assets	New York / Northern NJ and Connecticut		February/April/August 2012		6		201,910
	Virginia Asset	Baltimore / DC		August 2012		1		19,750
New Jersey Assets	Philadelphia / Southern NJ		August 2012		2		10,750
Georgia/Florida Assets	Atlanta and Miami / Ft. Lauderdale		August 2012		3		13,370
Georgia Asset	Atlanta		August 2012		1		3,100
HSREV Assets	Various (see note 4)		September 2012		9		102,000
Colorado Asset	Colorado / Utah		September 2012		1		10,600
Florida Assets	Florida Markets - Other		November 2012		2		13,010
Pennsylvania/New Jersey Assets	Philadelphia / Southern NJ		December 2012		2		7,800
Texas Asset	Texas Markets - Major		December 2012		1		4,800
					37		$	432,340
2012 Dispositions:
Michigan Assets	Other Midwest		June 2012		3		$	6,362
Alabama/Louisiana/Mississippi Assets	Other Southeast		June 2012		5		16,800
New Mexico Assets	Other West		August 2012		6		7,500
California Asset	Inland Empire		August 2012		1		5,000
Florida/ Tennessee Assets	Florida Markets - Other and Tennessee		November 2012		3		6,550
Ohio Assets	Ohio		November 2012		8		17,750
					26		$	59,962

INVESTMENT_ACTIVITY_Tables

INVESTMENT ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2014
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Total revenues	$	21,156		$	7,048		$	19,028
	Net loss	(12,350		)	(4,228		)	(11,464		)

INVESTMENT_IN_UNCONSOLIDATED_R1

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2014
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Summary of the financial position of the HHF venture
	The following is a summary of the financial position of the HHF venture as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Assets
	Storage facilities, net	$	291,357		$	302,557
	Other assets	5,786			11,688
	Total assets	$	297,143		$	314,245
	Liabilities and equity
	Other liabilities	$	5,725		$	1,625
	Debt	100,000			—
	Equity
	CubeSmart	95,709			156,310
	Joint venture partner	95,709			156,310
	Total liabilities and equity	$	297,143		$	314,245
Summary of results of operations of the Real Estate Venture
	The following is a summary of results of operations of the real estate ventures for the years ended December 31, 2014, 2013 and 2012 (in thousands).
		Year ended December 31,
		2014			2013			2012
	Total revenues	$	26,852		$	1,600		$	7,229
	Operating expenses	11,754			1,742			3,010
	Interest expense, net	2,522			—			2,690
	Depreciation and amortization	25,086			2,160			2,691
	Net loss	(12,510		)	(2,302		)	(1,162		)
	Company’s share of net loss	(6,255		)	(1,151		)	(745		)

REVOLVING_CREDIT_FACILITY_AND_1

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)	12 Months Ended
	Dec. 31, 2014
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
Schedule of amendment of the term loan facility
					Term Loan Facility Prior to Amendments					Term Loan Facility As Amended
						LIBOR Spread					LIBOR Spread
			Amount		Maturity Date	Baa3/BBB-		Baa2/BBB		Maturity Date	Baa3/BBB-		Baa2/BBB
	Term Loan A		$	100 million	June 2016	1.85	%	1.65	%	June 2018	1.50	%	1.30	%
	Term Loan B		$	100 million	June 2018	2.00	%	1.80	%	January 2020	1.40	%	1.15	%
Schedule of amendment of the credit facility
					Credit Facility Prior to Amendments					Credit Facility As Amended
						LIBOR Spread					LIBOR Spread
			Amount		Maturity Date	Baa3/BBB-		Baa2/BBB		Maturity Date	Baa3/BBB-		Baa2/BBB
	Revolver		$	300 million	December 2015	1.80	%	1.50	%	June 2017	1.60	%	1.30	%
	Term Loan C (1)		$	100 million	December 2014	1.75	%	1.45	%	December 2014	1.50	%	1.30	%
	Term Loan D		$	200 million	March 2017	1.75	%	1.45	%	January 2019	1.50	%	1.30	%
		-1		On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014.

MORTGAGE_LOANS_AND_NOTES_PAYAB1

MORTGAGE LOANS AND NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2014
MORTGAGE LOANS AND NOTES PAYABLE
Summary of mortgage loans and notes payable
		Carrying Value as of:
		December 31,		December 31,		Effective		Maturity
	Mortgage Loan	2014		2013		Interest Rate		Date
		(in thousands)
	YSI 10	—		3,839		5.87	%	15-Jan
	YSI 15	—		1,733		6.41	%	15-Jan
	YSI 52	—		4,548		5.63	%	15-Jan
	YSI 58	—		8,676		2.97	%	15-Jan
	YSI 29	12,635		12,853		3.69	%	15-Aug
	YSI 13	8,427		8,500		3.00	%	15-Oct
	YSI 20	54,091		56,373		5.97	%	15-Nov
	YSI 63	7,466		—		2.82	%	15-Dec
	YSI 59	9,221		9,418		4.82	%	16-Mar
	YSI 60	3,610		3,670		5.04	%	16-Aug
	YSI 51	7,105		7,219		5.15	%	16-Sep
	YSI 64	7,919		—		3.54	%	16-Oct
	YSI 62	7,962		—		3.54	%	16-Dec
	YSI 35	—		4,274		6.90	%	19-Jul
	YSI 33	10,429		10,688		6.42	%	19-Jul
	YSI 26	8,780		8,945		4.56	%	20-Nov
	YSI 57	3,082		3,140		4.61	%	20-Nov
	YSI 55	23,767		24,145		4.85	%	21-Jun
	YSI 24	27,873		28,523		4.64	%	21-Jun
	Unamortized fair value adjustment	3,484		3,674
	Total mortgage loans and notes payable	$	195,851	$	200,218
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at December 31, 2014 (in thousands):
	2015	$	84,874
	2016	36,837
	2017	1,784
	2018	1,886
	2019	10,852
	2020 and thereafter	56,134
	Total mortgage payments	192,367
	Plus: Unamortized fair value adjustment	3,484
	Total mortgage indebtedness	$	195,851

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component
	The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands):
			Unrealized losses			Unrealized loss on			Total
			on interest rate			foreign currency
			swaps			translation
	Balance at December 31, 2013		$	(10,222	)	$	(792	)	$	(11,014	)
	Other comprehensive loss before reclassifications		(3,885		)	(172		)	(4,057		)
	Amounts reclassified from accumulated other comprehensive loss		6,312		(a)	—			6,312
	Net current-period other comprehensive income		2,427			(172		)	2,255
	Balance at December 31, 2014		$	(7,795	)	$	(964	)	$	(8,759	)
		(a)		See note 10 for additional information about the effects of the amounts reclassified.

RISK_MANAGEMENT_AND_USE_OF_FIN1

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Summary of terms and fair values of the derivative financial instruments
	The following table summarizes the terms and fair values of the Company’s derivative financial instruments at December 31, 2014 and December 31, 2013, respectively (in thousands):
											Fair Value
	Hedge				Notional						December 31,			December 31,
	Product		Hedge Type (a)		Amount		Strike		Effective Date	Maturity	2014			2013
	Swap		Cash flow		$	40,000	1.8025	%	6/20/11	6/20/16	$	(757	)	$	(1,265	)
	Swap		Cash flow		$	40,000	1.8025	%	6/20/11	6/20/16	(757		)	(1,265		)
	Swap		Cash flow		$	20,000	1.8025	%	6/20/11	6/20/16	(378		)	(632		)
	Swap		Cash flow		$	75,000	1.336	%	12/30/11	3/31/17	(841		)	(1,132		)
	Swap		Cash flow		$	50,000	1.336	%	12/30/11	3/31/17	(561		)	(752		)
	Swap		Cash flow		$	50,000	1.336	%	12/30/11	3/31/17	(561		)	(754		)
	Swap		Cash flow		$	25,000	1.3375	%	12/30/11	3/31/17	(281		)	(380		)
	Swap		Cash flow		$	40,000	2.459	%	6/20/11	6/20/18	(1,654		)	(1,820		)
	Swap		Cash flow		$	40,000	2.4725	%	6/20/11	6/20/18	(1,672		)	(1,842		)
	Swap		Cash flow		$	20,000	2.475	%	6/20/11	6/20/18	(837		)	(921		)
					$	400,000					$	(8,299	)	$	(10,763	)
		(a)		Hedging unsecured variable rate debt by fixing 30-day LIBOR.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value
	Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (in thousands):
		Level 1		Level 2		Level 3
	Interest Rate Swap Derivative Liabilities	$	—	$	8,299	$	—
	Total liabilities at fair value	$	—	$	8,299	$	—
	Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the table below in one of the three categories described above (in thousands):
		Level 1		Level 2		Level 3
	Interest Rate Swap Derivative Liabilities	$	—	$	10,763	$	—
	Total liabilities at fair value	$	—	$	10,763	$	—

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS
Schedule of office space subject to lease agreement with related parties
	Office Space	Approximate	Maturity Date	Fixed Minimum		Fixed Maximum
		Square Footage		Rent Per Month		Rent Per Month
	The Parkview Building — 6745 Engle Road; and 6751 Engle Road	21,900	12/31/14	$	25,673	$	31,205
	6745 Engle Road — Suite 100	2,212	12/31/14	$	3,051	$	3,709
	6745 Engle Road — Suite 110	1,731	12/31/14	$	2,387	$	2,901
	6751 Engle Road — Suites C and D	3,000	12/31/14	$	3,137	$	3,771

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments under non-cancelable ground leases
		Ground Lease
		Amount
		(in thousands)
	2015	$	1,443
	2016	1,649
	2017	1,649
	2018	1,562
	2019	1,557
	2020 and thereafter	87,393
		$	95,253

SHAREBASED_COMPENSATION_PLANS_

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2014
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model
	Assumptions:		2014			2013			2012
	Risk-free interest rate		1.9%			1.0%			2.0%
	Expected dividend yield		3.2%			3.3%			4.5%
	Volatility (a)		37.98%			42.00%			52.22%
	Weighted average expected life of the options (b)		6.0 years			6.0 years			9.59 years
	Weighted average grant date fair value of options granted per share		$	4.33		$	4.28		$	3.94
		(a)		Expected volatility is based upon the level of volatility historically experienced.
		(b)		Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns.
Summary of option activity
								Weighted Average
			Number of Shares		Weighted Average			Remaining
			Under Option		Strike Price			Contractual Term
	Balance at December 31, 2011		5,255,718		$	10.35		6.33
	Options granted		222,421		11.48			9.14
	Options canceled		(10,375	)	9.01			—
	Options exercised		(209,900	)	7.89			6.08
	Balance at December 31, 2012		5,257,864		$	10.5		5.49
	Options granted		182,297		14.84			9.08
	Options canceled		(24,000	)	13.57			—
	Options exercised		(511,548	)	7.24			4.53
	Balance at December 31, 2013		4,904,613		$	10.99		4.66
	Options granted		223,590		15.73			9.08
	Options canceled		(10,731	)	17.38			—
	Options exercised		(1,425,171	)	9.69			3.21
	Balance at December 31, 2014		3,692,301		$	11.76		4.16
	Vested or expected to vest at December 31, 2014		3,692,301		$	11.76		4.16
	Exercisable at December 31, 2014		3,271,474		$	11.37		3.6
Schedule of non-vested restricted share activity
			Number of Non-
			Vested Restricted
			Shares and Share
			Units
	Non-Vested at January 1, 2014		711,631
	Granted		194,495
	Vested		(523,700	)
	Forfeited		(1,643	)
	Non-Vested at December 31, 2014		380,783

EARNINGS_PER_SHARE_AND_UNIT_AN1

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2014
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings (loss) per common share
			For the year ended December 31,
			2014			2013			2012
			(Dollars and shares in thousands, except per share amounts)
	Income (loss) from continuing operations		$	26,366		$	10,409		$	(13,276	)
	Noncontrolling interests in the Operating Partnership		(302		)	(51		)	513
	Noncontrolling interest in subsidiaries		(16		)	42			(1,918		)
	Distribution to preferred shares (1)		(6,008		)	(6,008		)	(6,008		)
	Income (loss) from continuing operations attributable to the Company’s common shareholders		$	20,040		$	4,392		$	(20,689	)
	Total discontinued operations		336			31,585			16,904
	Noncontrolling interests in the Operating Partnership		(5		)	(537		)	(406		)
	Total discontinued operations attributable to the Company’s common shareholders		$	331		$	31,048		$	16,498
	Net income (loss) attributable to the Company’s common shareholders		$	20,371		$	35,440		$	(4,191	)
	Weighted-average shares outstanding		149,107			135,191			124,548
	Share options and restricted share units (2)		1,756			2,551			—
	Weighted-average diluted shares outstanding (3)		150,863			137,742			124,548
	Earnings (loss) per common share:
	Continuing operations		$	0.13		$	0.03		$	(0.17	)
	Discontinued operations		0.01			0.23			0.14
	Basic and diluted earnings (loss) per common share		$	0.14		$	0.26		$	(0.03	)
			For the year ended December 31,
			2014			2013			2012
			(Dollars and units in thousands, except per unit amounts)
	Income (loss) from continuing operations		$	26,366		$	10,409		$	(13,276	)
	Operating Partnership interests of third parties		(302		)	(51		)	513
	Noncontrolling interest in subsidiaries		(16		)	42			(1,918		)
	Distribution to preferred unitholders (1)		(6,008		)	(6,008		)	(6,008		)
	Income (loss) from continuing operations attributable to common unitholders		$	20,040		$	4,392		$	(20,689	)
	Total discontinued operations		336			31,585			16,904
	Operating Partnership interests of third parties		(5		)	(537		)	(406		)
	Total discontinued operations attributable to common unitholders		$	331		$	31,048		$	16,498
	Net income (loss) attributable to common unitholders		$	20,371		$	35,440		$	(4,191	)
	Weighted-average units outstanding		149,107			135,191			124,548
	Unit options and restricted share units (2)		1,756			2,551			—
	Weighted-average diluted units outstanding (3)		150,863			137,742			124,548
	Earnings (loss) per common unit:
	Continuing operations		$	0.13		$	0.03		$	(0.17	)
	Discontinued operations		0.01			0.23			0.14
	Basic and diluted earnings (loss) per common unit		$	0.14		$	0.26		$	(0.03	)
		-1		For each of the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per preferred share/unit of $1.938.
		-2		For the year ended December 31, 2012, the potentially dilutive shares/units of approximately 2,000,000 were not included in the earnings per share/unit calculation as their effect is antidilutive.
		-3		For the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per common share/unit of $0.550, $0.460 and $0.350, respectively.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2014
DISCONTINUED OPERATIONS
Summary of information about revenue and expense related to properties classified as discontinued operations
	The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2014, 2013 and 2012 (in thousands):
		For the year ended December 31,
		2014			2013			2012
	REVENUES
	Rental income	$	—		$	10,795		$	21,077
	Other property related income	—			1,583			2,703
	Total revenues	—			12,378			23,780
	OPERATING EXPENSES
	Property operating expenses	(336		)	5,318			10,742
	Depreciation and amortization	—			2,703			5,548
	Total operating expenses	(336		)	8,021			16,290
	OPERATING INCOME	336			4,357			7,490
	OTHER INCOME (EXPENSE)
	Interest expense on loans	—			(212		)	(397		)
	Gain from dispositions of discontinued operations	—			27,440			9,811
	Income from discontinued operations	$	336		$	31,585		$	16,904

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2014
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
Schedule of consolidated results of operations on a pro forma basis
		Year ended December 31,
		2014		2013
		(unaudited)
		(in thousands, except per share data)
	Pro forma revenue	$	405,171	$	378,518
	Pro forma income from continuing operations	$	59,406	$	(276	)
	Earnings (loss) per common share from continuing operations:
	Basic and diluted — as reported	$	0.13	$	0.03
	Basic — as pro forma	$	0.36	$	(0.05	)
	Diluted — as pro forma	$	0.35	$	(0.05	)

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summary of quarterly financial information
	The following is a summary of quarterly financial information for the years ended December 31, 2014 and 2013 (in thousands, except per share data):
		For the three months ended
		March 31,			June 30,		September 30,		December 31,
		2014			2014		2014		2014
	Total revenues	$	87,267		$	92,337	$	97,092	$	100,267
	Total operating expenses	68,653			70,347		73,966		82,454
	Net income attributable to the Company	4,530			7,886		8,480		5,483
	Basic and diluted earnings per share	0.03			0.04		0.05		0.02
		For the three months ended
		March 31,			June 30,		September 30,		December 31,
		2013			2013		2013		2013
	Total revenues	$	74,655		$	78,289	$	82,487	$	82,964
	Total operating expenses	65,871			66,025		66,255		65,796
	Net (loss) income attributable to the Company	(392		)	2,550		16,342		22,948
	Basic and diluted (loss) earnings per share	(0.01		)	0.01		0.11		0.15

ORGANIZATION_AND_NATURE_OF_OPE1

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2014
	segment
	state
ORGANIZATION AND NATURE OF OPERATIONS
Number of states in which self-storage facilities are located	22
Number of reportable segments	1
Percentage of the entity's partnership interest in Operating Partnership	98.60%
Common stock, conversion ratio	1

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Partnership Ownership
Increase to OP units owned by third parties and a corresponding decrease to capital	$14,761	$3,292	$19,520
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Increase to OP units owned by third parties and a corresponding decrease to capital	$14,761	$3,292	$19,520

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Long-Lived Assets held for sale, timing of expected sale	1 year
Loan procurement costs
Loan procurement costs	$17,000,000	$17,300,000
Loan procurement costs, accumulated amortization	6,400,000	4,600,000
Other Assets
Intangible assets, net of accumulated amortization	22,494,000	9,463,000
Deposits on future settlements	10,250,000	1,287,000
Accounts receivable	4,237,000	4,957,000
Prepaid insurance	1,545,000	1,304,000
Prepaid real estate taxes	2,425,000	1,893,000
Others	7,691,000	8,352,000
Total	$48,642,000	$27,256,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Advertising and Marketing Costs
Advertising and marketing expenses	$7.70	$7.60	$8.10
Equity Offering Costs
Equity offering costs	6	1.8	1.7
Capitalized Interest
Interest costs, capitalized	$1.30	$0.90	$0.20

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	property
Income Taxes
Net tax basis in the entity's assets	$2,600,000,000	$2,200,000,000
Percentage of distributions characterized as ordinary income dividends	94.14%
Percentage of distributions characterized as capital gain dividends	5.86%
Series A Cumulative Redeemable Preferred shares, percentage	7.75%	7.75%
Percentage of distributions characterized as ordinary income distributions to preferred shareholders	92.84%
Percentage of distributions characterized as capital gain distribution to preferred shareholders	7.16%
Federal excise tax rate (as a percent)	4.00%
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax	85.00%
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax	95.00%
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax	100.00%
Net deferred tax asset recorded by REIT subsidiary TRS	1,000,000	700,000
Earnings per Share and Unit
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares)			2,000,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	1,756,000	2,551,000
Foreign currency
Foreign currency exchange rate (U.S. Dollars per pound)	1.558642	1.657413
Foreign currency average exchange rate (U.S. Dollars per pound)	1.643106	1.588598	1.585074
Unrealized gain on foreign currency translation	-200,000	100,000	200,000
Number of Real Estate Properties Sold	1
Interest rate swap | Designated | Cash flow
Derivative Financial Instruments
Notional principal amounts	$400,000,000	$400,000,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (Revenues, Location of facilities)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	17.00%	17.00%	16.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	17.00%	15.00%	15.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	9.00%	10.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	10.00%	10.00%	10.00%

STORAGE_FACILITIES_Details

STORAGE FACILITIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
STORAGE FACILITIES
Storage facilities	$3,117,198	$2,553,706
Less: Accumulated depreciation	-492,069	-398,536
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively)	2,625,129	2,155,170
Land
STORAGE FACILITIES
Storage facilities	545,393	465,680
Buildings and improvements
STORAGE FACILITIES
Storage facilities	2,304,653	1,888,823
Equipment
STORAGE FACILITIES
Storage facilities	218,731	158,000
Construction in progress
STORAGE FACILITIES
Storage facilities	$48,421	$41,203

STORAGE_FACILITIES_Details_2

STORAGE FACILITIES (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	property	property	property
Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	53	20	37
Purchase / Sales Price	$568,226	$189,822	$432,340
Acquisitions | Connecticut Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	4,950
Acquisitions | Florida Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	14,000
Acquisitions | Florida Assets Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	2
Purchase / Sales Price	14,450
Acquisitions | California Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	8,300
Acquisitions | Maryland Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		15,375
Acquisitions | Maryland Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		8,200
Acquisitions | Maryland Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	15,800
Acquisitions | Maryland Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	15,500
Acquisitions | Arizona Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	14,750
Acquisitions | Pennsylvania Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	7,350
Acquisitions | Texas Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	8,225
Acquisitions | Texas Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	6,450
Acquisitions | New York Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	2
Purchase / Sales Price	55,000
Acquisitions | Florida Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	11,406
Acquisitions | Massachusetts Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	11,100
Acquisitions | Indiana Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	8,400
Acquisitions | Florida Assets Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	3
Purchase / Sales Price	35,000
Acquisitions | Florida Assets Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	2
Purchase / Sales Price	15,800
Acquisitions | Massachusetts Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	23,100
Acquisitions | Texas Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	7,700
Acquisitions | Texas Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	8,500
Acquisitions | Texas Asset Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	7,750
Acquisitions | HSRE Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	22
Purchase / Sales Price	195,500
Acquisitions | Texas Asset Six
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	18,650
Acquisitions | Florida Assets Six
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	3
Purchase / Sales Price	18,200
Acquisitions | New York Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	38,000
Acquisitions | Texas Asset Seven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	1
Purchase / Sales Price	4,345
Acquisitions | Arizona Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		6,900
Acquisitions | Illinois Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		8,300
Acquisitions | Florida Asset Seven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		7,150
Acquisitions | Florida Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		9,000
Acquisitions | Massachusetts Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		10,600
Acquisitions | Maryland / New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		5
Purchase / Sales Price		52,400
Acquisitions | New York Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		13,000
Acquisitions | Texas Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		10,975
Acquisitions | Arizona Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		10,500
Acquisitions | Arizona Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		4,300
Acquisitions | Texas Asset Nine
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		9,700
Acquisitions | Texas Asset Ten
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		10,497
Acquisitions | Texas Asset Eleven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		6,925
Acquisitions | Florida Asset Nine
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase / Sales Price		6,000
Acquisitions | Texas Asset Twelve
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			5,100
Acquisitions | Georgia Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			6,900
Acquisitions | Texas Asset Thirteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			4,970
Acquisitions | Texas Assets Fourteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			4
Purchase / Sales Price			18,150
Acquisitions | Texas Asset Fifteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			5,130
Acquisitions | Storage Deluxe assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			6
Purchase / Sales Price			201,910
Acquisitions | Connecticut Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			5,000
Acquisitions | Virginia Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			19,750
Acquisitions | New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			2
Purchase / Sales Price			10,750
Acquisitions | Georgia/Florida Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			3
Purchase / Sales Price			13,370
Acquisitions | Georgia Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			3,100
Acquisitions | HSREV Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			9
Purchase / Sales Price			102,000
Acquisitions | Colorado Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			10,600
Acquisitions | Florida Assets Ten
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			2
Purchase / Sales Price			13,010
Acquisitions | Pennsylvania/New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			2
Purchase / Sales Price			7,800
Acquisitions | Texas Asset Sixteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase / Sales Price			4,800
Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)		35	26
Purchase / Sales Price		126,400	59,962
Dispositions | California Asset
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			1
Purchase / Sales Price			5,000
Dispositions | Texas/Indiana Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)		5
Purchase / Sales Price		11,400
Dispositions | Tennessee Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)		8
Purchase / Sales Price		25,000
Dispositions | California/Tennessee/Texas Assets/Wisconsin Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)		22
Purchase / Sales Price		90,000
Dispositions | Michigan Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			3
Purchase / Sales Price			6,362
Dispositions | Alabama/Louisiana/Mississippi Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			5
Purchase / Sales Price			16,800
Dispositions | New Mexico Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			6
Purchase / Sales Price			7,500
Dispositions | Florida/ Tennessee Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			3
Purchase / Sales Price			6,550
Dispositions | Ohio Assets
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			8
Purchase / Sales Price			$17,750

INVESTMENT_ACTIVITY_Details

INVESTMENT ACTIVITY (Details)

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2008

Sep. 28, 2012

Sep. 26, 2011

Sep. 28, 2012

Nov. 03, 2014

Aug. 25, 2014

Dec. 31, 2014

Nov. 03, 2014

Aug. 25, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

Sep. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

USD ($)

USD ($)

USD ($)

USIFB, LLP

USIFB, LLP

USIFB, LLP

USIFB, LLP

HSRE Venture

HSRE Venture

HSRE Venture

HSRE

HSRE

HSRE

HSRE

HSRE

5 Old Lancaster Road located in Malvern, PA

Bronx, NY

Self-storage facilities located in New York and Virginia

Self-storage facilities located in New York

Self-storage facilities located in New York

Self-storage facility located in Virginia

Asset in London, England

Asset in London, England

Asset in London, England

Real Estate Acquisition Expected by 2016

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

Self-storage facilities

property

facility

USD ($)

property

USD ($)

property

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

facility

USIFB, LLP

USIFB, LLP

USIFB, LLP

USD ($)

USD ($)

USD ($)

USD ($)

2014 Acquisitions

2013 Acquisitions

2013 Acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

2012 Self-storage facilities acquisitions

facility

facility

facility

facility

USD ($)

USD ($)

GBP (£)

property

property

property

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

HSRE Venture

HSRE Venture

HSRE Venture

HSRE Venture

Storage Deluxe assets

Storage Deluxe assets

property

property

property

property

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

property

property

facility

Self-storage facilities

Development costs

$25,100,000

$17,200,000

$35,400,000

$400,000

$400,000

Amount of Storage Deluxe transaction

560,000,000

Number of self-storage facilities

4

1

3

1

22

Number of self-storage facilities acquired (in properties)

9

26

53

31

20

22

9

6

Aggregate purchase or sale price

223,000,000

7,000,000

4,100,000

568,200,000

126,400,000

60,000,000

372,700,000

189,800,000

128,400,000

201,900,000

Intangible value of the in-place leases

14,500,000

23,800,000

13,500,000

13,200,000

8,300,000

12,300,000

Estimated life

12 months

12 months

12 months

12 months

12 months

12 months

Amortization expense

2,400,000

13,400,000

8,200,000

5,300,000

8,400,000

4,800,000

6,200,000

2,100,000

4,400,000

7,900,000

Number of properties, assumed mortgage

4

1

2

Assumed mortgage debt, at fair value

27,500,000

8,900,000

13,900,000

93,100,000

Outstanding principal balance of mortgage debt assumed on acquisitions

26,000,000

8,500,000

13,400,000

88,900,000

Premium on debt assumed on acquisitions

1,500,000

400,000

500,000

4,200,000

Number of facilities closed

22

Aggregate purchase price of facilities closed

195,500,000

Number of facilities not yet closed

4

Deposit

5,000,000

5,200,000

Number of facilities under contract

4

Number of assets sold

1

1

1

35

26

Ownership interest held by the entity (as a percent)

97.00%

97.00%

97.00%

Net proceeds from sale of assets

7,000,000

Gain from sale of real estate

475,000

500,000

27,400,000

9,800,000

Expected aggregate purchase or sales price

85,200,000

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

50.00%

50.00%

Cash paid for acquisition of remaining interest in real estate ventures

21,700,000

21,700,000

Repayments of debt

59,300,000

59,300,000

Fair value of storage facilities

102,000,000

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

Total revenue

21,156,000

7,048,000

19,028,000

Net loss

($12,350,000)

($4,228,000)

($11,464,000)

INVESTMENT_IN_UNCONSOLIDATED_R2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	1-May-14	Dec. 10, 2013	Sep. 28, 2012	Sep. 26, 2011	Aug. 25, 2014	Nov. 03, 2014
					property		property	property
Investment in Unconsolidated Real Estate Venture
Payment made for acquisition of interest in real estate ventures		$157,461,000
Gain from remeasurement of investment in real estate venture			7,023,000
Summary of results of operations of the real estate venture
Company's share of net loss	-6,255,000	-1,151,000	-745,000
HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee					35
Payment made for acquisition of interest in real estate ventures					315,700,000
Ownership interest in partnership (as a percent)					50.00%
Proceeds after closing costs distributed proportionately to partners				99,200,000
Intangible value of the in-place leases					12,100,000
Assets
Storage facilities, net	291,357,000	302,557,000
Other assets	5,786,000	11,688,000
Total Assets	297,143,000	314,245,000
Liabilities and equity
Other liabilities	5,725,000	1,625,000
Debt	100,000,000
Equity
CubeSmart	95,709,000	156,310,000
Joint venture partner	95,709,000	156,310,000
Total liabilities and equity	297,143,000	314,245,000
Summary of results of operations of the real estate venture
Total revenues	26,852,000	1,600,000
Operating expenses	11,754,000	1,742,000
Interest expense, net	2,522,000
Depreciation and amortization	25,086,000	2,160,000
Net loss	-12,510,000	-2,302,000
Company's share of net loss	-6,255,000	-1,151,000
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained				100,000,000
Interest on real estate venture debt				3.59%
HHF | Facilitates located in Texas
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee					34
HHF | Facilitates located in North Carolina
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee					1
HSRE Venture
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee							9
Payment made for acquisition of interest in real estate ventures							15,400,000
Ownership interest in partnership (as a percent)							50.00%
Acquisition of remaining interest in real estate ventures (as a percent)						50.00%
Cash paid for acquisition of remaining interest in real estate ventures						21,700,000
Amount of debt repaid						59,300,000
Gain from remeasurement of investment in real estate venture			7,000,000
Summary of results of operations of the real estate venture
Total revenues			7,229,000
Operating expenses			3,010,000
Interest expense, net			2,690,000
Depreciation and amortization			2,691,000
Net loss			-1,162,000
Company's share of net loss			-745,000
HSRE Venture | Other partner
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)							50.00%
HSRE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee								26
Intangible value of the in-place leases									$14,500,000

UNSECURED_SENIOR_NOTES_Details

UNSECURED SENIOR NOTES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 17, 2013	Jun. 26, 2012
Senior notes 4.375% due December 15, 2023
Mortgage loans and Notes payable
Senior notes, principal amount		$250
Senior notes, interest rate (as a percent)		4.38%
Senior notes 4.375% due December 15, 2023 | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio	0.6
Secured debt leverage ratio	0.4
Senior notes 4.375% due December 15, 2023 | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio	1.5
Financial and customary covenant, minimum unencumbered asset (as a percent)	150.00%
Senior notes 4.80% due July 15, 2022
Mortgage loans and Notes payable
Senior notes, principal amount			$250
Senior notes, interest rate (as a percent)			4.80%
Senior notes 4.80% due July 15, 2022 | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio	0.6
Secured debt leverage ratio	0.4
Senior notes 4.80% due July 15, 2022 | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio	1.5
Financial and customary covenant, minimum unencumbered asset (as a percent)	150.00%

REVOLVING_CREDIT_FACILITY_AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) (USD $)	12 Months Ended	0 Months Ended			12 Months Ended	0 Months Ended
	Dec. 31, 2013	Jun. 18, 2013	Aug. 05, 2014	Jun. 20, 2011	Dec. 31, 2014	Dec. 17, 2013	Dec. 09, 2011
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized	$17,300,000				17,000,000
Loan procurement amortization expense - early repayment of debt	414,000
Unsecured term loan borrowings outstanding	400,000,000				400,000,000
Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		100,000,000
Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		100,000,000
Term Loan Facility, Prior to Amendment | Term Loan A | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.85%
Term Loan Facility, Prior to Amendment | Term Loan A | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.65%
Term Loan Facility, Prior to Amendment | Term Loan B | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		2.00%
Term Loan Facility, Prior to Amendment | Term Loan B | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.80%
Term Loan Facility, As Amended | Term Loan A | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.50%
Term Loan Facility, As Amended | Term Loan B | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.40%
Term Loan Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized		2,100,000	200,000
Effective weighted average interest rate (as a percent)	3.22%
Net proceeds from equity issuances added to minimum tangible net worth (as a percent)	75.00%
Term Loan Facility | Interest rate swap
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Derivative, variable interest rate base	Thirty day LIBOR
Term Loan Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio	1.5
Tangible net worth	821,211,200
Term Loan Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)	60.00%
Percentage of funds from operations that can be distributed on common shares	95.00%
Term Loan Facility | Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity				100,000,000
Term of debt instrument				5 years
Term Loan Facility | Term Loan A | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Variable interest rate floor (as a percent)					0.00%
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity				100,000,000
Term of debt instrument				7 years
Term Loan Facility | Term Loan B | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.15%
Variable interest rate basis					LIBOR
Variable interest rate floor (as a percent)					0.00%
Term Loan Facility | Term Loan C
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement amortization expense - early repayment of debt	400,000
Term Loan Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding	200,000,000
Credit Facility, Prior to Amendment | Revolver | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.80%
Credit Facility, Prior to Amendment | Revolver | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.50%
Credit Facility, Prior to Amendment | Term Loan C | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.75%
Credit Facility, Prior to Amendment | Term Loan C | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.45%
Credit Facility, Prior to Amendment | Term Loan D | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.75%
Credit Facility, Prior to Amendment | Term Loan D | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)		1.45%
Credit Facility, As Amended | Revolver | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.60%
Credit Facility, As Amended | Revolver | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.30%
Credit Facility, As Amended | Term Loan C | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.50%
Credit Facility, As Amended | Term Loan C | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.30%
Credit Facility, As Amended | Term Loan D | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.50%
Credit Facility, As Amended | Term Loan D | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)			1.30%
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity	261,200,000
Effective weighted average interest rate (as a percent)					2.95%
Net proceeds from equity issuances added to minimum tangible net worth (as a percent)	75.00%
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio	1.5
Tangible net worth	821,211,200
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)	60.00%
Percentage of funds from operations that can be distributed on common shares	95.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		300,000,000					300,000,000
Outstanding letter of credit	30,000,000
Credit Facility | Revolver | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Variable interest rate floor (as a percent)					0.00%
Facility fee (as a percent)					0.20%
Credit Facility | Term Loan C
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		100,000,000					100,000,000
Repayment of outstanding debt						100,000,000
Credit Facility | Term Loan C | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Variable interest rate floor (as a percent)					0.00%
Credit Facility | Term Loan D
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		200,000,000					200,000,000
Credit Facility | Term Loan D | Baa3/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Variable interest rate floor (as a percent)					0.00%
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding	200,000,000
Credit Facility | Unsecured revolving credit facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding					78,000,000
Remaining borrowing capacity					222,000,000

MORTGAGE_LOANS_AND_NOTES_PAYAB2

MORTGAGE LOANS AND NOTES PAYABLE (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage loans and Notes payable
Carrying value	$192,367
Unamortized fair value adjustment	3,484	3,674
Total mortgage loans and notes payable	195,851	200,218
Net book value of self-storage facilities	2,625,129	2,155,170
YSI 10
Mortgage loans and Notes payable
Carrying value		3,839
Effective interest rate (as a percent)	5.87%
YSI 15
Mortgage loans and Notes payable
Carrying value		1,733
Effective interest rate (as a percent)	6.41%
YSI 52
Mortgage loans and Notes payable
Carrying value		4,548
Effective interest rate (as a percent)	5.63%
YSI 58
Mortgage loans and Notes payable
Carrying value		8,676
Effective interest rate (as a percent)	2.97%
YSI 29
Mortgage loans and Notes payable
Carrying value	12,635	12,853
Effective interest rate (as a percent)	3.69%
YSI 13
Mortgage loans and Notes payable
Carrying value	8,427	8,500
Effective interest rate (as a percent)	3.00%
YSI 20
Mortgage loans and Notes payable
Carrying value	54,091	56,373
Effective interest rate (as a percent)	5.97%
YSI 63
Mortgage loans and Notes payable
Carrying value	7,466
Effective interest rate (as a percent)	2.82%
YSI 59
Mortgage loans and Notes payable
Carrying value	9,221	9,418
Effective interest rate (as a percent)	4.82%
YSI 60
Mortgage loans and Notes payable
Carrying value	3,610	3,670
Effective interest rate (as a percent)	5.04%
YSI 51
Mortgage loans and Notes payable
Carrying value	7,105	7,219
Effective interest rate (as a percent)	5.15%
YSI 64
Mortgage loans and Notes payable
Carrying value	7,919
Effective interest rate (as a percent)	3.54%
YSI 62
Mortgage loans and Notes payable
Carrying value	7,962
Effective interest rate (as a percent)	3.54%
YSI 35
Mortgage loans and Notes payable
Carrying value		4,274
Effective interest rate (as a percent)	6.90%
YSI 33
Mortgage loans and Notes payable
Carrying value	10,429	10,688
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	8,780	8,945
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	3,082	3,140
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	23,767	24,145
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	27,873	28,523
Effective interest rate (as a percent)	4.64%
Mortgage Loans
Mortgage loans and Notes payable
Net book value of self-storage facilities	$344,000	$371,000

MORTGAGE_LOANS_AND_NOTES_PAYAB3

MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2014	$84,874,000
2015	36,837,000
2016	1,784,000
2017	1,886,000
2018	10,852,000
2019 and thereafter	56,134,000
Total mortgage payments	192,367,000
Plus: Unamortized fair value adjustment	3,484,000
Total mortgage indebtedness	195,851,000	200,218,000
Credit Facility
Mortgage loans and Notes payable
Remaining borrowing capacity		$261,200,000

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Changes in accumulated other comprehensive income by component
Beginning balance	($11,014)
Other comprehensive loss before reclassifications	-4,057
Amounts reclassified from accumulated other comprehensive loss	6,312
Net current-period other comprehensive income	2,255
Ending balance	-8,759
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	-10,222
Other comprehensive loss before reclassifications	-3,885
Amounts reclassified from accumulated other comprehensive loss	6,312
Net current-period other comprehensive income	2,427
Ending balance	-7,795
Unrealized loss on foreign currency translation
Changes in accumulated other comprehensive income by component
Beginning balance	-792
Other comprehensive loss before reclassifications	-172
Net current-period other comprehensive income	-172
Ending balance	($964)

RISK_MANAGEMENT_AND_USE_OF_FIN2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative financial instruments
Unrealized losses reclassified from accumulated other comprehensive loss	$6,300,000
Amount estimated to be reclassified as an increase to interest expense	5,700,000
Designated | Cash flow
Derivative financial instruments
Notional Amount	400,000,000
Fair Value	-8,299,000	-10,763,000
Maximum number of days outstanding to have the option to borrow at the LIBOR	30 days
Designated | Cash flow | Hedge Product, Swap one
Derivative financial instruments
Notional Amount	40,000,000
Swap, Strike rate (as a percent)	1.80%
Fair Value	-757,000	-1,265,000
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount	40,000,000
Swap, Strike rate (as a percent)	1.80%
Fair Value	-757,000	-1,265,000
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount	20,000,000
Swap, Strike rate (as a percent)	1.80%
Fair Value	-378,000	-632,000
Designated | Cash flow | Hedge Product, Swap four
Derivative financial instruments
Notional Amount	75,000,000
Swap, Strike rate (as a percent)	1.34%
Fair Value	-841,000	-1,132,000
Designated | Cash flow | Hedge Product, Swap five
Derivative financial instruments
Notional Amount	50,000,000
Swap, Strike rate (as a percent)	1.34%
Fair Value	-561,000	-752,000
Designated | Cash flow | Hedge Product, Swap six
Derivative financial instruments
Notional Amount	50,000,000
Swap, Strike rate (as a percent)	1.34%
Fair Value	-561,000	-754,000
Designated | Cash flow | Hedge Product, Swap seven
Derivative financial instruments
Notional Amount	25,000,000
Swap, Strike rate (as a percent)	1.34%
Fair Value	-281,000	-380,000
Designated | Cash flow | Hedge Product, Swap eight
Derivative financial instruments
Notional Amount	40,000,000
Swap, Strike rate (as a percent)	2.46%
Fair Value	-1,654,000	-1,820,000
Designated | Cash flow | Hedge Product, Swap nine
Derivative financial instruments
Notional Amount	40,000,000
Swap, Strike rate (as a percent)	2.47%
Fair Value	-1,672,000	-1,842,000
Designated | Cash flow | Hedge Product, Swap ten
Derivative financial instruments
Notional Amount	20,000,000
Swap, Strike rate (as a percent)	2.48%
Fair Value	($837,000)	($921,000)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
		item
Fair value of financial assets and liabilities carried at fair value
Gain from remeasurement of investment in real estate venture	$7,023,000
Aggregate carrying value of total debt		1,200,000,000	1,100,000,000
Estimated fair value of total debt		1,200,000,000	1,100,000,000
Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Number of counterparties to derivative contracts who experienced significant downgrades in 2014		0
Level 2
Fair value of financial assets and liabilities carried at fair value
Total liabilities at fair value		8,299,000	10,763,000
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities		8,299,000	10,763,000
Level 3 | Nonrecurring basis
Fair value of financial assets and liabilities carried at fair value
Gain from remeasurement of investment in real estate venture	$7,000,000
Level 3 | Nonrecurring basis | Minimum
Fair value of financial assets and liabilities carried at fair value
Yield rates for determining the fair value of HSREV (as a percent)	6.00%
Level 3 | Nonrecurring basis | Maximum
Fair value of financial assets and liabilities carried at fair value
Yield rates for determining the fair value of HSREV (as a percent)	7.00%

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details)

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2008

Dec. 31, 2013

Dec. 31, 2013

Aug. 13, 2012

Aug. 13, 2009

Aug. 13, 2012

Aug. 13, 2009

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

USD ($)

USD ($)

USD ($)

Tilloston Ave Member

Jamaica Ave Member

USIFB, LLP

USIFB, LLP

USIFB, LLP

USIFB, LLP

USIFB, LLP

USIFB, LLP

HART

HART

HART

HART

SRLLC

SRLLC

SNL

Tilloston Ave

Tilloston Ave

Jamaica Ave

Jamaica Ave

property

USD ($)

USD ($)

USD ($)

USD ($)

property

USD ($)

GBP (£)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Tilloston Ave Member

USD ($)

Jamaica Ave Member

facility

property

item

property

USD ($)

USD ($)

Interests in Consolidated Real Estate Joint Ventures

Option to put ownership interest in the venture

$17,000,000

$12,500,000

Period of option to call ownership interest of another member

1 year

1 year

Period of option to put ownership interest in venture

1 year

1 year

Option to call ownership interest of another member

17,000,000

12,500,000

Accretion liability

17,000,000

12,500,000

Accrued accretion expenses

-1,685,000

-1,018,000

-707,000

2,400,000

6,600,000

Ownership interest held by the entity (as a percent)

97.00%

97.00%

97.00%

100.00%

90.00%

90.00%

51.00%

51.00%

Number of self-storage facilities owned and operated

2

22

2

Total assets

5,700,000

14,700,000

12,300,000

2,900,000

15,200,000

Total liabilities

200,000

10,600,000

2,300,000

2,800,000

7,300,000

Carrying amount of mortgage loans

6,800,000

4,100,000

9,600,000

1,200,000

Amount of mortgage loan commitment

14,600,000

20,100,000

Gain (loss) from sale of land

475,000

0

Payments to acquire land for development

13,100,000

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

2

Number of parcel sold

1

Number of assets sold

1

1

Proceeds from sales of facilities, net

13,475,000

123,780,000

52,630,000

7,000,000

6,500,000

Cash contributed by Heitman, LLC

51,000,000

Properties contributed by the entity

102,000,000

Cash distribution received from joint venture

51,000,000

Minority ownership interest (as a percent)

50.00%

49.00%

49.00%

Percentage of interest acquired in HART

50.00%

Purchase price paid for ownership interest in joint venture

61,100,000

Elimination of noncontrolling interest in subsidiaries due to acquisition

56,984,000

38,700,000

Reduction to additional paid in capital

$642,000

$831,000

$18,500,000

NONCONTROLLING_INTERESTS_Detai1

NONCONTROLLING INTERESTS (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Partnership Ownership
Increase to OP units owned by third parties and a corresponding decrease to capital	$14,761	$3,292	$19,520
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)	1.40%	1.60%
Number of trading days used to determine average of the closing prices of the common shares	10 days
OP units outstanding (in shares)	2,257,486	2,275,730
Increase to OP units owned by third parties and a corresponding decrease to capital	$14,761	$3,292	$19,520

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RELATED PARTY TRANSACTIONS
Area of corporate office (in acres)	50
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | Office space subject to lease
RELATED PARTY TRANSACTIONS
Aggregate amount of lease payments incurred	$500,000	$500,000	$500,000
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road
RELATED PARTY TRANSACTIONS
Approximate Square Footage	21,900
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road | Minimum
RELATED PARTY TRANSACTIONS
Fixed rent per month	25,673
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road | Maximum
RELATED PARTY TRANSACTIONS
Fixed rent per month	31,205
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100
RELATED PARTY TRANSACTIONS
Approximate Square Footage	2,212
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100 | Minimum
RELATED PARTY TRANSACTIONS
Fixed rent per month	3,051
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100 | Maximum
RELATED PARTY TRANSACTIONS
Fixed rent per month	3,709
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110
RELATED PARTY TRANSACTIONS
Approximate Square Footage	1,731
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110 | Minimum
RELATED PARTY TRANSACTIONS
Fixed rent per month	2,387
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110 | Maximum
RELATED PARTY TRANSACTIONS
Fixed rent per month	2,901
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D
RELATED PARTY TRANSACTIONS
Approximate Square Footage	3,000
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D | Minimum
RELATED PARTY TRANSACTIONS
Fixed rent per month	3,137
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D | Maximum
RELATED PARTY TRANSACTIONS
Fixed rent per month	3,771
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fee	900,000	100,000	200,000
Amount due to the entity from joint venture	1,600,000	2,100,000
Mortgage loans receivable from consolidated joint ventures	$10,800,000	$15,800,000
Joint ventures related to affiliated real estate investments | Minimum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	5.00%
Joint ventures related to affiliated real estate investments | Maximum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	6.00%

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
COMMITMENTS AND CONTINGENCIES
Ground rent expense	$2,000,000	$2,200,000	$1,200,000
Total future minimum rental payments under non-cancelable ground leases
2014	1,443,000
2015	1,649,000
2016	1,649,000
2017	1,562,000
2018	1,557,000
2019 and thereafter	87,393,000
Total	95,253,000
Future milestone payments payable	$50,300,000
Self-storage facilities subject to ground lease
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease	6
Number of self-storage facilities under development subject to a ground lease	1
Land
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease	4

SHAREBASED_COMPENSATION_PLANS_1

SHARE-BASED COMPENSATION PLANS (Details) (USD $)	0 Months Ended	12 Months Ended				0 Months Ended
In Millions, except Share data, unless otherwise specified	30-May-12	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jan. 24, 2014	Jan. 25, 2013	Jan. 25, 2012
Chief executive officer
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars)	$3
Number of Non-Vested Restricted Shares
Granted (in shares)	274,668
Restricted share, additional disclosure
Period for calculation of total return to shareholders	2 years
Share Options
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)		1.90%	1.00%	2.00%
Expected dividend yield (as a percent)		3.20%	3.30%	4.50%
Volatility (as a percent)		37.98%	42.00%	52.22%
Weighted average expected life of the options		6 years	6 years	9 years 7 months 2 days
Weighted average grant date fair value of options granted per share (in dollars per share)		$4.33	$4.28	$3.94
Share options, additional general disclosures
Compensation expense recognized (in dollars)		0.9	0.9	1.2
Aggregate grant date fair value of share based awards issued (in dollars)		1
Unrecognized compensation cost		1
Unrecognized compensation cost recorded, period		3 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)		4,904,613	5,257,864	5,255,718
Options granted (in shares)		223,590	182,297	222,421
Options canceled (in shares)		-10,731	-24,000	-10,375
Options exercised (in shares)		-1,425,171	-511,548	-209,900
Balance at the end of the period (in shares)		3,692,301	4,904,613	5,257,864	5,255,718
Vested or expected to vest at the end of the period (in shares)		3,692,301
Exercisable at the end of the period (in shares)		3,271,474
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)		$10.99	$10.50	$10.35
Options granted (in dollars per share)		$15.73	$14.84	$11.48
Options canceled (in dollars per share)		$17.38	$13.57	$9.01
Options exercised (in dollars per share)		$9.69	$7.24	$7.89
Balance at the end of the period (in dollars per share)		$11.76	$10.99	$10.50	$10.35
Exercisable at the end of the period (in dollars per share)		$11.37
Vested or expected to vest at the end of the period (in dollars per share)		$11.76
Weighted Average Remaining Contractual Term
Balance at the beginning of the period		4 years 1 month 28 days	4 years 7 months 28 days	5 years 5 months 27 days	6 years 3 months 29 days
Options granted		9 years 29 days	9 years 29 days	9 years 1 month 21 days
Options exercised		3 years 2 months 16 days	4 years 6 months 11 days	6 years 29 days
Balance at the end of the period		4 years 1 month 28 days	4 years 7 months 28 days	5 years 5 months 27 days	6 years 3 months 29 days
Vested or expected to vest at the end of the period		4 years 1 month 28 days
Exercisable at the end of the period		3 years 7 months 6 days
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars)		38.1
Options exercised (in dollars)		15.5
Share Options | Minimum
Share options, additional general disclosures
Vesting period		3 years
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars)		3.5	5.4	3.9
Aggregate grant date fair value of share based awards issued (in dollars)		3.4	3.4
Unrecognized compensation cost		3
Unrecognized compensation cost recorded, period		4 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)		711,631
Granted (in shares)		194,495	219,000
Vested (in shares)		-523,700
Forfeited (in shares)		-1,643
Non-vested at the end of the period (in shares)		380,783	711,631
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period		3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period		5 years
Restricted share units
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars)						$0.90	$0.80	$0.80
Number of Non-Vested Restricted Shares
Granted (in shares)						47,487	41,503	49,981
Restricted share, additional disclosure
Period for calculation of total return to shareholders						3 years	3 years	3 years
Plans | Share Options | Maximum
SHARE-BASED COMPENSATION PLANS
Maximum term of options		10 years
2007 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of fungible units available for issuance (in shares)		4,728,561
Additional fungible units available for grant upon expiration or forfeiture of options and restricted share awards		372,135
Number of ratios used to establish an average		3
Maximum percentage limit of the average of three ratios		2.00%
Maximum number of awards that may be granted to an individual per calendar year (in shares)		1,000,000
2007 Plan | Minimum
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit			1
2007 Plan | Maximum
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit			1.66
2007 Plan | Options or share appreciation rights
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit		1
2007 Plan | Restricted shares or restricted share units
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit		1.66
2007 Plan | Restricted Shares
SHARE-BASED COMPENSATION PLANS
Numerator used to expand the number of Full-Value awards		1.5
2004 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance		3,000,000
2004 Plan | Options or share appreciation rights
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)		400,000
2004 Plan | Restricted shares or restricted share units
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)		100,000
2004 Plan | Other awards
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)		250,000

EARNINGS_PER_SHARE_AND_UNIT_AN2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Income (Loss) from continuing operations									$26,366	$10,409	($13,276)
Noncontrolling interests in the Operating Partnership									-302	-51	513
Noncontrolling interest in subsidiaries									-16	42	-1,918
Distribution to preferred shares									-6,008	-6,008	-6,008
Income (Loss) from continuing operations attributable to the Company's common shareholders									20,040	4,392	-20,689
Total discontinued operations									336	31,585	16,904
Noncontrolling interests in the Operating Partnership									-5	-537	-406
Total discontinued operations attributable to the Company's common shareholders									331	31,048	16,498
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$20,371	$35,440	($4,191)
Weighted-average shares outstanding (in shares)									149,107,000	135,191,000	124,548,000
Share options and restricted share units (in shares)									1,756,000	2,551,000
Weighted-average diluted shares outstanding (in shares)									150,863,000	137,742,000	124,548,000
Earnings (loss) per common share
Continuing operations (in dollars per share)									$0.13	$0.03	($0.17)
Discontinued operations (in dollars per share)									$0.01	$0.23	$0.14
Basic and diluted earnings (loss) per common share (in dollars per share)	$0.02	$0.05	$0.04	$0.03	$0.15	$0.11	$0.01	($0.01)	$0.14	$0.26	($0.03)
Preferred stock, cash dividends declared (in dollars per share)									$1.94	$1.94	$1.94
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)											2,000,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)									1,756,000	2,551,000
Common stock, cash dividends declared (in dollars per share)									$0.55	$0.46	$0.35
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	2,257,486				2,275,730				2,257,486	2,275,730	3,293,730
Common shares, shares outstanding	163,956,675				139,328,366				163,956,675	139,328,366	131,794,547

EARNINGS_PER_SHARE_AND_UNIT_AN3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Details 2) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 20, 2014
Issuance of Common and Preferred Shares
Net proceeds from sale of common shares	$416,001,000	$100,287,000	$102,079,000
Series A Preferred shares, shares outstanding	3,100,000	3,100,000
Series A Preferred shares, percentage	7.75%	7.75%
Liquidation preference	77,500,000	77,500,000
Liquidation preference (per share)	$25	$25
Common Shares
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)				7,475,000
Average sales price per common share (in dollars per share)				$19.33
Number of shares of common stock purchased by underwriters to cover overallotment				975,000
Net proceeds from sale of common shares				143,000,000
Common Shares | Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)	15,200,000	5,700,000
Average sales price per common share (in dollars per share)	$18.22	$17.92
Gross Proceeds from sale of common shares	$273,000,000	$100,300,000
Common shares remained available for issuance	9,200,000
Common Shares | Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold	30,000,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
INCOME TAXES
Valuation allowance	$0	$0
Deferred tax assets, net	1	0.7
Tax benefits associated with share based compensation	$0.70

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
									property	property	property
DISCONTINUED OPERATIONS
Number of facilities related to discontinued operations										35	26
Number of facilities sold in previous years related to discontinued operations									6
REVENUES
Rental income									$330,898	$281,250	$236,160
Other property related income									40,065	32,365	25,821
Total revenues	100,267	97,092	92,337	87,267	82,964	82,487	78,289	74,655	376,963	318,395	266,322
OPERATING EXPENSES
Property operating expenses									132,701	118,222	103,488
Depreciation and amortization									126,813	112,313	109,830
Total operating expenses	82,454	73,966	70,347	68,653	65,796	66,255	66,025	65,871	295,420	263,947	242,535
OPERATING INCOME									81,543	54,448	23,787
OTHER (EXPENSE) INCOME
Interest expense on loans									-46,802	-40,424	-40,318
Gain from dispositions of discontinued operations										27,440	9,811
Total discontinued operations									336	31,585	16,904
Discontinued operations
REVENUES
Rental income										10,795	21,077
Other property related income										1,583	2,703
Total revenues										12,378	23,780
OPERATING EXPENSES
Property operating expenses									-336	5,318	10,742
Depreciation and amortization										2,703	5,548
Total operating expenses									-336	8,021	16,290
OPERATING INCOME									336	4,357	7,490
OTHER (EXPENSE) INCOME
Interest expense on loans										-212	-397
Gain from dispositions of discontinued operations										27,440	9,811
Total discontinued operations									$336	$31,585	$16,904

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated results of operations on a pro forma basis
Pro forma revenue	$405,171	$378,518
Pro forma income from continuing operations	59,406	-276
Earnings (loss) per share from continuing operations:
Basic and diluted - as reported (in dollars per share)	$0.13	$0.03	($0.17)
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic	$0.36	($0.05)
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted	$0.35	($0.05)
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired (in properties)	53
Aggregate purchase or sale price	$568,200	$126,400	$60,000

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly financial information
Total revenues	$100,267	$97,092	$92,337	$87,267	$82,964	$82,487	$78,289	$74,655	$376,963	$318,395	$266,322
Total operating expenses	82,454	73,966	70,347	68,653	65,796	66,255	66,025	65,871	295,420	263,947	242,535
Net (loss) income attributable to the company	$5,483	$8,480	$7,886	$4,530	$22,948	$16,342	$2,550	($392)	$26,379	$41,448	$1,817
Basic and diluted (loss) earnings per share (in dollars per share)	$0.02	$0.05	$0.04	$0.03	$0.15	$0.11	$0.01	($0.01)	$0.14	$0.26	($0.03)

SCHEDULE_III_REAL_ESTATE_AND_R1

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	sqft
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	28,621,742
Initial cost
Land	$524,475
Building and Improvements	2,303,584
Costs Subsequent to Acquisition	221,302
Gross Carrying Amount at year end
Land	545,393
Building and Improvements	2,304,653
Total	2,850,046
Total	3,117,198	2,553,706	2,443,022
Accumulated Depreciation	398,496
Minimum
Gross Carrying Amount at year end
Estimated useful lives	5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives	39 years
YSI 20
REAL ESTATE AND RELATED DEPRECIATION
Encumbrances	54,091
YSI 33
REAL ESTATE AND RELATED DEPRECIATION
Encumbrances	10,429
Chandler I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,520
Initial cost
Land	327
Building and Improvements	1,257
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,353
Total	1,680
Accumulated Depreciation	421
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,819
Initial cost
Land	1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	12
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,496
Total	9,014
Accumulated Depreciation	474
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,380
Initial cost
Land	951
Building and Improvements	4,688
Costs Subsequent to Acquisition	11
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,699
Total	5,650
Accumulated Depreciation	1,305
Glendale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	56,807
Initial cost
Land	201
Building and Improvements	2,265
Costs Subsequent to Acquisition	1,010
Gross Carrying Amount at year end
Land	418
Building and Improvements	2,725
Total	3,143
Accumulated Depreciation	1,249
Green Valley, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	25,050
Initial cost
Land	298
Building and Improvements	1,153
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,075
Total	1,373
Accumulated Depreciation	297
Mesa I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,575
Initial cost
Land	920
Building and Improvements	2,739
Costs Subsequent to Acquisition	176
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,469
Total	3,390
Accumulated Depreciation	690
Mesa II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	45,511
Initial cost
Land	731
Building and Improvements	2,176
Costs Subsequent to Acquisition	189
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,048
Total	2,779
Accumulated Depreciation	566
Mesa III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,264
Initial cost
Land	706
Building and Improvements	2,101
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	706
Building and Improvements	1,899
Total	2,605
Accumulated Depreciation	538
Phoenix I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	100,775
Initial cost
Land	1,134
Building and Improvements	3,376
Costs Subsequent to Acquisition	348
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	3,075
Total	4,210
Accumulated Depreciation	870
Phoenix II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,160
Initial cost
Land	756
Building and Improvements	2,251
Costs Subsequent to Acquisition	1,554
Gross Carrying Amount at year end
Land	847
Building and Improvements	3,109
Total	3,956
Accumulated Depreciation	712
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	121,761
Initial cost
Land	2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	24
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,453
Total	12,568
Accumulated Depreciation	83
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	79,525
Initial cost
Land	443
Building and Improvements	4,879
Costs Subsequent to Acquisition	1,698
Gross Carrying Amount at year end
Land	883
Building and Improvements	5,475
Total	6,358
Accumulated Depreciation	2,499
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,890
Initial cost
Land	749
Building and Improvements	2,159
Costs Subsequent to Acquisition	236
Gross Carrying Amount at year end
Land	749
Building and Improvements	2,086
Total	2,835
Accumulated Depreciation	552
Tempe II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	35,125
Initial cost
Land	588
Building and Improvements	2,898
Costs Subsequent to Acquisition	31
Gross Carrying Amount at year end
Land	588
Building and Improvements	2,929
Total	3,517
Accumulated Depreciation	518
Tucson I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,800
Initial cost
Land	188
Building and Improvements	2,078
Costs Subsequent to Acquisition	966
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,590
Total	2,974
Accumulated Depreciation	1,169
Tucson II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	43,950
Initial cost
Land	188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,032
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,635
Total	3,026
Accumulated Depreciation	1,122
Tucson III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,832
Initial cost
Land	532
Building and Improvements	2,048
Costs Subsequent to Acquisition	243
Gross Carrying Amount at year end
Land	533
Building and Improvements	1,930
Total	2,463
Accumulated Depreciation	520
Tucson IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,040
Initial cost
Land	674
Building and Improvements	2,595
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,436
Total	3,111
Accumulated Depreciation	662
Tucson V, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	45,134
Initial cost
Land	515
Building and Improvements	1,980
Costs Subsequent to Acquisition	333
Gross Carrying Amount at year end
Land	515
Building and Improvements	1,957
Total	2,472
Accumulated Depreciation	520
Tucson VI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	40,814
Initial cost
Land	440
Building and Improvements	1,692
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,595
Total	2,025
Accumulated Depreciation	439
Tucson VII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,688
Initial cost
Land	670
Building and Improvements	2,576
Costs Subsequent to Acquisition	275
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,440
Total	3,110
Accumulated Depreciation	673
Tucson VIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,650
Initial cost
Land	589
Building and Improvements	2,265
Costs Subsequent to Acquisition	268
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,182
Total	2,771
Accumulated Depreciation	578
Tucson IX, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,545
Initial cost
Land	724
Building and Improvements	2,786
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,619
Total	3,344
Accumulated Depreciation	730
Tucson X, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,350
Initial cost
Land	424
Building and Improvements	1,633
Costs Subsequent to Acquisition	203
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,526
Total	1,951
Accumulated Depreciation	424
Tucson XI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	42,940
Initial cost
Land	439
Building and Improvements	1,689
Costs Subsequent to Acquisition	391
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,791
Total	2,230
Accumulated Depreciation	507
Tucson XII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	42,225
Initial cost
Land	671
Building and Improvements	2,582
Costs Subsequent to Acquisition	285
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,454
Total	3,126
Accumulated Depreciation	653
Tucson XIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	45,800
Initial cost
Land	587
Building and Improvements	2,258
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	587
Building and Improvements	2,167
Total	2,754
Accumulated Depreciation	584
Tucson XIV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,095
Initial cost
Land	707
Building and Improvements	2,721
Costs Subsequent to Acquisition	455
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,642
Total	3,350
Accumulated Depreciation	707
Benicia, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,770
Initial cost
Land	2,392
Building and Improvements	7,028
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	6,146
Total	8,538
Accumulated Depreciation	1,642
Citrus Heights, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,620
Initial cost
Land	1,633
Building and Improvements	4,793
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	4,254
Total	5,888
Accumulated Depreciation	1,198
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	95,125
Initial cost
Land	2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,385
Total	12,492
Accumulated Depreciation	55
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	102,984
Initial cost
Land	2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	6,491
Total	9,015
Accumulated Depreciation	1,820
Escondido, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	142,895
Initial cost
Land	3,040
Building and Improvements	11,804
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,611
Total	12,651
Accumulated Depreciation	1,991
Fallbrook, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,401
Initial cost
Land	133
Building and Improvements	1,492
Costs Subsequent to Acquisition	1,736
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,722
Total	3,154
Accumulated Depreciation	1,084
Fremont, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,243
Initial cost
Land	1,158
Building and Improvements	5,711
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,750
Total	6,908
Accumulated Depreciation	45
Lancaster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,675
Initial cost
Land	390
Building and Improvements	2,247
Costs Subsequent to Acquisition	956
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,703
Total	3,259
Accumulated Depreciation	950
Long Beach, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	124,571
Initial cost
Land	3,138
Building and Improvements	14,368
Costs Subsequent to Acquisition	493
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	12,950
Total	16,088
Accumulated Depreciation	3,352
Murrieta, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,795
Initial cost
Land	1,883
Building and Improvements	5,532
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,835
Total	6,738
Accumulated Depreciation	1,295
North Highlands, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,169
Initial cost
Land	868
Building and Improvements	2,546
Costs Subsequent to Acquisition	390
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,480
Total	3,348
Accumulated Depreciation	690
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	93,590
Initial cost
Land	1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	17
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,418
Total	10,123
Accumulated Depreciation	44
Orangevale, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,542
Initial cost
Land	1,423
Building and Improvements	4,175
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,770
Total	5,193
Accumulated Depreciation	1,066
Pleasanton, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	85,045
Initial cost
Land	2,799
Building and Improvements	8,222
Costs Subsequent to Acquisition	54
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	7,034
Total	9,833
Accumulated Depreciation	1,896
Rancho Cordova, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,978
Initial cost
Land	1,094
Building and Improvements	3,212
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	2,930
Total	4,025
Accumulated Depreciation	845
Rialto I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,391
Initial cost
Land	899
Building and Improvements	4,118
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,725
Total	4,624
Accumulated Depreciation	972
Rialto II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	99,783
Initial cost
Land	277
Building and Improvements	3,098
Costs Subsequent to Acquisition	1,715
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,034
Total	4,706
Accumulated Depreciation	1,815
Riverside I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,120
Initial cost
Land	1,351
Building and Improvements	6,183
Costs Subsequent to Acquisition	417
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	5,768
Total	7,119
Accumulated Depreciation	1,473
Riverside II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	85,076
Initial cost
Land	1,170
Building and Improvements	5,359
Costs Subsequent to Acquisition	355
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	4,980
Total	6,150
Accumulated Depreciation	1,289
Roseville, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,944
Initial cost
Land	1,284
Building and Improvements	3,767
Costs Subsequent to Acquisition	319
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,491
Total	4,775
Accumulated Depreciation	1,002
Sacramento I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,714
Initial cost
Land	1,152
Building and Improvements	3,380
Costs Subsequent to Acquisition	237
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	3,058
Total	4,210
Accumulated Depreciation	875
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,088
Initial cost
Land	1,406
Building and Improvements	4,128
Costs Subsequent to Acquisition	233
Gross Carrying Amount at year end
Land	1,407
Building and Improvements	3,696
Total	5,103
Accumulated Depreciation	1,039
San Bernardino I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	31,070
Initial cost
Land	51
Building and Improvements	572
Costs Subsequent to Acquisition	1,166
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,422
Total	1,604
Accumulated Depreciation	537
San Bernardino II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	41,546
Initial cost
Land	112
Building and Improvements	1,251
Costs Subsequent to Acquisition	1,228
Gross Carrying Amount at year end
Land	306
Building and Improvements	1,949
Total	2,255
Accumulated Depreciation	817
San Bernardino III, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	35,416
Initial cost
Land	98
Building and Improvements	1,093
Costs Subsequent to Acquisition	1,194
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,806
Total	2,048
Accumulated Depreciation	706
San Bernardino IV, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,307
Initial cost
Land	1,872
Building and Improvements	5,391
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,828
Total	6,700
Accumulated Depreciation	1,316
San Bernardino V, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,595
Initial cost
Land	783
Building and Improvements	3,583
Costs Subsequent to Acquisition	478
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,534
Total	4,317
Accumulated Depreciation	923
San Bernardino VII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,753
Initial cost
Land	1,475
Building and Improvements	6,753
Costs Subsequent to Acquisition	274
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,281
Total	7,571
Accumulated Depreciation	1,643
San Bernardino VIII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	99,004
Initial cost
Land	1,691
Building and Improvements	7,741
Costs Subsequent to Acquisition	439
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,237
Total	7,929
Accumulated Depreciation	2,519
San Marcos, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	37,430
Initial cost
Land	775
Building and Improvements	2,288
Costs Subsequent to Acquisition	119
Gross Carrying Amount at year end
Land	776
Building and Improvements	2,043
Total	2,819
Accumulated Depreciation	571
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	64,071
Initial cost
Land	1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	280
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,107
Total	6,330
Accumulated Depreciation	1,331
South Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,490
Initial cost
Land	790
Building and Improvements	2,319
Costs Subsequent to Acquisition	236
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,143
Total	2,934
Accumulated Depreciation	622
Spring Valley, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	55,045
Initial cost
Land	1,178
Building and Improvements	5,394
Costs Subsequent to Acquisition	561
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,210
Total	6,388
Accumulated Depreciation	1,368
Temecula I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,320
Initial cost
Land	660
Building and Improvements	4,735
Costs Subsequent to Acquisition	1,231
Gross Carrying Amount at year end
Land	899
Building and Improvements	5,409
Total	6,308
Accumulated Depreciation	1,257
Temecula II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,318
Initial cost
Land	3,080
Building and Improvements	5,839
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	5,108
Total	8,188
Accumulated Depreciation	1,060
Vista I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,481
Initial cost
Land	711
Building and Improvements	4,076
Costs Subsequent to Acquisition	2,293
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,442
Total	6,560
Accumulated Depreciation	1,800
Vista II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	147,871
Initial cost
Land	4,629
Building and Improvements	13,599
Costs Subsequent to Acquisition	142
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	11,698
Total	16,327
Accumulated Depreciation	3,165
Walnut, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,708
Initial cost
Land	1,578
Building and Improvements	4,635
Costs Subsequent to Acquisition	236
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	4,133
Total	5,728
Accumulated Depreciation	1,105
West Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	40,015
Initial cost
Land	1,222
Building and Improvements	3,590
Costs Subsequent to Acquisition	200
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	3,236
Total	4,458
Accumulated Depreciation	868
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,428
Initial cost
Land	1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	303
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	4,560
Total	6,303
Accumulated Depreciation	1,292
Aurora, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,867
Initial cost
Land	1,343
Building and Improvements	2,986
Costs Subsequent to Acquisition	313
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	2,764
Total	4,107
Accumulated Depreciation	739
Colorado Springs I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,975
Initial cost
Land	771
Building and Improvements	1,717
Costs Subsequent to Acquisition	337
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,711
Total	2,482
Accumulated Depreciation	449
Colorado Springs II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,400
Initial cost
Land	657
Building and Improvements	2,674
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,377
Total	3,033
Accumulated Depreciation	641
Denver I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,200
Initial cost
Land	673
Building and Improvements	2,741
Costs Subsequent to Acquisition	197
Gross Carrying Amount at year end
Land	671
Building and Improvements	2,436
Total	3,107
Accumulated Depreciation	694
Denver II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,295
Initial cost
Land	1,430
Building and Improvements	7,053
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,123
Total	8,553
Accumulated Depreciation	341
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,770
Initial cost
Land	878
Building and Improvements	1,953
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,810
Total	2,689
Accumulated Depreciation	471
Golden, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	87,800
Initial cost
Land	1,683
Building and Improvements	3,744
Costs Subsequent to Acquisition	404
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,477
Total	5,161
Accumulated Depreciation	915
Littleton, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,490
Initial cost
Land	1,268
Building and Improvements	2,820
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,589
Total	3,857
Accumulated Depreciation	655
Northglenn, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,102
Initial cost
Land	862
Building and Improvements	1,917
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	862
Building and Improvements	1,869
Total	2,731
Accumulated Depreciation	477
Bloomfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,700
Initial cost
Land	78
Building and Improvements	880
Costs Subsequent to Acquisition	2,338
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,644
Total	3,004
Accumulated Depreciation	1,029
Branford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,679
Initial cost
Land	217
Building and Improvements	2,433
Costs Subsequent to Acquisition	1,317
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,055
Total	3,559
Accumulated Depreciation	1,626
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,725
Initial cost
Land	1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	2,759
Total	4,578
Accumulated Depreciation	849
East Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,016
Initial cost
Land	744
Building and Improvements	1,294
Costs Subsequent to Acquisition	458
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,482
Total	2,226
Accumulated Depreciation	448
Enfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,875
Initial cost
Land	424
Building and Improvements	2,424
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,229
Total	2,702
Accumulated Depreciation	873
Gales Ferry, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,805
Initial cost
Land	240
Building and Improvements	2,697
Costs Subsequent to Acquisition	1,458
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,473
Total	3,962
Accumulated Depreciation	1,503
Manchester I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,925
Initial cost
Land	540
Building and Improvements	3,096
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,684
Total	3,247
Accumulated Depreciation	1,100
Manchester II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,725
Initial cost
Land	996
Building and Improvements	1,730
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,677
Total	2,673
Accumulated Depreciation	495
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,113
Initial cost
Land	671
Building and Improvements	3,308
Costs Subsequent to Acquisition	6
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,314
Total	3,985
Accumulated Depreciation	26
Milford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	44,885
Initial cost
Land	87
Building and Improvements	1,050
Costs Subsequent to Acquisition	1,129
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,707
Total	1,981
Accumulated Depreciation	819
Monroe, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,500
Initial cost
Land	2,004
Building and Improvements	3,483
Costs Subsequent to Acquisition	600
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,399
Total	5,403
Accumulated Depreciation	1,072
Mystic, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,825
Initial cost
Land	136
Building and Improvements	1,645
Costs Subsequent to Acquisition	1,927
Gross Carrying Amount at year end
Land	410
Building and Improvements	2,840
Total	3,250
Accumulated Depreciation	1,377
Newington I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	42,620
Initial cost
Land	1,059
Building and Improvements	1,840
Costs Subsequent to Acquisition	206
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,752
Total	2,811
Accumulated Depreciation	518
Newington II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	36,140
Initial cost
Land	911
Building and Improvements	1,584
Costs Subsequent to Acquisition	231
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,541
Total	2,452
Accumulated Depreciation	463
Norwalk, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	30,414
Initial cost
Land	646
Building and Improvements	3,187
Costs Subsequent to Acquisition	48
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,235
Total	3,881
Accumulated Depreciation	171
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	86,950
Initial cost
Land	3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	519
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	5,039
Total	8,131
Accumulated Depreciation	1,537
Old Saybrook II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	26,425
Initial cost
Land	1,135
Building and Improvements	1,973
Costs Subsequent to Acquisition	231
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,877
Total	3,012
Accumulated Depreciation	586
Shelton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,430
Initial cost
Land	1,449
Building and Improvements	8,221
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	1,449
Building and Improvements	7,317
Total	8,766
Accumulated Depreciation	678
South Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,075
Initial cost
Land	90
Building and Improvements	1,127
Costs Subsequent to Acquisition	1,322
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,062
Total	2,334
Accumulated Depreciation	859
Stamford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	28,907
Initial cost
Land	1,941
Building and Improvements	3,374
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	2,940
Total	4,881
Accumulated Depreciation	891
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,515
Encumbrances	12,635
Initial cost
Land	2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	172
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	12,494
Total	14,915
Accumulated Depreciation	824
Washington I, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,085
Initial cost
Land	871
Building and Improvements	12,759
Costs Subsequent to Acquisition	403
Gross Carrying Amount at year end
Land	894
Building and Improvements	10,480
Total	11,374
Accumulated Depreciation	2,048
Washington II, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	82,982
Initial cost
Land	3,152
Building and Improvements	13,612
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	11,983
Total	15,137
Accumulated Depreciation	856
Boca Raton, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	37,958
Initial cost
Land	529
Building and Improvements	3,054
Costs Subsequent to Acquisition	1,564
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,711
Total	4,524
Accumulated Depreciation	1,259
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,749
Initial cost
Land	667
Building and Improvements	3,796
Costs Subsequent to Acquisition	1,801
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,507
Total	5,465
Accumulated Depreciation	1,530
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,579
Initial cost
Land	1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	329
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	2,861
Total	3,891
Accumulated Depreciation	778
Boynton Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,393
Initial cost
Land	1,225
Building and Improvements	6,037
Costs Subsequent to Acquisition	12
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,050
Total	7,275
Accumulated Depreciation	48
Bradenton I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,441
Initial cost
Land	1,180
Building and Improvements	3,324
Costs Subsequent to Acquisition	225
Gross Carrying Amount at year end
Land	1,180
Building and Improvements	3,028
Total	4,208
Accumulated Depreciation	854
Bradenton II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	87,958
Initial cost
Land	1,931
Building and Improvements	5,561
Costs Subsequent to Acquisition	975
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,441
Total	7,372
Accumulated Depreciation	1,507
Cape Coral I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,842
Initial cost
Land	472
Building and Improvements	2,769
Costs Subsequent to Acquisition	2,538
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,371
Total	5,201
Accumulated Depreciation	1,786
Cape Coral II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,955
Initial cost
Land	1,093
Building and Improvements	5,387
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,388
Total	6,481
Accumulated Depreciation	14
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	90,400
Initial cost
Land	1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,658
Total	11,595
Accumulated Depreciation	77
Coconut Creek I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,883
Initial cost
Land	1,189
Building and Improvements	5,863
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	5,968
Total	7,157
Accumulated Depreciation	286
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	168,724
Initial cost
Land	3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,171
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	9,999
Total	13,583
Accumulated Depreciation	2,827
Dania, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,145
Initial cost
Land	205
Building and Improvements	2,068
Costs Subsequent to Acquisition	1,442
Gross Carrying Amount at year end
Land	481
Building and Improvements	2,813
Total	3,294
Accumulated Depreciation	1,375
Davie, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,235
Initial cost
Land	1,268
Building and Improvements	7,183
Costs Subsequent to Acquisition	815
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	5,735
Total	7,108
Accumulated Depreciation	2,500
Deerfield Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,230
Initial cost
Land	946
Building and Improvements	2,999
Costs Subsequent to Acquisition	2,019
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,524
Total	5,835
Accumulated Depreciation	1,631
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,833
Initial cost
Land	798
Building and Improvements	4,539
Costs Subsequent to Acquisition	690
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,229
Total	5,112
Accumulated Depreciation	1,535
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,712
Initial cost
Land	957
Building and Improvements	4,718
Costs Subsequent to Acquisition	194
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,912
Total	5,869
Accumulated Depreciation	1,507
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	94,495
Initial cost
Land	2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,289
Total	12,375
Accumulated Depreciation	82
Fernandina Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	121,083
Initial cost
Land	378
Building and Improvements	4,222
Costs Subsequent to Acquisition	3,668
Gross Carrying Amount at year end
Land	643
Building and Improvements	6,991
Total	7,634
Accumulated Depreciation	2,432
Ft. Lauderdale I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,063
Initial cost
Land	937
Building and Improvements	3,646
Costs Subsequent to Acquisition	2,438
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,416
Total	6,800
Accumulated Depreciation	1,994
Ft. Lauderdale II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,507
Initial cost
Land	862
Building and Improvements	4,250
Costs Subsequent to Acquisition	54
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,305
Total	5,167
Accumulated Depreciation	1,834
Ft. Myers I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,546
Initial cost
Land	303
Building and Improvements	3,329
Costs Subsequent to Acquisition	824
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,167
Total	3,495
Accumulated Depreciation	1,637
Ft. Myers II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,125
Initial cost
Land	1,030
Building and Improvements	5,080
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,084
Total	6,114
Accumulated Depreciation	40
Ft. Myers III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,554
Initial cost
Land	1,148
Building and Improvements	5,658
Costs Subsequent to Acquisition	29
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,688
Total	6,836
Accumulated Depreciation	46
Jacksonville I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,215
Initial cost
Land	1,862
Building and Improvements	5,362
Costs Subsequent to Acquisition	72
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,752
Total	6,614
Accumulated Depreciation	1,190
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,070
Initial cost
Land	950
Building and Improvements	7,004
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,571
Total	6,521
Accumulated Depreciation	1,143
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,590
Initial cost
Land	860
Building and Improvements	7,409
Costs Subsequent to Acquisition	989
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	5,997
Total	7,667
Accumulated Depreciation	1,239
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	77,535
Initial cost
Land	870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,030
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,004
Total	8,655
Accumulated Depreciation	1,449
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	82,235
Initial cost
Land	1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	312
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,813
Total	8,033
Accumulated Depreciation	1,406
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,425
Initial cost
Land	755
Building and Improvements	3,725
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,725
Total	4,480
Accumulated Depreciation	10
Kendall, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,495
Initial cost
Land	2,350
Building and Improvements	8,106
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,534
Total	8,884
Accumulated Depreciation	1,346
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	160,949
Initial cost
Land	183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,161
Gross Carrying Amount at year end
Land	354
Building and Improvements	11,076
Total	11,430
Accumulated Depreciation	4,680
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	87,050
Initial cost
Land	1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	100
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,753
Total	9,305
Accumulated Depreciation	61
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,095
Initial cost
Land	81
Building and Improvements	896
Costs Subsequent to Acquisition	1,127
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,440
Total	1,696
Accumulated Depreciation	803
Leisure City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	56,042
Initial cost
Land	409
Building and Improvements	2,018
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,144
Total	2,553
Accumulated Depreciation	105
Lutz I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	66,795
Initial cost
Land	901
Building and Improvements	2,478
Costs Subsequent to Acquisition	232
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,325
Total	3,226
Accumulated Depreciation	640
Lutz II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,232
Initial cost
Land	992
Building and Improvements	2,868
Costs Subsequent to Acquisition	339
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,717
Total	3,709
Accumulated Depreciation	769
Margate I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,660
Initial cost
Land	161
Building and Improvements	1,763
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,196
Total	3,595
Accumulated Depreciation	1,402
Margate II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,180
Initial cost
Land	132
Building and Improvements	1,473
Gross Carrying Amount at year end
Land	383
Building and Improvements	2,663
Total	3,046
Accumulated Depreciation	1,204
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,281
Initial cost
Land	716
Building and Improvements	2,983
Costs Subsequent to Acquisition	606
Gross Carrying Amount at year end
Land	796
Building and Improvements	2,851
Total	3,647
Accumulated Depreciation	888
Miami I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,500
Initial cost
Land	179
Building and Improvements	1,999
Costs Subsequent to Acquisition	1,811
Gross Carrying Amount at year end
Land	484
Building and Improvements	3,123
Total	3,607
Accumulated Depreciation	1,720
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	66,960
Initial cost
Land	253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,456
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,183
Total	3,744
Accumulated Depreciation	1,634
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	150,425
Initial cost
Land	4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	816
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	12,177
Total	16,754
Accumulated Depreciation	3,073
Miami IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,337
Initial cost
Land	1,852
Building and Improvements	10,494
Costs Subsequent to Acquisition	878
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,812
Total	11,775
Accumulated Depreciation	933
Miramar, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,530
Initial cost
Land	1,206
Building and Improvements	5,944
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	5,995
Total	7,201
Accumulated Depreciation	697
Naples I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,150
Initial cost
Land	90
Building and Improvements	1,010
Costs Subsequent to Acquisition	2,509
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,139
Total	3,409
Accumulated Depreciation	1,362
Naples II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,850
Initial cost
Land	148
Building and Improvements	1,652
Costs Subsequent to Acquisition	4,320
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,278
Total	5,836
Accumulated Depreciation	2,162
Naples III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,021
Initial cost
Land	139
Building and Improvements	1,561
Costs Subsequent to Acquisition	4,090
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,340
Total	4,938
Accumulated Depreciation	2,100
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	40,550
Initial cost
Land	262
Building and Improvements	2,980
Costs Subsequent to Acquisition	580
Gross Carrying Amount at year end
Land	407
Building and Improvements	2,977
Total	3,384
Accumulated Depreciation	1,445
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,454
Initial cost
Land	1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,215
Total	7,476
Accumulated Depreciation	33
Ocoee, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,250
Initial cost
Land	1,286
Building and Improvements	3,705
Costs Subsequent to Acquisition	176
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,364
Total	4,650
Accumulated Depreciation	880
Orange City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,580
Initial cost
Land	1,191
Building and Improvements	3,209
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	2,926
Total	4,117
Accumulated Depreciation	823
Orlando II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,084
Initial cost
Land	1,589
Building and Improvements	4,576
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	4,085
Total	5,674
Accumulated Depreciation	1,089
Orlando III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	101,330
Initial cost
Land	1,209
Building and Improvements	7,768
Costs Subsequent to Acquisition	646
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,028
Total	8,237
Accumulated Depreciation	1,546
Orlando IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,565
Initial cost
Land	633
Building and Improvements	3,587
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,185
Total	3,818
Accumulated Depreciation	337
Orlando V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,358
Initial cost
Land	950
Building and Improvements	4,685
Costs Subsequent to Acquisition	101
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,785
Total	5,735
Accumulated Depreciation	205
Orlando VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,475
Initial cost
Land	640
Building and Improvements	3,154
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,155
Total	3,795
Accumulated Depreciation	8
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,276
Initial cost
Land	440
Building and Improvements	2,824
Costs Subsequent to Acquisition	551
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,704
Total	3,144
Accumulated Depreciation	620
Palm Coast I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,400
Initial cost
Land	555
Building and Improvements	2,735
Costs Subsequent to Acquisition	60
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,795
Total	3,350
Accumulated Depreciation	22
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	122,490
Encumbrances	7,962
Initial cost
Land	1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,700
Total	9,211
Accumulated Depreciation	63
Pembroke Pines, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,321
Initial cost
Land	337
Building and Improvements	3,772
Costs Subsequent to Acquisition	2,745
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,375
Total	6,328
Accumulated Depreciation	3,171
Royal Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,394
Initial cost
Land	1,640
Building and Improvements	8,607
Costs Subsequent to Acquisition	225
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,171
Total	8,811
Accumulated Depreciation	1,478
Sanford I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,810
Initial cost
Land	453
Building and Improvements	2,911
Costs Subsequent to Acquisition	164
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,509
Total	2,962
Accumulated Depreciation	589
Sanford II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,054
Initial cost
Land	1,003
Building and Improvements	4,944
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	4,945
Total	5,948
Accumulated Depreciation	26
Sarasota, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,152
Initial cost
Land	333
Building and Improvements	3,656
Costs Subsequent to Acquisition	1,313
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,774
Total	4,303
Accumulated Depreciation	1,912
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,725
Initial cost
Land	135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,330
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,274
Total	4,657
Accumulated Depreciation	1,858
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	87,176
Initial cost
Land	324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,070
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,762
Total	6,447
Accumulated Depreciation	2,504
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	64,955
Initial cost
Land	1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	5,875
Total	7,265
Accumulated Depreciation	1,215
Tampa, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,913
Initial cost
Land	2,670
Building and Improvements	6,249
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,017
Total	7,687
Accumulated Depreciation	1,036
West Palm Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,061
Initial cost
Land	719
Building and Improvements	3,420
Costs Subsequent to Acquisition	1,547
Gross Carrying Amount at year end
Land	835
Building and Improvements	3,992
Total	4,827
Accumulated Depreciation	1,439
West Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	94,428
Initial cost
Land	2,129
Building and Improvements	8,671
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,724
Total	9,853
Accumulated Depreciation	2,173
West Palm Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	77,664
Initial cost
Land	804
Building and Improvements	3,962
Costs Subsequent to Acquisition	41
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,002
Total	4,806
Accumulated Depreciation	168
West Palm Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	102,912
Initial cost
Land	1,499
Building and Improvements	7,392
Costs Subsequent to Acquisition	133
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,524
Total	9,023
Accumulated Depreciation	59
Winter Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,356
Initial cost
Land	866
Building and Improvements	4,268
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,269
Total	5,135
Accumulated Depreciation	23
Alpharetta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	90,501
Initial cost
Land	806
Building and Improvements	4,720
Costs Subsequent to Acquisition	1,006
Gross Carrying Amount at year end
Land	967
Building and Improvements	4,128
Total	5,095
Accumulated Depreciation	1,328
Atlanta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	66,675
Initial cost
Land	822
Building and Improvements	4,053
Costs Subsequent to Acquisition	37
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,091
Total	4,913
Accumulated Depreciation	206
Austell, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,675
Initial cost
Land	1,635
Building and Improvements	4,711
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,257
Total	5,900
Accumulated Depreciation	973
Decatur, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	145,280
Initial cost
Land	616
Building and Improvements	6,776
Costs Subsequent to Acquisition	220
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,089
Total	6,705
Accumulated Depreciation	3,106
Duluth, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,885
Initial cost
Land	373
Building and Improvements	2,044
Costs Subsequent to Acquisition	164
Gross Carrying Amount at year end
Land	373
Building and Improvements	1,884
Total	2,257
Accumulated Depreciation	164
Lawrenceville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	73,615
Initial cost
Land	546
Building and Improvements	2,903
Costs Subsequent to Acquisition	327
Gross Carrying Amount at year end
Land	546
Building and Improvements	2,813
Total	3,359
Accumulated Depreciation	246
Norcross I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	85,420
Initial cost
Land	514
Building and Improvements	2,930
Costs Subsequent to Acquisition	817
Gross Carrying Amount at year end
Land	632
Building and Improvements	3,017
Total	3,649
Accumulated Depreciation	1,201
Norcross II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,545
Initial cost
Land	366
Building and Improvements	2,025
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,895
Total	2,261
Accumulated Depreciation	165
Norcross III, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,220
Initial cost
Land	938
Building and Improvements	4,625
Costs Subsequent to Acquisition	51
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,677
Total	5,615
Accumulated Depreciation	310
Norcross IV, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,505
Initial cost
Land	576
Building and Improvements	2,839
Costs Subsequent to Acquisition	48
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,887
Total	3,463
Accumulated Depreciation	144
Peachtree City I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	49,875
Initial cost
Land	435
Building and Improvements	2,532
Costs Subsequent to Acquisition	668
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,571
Total	3,100
Accumulated Depreciation	846
Peachtree City II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,950
Initial cost
Land	398
Building and Improvements	1,963
Costs Subsequent to Acquisition	16
Gross Carrying Amount at year end
Land	398
Building and Improvements	1,979
Total	2,377
Accumulated Depreciation	100
Smyrna, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,015
Initial cost
Land	750
Building and Improvements	4,271
Costs Subsequent to Acquisition	242
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,483
Total	4,233
Accumulated Depreciation	1,130
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	79,950
Initial cost
Land	1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	319
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,438
Total	6,098
Accumulated Depreciation	942
Suwanee I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	85,125
Initial cost
Land	1,737
Building and Improvements	5,010
Costs Subsequent to Acquisition	282
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,593
Total	6,330
Accumulated Depreciation	990
Suwanee II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	79,590
Initial cost
Land	800
Building and Improvements	6,942
Costs Subsequent to Acquisition	37
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,775
Total	6,397
Accumulated Depreciation	1,196
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	31,325
Initial cost
Land	428
Building and Improvements	3,531
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,372
Total	3,800
Accumulated Depreciation	934
Aurora, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	73,985
Initial cost
Land	644
Building and Improvements	3,652
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,285
Total	3,929
Accumulated Depreciation	919
Bartlett, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,425
Initial cost
Land	931
Building and Improvements	2,493
Costs Subsequent to Acquisition	278
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,389
Total	3,320
Accumulated Depreciation	654
Bellwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	86,550
Initial cost
Land	1,012
Building and Improvements	5,768
Costs Subsequent to Acquisition	805
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,275
Total	6,287
Accumulated Depreciation	1,820
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,070
Initial cost
Land	1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,259
Total	9,934
Accumulated Depreciation	44
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	95,715
Initial cost
Land	2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	13,118
Total	15,785
Accumulated Depreciation	69
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,980
Initial cost
Land	833
Building and Improvements	4,035
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,036
Total	4,869
Accumulated Depreciation	21
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,964
Initial cost
Land	2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	11,963
Total	14,390
Accumulated Depreciation	63
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	99,931
Initial cost
Land	2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	12,687
Total	15,294
Accumulated Depreciation	67
Des Plaines, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,600
Initial cost
Land	1,564
Building and Improvements	4,327
Costs Subsequent to Acquisition	519
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,207
Total	5,771
Accumulated Depreciation	1,150
Elk Grove Village, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	64,104
Initial cost
Land	1,446
Building and Improvements	3,535
Costs Subsequent to Acquisition	285
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	3,292
Total	4,738
Accumulated Depreciation	946
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,050
Initial cost
Land	1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,623
Total	6,726
Accumulated Depreciation	964
Glenview, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	100,085
Initial cost
Land	3,740
Building and Improvements	10,367
Costs Subsequent to Acquisition	559
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	9,461
Total	13,201
Accumulated Depreciation	2,599
Gurnee, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,300
Initial cost
Land	1,521
Building and Improvements	5,440
Costs Subsequent to Acquisition	263
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	4,940
Total	6,461
Accumulated Depreciation	1,414
Hanover, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	41,190
Initial cost
Land	1,126
Building and Improvements	2,197
Costs Subsequent to Acquisition	261
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,119
Total	3,245
Accumulated Depreciation	583
Harvey, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,090
Initial cost
Land	869
Building and Improvements	3,635
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,304
Total	4,173
Accumulated Depreciation	923
Joliet, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,865
Initial cost
Land	547
Building and Improvements	4,704
Costs Subsequent to Acquisition	229
Gross Carrying Amount at year end
Land	547
Building and Improvements	4,274
Total	4,821
Accumulated Depreciation	1,195
Kildeer, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,485
Initial cost
Land	2,102
Building and Improvements	2,187
Costs Subsequent to Acquisition	217
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	2,203
Total	4,200
Accumulated Depreciation	584
Lombard, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,691
Initial cost
Land	1,305
Building and Improvements	3,938
Costs Subsequent to Acquisition	659
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	3,996
Total	5,301
Accumulated Depreciation	1,158
Mount Prospect, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,000
Initial cost
Land	1,701
Building and Improvements	3,114
Costs Subsequent to Acquisition	412
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,074
Total	4,775
Accumulated Depreciation	827
Mundelein, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	44,700
Initial cost
Land	1,498
Building and Improvements	2,782
Costs Subsequent to Acquisition	236
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,606
Total	4,104
Accumulated Depreciation	715
North Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,400
Initial cost
Land	1,073
Building and Improvements	3,006
Costs Subsequent to Acquisition	370
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	2,891
Total	3,964
Accumulated Depreciation	810
Plainfield I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,900
Initial cost
Land	1,770
Building and Improvements	1,715
Costs Subsequent to Acquisition	237
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,660
Total	3,400
Accumulated Depreciation	452
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,900
Initial cost
Land	694
Building and Improvements	2,000
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	694
Building and Improvements	1,820
Total	2,514
Accumulated Depreciation	476
Schaumburg, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	31,160
Initial cost
Land	538
Building and Improvements	645
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	538
Building and Improvements	692
Total	1,230
Accumulated Depreciation	184
Streamwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	64,305
Initial cost
Land	1,447
Building and Improvements	1,662
Costs Subsequent to Acquisition	352
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,703
Total	3,150
Accumulated Depreciation	470
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,796
Initial cost
Land	1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	222
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	2,862
Total	3,928
Accumulated Depreciation	745
Waukegan, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	79,500
Initial cost
Land	1,198
Building and Improvements	4,363
Costs Subsequent to Acquisition	337
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	4,047
Total	5,245
Accumulated Depreciation	1,138
West Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,175
Initial cost
Land	1,071
Building and Improvements	2,249
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,232
Total	3,303
Accumulated Depreciation	605
Westmont, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	53,150
Initial cost
Land	1,155
Building and Improvements	3,873
Costs Subsequent to Acquisition	226
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,559
Total	4,714
Accumulated Depreciation	974
Wheeling I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,210
Initial cost
Land	857
Building and Improvements	3,213
Costs Subsequent to Acquisition	325
Gross Carrying Amount at year end
Land	857
Building and Improvements	3,065
Total	3,922
Accumulated Depreciation	858
Wheeling II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,825
Initial cost
Land	793
Building and Improvements	3,816
Costs Subsequent to Acquisition	451
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,716
Total	4,509
Accumulated Depreciation	1,036
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,232
Initial cost
Land	943
Building and Improvements	3,397
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	943
Building and Improvements	3,103
Total	4,046
Accumulated Depreciation	870
Schererville, IN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,280
Initial cost
Land	1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,611
Total	6,745
Accumulated Depreciation	45
Boston I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	33,286
Initial cost
Land	538
Building and Improvements	3,048
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,731
Total	3,269
Accumulated Depreciation	294
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,420
Initial cost
Land	1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	333
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,125
Total	8,641
Accumulated Depreciation	2,410
Boston III, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	108,205
Initial cost
Land	3,211
Building and Improvements	15,829
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	15,831
Total	19,042
Accumulated Depreciation	126
Leominster, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,023
Initial cost
Land	90
Building and Improvements	1,519
Costs Subsequent to Acquisition	2,445
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,346
Total	3,684
Accumulated Depreciation	1,621
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,725
Initial cost
Land	1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	241
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	5,928
Total	7,258
Accumulated Depreciation	1,188
Stoneham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,900
Initial cost
Land	1,558
Building and Improvements	7,679
Costs Subsequent to Acquisition	62
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	7,741
Total	9,299
Accumulated Depreciation	1,176
Tewksbury, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,832
Initial cost
Land	1,537
Building and Improvements	7,579
Costs Subsequent to Acquisition	14
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,593
Total	9,130
Accumulated Depreciation	60
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	93,550
Initial cost
Land	1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,285
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,857
Total	7,030
Accumulated Depreciation	2,132
Beltsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,707
Initial cost
Land	1,277
Building and Improvements	6,295
Costs Subsequent to Acquisition	41
Gross Carrying Amount at year end
Land	1,277
Building and Improvements	6,335
Total	7,612
Accumulated Depreciation	2,053
California, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	77,840
Initial cost
Land	1,486
Building and Improvements	4,280
Costs Subsequent to Acquisition	169
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	3,857
Total	5,343
Accumulated Depreciation	1,079
Clinton, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,225
Encumbrances	8,427
Initial cost
Land	2,182
Building and Improvements	10,757
Costs Subsequent to Acquisition	26
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,782
Total	12,964
Accumulated Depreciation	1,043
District Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,490
Initial cost
Land	1,527
Building and Improvements	8,313
Costs Subsequent to Acquisition	460
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,648
Total	9,175
Accumulated Depreciation	626
Elkridge, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,525
Initial cost
Land	1,155
Building and Improvements	5,695
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	5,815
Total	6,970
Accumulated Depreciation	382
Gaithersburg, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	87,045
Initial cost
Land	3,124
Building and Improvements	9,000
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	8,132
Total	11,256
Accumulated Depreciation	2,256
Hyattsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,765
Initial cost
Land	1,113
Building and Improvements	5,485
Costs Subsequent to Acquisition	33
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,519
Total	6,632
Accumulated Depreciation	2,085
Laurel, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	162,696
Initial cost
Land	1,409
Building and Improvements	8,035
Costs Subsequent to Acquisition	3,592
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	9,521
Total	11,449
Accumulated Depreciation	3,297
Temple Hills I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	97,150
Initial cost
Land	1,541
Building and Improvements	8,788
Costs Subsequent to Acquisition	2,391
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	9,333
Total	11,133
Accumulated Depreciation	3,743
Temple Hills II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,100
Encumbrances	7,466
Initial cost
Land	2,229
Building and Improvements	10,988
Costs Subsequent to Acquisition	15
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,003
Total	13,232
Accumulated Depreciation	88
Timonium, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	66,717
Encumbrances	7,919
Initial cost
Land	2,269
Building and Improvements	11,184
Costs Subsequent to Acquisition	36
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,220
Total	13,489
Accumulated Depreciation	89
Upper Marlboro, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,290
Initial cost
Land	1,309
Building and Improvements	6,455
Costs Subsequent to Acquisition	59
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,513
Total	7,822
Accumulated Depreciation	3,569
Belmont, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,850
Initial cost
Land	385
Building and Improvements	2,196
Costs Subsequent to Acquisition	834
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,349
Total	2,800
Accumulated Depreciation	783
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	109,396
Initial cost
Land	498
Building and Improvements	2,837
Costs Subsequent to Acquisition	706
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,910
Total	3,408
Accumulated Depreciation	1,008
Burlington II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	42,165
Initial cost
Land	320
Building and Improvements	1,829
Costs Subsequent to Acquisition	363
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,760
Total	2,100
Accumulated Depreciation	605
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	112,402
Initial cost
Land	543
Building and Improvements	3,097
Costs Subsequent to Acquisition	670
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,495
Total	4,038
Accumulated Depreciation	1,326
Charlotte, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,000
Initial cost
Land	782
Building and Improvements	4,429
Costs Subsequent to Acquisition	1,458
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,693
Total	5,761
Accumulated Depreciation	1,469
Raleigh, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,675
Initial cost
Land	209
Building and Improvements	2,398
Costs Subsequent to Acquisition	327
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,255
Total	2,551
Accumulated Depreciation	1,083
Bordentown, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,600
Initial cost
Land	457
Building and Improvements	2,255
Costs Subsequent to Acquisition	22
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,277
Total	2,734
Accumulated Depreciation	115
Brick, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,725
Initial cost
Land	234
Building and Improvements	2,762
Costs Subsequent to Acquisition	1,431
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,393
Total	3,878
Accumulated Depreciation	1,750
Cherry Hill I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,500
Initial cost
Land	222
Building and Improvements	1,260
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,159
Total	1,381
Accumulated Depreciation	129
Cherry Hill II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	64,825
Initial cost
Land	471
Building and Improvements	2,323
Costs Subsequent to Acquisition	88
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,410
Total	2,881
Accumulated Depreciation	105
Clifton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	105,550
Initial cost
Land	4,346
Building and Improvements	12,520
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	11,081
Total	15,421
Accumulated Depreciation	2,899
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	91,280
Initial cost
Land	290
Building and Improvements	3,493
Costs Subsequent to Acquisition	2,423
Gross Carrying Amount at year end
Land	779
Building and Improvements	4,748
Total	5,527
Accumulated Depreciation	2,289
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	107,679
Initial cost
Land	504
Building and Improvements	5,763
Costs Subsequent to Acquisition	3,961
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	7,861
Total	9,176
Accumulated Depreciation	3,963
Egg Harbor I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	35,825
Initial cost
Land	104
Building and Improvements	510
Costs Subsequent to Acquisition	30
Gross Carrying Amount at year end
Land	104
Building and Improvements	529
Total	633
Accumulated Depreciation	57
Egg Harbor II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,400
Initial cost
Land	284
Building and Improvements	1,608
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,571
Total	1,855
Accumulated Depreciation	178
Elizabeth, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	38,830
Initial cost
Land	751
Building and Improvements	2,164
Costs Subsequent to Acquisition	454
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,294
Total	3,045
Accumulated Depreciation	601
Fairview, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	27,876
Initial cost
Land	246
Building and Improvements	2,759
Costs Subsequent to Acquisition	442
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,608
Total	2,854
Accumulated Depreciation	1,454
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,420
Initial cost
Land	1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	96
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,451
Total	6,537
Accumulated Depreciation	264
Hamilton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,450
Initial cost
Land	1,885
Building and Improvements	5,430
Costs Subsequent to Acquisition	246
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	4,911
Total	6,804
Accumulated Depreciation	1,166
Hoboken, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	34,180
Initial cost
Land	1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	641
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	3,961
Total	5,331
Accumulated Depreciation	1,138
Linden, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	100,425
Initial cost
Land	517
Building and Improvements	6,008
Costs Subsequent to Acquisition	2,291
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	6,817
Total	7,860
Accumulated Depreciation	3,669
Lumberton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	96,025
Initial cost
Land	987
Building and Improvements	4,864
Costs Subsequent to Acquisition	88
Gross Carrying Amount at year end
Land	987
Building and Improvements	4,952
Total	5,939
Accumulated Depreciation	251
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,976
Initial cost
Land	500
Building and Improvements	5,602
Costs Subsequent to Acquisition	2,687
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	6,679
Total	7,751
Accumulated Depreciation	4,646
Parsippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,550
Initial cost
Land	475
Building and Improvements	5,322
Costs Subsequent to Acquisition	2,008
Gross Carrying Amount at year end
Land	844
Building and Improvements	6,016
Total	6,860
Accumulated Depreciation	3,096
Rahway, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,121
Initial cost
Land	1,486
Building and Improvements	7,326
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	7,424
Total	8,910
Accumulated Depreciation	1,725
Randolph, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	52,565
Initial cost
Land	855
Building and Improvements	4,872
Costs Subsequent to Acquisition	1,323
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,861
Total	5,969
Accumulated Depreciation	1,707
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,826
Initial cost
Land	484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,317
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,232
Total	3,938
Accumulated Depreciation	1,123
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,485
Initial cost
Land	1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,199
Total	7,442
Accumulated Depreciation	295
Whippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	92,070
Initial cost
Land	2,153
Building and Improvements	10,615
Costs Subsequent to Acquisition	86
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	10,701
Total	12,854
Accumulated Depreciation	332
Albuquerque I, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,927
Initial cost
Land	1,039
Building and Improvements	3,395
Costs Subsequent to Acquisition	273
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	3,084
Total	4,123
Accumulated Depreciation	879
Albuquerque II, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,798
Initial cost
Land	1,163
Building and Improvements	3,801
Costs Subsequent to Acquisition	257
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,435
Total	4,598
Accumulated Depreciation	981
Albuquerque III, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,536
Initial cost
Land	664
Building and Improvements	2,171
Costs Subsequent to Acquisition	334
Gross Carrying Amount at year end
Land	664
Building and Improvements	2,117
Total	2,781
Accumulated Depreciation	592
Henderson, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,150
Initial cost
Land	1,246
Building and Improvements	6,143
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,143
Total	7,389
Accumulated Depreciation	33
Las Vegas I, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,332
Initial cost
Land	1,851
Building and Improvements	2,986
Costs Subsequent to Acquisition	486
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,061
Total	4,912
Accumulated Depreciation	874
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,850
Initial cost
Land	3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	306
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	5,136
Total	8,491
Accumulated Depreciation	1,515
Bronx I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,308
Initial cost
Land	2,014
Building and Improvements	11,411
Costs Subsequent to Acquisition	738
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	10,556
Total	12,570
Accumulated Depreciation	1,172
Bronx II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	90,170
Initial cost
Building and Improvements	31,561
Costs Subsequent to Acquisition	92
Gross Carrying Amount at year end
Building and Improvements	31,118
Total	31,118
Accumulated Depreciation	1,914
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	106,065
Initial cost
Land	6,017
Building and Improvements	33,999
Costs Subsequent to Acquisition	142
Gross Carrying Amount at year end
Land	6,017
Building and Improvements	29,794
Total	35,811
Accumulated Depreciation	2,588
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,030
Initial cost
Building and Improvements	22,830
Costs Subsequent to Acquisition	96
Gross Carrying Amount at year end
Building and Improvements	20,272
Total	20,272
Accumulated Depreciation	1,442
Bronx V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,733
Initial cost
Building and Improvements	17,564
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Building and Improvements	15,610
Total	15,610
Accumulated Depreciation	1,192
Bronx VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,020
Initial cost
Building and Improvements	15,095
Costs Subsequent to Acquisition	327
Gross Carrying Amount at year end
Building and Improvements	13,391
Total	13,391
Accumulated Depreciation	1,249
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,625
Encumbrances	8,780
Initial cost
Building and Improvements	22,512
Costs Subsequent to Acquisition	67
Gross Carrying Amount at year end
Building and Improvements	22,688
Total	22,688
Accumulated Depreciation	1,501
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	30,550
Encumbrances	3,082
Initial cost
Land	1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	128
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,295
Total	7,546
Accumulated Depreciation	412
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	147,720
Encumbrances	23,767
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	847
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,124
Total	48,091
Accumulated Depreciation	2,447
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	159,780
Encumbrances	27,873
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	270
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,086
Total	54,176
Accumulated Depreciation	2,402
Bronx XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,902
Initial cost
Building and Improvements	17,130
Costs Subsequent to Acquisition	11
Gross Carrying Amount at year end
Building and Improvements	17,141
Total	17,141
Accumulated Depreciation	115
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,500
Initial cost
Land	1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	247
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,002
Total	10,797
Accumulated Depreciation	997
Brooklyn II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,920
Initial cost
Land	1,601
Building and Improvements	9,073
Costs Subsequent to Acquisition	438
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,213
Total	9,814
Accumulated Depreciation	905
Brooklyn III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	41,585
Initial cost
Land	3,195
Building and Improvements	15,657
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	3,195
Building and Improvements	15,814
Total	19,009
Accumulated Depreciation	911
Brooklyn IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	37,467
Initial cost
Land	2,500
Building and Improvements	12,252
Costs Subsequent to Acquisition	130
Gross Carrying Amount at year end
Land	2,500
Building and Improvements	12,445
Total	14,945
Accumulated Depreciation	799
Brooklyn V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,010
Initial cost
Land	2,207
Building and Improvements	10,814
Costs Subsequent to Acquisition	79
Gross Carrying Amount at year end
Land	2,207
Building and Improvements	10,947
Total	13,154
Accumulated Depreciation	953
Brooklyn VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,640
Initial cost
Land	4,016
Building and Improvements	19,680
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	4,016
Building and Improvements	19,856
Total	23,872
Accumulated Depreciation	1,655
Brooklyn VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,685
Initial cost
Land	5,816
Building and Improvements	28,498
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	5,816
Building and Improvements	28,761
Total	34,577
Accumulated Depreciation	2,052
Brooklyn VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,075
Initial cost
Land	4,982
Building and Improvements	24,561
Costs Subsequent to Acquisition	26
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,586
Total	29,568
Accumulated Depreciation	196
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,980
Initial cost
Land	2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	25
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,645
Total	17,611
Accumulated Depreciation	117
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	88,385
Initial cost
Land	2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	1,614
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	10,648
Total	12,691
Accumulated Depreciation	3,949
Jamaica II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	91,245
Initial cost
Land	5,496
Building and Improvements	26,930
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	5,496
Building and Improvements	27,194
Total	32,690
Accumulated Depreciation	2,006
Long Island City, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	89,125
Initial cost
Land	5,700
Building and Improvements	28,101
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	5,700
Building and Improvements	28,102
Total	33,802
Accumulated Depreciation	74
New Rochelle I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,037
Initial cost
Land	1,673
Building and Improvements	4,827
Costs Subsequent to Acquisition	667
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	4,846
Total	6,519
Accumulated Depreciation	1,179
New Rochelle II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,145
Initial cost
Land	3,167
Building and Improvements	2,713
Costs Subsequent to Acquisition	276
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,822
Total	22,584
Accumulated Depreciation	1,206
North Babylon, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,341
Initial cost
Land	225
Building and Improvements	2,514
Costs Subsequent to Acquisition	4,080
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,496
Total	6,064
Accumulated Depreciation	2,423
Patchogue, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,739
Initial cost
Land	1,141
Building and Improvements	5,624
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,141
Building and Improvements	5,625
Total	6,766
Accumulated Depreciation	30
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	38,340
Initial cost
Land	1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	195
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	1,111
Total	2,179
Accumulated Depreciation	342
Southold, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,595
Initial cost
Land	2,079
Building and Improvements	2,238
Costs Subsequent to Acquisition	260
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	2,094
Total	4,173
Accumulated Depreciation	653
Staten Island, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	96,623
Initial cost
Land	1,919
Building and Improvements	9,463
Costs Subsequent to Acquisition	53
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	9,517
Total	11,436
Accumulated Depreciation	784
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,343
Initial cost
Land	1,516
Building and Improvements	13,236
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,633
Total	9,149
Accumulated Depreciation	1,179
West Hempstead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,457
Initial cost
Land	2,237
Building and Improvements	11,030
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,142
Total	13,379
Accumulated Depreciation	534
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	86,465
Initial cost
Land	3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	835
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,393
Total	19,688
Accumulated Depreciation	1,521
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,665
Initial cost
Land	2,028
Building and Improvements	11,285
Costs Subsequent to Acquisition	56
Gross Carrying Amount at year end
Land	2,028
Building and Improvements	10,044
Total	12,072
Accumulated Depreciation	759
Wyckoff, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,565
Initial cost
Land	1,961
Building and Improvements	11,113
Costs Subsequent to Acquisition	218
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	9,849
Total	11,810
Accumulated Depreciation	1,013
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	78,595
Initial cost
Land	2,710
Building and Improvements	13,338
Costs Subsequent to Acquisition	126
Gross Carrying Amount at year end
Land	2,710
Building and Improvements	13,477
Total	16,187
Accumulated Depreciation	795
Cleveland I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	46,000
Initial cost
Land	525
Building and Improvements	2,592
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,419
Total	2,943
Accumulated Depreciation	690
Cleveland II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,325
Initial cost
Land	290
Building and Improvements	1,427
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,353
Total	1,642
Accumulated Depreciation	391
Columbus I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,905
Initial cost
Land	1,234
Building and Improvements	3,151
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,745
Total	3,984
Accumulated Depreciation	715
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	36,844
Initial cost
Land	769
Building and Improvements	3,788
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	769
Building and Improvements	3,788
Total	4,557
Accumulated Depreciation	20
Columbus III, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,400
Initial cost
Land	326
Building and Improvements	1,607
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,608
Total	1,934
Accumulated Depreciation	9
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,575
Initial cost
Land	443
Building and Improvements	2,182
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,183
Total	2,626
Accumulated Depreciation	12
Columbus V, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,925
Initial cost
Land	838
Building and Improvements	4,128
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,129
Total	4,967
Accumulated Depreciation	22
Columbus VI, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,725
Initial cost
Land	701
Building and Improvements	3,454
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,455
Total	4,156
Accumulated Depreciation	18
Grove City, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	89,290
Initial cost
Land	1,756
Building and Improvements	4,485
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,044
Total	5,805
Accumulated Depreciation	1,018
Hilliard, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	89,190
Initial cost
Land	1,361
Building and Improvements	3,476
Costs Subsequent to Acquisition	222
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,210
Total	4,576
Accumulated Depreciation	804
Lakewood, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	39,332
Initial cost
Land	405
Building and Improvements	854
Costs Subsequent to Acquisition	560
Gross Carrying Amount at year end
Land	405
Building and Improvements	1,281
Total	1,686
Accumulated Depreciation	859
Lewis Center, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,830
Initial cost
Land	1,056
Building and Improvements	5,206
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,207
Total	6,263
Accumulated Depreciation	28
Middleburg Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	93,200
Initial cost
Land	63
Building and Improvements	704
Costs Subsequent to Acquisition	2,179
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,271
Total	2,603
Accumulated Depreciation	1,037
North Olmsted I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,665
Initial cost
Land	63
Building and Improvements	704
Costs Subsequent to Acquisition	1,350
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,613
Total	1,827
Accumulated Depreciation	804
North Olmsted II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,850
Initial cost
Land	290
Building and Improvements	1,129
Costs Subsequent to Acquisition	1,135
Gross Carrying Amount at year end
Land	469
Building and Improvements	1,997
Total	2,466
Accumulated Depreciation	1,353
North Randall, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,239
Initial cost
Land	515
Building and Improvements	2,323
Costs Subsequent to Acquisition	3,071
Gross Carrying Amount at year end
Land	898
Building and Improvements	4,149
Total	5,047
Accumulated Depreciation	1,756
Reynoldsburg, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,245
Initial cost
Land	1,290
Building and Improvements	3,295
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,092
Total	4,387
Accumulated Depreciation	792
Strongsville, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	43,683
Initial cost
Land	570
Building and Improvements	3,486
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	570
Building and Improvements	2,989
Total	3,559
Accumulated Depreciation	622
Warrensville Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	90,281
Initial cost
Land	525
Building and Improvements	766
Costs Subsequent to Acquisition	2,925
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,103
Total	4,038
Accumulated Depreciation	1,248
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,750
Initial cost
Land	509
Building and Improvements	2,508
Costs Subsequent to Acquisition	202
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,322
Total	2,830
Accumulated Depreciation	680
Conshohocken, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	81,255
Initial cost
Land	1,726
Building and Improvements	8,508
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,611
Total	10,337
Accumulated Depreciation	415
Exton, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,750
Initial cost
Land	541
Building and Improvements	2,668
Costs Subsequent to Acquisition	110
Gross Carrying Amount at year end
Land	541
Building and Improvements	2,778
Total	3,319
Accumulated Depreciation	119
Langhorne, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,050
Initial cost
Land	1,019
Building and Improvements	5,023
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,181
Total	6,200
Accumulated Depreciation	242
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,180
Initial cost
Land	926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,160
Gross Carrying Amount at year end
Land	926
Building and Improvements	5,444
Total	6,370
Accumulated Depreciation	2,014
Malvern, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	18,848
Initial cost
Land	2,959
Building and Improvements	18,198
Costs Subsequent to Acquisition	1,408
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	19,606
Total	22,565
Accumulated Depreciation	174
Montgomeryville, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	84,145
Initial cost
Land	975
Building and Improvements	4,809
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	975
Building and Improvements	4,929
Total	5,904
Accumulated Depreciation	240
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,911
Initial cost
Land	777
Building and Improvements	3,709
Costs Subsequent to Acquisition	567
Gross Carrying Amount at year end
Land	777
Building and Improvements	4,381
Total	5,158
Accumulated Depreciation	253
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	97,414
Initial cost
Land	1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	1,762
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	6,918
Total	8,379
Accumulated Depreciation	2,612
Philadelphia II, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,239
Initial cost
Land	1,012
Building and Improvements	4,990
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,057
Total	6,069
Accumulated Depreciation	41
Exeter, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	41,275
Initial cost
Land	547
Building and Improvements	2,697
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	547
Building and Improvements	2,698
Total	3,245
Accumulated Depreciation	14
Johnston, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	80,725
Initial cost
Land	1,061
Building and Improvements	5,229
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,231
Total	6,292
Accumulated Depreciation	28
Wakefield, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	45,895
Initial cost
Land	823
Building and Improvements	4,058
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,059
Total	4,882
Accumulated Depreciation	21
Woonsocket, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,704
Initial cost
Land	1,049
Building and Improvements	5,172
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,173
Total	6,222
Accumulated Depreciation	27
Antioch, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	76,190
Initial cost
Land	588
Building and Improvements	4,906
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	588
Building and Improvements	4,426
Total	5,014
Accumulated Depreciation	1,167
Nashville I, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	103,840
Initial cost
Land	405
Building and Improvements	3,379
Costs Subsequent to Acquisition	469
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,270
Total	3,675
Accumulated Depreciation	884
Nashville II, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	83,384
Initial cost
Land	593
Building and Improvements	4,950
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	593
Building and Improvements	4,443
Total	5,036
Accumulated Depreciation	1,199
Nashville III, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	101,575
Initial cost
Land	416
Building and Improvements	3,469
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,328
Total	3,744
Accumulated Depreciation	873
Nashville IV, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	102,450
Initial cost
Land	992
Building and Improvements	8,274
Costs Subsequent to Acquisition	351
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,385
Total	8,377
Accumulated Depreciation	1,932
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,870
Encumbrances	3,610
Initial cost
Land	714
Building and Improvements	3,519
Costs Subsequent to Acquisition	59
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,578
Total	4,292
Accumulated Depreciation	188
Austin I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,620
Initial cost
Land	2,239
Building and Improvements	2,038
Costs Subsequent to Acquisition	152
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	1,865
Total	4,104
Accumulated Depreciation	499
Austin II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,151
Initial cost
Land	734
Building and Improvements	3,894
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,577
Total	4,315
Accumulated Depreciation	882
Austin III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,560
Initial cost
Land	1,030
Building and Improvements	5,468
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,032
Total	6,067
Accumulated Depreciation	1,175
Austin IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	65,370
Initial cost
Land	862
Building and Improvements	4,250
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,356
Total	5,218
Accumulated Depreciation	35
Austin V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,850
Initial cost
Land	1,050
Building and Improvements	5,175
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,176
Total	6,226
Accumulated Depreciation	41
Austin VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,770
Initial cost
Land	1,150
Building and Improvements	5,669
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	5,671
Total	6,821
Accumulated Depreciation	30
Bryan, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,400
Initial cost
Land	1,394
Building and Improvements	1,268
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	1,396
Building and Improvements	1,194
Total	2,590
Accumulated Depreciation	327
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	77,140
Initial cost
Land	661
Building and Improvements	3,261
Costs Subsequent to Acquisition	47
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,308
Total	3,969
Accumulated Depreciation	132
College Station, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	26,550
Initial cost
Land	812
Building and Improvements	740
Costs Subsequent to Acquisition	119
Gross Carrying Amount at year end
Land	813
Building and Improvements	710
Total	1,523
Accumulated Depreciation	188
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,181
Initial cost
Land	360
Building and Improvements	1,773
Costs Subsequent to Acquisition	90
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,864
Total	2,224
Accumulated Depreciation	97
Dallas I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,582
Initial cost
Land	2,475
Building and Improvements	2,253
Costs Subsequent to Acquisition	332
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,138
Total	4,613
Accumulated Depreciation	559
Dallas II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	79,123
Initial cost
Land	940
Building and Improvements	4,635
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,738
Total	5,678
Accumulated Depreciation	513
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,589
Initial cost
Land	2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	12,858
Total	15,466
Accumulated Depreciation	34
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,846
Initial cost
Land	553
Building and Improvements	2,936
Costs Subsequent to Acquisition	199
Gross Carrying Amount at year end
Land	569
Building and Improvements	2,645
Total	3,214
Accumulated Depreciation	630
El Paso I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,852
Initial cost
Land	1,983
Building and Improvements	1,805
Costs Subsequent to Acquisition	261
Gross Carrying Amount at year end
Land	1,984
Building and Improvements	1,737
Total	3,721
Accumulated Depreciation	464
El Paso II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	48,800
Initial cost
Land	1,319
Building and Improvements	1,201
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	1,320
Building and Improvements	1,188
Total	2,508
Accumulated Depreciation	317
El Paso III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,102
Initial cost
Land	2,408
Building and Improvements	2,192
Costs Subsequent to Acquisition	216
Gross Carrying Amount at year end
Land	2,409
Building and Improvements	2,075
Total	4,484
Accumulated Depreciation	558
El Paso IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	66,906
Initial cost
Land	2,073
Building and Improvements	1,888
Costs Subsequent to Acquisition	59
Gross Carrying Amount at year end
Land	2,074
Building and Improvements	1,635
Total	3,709
Accumulated Depreciation	523
El Paso V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	62,290
Initial cost
Land	1,758
Building and Improvements	1,617
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	1,514
Total	3,275
Accumulated Depreciation	410
El Paso VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	36,620
Initial cost
Land	660
Building and Improvements	607
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	662
Building and Improvements	631
Total	1,293
Accumulated Depreciation	171
El Paso VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	34,423
Initial cost
Land	563
Building and Improvements	517
Costs Subsequent to Acquisition	8
Gross Carrying Amount at year end
Land	565
Building and Improvements	559
Total	1,124
Accumulated Depreciation	15
Fort Worth I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,246
Initial cost
Land	1,253
Building and Improvements	1,141
Costs Subsequent to Acquisition	220
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,126
Total	2,379
Accumulated Depreciation	282
Fort Worth II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,900
Initial cost
Land	868
Building and Improvements	4,607
Costs Subsequent to Acquisition	292
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,232
Total	5,106
Accumulated Depreciation	1,034
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	50,754
Initial cost
Land	1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	131
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,841
Total	3,934
Accumulated Depreciation	744
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,399
Initial cost
Land	1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	95
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	3,991
Total	5,555
Accumulated Depreciation	1,065
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,765
Initial cost
Land	1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	242
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	5,525
Total	6,679
Accumulated Depreciation	1,354
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	75,035
Initial cost
Land	719
Building and Improvements	4,072
Costs Subsequent to Acquisition	117
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,630
Total	4,349
Accumulated Depreciation	405
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	74,490
Initial cost
Land	1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	16
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,729
Total	6,888
Accumulated Depreciation	46
Frisco VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,926
Initial cost
Land	1,064
Building and Improvements	5,247
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,249
Total	6,313
Accumulated Depreciation	28
Garland I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,100
Initial cost
Land	751
Building and Improvements	3,984
Costs Subsequent to Acquisition	419
Gross Carrying Amount at year end
Land	767
Building and Improvements	3,817
Total	4,584
Accumulated Depreciation	916
Garland II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,425
Initial cost
Land	862
Building and Improvements	4,578
Costs Subsequent to Acquisition	206
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,187
Total	5,049
Accumulated Depreciation	943
Houston III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,820
Initial cost
Land	575
Building and Improvements	524
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	576
Building and Improvements	699
Total	1,275
Accumulated Depreciation	196
Houston IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	43,750
Initial cost
Land	960
Building and Improvements	875
Costs Subsequent to Acquisition	371
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,052
Total	2,013
Accumulated Depreciation	245
Houston V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	125,135
Initial cost
Land	1,153
Building and Improvements	6,122
Costs Subsequent to Acquisition	712
Gross Carrying Amount at year end
Land	1,156
Building and Improvements	5,972
Total	7,128
Accumulated Depreciation	1,327
Houston VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,680
Initial cost
Land	575
Building and Improvements	524
Costs Subsequent to Acquisition	5,709
Gross Carrying Amount at year end
Land	983
Building and Improvements	4,912
Total	5,895
Accumulated Depreciation	443
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,102
Initial cost
Land	681
Building and Improvements	3,355
Costs Subsequent to Acquisition	83
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,438
Total	4,119
Accumulated Depreciation	238
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,241
Initial cost
Land	1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	136
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,514
Total	7,808
Accumulated Depreciation	343
Houston IX, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,218
Initial cost
Land	296
Building and Improvements	1,459
Costs Subsequent to Acquisition	62
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,521
Total	1,817
Accumulated Depreciation	80
Katy, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,308
Initial cost
Land	1,329
Building and Improvements	6,552
Costs Subsequent to Acquisition	9
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,561
Total	7,890
Accumulated Depreciation	957
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,885
Initial cost
Land	890
Building and Improvements	4,727
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	890
Building and Improvements	4,282
Total	5,172
Accumulated Depreciation	1,057
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	58,140
Initial cost
Land	476
Building and Improvements	2,525
Costs Subsequent to Acquisition	295
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,406
Total	2,898
Accumulated Depreciation	566
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	127,609
Initial cost
Land	1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	135
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,353
Total	8,817
Accumulated Depreciation	601
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	63,025
Initial cost
Land	837
Building and Improvements	4,443
Costs Subsequent to Acquisition	197
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,062
Total	4,905
Accumulated Depreciation	983
Mansfield II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,775
Initial cost
Land	662
Building and Improvements	3,261
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,323
Total	3,985
Accumulated Depreciation	193
McKinney I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	47,020
Initial cost
Land	1,632
Building and Improvements	1,486
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,381
Total	3,015
Accumulated Depreciation	364
McKinney II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	70,050
Initial cost
Land	855
Building and Improvements	5,076
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,612
Total	5,469
Accumulated Depreciation	1,131
McKinney III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	67,468
Initial cost
Land	652
Building and Improvements	3,213
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,214
Total	3,866
North Richland Hills, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	57,200
Initial cost
Land	2,252
Building and Improvements	2,049
Costs Subsequent to Acquisition	126
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,798
Total	4,050
Accumulated Depreciation	490
Pearland, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,050
Initial cost
Land	450
Building and Improvements	2,216
Costs Subsequent to Acquisition	82
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,299
Total	2,749
Accumulated Depreciation	121
Richmond, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	102,278
Initial cost
Land	1,437
Building and Improvements	7,083
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,149
Total	8,586
Accumulated Depreciation	322
Roanoke, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	59,660
Initial cost
Land	1,337
Building and Improvements	1,217
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,145
Total	2,482
Accumulated Depreciation	295
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	73,309
Initial cost
Land	2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	306
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,410
Total	5,305
Accumulated Depreciation	612
San Antonio II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	73,230
Initial cost
Land	1,047
Building and Improvements	5,558
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,013
Total	6,065
Accumulated Depreciation	1,134
San Antonio III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,775
Initial cost
Land	996
Building and Improvements	5,286
Costs Subsequent to Acquisition	235
Gross Carrying Amount at year end
Land	996
Building and Improvements	4,799
Total	5,795
Accumulated Depreciation	1,052
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,751
Initial cost
Land	580
Building and Improvements	3,081
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	580
Building and Improvements	2,839
Total	3,419
Accumulated Depreciation	690
Murray I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	60,280
Initial cost
Land	3,847
Building and Improvements	1,017
Costs Subsequent to Acquisition	458
Gross Carrying Amount at year end
Land	3,848
Building and Improvements	1,261
Total	5,109
Accumulated Depreciation	337
Murray II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	71,221
Initial cost
Land	2,147
Building and Improvements	567
Costs Subsequent to Acquisition	460
Gross Carrying Amount at year end
Land	2,148
Building and Improvements	865
Total	3,013
Accumulated Depreciation	262
Salt Lake City I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	56,446
Initial cost
Land	2,695
Building and Improvements	712
Costs Subsequent to Acquisition	477
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,012
Total	3,708
Accumulated Depreciation	251
Salt Lake City II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	51,676
Initial cost
Land	2,074
Building and Improvements	548
Costs Subsequent to Acquisition	364
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	747
Total	2,678
Accumulated Depreciation	203
Alexandria, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	114,150
Encumbrances	9,221
Initial cost
Land	2,812
Building and Improvements	13,865
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,043
Total	16,855
Accumulated Depreciation	745
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	91,667
Encumbrances	7,105
Initial cost
Land	2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,094
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,438
Total	12,531
Accumulated Depreciation	1,045
Fairfax, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	73,325
Initial cost
Land	2,276
Building and Improvements	11,220
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,402
Total	13,678
Accumulated Depreciation	541
Fredericksburg I, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	69,475
Initial cost
Land	1,680
Building and Improvements	4,840
Costs Subsequent to Acquisition	280
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,447
Total	6,127
Accumulated Depreciation	1,086
Fredericksburg II, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	61,057
Initial cost
Land	1,757
Building and Improvements	5,062
Costs Subsequent to Acquisition	320
Gross Carrying Amount at year end
Land	1,758
Building and Improvements	4,690
Total	6,448
Accumulated Depreciation	1,159
Leesburg, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	85,503
Initial cost
Land	1,746
Building and Improvements	9,894
Costs Subsequent to Acquisition	79
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,685
Total	10,431
Accumulated Depreciation	644
Manassas, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	72,745
Initial cost
Land	860
Building and Improvements	4,872
Costs Subsequent to Acquisition	118
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,327
Total	5,187
Accumulated Depreciation	467
McLearen, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	68,960
Initial cost
Land	1,482
Building and Improvements	8,400
Costs Subsequent to Acquisition	152
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,397
Total	8,879
Accumulated Depreciation	764
Vienna, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet)	54,698
Initial cost
Land	2,300
Building and Improvements	11,340
Costs Subsequent to Acquisition	115
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,456
Total	13,756
Accumulated Depreciation	549
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Building and Improvements	168
Total	168
Accumulated Depreciation	29
USIFB
Initial cost
Costs Subsequent to Acquisition	5,702
Gross Carrying Amount at year end
Building and Improvements	5,702
Total	5,702
Accumulated Depreciation	$1,247

SCHEDULE_III_REAL_ESTATE_AND_R2

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Activity in Storage facilities
Balance at beginning of year	$2,553,706	$2,443,022
Acquisitions & improvements	576,845	219,751
Fully depreciated assets	-6,855	-14,398
Dispositions and other	-13,716	-127,700
Construction in progress	7,218	33,031
Balance at end of year	3,117,198	2,553,706
Activity in Accumulated depreciation
Balance at beginning of year	398,536	353,315
Depreciation expense	101,542	87,708
Fully depreciated assets	-6,855	-14,398
Dispositions and other	-1,154	-28,089
Balance at end of year	492,069	398,536
Real Estate Investment Property, Net	$2,625,129	$2,155,170

CONSOLIDATED_BALANCE_SHEETS_LP

CONSOLIDATED BALANCE SHEETS (LP cube) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Storage facilities	$3,117,198	$2,553,706
Less: Accumulated depreciation	-492,069	-398,536
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively)	2,625,129	2,155,170
Cash and cash equivalents	2,901	3,176
Restricted cash	3,305	4,025
Loan procurement costs, net of amortization	10,653	12,687
Investment in real estate venture, at equity	95,709	156,310
Other assets, net	48,642	27,256
Total assets	2,786,339	2,358,624
LIABILITIES AND CAPITAL
Unsecured senior notes	500,000	500,000
Revolving credit facility	78,000	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	195,851	200,218
Accounts payable, accrued expenses and other liabilities	69,198	57,599
Distributions payable	28,137	19,955
Deferred revenue	15,311	12,394
Security deposits	401	376
Total liabilities	1,286,898	1,229,142
Limited Partnership interests of third parties	49,823	36,275
Commitments and contingencies
Capital
Accumulated other comprehensive loss	-8,759	-11,014
Total liabilities and equity	2,786,339	2,358,624
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage facilities	3,117,198	2,553,706
Less: Accumulated depreciation	-492,069	-398,536
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively)	2,625,129	2,155,170
Cash and cash equivalents	2,901	3,176
Restricted cash	3,305	4,025
Loan procurement costs, net of amortization	10,653	12,687
Investment in real estate venture, at equity	95,709	156,310
Other assets, net	48,642	27,256
Total assets	2,786,339	2,358,624
LIABILITIES AND CAPITAL
Unsecured senior notes	500,000	500,000
Revolving credit facility	78,000	38,600
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	195,851	200,218
Accounts payable, accrued expenses and other liabilities	69,198	57,599
Distributions payable	28,137	19,955
Deferred revenue	15,311	12,394
Security deposits	401	376
Total liabilities	1,286,898	1,229,142
Limited Partnership interests of third parties	49,823	36,275
Commitments and contingencies
Capital
Operating Partner	1,456,785	1,103,290
Accumulated other comprehensive loss	-8,759	-11,014
Total CubeSmart, L.P. capital	1,448,026	1,092,276
Noncontrolling interests in subsidiaries	1,592	931
Total capital	1,449,618	1,093,207
Total liabilities and equity	$2,786,339	$2,358,624

CONSOLIDATED_BALANCE_SHEETS_Pa1

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Storage facilities, net	$2,625,129	$2,155,170
VIE
Storage facilities, net	49,829	34,559
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	2,625,129	2,155,170
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$49,829	$34,559

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Rental income	$330,898	$281,250	$236,160
Other property related income	40,065	32,365	25,821
Property management fee income	6,000	4,780	4,341
Total revenues	376,963	318,395	266,322
OPERATING EXPENSES
Property operating expenses	132,701	118,222	103,488
Depreciation and amortization	126,813	112,313	109,830
General and administrative	28,422	29,563	26,131
Acquisition related costs	7,484	3,849	3,086
Total operating expenses	295,420	263,947	242,535
OPERATING INCOME	81,543	54,448	23,787
Interest:
Interest expense on loans	-46,802	-40,424	-40,318
Loan procurement amortization expense	-2,190	-2,058	-3,279
Loan procurement amortization expense - early repayment of debt		-414
Equity in losses of real estate ventures	-6,255	-1,151	-745
Gain from remeasurement of investment in real estate venture			7,023
Gain from sale of real estate	475
Other	-405	8	256
Total other expense	-55,177	-44,039	-37,063
INCOME (LOSS) FROM CONTINUING OPERATIONS	26,366	10,409	-13,276
DISCONTINUED OPERATIONS
Income from discontinued operations	336	4,145	7,093
Gain from disposition of discontinued operations		27,440	9,811
Total discontinued operations	336	31,585	16,904
NET INCOME	26,702	41,994	3,628
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	-16	42	-1,918
Distribution to preferred unitholders	-6,008	-6,008	-6,008
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	20,371	35,440	-4,191
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share)	$0.13	$0.03	($0.17)
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per share)	$0.01	$0.23	$0.14
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.14	$0.26	($0.03)
Weighted-average basic units outstanding (in units)	149,107	135,191	124,548
Weighted-average diluted units outstanding (in units)	150,863	137,742	124,548
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income (loss) from continuing operations	20,040	4,392	-20,689
Total discontinued operations	331	31,048	16,498
Net income (loss)	20,371	35,440	-4,191
Basic and diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit)	$0.01	$0.23	$0.14
Basic and diluted earnings (loss) per common share (in dollars per share)	$0.14	$0.26	($0.03)
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	330,898	281,250	236,160
Other property related income	40,065	32,365	25,821
Property management fee income	6,000	4,780	4,341
Total revenues	376,963	318,395	266,322
OPERATING EXPENSES
Property operating expenses	132,701	118,222	103,488
Depreciation and amortization	126,813	112,313	109,830
General and administrative	28,422	29,563	26,131
Acquisition related costs	7,484	3,849	3,086
Total operating expenses	295,420	263,947	242,535
OPERATING INCOME	81,543	54,448	23,787
Interest:
Interest expense on loans	-46,802	-40,424	-40,318
Loan procurement amortization expense	-2,190	-2,058	-3,279
Loan procurement amortization expense - early repayment of debt		-414
Equity in losses of real estate ventures	-6,255	-1,151	-745
Gain from remeasurement of investment in real estate venture			7,023
Gain from sale of real estate	475
Other	-405	8	256
Total other expense	-55,177	-44,039	-37,063
INCOME (LOSS) FROM CONTINUING OPERATIONS	26,366	10,409	-13,276
DISCONTINUED OPERATIONS
Income from discontinued operations	336	4,145	7,093
Gain from disposition of discontinued operations		27,440	9,811
Total discontinued operations	336	31,585	16,904
NET INCOME	26,702	41,994	3,628
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	-16	42	-1,918
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P.	26,686	42,036	1,710
Operating Partnership interests of third parties	-307	-588	107
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	26,379	41,448	1,817
Distribution to preferred unitholders	-6,008	-6,008	-6,008
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	20,371	35,440	-4,191
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share)	$0.13	$0.03	($0.17)
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per share)	$0.01	$0.23	$0.14
Basic earnings (loss) per unit attributable to common unitholders (in dollars per share)	$0.14	$0.26	($0.03)
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share)	$0.13	$0.03	($0.17)
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per share)	$0.01	$0.23	$0.14
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$0.14	$0.26	($0.03)
Weighted-average basic units outstanding (in units)	149,107	135,191	124,548
Weighted-average diluted units outstanding (in units)	150,863	137,742	124,548
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income (loss) from continuing operations	20,040	4,392	-20,689
Total discontinued operations	331	31,048	16,498
Net income (loss)	$20,371	$35,440	($4,191)

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
NET INCOME	$26,702	$41,994	$3,628
Other comprehensive income (loss):
Unrealized (losses) gains on interest rate swaps	-3,944	2,636	-13,548
Reclassification of realized losses on interest rate swaps	6,408	6,266	6,082
Unrealized (loss) gain on foreign currency translation	-175	56	172
OTHER COMPREHENSIVE INCOME (LOSS)	2,289	8,958	-7,294
COMPREHENSIVE INCOME (LOSS)	28,991	50,952	-3,666
Comprehensive (income) loss attributable to Operating Partnership interests of third parties	-338	-740	445
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	-19	18	-1,927
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	28,634	50,230	-5,148
CubeSmart, L.P. and Subsidiaries
NET INCOME	26,702	41,994	3,628
Other comprehensive income (loss):
Unrealized (losses) gains on interest rate swaps	-3,944	2,636	-13,548
Reclassification of realized losses on interest rate swaps	6,408	6,266	6,082
Unrealized (loss) gain on foreign currency translation	-175	56	172
OTHER COMPREHENSIVE INCOME (LOSS)	2,289	8,958	-7,294
COMPREHENSIVE INCOME (LOSS)	28,991	50,952	-3,666
Comprehensive (income) loss attributable to Operating Partnership interests of third parties	-338	-740	445
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	-19	18	-1,927
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$28,634	$50,230	($5,148)

CONSOLIDATED_STATEMENTS_OF_CAP

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$36,275
Contributions from noncontrolling interests in subsidiaries	642	831
Acquisition of noncontrolling interest			-56,984
Adjustment for Operating Partnership interests of third parties	-14,761	-3,292	-19,520
Net income (loss)	20,371	35,440	-4,191
Net income (loss), including temporary equity	26,395	41,406	3,735
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	2,427	8,751	-7,124
Unrealized (loss) gain on foreign currency translation	-169	55	168
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275
Operating Partnership Interests of third parties
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	36,275	47,990	49,732
Acquisition of noncontrolling interest			-132
Adjustment for Operating Partnership interests of third parties	14,761	3,292	19,520
Net income (loss)	307	588	-107
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	37	151	-342
Unrealized (loss) gain on foreign currency translation	-6	1	4
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275	47,990
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,093,207	989,909	995,322
Balance of Noncontrolling Interests in the Operating Partnership	36,275
Contributions from noncontrolling interests in subsidiaries	642	831
Issuance of common OP units, net	416,001	100,287	102,079
Issuance of restricted OP units	5	3	2
Conversion from OP units to shares	308	14,698	19,247
Exercise of OP unit options	13,802	3,710	1,629
Amortization of restricted OP units	182	4,747	3,352
OP unit compensation expense	1,553	870	1,198
Acquisition of noncontrolling interest			-56,984
Adjustment for Operating Partnership interests of third parties	-14,761	-3,292	-19,520
Net income (loss)	20,371	35,440	-4,191
Net income (loss), including temporary equity	26,395	41,406	3,735
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	2,427	8,751	-7,124
Unrealized (loss) gain on foreign currency translation	-169	55	168
Preferred OP unit distributions	-6,008	-6,008	-6,008
Common OP unit distributions	-83,966	-62,760	-47,187
Balance	1,449,618	1,093,207	989,909
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275
CubeSmart, L.P. and Subsidiaries | Operating Partnership Interests of third parties
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	36,275	47,990	49,732
Conversion from OP units to shares	-308	-14,698	-19,247
Acquisition of noncontrolling interest			-132
Adjustment for Operating Partnership interests of third parties	14,761	3,292	19,520
Net income (loss)	307	588	-107
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	37	151	-342
Unrealized (loss) gain on foreign currency translation	-6	1	4
Common OP unit distributions	-1,243	-1,049	-1,438
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275	47,990
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,092,276	989,791	955,913
Issuance of common OP units, net	416,001	100,287	102,079
Issuance of restricted OP units	5	3	2
Conversion from OP units to shares	308	14,698	19,247
Exercise of OP unit options	13,802	3,710	1,629
Amortization of restricted OP units	182	4,747	3,352
OP unit compensation expense	1,553	870	1,198
Acquisition of noncontrolling interest			-18,452
Adjustment for Operating Partnership interests of third parties	-14,761	-3,292	-19,520
Net income (loss)	26,379	41,448	1,817
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	2,427	8,751	-7,124
Unrealized (loss) gain on foreign currency translation	-172	31	159
Preferred OP unit distributions	-6,008	-6,008	-6,008
Common OP unit distributions	-83,966	-62,760	-44,501
Balance	1,448,026	1,092,276	989,791
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	1,103,290	1,009,587	968,744
Balance (in units)	139,328	131,795	122,059
Issuance of common OP units, net	416,001	100,287	102,079
Issuance of common OP units (in units)	22,704	5,700	7,900
Issuance of restricted OP units	5	3	2
Issuance of restricted OP units (in units)	482	301	246
Conversion from OP units to shares	308	14,698	19,247
Conversion from OP units to shares (in units)	18	1,018	1,380
Exercise of OP unit options	13,802	3,710	1,629
Exercise of OP unit options (in units)	1,425	514	210
Amortization of restricted OP units	182	4,747	3,352
OP unit compensation expense	1,553	870	1,198
Acquisition of noncontrolling interest			-18,452
Adjustment for Operating Partnership interests of third parties	-14,761	-3,292	-19,520
Net income (loss)	26,379	41,448	1,817
Other comprehensive income (loss):
Preferred OP unit distributions	-6,008	-6,008	-6,008
Common OP unit distributions	-83,966	-62,760	-44,501
Balance	1,456,785	1,103,290	1,009,587
Balance (in units)	163,957	139,328	131,795
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner
Increase (Decrease) in Partners' Capital
Balance (in units)				3,100
Other comprehensive income (loss):
Balance (in units)	3,100	3,100	3,100	3,100
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Partners' Capital
Balance	-11,014	-19,796	-12,831
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	2,427	8,751	-7,124
Unrealized (loss) gain on foreign currency translation	-172	31	159
Balance	-8,759	-11,014	-19,796
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	931	118	39,409
Contributions from noncontrolling interests in subsidiaries	642	831
Acquisition of noncontrolling interest			-38,532
Net income (loss)	16	-42	1,918
Other comprehensive income (loss):
Unrealized (loss) gain on foreign currency translation	3	24	9
Common OP unit distributions			-2,686
Balance	$1,592	$931	$118

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Activities
Net income	$26,702	$41,994	$3,628
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	129,003	117,074	118,573
Gain from sale of real estate	-475	-27,440	-9,811
Gain from remeasurement of investment in real estate venture			-7,023
Equity compensation expense	1,735	5,617	4,550
Accretion of fair market value adjustment of debt	-1,685	-1,018	-707
Loan procurement amortization expense - early repayment of debt		414
Changes in other operating accounts:
Other assets	808	-1,156	-2,125
Restricted cash	411	567	3,545
Accounts payable and accrued expenses	2,699	4,564	6,899
Other liabilities	579	1,095	154
Net cash provided by operating activities	166,032	142,862	118,428
Investing Activities
Acquisitions of storage facilities	-547,515	-181,612	-220,791
Additions and improvements to storage facilities	-19,967	-20,320	-22,395
Development costs	-23,566	-53,979	-4,227
Cash paid for remaining interest in real estate venture			-81,158
Investment in real estate venture, at equity		-157,461
Cash contributed to real estate venture	-2,550
Cash distributed from real estate venture	56,896		909
Proceeds from sales of facilities, net	13,475	123,780	52,630
Proceeds from notes receivable		5,192
Change in restricted cash	528	1,476	3,096
Net cash used in investing activities	-522,699	-282,924	-271,936
Proceeds from:
Unsecured senior notes		247,488	249,638
Revolving credit facility	712,500	636,200	403,000
Unsecured term loans			100,000
Mortgage loans and notes payable	0
Principal payments on:
Revolving credit facility	-673,100	-642,600	-358,000
Unsecured term loans		-100,000
Mortgage loans and notes payable	-30,149	-36,496	-236,340
Loan procurement costs	-274	-4,400	-2,145
Settlement of hedge transactions			-195
Contributions from noncontrolling interests in subsidiaries	642	831
Cash paid for acquisition of noncontrolling interest			-61,113
Distributions paid to common OP unitholders	-75,849	-59,159	-39,755
Distributions paid to preferred OP unitholders	-6,008	-6,008	-5,724
Distributions paid to noncontrolling interest in subsidiaries			-2,686
Net cash provided by financing activities	356,392	138,743	148,934
Change in cash and cash equivalents	-275	-1,319	-4,574
Cash and cash equivalents at beginning of year	3,176	4,495	9,069
Cash and cash equivalents at end of year	2,901	3,176	4,495
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	50,024	43,130	33,578
Supplemental disclosure of noncash activities:
Accretion Of Liability	8,977
Consolidation of real estate venture			13,527
Derivative valuation adjustment	2,464	8,902	-7,271
Foreign currency translation adjustment	-175	56	172
Discount on issuance of unsecured senior notes		2,512	362
Mortgage loan assumption - acquisition of storage facilities	27,467	8,866	107,011
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	26,702	41,994	3,628
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	129,003	117,074	118,573
Gain from sale of real estate	-475	-27,440	-9,811
Gain from remeasurement of investment in real estate venture			-7,023
Equity compensation expense	1,735	5,617	4,550
Accretion of fair market value adjustment of debt	-1,685	-1,018	-707
Loan procurement amortization expense - early repayment of debt		414
Equity in losses of real estate venture	6,255	1,151	745
Changes in other operating accounts:
Other assets	808	-1,156	-2,125
Restricted cash	411	567	3,545
Accounts payable and accrued expenses	2,699	4,564	6,899
Other liabilities	579	1,095	154
Net cash provided by operating activities	166,032	142,862	118,428
Investing Activities
Acquisitions of storage facilities	-547,515	-181,612	-220,791
Additions and improvements to storage facilities	-19,967	-20,320	-22,395
Development costs	-23,566	-53,979	-4,227
Cash paid for remaining interest in real estate venture			-81,158
Investment in real estate venture, at equity		-157,461
Cash contributed to real estate venture	-2,550
Cash distributed from real estate venture	56,896		909
Proceeds from sales of facilities, net	13,475	123,780	52,630
Proceeds from notes receivable		5,192
Change in restricted cash	528	1,476	3,096
Net cash used in investing activities	-522,699	-282,924	-271,936
Proceeds from:
Unsecured senior notes		247,488	249,638
Revolving credit facility	712,500	636,200	403,000
Unsecured term loans			100,000
Principal payments on:
Revolving credit facility	-673,100	-642,600	-358,000
Unsecured term loans		-100,000
Mortgage loans and notes payable	-30,149	-36,496	-236,340
Loan procurement costs	-274	-4,400	-2,145
Settlement of hedge transactions			-195
Proceeds from issuance of common OP units	416,006	100,290	102,079
Exercise of OP unit options	13,802	3,710	1,629
Contributions from noncontrolling interests in subsidiaries	642	831
Cash paid for acquisition of noncontrolling interest			-61,113
Distributions paid to common OP unitholders	-77,027	-60,272	-41,209
Distributions paid to preferred OP unitholders	-6,008	-6,008	-5,724
Distributions paid to noncontrolling interest in subsidiaries			-2,686
Net cash provided by financing activities	356,392	138,743	148,934
Change in cash and cash equivalents	-275	-1,319	-4,574
Cash and cash equivalents at beginning of year	3,176	4,495	9,069
Cash and cash equivalents at end of year	2,901	3,176	4,495
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	50,024	43,130	33,578
Supplemental disclosure of noncash activities:
Accretion Of Liability	8,977
Consolidation of real estate venture			13,527
Derivative valuation adjustment	2,464	8,902	-7,271
Foreign currency translation adjustment	-175	56	172
Discount on issuance of unsecured senior notes		2,512	362
Mortgage loan assumption - acquisition of storage facilities	$27,467	$8,866	$107,011