CubeSmart 10-K 17 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 17, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	CubeSmart
Entity Central Index Key	1,298,675
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 5,504,356,819
Entity Common Stock, Shares Outstanding		180,171,863
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Storage facilities	$ 3,998,180	$ 3,467,032
Less: Accumulated depreciation	(671,364)	(594,049)
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively)	3,326,816	2,872,983
Cash and cash equivalents	2,973	62,869
Restricted cash	7,893	24,600
Loan procurement costs, net of amortization	2,150	2,800
Investment in real estate venture, at equity	98,682	97,281
Other assets, net	36,514	43,631
Total assets	3,475,028	3,104,164
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,039,076	741,904
Revolving credit facility	43,300
Unsecured term loans, net	398,749	398,183
Mortgage loans and notes payable, net	114,618	111,455
Accounts payable, accrued expenses and other liabilities	93,764	85,034
Distributions payable	49,239	38,685
Deferred revenue	20,226	17,519
Security deposits	412	403
Total liabilities	1,759,384	1,393,183
Noncontrolling interests in the Operating Partnership	54,407	66,128
Commitments and contingencies
Equity
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 0 and 3,100,000 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively		31
Common shares $.01 par value, 400,000,000 shares authorized, 180,083,111 and 174,667,870 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	1,801	1,747
Additional paid in capital	2,314,014	2,231,181
Accumulated other comprehensive loss	(1,850)	(4,978)
Accumulated deficit	(658,583)	(584,654)
Total CubeSmart shareholders' equity	1,655,382	1,643,327
Noncontrolling interests in subsidiaries	5,855	1,526
Total equity	1,661,237	1,644,853
Total liabilities and equity	$ 3,475,028	$ 3,104,164

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Storage facilities, net	$ 3,326,816	$ 2,872,983
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	0	3,220,000
Series A Preferred shares, shares issued	0	3,100,000
Series A Preferred shares, shares outstanding	0	3,100,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	400,000,000	400,000,000
Common shares, shares issued	180,083,111	174,667,870
Common shares, shares outstanding	180,083,111	174,667,870
VIE
Storage facilities, net	$ 208,048	$ 136,274

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Rental income									$ 449,601	$ 392,476	$ 330,898
Other property related income									50,255	45,189	40,065
Property management fee income									10,183	6,856	6,000
Total revenues	$ 132,546	$ 132,096	$ 126,526	$ 118,871	$ 114,992	$ 115,970	$ 109,871	$ 103,688	510,039	444,521	376,963
OPERATING EXPENSES
Property operating expenses									165,847	153,172	132,701
Depreciation and amortization									161,865	151,789	126,813
General and administrative									32,823	28,371	28,422
Acquisition related costs									6,552	3,301	7,484
Total operating expenses	90,848	92,585	93,509	90,145	83,196	86,265	84,163	83,009	367,087	336,633	295,420
OPERATING INCOME									142,952	107,888	81,543
Interest:
Interest expense on loans									(50,399)	(43,736)	(46,802)
Loan procurement amortization expense									(2,577)	(2,324)	(2,190)
Equity in losses of real estate ventures									(2,662)	(411)	(6,255)
Gain from sale of real estate, net										17,567	475
Other									1,062	(228)	(405)
Total other expense									(54,576)	(29,132)	(55,177)
INCOME FROM CONTINUING OPERATIONS									88,376	78,756	26,366
DISCONTINUED OPERATIONS
Income from discontinued operations											336
Total discontinued operations											336
NET INCOME									88,376	78,756	26,702
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership									(941)	(960)	(307)
Noncontrolling interest in subsidiaries									470	(84)	(16)
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 26,847	$ 24,884	$ 20,424	$ 15,750	$ 37,116	$ 18,438	$ 13,724	$ 8,434	87,905	77,712	26,379
Distribution to preferred shareholders									(5,045)	(6,008)	(6,008)
Preferred share redemption charge									(2,937)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 79,923	$ 71,704	$ 20,371
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)									$ 0.45	$ 0.43	$ 0.13
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)											0.01
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.21	$ 0.10	$ 0.07	$ 0.04	0.45	0.43	0.14
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share)									0.45	0.42	0.13
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)											0.01
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.20	$ 0.10	$ 0.07	$ 0.04	$ 0.45	$ 0.42	$ 0.14
Weighted-average basic shares outstanding (in shares)									178,246	168,640	149,107
Weighted-average diluted shares outstanding (in shares)									179,533	170,191	150,863

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 88,376	$ 78,756	$ 26,702
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(1,247)	(3,409)	(3,944)
Reclassification of realized losses on interest rate swaps	4,412	6,263	6,408
Unrealized loss on foreign currency translation		(249)	(175)
Reclassification of realized loss on foreign currency translation		1,199
OTHER COMPREHENSIVE INCOME	3,165	3,804	2,289
COMPREHENSIVE INCOME	91,541	82,560	28,991
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(978)	(992)	(338)
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	470	(75)	(19)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 91,033	$ 81,493	$ 28,634

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 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
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013								$ 36,275
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		26,395
Net income (loss)								307
Other comprehensive income (loss), net	2,255				2,255		3		2,258
Other comprehensive income (loss), net								31
Preferred share distributions	(6,008)					(6,008)			(6,008)
Common share distributions	(83,966)					(83,966)		(1,243)	(83,966)
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
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2014								49,823
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							178		178
Distributions to noncontrolling interests in subsidiaries							(319)		(319)
Issuance of common shares, net	234,061	$ 91		233,970					234,061
Issuance of common shares, net (in shares)		8,978,000
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		161,000
Issuance of OP Shares								500
Conversion from units to shares	3,275	$ 2		3,273				(3,275)	3,275
Conversion from units to shares (in shares)		118,000
Exercise of stock options	17,489	$ 14		17,475					17,489
Exercise of stock options (in shares)		1,454,000
Amortization of restricted shares	1,166			1,166					1,166
Share compensation expense	989			989					989
Adjustment for noncontrolling interest in the Operating Partnership	(19,619)					(19,619)		19,619	(19,619)
Net income (loss)	77,712					77,712	84		77,796
Net income (loss)								960
Other comprehensive income (loss), net	3,781				3,781		(9)		3,772
Other comprehensive income (loss), net								32
Preferred share distributions	(6,008)					(6,008)			(6,008)
Common share distributions	(117,546)					(117,546)		(1,531)	(117,546)
Balance at Dec. 31, 2015	1,643,327	$ 1,747	$ 31	2,231,181	(4,978)	(584,654)	1,526		1,644,853
Balance (in shares) at Dec. 31, 2015		174,668,000	3,100,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2015								66,128	66,128
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							4,799		4,799
Issuance of common shares, net	136,121	$ 44		136,077					136,121
Issuance of common shares, net (in shares)		4,408,000
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		123,000
Issuance of OP Shares								1,500
Conversion from units to shares	4,876	$ 2		4,874				(4,876)	4,876
Conversion from units to shares (in shares)		188,000
Exercise of stock options	13,283	$ 7		13,276					13,283
Exercise of stock options (in shares)		696,000
Amortization of restricted shares	1,952			1,952					1,952
Share compensation expense	1,260			1,260					1,260
Adjustment for noncontrolling interest in the Operating Partnership	7,388					7,388		(7,388)	7,388
Net income (loss)	87,905					87,905	(470)		87,435
Net income (loss)								941
Other comprehensive income (loss), net	3,128				3,128				3,128
Other comprehensive income (loss), net								37
Preferred share distributions	(5,045)					(5,045)			(5,045)
Preferred share redemption	(77,574)		$ (31)	(74,606)		(2,937)			(77,574)
Preferred share redemption (in shares)			(3,100,000)
Common share distributions	(161,240)					(161,240)		(1,935)	(161,240)
Balance at Dec. 31, 2016	$ 1,655,382	$ 1,801		$ 2,314,014	$ (1,850)	$ (658,583)	$ 5,855		1,661,237
Balance (in shares) at Dec. 31, 2016		180,083,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2016								$ 54,407	$ 54,407

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net income	$ 88,376	$ 78,756	$ 26,702
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	164,442	154,113	129,003
Equity in losses of real estate ventures	2,662	411	6,255
Gain from sale of real estate, net		(17,567)	(475)
Equity compensation expense	3,212	2,155	1,735
Accretion of fair market value adjustment of debt	(1,138)	(1,429)	(1,685)
Changes in other operating accounts:
Restricted cash	591	743	411
Other assets	(3,930)	(2,519)	808
Accounts payable and accrued expenses	7,862	(438)	2,699
Other liabilities	1,449	1,480	579
Net cash provided by operating activities	263,526	215,705	166,032
Investing Activities
Acquisitions of storage facilities	(366,666)	(275,726)	(547,515)
Additions and improvements to storage facilities	(30,971)	(24,695)	(19,967)
Development costs	(143,713)	(81,315)	(23,566)
Fundings of notes receivable		(4,100)
Change in restricted cash	942	69	528
Net cash used in investing activities	(544,471)	(374,608)	(522,699)
Proceeds from notes receivable		4,100
Cash distributed from real estate ventures	8,113	6,451	56,896
Proceeds from:
Unsecured senior notes	298,512	249,338
Revolving credit facility	958,200	731,320	712,500
Principal payments on:
Revolving credit facility	(914,900)	(809,320)	(673,100)
Mortgage loans and notes payable	(37,260)	(84,905)	(30,149)
Loan procurement costs	(2,467)	(4,433)	(274)
Proceeds from issuance of common shares, net	136,122	234,062	416,006
Redemption of preferred shares	(77,574)
Exercise of stock options	13,283	17,489	13,802
Contributions from noncontrolling interests in subsidiaries	4,799	178	642
Distributions paid to noncontrolling interest in subsidiaries		(319)
Distributions paid to common shareholders	(149,280)	(107,093)	(75,849)
Distributions paid to preferred shareholders	(6,545)	(6,008)	(6,008)
Distributions paid to noncontrolling interests in Operating Partnership	(1,841)	(1,438)	(1,178)
Net cash provided by financing activities	221,049	218,871	356,392
Change in cash and cash equivalents	(59,896)	59,968	(275)
Cash and cash equivalents at beginning of period	62,869	2,901	3,176
Cash and cash equivalents at end of period	2,973	62,869	2,901
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,085	46,216	50,024
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities	(22,019)	(14,353)
Restricted cash - disposition of real estate		36,372
Accretion of liability	31,426	16,929	8,977
Derivative valuation adjustment	3,165	2,854	2,464
Foreign currency translation adjustment		(249)	(175)
Discount on issuance of unsecured senior notes	1,488	662
Mortgage loan assumptions	41,513	$ 2,695	$ 27,467
Preferred share redemption	$ 2,863

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2016
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, 2016, the Company owned self-storage properties located in 23 states throughout the United States and in the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages, and acquires self-storage properties. As of December 31, 2016, the Parent Company owned approximately 98.9% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to us in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2016, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded a decrease to OP Units owned by third parties and a corresponding increase to capital of $7.4 million as of December 31, 2016. 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 Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development. Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual store along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. Loan Procurement Costs Loan procurement costs related to borrowings were $24.7 million and $20.7 million as of December 31, 2016 and 2015, respectively, and are reported net of accumulated amortization of $9.7 million and $7.3 million as of December 31, 2016 and 2015, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. Other Assets Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $ Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party. Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. The Company recognizes gains from disposition of stores 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 $9.4 million, $8.6 million, and $7.7 million in advertising and marketing expenses for the years ended December 31, 2016, 2015 and 2014, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations. Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $1.6 million, $2.5 million, and $6.0 million of equity offering costs related to the issuance of common shares during the years, respectively. Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned. Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2016, 2015 and 2014, the Company capitalized $4.6 million, $2.6 million, and $1.3 million, respectively, of interest incurred that is directly associated with construction activities. Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $300 million and $400 million as of December 31, 2016 and 2015, respectively, 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 $3.2 billion and $2.7 billion as of December 31, 2016 and 2015, 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 2016 consisted of a 98.663% ordinary income distribution and a 1.337% 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 distributions for 2016 consisted of a 7.683% ordinary income distribution, a 0.104% capital gain distribution from earnings and profits, and a 92.213% cash liquidating distribution. 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 2016, 2015, or 2014. 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 $1.3 million and $1.7 million as of December 31, 2016 and 2015, respectively. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued. 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 1,287,000; 1,551,000, and 1,756,000 in 2016, 2015, and 2014, respectively. Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. 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 (“USIFB”), our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.588598 U.S. Dollars per Pound for the year ended December 31, 2014. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations. Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting. 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 that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. Reclassifications During the first quarter of 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. Net costs of $10.7 million have been reclassified in the December 31, 2015 consolidated balance sheets from the loan procurement costs line and netted against the related debt liability. See Recent Accounting Pronouncements below for revisions to the accounting guidance for debt issuance costs. Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard is effective on January 1, 2018, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No.2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The standard is effective on January 1, 2017, however early adoption is permitted. The Company does not expect this new guidance to have a material impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU No. 2016-02 on the Company’s consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as all measurement-period adjustments recorded during 2016 relate to business combinations that took place in the current year and do not have prior period impact. Refer to note 4 for details regarding the measurement-period adjustments made during the year ended December 31, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as the update only related to changes in financial statement presentation as discussed in note 7 and in “Reclassifications” above. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard do

STORAGE FACILITIES

STORAGE FACILITIES	12 Months Ended
	Dec. 31, 2016
STORAGE FACILITIES
STORAGE FACILITIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, December 31, 2016 2015 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage properties Less: Accumulated depreciation Storage properties, net $ $ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2016, 2015 and 2014: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ Texas Assets Texas Markets - Major January 2016 2 New York Asset New York / Northern NJ January 2016 1 Texas Asset Texas Markets - Major January 2016 1 Connecticut Asset Connecticut February 2016 1 Texas Asset Texas Markets - Major March 2016 1 Florida Assets Florida Markets - Other March 2016 3 Colorado Asset Denver April 2016 1 Texas Asset Texas Markets - Major April 2016 1 Texas Asset Texas Markets - Major May 2016 1 Texas Asset Texas Markets - Major May 2016 1 Illinois Asset Chicago May 2016 1 Illinois Asset Chicago May 2016 1 Massachusetts Asset Massachusetts June 2016 1 Nevada Assets Las Vegas July 2016 2 Arizona Asset Phoenix August 2016 1 Minnesota Asset Minneapolis August 2016 1 Colorado Asset Denver August 2016 1 Texas Asset Texas Markets - Major September 2016 1 Texas Asset Texas Markets - Major September 2016 1 Nevada Asset Las Vegas October 2016 1 North Carolina Asset Charlotte November 2016 1 Arizona Asset Phoenix November 2016 1 Nevada Asset Las Vegas December 2016 1 28 $ 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
	Dec. 31, 2016
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2016 Acquisitions During the year ended December 31, 2016, the Company acquired 28 stores, including three stores upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $403.6 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $18.8 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during 2016 was approximately $10.5 million. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.5 million, which fair value includes an outstanding principal balance totaling $6.3 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption. During the fourth quarter of 2016, the Company received additional information regarding the fair value of each of the assets acquired during the first three quarters of 2016. As a result, the Company has refined its purchase price allocation estimates resulting in an aggregate $14.7 million reclassification from land to buildings and improvements. As of December 31, 2016, the Company was under contract and had made aggregate deposits of $1.8 million associated with four stores under construction for a total purchase price of $61.1 million. In connection with one of the storess, the Company provided a $4.1 million loan, which was repaid to the Company in full in December 2015, for the purpose of acquiring the premises on which the store will be built. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of these four stores is expected to occur by the fourth quarter of 2017 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 As of December 31, 2016, the Company had five contracts through joint ventures for the construction of five self-storage properties located in New York (see note 12). As part of the PSI Assets discussed below, the Company also acquired a self-storage property that is under construction in North Palm Beach, FL. Additionally, during the second quarter of 2016, the Company issued 61,224 OP Units, valued at approximately $1.5 million, to pay the remaining consideration on its store that is under construction in Washington, D.C. and was previously owned by a joint venture. Construction for all projects is expected to be completed by the fourth quarter of 2018. As of December 31, 2016, development costs for these projects totaled $181.0 million. Total construction costs for these projects is expected to be $312.7 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores since January 1, 2014. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY (1) (2) 1 Q2 2016 100% $ Queens, NY (1) 1 Q1 2016 100% Brooklyn, NY 1 Q4 2015 90% Queens, NY 1 Q4 2015 90% Arlington, VA 1 Q2 2015 90% Bronx, NY (2) 1 Q1 2014 100% Malvern, PA (3) 1 Q1 2014 100% 7 $ (1) These stores were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. (2) These stores are subject to ground leases. (3) During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use property comprised of office space and relocated its corporate headquarters. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the store opened for operation. 2015 Acquisitions On December 15, 2015, the Company acquired all of the issued and outstanding uncertificated shares of common stock of a privately held self-storage REIT (“PSI”) for $115.8 million. As of the date of the acquisition, PSI owned real property consisting of 12 fully operational self-storage properties which were acquired for $109.8 million, and one self-storage property that is under construction, which was acquired for $6.0 million (the “PSI Assets”). The PSI Assets are located in Arizona, Florida, Georgia, Massachusetts, New York, North Carolina, Tennessee, and Texas. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $6.7 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 years ended December 31, 2016 and 2015 was approximately $6.1 million and $0.6 million, respectively. During 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, both Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage properties for an aggregate purchase price of $223.0 million plus customary closing costs. During 2014, the Company closed on the first tranche of 22 stores comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. On March 18, 2015, the Company closed on the second tranche of the remaining four stores comprising the HSRE Acquisition, for an aggregate purchase price of $27.5 million. The four stores purchased in the second tranche are located in Illinois. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $2.7 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 years ended December 31, 2016 and 2015 was approximately $0.7 million and $2.0 million, respectively. During the year ended December 31, 2015, the Company acquired 13 additional self-storage properties, including one store upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $155.0 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $10.7 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during the years ended December 31, 2016 and 2015 was approximately $6.0 million and $4.7 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $2.7 million, which fair value includes an outstanding principal balance totaling $2.5 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption. 2015 Dispositions On October 8, 2015, the Company sold seven stores in Texas and one store in Florida for an aggregate sales price of approximately $37.8 million. In connection with these sales, the Company recorded gains that totaled $14.4 million. The proceeds from these sales were held in escrow to fund future acquisitions under a tax free like kind exchange. The total net proceeds of $36.4 million were subsequently applied to three separate acquisitions, of which one closed in December 2015 and two closed in Janaury 2016. On October 2, 2015, USIFB, a consolidated real estate joint venture in which the Company owned a 97% interest, sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 million. 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 properties 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 stores comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. The 22 stores 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 years ended December 31, 2015 and 2014 was approximately $12.1 million and $2.4 million, respectively. During 2014, the Company acquired an additional 31 self-storage properties 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 years ended December 31, 2015 and 2014 was approximately $10.4 million and $13.4 million, respectively. In connection with four of the acquired stores, 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. 2014 Disposition On June 30, 2014, the Company sold one asset in London, England owned by USIFB, 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 USIFB, and recorded a gain of $0.5 million as a result of the transaction. The following table summarizes the Company’s results of operations of the 2016, 2015, and 2014 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, 2016, 2015, and 2014: Year ended December 31, 2016 2015 2014 (in thousands) Total revenue $ $ $ Net loss

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
	Dec. 31, 2016
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES CUBE HHF Northeast Venture LLC (“HHFNE”) On December 15, 2016, the Company invested a 10% ownership interest in a newly-formed joint venture that acquired 13 self-storage properties located in Connecticut (3), Massachusetts (6), Rhode Island (2), and Vermont (2). HHFNE paid $87.5 million for these stores, of which $6.0 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through an advance totaling $44.5 million on the venture’s loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HHFNE related to this portfolio acquisition was $3.8 million. The loan bears interest at LIBOR plus 1.90% and matures on December 15, 2019 with options to extend the maturity date through December 15, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. 191 III CUBE LLC (“HVP”) During the fourth quarter of 2015, the Company invested a 10% ownership interest in a newly-formed joint venture that agreed to acquire a property portfolio comprised of 37 self-storage properties located in Michigan (17), Tennessee (10), Massachusetts (7), and Florida (3). HVP paid $242.5 million for these 37 stores, of which $18.9 million was allocated to the value of the in-place lease intangible. HVP acquired 30 of the stores on December 8, 2015 for $193.7 million, one of the stores on January 26, 2016 for $5.7 million, five of the stores on April 21, 2016 for $36.1 million, and one store on June 15, 2016 for $7.0 million. In connection with six of the acquired stores, HVP assumed mortgage debt that was recorded at a fair value of $25.3 million, which includes an outstanding principal balance totaling $23.7 million and a net premium of $1.6 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded through advances totaling $116.0 million on the venture’s $122.0 million loan facility and amounts contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP related to this portfolio acquisition was $10.7 million. The loan facility bears interest at LIBOR plus 2.00% per annum and matures on December 7, 2018 with options to extend the maturity date through December 7, 2020, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. During the first quarter of 2016, HVP agreed to acquire a portfolio comprised of 31 self-storage properties located in South Carolina (22), Georgia (5), and North Carolina (4) that were previously managed by the Company. HVP paid $115.5 million for these 31 stores, of which $10.6 million was allocated to the value of the in-place lease intangible. HVP acquired 30 of the stores on March 30, 2016 for $112.8 million and one of the stores on November 29, 2016 for $2.7 million. In conjunction with the acquisitions, HVP refinanced its existing loan facility by entering into an increased amended and restated loan facility not to exceed $185.5 million. The acquisitions were funded primarily through advances totaling $63.5 million on the venture’s amended and restated loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP related to this portfolio acquisition was $5.4 million, bringing its total investment in HVP to $16.1 million as of December 31, 2016. The amended and restated loan facility bears interest at LIBOR plus 2.00% per annum. The initial maturity date was extended to March 30, 2019 with options to extend through March 30, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the amended and restated loan agreement. CUBE HHF Limited Partnership (“HHF”) On December 10, 2013, the Company invested a 50% ownership interest in a newly-formed joint venture that acquired 35 self-storage properties located in Texas (34) and North Carolina (1). HHF paid $315.7 million for these stores, of which $12.1 million was allocated to the value of the in-place lease intangible. The Company and the unaffiliated joint venture partner, collectively the “HHF Partners,” each contributed cash equal to 50% of the capital required to fund the acquisition. On May 1, 2014, HHF obtained a $100.0 million loan secured by the 34 self-storage properties located in Texas that are owned by the venture. There is no recourse to the Company, subject to customary exceptions to non-recourse provisions. The loan bears interest at 3.59% per annum and matures on April 30, 2021. This financing completed the planned capital structure of HHF and proceeds (net of closing costs) of $99.2 million were distributed proportionately to the partners. Based upon the facts and circumstances at formation of HHFNE, HVP, and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2016 and 2015 (in thousands): December 31, December 31, 2016 2015 Assets Storage properties, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partners Total liabilities and equity $ $ The following is a summary of results of operations of the Ventures for the years ended December 31, 2016, 2015 and 2014 (in thousands): Year ended December 31, 2016 2015 2014 Total revenues $ $ $ Operating expenses Interest expense, net Depreciation and amortization Net loss Company’s share of net loss The results of operations above include the periods from December 15, 2016 (date of acquisition) through December 31, 2016 for HHFNE and December 8, 2015 (date of acquisition) through December 31, 2016 for HVP.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 2016
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): December 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2016 2015 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ $ % Jun-12 Jul-22 $250M 4.375% Guaranteed Notes due 2023 % Dec-13 Dec-23 $250M 4.000% Guaranteed Notes due 2025 % Oct-15 Nov-25 $300M 3.125% Guaranteed Notes due 2026 — % Aug-16 Sep-26 Principal balance outstanding Less: Discount on issuance of unsecured senior notes, net Less: Loan procurement costs, net Total unsecured senior notes, net $ $ 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, 2016, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY AND U

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	12 Months Ended
	Dec. 31, 2016
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 $100.0 million term loan with a five-year maturity (“Term Loan A”) and a $100.0 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 $100.0 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200.0 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300.0 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 date to June 2018 and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. With respect to the Credit Facility, among other things, the amendment extended the maturity date to January 2019 and decreased the pricing of Term Loan D. On August 5, 2014, the Company further amended the Term Loan Facility to extend the maturity date to January 2020 and decrease the pricing of Term Loan B. On December 17, 2013, the Company repaid the $100.0 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. At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR, while amounts drawn under Term Loan B are priced at 1.15% over LIBOR. On April 22, 2015, the Company further amended the Credit Facility with respect to the Revolver. Among other things, the amendment increased the aggregate amount of the Revolver from $300.0 million to $500.0 million, decreased the facility fee from 0.20% to 0.15%, and extended the maturity date from June 18, 2017 to April 22, 2020. 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 1.25% over LIBOR, inclusive of a facility fee of 0.15%, while amounts drawn under Term Loan D are priced at 1.30% over LIBOR. The Company incurred costs of $2.3 million in 2015 in connection with amending the Credit Facility and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. Additionally, in connection with the amendment, $0.1 million of unamortized costs were written-off. All remaining unamortized costs, along with costs incurred in connection with the amendment, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. During the first quarter of 2016, the Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. As of December 31, 2016 and 2015, unsecured term loans are presented net of unamortized loan procurement costs of $1.3 million and $1.8 million, respectively, on the Company’s consolidated balance sheets. Deferred financing costs associated with the Revolver remain in loan procurement costs, net of amortization on the Company’s consolidated balance sheets. As of December 31, 2016, $200.0 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200.0 million of unsecured term loan borrowings were outstanding under the Credit Facility, and $456.0 million was available for borrowing under the unsecured revolving portion of the Credit Facility. The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $0.7 million. In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of December 31, 2016 that fix 30-day LIBOR (see note 10). As of December 31, 2016, 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 2.67%. The Term Loan Facility and the term loan under the Credit Facility were fully drawn as of December 31, 2016 and no further borrowings may be made under the term loans. Our 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 December 31, 2016, the Company was in compliance with all of its financial covenants and it anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2016
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 Loans and Notes Payable 2016 2015 Interest Rate Date (in thousands) YSI 59 $ — $ % Mar-16 YSI 60 — % Aug-16 YSI 51 — % Sep-16 YSI 64 — % Oct-16 YSI 62 — % Dec-16 YSI 67 — % Mar-17 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 % Jun-23 YSI 66 — % Jun-23 Principal balance outstanding Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ $ As of December 31, 2016 and 2015, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $233.1 million and $195.4 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2016 (in thousands): 2017 $ 2018 2019 2020 2021 2022 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2016
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, 2016 (in thousands): Unrealized losses on interest rate swaps Other comprehensive loss before reclassifications $ Amounts reclassified from accumulated other comprehensive loss (a) Net current-period other comprehensive income Balance at December 31, 2015 Balance at December 31, 2016 $ (a) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value, and the related gains or losses are deferred in shareholders’ equity as accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative. The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of December 31, 2016 and December 31, 2015, respectively (in thousands): Hedge Hedge Notional Amount Fair Value Product Type (a) December 31, 2016 December 31, 2015 Strike Effective Date Maturity December 31, 2016 December 31, 2015 Swap Cash flow $ — $ % 6/20/2011 6/20/2016 $ — $ Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ $ (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, 2016 and 2015, 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 losses on interest rate swaps reflects a reclassification of $4.4 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2016. The Company estimates that $1.8 million will be reclassified as an increase to interest expense in 2017.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
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, 2016 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — 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 2016 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, 2016, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2016 and 2015. The aggregate carrying value and estimated fair value of the Company’s debt was $1.6 billion and $1.3 billion as of December 31, 2016 and 2015, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2016 and 2015. 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, 2016
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Interests in Consolidated Real Estate Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of the real estate ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number of Estimated Ownership December 31, 2016 Development Ventures Stores Location Opening Interest Total Assets Total Liabilities 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% $ $ CS SJM E 92nd Street, LLC ("92nd St") 1 New York, NY Q2 2018 (est.) 90% 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q2 2018 (est.) 51% 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 (est.) 51% 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 (est.) 90% CS SNL New York Ave, LLC ("SNL I") (3) 1 Brooklyn, NY Q4 2015 90% 186 Jamaica Avenue, LLC ("SNL II") (3) 1 Brooklyn, NY Q4 2015 90% Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 8 $ $ (1) The noncontrolling members of 46 th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $14.2 million, $37.8 million, and $20.4 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of 46 th St, Exterior St, and Cropsey Ave for $14.2 million, $37.8 million, and $20.4 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2016, has accrued $1.8 million, $14.7 million, and $11.3 million related to 46 th St, Exterior St, and Cropsey Ave, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2016, the Company has provided $9.7 million of a total $9.8 million loan commitment to SNL I, $12.2 million of a total $12.8 million loan commitment to SNL II, and $12.8 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. USIFB was formed to own, operate, acquire, and develop self-storage properties in England. The Company owned a 97% interest in USIFB through a wholly-owned subsidiary, and USIFB commenced operations at two stores 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 were eliminated during consolidation. On October 2, 2015, USIFB sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 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 1.1% and 1.2% of the outstanding OP Units as of December 31, 2016 and December 31, 2015, 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 properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. On May 14, 2015, the Company closed on the acquisition of real property that will be developed into a self-storage property in Washington, D.C. In conjunction with the closing, the Company issued 20,408 OP Units, valued at approximately $0.5 million to pay a portion of the consideration. On April 16, 2016, upon completion of certain milestones, the Company issued 61,224 additional OP Units, valued at approximately $1.5 million, to pay the remaining consideration. The store is expected to commence operations during the first quarter of 2017. As of December 31, 2016 and 2015, 2,032,394 and 2,159,650 OP Units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP Units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the final 10 trading days of the year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value as of December 31, 2016 and 2015, as the estimated redemption value exceeded their carrying value. As of December 31, 2016, the Operating Partnership recorded a decrease to OP units owned by third partieis and a corresponding increase to capital of $7.4 million. As of December 31, 2015, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $19.6 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS Affiliated Real Estate Investments The Company provides management services to certain joint ventures and other related parties. Management agreements provide generally for management fees of between 5-6% of total revenues earned on a cash basis at the managed stores. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2016, 2015 and 2014 were $2.9 million, $1.0 million and $0.9 million, respectively. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $3.3 million and $1.9 million as of December 31, 2016 and 2015, respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $34.7 million and $29.6 million as of December 31, 2016 and 2015, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP operating agreement provides for an acquisition fee payable from HVP to the Company in an amount equal to 0.5% of the purchase price upon closing of an acquisition by HVP or any of its subsidiaries. During the year ended December 31, 2016, the Company recognized $1.8 million in acquisition fees in conjunction with HVP’s acquisition of 68 self storage properties, which are included in Other income on the consolidated statement of operations. The Company did not recognize any acquisition fees from HVP during the years ended December 31, 2015 and 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES The Company currently owns seven operating self-storage properties and one self-storage property currently under development that are subject to ground leases, and two other operating self-storage properties that have portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $2.7 million, $2.4 million, and $2.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: Ground Lease Amount (in thousands) 2017 $ 2018 2019 2020 2021 2022 and thereafter $ The Company has development agreements for the construction of seven new self-storage properties (see note 4), which will require payments of approximately $79.7 million, due in installments upon completion of certain construction milestones, during 2017 and 2018. On July 13, 2015, a putative class action was filed against the Company in the Federal District Court of New Jersey seeking to obtain declaratory, injunctive and monetary relief for a class of New Jersey consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act and the New Jersey Consumer Fraud Act. The Company brought a motion to partially dismiss the complaint for failure to state a claim, which motion was granted in part and denied in part. The plaintiff has moved to file an amended complaint to re-allege the action dismissed by the Court, which motion is presently pending decision. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time. 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.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	15. SHARE-BASED COMPENSATION PLANS On June 1, 2016 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 and subsequently amended with shareholder approval on June 2, 2010 (as amended and restated, the “2007 Plan”). The purpose of the 2007 Plan is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees, and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the 2007 Plan provides for the grant of share options, share appreciation rights, restricted shares, restricted share units, performance awards, which may be denominated in cash or shares, included restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the 2007 Plan may be non-qualified share options or incentive share options. Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2016, 4,500,000 additional common shares were made available for award under the 2007 Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the 2007 Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2016: (i) 5,471,377 common shares remained available for future awards under the 2007 Plan; (ii) 498,228 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 1,934,255 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $12.93 per share and a weighted average term to maturity of 4.84 years). Prior to the June 2016 amendments, the 2007 Plan used a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigned weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. As amended in June 2016, the 2007 Plan provides that any common shares made the subject of awards under the 2007 Plan will count against the Aggregate Share Reserve as one (1) unit. The Aggregate Share Reserve and the computation of the number of common shares available for issuance is subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Aggregate Share Reserve includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of the award that expires, is forfeited or that otherwise terminates, as the case may be, again becomes available for issuance under the 2007 Plan. The 2007 Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the 2007 Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. Subject to adjustment upon certain corporate transactions or events, a participant (other than a non-employee trustee) may not receive awards under the 2007 Plan in any one calendar year covering more than 1,000,000 shares. Subject to adjustment upon certain corporate transactions or events, a non-employee trustee may not receive awards under the 2007 Plan in any one calendar year covering more than 250,000 shares. Under the 2007 Plan, the Compensation Committee determines the vesting schedule of each share award and option, subject to a one-year minimum vesting requirement, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan expired in October 2014. Prior to its expiration, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan. Subsequent to its expiration, no new equity awards may be granted under the 2004 Plan, and to the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards no longer become available for future grants under the 2004 Plan. As of December 31, 2016, there were approximately 20 thousand shares outstanding under the 2004 Plan. Share Options The fair values for options granted in 2016, 2015, and 2014 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2016 2015 2014 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (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 2016, 2015 and 2014 grants was based on the trading history of the Company’s shares. In 2016, 2015, and 2014, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.3 million, $1.0 million and $0.9 million, respectively, which was recorded in general and administrative expense. Approximately 213,008 share options were issued during 2016 for which the fair value of the options at their respective grant dates was approximately $1.6 million, which vest over three years. As of December 31, 2016, the Company had approximately $1.6 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years. The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2016, 2015 and 2014: Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Options granted Options exercised Balance at December 31, 2016 $ Vested or expected to vest at December 31, 2016 $ Exercisable at December 31, 2016 $ As of December 31, 2016, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest and of options that were exercisable was approximately $27.6 million. The aggregate intrinsic value of options exercised was approximately $8.5 million for the year ended December 31, 2016. 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 155,000 restricted shares and share units were issued during 2016 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $5.2 million, which vest over three to five years. During 2015, approximately 115,000 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 $3.2 million. As of December 31, 2016 the Company had approximately $4.7 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next five years. Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. In 2016, 2015 and 2014, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $3.6 million, $2.7 million, and $3.5 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2016: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2016 Granted Vested Forfeited Non-Vested at December 31, 2016 On January 22, 2016, 37,008 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.6 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, 2018. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 23, 2015, 35,614 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.3 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, 2017. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. 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 cliff vested on December 31, 2016. The compensation expense recognized related to these awards is included in the amounts disclosed above.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2016
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2016 2015 2014 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Preferred share redemption charge — — Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — — Noncontrolling interests in the Operating Partnership — — Total discontinued operations attributable to the Company’s common shareholders $ — $ — $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Basic earnings per share from continuing operations attributable to common shareholders $ $ $ Basic earnings per share from discontinued operations attributable to common shareholders — — Basic earnings per share attributable to common shareholders $ $ $ Diluted earnings per share from continuing operations attributable to common shareholders $ $ $ Diluted earnings per share from discontinued operations attributable to common shareholders — — Diluted earnings per share attributable to common shareholders $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2016 2015 2014 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Preferred unit redemption charge — — Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — — Operating Partnership interests of third parties — — Total discontinued operations attributable to common unitholders $ — $ — $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Basic earnings per unit from continuing operations attributable to common unitholders $ $ $ Basic earnings per unit from discontinued operations attributable to common unitholders — — Basic earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit from discontinued operations attributable to common unitholders — — Diluted earnings per unit attributable to common unitholders $ $ $ (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For each of the years ended December 31, 2015 and 2014, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2016, 2015 and 2014, the Company declared cash dividends per common share/unit of $0.90, $0.69, and $0.55, 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 2,032,394; 2,159,650 and 2,257,486 as of December 31, 2016, 2015 and 2014, respectively. There were 180,083,111; 174,667,870 and 163,956,675 common units outstanding as of December 31, 2016, 2015 and 2014, respectively. Common and Preferred Shares On November 2, 2016, the Company redeemed all 3.1 million outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) at a cash redemption price of $25.00 per share plus accumulated and unpaid dividends up to and including the date of redemption of $0.17374 per share. The redemption price of $77.5 million for the redemption of the Series A Preferred Shares was paid by the Company from available cash balances. In connection with the redemption, the Company recognized a charge of $2.9 million related to excess redemption costs over the original net proceeds. 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 a group of sales agents (collectively, the “Sales Agents”). The Equity Distribution Agreements replaced the previous sale agreement and were amended on May 5, 2014, October 2, 2014, and December 30, 2015 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 40.0 million common shares of beneficial interest through the Sales Agents. During 2016, the Company sold a total of 4.4 million common shares under the agreements at an average sales price of $31.25 per share, resulting in net proceeds of $136.1 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2016 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2016, 5.8 million common shares remained available for issuance under the Equity Distribution Agreements. During 2015, the Company sold a total of 9.0 million common shares under the agreements at an average sales price of $26.35 per share, resulting in net proceeds of $234.2 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2015 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2015, 10.2 million common shares remained available for issuance under the Equity Distribution Agreements. 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. During 2014, the Company sold a total of 15.2 million common shares under the previous sales agreement and the Equity Distribution 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 storage properties and for general corporate purposes. As of December 31, 2014, 9.2 million common shares remained available for issuance under the Equity Distribution Agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
INCOME TAXES
INCOME TAXES	17. INCOME TAXES Deferred income taxes are established for temporary differences between financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized. No valuation allowance was recorded as of December 31, 2016 or 2015. The Company had net deferred tax assets of $1.3 million and $1.7 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2016 and 2015, respectively. The Company recorded $0.7 million in 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, 2016
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	18. DISCONTINUED OPERATIONS In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations. The update redefined discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The Company elected to adopt this guidance in 2014. None of the Company’s dispositions during 2014 or 2015 met the criteria for discontinued operations under the new guidance. For the year ended December 31, 2014, income from discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage properties the Company sold in prior years. The following table summarizes the revenue and expense information for the period the Company owned the stores classified as discontinued operations during the years ended December 31, 2016, 2015 and 2014 (in thousands): For the year ended December 31, 2016 2015 2014 REVENUES Rental income $ — $ — $ — Other property related income — — — Total revenues — — — OPERATING EXPENSES Property operating expenses — — Depreciation and amortization — — — Total operating expenses — — OPERATING INCOME — — OTHER (EXPENSE) INCOME Interest expense on loans — — — Gain from dispositions of discontinued operations — — — Income from discontinued operations $ — $ — $

PRO FORMA FINANCIAL INFORMATION

PRO FORMA FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2016
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION	19. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) During the year ended December 31, 2016, the Company acquired 28 self-storage properties for an aggregate purchase price of approximately $403.6 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 2016 and 2015 as if each had occurred as of January 1, 2015 and 2014, 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, 2016 and 2015 based on the assumptions described above: Year ended December 31, 2016 2015 (in thousands, except per share data) Pro forma revenue $ $ Pro forma net income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic - as pro forma $ $ Diluted - as pro forma $ $

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share 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 RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2016 (Dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Chandler I, AZ 2005 Chandler II, AZ 2013 Gilbert I, AZ 2013 Gilbert II, AZ — 2016 Glendale, AZ 1998 Green Valley, AZ 2005 Mesa I, AZ 2006 Mesa II, AZ 2006 Mesa III, AZ 2006 Peoria, AZ 2015 Phoenix I, AZ 2006 Phoenix II, AZ 2006/2011 Phoenix III, AZ 2014 Phoenix IV, AZ 2016 Queen Creek, AZ 2015 Scottsdale, AZ 1998 Surprise , AZ 2015 Tempe I, AZ 2005 Tempe II, AZ 2013 Tucson I, AZ 1998 Tucson II, AZ 1998 Tucson III, AZ 2005 Tucson IV, AZ 2005 Tucson V, AZ 2005 Tucson VI, AZ 2005 Tucson VII, AZ 2005 Tucson VIII, AZ 2005 Tucson IX, AZ 2005 Tucson X, AZ 2005 Tucson XI, AZ 2005 Tucson XII, AZ 2005 Tucson XIII, AZ 2005 Tucson XIV, AZ 2005 Benicia, CA 2005 Citrus Heights, CA 2005 Corona, CA 2014 Diamond Bar, CA 2005 Escondido, CA 2007 Fallbrook, CA 1997 Fremont, CA 2014 Lancaster, CA 2001 Long Beach, CA 2006 Murrieta, CA 2005 North Highlands, CA 2005 Ontario, CA 2014 Orangevale, CA 2005 Pleasanton, CA 2005 Rancho Cordova, CA 2005 Rialto I, CA 2006 Rialto II, CA 1997 Riverside I, CA 2006 Riverside II, CA 2006 Roseville, CA 2005 Sacramento I, CA 2005 Sacramento II, CA 2005 San Bernardino I, CA 1997 San Bernardino II, CA 1997 San Bernardino III, CA 1997 San Bernardino IV, CA 2005 San Bernardino V, CA 2006 San Bernardino VII, CA 2006 San Bernardino VIII, CA 2006 San Marcos, CA 2005 Santa Ana, CA 2006 South Sacramento, CA 2005 Spring Valley, CA 2006 Temecula I, CA 1998 Temecula II, CA 2007 Vista I, CA 2001 Vista II, CA 2005 Walnut, CA 2005 West Sacramento, CA (A) 2005 Westminster, CA 2005 Aurora, CO 2005 Centennial, CO 2016 Colorado Springs I, CO 2005 Colorado Springs II, CO 2006 Denver I, CO 2006 Denver II, CO 2012 Denver III, CO 2016 Federal Heights, CO 2005 Golden, CO 2005 Littleton, CO 2005 Northglenn, CO 2005 Bloomfield, CT 1997 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Branford, CT 1995 Bristol, CT 2005 East Windsor, CT 2005 Enfield, CT 2001 Gales Ferry, CT 1995 Manchester I, CT 2002 Manchester II, CT 2005 Manchester III, CT 2014 Milford, CT 1996 Monroe, CT 2005 Mystic, CT 1996 Newington I, CT 2005 Newington II, CT 2005 Norwalk I, CT 2012 Norwalk II, CT 2016 Old Saybrook I, CT 2005 Old Saybrook II, CT 2005 Shelton, CT 2011 South Windsor, CT 1996 Stamford, CT 2005 Wilton, CT 2012 Washington I, DC (A) 2008 Washington II, DC 2011 Washington III, DC 2016 Boca Raton, FL 2001 Boynton Beach I, FL 2001 Boynton Beach II, FL 2005 Boynton Beach III, FL 2014 Boynton Beach IV, FL 2015 Bradenton I, FL 2004 Bradenton II, FL 2004 Cape Coral I, FL 2000 Cape Coral II, FL 2014 Coconut Creek I, FL 2012 Coconut Creek II, FL 2014 Dania Beach, FL 2004 Dania, FL 1996 Davie, FL 2001 Deerfield Beach, FL 1998 Delray Beach I, FL 2001 Delray Beach II, FL 2013 Delray Beach III, FL 2014 Ft. Lauderdale I, FL 1999 Ft. Lauderdale II, FL 2013 Ft. Myers I, FL 1999 Ft. Myers II, FL 2014 Ft. Myers III, FL 2014 Jacksonville I, FL 2005 Jacksonville II, FL 2007 Jacksonville III, FL 2007 Jacksonville IV, FL 2007 Jacksonville V, FL 2007 Jacksonville VI, FL 2014 Kendall, FL (A) 2007 Lake Worth I, FL 1998 Lake Worth II, FL 2014 Lake Worth III, FL 2015 Lakeland, FL 1994 Leisure City, FL 2012 Lutz I, FL 2004 Lutz II, FL 2004 Margate I, FL 1996 Margate II, FL 1996 Merritt Island, FL 2002 Miami I, FL 1996 Miami II, FL 1996 Miami III, FL 2005 Miami IV, FL 2011 Miramar, FL 2013 Naples I, FL 1996 Naples II, FL 1997 Naples III, FL 1997 Naples IV, FL 1998 New Smyrna Beach, FL 2014 Ocoee, FL 2005 Orange City, FL 2004 Orlando II, FL 2005 Orlando III, FL 2006 Orlando IV, FL 2010 Orlando V, FL 2012 Orlando VI, FL 2014 Oviedo, FL 2006 Palm Coast I, FL 2014 Palm Coast II, FL 2014 Palm Harbor, FL 2016 Pembroke Pines, FL 1997 Royal Palm Beach II, FL 2007 Sanford I, FL 2006 Sanford II, FL 2014 Sarasota, FL 1999 St. Augustine, FL 1996 St. Petersburg, FL 2016 Stuart, FL 1997 SW Ranches, FL 2007 Tampa I, FL 2007 Tampa II, FL 2016 West Palm Beach I, FL 2001 West Palm Beach II, FL 2004 West Palm Beach III, FL 2012 West Palm Beach IV, FL 2014 Winter Park, FL 2014 Alpharetta, GA 2001 Atlanta, GA 2012 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Austell, GA 2006 Decatur, GA 1998 Duluth, GA 2011 Lawrenceville, GA 2011 Lithia Springs, GA 2015 Norcross I, GA 2001 Norcross II, GA 2011 Norcross III, GA 2012 Norcross IV, GA 2012 Peachtree City I, GA 2001 Peachtree City II, GA 2012 Smyrna, GA 2001 Snellville, GA 2007 Suwanee I, GA 2007 Suwanee II, GA 2007 Villa Rica, GA 2015 Addison, IL 2004 Aurora, IL 2004 Bartlett, IL 2004 Bellwood, IL 2001 Blue Island, IL 2015 Bolingbrook, IL 2014 Chicago I, IL 2014 Chicago II, IL 2014 Chicago III, IL 2014 Chicago IV, IL 2015 Chicago V, IL 2015 Chicago VI, IL 2016 Countryside, IL 2014 Des Plaines, IL 2004 Downers Grove, IL 2016 Elk Grove Village, IL 2004 Evanston, IL 2013 Glenview, IL 2004 Gurnee, IL 2004 Hanover, IL 2004 Harvey, IL 2004 Joliet, IL 2004 Kildeer, IL 2004 Lombard, IL 2004 Maywood, IL 2015 Mount Prospect, IL 2004 Mundelein, IL 2004 North Chicago, IL 2004 Plainfield I, IL 2004 Plainfield II, IL 2005 Schaumburg, IL 2004 Streamwood, IL 2004 Warrenville, IL 2005 Waukegan, IL 2004 West Chicago, IL 2004 Westmont, IL 2004 Wheeling I, IL 2004 Wheeling II, IL 2004 Woodridge, IL 2004 Schererville, IN 2014 Boston I, MA 2010 Boston II, MA 2002 Boston III, MA 2014 Brockton, MA 2015 Haverhill, MA 2015 Lawrence, MA 2015 Leominster, MA 1998 Medford, MA 2007 Stoneham, MA 2013 Tewksbury, MA 2014 Walpole, MA 2016 Baltimore, MD 2001 Beltsville, MD 2013 California, MD 2004 Capitol Heights, MD 2015 Clinton, MD 2013 District Heights, MD 2011 Elkridge, MD 2013 Gaithersburg I, MD 2005 Gaithersburg II, MD 2015 Hyattsville, MD 2013 Laurel, MD 2001 Temple Hills I, MD 2001 Temple Hills II, MD 2014 Timonium, MD 2014 Upper Marlboro, MD 2013 Bloomington, MN 2016 Belmont, NC 2001 Burlington I, NC 2001 Burlington II, NC 2001 Cary, NC 2001 Charlotte I, NC 2002 Charlotte II, NC 2016 Cornelius, NC 2015 Pineville, NC 2015 Raleigh, NC 1998 Bordentown, NJ 2012 Brick, NJ 1996 Cherry Hill I, NJ 2010 Cherry Hill II, NJ 2012 Clifton, NJ 2005 Cranford, NJ 1996 East Hanover, NJ 1996 Egg Harbor I, NJ 2010 Egg Harbor II, NJ 2010 Elizabeth, NJ 2005 Fairview, NJ 1997 Freehold, NJ 2012 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Hamilton, NJ 2006 Hoboken, NJ 2005 Linden, NJ 1996 Lumberton, NJ 2012 Morris Township, NJ 1997 Parsippany, NJ 1997 Rahway, NJ 2013 Randolph, NJ 2002 Ridgefield, NJ 2015 Roseland, NJ 2015 Sewell, NJ 2001 Somerset, NJ 2012 Whippany, NJ 2013 Albuquerque I, NM 2005 Albuquerque II, NM 2005 Albuquerque III, NM 2005 Henderson, NV 2014 Las Vegas I, NV 2006 Las Vegas II, NV 2006 Las Vegas III, NV 2016 Las Vegas IV, NV 2016 Las Vegas V, NV 2016 Las Vegas VI, NV 2016 Baldwin, NY 2015 Bronx I, NY 2010 Bronx II, NY — — 2011 Bronx III, NY 2011 Bronx IV, NY — — 2011 Bronx V, NY — — 2011 Bronx VI, NY — — 2011 Bronx VII, NY — — 2012 Bronx VIII, NY 2012 Bronx IX, NY 2012 Bronx X, NY 2012 Bronx XI, NY — — 2014 Bronx XII, NY — — — 2016 Brooklyn I, NY 2010 Brooklyn II, NY 2010 Brooklyn III, NY 2011 Brooklyn IV, NY 2011 Brooklyn V, NY 2011 Brooklyn VI, NY 2011 Brooklyn VII, NY 2011 Brooklyn VIII, NY 2014 Brooklyn IX, NY 2014 Brooklyn X, NY 2015 Brooklyn XI, NY 2016 Holbrook, NY 2015 Jamaica I, NY 2001 Jamaica II, NY 2011 Long Island City, NY 2014 New Rochelle I, NY 2005 New Rochelle II, NY 2012 North Babylon, NY 1998 Patchogue, NY 2014 Queens I, NY 2015 Queens II, NY 2016 Riverhead, NY 2005 Southold, NY 2005 Staten Island, NY 2013 Tuckahoe, NY 2011 West Hempstead, NY 2012 White Plains, NY 2011 Woodhaven, NY 2011 Wyckoff, NY 2010 Yorktown, NY 2011 Cleveland I, OH 2005 Cleveland II, OH 2005 Columbus I, OH 2006 Columbus II, OH 2014 Columbus III, OH 2014 Columbus IV, OH 2014 Columbus V, OH 2014 Columbus VI, OH 2014 Grove City, OH 2006 Hilliard, OH 2006 Lakewood, OH 1989 Lewis Center, OH 2014 Middleburg Heights, OH 1980 North Olmsted I, OH 1979 North Olmsted II, OH 1988 North Randall, OH 1998 Reynoldsburg, OH 2006 Strongsville, OH 2007 Warrensville Heights, OH 1980 Westlake, OH 2005 Conshohocken, PA 2012 Exton, PA 2012 Langhorne, PA 2012 Levittown, PA 2001 Malvern, PA 2013 Montgomeryville, PA 2012 Norristown, PA 2011 Philadelphia I, PA 2001 Philadelphia II, PA 2014 Exeter, RI 2014 Johnston, RI 2014 Wakefield, RI 2014 Woonsocket, RI 2014 Antioch, TN 2005 Nashville I, TN 2005 Nashville II, TN 2005 Nashville III, TN 2006 Nashville IV, TN 2006 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Nashville V, TN 2015 Nashville VI, TN 2015 Allen, TX 2012 Austin I, TX 2005 Austin II, TX (A) 2006 Austin III, TX 2006 Austin IV, TX 2014 Austin V, TX 2014 Austin VI, TX 2014 Austin VII, TX 2015 Austin VIII, TX 2016 Bryan, TX 2005 Carrollton, TX 2012 Cedar Park, TX 2016 College Station, TX 2005 Cypress, TX 2012 Dallas I, TX 2005 Dallas II, TX 2013 Dallas III, TX 2014 Dallas IV, TX 2015 Dallas V, TX — — 2015 Denton, TX 2006 Fort Worth I, TX 2005 Fort Worth II, TX 2006 Fort Worth III, TX 2015 Fort Worth IV, TX 2016 Frisco I, TX 2005 Frisco II, TX 2005 Frisco III, TX 2006 Frisco IV, TX 2010 Frisco V, TX 2014 Frisco VI, TX 2014 Garland I, TX 2006 Garland II, TX 2006 Grapevine, TX 2016 Houston III, TX 2005 Houston IV, TX 2005 Houston V, TX 2006 Houston VI, TX 2011 Houston VII, TX 2012 Houston VIII, TX 2012 Houston IX, TX 2012 Humble, TX 2015 Katy, TX 2013 Keller, TX 2006 Lewisville I, TX 2006 Lewisville II, TX 2013 Lewisville III, TX 2016 Little Elm I, TX 2016 Little Elm II, TX 2016 Mansfield I, TX 2006 Mansfield II, TX 2012 Mansfield III, TX 2016 McKinney I, TX 2005 McKinney II, TX 2006 McKinney III, TX 2014 North Richland Hills, TX 2005 Pearland, TX 2012 Richmond, TX 2013 Roanoke, TX 2005 San Antonio I, TX 2005 San Antonio II, TX 2006 San Antonio III, TX 2007 San Antonio IV, TX 2016 Spring, TX 2006 Murray I, UT 2005 Murray II, UT 2005 Salt Lake City I, UT 2005 Salt Lake City II, UT 2005 Alexandria, VA 2012 Arlington, VA 2015 Burke Lake, VA 2011 Fairfax, VA 2012 Fredericksburg I, VA 2005 Fredericksburg II, VA 2005 Leesburg, VA 2011 Manassas, VA 2010 McLearen, VA 2010 Vienna, VA 2012 Divisional Offices (A) This store is part of the YSI 33 Loan portfolio, with a balance of $9,860 as of December 31, 2016. (B) 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 properties during 2016 and 2015 was as follows (in thousands): 2016 2015 Storage properties* Balance at beginning of year $ $ Acquisitions & improvements Fully depreciated assets Dispositions and other — Construction in progress Balance at end of year $ $ Accumulated depreciation* Balance at beginning of year $ $ Depreciation expense Fully depreciated assets Dispositions and other — Balance at end of year $ $ Storage properties, net $ $ *

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Noncontrolling Interests	Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2016, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded a decrease to OP Units owned by third parties and a corresponding increase to capital of $7.4 million as of December 31, 2016. 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 Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development.
Purchase Price Allocation	Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual store along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization	Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
Long-Lived Assets Held for Sale	Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements.
Loan Procurement Costs	Loan Procurement Costs Loan procurement costs related to borrowings were $24.7 million and $20.7 million as of December 31, 2016 and 2015, respectively, and are reported net of accumulated amortization of $9.7 million and $7.3 million as of December 31, 2016 and 2015, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets	Other Assets Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $
Environmental Costs	Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party.
Revenue Recognition	Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. The Company recognizes gains from disposition of stores 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 $9.4 million, $8.6 million, and $7.7 million in advertising and marketing expenses for the years ended December 31, 2016, 2015 and 2014, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Equity Offering Costs	Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $1.6 million, $2.5 million, and $6.0 million of equity offering costs related to the issuance of common 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 fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned.
Capitalized Interest	Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2016, 2015 and 2014, the Company capitalized $4.6 million, $2.6 million, and $1.3 million, respectively, of interest incurred that is directly associated with construction activities.
Derivative Financial Instruments	Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $300 million and $400 million as of December 31, 2016 and 2015, respectively, 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 $3.2 billion and $2.7 billion as of December 31, 2016 and 2015, 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 2016 consisted of a 98.663% ordinary income distribution and a 1.337% 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 distributions for 2016 consisted of a 7.683% ordinary income distribution, a 0.104% capital gain distribution from earnings and profits, and a 92.213% cash liquidating distribution. 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 2016, 2015, or 2014. 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 $1.3 million and $1.7 million as of December 31, 2016 and 2015, respectively. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued.
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 1,287,000; 1,551,000, and 1,756,000 in 2016, 2015, and 2014, respectively.
Share Based Payments	Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations.
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 (“USIFB”), our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.588598 U.S. Dollars per Pound for the year ended December 31, 2014. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting. 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 that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management.
Reclassifications	Reclassifications During the first quarter of 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. Net costs of $10.7 million have been reclassified in the December 31, 2015 consolidated balance sheets from the loan procurement costs line and netted against the related debt liability. See Recent Accounting Pronouncements below for revisions to the accounting guidance for debt issuance costs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard is effective on January 1, 2018, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No.2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The standard is effective on January 1, 2017, however early adoption is permitted. The Company does not expect this new guidance to have a material impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU No. 2016-02 on the Company’s consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as all measurement-period adjustments recorded during 2016 relate to business combinations that took place in the current year and do not have prior period impact. Refer to note 4 for details regarding the measurement-period adjustments made during the year ended December 31, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as the update only related to changes in financial statement presentation as discussed in note 7 and in “Reclassifications” above. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard became effective for the Company on January 1, 2016. As discussed under Basis of Presentation above, the adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as none of its existing consolidation conclusions were changed. In May 2014, the FASB issued 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 under GAAP when it becomes effective. The new standard will be effective for the Company beginning on January 1, 2018, however early application beginning on January 1, 2017 is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method. The Company is currently assessing the impact of the adoption of ASU No. 2014-09 on the Company’s consolidated financial statements and related disclosures.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in Florida, New York, Texas, and California provided total revenues of approximately 17%, 16%, 10%, and 8%, respectively, for the year ended December 31, 2016 and approximately 18%, 16%, 10%, and 8%, respectively, for the year ended December 31, 2015. The stores 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

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $

STORAGE FACILITIES (Tables)

STORAGE FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2016
STORAGE FACILITIES
Summary of real estate assets	December 31, December 31, 2016 2015 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage properties Less: Accumulated depreciation Storage properties, net $ $
Schedule of acquisitions and dispositions of real estate assets	Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ Texas Assets Texas Markets - Major January 2016 2 New York Asset New York / Northern NJ January 2016 1 Texas Asset Texas Markets - Major January 2016 1 Connecticut Asset Connecticut February 2016 1 Texas Asset Texas Markets - Major March 2016 1 Florida Assets Florida Markets - Other March 2016 3 Colorado Asset Denver April 2016 1 Texas Asset Texas Markets - Major April 2016 1 Texas Asset Texas Markets - Major May 2016 1 Texas Asset Texas Markets - Major May 2016 1 Illinois Asset Chicago May 2016 1 Illinois Asset Chicago May 2016 1 Massachusetts Asset Massachusetts June 2016 1 Nevada Assets Las Vegas July 2016 2 Arizona Asset Phoenix August 2016 1 Minnesota Asset Minneapolis August 2016 1 Colorado Asset Denver August 2016 1 Texas Asset Texas Markets - Major September 2016 1 Texas Asset Texas Markets - Major September 2016 1 Nevada Asset Las Vegas October 2016 1 North Carolina Asset Charlotte November 2016 1 Arizona Asset Phoenix November 2016 1 Nevada Asset Las Vegas December 2016 1 28 $ 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2016
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	The Company has completed the construction and opened for operation the following stores since January 1, 2014. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY (1) (2) 1 Q2 2016 100% $ Queens, NY (1) 1 Q1 2016 100% Brooklyn, NY 1 Q4 2015 90% Queens, NY 1 Q4 2015 90% Arlington, VA 1 Q2 2015 90% Bronx, NY (2) 1 Q1 2014 100% Malvern, PA (3) 1 Q1 2014 100% 7 $ (1) These stores were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. (2) These stores are subject to ground leases. (3) During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use property comprised of office space and relocated its corporate headquarters. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the store opened for operation.
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations	Year ended December 31, 2016 2015 2014 (in thousands) Total revenue $ $ $ Net loss

INVESTMENT IN UNCONSOLIDATED 33

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2016
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Summary of the financial position of the HHFNE, HVP and HHF ventures	The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2016 and 2015 (in thousands): December 31, December 31, 2016 2015 Assets Storage properties, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partners Total liabilities and equity $ $
Summary of results of operations of the HHFNE, HVP and HHF ventures	The following is a summary of results of operations of the Ventures for the years ended December 31, 2016, 2015 and 2014 (in thousands): Year ended December 31, 2016 2015 2014 Total revenues $ $ $ Operating expenses Interest expense, net Depreciation and amortization Net loss Company’s share of net loss

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2016
Senior Notes
Schedule of unsecured senior notes	December 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2016 2015 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ $ % Jun-12 Jul-22 $250M 4.375% Guaranteed Notes due 2023 % Dec-13 Dec-23 $250M 4.000% Guaranteed Notes due 2025 % Oct-15 Nov-25 $300M 3.125% Guaranteed Notes due 2026 — % Aug-16 Sep-26 Principal balance outstanding Less: Discount on issuance of unsecured senior notes, net Less: Loan procurement costs, net Total unsecured senior notes, net $ $

MORTGAGE LOANS AND NOTES PAYA35

MORTGAGE LOANS AND NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2016 (in thousands): 2017 $ 2018 2019 2020 2021 2022 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $
Mortgages
Summary of mortgage loans and notes payable	Carrying Value as of: December 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2016 2015 Interest Rate Date (in thousands) YSI 59 $ — $ % Mar-16 YSI 60 — % Aug-16 YSI 51 — % Sep-16 YSI 64 — % Oct-16 YSI 62 — % Dec-16 YSI 67 — % Mar-17 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 % Jun-23 YSI 66 — % Jun-23 Principal balance outstanding Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ $

ACCUMULATED OTHER COMPREHENSI36

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 (in thousands): Unrealized losses on interest rate swaps Other comprehensive loss before reclassifications $ Amounts reclassified from accumulated other comprehensive loss (a) Net current-period other comprehensive income Balance at December 31, 2015 Balance at December 31, 2016 $ See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FI37

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Summary of terms and fair values of the derivative financial instruments	The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of December 31, 2016 and December 31, 2015, respectively (in thousands): Hedge Hedge Notional Amount Fair Value Product Type (a) December 31, 2016 December 31, 2015 Strike Effective Date Maturity December 31, 2016 December 31, 2015 Swap Cash flow $ — $ % 6/20/2011 6/20/2016 $ — $ Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ $ (a) Hedging unsecured variable rate debt by fixing 30-day LIBOR.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ —

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2016
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of the real estate ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number of Estimated Ownership December 31, 2016 Development Ventures Stores Location Opening Interest Total Assets Total Liabilities 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% $ $ CS SJM E 92nd Street, LLC ("92nd St") 1 New York, NY Q2 2018 (est.) 90% 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q2 2018 (est.) 51% 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 (est.) 51% 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 (est.) 90% CS SNL New York Ave, LLC ("SNL I") (3) 1 Brooklyn, NY Q4 2015 90% 186 Jamaica Avenue, LLC ("SNL II") (3) 1 Brooklyn, NY Q4 2015 90% Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 8 $ $ (1) The noncontrolling members of 46 th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $14.2 million, $37.8 million, and $20.4 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of 46 th St, Exterior St, and Cropsey Ave for $14.2 million, $37.8 million, and $20.4 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2016, has accrued $1.8 million, $14.7 million, and $11.3 million related to 46 th St, Exterior St, and Cropsey Ave, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2016, the Company has provided $9.7 million of a total $9.8 million loan commitment to SNL I, $12.2 million of a total $12.8 million loan commitment to SNL II, and $12.8 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments under non-cancelable ground leases	Ground Lease Amount (in thousands) 2017 $ 2018 2019 2020 2021 2022 and thereafter $

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	Assumptions: 2016 2015 2014 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (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, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Options granted Options exercised Balance at December 31, 2016 $ Vested or expected to vest at December 31, 2016 $ Exercisable at December 31, 2016 $
Schedule of non-vested restricted share activity	Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2016 Granted Vested Forfeited Non-Vested at December 31, 2016

EARNINGS PER SHARE AND UNIT A42

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2016
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	Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2016 2015 2014 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Preferred share redemption charge — — Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — — Noncontrolling interests in the Operating Partnership — — Total discontinued operations attributable to the Company’s common shareholders $ — $ — $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Basic earnings per share from continuing operations attributable to common shareholders $ $ $ Basic earnings per share from discontinued operations attributable to common shareholders — — Basic earnings per share attributable to common shareholders $ $ $ Diluted earnings per share from continuing operations attributable to common shareholders $ $ $ Diluted earnings per share from discontinued operations attributable to common shareholders — — Diluted earnings per share attributable to common shareholders $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2016 2015 2014 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Preferred unit redemption charge — — Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — — Operating Partnership interests of third parties — — Total discontinued operations attributable to common unitholders $ — $ — $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Basic earnings per unit from continuing operations attributable to common unitholders $ $ $ Basic earnings per unit from discontinued operations attributable to common unitholders — — Basic earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit from discontinued operations attributable to common unitholders — — Diluted earnings per unit attributable to common unitholders $ $ $ (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For each of the years ended December 31, 2015 and 2014, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2016, 2015 and 2014, the Company declared cash dividends per common share/unit of $0.90, $0.69, and $0.55, respectively.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
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 stores classified as discontinued operations during the years ended December 31, 2016, 2015 and 2014 (in thousands): For the year ended December 31, 2016 2015 2014 REVENUES Rental income $ — $ — $ — Other property related income — — — Total revenues — — — OPERATING EXPENSES Property operating expenses — — Depreciation and amortization — — — Total operating expenses — — OPERATING INCOME — — OTHER (EXPENSE) INCOME Interest expense on loans — — — Gain from dispositions of discontinued operations — — — Income from discontinued operations $ — $ — $

PRO FORMA FINANCIAL INFORMATI44

PRO FORMA FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
PRO FORMA FINANCIAL INFORMATION
Schedule of consolidated results of operations on a pro forma basis	Year ended December 31, 2016 2015 (in thousands, except per share data) Pro forma revenue $ $ Pro forma net income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic - as pro forma $ $ Diluted - as pro forma $ $

SELECTED QUARTERLY FINANCIAL 45

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share

ORGANIZATION AND NATURE OF OP46

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2016statesegment
ORGANIZATION AND NATURE OF OPERATIONS
Number of states in which self-storage facilities are located | state	23
Number of reportable segments | segment	1
Percentage of the entity's partnership interest in Operating Partnership	98.90%
Common stock, conversion ratio	1

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ (7,388)	$ 19,619	$ 14,761
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	$ 0
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ (7,388)	$ 19,619	$ 14,761

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Long-Lived Assets held for sale, timing of expected sale	1 year
Loan procurement costs
Loan procurement costs	$ 24,700	$ 20,700
Loan procurement costs, accumulated amortization	9,700	7,300
Other Assets
Intangible assets, net of accumulated amortization of $8,109 and $7,220	8,280	12,814
Deposits on future acquisitions	5,284	5,049
Accounts receivable	5,106	12,106
Prepaid insurance	1,053	1,140
Prepaid real estate taxes	3,640	2,800
Others	13,151	9,722
Total	36,514	43,631
Accumulated amortization	$ 8,109	$ 7,220

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising and Marketing Costs
Advertising and marketing expenses		$ 9.4	$ 8.6	$ 7.7
Equity Offering Costs
Equity offering costs	$ 1.6	2.5	6
Capitalized Interest
Interest costs, capitalized	$ 4.6	$ 2.6	$ 1.3

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 02, 2015$ / £	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)$ / £shares	Dec. 31, 2014USD ($)$ / £shares	Dec. 31, 2013$ / £
Income Taxes
Net tax basis in the entity's assets		$ 3,200	$ 2,700
Percentage of distributions characterized as ordinary income dividends		98.663%
Percentage of distributions characterized as capital gain dividends		1.337%
Series A Cumulative Redeemable Preferred shares, percentage		7.75%	7.75%
Percentage of distributions characterized as ordinary income distributions to preferred shareholders		7.683%
Percentage of distributions characterized as capital gain distribution to preferred shareholders		0.104%
Percentage of distributions characterized as cash liquidation distribution to preferred shareholders		92.213%
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		$ 1.3	$ 1.7
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) | shares				1,756,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | shares		1,287,000	1,551,000
Foreign currency
Foreign currency exchange rate (U.S. Dollars per pound) | $ / £	1.521600			1.558642
Foreign currency average exchange rate (U.S. Dollars per pound) | $ / £	1.529755		1.529755	1.643106	1.588598
Unrealized gain(loss) on foreign currency translation				$ (0.2)
Realized gain (loss) on foreign currency translation			$ (1.2)
Interest rate swap | Designated | Cash flow
Derivative Financial Instruments
Notional principal amounts		$ 300	$ 400

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan procurement costs, net of amortization	$ 2,150	$ 2,800
Accounting Standards Update 2015-03 | Reclassifications
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan procurement costs, net of amortization		(10,700)
Debt		(10,700)
CubeSmart, L.P. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan procurement costs, net of amortization	$ 2,150	$ 2,800

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	16.00%	17.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	17.00%	18.00%	17.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	8.00%	8.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	10.00%	10.00%	10.00%

STORAGE FACILITIES - Summary (D

STORAGE FACILITIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
STORAGE FACILITIES
Storage facilities	$ 3,998,180	$ 3,467,032
Less: Accumulated depreciation	(671,364)	(594,049)
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively)	3,326,816	2,872,983
Land
STORAGE FACILITIES
Storage facilities	649,744	588,503
Buildings and improvements
STORAGE FACILITIES
Storage facilities	2,928,275	2,534,193
Equipment
STORAGE FACILITIES
Storage facilities	217,867	243,442
Construction in progress
STORAGE FACILITIES
Storage facilities	$ 202,294	$ 100,894

STORAGE FACILITIES - Activity (

STORAGE FACILITIES - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016property	Dec. 31, 2016facility	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)facility
2016 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	28	28
Purchase Price			$ 403,550
2016 Acquisitions | Metro DC Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			21,000
2016 Acquisitions | Texas Asset Nineteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		2
Purchase Price			24,800
2016 Acquisitions | New York Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			48,500
2016 Acquisitions | Texas Asset Twenty
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			11,600
2016 Acquisitions | Connecticut Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			19,000
2016 Acquisitions | Texas Asset Twenty-one
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			11,600
2016 Acquisitions | Florida Assets Thirteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		3
Purchase Price			47,925
2016 Acquisitions | Colorado Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			11,350
2016 Acquisitions | Texas Asset Twenty-Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			11,600
2016 Acquisitions | Texas Asset Twenty-Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			10,100
2016 Acquisitions | Texas Asset Twenty-Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			10,800
2016 Acquisitions | Illinois Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			12,350
2016 Acquisitions | Illinois Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			16,000
2016 Acquisitions | Massachusetts Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			14,300
2016 Acquisitions | Nevada Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		2
Purchase Price			23,200
2016 Acquisitions | Arizona Asset Seven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			14,525
2016 Acquisitions | Minnesota Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			15,150
2016 Acquisitions | Colorado Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			15,600
2016 Acquisitions | Texas Asset Twenty-Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			6,100
2016 Acquisitions | Texas Asset Twenty Six
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			5,300
2016 Acquisitions | Nevada Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			13,250
2016 Acquisitions | North Carolina Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			10,600
2016 Acquisitions | Arizona Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			14,000
2016 Acquisitions | Nevada Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price			$ 14,900
2015 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				29
Purchase Price				$ 292,362
2015 Acquisitions | Texas Asset Seventeen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 7,295
2015 Acquisitions | HSRE Assets Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				4
Purchase Price				$ 27,500
2015 Acquisitions | Arizona Asset Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 7,900
2015 Acquisitions | Tennessee Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 6,575
2015 Acquisitions | Texas Asset Eighteen
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 15,795
2015 Acquisitions | Florida Assets Eleven
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 7,300
2015 Acquisitions | Arizona Asset Six
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 10,100
2015 Acquisitions | Florida Assets Twelve
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 10,500
2015 Acquisitions | Texas Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 14,200
2015 Acquisitions | Maryland Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 17,000
2015 Acquisitions | Maryland Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 19,200
2015 Acquisitions | New York/New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				2
Purchase Price				$ 24,823
2015 Acquisitions | New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 14,350
2015 Acquisitions | PSI Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				12
Purchase Price				$ 109,824
2014 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					53
Purchase Price					$ 568,226
2014 Acquisitions | Arizona Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 14,750
2014 Acquisitions | Texas Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 8,225
2014 Acquisitions | Connecticut Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 4,950
2014 Acquisitions | Florida Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					2
Purchase Price					$ 14,450
2014 Acquisitions | Florida Assets Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 14,000
2014 Acquisitions | California Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 8,300
2014 Acquisitions | Maryland Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 15,800
2014 Acquisitions | Maryland Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 15,500
2014 Acquisitions | Pennsylvania Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 7,350
2014 Acquisitions | Texas Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 6,450
2014 Acquisitions | New York Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					2
Purchase Price					$ 55,000
2014 Acquisitions | Florida Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 11,406
2014 Acquisitions | Massachusetts Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 11,100
2014 Acquisitions | Indiana Asset
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 8,400
2014 Acquisitions | Florida Assets Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					3
Purchase Price					$ 35,000
2014 Acquisitions | Florida Assets Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					2
Purchase Price					$ 15,800
2014 Acquisitions | Massachusetts Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 23,100
2014 Acquisitions | Texas Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 7,700
2014 Acquisitions | Texas Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 8,500
2014 Acquisitions | Texas Asset Five
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					1
Purchase Price					$ 7,750
2014 Acquisitions | HSRE Assets
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility					22
Purchase Price					$ 195,500
2014 Acquisitions | Texas Asset Six
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility					1
Purchase Price					$ 18,650
2014 Acquisitions | Florida Assets Six
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility					3
Purchase Price					$ 18,200
2014 Acquisitions | New York Asset Two
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility					1
Purchase Price					$ 38,000
2014 Acquisitions | Texas Asset Seven
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility					1
Purchase Price					$ 4,345
Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility				8
Sale Price				$ 37,800
Dispositions | Texas Asset One
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility				7
Sale Price				$ 28,000
Dispositions | Florida Asset One
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility				1
Sale Price				$ 9,800

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details) £ in Millions	Aug. 12, 2016USD ($)	Apr. 16, 2016GBP (£)shares	Apr. 05, 2016USD ($)	Dec. 15, 2015USD ($)facility	Oct. 08, 2015USD ($)item	Oct. 02, 2015GBP (£)	Oct. 02, 2015USD ($)	May 14, 2015USD ($)shares	Mar. 18, 2015USD ($)facility	Nov. 03, 2014USD ($)facility	Aug. 25, 2014USD ($)facility	Jun. 30, 2014GBP (£)property	Jun. 30, 2014USD ($)property	Jan. 31, 2016item	Dec. 31, 2015USD ($)item	Jun. 30, 2014USD ($)facility	Jan. 31, 2016item	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)facilityshares	Mar. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)facility	Jun. 30, 2015USD ($)facility	Mar. 31, 2014USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)propertyfacility	Dec. 31, 2013USD ($)	Dec. 31, 2008	Dec. 31, 2016USD ($)facility
Self-storage facilities
Number of self-storage facilities | facility																																		7
Proceeds from sales of facilities, net																														$ 9,041,000	$ 13,475,000
Total Construction Costs																																		$ 155,600,000
Storage facilities															$ 3,467,032,000			$ 3,998,180,000			$ 3,467,032,000			$ 3,998,180,000	$ 3,998,180,000	$ 3,998,180,000	$ 3,998,180,000	$ 3,998,180,000	$ 3,998,180,000	3,467,032,000				3,998,180,000
Restricted cash															24,600,000			7,893,000			$ 24,600,000			7,893,000	7,893,000	7,893,000	7,893,000	7,893,000	7,893,000	24,600,000				7,893,000
Gain from sale of real estate, net																														17,567,000	475,000
OP units issued (in shares) | shares		61,224						20,408
Issuance of OP Shares		£ 1.5						$ 500,000
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates
Total revenue																													15,270,000	9,110,000		$ 21,156,000
Net loss																													(9,804,000)	$ (6,563,000)		$ (12,350,000)
USIFB, LLP
Self-storage facilities
Aggregate sale price						£ 6.5	$ 9,900,000
Proceeds from sales of facilities, net																$ 7,000,000
Number of assets sold | facility																1
Ownership interest held by the entity (as a percent)						97.00%	97.00%																							97.00%			97.00%
Gain from sale of real estate, net							$ 3,000,000
Foreign currency translation loss							$ 1,200,000
PSI
Self-storage facilities
Development costs																		181,000,000						181,000,000	$ 181,000,000	$ 181,000,000	$ 181,000,000	$ 181,000,000	181,000,000					181,000,000
Expected construction cost																													312,700,000
HSRE
Self-storage facilities
Number of self-storage facilities | facility											26
Aggregate purchase price										$ 195,500,000	$ 223,000,000
Intangible value of the in-place leases										$ 14,500,000
Estimated life										12 months
Amortization expense																														$ 12,100,000	$ 2,400,000
Number of facilities closed | facility										22
Self-storage facilities located in New York
Self-storage facilities
Number of joint ventures | item																									2
Ownership interest held by the entity (as a percent)																												51.00%
Self-storage Facility in Arlington, VA
Self-storage facilities
Number of self-storage facilities | facility																						1
Total Construction Costs																						$ 17,100,000
Ownership interest held by the entity (as a percent)																						90.00%
Self-storage Facility in Washington DC | PSI
Self-storage facilities
OP units issued (in shares) | shares																			61,224
Issuance of OP Shares																			$ 1,500,000
Self-storage Facility in Queens, NY
Self-storage facilities
Number of self-storage facilities | facility																				1	1
Total Construction Costs																				$ 31,800,000	$ 17,400,000
Ownership interest held by the entity (as a percent)																				100.00%	90.00%
Minority ownership interest (as a percent)			49.00%
Amount of net proceeds applied to acquisitions closed during the year			$ 12,500,000
Self-storage Facility in Brooklyn, NY
Self-storage facilities
Number of self-storage facilities | facility																					1
Total Construction Costs																					$ 14,800,000
Ownership interest held by the entity (as a percent)																					90.00%
Self-storage Facility in Bronx, NY
Self-storage facilities
Number of self-storage facilities | facility																			1				1
Total Construction Costs																			$ 32,200,000				$ 17,200,000
Ownership interest held by the entity (as a percent)																			100.00%				100.00%
Minority ownership interest (as a percent)	49.00%
Amount of net proceeds applied to acquisitions closed during the year	$ 17,000,000
5 Old Lancaster Road located in Malvern, PA
Self-storage facilities
Number of self-storage facilities | facility																							1
Total Construction Costs																							$ 25,100,000
Ownership interest held by the entity (as a percent)																							100.00%
2016 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired																										28	28
Aggregate purchase price																													403,550,000
Intangible value of the in-place leases																		18,800,000						$ 18,800,000	$ 18,800,000	$ 18,800,000	$ 18,800,000	$ 18,800,000	18,800,000					18,800,000
Estimated life																								12 months
Amortization expense																													10,500,000
Number of properties, assumed mortgage | facility																											1
Assumed mortgage debt, at fair value																		6,500,000						$ 6,500,000	6,500,000	6,500,000	$ 6,500,000	6,500,000	6,500,000					6,500,000
Outstanding principal balance of mortgage debt assumed on acquisitions																		6,300,000						6,300,000	6,300,000	6,300,000	6,300,000	6,300,000	6,300,000					6,300,000
Premium on debt assumed on acquisitions																		200,000						200,000	200,000	200,000	200,000	200,000	200,000					200,000
Number of facilities not yet closed																													3
Measurement period adjustments																		14,700,000
Business Combination, Measurement Period Adjustments Recorded																		14,700,000
2016 Acquisitions | Self storage under construction
Self-storage facilities
Aggregate purchase price																													61,100,000
Deposit																		$ 1,800,000						$ 1,800,000	$ 1,800,000	$ 1,800,000	$ 1,800,000	$ 1,800,000	1,800,000					$ 1,800,000
Number of facilities under contract																													4
Number of facilities with a loan outstanding | facility																											1
Proceeds from collection of loans receivable															4,100,000
2015 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility																														29
Aggregate purchase price																														$ 292,362,000
2015 Acquisitions | PSI
Self-storage facilities
Aggregate purchase price				$ 109,800,000
Intangible value of the in-place leases				$ 6,700,000
Estimated life				12 months
Amortization expense																													6,100,000	600,000
2015 Acquisitions | HSRE
Self-storage facilities
Number of self-storage facilities | facility											26
Number of self-storage facilities acquired | facility										22
Aggregate purchase price									$ 27,500,000	$ 195,500,000	$ 223,000,000																			$ 2,700,000
Estimated life																														12 months
Amortization expense																													700,000	$ 2,000,000
Number of properties, assumed mortgage | facility									4
2015 Acquisitions | Self storage under construction | PSI
Self-storage facilities
Number of self-storage facilities | facility				1
Aggregate purchase price				$ 6,000,000
2015 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities | facility																														13
Aggregate purchase price																														$ 155,000,000
Intangible value of the in-place leases															10,700,000						$ 10,700,000									$ 10,700,000
Estimated life																														12 months
Amortization expense																													6,000,000	$ 4,700,000
Number of properties, assumed mortgage | facility																														1
Assumed mortgage debt, at fair value															2,700,000						2,700,000									$ 2,700,000
Outstanding principal balance of mortgage debt assumed on acquisitions															2,500,000						2,500,000									2,500,000
Premium on debt assumed on acquisitions															$ 200,000						$ 200,000									200,000
Number of facilities not yet closed																														1
2015 Dispositions
Self-storage facilities
Number of self-storage facilities acquired | item														2	1		3
Aggregate sale price																														36,400,000
2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Aggregate sale price					$ 37,800,000
Gain from sale of real estate, net					$ 14,400,000
2014 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility																															53
Aggregate purchase price																															$ 568,226,000
2014 Dispositions | Asset in London, England | USIFB, LLP
Self-storage facilities
Aggregate sale price												£ 4.1	$ 7,000,000
Proceeds from sales of facilities, net													$ 7,000,000
Number of assets sold | property												1	1
Gain from sale of real estate, net													$ 500,000
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property																										28
Aggregate purchase price																													403,600,000
Self-storage facilities | 2015 Acquisitions | PSI
Self-storage facilities
Number of self-storage facilities | facility				12
Aggregate purchase price				$ 115,800,000
Self-storage facilities | 2014 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																															31
Aggregate purchase price																															$ 372,700,000
Intangible value of the in-place leases																															$ 23,800,000
Estimated life																															12 months
Amortization expense																														$ 10,400,000	$ 13,400,000
Number of properties, assumed mortgage | property																															4
Assumed mortgage debt, at fair value																															$ 27,500,000
Outstanding principal balance of mortgage debt assumed on acquisitions																															26,000,000
Premium on debt assumed on acquisitions																															$ 1,500,000
Texas | 2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Number of assets sold | item					7
Florida | 2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Number of assets sold | item					1
New York | Self storage under construction | PSI
Self-storage facilities
Number of facilities under contract																													$ 5

INVESTMENT IN UNCONSOLIDATED 56

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Dec. 15, 2016USD ($)facility	Nov. 29, 2016USD ($)facility	Jun. 15, 2016USD ($)facility	Apr. 21, 2016USD ($)facility	Mar. 30, 2016USD ($)facility	Jan. 26, 2016USD ($)facility	Dec. 08, 2015USD ($)facility	Aug. 25, 2014facility	May 01, 2014USD ($)facility	Dec. 10, 2013USD ($)propertyfacility	Mar. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)facility	Nov. 03, 2014USD ($)
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities												$ 97,281	$ 98,682	$ 97,281		$ 98,682
Number of storage facilities owned by investee | facility																7
Acquisitions of storage facilities													366,666	275,726	$ 547,515
Payment made for acquisition of interest in real estate ventures													12,176	8,433	2,550
Summary of results of operations of the real estate venture
Company’s share of net income (loss)													(2,662)	$ (411)	(6,255)
HHFNE
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)	10.00%
Number of self-storage facilities acquired | facility	13
Acquisitions of storage facilities	$ 87,500
Intangible value of the in-place leases	$ 6,000
HVP
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)												10.00%		10.00%
Number of self-storage facilities acquired | facility		1	1	5	30	1	30
Number of self-storage facilities acquired, assumed mortgage debt | facility												6
Acquisitions of storage facilities		$ 2,700	$ 7,000	$ 36,100	$ 112,800	$ 5,700	$ 193,700
Number of properties to be acquired under the contract | facility											31	37		37
Contract amount to purchase real estate											$ 115,500	$ 242,500		$ 242,500
Intangible value of the in-place leases											10,600	18,900		18,900
Assumed mortgage debt, at fair value													25,300			$ 25,300
Outstanding principal balance of mortgage debt assumed on acquisitions													23,700			23,700
Premium on debt assumed on acquisitions													1,600			1,600
Investment in joint venture											5,400	10,700	16,100	$ 10,700		16,100
Initial advance												116,000
Venture's loan												$ 122,000
Amount of loan obtained											63,500
HVP | Maximum
Investment in Unconsolidated Real Estate Venture
Venture's loan											$ 185,500
HVP | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)											2.00%	2.00%
HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property										35
Payment made for acquisition of interest in real estate ventures										$ 315,700
Intangible value of the in-place leases										$ 12,100
Proceeds after closing costs distributed proportionately to partners									$ 99,200
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained									$ 100,000
Interest on real estate venture debt									3.59%
Michigan | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility												17		17
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	3
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	6
Massachusetts | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility												7		7
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	2
Tennessee | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility												10		10
Florida | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility												3		3
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility									34
Number of self-storage facilities acquired | facility										34
North Carolina | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility											4
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility										(1)
South Carolina | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility											22
Georgia | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility											5
HHFNE, HVP and HHF Ventures
Assets
Storage facilities, net												$ 456,452	667,975	$ 456,452		667,975
Other assets												17,536	17,003	17,536		17,003
Total Assets												473,988	684,978	473,988		684,978
Liabilities and equity
Other liabilities												4,470	6,516	4,470		6,516
Debt												210,525	345,631	210,525		345,631
Equity
CubeSmart												97,281	98,682	97,281		98,682
Joint venture partner												161,712	234,149	161,712		234,149
Total liabilities and equity												$ 473,988	684,978	473,988		$ 684,978
Summary of results of operations of the real estate venture
Total revenues													64,931	31,249	26,852
Operating expenses													29,900	15,042	11,754
Interest expense, net													9,432	3,846	2,522
Depreciation and amortization													53,701	16,214	25,086
Net income (loss)													(28,102)	(3,853)	(12,510)
Company’s share of net income (loss)													$ (2,662)	$ (411)	$ (6,255)
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in joint venture	$ 3,800
Initial advance	$ 44,500
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)	1.90%
HHF
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 | facility								26
Intangible value of the in-place leases																	$ 14,500

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (2,150)	$ (2,800)
Total unsecured senior notes, net	1,039,076	741,904
Senior Notes
Mortgage loans and Notes payable
Carrying value	1,050,000	750,000
Less: Discount on issuance of notes, net	(3,971)	(2,888)
Less: Loan procurement costs, net	(6,953)	(5,208)
Total unsecured senior notes, net	$ 1,039,076	741,904
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio	0.60
Secured debt leverage ratio	0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio	1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)	150.00%
Senior notes 4.800% due 2022
Mortgage loans and Notes payable
Senior notes, principal amount	$ 250,000	$ 250,000
Interest rate (as a percent)	4.80%	4.80%
Carrying value	$ 250,000	$ 250,000
Effective interest rate of senior notes (as a percent)	4.82%
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount	$ 250,000	$ 250,000
Interest rate (as a percent)	4.375%	4.375%
Carrying value	$ 250,000	$ 250,000
Effective interest rate of senior notes (as a percent)	4.50%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 250,000	$ 250,000
Interest rate (as a percent)	4.00%	4.00%
Carrying value	$ 250,000	$ 250,000
Effective interest rate of senior notes (as a percent)	4.03%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount	$ 300,000	$ 300,000
Interest rate (as a percent)	3.125%	3.125%
Carrying value	$ 300,000
Effective interest rate of senior notes (as a percent)	3.18%

REVOLVING CREDIT FACILITY AND58

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details)	Apr. 22, 2015USD ($)	Apr. 21, 2015USD ($)	Dec. 17, 2013USD ($)	Jun. 20, 2011USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 09, 2011USD ($)
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized					$ 24,700,000	$ 20,700,000
Loan procurement costs, net of amortization					2,150,000	2,800,000
Unsecured term loan borrowings outstanding					398,749,000	398,183,000
Term Loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization					1,300,000	1,800,000
Term Loan Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized						2,300,000
Write off of unamortized cost						$ 100,000
Term Loan Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Tangible net worth					$ 821,211,200
Term Loan Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Percentage of funds from operations that can be distributed on common shares					95.00%
Term Loan Facility | Term Loan 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 | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Variable interest rate basis					LIBOR
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity				$ 100,000,000
Term of debt instrument				7 years
Term Loan Facility | Term Loan B | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.15%
Variable interest rate basis					LIBOR
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
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Effective weighted average interest rate (as a percent)					2.67%
Net proceeds from equity issuances added to minimum tangible net worth (as a percent)					75.00%
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio					1.50
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)					60.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity	$ 500,000,000	$ 300,000,000					$ 300,000,000
Interest rate, basis spread (as a percent)					1.25%
Variable interest rate basis					LIBOR
Facility fee (as a percent)	0.15%	0.20%			0.15%
Remaining borrowing capacity					$ 456,000,000
Outstanding letter of credit					$ 700,000
Credit Facility | Term Loan C
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity							100,000,000
Repayment of outstanding debt			$ 100,000,000
Credit Facility | Term Loan D
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity							$ 200,000,000
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding					$ 200,000,000

MORTGAGE LOANS AND NOTES PAYA59

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (2,150)	$ (2,800)
Total mortgage loans and notes payable	114,618	111,455
Net book value of self-storage facilities	3,326,816	2,872,983
Mortgages
Mortgage loans and Notes payable
Carrying value	111,586	109,993
Plus: Unamortized fair value adjustment	3,742	2,219
Less: Loan procurement costs, net	(710)	(757)
Total mortgage loans and notes payable	114,618	111,455
Net book value of self-storage facilities used to secure debt	$ 233,100	195,400
YSI 59
Mortgage loans and Notes payable
Carrying value		9,012
Effective interest rate (as a percent)	4.82%
YSI 60
Mortgage loans and Notes payable
Carrying value		3,546
Effective interest rate (as a percent)	5.04%
YSI 51
Mortgage loans and Notes payable
Carrying value		6,984
Effective interest rate (as a percent)	5.15%
YSI 64
Mortgage loans and Notes payable
Carrying value		7,781
Effective interest rate (as a percent)	3.54%
YSI 62
Mortgage loans and Notes payable
Carrying value		7,835
Effective interest rate (as a percent)	3.54%
YSI 67
Mortgage loans and Notes payable
Carrying value	$ 6,216
Effective interest rate (as a percent)	2.55%
YSI 33
Mortgage loans and Notes payable
Carrying value	$ 9,860	10,154
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 8,423	8,606
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,957	3,021
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 22,952	23,369
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 26,464	27,185
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,457	$ 2,500
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 32,257
Effective interest rate (as a percent)	3.51%

MORTGAGE LOANS AND NOTES PAYA60

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (2,150)	$ (2,800)
Total mortgage indebtedness	114,618	111,455
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2,017	8,576
2,018	2,490
2,019	11,485
2,020	12,616
2,021	44,873
2022 and thereafter	31,546
Total mortgage payments	111,586	109,993
Plus: Unamortized fair value adjustment	3,742	2,219
Less: Loan procurement costs, net	(710)	(757)
Total mortgage indebtedness	$ 114,618	$ 111,455

ACCUMULATED OTHER COMPREHENSI61

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ (4,978)
Ending balance	(1,850)
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	(4,978)
Other comprehensive loss before reclassifications	(1,231)
Amounts reclassified from accumulated other comprehensive loss	4,359
Net current-period other comprehensive income (loss)	3,128
Ending balance	$ (1,850)

RISK MANAGEMENT AND USE OF FI62

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative financial instruments
Unrealized losses reclassified from accumulated other comprehensive loss	$ 4,400
Amount estimated to be reclassified as an increase to interest expense	1,800
Designated | Cash flow
Derivative financial instruments
Notional Amount	300,000	$ 400,000
Fair Value	$ (2,280)	(5,445)
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
Swap, Strike rate (as a percent)	1.8025%
Fair Value		(243)
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount		40,000
Swap, Strike rate (as a percent)	1.8025%
Fair Value		(243)
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount		20,000
Swap, Strike rate (as a percent)	1.8025%
Fair Value		(122)
Designated | Cash flow | Hedge Product, Swap four
Derivative financial instruments
Notional Amount	$ 75,000	75,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (103)	(540)
Designated | Cash flow | Hedge Product, Swap five
Derivative financial instruments
Notional Amount	$ 50,000	50,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (69)	(360)
Designated | Cash flow | Hedge Product, Swap six
Derivative financial instruments
Notional Amount	$ 50,000	50,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (69)	(360)
Designated | Cash flow | Hedge Product, Swap seven
Derivative financial instruments
Notional Amount	$ 25,000	25,000
Swap, Strike rate (as a percent)	1.3375%
Fair Value	$ (34)	(180)
Designated | Cash flow | Hedge Product, Swap eight
Derivative financial instruments
Notional Amount	$ 40,000	40,000
Swap, Strike rate (as a percent)	2.459%
Fair Value	$ (797)	(1,350)
Designated | Cash flow | Hedge Product, Swap nine
Derivative financial instruments
Notional Amount	$ 40,000	40,000
Swap, Strike rate (as a percent)	2.4725%
Fair Value	$ (804)	(1,364)
Designated | Cash flow | Hedge Product, Swap ten
Derivative financial instruments
Notional Amount	$ 20,000	20,000
Swap, Strike rate (as a percent)	2.475%
Fair Value	$ (404)	$ (683)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	$ 1,600,000	$ 1,300,000
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 2016 | item	0
Level 2
Fair value of financial assets and liabilities carried at fair value
Total liabilities at fair value	$ 2,280	5,445
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities	$ 2,280	$ 5,445

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands, £ in Millions	Oct. 02, 2015GBP (£)	Oct. 02, 2015USD ($)	Jun. 30, 2014USD ($)facility	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2008property	Dec. 31, 2013GBP (£)	Dec. 31, 2013USD ($)
Interests in Consolidated Real Estate Joint Ventures
Gain (loss) from sale of land					$ 17,567	$ 475
Proceeds from sales of facilities, net					9,041	13,475
Gain from sale of real estate, net					17,567	475
Reduction to additional paid in capital				$ 4,799	$ 178	$ 642
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				8
Total assets				$ 204,101
Total liabilities				$ 100,442
Period of option to call ownership interest of another member				1 year
Period of option to put ownership interest in venture				1 year
VIE | 2225 46th Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				51.00%
Total assets				$ 15,328
Total liabilities				1,859
Option to put ownership interest in the venture				14,200
Option to call ownership interest of another member				14,200
Accrued accretion expenses				$ 1,800
VIE | CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 452
Total liabilities				$ 315
VIE | 2880 Exterior St. LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				51.00%
Total assets				$ 35,010
Total liabilities				14,875
Option to put ownership interest in the venture				37,800
Option to call ownership interest of another member				37,800
Accrued accretion expenses				$ 14,700
VIE | 3068 Cropsey Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				51.00%
Total assets				$ 23,814
Total liabilities				12,475
Option to put ownership interest in the venture				20,400
Option to call ownership interest of another member				20,400
Accrued accretion expenses				$ 11,300
VIE | 444 55th Street Holdings, LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 81,100
Total liabilities				35,819
Assumed mortgage debt, at fair value				35,000
Outstanding principal balance of mortgage debt assumed on acquisitions				32,500
Premium on debt assumed on one of the acquisitions				$ 2,500
Interest rate (as a percent)				4.68%
VIE | CS SNL New York Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 14,135
Total liabilities				$ 9,897
VIE | 186 Jamaica Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 17,959
Total liabilities				$ 12,316
VIE | Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 16,303
Total liabilities				12,886
USIFB, LLP
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | property							2
Ownership interest held by the entity (as a percent)	97.00%	97.00%			97.00%		97.00%
Carrying amount of mortgage loans								£ 4.1	$ 6,800
Gain (loss) from sale of land		$ 3,000
Number of assets sold | facility			1
Proceeds from sales of facilities, net			$ 7,000
Gain from sale of real estate, net		3,000
Foreign currency translation loss		1,200
Aggregate sale price	£ 6.5	$ 9,900
SRLLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				12,800
Amount of mortgage loan commitment				14,600
SNL
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				9,700
Amount of mortgage loan commitment				9,800
SNL II
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				12,200
Amount of mortgage loan commitment				$ 12,800

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands, £ in Millions	Apr. 16, 2016GBP (£)shares	May 14, 2015USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Operating Partnership Ownership
OP units issued (in shares) | shares	61,224	20,408
Issuance of OP Shares	£ 1.5	$ 500
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital			$ (7,388)	$ 19,619	$ 14,761
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)			1.10%	1.20%
Issuance of OP Shares			$ 4,876
OP units outstanding (in shares) | shares			2,032,394	2,159,650
Number of trading days used to determine average of the closing prices of the common shares			10 days
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital			$ (7,388)	$ 19,619	$ 14,761

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
RELATED PARTY TRANSACTIONS
Management fees	$ 2.9	$ 1	$ 0.9
Mortgage loans receivable from consolidated joint ventures	34.7	29.6
Amount due to the entity from joint venture	$ 3.3	$ 1.9
HVP
RELATED PARTY TRANSACTIONS
Acquisition fee (as a percent)	0.50%
Acquisition fees	$ 1.8
Number of Real Estate Properties Acquired | property	68
Minimum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	5.00%
Maximum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	6.00%

COMMITMENTS AND CONTINGENCIES67

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
COMMITMENTS AND CONTINGENCIES
Ground rent expense	$ 2,700	$ 2,400	$ 2,000
Total future minimum rental payments under non-cancelable ground leases
2,017	2,137
2,018	2,355
2,019	2,365
2,020	2,430
2,021	2,476
2022 and thereafter	112,313
Total	124,076
Future milestone payments payable	$ 79,700
Self-storage facilities subject to ground lease
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	7
Number of self-storage facilities under development subject to a ground lease | property	1
Land
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	2

SHARE-BASED COMPENSATION PLAN68

SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 22, 2016	Jan. 23, 2015	Jan. 24, 2014	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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)					1.80%	1.50%	1.90%
Expected dividend yield (as a percent)					2.70%	2.60%	3.20%
Volatility (as a percent)					33.00%	33.00%	37.98%
Weighted average expected life of the options					6 years	6 years	6 years
Weighted average grant date fair value of options granted per share (in dollars per share)					$ 7.61	$ 6.23	$ 4.33
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 1.3	$ 1	$ 0.9
Aggregate grant date fair value of share based awards issued (in dollars)					1.6
Unrecognized compensation cost					$ 1.6
Unrecognized compensation cost recorded, period					3 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)					2,421,944	3,692,301	4,904,613
Options granted (in shares)					213,008	202,485	223,590
Options canceled (in shares)						(18,230)	(10,731)
Options exercised (in shares)					(695,262)	(1,454,612)	(1,425,171)
Balance at the end of the period (in shares)					1,939,690	2,421,944	3,692,301	4,904,613
Vested or expected to vest at the end of the period (in shares)					1,939,690
Exercisable at the end of the period (in shares)					1,520,731
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)					$ 13.07	$ 11.76	$ 10.99
Options granted (in dollars per share)					30.32	25	15.73
Options canceled (in dollars per share)						19.75	17.38
Options exercised (in dollars per share)					18.69	11.31	9.69
Balance at the end of the period (in dollars per share)					12.94	$ 13.07	$ 11.76	$ 10.99
Exercisable at the end of the period (in dollars per share)					9.35
Vested or expected to vest at the end of the period (in dollars per share)					$ 12.94
Weighted Average Remaining Contractual Term
Balance at the end of the period					4 years 10 months 6 days	4 years 29 days	4 years 1 month 28 days	4 years 7 months 28 days
Options granted					9 years 26 days	9 years 29 days	9 years 29 days
Options exercised					3 months 15 days	2 years 4 months 17 days	3 years 2 months 16 days
Vested or expected to vest at the end of the period					4 years 10 months 6 days
Exercisable at the end of the period					3 years 10 months 13 days
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars)					$ 27.6
Options exercised (in dollars)					$ 8.5
Share Options | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 3.6	$ 2.7	$ 3.5
Aggregate grant date fair value of share based awards issued (in dollars)					5.2	$ 3.2
Unrecognized compensation cost					$ 4.7
Unrecognized compensation cost recorded, period					5 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)					301,824
Granted (in shares)					154,561	115,000
Vested (in shares)					(130,340)
Forfeited (in shares)					(3,023)
Non-vested at the end of the period (in shares)					323,022	301,824
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period					5 years
Restricted share units
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars)	$ 1.6	$ 1.3	$ 0.9
Number of Non-Vested Restricted Shares
Granted (in shares)	37,008	35,614	47,487
Restricted share, additional disclosure
Period for calculation of total return to shareholders	3 years	3 years	3 years
2007 Plan
SHARE-BASED COMPENSATION PLANS
Additional shares authorized				4,500,000
Shares reserved for future issuance				991,117
Shares available for future awards					5,471,377
Maximum term of options					10 years
2007 Plan | Maximum
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					1,000,000
2007 Plan | Maximum | Non Employee Trustee
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					250,000
2007 Plan | Restricted Shares
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance					498,228
2004 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance						3,000,000
Number of Shares Under Option
Balance at the end of the period (in shares)					20,000

EARNINGS PER SHARE AND UNIT A69

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Income from continuing operations									$ 88,376	$ 78,756	$ 26,366
Noncontrolling interests in the Operating Partnership									(941)	(960)	(302)
Noncontrolling interest in subsidiaries									470	(84)	(16)
Distribution to preferred shareholders									(5,045)	(6,008)	(6,008)
Preferred share redemption charge									(2,937)
Income (Loss) from continuing operations attributable to the Company's common shareholders									79,923	71,704	20,040
Total discontinued operations											336
Noncontrolling interests in the Operating Partnership											(5)
Total discontinued operations attributable to the Company's common shareholders											331
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 79,923	$ 71,704	$ 20,371
Weighted-average shares outstanding (in shares)									178,246,000	168,640,000	149,107,000
Share options and restricted share units (in shares)									1,287,000	1,551,000	1,756,000
Weighted-average diluted shares outstanding (in shares)									179,533,000	170,191,000	150,863,000
Earnings (loss) per common share
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)									$ 0.45	$ 0.43	$ 0.13
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)											0.01
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.21	$ 0.10	$ 0.07	$ 0.04	0.45	0.43	0.14
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share)									0.45	0.42	0.13
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)											0.01
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.20	$ 0.10	$ 0.07	$ 0.04	0.45	0.42	0.14
Preferred stock, cash dividends declared (in dollars per share)									$ 1.626	$ 1.938	$ 1.938
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)											1,756,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)									1,287,000	1,551,000
Common stock, cash dividends declared (in dollars per share)									$ 0.90	$ 0.69	$ 0.55
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	2,032,394				2,159,650				2,032,394	2,159,650	2,257,486
Common shares, shares outstanding	180,083,111				174,667,870				180,083,111	174,667,870	163,956,675

EARNINGS PER SHARE AND UNIT A70

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($)	Nov. 02, 2016	Oct. 20, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Issuance of Common and Preferred Shares
Series A Cumulative Redeemable Preferred shares, percentage			7.75%	7.75%
Series A Cumulative Redeemable Preferred, redeemed			$ 77,574,000
Net proceeds from sale of common shares			$ 136,121,000	$ 234,061,000	$ 416,001,000
Series A Preferred shares, shares outstanding			0	3,100,000
Series A Preferred shares, percentage			7.75%	7.75%
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)			4,400,000	9,000,000	15,200,000
Average sales price per common share (in dollars per share)			$ 31.25	$ 26.35	$ 18.22
Net proceeds from sale of common shares			$ 136,100,000	$ 234,200,000	$ 273,000,000
Common shares remained available for issuance			5,800,000	10,200,000	9,200,000
Common Shares | Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold			40,000,000
Series A
Issuance of Common and Preferred Shares
Series A Cumulative Redeemable Preferred, shares redeemed	3,100,000
Series A Cumulative Redeemable Preferred shares, percentage	7.75%
Series A Cumulative Redeemable Preferred, redeemed	$ 77,500,000
Series A Cumulative Redeemable Preferred shares, redemption price (in dollars per share)	$ 25
Series A Cumulative Redeemable Preferred shares, dividend (in dollars per share)	$ 0.17374
Series A Preferred shares, percentage	7.75%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Valuation allowance	$ 0	$ 0
Deferred tax assets, net	1.3	$ 1.7
Tax benefits associated with share based compensation	$ 0.7

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)property
DISCONTINUED OPERATIONS
Number of facilities sold in previous years related to discontinued operations | property											6
REVENUES
Rental income									$ 449,601	$ 392,476	$ 330,898
Other property related income									50,255	45,189	40,065
Total revenues	$ 132,546	$ 132,096	$ 126,526	$ 118,871	$ 114,992	$ 115,970	$ 109,871	$ 103,688	510,039	444,521	376,963
OPERATING EXPENSES
Depreciation and amortization									161,865	151,789	126,813
Total operating expenses	$ 90,848	$ 92,585	$ 93,509	$ 90,145	$ 83,196	$ 86,265	$ 84,163	$ 83,009	367,087	336,633	295,420
OPERATING INCOME									142,952	107,888	81,543
OTHER (EXPENSE) INCOME
Interest expense on loans									(50,399)	(43,736)	(46,802)
Total discontinued operations											336
Discontinued operations
OPERATING EXPENSES
Property operating expenses											(336)
Total operating expenses											(336)
OPERATING INCOME											336
OTHER (EXPENSE) INCOME
Total discontinued operations											$ 336

PRO FORMA FINANCIAL INFORMATI73

PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2015$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2016USD ($)property$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014$ / shares
Consolidated results of operations on a pro forma basis
Pro forma revenue | $									$ 520,341	$ 428,234
Pro forma income | $									$ 120,248	$ 90,559
Earnings per share from continuing operations:
Basic - as reported (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.21	$ 0.10	$ 0.07	$ 0.04	$ 0.45	$ 0.43	$ 0.14
Diluted - as reported (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.20	$ 0.10	$ 0.07	$ 0.04	0.45	0.42	$ 0.14
Basic - as pro forma (in dollars per share)									0.63	0.50
Diluted - as pro forma (in dollars per share)									$ 0.62	$ 0.49
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property									28
Aggregate purchase price | $									$ 403,600

SELECTED QUARTERLY FINANCIAL 74

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly financial information
Total revenues	$ 132,546	$ 132,096	$ 126,526	$ 118,871	$ 114,992	$ 115,970	$ 109,871	$ 103,688	$ 510,039	$ 444,521	$ 376,963
Total operating expenses	90,848	92,585	93,509	90,145	83,196	86,265	84,163	83,009	367,087	336,633	295,420
Net (loss) income attributable to the company	$ 26,847	$ 24,884	$ 20,424	$ 15,750	$ 37,116	$ 18,438	$ 13,724	$ 8,434	$ 87,905	$ 77,712	$ 26,379
Basic - as reported (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.21	$ 0.10	$ 0.07	$ 0.04	$ 0.45	$ 0.43	$ 0.14
Diluted - as reported (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.08	$ 0.20	$ 0.10	$ 0.07	$ 0.04	$ 0.45	$ 0.42	$ 0.14

SCHEDULE III REAL ESTATE AND 75

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	32,858,399
Initial cost
Land	$ 628,399
Building and Improvements	2,895,211
Costs Subsequent to Acquisition	264,975
Gross Carrying Amount at year end
Land	649,744
Building and Improvements	2,928,275
Total	3,578,019
Total	3,998,180	$ 3,467,032	$ 3,117,198
Accumulated Depreciation	$ 558,191
Minimum
Gross Carrying Amount at year end
Estimated useful lives		5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives		39 years
YSI 33
REAL ESTATE AND RELATED DEPRECIATION
Encumbrances		$ 9,860
Chandler I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,680
Initial cost
Land	$ 327
Building and Improvements	1,257
Costs Subsequent to Acquisition	357
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,439
Total	1,766
Accumulated Depreciation	$ 544
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,889
Initial cost
Land	$ 1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	83
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,568
Total	9,086
Accumulated Depreciation	$ 801
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,300
Initial cost
Land	$ 951
Building and Improvements	4,688
Costs Subsequent to Acquisition	30
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,718
Total	5,669
Accumulated Depreciation	$ 576
Gilbert II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,505
Initial cost
Land	$ 1,199
Building and Improvements	11,846
Gross Carrying Amount at year end
Land	1,199
Building and Improvements	11,846
Total	13,045
Accumulated Depreciation	$ 29
Glendale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,807
Initial cost
Land	$ 201
Building and Improvements	2,265
Costs Subsequent to Acquisition	1,085
Gross Carrying Amount at year end
Land	418
Building and Improvements	2,798
Total	3,216
Accumulated Depreciation	$ 1,271
Green Valley, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	25,050
Initial cost
Land	$ 298
Building and Improvements	1,153
Costs Subsequent to Acquisition	173
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,116
Total	1,414
Accumulated Depreciation	$ 397
Mesa I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,575
Initial cost
Land	$ 920
Building and Improvements	2,739
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,526
Total	3,447
Accumulated Depreciation	$ 938
Mesa II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,511
Initial cost
Land	$ 731
Building and Improvements	2,176
Costs Subsequent to Acquisition	231
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,089
Total	2,820
Accumulated Depreciation	$ 782
Mesa III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,629
Initial cost
Land	$ 706
Building and Improvements	2,101
Costs Subsequent to Acquisition	246
Gross Carrying Amount at year end
Land	706
Building and Improvements	1,963
Total	2,669
Accumulated Depreciation	$ 731
Peoria, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,835
Initial cost
Land	$ 1,436
Building and Improvements	7,082
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	1,436
Building and Improvements	7,295
Total	8,731
Accumulated Depreciation	$ 352
Phoenix I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,875
Initial cost
Land	$ 1,134
Building and Improvements	3,376
Costs Subsequent to Acquisition	476
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	3,201
Total	4,336
Accumulated Depreciation	$ 1,191
Phoenix II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,160
Initial cost
Land	$ 756
Building and Improvements	2,251
Costs Subsequent to Acquisition	1,578
Gross Carrying Amount at year end
Land	847
Building and Improvements	3,130
Total	3,977
Accumulated Depreciation	$ 1,075
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	121,731
Initial cost
Land	$ 2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,553
Total	12,668
Accumulated Depreciation	$ 953
Phoenix IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,660
Initial cost
Land	$ 930
Building and Improvements	12,277
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	930
Building and Improvements	12,298
Total	13,228
Accumulated Depreciation	$ 112
Queen Creek, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,462
Initial cost
Land	$ 1,159
Building and Improvements	5,716
Costs Subsequent to Acquisition	80
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,796
Total	6,955
Accumulated Depreciation	$ 324
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,525
Initial cost
Land	$ 443
Building and Improvements	4,879
Costs Subsequent to Acquisition	1,753
Gross Carrying Amount at year end
Land	883
Building and Improvements	5,516
Total	6,399
Accumulated Depreciation	$ 2,482
Surprise , AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,575
Initial cost
Land	$ 584
Building and Improvements	3,761
Costs Subsequent to Acquisition	44
Gross Carrying Amount at year end
Land	584
Building and Improvements	3,805
Total	4,389
Accumulated Depreciation	$ 131
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,890
Initial cost
Land	$ 749
Building and Improvements	2,159
Costs Subsequent to Acquisition	522
Gross Carrying Amount at year end
Land	749
Building and Improvements	2,371
Total	3,120
Accumulated Depreciation	$ 755
Tempe II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,409
Initial cost
Land	$ 588
Building and Improvements	2,898
Costs Subsequent to Acquisition	2,140
Gross Carrying Amount at year end
Land	588
Building and Improvements	5,038
Total	5,626
Accumulated Depreciation	$ 524
Tucson I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,800
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,050
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,624
Total	3,008
Accumulated Depreciation	$ 1,175
Tucson II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,950
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,068
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,662
Total	3,053
Accumulated Depreciation	$ 1,160
Tucson III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,832
Initial cost
Land	$ 532
Building and Improvements	2,048
Costs Subsequent to Acquisition	254
Gross Carrying Amount at year end
Land	533
Building and Improvements	1,941
Total	2,474
Accumulated Depreciation	$ 703
Tucson IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,040
Initial cost
Land	$ 674
Building and Improvements	2,595
Costs Subsequent to Acquisition	317
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,492
Total	3,167
Accumulated Depreciation	$ 896
Tucson V, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,134
Initial cost
Land	$ 515
Building and Improvements	1,980
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	515
Building and Improvements	1,974
Total	2,489
Accumulated Depreciation	$ 714
Tucson VI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,814
Initial cost
Land	$ 440
Building and Improvements	1,692
Costs Subsequent to Acquisition	223
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,617
Total	2,047
Accumulated Depreciation	$ 592
Tucson VII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,688
Initial cost
Land	$ 670
Building and Improvements	2,576
Costs Subsequent to Acquisition	314
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,476
Total	3,146
Accumulated Depreciation	$ 907
Tucson VIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,650
Initial cost
Land	$ 589
Building and Improvements	2,265
Costs Subsequent to Acquisition	333
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,247
Total	2,836
Accumulated Depreciation	$ 803
Tucson IX, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,496
Initial cost
Land	$ 724
Building and Improvements	2,786
Costs Subsequent to Acquisition	462
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,727
Total	3,452
Accumulated Depreciation	$ 978
Tucson X, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,350
Initial cost
Land	$ 424
Building and Improvements	1,633
Costs Subsequent to Acquisition	243
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,567
Total	1,992
Accumulated Depreciation	$ 571
Tucson XI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,900
Initial cost
Land	$ 439
Building and Improvements	1,689
Costs Subsequent to Acquisition	413
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,811
Total	2,250
Accumulated Depreciation	$ 697
Tucson XII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,275
Initial cost
Land	$ 671
Building and Improvements	2,582
Costs Subsequent to Acquisition	331
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,484
Total	3,156
Accumulated Depreciation	$ 879
Tucson XIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,800
Initial cost
Land	$ 587
Building and Improvements	2,258
Costs Subsequent to Acquisition	342
Gross Carrying Amount at year end
Land	587
Building and Improvements	2,231
Total	2,818
Accumulated Depreciation	$ 802
Tucson XIV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,995
Initial cost
Land	$ 707
Building and Improvements	2,721
Costs Subsequent to Acquisition	463
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,637
Total	3,345
Accumulated Depreciation	$ 964
Benicia, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,770
Initial cost
Land	$ 2,392
Building and Improvements	7,028
Costs Subsequent to Acquisition	300
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	6,244
Total	8,636
Accumulated Depreciation	$ 2,213
Citrus Heights, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,620
Initial cost
Land	$ 1,633
Building and Improvements	4,793
Costs Subsequent to Acquisition	231
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	4,250
Total	5,884
Accumulated Depreciation	$ 1,576
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,975
Initial cost
Land	$ 2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	59
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,444
Total	12,551
Accumulated Depreciation	$ 719
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	103,309
Initial cost
Land	$ 2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	6,546
Total	9,070
Accumulated Depreciation	$ 2,423
Escondido, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	143,645
Initial cost
Land	$ 3,040
Building and Improvements	11,804
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,646
Total	12,686
Accumulated Depreciation	$ 2,832
Fallbrook, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,976
Initial cost
Land	$ 133
Building and Improvements	1,492
Costs Subsequent to Acquisition	1,801
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,784
Total	3,216
Accumulated Depreciation	$ 1,234
Fremont, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,243
Initial cost
Land	$ 1,158
Building and Improvements	5,711
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,872
Total	7,030
Accumulated Depreciation	$ 548
Lancaster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,450
Initial cost
Land	$ 390
Building and Improvements	2,247
Costs Subsequent to Acquisition	1,052
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,564
Total	3,120
Accumulated Depreciation	$ 959
Long Beach, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	124,571
Initial cost
Land	$ 3,138
Building and Improvements	14,368
Costs Subsequent to Acquisition	855
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	13,287
Total	16,425
Accumulated Depreciation	$ 4,541
Murrieta, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,785
Initial cost
Land	$ 1,883
Building and Improvements	5,532
Costs Subsequent to Acquisition	246
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,913
Total	6,816
Accumulated Depreciation	$ 1,743
North Highlands, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,094
Initial cost
Land	$ 868
Building and Improvements	2,546
Costs Subsequent to Acquisition	420
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,508
Total	3,376
Accumulated Depreciation	$ 927
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,590
Initial cost
Land	$ 1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,708
Total	10,413
Accumulated Depreciation	$ 606
Orangevale, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,542
Initial cost
Land	$ 1,423
Building and Improvements	4,175
Costs Subsequent to Acquisition	305
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,807
Total	5,230
Accumulated Depreciation	$ 1,414
Pleasanton, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,600
Initial cost
Land	$ 2,799
Building and Improvements	8,222
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	7,187
Total	9,986
Accumulated Depreciation	$ 2,547
Rancho Cordova, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,978
Initial cost
Land	$ 1,094
Building and Improvements	3,212
Costs Subsequent to Acquisition	321
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	2,991
Total	4,086
Accumulated Depreciation	$ 1,094
Rialto I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,391
Initial cost
Land	$ 899
Building and Improvements	4,118
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,755
Total	4,654
Accumulated Depreciation	$ 1,310
Rialto II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,783
Initial cost
Land	$ 277
Building and Improvements	3,098
Costs Subsequent to Acquisition	1,751
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,057
Total	4,729
Accumulated Depreciation	$ 1,914
Riverside I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,020
Initial cost
Land	$ 1,351
Building and Improvements	6,183
Costs Subsequent to Acquisition	573
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	5,924
Total	7,275
Accumulated Depreciation	$ 2,023
Riverside II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,176
Initial cost
Land	$ 1,170
Building and Improvements	5,359
Costs Subsequent to Acquisition	369
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	4,937
Total	6,107
Accumulated Depreciation	$ 1,733
Roseville, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,944
Initial cost
Land	$ 1,284
Building and Improvements	3,767
Costs Subsequent to Acquisition	397
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,565
Total	4,849
Accumulated Depreciation	$ 1,330
Sacramento I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,664
Initial cost
Land	$ 1,152
Building and Improvements	3,380
Costs Subsequent to Acquisition	317
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	3,138
Total	4,290
Accumulated Depreciation	$ 1,156
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,088
Initial cost
Land	$ 1,406
Building and Improvements	4,128
Costs Subsequent to Acquisition	244
Gross Carrying Amount at year end
Land	1,407
Building and Improvements	3,708
Total	5,115
Accumulated Depreciation	$ 1,370
San Bernardino I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,070
Initial cost
Land	$ 51
Building and Improvements	572
Costs Subsequent to Acquisition	1,185
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,429
Total	1,611
Accumulated Depreciation	$ 615
San Bernardino II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,546
Initial cost
Land	$ 112
Building and Improvements	1,251
Costs Subsequent to Acquisition	1,274
Gross Carrying Amount at year end
Land	306
Building and Improvements	1,983
Total	2,289
Accumulated Depreciation	$ 886
San Bernardino III, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,416
Initial cost
Land	$ 98
Building and Improvements	1,093
Costs Subsequent to Acquisition	1,316
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,913
Total	2,155
Accumulated Depreciation	$ 817
San Bernardino IV, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,277
Initial cost
Land	$ 1,872
Building and Improvements	5,391
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,887
Total	6,759
Accumulated Depreciation	$ 1,728
San Bernardino V, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,745
Initial cost
Land	$ 783
Building and Improvements	3,583
Costs Subsequent to Acquisition	509
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,566
Total	4,349
Accumulated Depreciation	$ 1,263
San Bernardino VII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,753
Initial cost
Land	$ 1,475
Building and Improvements	6,753
Costs Subsequent to Acquisition	305
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,311
Total	7,601
Accumulated Depreciation	$ 2,229
San Bernardino VIII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	103,417
Initial cost
Land	$ 1,691
Building and Improvements	7,741
Costs Subsequent to Acquisition	594
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,382
Total	8,074
Accumulated Depreciation	$ 2,277
San Marcos, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,425
Initial cost
Land	$ 775
Building and Improvements	2,288
Costs Subsequent to Acquisition	169
Gross Carrying Amount at year end
Land	776
Building and Improvements	2,087
Total	2,863
Accumulated Depreciation	$ 762
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,916
Initial cost
Land	$ 1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	370
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,191
Total	6,414
Accumulated Depreciation	$ 1,806
South Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,440
Initial cost
Land	$ 790
Building and Improvements	2,319
Costs Subsequent to Acquisition	334
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,234
Total	3,025
Accumulated Depreciation	$ 810
Spring Valley, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,035
Initial cost
Land	$ 1,178
Building and Improvements	5,394
Costs Subsequent to Acquisition	760
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,410
Total	6,588
Accumulated Depreciation	$ 1,876
Temecula I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,340
Initial cost
Land	$ 660
Building and Improvements	4,735
Costs Subsequent to Acquisition	997
Gross Carrying Amount at year end
Land	899
Building and Improvements	5,167
Total	6,066
Accumulated Depreciation	$ 2,156
Temecula II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,543
Initial cost
Land	$ 3,080
Building and Improvements	5,839
Costs Subsequent to Acquisition	561
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	5,471
Total	8,551
Accumulated Depreciation	$ 1,547
Vista I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,238
Initial cost
Land	$ 711
Building and Improvements	4,076
Costs Subsequent to Acquisition	2,330
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,097
Total	6,215
Accumulated Depreciation	$ 1,922
Vista II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,763
Initial cost
Land	$ 4,629
Building and Improvements	13,599
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	11,706
Total	16,335
Accumulated Depreciation	$ 4,204
Walnut, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,708
Initial cost
Land	$ 1,578
Building and Improvements	4,635
Costs Subsequent to Acquisition	319
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	4,216
Total	5,811
Accumulated Depreciation	$ 1,496
West Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,015
Initial cost
Land	$ 1,222
Building and Improvements	3,590
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	3,235
Total	4,457
Accumulated Depreciation	$ 1,165
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,393
Initial cost
Land	$ 1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	375
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	4,630
Total	6,373
Accumulated Depreciation	$ 1,719
Aurora, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,867
Initial cost
Land	$ 1,343
Building and Improvements	2,986
Costs Subsequent to Acquisition	474
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	2,919
Total	4,262
Accumulated Depreciation	$ 1,004
Centennial, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 1,281
Building and Improvements	8,958
Costs Subsequent to Acquisition	45
Gross Carrying Amount at year end
Land	1,281
Building and Improvements	9,003
Total	10,284
Accumulated Depreciation	$ 190
Colorado Springs I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,975
Initial cost
Land	$ 771
Building and Improvements	1,717
Costs Subsequent to Acquisition	372
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,746
Total	2,517
Accumulated Depreciation	$ 618
Colorado Springs II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 657
Building and Improvements	2,674
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,417
Total	3,073
Accumulated Depreciation	$ 847
Denver I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,200
Initial cost
Land	$ 673
Building and Improvements	2,741
Costs Subsequent to Acquisition	223
Gross Carrying Amount at year end
Land	646
Building and Improvements	2,486
Total	3,132
Accumulated Depreciation	$ 921
Denver II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,460
Initial cost
Land	$ 1,430
Building and Improvements	7,053
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,162
Total	8,592
Accumulated Depreciation	$ 979
Denver III, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,125
Initial cost
Land	$ 1,828
Building and Improvements	12,109
Costs Subsequent to Acquisition	15
Gross Carrying Amount at year end
Land	1,828
Building and Improvements	12,124
Total	13,952
Accumulated Depreciation	$ 123
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,770
Initial cost
Land	$ 878
Building and Improvements	1,953
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,828
Total	2,707
Accumulated Depreciation	$ 642
Golden, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,800
Initial cost
Land	$ 1,683
Building and Improvements	3,744
Costs Subsequent to Acquisition	517
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,589
Total	5,273
Accumulated Depreciation	$ 1,241
Littleton, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,490
Initial cost
Land	$ 1,268
Building and Improvements	2,820
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,672
Total	3,940
Accumulated Depreciation	$ 891
Northglenn, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,102
Initial cost
Land	$ 862
Building and Improvements	1,917
Costs Subsequent to Acquisition	386
Gross Carrying Amount at year end
Land	662
Building and Improvements	2,089
Total	2,751
Accumulated Depreciation	$ 667
Bloomfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,700
Initial cost
Land	$ 78
Building and Improvements	880
Costs Subsequent to Acquisition	2,397
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,700
Total	3,060
Accumulated Depreciation	$ 1,131
Branford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,629
Initial cost
Land	$ 217
Building and Improvements	2,433
Costs Subsequent to Acquisition	1,415
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,135
Total	3,639
Accumulated Depreciation	$ 1,475
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,725
Initial cost
Land	$ 1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	88
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	2,785
Total	4,604
Accumulated Depreciation	$ 1,113
East Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,066
Initial cost
Land	$ 744
Building and Improvements	1,294
Costs Subsequent to Acquisition	499
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,523
Total	2,267
Accumulated Depreciation	$ 616
Enfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,875
Initial cost
Land	$ 424
Building and Improvements	2,424
Costs Subsequent to Acquisition	456
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,111
Total	2,584
Accumulated Depreciation	$ 837
Gales Ferry, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,905
Initial cost
Land	$ 240
Building and Improvements	2,697
Costs Subsequent to Acquisition	1,508
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,522
Total	4,011
Accumulated Depreciation	$ 1,781
Manchester I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,925
Initial cost
Land	$ 540
Building and Improvements	3,096
Costs Subsequent to Acquisition	415
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,738
Total	3,301
Accumulated Depreciation	$ 1,170
Manchester II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,725
Initial cost
Land	$ 996
Building and Improvements	1,730
Costs Subsequent to Acquisition	321
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,744
Total	2,740
Accumulated Depreciation	$ 672
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,113
Initial cost
Land	$ 671
Building and Improvements	3,308
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,462
Total	4,133
Accumulated Depreciation	$ 329
Milford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,885
Initial cost
Land	$ 87
Building and Improvements	1,050
Costs Subsequent to Acquisition	1,184
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,740
Total	2,014
Accumulated Depreciation	$ 792
Monroe, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,500
Initial cost
Land	$ 2,004
Building and Improvements	3,483
Costs Subsequent to Acquisition	642
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,441
Total	5,445
Accumulated Depreciation	$ 1,425
Mystic, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,825
Initial cost
Land	$ 136
Building and Improvements	1,645
Costs Subsequent to Acquisition	2,021
Gross Carrying Amount at year end
Land	410
Building and Improvements	2,923
Total	3,333
Accumulated Depreciation	$ 1,320
Newington I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,620
Initial cost
Land	$ 1,059
Building and Improvements	1,840
Costs Subsequent to Acquisition	216
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,762
Total	2,821
Accumulated Depreciation	$ 697
Newington II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,140
Initial cost
Land	$ 911
Building and Improvements	1,584
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,575
Total	2,486
Accumulated Depreciation	$ 624
Norwalk I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,328
Initial cost
Land	$ 646
Building and Improvements	3,187
Costs Subsequent to Acquisition	54
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,241
Total	3,887
Accumulated Depreciation	$ 463
Norwalk II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,175
Initial cost
Land	$ 1,171
Building and Improvements	15,422
Costs Subsequent to Acquisition	82
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	15,504
Total	16,675
Accumulated Depreciation	$ 355
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,000
Initial cost
Land	$ 3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	656
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	5,177
Total	8,269
Accumulated Depreciation	$ 2,051
Old Saybrook II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,425
Initial cost
Land	$ 1,135
Building and Improvements	1,973
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,896
Total	3,031
Accumulated Depreciation	$ 779
Shelton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,405
Initial cost
Land	$ 1,613
Building and Improvements	9,032
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	1,613
Building and Improvements	8,153
Total	9,766
Accumulated Depreciation	$ 1,348
South Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,075
Initial cost
Land	$ 90
Building and Improvements	1,127
Costs Subsequent to Acquisition	1,398
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,133
Total	2,405
Accumulated Depreciation	$ 936
Stamford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	28,907
Initial cost
Land	$ 1,941
Building and Improvements	3,374
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	2,954
Total	4,895
Accumulated Depreciation	$ 1,168
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,515
Initial cost
Land	$ 2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	374
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	12,696
Total	15,117
Accumulated Depreciation	$ 1,935
Washington I, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,085
Initial cost
Land	$ 871
Building and Improvements	12,759
Costs Subsequent to Acquisition	496
Gross Carrying Amount at year end
Land	894
Building and Improvements	10,533
Total	11,427
Accumulated Depreciation	$ 2,981
Washington II, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,787
Initial cost
Land	$ 3,152
Building and Improvements	13,612
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	12,016
Total	15,170
Accumulated Depreciation	$ 1,915
Washington III, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,430
Initial cost
Land	$ 4,469
Building and Improvements	15,438
Costs Subsequent to Acquisition	48
Gross Carrying Amount at year end
Land	4,469
Building and Improvements	15,486
Total	19,955
Accumulated Depreciation	$ 446
Boca Raton, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,968
Initial cost
Land	$ 529
Building and Improvements	3,054
Costs Subsequent to Acquisition	1,590
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,541
Total	4,354
Accumulated Depreciation	$ 1,364
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,725
Initial cost
Land	$ 667
Building and Improvements	3,796
Costs Subsequent to Acquisition	1,920
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,393
Total	5,351
Accumulated Depreciation	$ 1,672
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,514
Initial cost
Land	$ 1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	404
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	2,935
Total	3,965
Accumulated Depreciation	$ 1,044
Boynton Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,393
Initial cost
Land	$ 1,225
Building and Improvements	6,037
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,282
Total	7,507
Accumulated Depreciation	$ 507
Boynton Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,362
Initial cost
Land	$ 1,455
Building and Improvements	7,171
Costs Subsequent to Acquisition	49
Gross Carrying Amount at year end
Land	1,455
Building and Improvements	7,220
Total	8,675
Accumulated Depreciation	$ 345
Bradenton I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,298
Initial cost
Land	$ 1,180
Building and Improvements	3,324
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	1,180
Building and Improvements	3,043
Total	4,223
Accumulated Depreciation	$ 1,119
Bradenton II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,958
Initial cost
Land	$ 1,931
Building and Improvements	5,561
Costs Subsequent to Acquisition	1,104
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,570
Total	7,501
Accumulated Depreciation	$ 2,027
Cape Coral I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,857
Initial cost
Land	$ 472
Building and Improvements	2,769
Costs Subsequent to Acquisition	2,570
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,036
Total	4,866
Accumulated Depreciation	$ 1,861
Cape Coral II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,955
Initial cost
Land	$ 1,093
Building and Improvements	5,387
Costs Subsequent to Acquisition	76
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,463
Total	6,556
Accumulated Depreciation	$ 366
Coconut Creek I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,846
Initial cost
Land	$ 1,189
Building and Improvements	5,863
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	6,030
Total	7,219
Accumulated Depreciation	$ 830
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,147
Initial cost
Land	$ 1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,719
Total	11,656
Accumulated Depreciation	$ 908
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	180,588
Initial cost
Land	$ 3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,365
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	10,151
Total	13,735
Accumulated Depreciation	$ 3,742
Dania, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,165
Initial cost
Land	$ 205
Building and Improvements	2,068
Costs Subsequent to Acquisition	1,516
Gross Carrying Amount at year end
Land	481
Building and Improvements	2,886
Total	3,367
Accumulated Depreciation	$ 1,337
Davie, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,985
Initial cost
Land	$ 1,268
Building and Improvements	7,183
Costs Subsequent to Acquisition	1,219
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	6,131
Total	7,504
Accumulated Depreciation	$ 2,214
Deerfield Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,230
Initial cost
Land	$ 946
Building and Improvements	2,999
Costs Subsequent to Acquisition	2,144
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,634
Total	5,945
Accumulated Depreciation	$ 1,980
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,833
Initial cost
Land	$ 798
Building and Improvements	4,539
Costs Subsequent to Acquisition	818
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,077
Total	4,960
Accumulated Depreciation	$ 1,596
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,710
Initial cost
Land	$ 957
Building and Improvements	4,718
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,931
Total	5,888
Accumulated Depreciation	$ 572
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,395
Initial cost
Land	$ 2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	151
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,437
Total	12,523
Accumulated Depreciation	$ 834
Ft. Lauderdale I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,043
Initial cost
Land	$ 937
Building and Improvements	3,646
Costs Subsequent to Acquisition	2,485
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,456
Total	6,840
Accumulated Depreciation	$ 2,338
Ft. Lauderdale II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,577
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	87
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,337
Total	5,199
Accumulated Depreciation	$ 418
Ft. Myers I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,534
Initial cost
Land	$ 303
Building and Improvements	3,329
Costs Subsequent to Acquisition	913
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,243
Total	3,571
Accumulated Depreciation	$ 1,396
Ft. Myers II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,375
Initial cost
Land	$ 1,030
Building and Improvements	5,080
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,212
Total	6,242
Accumulated Depreciation	$ 419
Ft. Myers III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,554
Initial cost
Land	$ 1,148
Building and Improvements	5,658
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,811
Total	6,959
Accumulated Depreciation	$ 466
Jacksonville I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,705
Initial cost
Land	$ 1,862
Building and Improvements	5,362
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,827
Total	6,689
Accumulated Depreciation	$ 1,592
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,970
Initial cost
Land	$ 950
Building and Improvements	7,004
Costs Subsequent to Acquisition	164
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,620
Total	6,570
Accumulated Depreciation	$ 1,639
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,010
Initial cost
Land	$ 860
Building and Improvements	7,409
Costs Subsequent to Acquisition	1,007
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	6,014
Total	7,684
Accumulated Depreciation	$ 1,771
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,525
Initial cost
Land	$ 870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,050
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,024
Total	8,675
Accumulated Depreciation	$ 2,067
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,483
Initial cost
Land	$ 1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	359
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,833
Total	8,053
Accumulated Depreciation	$ 2,007
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 755
Building and Improvements	3,725
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,834
Total	4,589
Accumulated Depreciation	$ 256
Kendall, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,495
Initial cost
Land	$ 2,350
Building and Improvements	8,106
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,604
Total	8,954
Accumulated Depreciation	$ 1,936
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	159,799
Initial cost
Land	$ 183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,456
Gross Carrying Amount at year end
Land	354
Building and Improvements	11,361
Total	11,715
Accumulated Depreciation	$ 5,118
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,924
Initial cost
Land	$ 1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,802
Total	9,354
Accumulated Depreciation	$ 667
Lake Worth III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,015
Initial cost
Land	$ 957
Building and Improvements	4,716
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,928
Total	5,885
Accumulated Depreciation	$ 255
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,079
Initial cost
Land	$ 81
Building and Improvements	896
Costs Subsequent to Acquisition	1,233
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,544
Total	1,800
Accumulated Depreciation	$ 682
Leisure City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,075
Initial cost
Land	$ 409
Building and Improvements	2,018
Costs Subsequent to Acquisition	156
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,174
Total	2,583
Accumulated Depreciation	$ 309
Lutz I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,795
Initial cost
Land	$ 901
Building and Improvements	2,478
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,344
Total	3,245
Accumulated Depreciation	$ 851
Lutz II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,232
Initial cost
Land	$ 992
Building and Improvements	2,868
Costs Subsequent to Acquisition	376
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,749
Total	3,741
Accumulated Depreciation	$ 984
Margate I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,660
Initial cost
Land	$ 161
Building and Improvements	1,763
Costs Subsequent to Acquisition	2,155
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,243
Total	3,642
Accumulated Depreciation	$ 1,485
Margate II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,380
Initial cost
Land	$ 132
Building and Improvements	1,473
Costs Subsequent to Acquisition	1,829
Gross Carrying Amount at year end
Land	383
Building and Improvements	2,687
Total	3,070
Accumulated Depreciation	$ 1,206
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,261
Initial cost
Land	$ 716
Building and Improvements	2,983
Costs Subsequent to Acquisition	648
Gross Carrying Amount at year end
Land	796
Building and Improvements	2,893
Total	3,689
Accumulated Depreciation	$ 1,125
Miami I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,500
Initial cost
Land	$ 179
Building and Improvements	1,999
Costs Subsequent to Acquisition	1,835
Gross Carrying Amount at year end
Land	484
Building and Improvements	2,839
Total	3,323
Accumulated Depreciation	$ 1,287
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,960
Initial cost
Land	$ 253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,594
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,309
Total	3,870
Accumulated Depreciation	$ 1,545
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	151,620
Initial cost
Land	$ 4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	862
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	12,223
Total	16,800
Accumulated Depreciation	$ 4,144
Miami IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,695
Initial cost
Land	$ 1,852
Building and Improvements	10,494
Costs Subsequent to Acquisition	924
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,858
Total	11,821
Accumulated Depreciation	$ 1,806
Miramar, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,130
Initial cost
Land	$ 1,206
Building and Improvements	5,944
Costs Subsequent to Acquisition	77
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	6,021
Total	7,227
Accumulated Depreciation	$ 687
Naples I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,100
Initial cost
Land	$ 90
Building and Improvements	1,010
Costs Subsequent to Acquisition	2,598
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,067
Total	3,337
Accumulated Depreciation	$ 1,373
Naples II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,850
Initial cost
Land	$ 148
Building and Improvements	1,652
Costs Subsequent to Acquisition	4,405
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,363
Total	5,921
Accumulated Depreciation	$ 2,454
Naples III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,021
Initial cost
Land	$ 139
Building and Improvements	1,561
Costs Subsequent to Acquisition	4,193
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,134
Total	4,732
Accumulated Depreciation	$ 1,906
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,650
Initial cost
Land	$ 262
Building and Improvements	2,980
Costs Subsequent to Acquisition	609
Gross Carrying Amount at year end
Land	407
Building and Improvements	2,996
Total	3,403
Accumulated Depreciation	$ 1,390
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,454
Initial cost
Land	$ 1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,319
Total	7,580
Accumulated Depreciation	$ 439
Ocoee, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,150
Initial cost
Land	$ 1,286
Building and Improvements	3,705
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,379
Total	4,665
Accumulated Depreciation	$ 1,173
Orange City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,580
Initial cost
Land	$ 1,191
Building and Improvements	3,209
Costs Subsequent to Acquisition	222
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	2,944
Total	4,135
Accumulated Depreciation	$ 1,081
Orlando II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,184
Initial cost
Land	$ 1,589
Building and Improvements	4,576
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	4,116
Total	5,705
Accumulated Depreciation	$ 1,437
Orlando III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,530
Initial cost
Land	$ 1,209
Building and Improvements	7,768
Costs Subsequent to Acquisition	701
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,081
Total	8,290
Accumulated Depreciation	$ 2,175
Orlando IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,581
Initial cost
Land	$ 633
Building and Improvements	3,587
Costs Subsequent to Acquisition	163
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,247
Total	3,880
Accumulated Depreciation	$ 626
Orlando V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,295
Initial cost
Land	$ 950
Building and Improvements	4,685
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,798
Total	5,748
Accumulated Depreciation	$ 643
Orlando VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 640
Building and Improvements	3,154
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,293
Total	3,933
Accumulated Depreciation	$ 222
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,276
Initial cost
Land	$ 440
Building and Improvements	2,824
Costs Subsequent to Acquisition	586
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,739
Total	3,179
Accumulated Depreciation	$ 868
Palm Coast I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,400
Initial cost
Land	$ 555
Building and Improvements	2,735
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,841
Total	3,396
Accumulated Depreciation	$ 269
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	122,490
Initial cost
Land	$ 1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,786
Total	9,297
Accumulated Depreciation	$ 738
Palm Harbor, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,685
Initial cost
Land	$ 2,457
Building and Improvements	16,178
Costs Subsequent to Acquisition	84
Gross Carrying Amount at year end
Land	2,457
Building and Improvements	16,262
Total	18,719
Accumulated Depreciation	$ 332
Pembroke Pines, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,321
Initial cost
Land	$ 337
Building and Improvements	3,772
Costs Subsequent to Acquisition	2,796
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,425
Total	6,378
Accumulated Depreciation	$ 2,470
Royal Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,274
Initial cost
Land	$ 1,640
Building and Improvements	8,607
Costs Subsequent to Acquisition	292
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,238
Total	8,878
Accumulated Depreciation	$ 2,121
Sanford I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,810
Initial cost
Land	$ 453
Building and Improvements	2,911
Costs Subsequent to Acquisition	189
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,534
Total	2,987
Accumulated Depreciation	$ 770
Sanford II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,755
Initial cost
Land	$ 1,003
Building and Improvements	4,944
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	5,084
Total	6,087
Accumulated Depreciation	$ 353
Sarasota, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,142
Initial cost
Land	$ 333
Building and Improvements	3,656
Costs Subsequent to Acquisition	1,368
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,827
Total	4,356
Accumulated Depreciation	$ 1,640
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,725
Initial cost
Land	$ 135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,407
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,319
Total	4,702
Accumulated Depreciation	$ 1,995
St. Petersburg, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,050
Initial cost
Land	$ 2,721
Building and Improvements	10,173
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	2,721
Building and Improvements	10,424
Total	13,145
Accumulated Depreciation	$ 208
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,756
Initial cost
Land	$ 324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,166
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,808
Total	6,493
Accumulated Depreciation	$ 2,591
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,990
Initial cost
Land	$ 1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	269
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	6,005
Total	7,395
Accumulated Depreciation	$ 1,741
Tampa I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,913
Initial cost
Land	$ 2,670
Building and Improvements	6,249
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,147
Total	7,817
Accumulated Depreciation	$ 1,488
Tampa II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,790
Initial cost
Land	$ 2,291
Building and Improvements	10,262
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	2,291
Building and Improvements	10,366
Total	12,657
Accumulated Depreciation	$ 209
West Palm Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,906
Initial cost
Land	$ 719
Building and Improvements	3,420
Costs Subsequent to Acquisition	1,660
Gross Carrying Amount at year end
Land	835
Building and Improvements	3,841
Total	4,676
Accumulated Depreciation	$ 1,499
West Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,353
Initial cost
Land	$ 2,129
Building and Improvements	8,671
Costs Subsequent to Acquisition	429
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,795
Total	9,924
Accumulated Depreciation	$ 2,874
West Palm Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,440
Initial cost
Land	$ 804
Building and Improvements	3,962
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,030
Total	4,834
Accumulated Depreciation	$ 524
West Palm Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,892
Initial cost
Land	$ 1,499
Building and Improvements	7,392
Costs Subsequent to Acquisition	314
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,706
Total	9,205
Accumulated Depreciation	$ 624
Winter Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,356
Initial cost
Land	$ 866
Building and Improvements	4,268
Costs Subsequent to Acquisition	87
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,355
Total	5,221
Accumulated Depreciation	$ 302
Alpharetta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,501
Initial cost
Land	$ 806
Building and Improvements	4,720
Costs Subsequent to Acquisition	1,029
Gross Carrying Amount at year end
Land	967
Building and Improvements	4,004
Total	4,971
Accumulated Depreciation	$ 1,513
Atlanta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,625
Initial cost
Land	$ 822
Building and Improvements	4,053
Costs Subsequent to Acquisition	55
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,108
Total	4,930
Accumulated Depreciation	$ 572
Austell, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,655
Initial cost
Land	$ 1,635
Building and Improvements	4,711
Costs Subsequent to Acquisition	311
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,366
Total	6,009
Accumulated Depreciation	$ 1,342
Decatur, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	145,440
Initial cost
Land	$ 616
Building and Improvements	6,776
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,175
Total	6,791
Accumulated Depreciation	$ 2,960
Duluth, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,885
Initial cost
Land	$ 373
Building and Improvements	2,044
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Land	373
Building and Improvements	1,904
Total	2,277
Accumulated Depreciation	$ 336
Lawrenceville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,740
Initial cost
Land	$ 546
Building and Improvements	2,903
Costs Subsequent to Acquisition	390
Gross Carrying Amount at year end
Land	546
Building and Improvements	2,876
Total	3,422
Accumulated Depreciation	$ 513
Lithia Springs, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,750
Initial cost
Land	$ 748
Building and Improvements	5,552
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	748
Building and Improvements	5,633
Total	6,381
Accumulated Depreciation	$ 194
Norcross I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,420
Initial cost
Land	$ 514
Building and Improvements	2,930
Costs Subsequent to Acquisition	916
Gross Carrying Amount at year end
Land	632
Building and Improvements	2,938
Total	3,570
Accumulated Depreciation	$ 1,086
Norcross II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,595
Initial cost
Land	$ 366
Building and Improvements	2,025
Costs Subsequent to Acquisition	193
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,933
Total	2,299
Accumulated Depreciation	$ 345
Norcross III, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,955
Initial cost
Land	$ 938
Building and Improvements	4,625
Costs Subsequent to Acquisition	61
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,686
Total	5,624
Accumulated Depreciation	$ 724
Norcross IV, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,505
Initial cost
Land	$ 576
Building and Improvements	2,839
Costs Subsequent to Acquisition	80
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,919
Total	3,495
Accumulated Depreciation	$ 405
Peachtree City I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,875
Initial cost
Land	$ 435
Building and Improvements	2,532
Costs Subsequent to Acquisition	759
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,512
Total	3,041
Accumulated Depreciation	$ 917
Peachtree City II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,950
Initial cost
Land	$ 398
Building and Improvements	1,963
Costs Subsequent to Acquisition	116
Gross Carrying Amount at year end
Land	398
Building and Improvements	2,079
Total	2,477
Accumulated Depreciation	$ 278
Smyrna, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,015
Initial cost
Land	$ 750
Building and Improvements	4,271
Costs Subsequent to Acquisition	279
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,448
Total	4,198
Accumulated Depreciation	$ 1,333
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,950
Initial cost
Land	$ 1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	340
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,458
Total	6,118
Accumulated Depreciation	$ 1,332
Suwanee I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,125
Initial cost
Land	$ 1,737
Building and Improvements	5,010
Costs Subsequent to Acquisition	296
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,606
Total	6,343
Accumulated Depreciation	$ 1,387
Suwanee II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,590
Initial cost
Land	$ 800
Building and Improvements	6,942
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,813
Total	6,435
Accumulated Depreciation	$ 1,708
Villa Rica, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,365
Initial cost
Land	$ 757
Building and Improvements	5,616
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	757
Building and Improvements	5,729
Total	6,486
Accumulated Depreciation	$ 196
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,575
Initial cost
Land	$ 428
Building and Improvements	3,531
Costs Subsequent to Acquisition	466
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,496
Total	3,924
Accumulated Depreciation	$ 1,250
Aurora, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,985
Initial cost
Land	$ 644
Building and Improvements	3,652
Costs Subsequent to Acquisition	200
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,332
Total	3,976
Accumulated Depreciation	$ 1,205
Bartlett, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,395
Initial cost
Land	$ 931
Building and Improvements	2,493
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,404
Total	3,335
Accumulated Depreciation	$ 884
Bellwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,350
Initial cost
Land	$ 1,012
Building and Improvements	5,768
Costs Subsequent to Acquisition	909
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	4,942
Total	5,954
Accumulated Depreciation	$ 1,856
Blue Island, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,125
Initial cost
Land	$ 633
Building and Improvements	3,120
Costs Subsequent to Acquisition	44
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,164
Total	3,797
Accumulated Depreciation	$ 177
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,915
Initial cost
Land	$ 1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,422
Total	10,097
Accumulated Depreciation	$ 583
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,745
Initial cost
Land	$ 2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	877
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	13,995
Total	16,662
Accumulated Depreciation	$ 969
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,585
Initial cost
Land	$ 833
Building and Improvements	4,035
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,104
Total	4,937
Accumulated Depreciation	$ 283
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,990
Initial cost
Land	$ 2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	778
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	12,740
Total	15,167
Accumulated Depreciation	$ 890
Chicago IV, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,495
Initial cost
Land	$ 1,296
Building and Improvements	6,385
Costs Subsequent to Acquisition	26
Gross Carrying Amount at year end
Land	1,296
Building and Improvements	6,411
Total	7,707
Accumulated Depreciation	$ 357
Chicago V, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,775
Initial cost
Land	$ 1,044
Building and Improvements	5,144
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	1,044
Building and Improvements	5,182
Total	6,226
Accumulated Depreciation	$ 289
Chicago VI, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,785
Initial cost
Land	$ 1,596
Building and Improvements	9,535
Costs Subsequent to Acquisition	27
Gross Carrying Amount at year end
Land	1,596
Building and Improvements	9,562
Total	11,158
Accumulated Depreciation	$ 192
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,856
Initial cost
Land	$ 2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	141
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	12,825
Total	15,432
Accumulated Depreciation	$ 885
Des Plaines, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,600
Initial cost
Land	$ 1,564
Building and Improvements	4,327
Costs Subsequent to Acquisition	733
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,420
Total	5,984
Accumulated Depreciation	$ 1,546
Downers Grove, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,625
Initial cost
Land	$ 1,498
Building and Improvements	13,153
Costs Subsequent to Acquisition	11
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	13,164
Total	14,662
Accumulated Depreciation	$ 271
Elk Grove Village, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,079
Initial cost
Land	$ 1,446
Building and Improvements	3,535
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	3,298
Total	4,744
Accumulated Depreciation	$ 1,241
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,850
Initial cost
Land	$ 1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	195
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,635
Total	6,738
Accumulated Depreciation	$ 658
Glenview, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,085
Initial cost
Land	$ 3,740
Building and Improvements	10,367
Costs Subsequent to Acquisition	571
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	9,472
Total	13,212
Accumulated Depreciation	$ 3,419
Gurnee, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,300
Initial cost
Land	$ 1,521
Building and Improvements	5,440
Costs Subsequent to Acquisition	301
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	4,977
Total	6,498
Accumulated Depreciation	$ 1,844
Hanover, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,190
Initial cost
Land	$ 1,126
Building and Improvements	2,197
Costs Subsequent to Acquisition	269
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,127
Total	3,253
Accumulated Depreciation	$ 788
Harvey, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,090
Initial cost
Land	$ 869
Building and Improvements	3,635
Costs Subsequent to Acquisition	241
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,334
Total	4,203
Accumulated Depreciation	$ 1,212
Joliet, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,865
Initial cost
Land	$ 547
Building and Improvements	4,704
Costs Subsequent to Acquisition	246
Gross Carrying Amount at year end
Land	547
Building and Improvements	4,291
Total	4,838
Accumulated Depreciation	$ 1,567
Kildeer, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,585
Initial cost
Land	$ 2,102
Building and Improvements	2,187
Costs Subsequent to Acquisition	226
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	2,211
Total	4,208
Accumulated Depreciation	$ 796
Lombard, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,691
Initial cost
Land	$ 1,305
Building and Improvements	3,938
Costs Subsequent to Acquisition	828
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	4,161
Total	5,466
Accumulated Depreciation	$ 1,534
Maywood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,225
Initial cost
Land	$ 749
Building and Improvements	3,689
Costs Subsequent to Acquisition	15
Gross Carrying Amount at year end
Land	749
Building and Improvements	3,704
Total	4,453
Accumulated Depreciation	$ 206
Mount Prospect, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,000
Initial cost
Land	$ 1,701
Building and Improvements	3,114
Costs Subsequent to Acquisition	599
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,261
Total	4,962
Accumulated Depreciation	$ 1,131
Mundelein, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,700
Initial cost
Land	$ 1,498
Building and Improvements	2,782
Costs Subsequent to Acquisition	358
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,725
Total	4,223
Accumulated Depreciation	$ 958
North Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,400
Initial cost
Land	$ 1,073
Building and Improvements	3,006
Costs Subsequent to Acquisition	422
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	2,943
Total	4,016
Accumulated Depreciation	$ 1,081
Plainfield I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,900
Initial cost
Land	$ 1,770
Building and Improvements	1,715
Costs Subsequent to Acquisition	335
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,757
Total	3,497
Accumulated Depreciation	$ 606
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,900
Initial cost
Land	$ 694
Building and Improvements	2,000
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	694
Building and Improvements	1,906
Total	2,600
Accumulated Depreciation	$ 638
Schaumburg, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,160
Initial cost
Land	$ 538
Building and Improvements	645
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	538
Building and Improvements	720
Total	1,258
Accumulated Depreciation	$ 260
Streamwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,305
Initial cost
Land	$ 1,447
Building and Improvements	1,662
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,747
Total	3,194
Accumulated Depreciation	$ 637
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,796
Initial cost
Land	$ 1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	414
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	3,054
Total	4,120
Accumulated Depreciation	$ 1,005
Waukegan, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,500
Initial cost
Land	$ 1,198
Building and Improvements	4,363
Costs Subsequent to Acquisition	594
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	4,304
Total	5,502
Accumulated Depreciation	$ 1,520
West Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,175
Initial cost
Land	$ 1,071
Building and Improvements	2,249
Costs Subsequent to Acquisition	431
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,322
Total	3,393
Accumulated Depreciation	$ 824
Westmont, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,300
Initial cost
Land	$ 1,155
Building and Improvements	3,873
Costs Subsequent to Acquisition	291
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,623
Total	4,778
Accumulated Depreciation	$ 1,289
Wheeling I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,210
Initial cost
Land	$ 857
Building and Improvements	3,213
Costs Subsequent to Acquisition	441
Gross Carrying Amount at year end
Land	857
Building and Improvements	3,182
Total	4,039
Accumulated Depreciation	$ 1,146
Wheeling II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,825
Initial cost
Land	$ 793
Building and Improvements	3,816
Costs Subsequent to Acquisition	475
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,739
Total	4,532
Accumulated Depreciation	$ 1,383
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,232
Initial cost
Land	$ 943
Building and Improvements	3,397
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	943
Building and Improvements	3,135
Total	4,078
Accumulated Depreciation	$ 1,145
Schererville, IN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,604
Initial cost
Land	$ 1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	42
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,631
Total	6,765
Accumulated Depreciation	$ 464
Boston I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	33,286
Initial cost
Land	$ 538
Building and Improvements	3,048
Costs Subsequent to Acquisition	256
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,880
Total	3,418
Accumulated Depreciation	$ 550
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,470
Initial cost
Land	$ 1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,180
Total	8,696
Accumulated Depreciation	$ 3,006
Boston III, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	108,205
Initial cost
Land	$ 3,211
Building and Improvements	15,829
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	16,011
Total	19,222
Accumulated Depreciation	$ 1,151
Brockton, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,910
Initial cost
Land	$ 577
Building and Improvements	4,394
Costs Subsequent to Acquisition	13
Gross Carrying Amount at year end
Land	577
Building and Improvements	4,407
Total	4,984
Accumulated Depreciation	$ 152
Haverhill, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,169
Initial cost
Land	$ 669
Building and Improvements	6,610
Costs Subsequent to Acquisition	35
Gross Carrying Amount at year end
Land	669
Building and Improvements	6,645
Total	7,314
Accumulated Depreciation	$ 231
Lawrence, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,672
Initial cost
Land	$ 585
Building and Improvements	4,737
Costs Subsequent to Acquisition	39
Gross Carrying Amount at year end
Land	585
Building and Improvements	4,776
Total	5,361
Accumulated Depreciation	$ 165
Leominster, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,023
Initial cost
Land	$ 90
Building and Improvements	1,519
Costs Subsequent to Acquisition	2,469
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,348
Total	3,686
Accumulated Depreciation	$ 1,463
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,745
Initial cost
Land	$ 1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	131
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	5,805
Total	7,135
Accumulated Depreciation	$ 1,611
Stoneham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,000
Initial cost
Land	$ 1,558
Building and Improvements	7,679
Costs Subsequent to Acquisition	74
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	7,753
Total	9,311
Accumulated Depreciation	$ 892
Tewksbury, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,402
Initial cost
Land	$ 1,537
Building and Improvements	7,579
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,650
Total	9,187
Accumulated Depreciation	$ 653
Walpole, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,890
Encumbrances	$ 6,216
Initial cost
Land	634
Building and Improvements	13,069
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	634
Building and Improvements	13,336
Total	13,970
Accumulated Depreciation	$ 215
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,750
Initial cost
Land	$ 1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,382
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,251
Total	6,424
Accumulated Depreciation	$ 1,972
Beltsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,687
Initial cost
Land	$ 1,277
Building and Improvements	6,295
Costs Subsequent to Acquisition	52
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	6,356
Total	7,624
Accumulated Depreciation	$ 731
California, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,840
Initial cost
Land	$ 1,486
Building and Improvements	4,280
Costs Subsequent to Acquisition	279
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	3,968
Total	5,454
Accumulated Depreciation	$ 1,427
Capitol Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,675
Initial cost
Land	$ 2,704
Building and Improvements	13,332
Costs Subsequent to Acquisition	41
Gross Carrying Amount at year end
Land	2,704
Building and Improvements	13,373
Total	16,077
Accumulated Depreciation	$ 601
Clinton, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,225
Initial cost
Land	$ 2,182
Building and Improvements	10,757
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,860
Total	13,042
Accumulated Depreciation	$ 1,066
District Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,190
Initial cost
Land	$ 1,527
Building and Improvements	8,313
Costs Subsequent to Acquisition	534
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,722
Total	9,249
Accumulated Depreciation	$ 1,321
Elkridge, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,475
Initial cost
Land	$ 1,155
Building and Improvements	5,695
Costs Subsequent to Acquisition	232
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	5,927
Total	7,082
Accumulated Depreciation	$ 591
Gaithersburg I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,045
Initial cost
Land	$ 3,124
Building and Improvements	9,000
Costs Subsequent to Acquisition	427
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	8,165
Total	11,289
Accumulated Depreciation	$ 2,957
Gaithersburg II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,100
Initial cost
Land	$ 2,383
Building and Improvements	11,750
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	2,383
Building and Improvements	11,816
Total	14,199
Accumulated Depreciation	$ 533
Hyattsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,765
Initial cost
Land	$ 1,113
Building and Improvements	5,485
Costs Subsequent to Acquisition	65
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,550
Total	6,663
Accumulated Depreciation	$ 638
Laurel, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	162,896
Initial cost
Land	$ 1,409
Building and Improvements	8,035
Costs Subsequent to Acquisition	3,668
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	8,866
Total	10,794
Accumulated Depreciation	$ 3,409
Temple Hills I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,275
Initial cost
Land	$ 1,541
Building and Improvements	8,788
Costs Subsequent to Acquisition	2,466
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	8,801
Total	10,601
Accumulated Depreciation	$ 3,363
Temple Hills II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,225
Initial cost
Land	$ 2,229
Building and Improvements	10,988
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,038
Total	13,267
Accumulated Depreciation	$ 1,024
Timonium, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,717
Initial cost
Land	$ 2,269
Building and Improvements	11,184
Costs Subsequent to Acquisition	181
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,365
Total	13,634
Accumulated Depreciation	$ 1,057
Upper Marlboro, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,290
Initial cost
Land	$ 1,309
Building and Improvements	6,455
Costs Subsequent to Acquisition	83
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,538
Total	7,847
Accumulated Depreciation	$ 754
Bloomington, MN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,978
Initial cost
Land	$ 1,598
Building and Improvements	12,298
Costs Subsequent to Acquisition	95
Gross Carrying Amount at year end
Land	1,598
Building and Improvements	12,393
Total	13,991
Accumulated Depreciation	$ 113
Belmont, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,850
Initial cost
Land	$ 385
Building and Improvements	2,196
Costs Subsequent to Acquisition	911
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,293
Total	2,744
Accumulated Depreciation	$ 864
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	109,300
Initial cost
Land	$ 498
Building and Improvements	2,837
Costs Subsequent to Acquisition	842
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,878
Total	3,376
Accumulated Depreciation	$ 1,130
Burlington II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,165
Initial cost
Land	$ 320
Building and Improvements	1,829
Costs Subsequent to Acquisition	389
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,677
Total	2,017
Accumulated Depreciation	$ 655
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	112,402
Initial cost
Land	$ 543
Building and Improvements	3,097
Costs Subsequent to Acquisition	780
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,198
Total	3,741
Accumulated Depreciation	$ 1,257
Charlotte I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,000
Initial cost
Land	$ 782
Building and Improvements	4,429
Costs Subsequent to Acquisition	1,494
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,729
Total	5,797
Accumulated Depreciation	$ 1,847
Charlotte II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,666
Initial cost
Land	$ 821
Building and Improvements	8,764
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	821
Building and Improvements	8,765
Total	9,586
Accumulated Depreciation	$ 40
Cornelius, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,270
Initial cost
Land	$ 2,424
Building and Improvements	4,991
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	2,424
Building and Improvements	4,995
Total	7,419
Accumulated Depreciation	$ 173
Pineville, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,847
Initial cost
Land	$ 2,490
Building and Improvements	9,169
Costs Subsequent to Acquisition	125
Gross Carrying Amount at year end
Land	2,490
Building and Improvements	9,294
Total	11,784
Accumulated Depreciation	$ 319
Raleigh, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,675
Initial cost
Land	$ 209
Building and Improvements	2,398
Costs Subsequent to Acquisition	384
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,307
Total	2,603
Accumulated Depreciation	$ 1,036
Bordentown, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,550
Initial cost
Land	$ 457
Building and Improvements	2,255
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,305
Total	2,762
Accumulated Depreciation	$ 320
Brick, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,720
Initial cost
Land	$ 234
Building and Improvements	2,762
Costs Subsequent to Acquisition	1,453
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,390
Total	3,875
Accumulated Depreciation	$ 1,641
Cherry Hill I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,500
Initial cost
Land	$ 222
Building and Improvements	1,260
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,235
Total	1,457
Accumulated Depreciation	$ 253
Cherry Hill II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,500
Initial cost
Land	$ 471
Building and Improvements	2,323
Costs Subsequent to Acquisition	105
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,428
Total	2,899
Accumulated Depreciation	$ 331
Clifton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,550
Initial cost
Land	$ 4,346
Building and Improvements	12,520
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	11,133
Total	15,473
Accumulated Depreciation	$ 3,835
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,280
Initial cost
Land	$ 290
Building and Improvements	3,493
Costs Subsequent to Acquisition	2,492
Gross Carrying Amount at year end
Land	779
Building and Improvements	4,800
Total	5,579
Accumulated Depreciation	$ 2,213
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,679
Initial cost
Land	$ 504
Building and Improvements	5,763
Costs Subsequent to Acquisition	4,037
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	7,875
Total	9,190
Accumulated Depreciation	$ 3,739
Egg Harbor I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,025
Initial cost
Land	$ 104
Building and Improvements	510
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	104
Building and Improvements	562
Total	666
Accumulated Depreciation	$ 106
Egg Harbor II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,400
Initial cost
Land	$ 284
Building and Improvements	1,608
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,633
Total	1,917
Accumulated Depreciation	$ 336
Elizabeth, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,830
Initial cost
Land	$ 751
Building and Improvements	2,164
Costs Subsequent to Acquisition	544
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,385
Total	3,136
Accumulated Depreciation	$ 827
Fairview, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	27,876
Initial cost
Land	$ 246
Building and Improvements	2,759
Costs Subsequent to Acquisition	580
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,740
Total	2,986
Accumulated Depreciation	$ 1,256
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,420
Initial cost
Land	$ 1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	193
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,548
Total	6,634
Accumulated Depreciation	$ 760
Hamilton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,550
Initial cost
Land	$ 1,885
Building and Improvements	5,430
Costs Subsequent to Acquisition	363
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	5,025
Total	6,918
Accumulated Depreciation	$ 1,557
Hoboken, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,180
Initial cost
Land	$ 1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	770
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	4,083
Total	5,453
Accumulated Depreciation	$ 1,476
Linden, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,425
Initial cost
Land	$ 517
Building and Improvements	6,008
Costs Subsequent to Acquisition	2,343
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	6,827
Total	7,870
Accumulated Depreciation	$ 3,121
Lumberton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,025
Initial cost
Land	$ 987
Building and Improvements	4,864
Costs Subsequent to Acquisition	136
Gross Carrying Amount at year end
Land	987
Building and Improvements	5,000
Total	5,987
Accumulated Depreciation	$ 701
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,226
Initial cost
Land	$ 500
Building and Improvements	5,602
Costs Subsequent to Acquisition	2,849
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	6,815
Total	7,887
Accumulated Depreciation	$ 3,083
Parsippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,355
Initial cost
Land	$ 475
Building and Improvements	5,322
Costs Subsequent to Acquisition	5,648
Gross Carrying Amount at year end
Land	844
Building and Improvements	9,646
Total	10,490
Accumulated Depreciation	$ 2,817
Rahway, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,121
Initial cost
Land	$ 1,486
Building and Improvements	7,326
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	7,453
Total	8,939
Accumulated Depreciation	$ 859
Randolph, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,565
Initial cost
Land	$ 855
Building and Improvements	4,872
Costs Subsequent to Acquisition	1,344
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,877
Total	5,985
Accumulated Depreciation	$ 2,036
Ridgefield, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,803
Initial cost
Land	$ 1,810
Building and Improvements	8,925
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	9,187
Total	10,997
Accumulated Depreciation	$ 393
Roseland, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,569
Initial cost
Land	$ 1,844
Building and Improvements	9,759
Costs Subsequent to Acquisition	118
Gross Carrying Amount at year end
Land	1,844
Building and Improvements	9,877
Total	11,721
Accumulated Depreciation	$ 343
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,826
Initial cost
Land	$ 484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,411
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,114
Total	3,820
Accumulated Depreciation	$ 1,186
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,385
Initial cost
Land	$ 1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	165
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,294
Total	7,537
Accumulated Depreciation	$ 849
Whippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,070
Initial cost
Land	$ 2,153
Building and Improvements	10,615
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	10,742
Total	12,895
Accumulated Depreciation	$ 1,233
Albuquerque I, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,927
Initial cost
Land	$ 1,039
Building and Improvements	3,395
Costs Subsequent to Acquisition	280
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	3,091
Total	4,130
Accumulated Depreciation	$ 1,178
Albuquerque II, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,798
Initial cost
Land	$ 1,163
Building and Improvements	3,801
Costs Subsequent to Acquisition	263
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,441
Total	4,604
Accumulated Depreciation	$ 1,312
Albuquerque III, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,536
Initial cost
Land	$ 664
Building and Improvements	2,171
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	664
Building and Improvements	2,140
Total	2,804
Accumulated Depreciation	$ 807
Henderson, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,150
Initial cost
Land	$ 1,246
Building and Improvements	6,143
Costs Subsequent to Acquisition	93
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,236
Total	7,482
Accumulated Depreciation	$ 431
Las Vegas I, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,532
Initial cost
Land	$ 1,851
Building and Improvements	2,986
Costs Subsequent to Acquisition	537
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,112
Total	4,963
Accumulated Depreciation	$ 1,224
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,850
Initial cost
Land	$ 3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	373
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	5,203
Total	8,558
Accumulated Depreciation	$ 2,058
Las Vegas III, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,200
Initial cost
Land	$ 1,171
Building and Improvements	10,034
Costs Subsequent to Acquisition	58
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	10,092
Total	11,263
Accumulated Depreciation	$ 115
Las Vegas IV, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,217
Initial cost
Land	$ 1,116
Building and Improvements	8,575
Costs Subsequent to Acquisition	10
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,585
Total	9,701
Accumulated Depreciation	$ 103
Las Vegas, V NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,226
Initial cost
Land	$ 1,460
Building and Improvements	9,560
Costs Subsequent to Acquisition	24
Gross Carrying Amount at year end
Land	1,460
Building and Improvements	9,584
Total	11,044
Accumulated Depreciation	$ 65
Las Vegas VI, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,482
Initial cost
Land	$ 1,386
Building and Improvements	12,299
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,386
Building and Improvements	12,300
Total	13,686
Accumulated Depreciation	$ 27
Baldwin, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,380
Initial cost
Land	$ 1,559
Building and Improvements	7,685
Costs Subsequent to Acquisition	589
Gross Carrying Amount at year end
Land	1,559
Building and Improvements	8,274
Total	9,833
Accumulated Depreciation	$ 338
Bronx I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,183
Initial cost
Land	$ 2,014
Building and Improvements	11,411
Costs Subsequent to Acquisition	988
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	10,807
Total	12,821
Accumulated Depreciation	$ 2,164
Bronx II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,046
Initial cost
Building and Improvements	$ 28,289
Costs Subsequent to Acquisition	1,685
Gross Carrying Amount at year end
Building and Improvements	29,439
Total	29,439
Accumulated Depreciation	$ 4,665
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,940
Initial cost
Land	$ 6,459
Building and Improvements	36,180
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	6,460
Building and Improvements	31,995
Total	38,455
Accumulated Depreciation	$ 5,239
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,030
Initial cost
Building and Improvements	$ 22,074
Costs Subsequent to Acquisition	116
Gross Carrying Amount at year end
Building and Improvements	19,535
Total	19,535
Accumulated Depreciation	$ 3,211
Bronx V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,733
Initial cost
Building and Improvements	$ 17,556
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Building and Improvements	15,628
Total	15,628
Accumulated Depreciation	$ 2,572
Bronx VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,970
Initial cost
Building and Improvements	$ 16,803
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Building and Improvements	15,127
Total	15,127
Accumulated Depreciation	$ 2,466
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,625
Encumbrances	$ 8,423
Initial cost
Building and Improvements	22,512
Costs Subsequent to Acquisition	173
Gross Carrying Amount at year end
Building and Improvements	22,794
Total	22,794
Accumulated Depreciation	$ 3,496
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,550
Encumbrances	$ 2,957
Initial cost
Land	1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,324
Total	7,575
Accumulated Depreciation	$ 974
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	148,040
Encumbrances	$ 22,952
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	1,245
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,524
Total	48,491
Accumulated Depreciation	$ 6,041
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	159,855
Encumbrances	$ 26,464
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	417
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,233
Total	54,323
Accumulated Depreciation	$ 6,382
Bronx XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,457
Initial cost
Building and Improvements	$ 17,130
Costs Subsequent to Acquisition	203
Gross Carrying Amount at year end
Building and Improvements	17,333
Total	17,333
Accumulated Depreciation	$ 1,269
Bronx XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,300
Initial cost
Building and Improvements	$ 31,603
Gross Carrying Amount at year end
Building and Improvements	31,602
Total	31,602
Accumulated Depreciation	$ 517
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,510
Initial cost
Land	$ 1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	308
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,064
Total	10,859
Accumulated Depreciation	$ 1,800
Brooklyn II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,920
Initial cost
Land	$ 1,601
Building and Improvements	9,073
Costs Subsequent to Acquisition	485
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,260
Total	9,861
Accumulated Depreciation	$ 1,666
Brooklyn III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,625
Initial cost
Land	$ 2,772
Building and Improvements	13,570
Costs Subsequent to Acquisition	137
Gross Carrying Amount at year end
Land	2,772
Building and Improvements	13,790
Total	16,562
Accumulated Depreciation	$ 2,269
Brooklyn IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,467
Initial cost
Land	$ 2,283
Building and Improvements	11,184
Costs Subsequent to Acquisition	159
Gross Carrying Amount at year end
Land	2,284
Building and Improvements	11,406
Total	13,690
Accumulated Depreciation	$ 1,883
Brooklyn V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,020
Initial cost
Land	$ 2,374
Building and Improvements	11,636
Costs Subsequent to Acquisition	92
Gross Carrying Amount at year end
Land	2,374
Building and Improvements	11,782
Total	14,156
Accumulated Depreciation	$ 1,930
Brooklyn VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,640
Initial cost
Land	$ 4,210
Building and Improvements	20,638
Costs Subsequent to Acquisition	87
Gross Carrying Amount at year end
Land	4,211
Building and Improvements	20,832
Total	25,043
Accumulated Depreciation	$ 3,411
Brooklyn VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,725
Initial cost
Land	$ 5,604
Building and Improvements	27,452
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	5,604
Building and Improvements	27,774
Total	33,378
Accumulated Depreciation	$ 4,558
Brooklyn VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,555
Initial cost
Land	$ 4,982
Building and Improvements	24,561
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,642
Total	29,624
Accumulated Depreciation	$ 2,094
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,980
Initial cost
Land	$ 2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	64
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,684
Total	17,650
Accumulated Depreciation	$ 1,249
Brooklyn X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,000
Initial cost
Land	$ 3,739
Building and Improvements	7,703
Costs Subsequent to Acquisition	2,805
Gross Carrying Amount at year end
Land	4,885
Building and Improvements	9,362
Total	14,247
Accumulated Depreciation	$ 280
Brooklyn XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	109,846
Initial cost
Land	$ 10,093
Building and Improvements	35,385
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	10,093
Building and Improvements	35,406
Total	45,499
Accumulated Depreciation	$ 1,031
Holbrook, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,397
Initial cost
Land	$ 2,029
Building and Improvements	10,737
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	2,029
Building and Improvements	10,787
Total	12,816
Accumulated Depreciation	$ 372
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,385
Initial cost
Land	$ 2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	2,256
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	11,192
Total	13,235
Accumulated Depreciation	$ 4,059
Jamaica II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,805
Initial cost
Land	$ 5,391
Building and Improvements	26,413
Costs Subsequent to Acquisition	328
Gross Carrying Amount at year end
Land	5,391
Building and Improvements	26,884
Total	32,275
Accumulated Depreciation	$ 4,391
Long Island City, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,825
Initial cost
Land	$ 5,700
Building and Improvements	28,101
Costs Subsequent to Acquisition	33
Gross Carrying Amount at year end
Land	5,700
Building and Improvements	28,134
Total	33,834
Accumulated Depreciation	$ 1,864
New Rochelle I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,587
Initial cost
Land	$ 1,673
Building and Improvements	4,827
Costs Subsequent to Acquisition	1,168
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	5,347
Total	7,020
Accumulated Depreciation	$ 1,674
New Rochelle II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,220
Initial cost
Land	$ 3,167
Building and Improvements	2,713
Costs Subsequent to Acquisition	412
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,958
Total	22,720
Accumulated Depreciation	$ 2,898
North Babylon, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,341
Initial cost
Land	$ 225
Building and Improvements	2,514
Costs Subsequent to Acquisition	4,178
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,544
Total	6,112
Accumulated Depreciation	$ 2,455
Patchogue, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,649
Initial cost
Land	$ 1,141
Building and Improvements	5,624
Costs Subsequent to Acquisition	42
Gross Carrying Amount at year end
Land	1,141
Building and Improvements	5,666
Total	6,807
Accumulated Depreciation	$ 392
Queens I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,238
Initial cost
Land	$ 5,158
Building and Improvements	12,339
Costs Subsequent to Acquisition	752
Gross Carrying Amount at year end
Land	5,158
Building and Improvements	13,091
Total	18,249
Accumulated Depreciation	$ 454
Queens II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,100
Initial cost
Land	$ 6,208
Building and Improvements	25,815
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	6,208
Building and Improvements	25,816
Total	32,024
Accumulated Depreciation	$ 755
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,340
Initial cost
Land	$ 1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	1,105
Total	2,173
Accumulated Depreciation	$ 475
Southold, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,079
Building and Improvements	2,238
Costs Subsequent to Acquisition	302
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	2,136
Total	4,215
Accumulated Depreciation	$ 869
Staten Island, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,573
Initial cost
Land	$ 1,919
Building and Improvements	9,463
Costs Subsequent to Acquisition	316
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	9,779
Total	11,698
Accumulated Depreciation	$ 1,090
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,878
Initial cost
Land	$ 2,363
Building and Improvements	17,411
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	2,363
Building and Improvements	11,902
Total	14,265
Accumulated Depreciation	$ 1,935
West Hempstead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,995
Initial cost
Land	$ 2,237
Building and Improvements	11,030
Costs Subsequent to Acquisition	135
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,165
Total	13,402
Accumulated Depreciation	$ 1,526
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,864
Initial cost
Land	$ 3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	992
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,549
Total	19,844
Accumulated Depreciation	$ 2,983
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,665
Initial cost
Land	$ 2,015
Building and Improvements	11,219
Costs Subsequent to Acquisition	74
Gross Carrying Amount at year end
Land	2,015
Building and Improvements	9,995
Total	12,010
Accumulated Depreciation	$ 1,640
Wyckoff, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,290
Initial cost
Land	$ 1,961
Building and Improvements	11,113
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	9,938
Total	11,899
Accumulated Depreciation	$ 1,894
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,815
Initial cost
Land	$ 2,382
Building and Improvements	11,720
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	2,382
Building and Improvements	11,909
Total	14,291
Accumulated Depreciation	$ 1,957
Cleveland I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,000
Initial cost
Land	$ 525
Building and Improvements	2,592
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,508
Total	3,032
Accumulated Depreciation	$ 920
Cleveland II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,325
Initial cost
Land	$ 290
Building and Improvements	1,427
Costs Subsequent to Acquisition	221
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,397
Total	1,686
Accumulated Depreciation	$ 525
Columbus I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,905
Initial cost
Land	$ 1,234
Building and Improvements	3,151
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,809
Total	4,048
Accumulated Depreciation	$ 981
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,409
Initial cost
Land	$ 769
Building and Improvements	3,788
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	769
Building and Improvements	3,909
Total	4,678
Accumulated Depreciation	$ 274
Columbus III, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,200
Initial cost
Land	$ 326
Building and Improvements	1,607
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,711
Total	2,037
Accumulated Depreciation	$ 119
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,950
Initial cost
Land	$ 443
Building and Improvements	2,182
Costs Subsequent to Acquisition	86
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,268
Total	2,711
Accumulated Depreciation	$ 158
Columbus V, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,925
Initial cost
Land	$ 838
Building and Improvements	4,128
Costs Subsequent to Acquisition	79
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,207
Total	5,045
Accumulated Depreciation	$ 291
Columbus VI, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,725
Initial cost
Land	$ 701
Building and Improvements	3,454
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,535
Total	4,236
Accumulated Depreciation	$ 244
Grove City, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,756
Building and Improvements	4,485
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,144
Total	5,905
Accumulated Depreciation	$ 1,407
Hilliard, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,361
Building and Improvements	3,476
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,243
Total	4,609
Accumulated Depreciation	$ 1,117
Lakewood, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,332
Initial cost
Land	$ 405
Building and Improvements	854
Costs Subsequent to Acquisition	617
Gross Carrying Amount at year end
Land	405
Building and Improvements	1,315
Total	1,720
Accumulated Depreciation	$ 949
Lewis Center, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,774
Initial cost
Land	$ 1,056
Building and Improvements	5,206
Costs Subsequent to Acquisition	129
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,335
Total	6,391
Accumulated Depreciation	$ 368
Middleburg Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,200
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	2,275
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,353
Total	2,685
Accumulated Depreciation	$ 1,017
North Olmsted I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,665
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	1,517
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,734
Total	1,948
Accumulated Depreciation	$ 757
North Olmsted II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,850
Initial cost
Land	$ 290
Building and Improvements	1,129
Costs Subsequent to Acquisition	1,219
Gross Carrying Amount at year end
Land	469
Building and Improvements	2,023
Total	2,492
Accumulated Depreciation	$ 1,550
North Randall, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,297
Initial cost
Land	$ 515
Building and Improvements	2,323
Costs Subsequent to Acquisition	3,213
Gross Carrying Amount at year end
Land	898
Building and Improvements	4,288
Total	5,186
Accumulated Depreciation	$ 1,892
Reynoldsburg, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,245
Initial cost
Land	$ 1,290
Building and Improvements	3,295
Costs Subsequent to Acquisition	295
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,135
Total	4,430
Accumulated Depreciation	$ 1,098
Strongsville, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,683
Initial cost
Land	$ 570
Building and Improvements	3,486
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	570
Building and Improvements	3,059
Total	3,629
Accumulated Depreciation	$ 910
Warrensville Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,281
Initial cost
Land	$ 525
Building and Improvements	766
Costs Subsequent to Acquisition	3,218
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,386
Total	4,321
Accumulated Depreciation	$ 1,394
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,750
Initial cost
Land	$ 509
Building and Improvements	2,508
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,344
Total	2,852
Accumulated Depreciation	$ 904
Conshohocken, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,255
Initial cost
Land	$ 1,726
Building and Improvements	8,508
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,670
Total	10,396
Accumulated Depreciation	$ 1,192
Exton, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,750
Initial cost
Land	$ 541
Building and Improvements	2,668
Costs Subsequent to Acquisition	117
Gross Carrying Amount at year end
Land	519
Building and Improvements	2,807
Total	3,326
Accumulated Depreciation	$ 379
Langhorne, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,150
Initial cost
Land	$ 1,019
Building and Improvements	5,023
Costs Subsequent to Acquisition	289
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,312
Total	6,331
Accumulated Depreciation	$ 715
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,130
Initial cost
Land	$ 926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,258
Gross Carrying Amount at year end
Land	926
Building and Improvements	4,853
Total	5,779
Accumulated Depreciation	$ 1,833
Malvern, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	18,848
Initial cost
Land	$ 2,959
Building and Improvements	18,198
Costs Subsequent to Acquisition	1,600
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	19,797
Total	22,756
Accumulated Depreciation	$ 1,634
Montgomeryville, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,145
Initial cost
Land	$ 975
Building and Improvements	4,809
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	975
Building and Improvements	5,019
Total	5,994
Accumulated Depreciation	$ 699
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,556
Initial cost
Land	$ 662
Building and Improvements	3,142
Costs Subsequent to Acquisition	773
Gross Carrying Amount at year end
Land	638
Building and Improvements	4,045
Total	4,683
Accumulated Depreciation	$ 694
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,176
Initial cost
Land	$ 1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	1,830
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	6,820
Total	8,281
Accumulated Depreciation	$ 2,618
Philadelphia II, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,279
Initial cost
Land	$ 1,012
Building and Improvements	4,990
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,150
Total	6,162
Accumulated Depreciation	$ 463
Exeter, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,275
Initial cost
Land	$ 547
Building and Improvements	2,697
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	547
Building and Improvements	2,803
Total	3,350
Accumulated Depreciation	$ 195
Johnston, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,275
Initial cost
Land	$ 1,061
Building and Improvements	5,229
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,304
Total	6,365
Accumulated Depreciation	$ 368
Wakefield, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,745
Initial cost
Land	$ 823
Building and Improvements	4,058
Costs Subsequent to Acquisition	35
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,093
Total	4,916
Accumulated Depreciation	$ 281
Woonsocket, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,700
Initial cost
Land	$ 1,049
Building and Improvements	5,172
Costs Subsequent to Acquisition	114
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,286
Total	6,335
Accumulated Depreciation	$ 367
Antioch, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,985
Initial cost
Land	$ 588
Building and Improvements	4,906
Costs Subsequent to Acquisition	347
Gross Carrying Amount at year end
Land	588
Building and Improvements	4,486
Total	5,074
Accumulated Depreciation	$ 1,580
Nashville I, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,790
Initial cost
Land	$ 405
Building and Improvements	3,379
Costs Subsequent to Acquisition	755
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,545
Total	3,950
Accumulated Depreciation	$ 1,210
Nashville II, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,416
Initial cost
Land	$ 593
Building and Improvements	4,950
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	593
Building and Improvements	4,466
Total	5,059
Accumulated Depreciation	$ 1,608
Nashville III, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,525
Initial cost
Land	$ 416
Building and Improvements	3,469
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,401
Total	3,817
Accumulated Depreciation	$ 1,202
Nashville IV, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,450
Initial cost
Land	$ 992
Building and Improvements	8,274
Costs Subsequent to Acquisition	374
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,406
Total	8,398
Accumulated Depreciation	$ 2,610
Nashville V, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,560
Encumbrances	$ 2,457
Initial cost
Land	895
Building and Improvements	4,311
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	895
Building and Improvements	4,415
Total	5,310
Accumulated Depreciation	$ 238
Nashville VI, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,486
Initial cost
Land	$ 2,749
Building and Improvements	8,443
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	2,749
Building and Improvements	8,528
Total	11,277
Accumulated Depreciation	$ 293
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,710
Initial cost
Land	$ 714
Building and Improvements	3,519
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,617
Total	4,331
Accumulated Depreciation	$ 511
Austin I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,239
Building and Improvements	2,038
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	1,944
Total	4,183
Accumulated Depreciation	$ 668
Austin II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,625
Initial cost
Land	$ 734
Building and Improvements	3,894
Costs Subsequent to Acquisition	355
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,687
Total	4,425
Accumulated Depreciation	$ 1,199
Austin III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,560
Initial cost
Land	$ 1,030
Building and Improvements	5,468
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,074
Total	6,109
Accumulated Depreciation	$ 1,623
Austin IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,358
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	197
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,447
Total	5,309
Accumulated Depreciation	$ 397
Austin V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,850
Initial cost
Land	$ 1,050
Building and Improvements	5,175
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,383
Total	6,433
Accumulated Depreciation	$ 389
Austin VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,770
Initial cost
Land	$ 1,150
Building and Improvements	5,669
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	5,829
Total	6,979
Accumulated Depreciation	$ 406
Austin VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,023
Initial cost
Land	$ 1,429
Building and Improvements	6,263
Costs Subsequent to Acquisition	79
Gross Carrying Amount at year end
Land	1,429
Building and Improvements	6,342
Total	7,771
Accumulated Depreciation	$ 218
Austin V III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,075
Initial cost
Land	$ 2,935
Building and Improvements	7,007
Costs Subsequent to Acquisition	42
Gross Carrying Amount at year end
Land	2,935
Building and Improvements	7,049
Total	9,984
Accumulated Depreciation	$ 170
Bryan, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,400
Initial cost
Land	$ 1,394
Building and Improvements	1,268
Costs Subsequent to Acquisition	359
Gross Carrying Amount at year end
Land	1,396
Building and Improvements	1,390
Total	2,786
Accumulated Depreciation	$ 448
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,420
Initial cost
Land	$ 661
Building and Improvements	3,261
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,385
Total	4,046
Accumulated Depreciation	$ 431
Cedar Park, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,050
Initial cost
Land	$ 3,350
Building and Improvements	7,950
Costs Subsequent to Acquisition	27
Gross Carrying Amount at year end
Land	3,350
Building and Improvements	7,977
Total	11,327
Accumulated Depreciation	$ 206
College Station, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,550
Initial cost
Land	$ 812
Building and Improvements	740
Costs Subsequent to Acquisition	196
Gross Carrying Amount at year end
Land	813
Building and Improvements	749
Total	1,562
Accumulated Depreciation	$ 247
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,181
Initial cost
Land	$ 360
Building and Improvements	1,773
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,913
Total	2,273
Accumulated Depreciation	$ 273
Dallas I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,582
Initial cost
Land	$ 2,475
Building and Improvements	2,253
Costs Subsequent to Acquisition	401
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,207
Total	4,682
Accumulated Depreciation	$ 780
Dallas II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,023
Initial cost
Land	$ 940
Building and Improvements	4,635
Costs Subsequent to Acquisition	199
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,834
Total	5,774
Accumulated Depreciation	$ 481
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,229
Initial cost
Land	$ 2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	13,036
Total	15,644
Accumulated Depreciation	$ 859
Dallas IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,550
Initial cost
Land	$ 2,369
Building and Improvements	11,850
Costs Subsequent to Acquisition	57
Gross Carrying Amount at year end
Land	2,369
Building and Improvements	11,907
Total	14,276
Accumulated Depreciation	$ 674
Dallas V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,473
Initial cost
Building and Improvements	$ 11,604
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Building and Improvements	11,685
Total	11,685
Accumulated Depreciation	$ 527
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,846
Initial cost
Land	$ 553
Building and Improvements	2,936
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	569
Building and Improvements	2,665
Total	3,234
Accumulated Depreciation	$ 838
Fort Worth I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,446
Initial cost
Land	$ 1,253
Building and Improvements	1,141
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,167
Total	2,420
Accumulated Depreciation	$ 398
Fort Worth II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,900
Initial cost
Land	$ 868
Building and Improvements	4,607
Costs Subsequent to Acquisition	362
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,301
Total	5,175
Accumulated Depreciation	$ 1,407
Fort Worth III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,445
Initial cost
Land	$ 1,000
Building and Improvements	4,928
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	1,000
Building and Improvements	4,994
Total	5,994
Accumulated Depreciation	$ 291
Fort Worth IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,654
Initial cost
Land	$ 1,274
Building and Improvements	7,693
Costs Subsequent to Acquisition	26
Gross Carrying Amount at year end
Land	1,274
Building and Improvements	7,719
Total	8,993
Accumulated Depreciation	$ 168
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,854
Initial cost
Land	$ 1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	178
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,868
Total	3,961
Accumulated Depreciation	$ 987
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,399
Initial cost
Land	$ 1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	163
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,056
Total	5,620
Accumulated Depreciation	$ 1,405
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,765
Initial cost
Land	$ 1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	549
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	5,831
Total	6,985
Accumulated Depreciation	$ 1,857
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,000
Initial cost
Land	$ 719
Building and Improvements	4,072
Costs Subsequent to Acquisition	266
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,780
Total	4,499
Accumulated Depreciation	$ 760
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,415
Initial cost
Land	$ 1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	116
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,830
Total	6,989
Accumulated Depreciation	$ 514
Frisco VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,176
Initial cost
Land	$ 1,064
Building and Improvements	5,247
Costs Subsequent to Acquisition	114
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,361
Total	6,425
Accumulated Depreciation	$ 375
Garland I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,100
Initial cost
Land	$ 751
Building and Improvements	3,984
Costs Subsequent to Acquisition	532
Gross Carrying Amount at year end
Land	767
Building and Improvements	3,925
Total	4,692
Accumulated Depreciation	$ 1,269
Garland II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,425
Initial cost
Land	$ 862
Building and Improvements	4,578
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,231
Total	5,093
Accumulated Depreciation	$ 1,310
Grapevine, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,294
Initial cost
Land	$ 1,211
Building and Improvements	8,559
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	1,211
Building and Improvements	8,668
Total	9,879
Accumulated Depreciation	$ 183
Houston III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,590
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	337
Gross Carrying Amount at year end
Land	576
Building and Improvements	749
Total	1,325
Accumulated Depreciation	$ 281
Houston IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,750
Initial cost
Land	$ 960
Building and Improvements	875
Costs Subsequent to Acquisition	557
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,231
Total	2,192
Accumulated Depreciation	$ 377
Houston V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	125,280
Initial cost
Land	$ 1,153
Building and Improvements	6,122
Costs Subsequent to Acquisition	1,042
Gross Carrying Amount at year end
Land	991
Building and Improvements	6,439
Total	7,430
Accumulated Depreciation	$ 1,923
Houston VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,690
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	5,733
Gross Carrying Amount at year end
Land	983
Building and Improvements	4,936
Total	5,919
Accumulated Depreciation	$ 881
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,991
Initial cost
Land	$ 681
Building and Improvements	3,355
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,495
Total	4,176
Accumulated Depreciation	$ 549
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,219
Initial cost
Land	$ 1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,684
Total	7,978
Accumulated Depreciation	$ 943
Houston IX, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,208
Initial cost
Land	$ 296
Building and Improvements	1,459
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,566
Total	1,862
Accumulated Depreciation	$ 225
Humble, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,702
Initial cost
Land	$ 706
Building and Improvements	5,727
Costs Subsequent to Acquisition	62
Gross Carrying Amount at year end
Land	706
Building and Improvements	5,789
Total	6,495
Accumulated Depreciation	$ 200
Katy, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,308
Initial cost
Land	$ 1,329
Building and Improvements	6,552
Costs Subsequent to Acquisition	72
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,624
Total	7,953
Accumulated Depreciation	$ 647
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,885
Initial cost
Land	$ 890
Building and Improvements	4,727
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	890
Building and Improvements	4,351
Total	5,241
Accumulated Depreciation	$ 1,418
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,340
Initial cost
Land	$ 476
Building and Improvements	2,525
Costs Subsequent to Acquisition	379
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,468
Total	2,960
Accumulated Depreciation	$ 780
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	127,659
Initial cost
Land	$ 1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	291
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,508
Total	8,972
Accumulated Depreciation	$ 799
Lewisville III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,872
Initial cost
Land	$ 1,307
Building and Improvements	15,025
Costs Subsequent to Acquisition	126
Gross Carrying Amount at year end
Land	1,307
Building and Improvements	15,151
Total	16,458
Accumulated Depreciation	$ 409
Little Elm I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,065
Initial cost
Land	$ 892
Building and Improvements	5,529
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	892
Building and Improvements	5,614
Total	6,506
Accumulated Depreciation	$ 157
Little Elm II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,896
Initial cost
Land	$ 1,219
Building and Improvements	9,864
Costs Subsequent to Acquisition	57
Gross Carrying Amount at year end
Land	1,219
Building and Improvements	9,921
Total	11,140
Accumulated Depreciation	$ 257
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,025
Initial cost
Land	$ 837
Building and Improvements	4,443
Costs Subsequent to Acquisition	258
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,121
Total	4,964
Accumulated Depreciation	$ 1,344
Mansfield II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,025
Initial cost
Land	$ 662
Building and Improvements	3,261
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,400
Total	4,062
Accumulated Depreciation	$ 495
Mansfield III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,995
Initial cost
Land	$ 947
Building and Improvements	4,703
Costs Subsequent to Acquisition	154
Gross Carrying Amount at year end
Land	947
Building and Improvements	4,857
Total	5,804
Accumulated Depreciation	$ 47
McKinney I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,020
Initial cost
Land	$ 1,632
Building and Improvements	1,486
Costs Subsequent to Acquisition	193
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,439
Total	3,073
Accumulated Depreciation	$ 497
McKinney II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,050
Initial cost
Land	$ 855
Building and Improvements	5,076
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,635
Total	5,492
Accumulated Depreciation	$ 1,531
McKinney III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,148
Initial cost
Land	$ 652
Building and Improvements	3,213
Costs Subsequent to Acquisition	61
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,274
Total	3,926
Accumulated Depreciation	$ 209
North Richland Hills, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,200
Initial cost
Land	$ 2,252
Building and Improvements	2,049
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,905
Total	4,157
Accumulated Depreciation	$ 648
Pearland, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,050
Initial cost
Land	$ 450
Building and Improvements	2,216
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,414
Total	2,864
Accumulated Depreciation	$ 338
Richmond, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,278
Initial cost
Land	$ 1,437
Building and Improvements	7,083
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,258
Total	8,695
Accumulated Depreciation	$ 721
Roanoke, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,860
Initial cost
Land	$ 1,337
Building and Improvements	1,217
Costs Subsequent to Acquisition	166
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,157
Total	2,494
Accumulated Depreciation	$ 394
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,509
Initial cost
Land	$ 2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	352
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,456
Total	5,351
Accumulated Depreciation	$ 839
San Antonio II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,230
Initial cost
Land	$ 1,047
Building and Improvements	5,558
Costs Subsequent to Acquisition	197
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,062
Total	6,114
Accumulated Depreciation	$ 1,566
San Antonio III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,775
Initial cost
Land	$ 996
Building and Improvements	5,286
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	996
Building and Improvements	4,841
Total	5,837
Accumulated Depreciation	$ 1,468
San Antonio IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,500
Initial cost
Land	$ 829
Building and Improvements	3,891
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	829
Building and Improvements	3,962
Total	4,791
Accumulated Depreciation	$ 36
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,751
Initial cost
Land	$ 580
Building and Improvements	3,081
Costs Subsequent to Acquisition	259
Gross Carrying Amount at year end
Land	580
Building and Improvements	2,849
Total	3,429
Accumulated Depreciation	$ 929
Murray I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,280
Initial cost
Land	$ 3,847
Building and Improvements	1,017
Costs Subsequent to Acquisition	482
Gross Carrying Amount at year end
Land	3,848
Building and Improvements	1,283
Total	5,131
Accumulated Depreciation	$ 487
Murray II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,621
Initial cost
Land	$ 2,147
Building and Improvements	567
Costs Subsequent to Acquisition	521
Gross Carrying Amount at year end
Land	2,147
Building and Improvements	917
Total	3,064
Accumulated Depreciation	$ 324
Salt Lake City I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,446
Initial cost
Land	$ 2,695
Building and Improvements	712
Costs Subsequent to Acquisition	519
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,045
Total	3,741
Accumulated Depreciation	$ 378
Salt Lake City II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,676
Initial cost
Land	$ 2,074
Building and Improvements	548
Costs Subsequent to Acquisition	402
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	785
Total	2,722
Accumulated Depreciation	$ 298
Alexandria, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,100
Initial cost
Land	$ 2,812
Building and Improvements	13,865
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,089
Total	16,901
Accumulated Depreciation	$ 2,008
Arlington, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,144
Initial cost
Land	$ 6,836
Building and Improvements	9,843
Costs Subsequent to Acquisition	95
Gross Carrying Amount at year end
Land	6,836
Building and Improvements	9,938
Total	16,774
Accumulated Depreciation	$ 609
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,667
Initial cost
Land	$ 2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,155
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,499
Total	12,592
Accumulated Depreciation	$ 1,971
Fairfax, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,265
Initial cost
Land	$ 2,276
Building and Improvements	11,220
Costs Subsequent to Acquisition	289
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,509
Total	13,785
Accumulated Depreciation	$ 1,569
Fredericksburg I, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,475
Initial cost
Land	$ 1,680
Building and Improvements	4,840
Costs Subsequent to Acquisition	316
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,483
Total	6,163
Accumulated Depreciation	$ 1,460
Fredericksburg II, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,057
Initial cost
Land	$ 1,757
Building and Improvements	5,062
Costs Subsequent to Acquisition	348
Gross Carrying Amount at year end
Land	1,758
Building and Improvements	4,718
Total	6,476
Accumulated Depreciation	$ 1,557
Leesburg, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,503
Initial cost
Land	$ 1,746
Building and Improvements	9,894
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,774
Total	10,520
Accumulated Depreciation	$ 1,414
Manassas, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 860
Building and Improvements	4,872
Costs Subsequent to Acquisition	188
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,396
Total	5,256
Accumulated Depreciation	$ 860
McLearen, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,960
Initial cost
Land	$ 1,482
Building and Improvements	8,400
Costs Subsequent to Acquisition	176
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,421
Total	8,903
Accumulated Depreciation	$ 1,420
Vienna, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,064
Initial cost
Land	$ 2,300
Building and Improvements	11,340
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,472
Total	13,772
Accumulated Depreciation	1,571
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	404
Gross Carrying Amount at year end
Building and Improvements	404
Total	404
Accumulated Depreciation	$ 68

SCHEDULE III REAL ESTATE AND 76

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Activity in Storage facilities
Balance at beginning of year	$ 3,467,032	$ 3,117,198
Acquisitions & improvements	490,980	344,775
Fully depreciated assets	(61,232)	(13,493)
Dispositions and other		(33,921)
Construction in progress	101,400	52,473
Balance at end of year	3,998,180	3,467,032
Activity in Accumulated depreciation
Balance at beginning of year	594,049	492,069
Depreciation expense	138,547	122,076
Fully depreciated assets	(61,232)	(13,493)
Dispositions and other		(6,603)
Balance at end of year	671,364	594,049
Real Estate Investment Property, Net	$ 3,326,816	$ 2,872,983

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Storage facilities	$ 3,998,180	$ 3,467,032
Less: Accumulated depreciation	(671,364)	(594,049)
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively)	3,326,816	2,872,983
Cash and cash equivalents	2,973	62,869
Restricted cash	7,893	24,600
Loan procurement costs, net of amortization	2,150	2,800
Investment in real estate venture, at equity	98,682	97,281
Other assets, net	36,514	43,631
Total assets	3,475,028	3,104,164
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,039,076	741,904
Revolving credit facility	43,300
Unsecured term loan	398,749	398,183
Mortgage loans and notes payable, net	114,618	111,455
Accounts payable, accrued expenses and other liabilities	93,764	85,034
Distributions payable	49,239	38,685
Deferred revenue	20,226	17,519
Security deposits	412	403
Total liabilities	1,759,384	1,393,183
Limited Partnership interests of third parties	54,407	66,128
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(1,850)	(4,978)
Total liabilities and equity	3,475,028	3,104,164
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage facilities	3,998,180	3,467,032
Less: Accumulated depreciation	(671,364)	(594,049)
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively)	3,326,816	2,872,983
Cash and cash equivalents	2,973	62,869
Restricted cash	7,893	24,600
Loan procurement costs, net of amortization	2,150	2,800
Investment in real estate venture, at equity	98,682	97,281
Other assets, net	36,514	43,631
Total assets	3,475,028	3,104,164
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,039,076	741,904
Revolving credit facility	43,300
Unsecured term loan	398,749	398,183
Mortgage loans and notes payable, net	114,618	111,455
Accounts payable, accrued expenses and other liabilities	93,764	85,034
Distributions payable	49,239	38,685
Deferred revenue	20,226	17,519
Security deposits	412	403
Total liabilities	1,759,384	1,393,183
Limited Partnership interests of third parties	54,407	66,128
Commitments and contingencies
Capital
Operating Partner	1,657,232	1,648,305
Accumulated other comprehensive loss	(1,850)	(4,978)
Total CubeSmart, L.P. capital	1,655,382	1,643,327
Noncontrolling interests in subsidiaries	5,855	1,526
Total capital	1,661,237	1,644,853
Total liabilities and equity	$ 3,475,028	$ 3,104,164

CONSOLIDATED BALANCE SHEETS (78

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Storage facilities, net	$ 3,326,816	$ 2,872,983
VIE
Storage facilities, net	208,048	136,274
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	3,326,816	2,872,983
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$ 208,048	$ 136,274

CONSOLIDATED STATEMENTS OF OP79

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Rental income	$ 449,601	$ 392,476	$ 330,898
Other property related income	50,255	45,189	40,065
Property management fee income	10,183	6,856	6,000
Total revenues	510,039	444,521	376,963
OPERATING EXPENSES
Property operating expenses	165,847	153,172	132,701
Depreciation and amortization	161,865	151,789	126,813
General and administrative	32,823	28,371	28,422
Acquisition related costs	6,552	3,301	7,484
Total operating expenses	367,087	336,633	295,420
OPERATING INCOME	142,952	107,888	81,543
Interest:
Interest expense on loans	(50,399)	(43,736)	(46,802)
Loan procurement amortization expense	(2,577)	(2,324)	(2,190)
Equity in losses of real estate ventures	(2,662)	(411)	(6,255)
Gain from sale of real estate, net		17,567	475
Other	1,062	(228)	(405)
Total other expense	(54,576)	(29,132)	(55,177)
INCOME FROM CONTINUING OPERATIONS	88,376	78,756	26,366
DISCONTINUED OPERATIONS
Income from discontinued operations			336
Total discontinued operations			336
NET INCOME	88,376	78,756	26,702
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	470	(84)	(16)
Operating Partnership interests of third parties	(941)	(960)	(307)
Distribution to preferred unitholders	(5,045)	(6,008)	(6,008)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 79,923	$ 71,704	$ 20,371
Diluted - as reported (in dollars per share)	$ 0.45	$ 0.42	$ 0.13
Diluted earnings per unit from discontinued operations attributable to common unitholders			0.01
Diluted - as reported (in dollars per share)	$ 0.45	$ 0.42	$ 0.14
Weighted-average basic units outstanding (in units)	178,246	168,640	149,107
Weighted-average diluted units outstanding (in units)	179,533	170,191	150,863
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations	$ 79,923	$ 71,704	$ 20,040
Total discontinued operations			331
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	449,601	392,476	330,898
Other property related income	50,255	45,189	40,065
Property management fee income	10,183	6,856	6,000
Total revenues	510,039	444,521	376,963
OPERATING EXPENSES
Property operating expenses	165,847	153,172	132,701
Depreciation and amortization	161,865	151,789	126,813
General and administrative	32,823	28,371	28,422
Acquisition related costs	6,552	3,301	7,484
Total operating expenses	367,087	336,633	295,420
OPERATING INCOME	142,952	107,888	81,543
Interest:
Interest expense on loans	(50,399)	(43,736)	(46,802)
Loan procurement amortization expense	(2,577)	(2,324)	(2,190)
Equity in losses of real estate ventures	(2,662)	(411)	(6,255)
Gain from sale of real estate, net		17,567	475
Other	1,062	(228)	(405)
Total other expense	(54,576)	(29,132)	(55,177)
INCOME FROM CONTINUING OPERATIONS	88,376	78,756	26,366
DISCONTINUED OPERATIONS
Income from discontinued operations			336
Total discontinued operations			336
NET INCOME	88,376	78,756	26,702
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	470	(84)	(16)
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P.	88,846	78,672	26,686
Operating Partnership interests of third parties	(941)	(960)	(307)
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	87,905	77,712	26,379
Distribution to preferred unitholders	(5,045)	(6,008)	(6,008)
Preferred unit redemption charge	(2,937)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 79,923	$ 71,704	$ 20,371
Basic earnings per unit from continuing operations attributable to common unitholders	$ 0.45	$ 0.43	$ 0.13
Basic earnings per unit from discontinued operations attributable to common unitholders			0.01
Basic earnings per unit attributable to common unitholders	0.45	0.43	0.14
Diluted - as reported (in dollars per share)	0.45	0.42	0.13
Diluted earnings per unit from discontinued operations attributable to common unitholders			0.01
Diluted - as reported (in dollars per share)	$ 0.45	$ 0.42	$ 0.14
Weighted-average basic units outstanding (in units)	178,246	168,640	149,107
Weighted-average diluted units outstanding (in units)	179,533	170,191	150,863
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations	$ 79,923	$ 71,704	$ 20,040
Total discontinued operations			$ 331

CONSOLIDATED STATEMENTS OF CO80

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
NET INCOME	$ 88,376	$ 78,756	$ 26,702
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(1,247)	(3,409)	(3,944)
Reclassification of realized losses on interest rate swaps	4,412	6,263	6,408
Unrealized loss on foreign currency translation		(249)	(175)
Reclassification of realized loss on foreign currency translation		1,199
OTHER COMPREHENSIVE INCOME	3,165	3,804	2,289
COMPREHENSIVE INCOME	91,541	82,560	28,991
Comprehensive income attributable to Operating Partnership interests of third parties	(978)	(992)	(338)
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	470	(75)	(19)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	91,033	81,493	28,634
CubeSmart, L.P. and Subsidiaries
NET INCOME	88,376	78,756	26,702
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(1,247)	(3,409)	(3,944)
Reclassification of realized losses on interest rate swaps	4,412	6,263	6,408
Unrealized loss on foreign currency translation		(249)	(175)
Reclassification of realized loss on foreign currency translation		1,199
OTHER COMPREHENSIVE INCOME	3,165	3,804	2,289
COMPREHENSIVE INCOME	91,541	82,560	28,991
Comprehensive income attributable to Operating Partnership interests of third parties	(978)	(992)	(338)
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	470	(75)	(19)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 91,033	$ 81,493	$ 28,634

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) shares in Thousands, $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 66,128
Contributions from noncontrolling interests in subsidiaries	4,799	$ 178	$ 642
Distributions to noncontrolling interests in subsidiaries		319
Adjustment for Operating Partnership interests of third parties	7,388	(19,619)	(14,761)
Net income (loss)	87,435	77,796	26,395
Other comprehensive income (loss), net	3,128	3,772	2,258
Balance of Noncontrolling Interests in the Operating Partnership	54,407	66,128
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823	36,275
Issuance of OP Shares	1,500	500
Adjustment for Operating Partnership interests of third parties	(7,388)	19,619	14,761
Net income (loss)	941	960	307
Other comprehensive income (loss), net	37	32	31
Balance of Noncontrolling Interests in the Operating Partnership	54,407	66,128	49,823
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,644,853	1,449,618	1,093,207
Balance of Noncontrolling Interests in the Operating Partnership	66,128
Contributions from noncontrolling interests in subsidiaries	4,799	178	642
Distributions to noncontrolling interests in subsidiaries		(319)
Issuance of common OP units	136,121	234,061	416,001
Issuance of restricted OP units	1	1	5
Issuance of OP Shares	4,876
Conversion from OP units to shares		3,275	308
Exercise of OP unit options	13,283	17,489	13,802
Amortization of restricted OP units	1,952	1,166	182
OP unit compensation expense	1,260	989	1,553
Adjustment for Operating Partnership interests of third parties	7,388	(19,619)	(14,761)
Net income (loss)	87,435	77,796	26,395
Other comprehensive income (loss), net	3,128	3,772	2,258
Preferred OP unit distributions	(5,045)	(6,008)	(6,008)
Preferred OP unit redemption	(77,574)
Common OP unit distributions	(161,240)	(117,546)	(83,966)
Balance	1,661,237	1,644,853	1,449,618
Balance of Noncontrolling Interests in the Operating Partnership	54,407	66,128
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823	36,275
Issuance of OP Shares	1,500	500
Conversion from OP units to shares	(4,876)	(3,275)	(308)
Adjustment for Operating Partnership interests of third parties	(7,388)	19,619	14,761
Net income (loss)	941	960	307
Other comprehensive income (loss), net	37	32	31
Common OP unit distributions	(1,935)	(1,531)	(1,243)
Balance of Noncontrolling Interests in the Operating Partnership	54,407	66,128	49,823
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,643,327	1,448,026	1,092,276
Issuance of common OP units	136,121	234,061	416,001
Issuance of restricted OP units	1	1	5
Issuance of OP Shares	4,876	0
Conversion from OP units to shares		3,275	308
Exercise of OP unit options	13,283	17,489	13,802
Amortization of restricted OP units	1,952	1,166	182
OP unit compensation expense	1,260	989	1,553
Adjustment for Operating Partnership interests of third parties	7,388	(19,619)	(14,761)
Net income (loss)	87,905	77,712	26,379
Other comprehensive income (loss), net	3,128	3,781	2,255
Preferred OP unit distributions	(5,045)	(6,008)	(6,008)
Preferred OP unit redemption	(77,574)
Common OP unit distributions	(161,240)	(117,546)	(83,966)
Balance	1,655,382	1,643,327	1,448,026
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,648,305	$ 1,456,785	$ 1,103,290
Balance (in units) | shares	174,668	163,957	139,328
Issuance of common OP units	$ 136,121	$ 234,061	$ 416,001
Issuance of common OP units (in units) | shares	4,408	8,978	22,704
Issuance of restricted OP units	$ 1	$ 1	$ 5
Issuance of restricted OP units (in units) | shares	123	161	482
Issuance of OP Shares	$ 4,876
Issuance of OP Shares (in shares) | shares	188
Conversion from OP units to shares		$ 3,275	$ 308
Conversion from OP units to shares (in units) | shares		118	18
Exercise of OP unit options	$ 13,283	$ 17,489	$ 13,802
Exercise of OP unit options (in units) | shares	696	1,454	1,425
Amortization of restricted OP units	$ 1,952	$ 1,166	$ 182
OP unit compensation expense	1,260	989	1,553
Adjustment for Operating Partnership interests of third parties	7,388	(19,619)	(14,761)
Net income (loss)	87,905	77,712	26,379
Preferred OP unit distributions	(5,045)	(6,008)	(6,008)
Preferred OP unit redemption	(77,574)
Common OP unit distributions	(161,240)	(117,546)	(83,966)
Balance	$ 1,657,232	$ 1,648,305	$ 1,456,785
Balance (in units) | shares	180,083	174,668	163,957
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner
Increase (Decrease) in Partners' Capital
Balance (in units) | shares	3,100	3,100	3,100
Preferred OP unit redemption (in units) | shares	(3,100)
Balance (in units) | shares		3,100	3,100
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (4,978)	$ (8,759)	$ (11,014)
Other comprehensive income (loss), net	3,128	3,781	2,255
Balance	(1,850)	(4,978)	(8,759)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,526	1,592	931
Contributions from noncontrolling interests in subsidiaries	4,799	178	642
Distributions to noncontrolling interests in subsidiaries		(319)
Net income (loss)	(470)	84	16
Other comprehensive income (loss), net		(9)	3
Balance	$ 5,855	$ 1,526	$ 1,592

CONSOLIDATED STATEMENTS OF CA82

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net income	$ 88,376	$ 78,756	$ 26,702
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	164,442	154,113	129,003
Equity in losses of real estate ventures	2,662	411	6,255
Gain from sale of real estate, net		(17,567)	(475)
Equity compensation expense	3,212	2,155	1,735
Accretion of fair market value adjustment of debt	(1,138)	(1,429)	(1,685)
Changes in other operating accounts:
Restricted cash	591	743	411
Other assets	(3,930)	(2,519)	808
Accounts payable and accrued expenses	7,862	(438)	2,699
Other liabilities	1,449	1,480	579
Net cash provided by operating activities	263,526	215,705	166,032
Investing Activities
Acquisitions of storage facilities	(366,666)	(275,726)	(547,515)
Additions and improvements to storage facilities	(30,971)	(24,695)	(19,967)
Development costs	(143,713)	(81,315)	(23,566)
Cash distributed from real estate ventures	8,113	6,451	56,896
Fundings of notes receivable		(4,100)
Proceeds from notes receivable		4,100
Change in restricted cash	942	69	528
Net cash used in investing activities	(544,471)	(374,608)	(522,699)
Proceeds from:
Unsecured senior notes	298,512	249,338
Revolving credit facility	958,200	731,320	712,500
Principal payments on:
Revolving credit facility	(914,900)	(809,320)	(673,100)
Mortgage loans and notes payable	(37,260)	(84,905)	(30,149)
Loan procurement costs	(2,467)	(4,433)	(274)
Redemption of preferred units	(77,574)
Contributions from noncontrolling interests in subsidiaries	4,799	178	642
Distributions paid to noncontrolling interest in subsidiaries		(319)
Distributions paid to common OP unitholders	(149,280)	(107,093)	(75,849)
Distributions paid to preferred OP unitholders	(6,545)	(6,008)	(6,008)
Net cash provided by financing activities	221,049	218,871	356,392
Change in cash and cash equivalents	(59,896)	59,968	(275)
Cash and cash equivalents at beginning of period	62,869	2,901	3,176
Cash and cash equivalents at end of period	2,973	62,869	2,901
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,085	46,216	50,024
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities	(22,019)	(14,353)
Restricted cash - disposition of real estate		36,372
Accretion of liability	31,426	16,929	8,977
Derivative valuation adjustment	3,165	2,854	2,464
Foreign currency translation adjustment		(249)	(175)
Discount on issuance of unsecured senior notes	1,488	662
Mortgage loan assumptions	41,513	2,695	27,467
Preferred unit redemption	2,863
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	88,376	78,756	26,702
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	164,442	154,113	129,003
Equity in losses of real estate ventures	2,662	411	6,255
Gain from sale of real estate, net		(17,567)	(475)
Equity compensation expense	3,212	2,155	1,735
Accretion of fair market value adjustment of debt	(1,138)	(1,429)	(1,685)
Changes in other operating accounts:
Restricted cash	591	743	411
Other assets	(3,930)	(2,519)	808
Accounts payable and accrued expenses	7,862	(438)	2,699
Other liabilities	1,449	1,480	579
Net cash provided by operating activities	263,526	215,705	166,032
Investing Activities
Acquisitions of storage facilities	(366,666)	(275,726)	(547,515)
Additions and improvements to storage facilities	(30,971)	(24,695)	(19,967)
Development costs	(143,713)	(81,315)	(23,566)
Investment in real estate ventures, at equity	(12,176)	(8,433)	(2,550)
Cash distributed from real estate ventures	8,113	6,451	56,896
Proceeds from sale of real estate, net		9,041	13,475
Fundings of notes receivable		(4,100)
Proceeds from notes receivable		(4,100)
Change in restricted cash	942	69	528
Net cash used in investing activities	(544,471)	(374,608)	(522,699)
Proceeds from:
Unsecured senior notes	298,512	249,338
Revolving credit facility	958,200	731,320	712,500
Principal payments on:
Revolving credit facility	(914,900)	(809,320)	(673,100)
Mortgage loans and notes payable	(37,260)	(84,905)	(30,149)
Loan procurement costs	(2,467)	(4,433)	(274)
Proceeds from issuance of common OP units	136,122	234,062	416,006
Redemption of preferred units	(77,574)
Exercise of OP unit options	13,283	17,489	13,802
Contributions from noncontrolling interests in subsidiaries	(4,799)	(178)	(642)
Distributions paid to noncontrolling interest in subsidiaries		(319)
Distributions paid to common OP unitholders	(151,121)	(108,531)	(77,027)
Distributions paid to preferred OP unitholders	(6,545)	(6,008)	(6,008)
Net cash provided by financing activities	221,049	218,871	356,392
Change in cash and cash equivalents	(59,896)	59,968	(275)
Cash and cash equivalents at beginning of period	62,869	2,901	3,176
Cash and cash equivalents at end of period	2,973	62,869	2,901
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,085	46,216	50,024
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities	(22,019)	(14,353)
Restricted cash - disposition of real estate		36,372
Accretion of liability	31,426	16,929	8,977
Derivative valuation adjustment	3,165	2,854	2,464
Foreign currency translation adjustment		(249)	(175)
Discount on issuance of unsecured senior notes	1,488	662
Mortgage loan assumptions	41,513	$ 2,695	$ 27,467
Preferred unit redemption	$ 2,863