CubeSmart 10-Q 26 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 24, 2018
Document and Entity Information
Entity Registrant Name	CubeSmart
Entity Central Index Key	1,298,675
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		186,306,533
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Storage facilities	$ 4,323,372	$ 4,161,715
Less: Accumulated depreciation	(838,325)	(752,925)
Storage facilities, net (including VIE assets of $312,286 and $291,496, respectively)	3,485,047	3,408,790
Cash and cash equivalents	3,387	5,268
Restricted cash	3,092	3,890
Loan procurement costs, net of amortization	1,134	1,592
Investment in real estate venture, at equity	98,156	91,206
Other assets, net	49,234	34,590
Total assets	3,640,050	3,545,336
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,143,258	1,142,460
Revolving credit facility	94,250	81,700
Unsecured term loans, net	299,699	299,396
Mortgage loans and notes payable, net	109,058	111,434
Accounts payable, accrued expenses and other liabilities	153,185	143,344
Distributions payable	56,584	55,297
Deferred revenue	23,072	21,529
Security deposits	476	486
Total liabilities	1,879,582	1,855,646
Noncontrolling interests in the Operating Partnership	58,446	54,320
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 186,304,300 and 182,215,735 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,863	1,822
Additional paid in capital	2,472,839	2,356,620
Accumulated other comprehensive income		3
Accumulated deficit	(779,533)	(729,311)
Total CubeSmart shareholders' equity	1,695,169	1,629,134
Noncontrolling interests in subsidiaries	6,853	6,236
Total equity	1,702,022	1,635,370
Total liabilities and equity	$ 3,640,050	$ 3,545,336

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Storage facilities, net	$ 3,485,047	$ 3,408,790
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	400,000,000	400,000,000
Common shares, shares issued	186,304,300	182,215,735
Common shares, shares outstanding	186,304,300	182,215,735
VIE
Storage facilities, net	$ 312,286	$ 291,496

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES
Rental income	$ 132,476	$ 125,699	$ 384,480	$ 363,980
Other property related income	15,494	14,241	44,788	41,104
Property management fee income	5,400	3,925	14,794	10,377
Total revenues	153,370	143,865	444,062	415,461
OPERATING EXPENSES
Property operating expenses	48,755	47,152	147,037	136,847
Depreciation and amortization	35,239	35,971	105,251	110,826
General and administrative	9,780	8,228	26,865	26,522
Acquisition related costs		235		1,062
Total operating expenses	93,774	91,586	279,153	275,257
OPERATING INCOME	59,596	52,279	164,909	140,204
Interest:
Interest expense on loans	(15,191)	(14,454)	(45,797)	(42,028)
Loan procurement amortization expense	(578)	(577)	(1,735)	(2,059)
Equity in losses of real estate ventures	(292)	(280)	(785)	(1,305)
Other	(233)	741	260	941
Total other expense	(16,294)	(14,570)	(48,057)	(44,451)
NET INCOME	43,302	37,709	116,852	95,753
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(476)	(490)	(1,285)	(1,194)
Noncontrolling interest in subsidiaries	74	78	166	182
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 42,900	$ 37,297	$ 115,733	$ 94,741
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.23	$ 0.21	$ 0.63	$ 0.53
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.23	$ 0.21	$ 0.63	$ 0.52
Weighted-average basic shares outstanding (in shares)	186,074	180,304	184,036	180,218
Weighted-average diluted shares outstanding (in shares)	186,916	181,286	184,829	181,225

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 43,302	$ 37,709	$ 116,852	$ 95,753
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps		(10)	60	127
Reclassification of realized losses (gains) on interest rate swaps		317	(60)	1,378
OTHER COMPREHENSIVE INCOME		307		1,505
COMPREHENSIVE INCOME	43,302	38,016	116,852	97,258
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(476)	(494)	(1,289)	(1,212)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	74	78	166	182
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 42,900	$ 37,600	$ 115,729	$ 96,228

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common 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, 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
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2016							$ 54,407
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						717
Acquisition of noncontrolling interest in subsidiary	(8,626)		(8,626)			(407)		(9,033)
Issuance of common shares	(219)		(219)					(219)
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		106
Issuance of OP units							12,324
Conversion from units to shares	15,706	$ 6	15,700				(15,706)	15,706
Conversion from units to shares (in shares)		594
Exercise of stock options	865	$ 1	864					865
Exercise of stock options (in shares)		98
Amortization of restricted shares	997		997					997
Share compensation expense	1,148		1,148					1,148
Adjustment for noncontrolling interest in the Operating Partnership	1,756				1,756		(1,756)	1,756
Net income (loss)	94,741				94,741	(182)		94,559
Net income (loss)							1,194
Other comprehensive income, net	1,487			1,487				1,487
Other comprehensive income (loss), net							18
Common share distributions	(146,318)				(146,318)		(1,722)	(146,318)
Balance at Sep. 30, 2017	1,616,920	$ 1,809	2,323,878	(363)	(708,404)	5,983		1,622,903
Balance (in shares) at Sep. 30, 2017		180,881
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2017							48,759
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
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2016							54,407
Balance at Dec. 31, 2017	1,629,134	$ 1,822	2,356,620	3	(729,311)	6,236		1,635,370
Balance (in shares) at Dec. 31, 2017		182,216
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2017							54,320	54,320
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						917		917
Distributions to noncontrolling interests in subsidiaries						(134)		(134)
Issuance of common shares	108,335	$ 36	108,299					108,335
Issuance of common shares (in shares)		3,554
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		85
Issuance of OP units							6,242
Conversion from units to shares	1,342		1,342				(1,342)	1,342
Conversion from units to shares (in shares)		44
Exercise of stock options	3,835	$ 4	3,831					3,835
Exercise of stock options (in shares)		405
Amortization of restricted shares	1,593		1,593					1,593
Share compensation expense	1,154		1,154					1,154
Adjustment for noncontrolling interest in the Operating Partnership	234				234		(234)	234
Net income (loss)	115,733				115,733	(166)		115,567
Net income (loss)							1,285
Other comprehensive income, net	402			$ (3)	405			402
Other comprehensive income (loss), net							4
Common share distributions	(166,594)				(166,594)		(1,829)	(166,594)
Balance at Sep. 30, 2018	$ 1,695,169	$ 1,863	$ 2,472,839		$ (779,533)	$ 6,853		1,702,022
Balance (in shares) at Sep. 30, 2018		186,304
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2018							$ 58,446	$ 58,446

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income	$ 116,852	$ 95,753
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	106,986	112,885
Equity in losses of real estate ventures	785	1,305
Equity compensation expense	4,196	4,179
Accretion of fair market value adjustment of debt	(553)	(373)
Changes in other operating accounts:
Other assets	(5,765)	(10,078)
Accounts payable and accrued expenses	10,821	18,588
Other liabilities	1,240	1,403
Net cash provided by operating activities	234,562	223,662
Investing Activities
Acquisitions of storage facilities	(83,399)	(13,875)
Additions and improvements to storage facilities	(19,174)	(22,485)
Development costs	(69,715)	(53,713)
Distributions Payable to Real Estate Partnerships	(19,154)	(191)
Proceeds from Divestiture of Real Estate Partnership	6,419	6,113
Net cash used in investing activities	(185,023)	(84,151)
Cash distributed from real estate ventures	6,419	6,113
Proceeds from:
Unsecured senior notes		103,192
Revolving credit facility	452,460	449,900
Principal payments on:
Revolving credit facility	(439,910)	(426,500)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,137)	(8,022)
Loan procurement costs		(953)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Proceeds from issuance of common shares, net	108,336	(218)
Cash paid upon vesting of restricted shares	(1,449)	(2,034)
Exercise of stock options	3,835	865
Contributions from noncontrolling interests in subsidiaries	917	717
Distributions paid to noncontrolling interests in subsidiaries	(134)
Distributions paid to common shareholders	(165,357)	(146,107)
Distributions paid to noncontrolling interests in Operating Partnership	(1,779)	(1,765)
Net cash used in financing activities	(52,218)	(139,958)
Change in cash, cash equivalents, and restricted cash	(2,679)	(447)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866
Cash, cash equivalents, and restricted cash at end of period	6,479	10,419
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	48,794	46,474
Supplemental disclosure of noncash activities:
Accretion of put liability	20,877	25,595
Derivative valuation adjustment	406	1,505
Mortgage loan assumptions	7,166	6,201
Issuance of OP units	$ 6,242	12,324
Liability for acquisition of storage property		$ 1,470

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2018
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms “the Company”, “we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of September 30, 2018, the Company owned self-storage properties located in 23 states throughout the United States and the District of Columbia that are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. As of September 30, 2018, 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 the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2017, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results of operations to be expected for any future period or the full year. The Operating Partnership meets the criteria as a variable interest entity. 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. Reclassifications Certain amounts from the prior year have been reclassified to conform to current year presentation as described below. On January 1, 2018, the Company adopted Accounting Standard Updated (“ASU”) No. 2016-15: Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which requires retrospective application for a number of cash flow classification items for which there was diversity in practice. See Recent Accounting Pronouncements below for the specific cash flow areas addressed by the new standard. As a result of adopting the new guidance, $0.9 million of proceeds received from the settlement of insurance claims during the nine months ended September 30, 2017 have been reclassified from operating activities to investing activities within the consolidated statements of cash flows. On January 1, 2018, the Company also adopted ASU No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $0.2 million and $3.9 million of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the nine months ended September 30, 2017, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of period. 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 the Company’s loan agreements. Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements as the Company currently does not have any outstanding derivative financial instruments. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the majority of the Company’s future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures as discussed in “ Reclassifications ” above. In August 2016, the FASB issued ASU No. 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures as discussed in “Reclassifications” above. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company plans to adopt the standard on January 1, 2019, the date it becomes effective for public companies, using the modified retrospective approach. Upon adoption, the Company anticipates that it will elect the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. At this time, the primary impact is expected to be related to the Company’s ten ground leases in which it serves as lessee. In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU No. 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU No. 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU No. 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The Company finalized the impact of the adoption of ASU No. 2014-09 and ASU No. 2016-12 on the Company’s consolidated financial statements and related disclosures and adopted the standards using the modified retrospective transition method. The standards did not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because most of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, property management fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance does not differ materially from revenue recognized under previous guidance and there is no material prior year impact.

STORAGE PROPERTIES

STORAGE PROPERTIES	9 Months Ended
	Sep. 30, 2018
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: September 30, December 31, 2018 2017 (in thousands) Land $ 755,732 $ 711,140 Buildings and improvements 3,248,342 3,086,252 Equipment 179,037 182,958 Construction in progress 140,261 181,365 Storage properties 4,323,372 4,161,715 Less: Accumulated depreciation (838,325) (752,925) Storage properties, net $ 3,485,047 $ 3,408,790 The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2017 through September 30, 2018: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2018 Acquisitions: Texas Asset Texas Markets - Major January 2018 1 $ 12,200 Texas Asset Texas Markets - Major May 2018 1 19,000 Metro DC Asset Baltimore / DC July 2018 1 34,200 Nevada Asset Las Vegas September 2018 1 14,350 North Carolina Asset Charlotte September 2018 1 11,000 5 $ 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	9 Months Ended
	Sep. 30, 2018
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2018 Acquisitions During the nine months ended September 30, 2018, the Company acquired five stores located throughout the United States, for an aggregate purchase price of approximately $90.8 million. In connection with these acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $2.9 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 three and nine months ended September 30, 2018 was approximately $0.5 million and $0.7 million, respectively. In connection with one of the acquired stores, the Company assumed a $7.2 million mortgage loan that was immediately repaid by the Company. The remainder of the purchase price was funded with $0.2 million of cash and $4.8 million through the issuance of 168,011 OP Units (see note 12). Following a 13-month lock-up period, the holder may tender the OP Units for redemption by the Operating Partnership for a cash amount per OP Unit equal to the market value of an equivalent number of common shares of the Company. The Company has the right, but not the obligation, to assume and satisfy the redemption obligation of the Operating Partnership by issuing one common share in exchange for each OP Unit tendered for redemption. The following table summarizes the Company’s revenue and earnings associated with the 2018 acquisitions from the acquisition date, that are included in the consolidated statements of operations for the three and nine months ended September 30, 2018: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (in thousands) Total revenue $ 922 $ 1,391 Net loss (652) (941) As of September 30, 2018, the Company was under contract and had made aggregate deposits of $5.3 million associated with four stores, including one store to be acquired after the completion of construction and the issuance of the certificate of occupancy, for an aggregate acquisition price of $132.6 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of the store under construction is expected to occur during the fourth quarter of 2018 after the completion of construction and the issuance of a certificate of occupancy. This acquisition is subject to due diligence and other customary closing conditions and no assurance can be provided that this acquisition will be completed on the terms described, or at all. 2017 Acquisitions During the year ended December 31, 2017, the Company acquired six stores located throughout the United States, including two stores upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $69.5 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $3.2 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during the three and nine months ended September 30, 2018 was approximately $0.3 million and $1.6 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.2 million, which fair value includes an outstanding principal balance totaling $5.9 million and a net premium of $0.3 million to reflect the estimated fair value of the debt at the time of assumption. As part of the acquisition of that same store, the Company issued OP Units that were valued at approximately $12.3 million as consideration for the remainder of the purchase price (see note 12). During the year ended December 31, 2017, the Company also acquired a store in Illinois upon completion of construction and the issuance of a certificate of occupancy for $11.2 million. The purchase price was satisfied with $9.7 million of cash and 58,400 newly created Class C OP Units. Each Class C OP Unit had a stated value of $25 and an annual distribution rate of 3% of the stated value. On July 23, 2018, all of the Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership . Because the Class C OP Units represented an unconditional obligation that the Company settled by issuing a variable number of its common shares with a monetary value that was known at inception, the Class C OP Units were classified as a liability in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets prior to redemption. Development As of September 30, 2018, the Company had invested in joint ventures to develop six self-storage properties located in Massachusetts (2), New Jersey (1), and New York (3). Construction for all projects is expected to be completed by the fourth quarter of 2019 (see note 12). As of September 30, 2018, development costs incurred to date for these projects totaled $103.9 million. Total construction costs for these projects are expected to be $162.7 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores during the period beginning on January 1, 2017 through September 30, 2018. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY 1 Q3 2018 51% $ 91,500 Brooklyn, NY (1) 1 Q4 2017 100% 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 5 $ 259,500 (1) This property was previously owned by a consolidated joint venture, in which the Company had a 51% ownership interest. On March 28, 2018, the noncontrolling member in the venture put its 49% interest in the venture to the Company for $20.4 million, which is included in Development costs in the consolidated statements of cash flows. During the fourth quarter of 2015, the Company, through a joint venture in which the Company owned a 90% interest and previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture for $9.0 million, of which $7.5 million was initially paid. The remaining $1.5 million was paid upon completion of certain development obligations during the third quarter of 2017. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $8.6 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest, the $9.8 million related party loan extended by the Company to the venture during the construction period was repaid in full.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	9 Months Ended
	Sep. 30, 2018
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES Capital Storage Partners, LLC (“Capital Storage”) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A Preferred Units of Capital Storage Partners, LLC, a newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5), and Texas (13). The Class A Preferred Units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. 191 IV CUBE LLC (“HVP IV”) On October 16, 2017, the Company acquired a self-storage property located in Texas for $9.4 million, which it then contributed to a newly-formed joint venture on November 1, 2017. In return for contributing the property to HVP IV, the Company received approximately $7.5 million in cash and a 20% ownership interest in the venture. During the nine months ended September 30, 2018, HVP IV acquired ten additional stores located in Arizona (2), Florida (3), Georgia (2), Maryland (1), and Texas (2) for an aggregate purchase price of $114.4 million, of which the Company has contributed $14.1 million. On May 16, 2018 and August 15, 2018, HVP IV received $43.7 million and $24.4 million advances, respectively, on its $107.0 million loan facility, which encumbers the 11 stores that are owned by the venture as of September 30, 2018. The loan bears interest at LIBOR plus 1.70% and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of September 30, 2018, HVP IV was under contract, and had made aggregate deposits of $0.2 million, to acquire two stores located in Connecticut for an aggregate purchase price of $15.1 million. 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 III”) 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 III paid $242.5 million for these 37 stores, of which $18.9 million was allocated to the value of the in-place lease intangible. HVP III acquired 30 of the stores on December 8, 2015 for $193.7 million, one of the stores on January 26, 2016 for $5.7 million, five of the stores on April 21, 2016 for $36.1 million, and one store on June 15, 2016 for $7.0 million. In connection with six of the acquired stores, HVP III assumed mortgage debt that was recorded at a fair value of $25.3 million, which includes an outstanding principal balance totaling $23.7 million and a net premium of $1.6 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded through advances totaling $116.0 million on the venture’s $122.0 million loan facility and amounts contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP III related to this portfolio acquisition was $10.7 million. The loan facility bears interest at LIBOR plus 2.00% per annum and 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 III agreed to acquire a property portfolio comprised of 31 self-storage properties located in South Carolina (22), Georgia (5), and North Carolina (4) that were previously managed by the Company. HVP III paid $115.5 million for these 31 stores, of which $10.6 million was allocated to the value of the in-place lease intangible. HVP III acquired 30 of the stores on March 30, 2016 for $112.8 million and one of the stores on November 2, 2016 for $2.7 million. In conjunction with the acquisitions, HVP III refinanced its existing loan facility by entering into an increased amended and restated loan facility not to exceed $185.5 million. The acquisitions were funded primarily through advances totaling $63.5 million on the venture’s amended and restated loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP III related to this portfolio acquisition was $5.4 million, bringing its total investment in HVP III to $16.1 million as of September 30, 2017. 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 HVP IV, HHFNE, HVP III, and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the real estate ventures. The following is a summary of the financial position of the Ventures as of September 30, 2018 and December 31, 2017 (in thousands): September 30, December 31, 2018 2017 Assets Storage properties, net $ 734,063 $ 647,668 Other assets 37,284 8,284 Total assets $ 771,347 $ 655,952 Liabilities and equity Other liabilities $ 12,300 $ 6,853 Debt 413,522 346,475 Equity CubeSmart 98,156 91,206 Joint venture partners 247,369 211,418 Total liabilities and equity $ 771,347 $ 655,952 The following is a summary of results of operations of the Ventures for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues $ 23,463 $ 20,796 $ 66,665 $ 60,415 Operating expenses 9,583 8,673 28,269 25,650 Other expense (income) 242 (27) 807 517 Interest expense, net 3,494 2,942 9,515 8,760 Depreciation and amortization 11,223 10,426 31,042 34,826 Net loss $ (1,079) $ (1,218) $ (2,968) $ (9,338) Company’s share of net loss $ (292) $ (280) $ (785) $ (1,305)

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	9 Months Ended
	Sep. 30, 2018
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): September 30, December 31, Effective Issuance Maturity Unsecured Senior Notes 2018 2017 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (581) (617) Less: Loan procurement costs, net (6,161) (6,923) Total unsecured senior notes, net $ 1,143,258 $ (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%. The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of September 30, 2018, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY AND U

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	9 Months Ended
	Sep. 30, 2018
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013, and April 22, 2015 to provide for, amongst other things, a $500.0 million unsecured revolving facility (the “Revolver”) with a maturity date of April 22, 2020. Pricing on the Revolver is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.25% over LIBOR, inclusive of a facility fee of 0.15%. As of September 30, 2018, $405.1 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.7 million. As of September 30, 2018, the Company also had a $200.0 million unsecured term loan outstanding under the Credit Facility, which is included in the table below. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of a $100.0 million unsecured term loan with a five-year maturity and a $100.0 million unsecured term loan with a seven-year maturity. On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its five-year $100.0 million unsecured term loan that was scheduled to mature in June 2018. The Company’s unsecured term loans under the Credit Facility and Term Loan Facility are summarized below: Carrying Value as of: Effective Interest September 30, December 31, Rate as of Maturity Unsecured Term Loans 2018 2017 September 30, 2018 (1) Date (in thousands) Credit Facility Unsecured term loan $ 200,000 $ 200,000 3.56 % Jan-19 Term Loan Facility Unsecured term loan 100,000 100,000 3.41 % Jan-20 Principal balance outstanding 300,000 300,000 Less: Loan procurement costs, net (301) (604) Total unsecured term loans, net $ 299,699 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR. As of September 30, 2018, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended, had an effective weighted average interest rate of 3.51%. The Term Loan Facility and the unsecured term loan under the Credit Facility were fully drawn at September 30, 2018 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include: · Maximum total indebtedness to total asset value of 60.0% at any time; · Minimum fixed charge coverage ratio of 1.50:1.00; and · Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010. Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on the Parent Company’s common shares in excess of the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status. As of September 30, 2018, the Company was in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	9 Months Ended
	Sep. 30, 2018
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	8. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: Carrying Value as of: September 30, December 31, Effective Maturity Mortgage Loans and Notes Payable 2018 2017 Interest Rate Date (in thousands) YSI 33 $ 9,299 $ 9,547 6.42 % Jul-19 YSI 26 8,075 8,228 4.56 % Nov-20 YSI 57 2,835 2,889 4.61 % Nov-20 YSI 55 22,161 22,508 4.85 % Jun-21 YSI 24 25,100 25,700 4.64 % Jun-21 YSI 65 2,376 2,411 3.85 % Jun-23 YSI 66 31,313 31,727 3.51 % Jun-23 YSI 68 5,666 5,786 3.78 % May-24 Principal balance outstanding 106,825 108,796 Plus: Unamortized fair value adjustment 2,733 3,286 Less: Loan procurement costs, net (500) (648) Total mortgage loans and notes payable, net $ 109,058 $ As of September 30, 2018 and December 31, 2017, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $232.3 million and $236.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2018 (in thousands): 2018 $ 679 2019 11,652 2020 12,791 2021 45,057 2022 923 2023 and thereafter 35,723 Total mortgage payments 106,825 Plus: Unamortized fair value adjustment 2,733 Less: Loan procurement costs, net (500) Total mortgage loans and notes payable, net $ 109,058

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	9. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated other comprehensive income by component for the nine months ended September 30, 2018 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps Other comprehensive gain before reclassifications $ 59 Amounts reclassified from accumulated other comprehensive income (62) (1) Net current-period other comprehensive loss (3) Balance at December 31, 2017 3 Balance at September 30, 2018 $ — (1) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2018
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company entered into interest rate swap agreements that qualified and were designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps were recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity as accumulated other comprehensive income. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. The Company formally assessed, both at inception of a hedge and on an on-going basis, whether each derivative was highly-effective in offsetting changes in cash flows of the hedged item. If management determined that a derivative was highly-effective as a hedge, then the Company accounted for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative did not impact the Company’s results of operations. If management determined that a derivative was not highly-effective as a hedge or if a derivative ceased to be a highly-effective hedge, the Company discontinued hedge accounting prospectively and reflected 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 September 30, 2018 and December 31, 2017, respectively (dollars in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type (1) September 30, 2018 December 31, 2017 Strike Date Maturity September 30, 2018 December 31, 2017 Swap Cash flow $ — $ 40,000 % 6/20/2011 6/20/2018 $ — $ (161) Swap Cash flow — 40,000 % 6/20/2011 6/20/2018 — (163) Swap Cash flow — 20,000 % 6/20/2011 6/20/2018 — (82) $ — $ 100,000 $ — $ (406) (1) Hedging unsecured variable rate debt by fixing 30-day LIBOR. The Company measured its derivative instruments at fair value and recorded them in the balance sheet as either an asset or liability. As of September 30, 2018 all derivative instruments had reached maturity. As of December 31, 2017, all derivative instruments were included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives were reported in accumulated other comprehensive income. Amounts reported in accumulated other comprehensive income related to derivatives were reclassified to interest expense as interest payments were made on the Company’s variable-rate debt. The change in unrealized losses on interest rate swaps reflects a reclassification of $0.3 million of unrealized losses from accumulated other comprehensive income as an increase to interest expense during the nine months ended September 30, 2018.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2018
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. There were no financial assets or liabilities carried at fair value as of September 30, 2018. Financial assets and liabilities carried at fair value as of December 31, 2017 are classified in the table below in one of the three categories described above (in thousands): Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ — Financial assets and liabilities carried at fair value were classified as Level 2 inputs. For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities: · Interest rate swap derivative assets and liabilities – valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades that would reduce the amount owed by the Company. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of the reporting dates, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values at September 30, 2018 and December 31, 2017. The aggregate carrying value of the Company’s debt was $1.7 billion and $1.6 billion at September 30, 2018 and December 31, 2017, respectively. The estimated fair value of the Company’s debt was $1.6 billion and $1.7 billion at September 30, 2018 and December 31, 2017, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 2018 and December 31, 2017. The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2018
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 Estimated Ownership September 30, 2018 Development Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q4 2019 (est.) 90% $ 3,417 $ 1,833 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q4 2019 (est.) 90% 7,030 500 CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% 26,391 6,775 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 15,137 10,219 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q1 2019 (est.) 90% 11,793 6,053 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q1 2019 (est.) 51% 37,646 13,479 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 51% 88,413 41,109 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 79,375 33,052 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Queens, NY Q4 2015 90% 17,646 12,486 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 15,763 12,587 10 $ 302,611 $ 138,093 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of September 30, 2018, has accrued $5.6 million, $8.2 million, $12.0 million, and $37.8 million related to McDonald Ave, 22 nd St, 46th St, and Exterior St, respectively. (2) In connection with the acquired property, 55th 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 loan commitment to these ventures to fund all or a portion of the construction costs. As of September 30, 2018, the Company has funded $0.7 million of a total $6.9 million loan commitment to 92 nd St, $0.5 million of a total $12.1 million loan commitment to Newton, $4.9 million of a total $10.8 million loan commitment to Waltham, $12.4 million of a total $12.8 million loan commitment to Jamaica Ave, and $12.4 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. Operating Partnership Ownership The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. Approximately 1.1% and 1.0% of the outstanding OP Units as of September 30, 2018 and December 31, 2017, 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 settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. On January 31, 2018, the Company acquired a store in Texas for $12.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $7.2 million and immediately repaid the loan. In conjunction with the closing, the Company paid $0.2 million in cash and issued 168,011 OP Units, valued at approximately $4.8 million, to pay the remaining consideration. On April 12, 2017, the Company acquired a store in Illinois for $11.2 million. In conjunction with the closing, the Company paid $9.7 million and issued 58,400 Class C OP Units to pay the remaining consideration. On July 23, 2018, all of the 58,400 Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. On May 9, 2017, the Company acquired a store in Maryland for $18.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $5.9 million. In conjunction with the closing, the Company issued 440,160 OP Units, valued at approximately $12.3 million, to pay the remaining consideration. As of September 30, 2018 and December 31, 2017, 2,048,570 and 1,878,253 OP units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the final 10 trading days of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at their redemption value at September 30, 2018 and December 31, 2017. As of September 30, 2018, the Operating Partnership recorded increases to OP Units owned by third parties and corresponding increases to capital of $0.2 million. As of December 31, 2017, the Operating Partnership recorded increases to OP Units owned by third parties and corresponding decreases to capital of $ $4.0 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. However, litigation is inherently unpredictable, and the costs and other effects of pending or future litigation, governmental investigations, legal and administrative cases and proceedings (whether civil or criminal), settlements, judgments and investigations, claims, and changes in any such matters, could have a material adverse effect the Company’s business, financial condition, and operating results. 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. On April 19, 2018, the court granted final approval of a settlement for the class action. The settlement and associated expenses, which were previously reserved for, did not have a material impact on the Company’s consolidated financial position or results of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the three and nine months ended September 30, 2018 totaled $1.2 million and $3.2 million, respectively. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the three and nine months ended September 30, 2017 totaled $0.9 million and $2.7 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 $9.8 million and $7.5 million as of September 30, 2018 and December 31, 2017, respectively, and are reflected in Other assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 12, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $30.9 million and $25.5 million as of September 30, 2018 and December 31, 2017, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP III, HVP IV, and HHFNE operating agreements provide for acquisition fees payable from HVP III, HVP IV, and HHFNE to the Company in an amount equal to 0.5% of the purchase price upon the closing of an acquisition by HVP III, HVP IV, and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the three and nine months ended September 30, 2018, the Company recognized $0.1 million and $0.6 million, respectively, in acquisition fees. During the nine months ended September 30, 2017, the Company recognized $0.4 million in acquisition fees. The Company did not recognize any acquisition fees during the three months ended September 30, 2017. Acquisition fees are included in Other income on the consolidated statements of operations.

PRO FORMA FINANCIAL INFORMATION

PRO FORMA FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2018
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION	15. PRO FORMA FINANCIAL INFORMATION During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company acquired five stores for an aggregate purchase price of $90.8 million (see note 4) and seven stores for an aggregate purchase price of approximately $80.7 million, respectively. The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2018 and 2017 as if each had occurred as of January 1, 2017 and 2016, respectively. The unaudited pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations. The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the nine months ended September 30, 2018 and 2017 based on the assumptions described above: Nine Months Ended September 30, 2018 2017 (in thousands, except per share data) Pro forma revenues $ 446,598 $ 421,525 Pro forma net income $ 119,477 $ 103,022 Earnings per share attributable to common shareholders: Basic - as reported $ 0.63 $ 0.53 Diluted - as reported $ 0.63 $ 0.52 Basic - as pro forma $ 0.64 $ 0.57 Diluted - as pro forma $ 0.64 $ 0.56

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Subsequent to September 30, 2018, the Company acquired two self-storage properties located in California and Texas for an aggregate purchase price of $76.4 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2017, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results of operations to be expected for any future period or the full year. The Operating Partnership meets the criteria as a variable interest entity. 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.
Reclassifications	Reclassifications Certain amounts from the prior year have been reclassified to conform to current year presentation as described below. On January 1, 2018, the Company adopted Accounting Standard Updated (“ASU”) No. 2016-15: Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which requires retrospective application for a number of cash flow classification items for which there was diversity in practice. See Recent Accounting Pronouncements below for the specific cash flow areas addressed by the new standard. As a result of adopting the new guidance, $0.9 million of proceeds received from the settlement of insurance claims during the nine months ended September 30, 2017 have been reclassified from operating activities to investing activities within the consolidated statements of cash flows. On January 1, 2018, the Company also adopted ASU No. 2016-18: Statement of Cash Flows (Topic 230) – Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $0.2 million and $3.9 million of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the nine months ended September 30, 2017, respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of period. 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 the Company’s loan agreements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements as the Company currently does not have any outstanding derivative financial instruments. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the Company adopted the new revenue standard. Upon adoption, the majority of the Company’s sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard became effective on January 1, 2018. Upon adoption of the new guidance, the majority of the Company’s future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU No. 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures as discussed in “ Reclassifications ” above. In August 2016, the FASB issued ASU No. 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard became effective on January 1, 2018 and requires the use of the retrospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures as discussed in “Reclassifications” above. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company plans to adopt the standard on January 1, 2019, the date it becomes effective for public companies, using the modified retrospective approach. Upon adoption, the Company anticipates that it will elect the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. At this time, the primary impact is expected to be related to the Company’s ten ground leases in which it serves as lessee. In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU No. 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU No. 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU No. 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The Company finalized the impact of the adoption of ASU No. 2014-09 and ASU No. 2016-12 on the Company’s consolidated financial statements and related disclosures and adopted the standards using the modified retrospective transition method. The standards did not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because most of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, property management fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance does not differ materially from revenue recognized under previous guidance and there is no material prior year impact.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2018
STORAGE PROPERTIES
Summary of real estate assets	September 30, December 31, 2018 2017 (in thousands) Land $ 755,732 $ 711,140 Buildings and improvements 3,248,342 3,086,252 Equipment 179,037 182,958 Construction in progress 140,261 181,365 Storage properties 4,323,372 4,161,715 Less: Accumulated depreciation (838,325) (752,925) Storage properties, net $ 3,485,047 $ 3,408,790
Schedule of acquisitions and dispositions of real estate assets	Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2018 Acquisitions: Texas Asset Texas Markets - Major January 2018 1 $ 12,200 Texas Asset Texas Markets - Major May 2018 1 19,000 Metro DC Asset Baltimore / DC July 2018 1 34,200 Nevada Asset Las Vegas September 2018 1 14,350 North Carolina Asset Charlotte September 2018 1 11,000 5 $ 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	9 Months Ended
	Sep. 30, 2018
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations	Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (in thousands) Total revenue $ 922 $ 1,391 Net loss (652) (941)
Schedule of capitalized costs for investments in storage properties	CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY 1 Q3 2018 51% $ 91,500 Brooklyn, NY (1) 1 Q4 2017 100% 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 5 $ 259,500 (1) This property was previously owned by a consolidated joint venture, in which the Company had a 51% ownership interest. On March 28, 2018, the noncontrolling member in the venture put its 49% interest in the venture to the Company for $20.4 million, which is included in Development costs in the consolidated statements of cash flows.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	9 Months Ended
	Sep. 30, 2018
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Summary of the financial position of the ventures	September 30, December 31, 2018 2017 Assets Storage properties, net $ 734,063 $ 647,668 Other assets 37,284 8,284 Total assets $ 771,347 $ 655,952 Liabilities and equity Other liabilities $ 12,300 $ 6,853 Debt 413,522 346,475 Equity CubeSmart 98,156 91,206 Joint venture partners 247,369 211,418 Total liabilities and equity $ 771,347 $ 655,952
Summary of results of operations of the ventures	Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues $ 23,463 $ 20,796 $ 66,665 $ 60,415 Operating expenses 9,583 8,673 28,269 25,650 Other expense (income) 242 (27) 807 517 Interest expense, net 3,494 2,942 9,515 8,760 Depreciation and amortization 11,223 10,426 31,042 34,826 Net loss $ (1,079) $ (1,218) $ (2,968) $ (9,338) Company’s share of net loss $ (292) $ (280) $ (785) $ (1,305)

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	9 Months Ended
	Sep. 30, 2018
Senior Notes
Summary of debt	September 30, December 31, Effective Issuance Maturity Unsecured Senior Notes 2018 2017 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (581) (617) Less: Loan procurement costs, net (6,161) (6,923) Total unsecured senior notes, net $ 1,143,258 $ (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%.

REVOLVING CREDIT FACILITY AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables)	9 Months Ended
	Sep. 30, 2018
Credit Facility and Term Loan Facility
Summary of debt	Carrying Value as of: Effective Interest September 30, December 31, Rate as of Maturity Unsecured Term Loans 2018 2017 September 30, 2018 (1) Date (in thousands) Credit Facility Unsecured term loan $ 200,000 $ 200,000 3.56 % Jan-19 Term Loan Facility Unsecured term loan 100,000 100,000 3.41 % Jan-20 Principal balance outstanding 300,000 300,000 Less: Loan procurement costs, net (301) (604) Total unsecured term loans, net $ 299,699 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR. As of September 30, 2018, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended, had an effective weighted average interest rate of 3.51%.

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	9 Months Ended
	Sep. 30, 2018
Summary of debt	Carrying Value as of: September 30, December 31, Effective Maturity Mortgage Loans and Notes Payable 2018 2017 Interest Rate Date (in thousands) YSI 33 $ 9,299 $ 9,547 6.42 % Jul-19 YSI 26 8,075 8,228 4.56 % Nov-20 YSI 57 2,835 2,889 4.61 % Nov-20 YSI 55 22,161 22,508 4.85 % Jun-21 YSI 24 25,100 25,700 4.64 % Jun-21 YSI 65 2,376 2,411 3.85 % Jun-23 YSI 66 31,313 31,727 3.51 % Jun-23 YSI 68 5,666 5,786 3.78 % May-24 Principal balance outstanding 106,825 108,796 Plus: Unamortized fair value adjustment 2,733 3,286 Less: Loan procurement costs, net (500) (648) Total mortgage loans and notes payable, net $ 109,058 $
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 September 30, 2018 (in thousands): 2018 $ 679 2019 11,652 2020 12,791 2021 45,057 2022 923 2023 and thereafter 35,723 Total mortgage payments 106,825 Plus: Unamortized fair value adjustment 2,733 Less: Loan procurement costs, net (500) Total mortgage loans and notes payable, net $ 109,058

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
Summary of changes in accumulated other comprehensive income by component	The following table summarizes the changes in accumulated other comprehensive income by component for the nine months ended September 30, 2018 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps Other comprehensive gain before reclassifications $ 59 Amounts reclassified from accumulated other comprehensive income (62) (1) Net current-period other comprehensive loss (3) Balance at December 31, 2017 3 Balance at September 30, 2018 $ — See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Summary of terms and fair values of the derivative financial instruments	The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of September 30, 2018 and December 31, 2017, respectively (dollars in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type (1) September 30, 2018 December 31, 2017 Strike Date Maturity September 30, 2018 December 31, 2017 Swap Cash flow $ — $ 40,000 % 6/20/2011 6/20/2018 $ — $ (161) Swap Cash flow — 40,000 % 6/20/2011 6/20/2018 — (163) Swap Cash flow — 20,000 % 6/20/2011 6/20/2018 — (82) $ — $ 100,000 $ — $ (406) (1) Hedging unsecured variable rate debt by fixing 30-day LIBOR.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ —

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2018
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	Date Opened / CubeSmart Number Estimated Ownership September 30, 2018 Development Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q4 2019 (est.) 90% $ 3,417 $ 1,833 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q4 2019 (est.) 90% 7,030 500 CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% 26,391 6,775 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 15,137 10,219 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q1 2019 (est.) 90% 11,793 6,053 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q1 2019 (est.) 51% 37,646 13,479 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 51% 88,413 41,109 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 79,375 33,052 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Queens, NY Q4 2015 90% 17,646 12,486 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 15,763 12,587 10 $ 302,611 $ 138,093 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of McDonald Ave, 22nd St, 46th St, and Exterior St for $10.0 million, $11.5 million, $14.2 million, and $37.8 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of September 30, 2018, has accrued $5.6 million, $8.2 million, $12.0 million, and $37.8 million related to McDonald Ave, 22 nd St, 46th St, and Exterior St, respectively. (2) In connection with the acquired property, 55th 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 loan commitment to these ventures to fund all or a portion of the construction costs. As of September 30, 2018, the Company has funded $0.7 million of a total $6.9 million loan commitment to 92 nd St, $0.5 million of a total $12.1 million loan commitment to Newton, $4.9 million of a total $10.8 million loan commitment to Waltham, $12.4 million of a total $12.8 million loan commitment to Jamaica Ave, and $12.4 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation.

PRO FORMA FINANCIAL INFORMATI_2

PRO FORMA FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2018
PRO FORMA FINANCIAL INFORMATION
Schedule of consolidated results of operations on a pro forma basis	Nine Months Ended September 30, 2018 2017 (in thousands, except per share data) Pro forma revenues $ 446,598 $ 421,525 Pro forma net income $ 119,477 $ 103,022 Earnings per share attributable to common shareholders: Basic - as reported $ 0.63 $ 0.53 Diluted - as reported $ 0.63 $ 0.52 Basic - as pro forma $ 0.64 $ 0.57 Diluted - as pro forma $ 0.64 $ 0.56

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	9 Months Ended
	Sep. 30, 2018statesegment
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 ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows	$ (185,023)	$ (84,151)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866
Cash, cash equivalents, and restricted cash at end of period	6,479	10,419
Accounting Standards Update 2016-18 | Reclassifications
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash, cash equivalents, and restricted cash at beginning of period		200
Cash, cash equivalents, and restricted cash at end of period		3,900
Accounting Standards Update 2016-15 | Reclassifications
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows		900
Cubesmart, L P and Subsidiaries [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows	(185,023)	(84,151)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866
Cash, cash equivalents, and restricted cash at end of period	$ 6,479	$ 10,419

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
STORAGE FACILITIES
Storage facilities	$ 4,323,372	$ 4,161,715
Less: Accumulated depreciation	(838,325)	(752,925)
Storage facilities, net (including VIE assets of $312,286 and $291,496, respectively)	3,485,047	3,408,790
Land
STORAGE FACILITIES
Storage facilities	755,732	711,140
Buildings and improvements
STORAGE FACILITIES
Storage facilities	3,248,342	3,086,252
Equipment
STORAGE FACILITIES
Storage facilities	179,037	182,958
Construction in progress
STORAGE FACILITIES
Storage facilities	$ 140,261	$ 181,365

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)facility
Metro DC Asset July 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price | $	$ 34,200
Nevada Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price | $	$ 14,350
North Carolina Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price | $	$ 11,000
2018 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	5
Purchase Price | $	$ 90,750
2018 Acquisitions | Texas Asset January 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price | $	$ 12,200
2018 Acquisitions | Texas Asset May 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price | $	$ 19,000
2017 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		7
Purchase Price | $		$ 80,650
2017 Acquisitions | Illinois Asset April 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 11,200
2017 Acquisitions | Maryland Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 18,200
2017 Acquisitions | California Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 3,650
2017 Acquisitions | Texas Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 4,050
2017 Acquisitions | Florida Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 14,500
2017 Acquisitions | Illinois Asset November 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 11,300
2017 Acquisitions | Florida Asset December 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price | $		$ 17,750

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)	Jul. 23, 2018USD ($)shares	Mar. 28, 2018USD ($)	Jan. 31, 2018USD ($)shares	Jun. 02, 2017USD ($)	Apr. 12, 2017USD ($)shares	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2015	Sep. 30, 2018USD ($)propertyfacilityshares	Sep. 30, 2017USD ($)facility	Dec. 31, 2017USD ($)propertyfacility$ / sharesshares	Sep. 30, 2018USD ($)facility
Self-storage facilities
Units issued (in shares) | shares	46,322
Units issued	$ 46,322
Storage facilities						$ 4,323,372,000			$ 4,323,372,000		$ 4,161,715,000	$ 4,323,372,000
Restricted cash						3,092,000			$ 3,092,000		$ 3,890,000	$ 3,092,000
Common stock, conversion ratio									1
Acquisition of noncontrolling interest										$ 9,033,000
Self storage in operation
Self-storage facilities
Number of self-storage facilities | facility												5
Total Construction Costs												$ 259,500,000
Self-storage Facility in Washington DC
Self-storage facilities
Number of self-storage facilities | facility												1
Ownership interest held by the entity (as a percent)												100.00%
Total Construction Costs												$ 27,800,000
Self-storage Facility In North Palm Beach, FL
Self-storage facilities
Number of self-storage facilities | facility												1
Ownership interest held by the entity (as a percent)												100.00%
Total Construction Costs												$ 9,700,000
Self-storage Facility in Brooklyn, NY
Self-storage facilities
Number of self-storage facilities | facility												1
Ownership interest held by the entity (as a percent)												90.00%
Total Construction Costs												$ 81,200,000
Self Storage Facility in Brooklyn, NY I
Self-storage facilities
Number of self-storage facilities | facility												1
Cash paid for acquisition				$ 7,500,000			$ 1,500,000
Ownership interest held by the entity (as a percent)								90.00%			51.00%	100.00%
Total Construction Costs												$ 49,300,000
Minority ownership interest (as a percent)				0.00%
Acquisition of remaining interest in real estate ventures (as a percent)		49.00%		10.00%
Total consideration				$ 9,000,000
Cash paid for acquisition of remaining interest in real estate ventures				7,500,000			$ 1,500,000
Acquisition of noncontrolling interest		$ 20,400,000		8,600,000
Repayments of debt				$ 9,800,000
Self-storage Facility in Bronx, NY
Self-storage facilities
Number of self-storage facilities | facility												1
Ownership interest held by the entity (as a percent)												51.00%
Total Construction Costs												$ 91,500,000
2018 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility									5
Aggregate purchase price									$ 90,750,000
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates
Total revenue						922,000			1,391,000
Net loss						(652,000)			$ (941,000)
2018 Acquisitions | Self storage under construction
Self-storage facilities
Number of self-storage facilities | facility									4
Deposit						5,300,000			$ 5,300,000			5,300,000
Expected aggregate purchase or sales price						132,600,000			132,600,000			132,600,000
2017 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility										7
Aggregate purchase price										$ 80,650,000
2017 Acquisitions | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility											2
2017 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | facility											6
Aggregate purchase price											$ 69,500,000
Intangible value of the in-place leases											$ 3,200,000
Estimated life											12 months
Amortization expense						300,000			$ 1,600,000
Number of properties, assumed mortgage | facility											1
Assumed mortgage debt, at fair value											$ 6,200,000
Outstanding principal balance of mortgage debt assumed on acquisitions											5,900,000
Premium on debt assumed on acquisitions											300,000
Issuance of OP Shares											$ 12,300,000
Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility									6
Development costs						103,900,000			$ 103,900,000			103,900,000
Expected construction cost									$ 162,700,000
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired									5		7
Aggregate purchase price									$ 90,800,000		$ 80,700,000
Self-storage facilities | 2018 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | property									5
Aggregate purchase price									$ 9,080,000,000
Cash paid for acquisition									$ 200,000
Redemption period, holder									13 months
Estimated life									12 months
Amortization expense						50,000,000			$ 70,000,000
Assumed mortgage debt, at fair value						7,200,000			$ 7,200,000			7,200,000
Common stock, conversion ratio									1
Cash paid for acquisition of remaining interest in real estate ventures									$ 200,000
Texas
Self-storage facilities
Cash paid for acquisition			$ 200,000
OP units issued (in shares) | shares			168,011
Issuance of OP Shares			$ 4,800,000
Total consideration			12,200,000
Cash paid for acquisition of remaining interest in real estate ventures			$ 200,000
Texas | Self-storage facilities | 2018 Acquisitions
Self-storage facilities
Intangible value of the in-place leases						$ 290,000,000			$ 290,000,000			$ 290,000,000
New York | Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility									3
Massachusetts | Self storage under construction | PSI
Self-storage facilities
Number of facilities under contract | facility									2
Massachusetts | Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility									(2)
New Jersey | Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility									1
Illinois
Self-storage facilities
Cash paid for acquisition					$ 9,700,000
Units issued (in shares) | shares					58,400
Total consideration					$ 11,200,000
Cash paid for acquisition of remaining interest in real estate ventures					$ 9,700,000
Illinois | Self-storage facilities | 2017 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility											1
Cash paid for acquisition											$ 9,700,000
Contract amount to purchase real estate											11,200,000
Cash paid for acquisition of remaining interest in real estate ventures											$ 9,700,000
Capital Unit Class C
Self-storage facilities
Units redeemed | shares	58,400
Capital Unit Class C | Self-storage facilities | 2018 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Issuance of OP Units (in shares) | shares									168,011
Issuance of OP Shares									$ 4,800,000
Capital Unit Class C | Illinois | Self-storage facilities | 2017 Acquisitions
Self-storage facilities
Stated value (in dollars per share) | $ / shares											$ 25
Distribution rate (as a percent)											3.00%
Issuance of OP Units (in shares) | shares											58,400

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Sep. 05, 2018USD ($)facility	Aug. 15, 2018USD ($)	May 16, 2018USD ($)	Jan. 31, 2018USD ($)	Nov. 01, 2017USD ($)	Oct. 16, 2017USD ($)	Dec. 15, 2016USD ($)facility	Jun. 15, 2016USD ($)facility	Apr. 21, 2016USD ($)facility	Mar. 30, 2016USD ($)facility	Jan. 26, 2016USD ($)facility	Dec. 08, 2015USD ($)facility	May 01, 2014USD ($)property	Dec. 10, 2013USD ($)property	Sep. 30, 2018USD ($)facility	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)	Dec. 31, 2015USD ($)facility	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)facility	Dec. 31, 2017USD ($)	Mar. 31, 2016USD ($)facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities															$ 98,156	$ 98,156			$ 98,156		$ 91,206
Acquisitions of storage facilities																			83,399	$ 13,875
Summary of results of operations of the real estate venture
Company’s share of net income (loss)																(292)	$ (280)		(785)	(1,305)
HVP and HHF
Assets
Storage facilities, net															734,063	734,063			734,063		647,668
Other assets															37,284	37,284			37,284		8,284
Total Assets															771,347	771,347			771,347		655,952
Liabilities and equity
Other liabilities															12,300	12,300			12,300		6,853
Debt															413,522	413,522			413,522		346,475
Equity
CubeSmart															98,156	98,156			98,156		91,206
Joint venture partner															247,369	247,369			247,369		211,418
Total liabilities and equity															$ 771,347	771,347			771,347		$ 655,952
Summary of results of operations of the real estate venture
Total revenues																23,463	20,796		66,665	60,415
Operating expenses																9,583	8,673		28,269	25,650
Other expenses																242	(27)		807	517
Interest expense, net																3,494	2,942		9,515	8,760
Depreciation and amortization																11,223	10,426		31,042	34,826
Net income (loss)																(1,079)	(1,218)		(2,968)	(9,338)
Company’s share of net income (loss)																$ (292)	(280)		$ (785)	$ (1,305)
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							1.90%
HVP
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)																		10.00%
Number of self-storage facilities acquired | facility								1	5	30	1	30							10	1
Number of self-storage facilities acquired, assumed mortgage debt | facility																				6
Acquisitions of storage facilities								$ 7,000	$ 36,100	$ 112,800	$ 5,700	$ 193,700							$ 114,400	$ 2,700
Number of properties to be acquired under the contract | facility															11	11		37	11			31
Contract amount to purchase real estate																		$ 242,500				$ 115,500
Intangible value of the in-place leases																		$ 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
Interest on real estate venture debt			1.70%
Principal amount of debt			$ 107,000
Proceeds from debt		$ 24,400	$ 43,700
Percentage of capital that is required to be contributed to fund the acquisition														50.00%
HVP | Affiliated Real Estate Investment Transactions
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility																						4
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	22
Arizona | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility																			2
Maryland | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility																			1
Michigan | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility																		17
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility							3
Connecticut | HVP
Investment in Unconsolidated Real Estate Venture
Acquisitions of storage facilities																			$ 200
Number of properties to be acquired under the contract | facility															2	2			2
Contract amount to purchase real estate															$ 15,100	$ 15,100			$ 15,100
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility							6
Massachusetts | HVP
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility																		7
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility							2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility							2
Florida | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility																			(3)
Number of properties to be acquired under the contract | facility																		3
Florida | Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	4
Texas
Investment in Unconsolidated Real Estate Venture
Acquisitions of storage facilities						$ 9,400
Cash paid for acquisition of remaining interest in real estate ventures				$ 200
Texas | HVP
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)					20.00%
Number of self-storage facilities acquired | facility																			2
Texas | Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	13
Oklahoma | Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	5
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 self-storage facilities acquired | facility																			(2)
Number of properties to be acquired under the contract | facility																						5
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
Investment in joint venture							3,800
Payment to acquire ownership interest in joint venture							$ 44,500
HVP
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities															$ 16,100	$ 16,100			$ 16,100
Payment made for acquisition of interest in real estate ventures																			$ 14,100
Intangible value of the in-place leases																						$ 10,600
Investment in joint venture										5,400								$ 10,700
Payment to acquire ownership interest in joint venture										63,500								116,000
Venture's loan																		$ 122,000
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%
HVP | HVP
Investment in Unconsolidated Real Estate Venture
Proceeds from venture related to real estate contribution					$ 7,500
HVP | Tennessee
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | facility																		10
HVP | Texas
Investment in Unconsolidated Real Estate Venture
Contribution of storage property to real estate venture					$ 9,400
HHF
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)														50.00%
Number of storage facilities owned by investee | 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%
HHF | Texas
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property													34	34
HHF | North Carolina
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property														1
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)	100.00%
Investment in joint venture	$ 5,000
Series A Preferred shares, percentage															11.00%

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Mortgage loans and Notes payable
Less: Loan procurement costs, net				$ (1,134)	$ (1,592)
Total unsecured senior notes, net				1,143,258	1,142,460
Cubesmart, L P and Subsidiaries [Member]
Mortgage loans and Notes payable
Less: Loan procurement costs, net				(1,134)	(1,592)
Total unsecured senior notes, net				1,143,258	1,142,460
Senior Notes
Mortgage loans and Notes payable
Carrying value				1,150,000	1,150,000
Less: Discount on issuance of notes, net				(581)	(617)
Less: Loan procurement costs, net				(6,161)	(6,923)
Total unsecured senior notes, net				$ 1,143,258	1,142,460
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio				0.60
Secured debt leverage ratio				0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio				1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)				150.00%
Senior notes 4.800% due 2022
Mortgage loans and Notes payable
Senior notes, principal amount				$ 250,000
Interest rate (as a percent)				4.80%
Carrying value				$ 250,000	250,000
Effective interest rate (as a percent)				4.82%
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount				$ 300,000
Interest rate (as a percent)	4.375%		4.375%	4.375%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)	3.495%		4.501%	4.33%
Effective weighted average interest rate (as a percent)				4.33%
Proceeds from senior notes	$ 50,000		$ 250,000
Debt instrument, redemption percentage	105.04%		98.995%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount				$ 300,000
Interest rate (as a percent)	4.00%	4.00%		4.00%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)	3.811%	4.032%		3.99%
Effective weighted average interest rate (as a percent)				3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount				$ 300,000
Interest rate (as a percent)				3.125%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)				3.18%
Credit Facility
Mortgage loans and Notes payable
Less: Loan procurement costs, net				$ (301)	$ (604)
Effective weighted average interest rate (as a percent)				3.51%

REVOLVING CREDIT FACILITY AND_3

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details)	Apr. 06, 2017USD ($)	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Jun. 20, 2011USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Apr. 22, 2015USD ($)
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization						$ 1,134,000	$ 1,592,000
Unsecured term loan						299,699,000	299,396,000
Less: Loan procurement costs, net						(1,134,000)	(1,592,000)
Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan						$ 100,000,000	100,000,000
Effective interest rate (as a percent)						3.41%
Term Loan Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)						60.00%
Percentage of funds from operations that can be distributed on common shares						95.00%
Term Loan Facility | Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity					$ 100,000,000
Term of debt instrument					5 years
Variable interest rate basis						LIBOR
Repayment of outstanding debt	$ 100,000,000
Term Loan Facility | Term Loan A | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)						1.30%
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity					$ 100,000,000
Term of debt instrument					7 years
Variable interest rate basis						LIBOR
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%
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization						$ 301,000	604,000
Unsecured term loan						300,000,000	300,000,000
Less: Loan procurement costs, net						(301,000)	(604,000)
Total unsecured term loans, net						$ 299,699,000	299,396,000
Effective weighted average interest rate (as a percent)						3.51%
Tangible net worth						$ 821,211,200
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%
Percentage of funds from operations that can be distributed on common shares						95.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity								$ 500,000,000
Interest rate, basis spread (as a percent)						1.25%
Facility fee (as a percent)						0.15%
Remaining borrowing capacity						$ 405,100,000
Outstanding letter of credit						700,000
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan						$ 200,000,000	$ 200,000,000
Effective interest rate (as a percent)						3.56%
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Proceeds from senior notes		$ 50,000,000		$ 250,000,000
Interest rate (as a percent)		4.375%		4.375%		4.375%
Effective interest rate (as a percent)		3.495%		4.501%		4.33%
Effective weighted average interest rate (as a percent)						4.33%
Senior notes 4.000% due 2025
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Proceeds from senior notes		$ 50,000,000	$ 250,000,000
Interest rate (as a percent)		4.00%	4.00%			4.00%
Effective interest rate (as a percent)		3.811%	4.032%			3.99%
Effective weighted average interest rate (as a percent)						3.994%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (1,134)	$ (1,592)
Total mortgage loans and notes payable	109,058	111,434
Net book value of self-storage facilities	3,485,047	3,408,790
Mortgages
Mortgage loans and Notes payable
Carrying value	106,825	108,796
Plus: Unamortized fair value adjustment	2,733	3,286
Less: Loan procurement costs, net	(500)	(648)
Total mortgage loans and notes payable	109,058	111,434
Net book value of self-storage facilities	232,300	236,900
YSI 33
Mortgage loans and Notes payable
Carrying value	$ 9,299	9,547
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 8,075	8,228
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,835	2,889
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 22,161	22,508
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 25,100	25,700
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,376	2,411
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 31,313	31,727
Effective interest rate (as a percent)	3.51%
YSI 68
Mortgage loans and Notes payable
Carrying value	$ 5,666	$ 5,786
Effective interest rate (as a percent)	3.78%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (1,134)	$ (1,592)
Total mortgage loans and notes payable, net	109,058	111,434
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2,018	679
2,019	11,652
2,020	12,791
2,021	45,057
2,022	923
2023 and thereafter	35,723
Total mortgage payments	106,825	108,796
Plus: Unamortized fair value adjustment	2,733	3,286
Less: Loan procurement costs, net	(500)	(648)
Total mortgage loans and notes payable, net	$ 109,058	$ 111,434

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ 3
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	3
Other comprehensive loss before reclassifications	59
Amounts reclassified from accumulated other comprehensive loss	(62)
Net current-period other comprehensive income (loss)	$ (3)

RISK MANAGEMENT AND USE OF FI_3

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Derivative financial instruments
Fair Value	$ 0
Unrealized losses reclassified from accumulated other comprehensive loss	$ 300
Designated | Cash flow
Derivative financial instruments
Notional Amount		$ 100,000
Fair Value		(406)
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)	2.459%
Fair Value		(161)
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount		40,000
Swap, Strike rate (as a percent)	2.4725%
Fair Value		(163)
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount		20,000
Swap, Strike rate (as a percent)	2.475%
Fair Value		$ (82)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)
Fair value of financial assets and liabilities carried at fair value
Derivative Assets	$ 0
Derivative Liabilities	0
Aggregate carrying value of total debt	1,700,000	$ 1,600,000
Estimated fair value of total debt	$ 1,600,000	1,700,000
Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Number of counterparties to derivative contracts who experienced significant downgrades in 2017 | item	0
Level 2
Fair value of financial assets and liabilities carried at fair value
Total liabilities at fair value		406
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities		$ 406

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details)	Jul. 23, 2018USD ($)shares	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)	Dec. 31, 2015USD ($)
Interests in Consolidated Real Estate Joint Ventures
Units issued (in shares) | shares	46,322
Units issued	$ 46,322
Elimination of noncontrolling interest in subsidiaries due to acquisition			$ 9,033,000
Reduction to additional paid in capital		$ 917,000		$ 717,000
CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		10,000,000
Accretion liability		5,600,000
CS 160 East 22nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		11,500,000
Accretion liability		8,200,000
2225 46th Street LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member		14,200,000
2880 Exterior St. LLC
Interests in Consolidated Real Estate Joint Ventures
Accretion liability		$ 12,000,000
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		10
Total assets		$ 302,611,000
Total liabilities		$ 138,093,000
Period of option to call ownership interest of another member		1 year
Period of option to put ownership interest in venture		1 year
VIE | CS SDP Newtonville LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		90.00%
Total assets		$ 7,030,000
Total liabilities		500,000
Amount of mortgage loan commitment		$ 12,100,000
VIE | CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		51.00%
Total assets		$ 26,391,000
Total liabilities		6,775,000
Option to put ownership interest in the venture		$ 10,000,000
VIE | CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		90.00%
Total assets		$ 3,417,000
Total liabilities		$ 1,833,000
VIE | CS 160 East 22nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		51.00%
Total assets		$ 15,137,000
Total liabilities		10,219,000
Option to put ownership interest in the venture		$ 11,500,000
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		$ 37,646,000
Total liabilities		13,479,000
Option to put ownership interest in the venture		14,200,000
Accretion liability		$ 12,000,000
VIE | CS SDP Waltham LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		90.00%
Total assets		$ 11,793,000
Total liabilities		6,053,000
Carrying amount of mortgage loans		4,900,000
Amount of mortgage loan commitment		$ 10,800,000
VIE | 2880 Exterior St. LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		51.00%
Total assets		$ 88,413,000
Total liabilities		41,109,000
Option to put ownership interest in the venture		37,800,000
Option to call ownership interest of another member		37,800,000
Accretion liability		$ 37,800,000
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		$ 79,375,000
Total liabilities		33,052,000
Assumed mortgage debt, at fair value		35,000,000
Outstanding principal balance of mortgage debt assumed on acquisitions		32,500,000
Premium on debt assumed on one of the acquisitions		$ 2,500,000
Interest rate (as a percent)		4.68%
VIE | 186 Jamaica Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		90.00%
Total assets		$ 17,646,000
Total liabilities		12,486,000
Carrying amount of mortgage loans		12,400,000
Amount of mortgage loan commitment		$ 12,800,000
VIE | Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		1
Ownership interest held by the entity (as a percent)		90.00%
Total assets		$ 15,763,000
Total liabilities		12,587,000
SRLLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans		12,400,000
Amount of mortgage loan commitment		$ 14,600,000

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($)	Jul. 23, 2018	Jan. 31, 2018	May 09, 2017	Apr. 12, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)					1.10%		1.00%
Adjustment for noncontrolling interest in the Operating Partnership					$ 234,000	$ 1,756,000
Units issued (in shares)	46,322
Units issued	$ 46,322
Illinois
Operating Partnership Ownership
Total consideration				$ 11,200,000
Cash paid for acquisition				$ 9,700,000
Units issued (in shares)				58,400
Maryland
Operating Partnership Ownership
Total consideration			$ 18,200,000
Amount of mortgage loan commitment			$ 5,900,000
Units issued (in shares)			440,160
Units issued			$ 12,300,000
Texas
Operating Partnership Ownership
OP units issued (in shares)		168,011
Issuance of OP Shares		$ 4,800,000
Total consideration		12,200,000
Cash paid for acquisition		200,000
Amount of mortgage loan commitment		$ 7,200,000
Capital Unit Class C
Operating Partnership Ownership
Units redeemed	58,400
Cubesmart, L P and Subsidiaries [Member]
Operating Partnership Ownership
OP units outstanding (in shares)					2,048,570		1,878,253
Number of trading days used to determine average of the closing prices of the shares					10 days
Adjustment for noncontrolling interest in the Operating Partnership					$ 234,000	$ 1,756,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
RELATED PARTY TRANSACTIONS
Acquisition fees				$ 0.4
Affiliated Real Estate Investment Transactions
RELATED PARTY TRANSACTIONS
Management fees		$ 0.9		2.7
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees			$ 1.2	$ 3.2
Amounts due to the Company from related parties	$ 9.8		9.8		$ 7.5
Mortgage loans receivable from consolidated joint ventures	30.9		$ 30.9		$ 25.5
Joint ventures related to affiliated real estate investments | Ventures
RELATED PARTY TRANSACTIONS
Acquisition fee (as a percent)			0.50%
Acquisition fees	$ 0.1		$ 0.6

PRO FORMA FINANCIAL INFORMATI_3

PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018$ / shares	Sep. 30, 2017$ / shares	Sep. 30, 2018USD ($)facility$ / shares	Sep. 30, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)property
Consolidated results of operations on a pro forma basis
Pro forma revenue | $			$ 446,598	$ 421,525
Pro forma income | $			$ 119,477	$ 103,022
Earnings per share from continuing operations:
Basic - as reported (in dollars per share)	$ 0.23	$ 0.21	$ 0.63	$ 0.53
Diluted - as reported (in dollars per share)	$ 0.23	$ 0.21	0.63	0.52
Basic - as pro forma (in dollars per share)			0.64	0.57
Diluted - as pro forma (in dollars per share)			$ 0.64	$ 0.56
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired			5		7
Aggregate purchase price | $			$ 90,800		$ 80,700

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event $ in Millions	1 Months Ended
	Oct. 25, 2018USD ($)facility
Subsequent Events
Number of self-storage facilities acquired | facility	2
Total consideration | $	$ 76.4

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Storage facilities	$ 4,323,372	$ 4,161,715
Less: Accumulated depreciation	(838,325)	(752,925)
Storage facilities, net (including VIE assets of $312,286 and $291,496, respectively)	3,485,047	3,408,790
Cash and cash equivalents	3,387	5,268
Restricted cash	3,092	3,890
Loan procurement costs, net of amortization	1,134	1,592
Investment in real estate venture, at equity	98,156	91,206
Other assets, net	49,234	34,590
Total assets	3,640,050	3,545,336
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,143,258	1,142,460
Revolving credit facility	94,250	81,700
Unsecured term loan	299,699	299,396
Mortgage loans and notes payable, net	109,058	111,434
Accounts payable, accrued expenses and other liabilities	153,185	143,344
Distributions payable	56,584	55,297
Deferred revenue	23,072	21,529
Security deposits	476	486
Total liabilities	1,879,582	1,855,646
Limited Partnership interests of third parties	58,446	54,320
Commitments and contingencies
Capital
Accumulated other comprehensive income		3
Total liabilities and equity	3,640,050	3,545,336
Cubesmart, L P and Subsidiaries [Member]
ASSETS
Storage facilities	4,323,372	4,161,715
Less: Accumulated depreciation	(838,325)	(752,925)
Storage facilities, net (including VIE assets of $312,286 and $291,496, respectively)	3,485,047	3,408,790
Cash and cash equivalents	3,387	5,268
Restricted cash	3,092	3,890
Loan procurement costs, net of amortization	1,134	1,592
Investment in real estate venture, at equity	98,156	91,206
Other assets, net	49,234	34,590
Total assets	3,640,050	3,545,336
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,143,258	1,142,460
Revolving credit facility	94,250	81,700
Unsecured term loan	299,699	299,396
Mortgage loans and notes payable, net	109,058	111,434
Accounts payable, accrued expenses and other liabilities	153,185	143,344
Distributions payable	56,584	55,297
Deferred revenue	23,072	21,529
Security deposits	476	486
Total liabilities	1,879,582	1,855,646
Limited Partnership interests of third parties	58,446	54,320
Capital
Operating Partner	1,695,169	1,629,131
Accumulated other comprehensive income		3
Total CubeSmart, L.P. capital	1,695,169	1,629,134
Noncontrolling interests in subsidiaries	6,853	6,236
Total capital	1,702,022	1,635,370
Total liabilities and equity	$ 3,640,050	$ 3,545,336

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Storage facilities, net	$ 3,485,047	$ 3,408,790
VIE
Storage facilities, net	312,286	291,496
Cubesmart, L P and Subsidiaries [Member]
Storage facilities, net	3,485,047	3,408,790
Cubesmart, L P and Subsidiaries [Member] | VIE
Storage facilities, net	$ 312,286	$ 291,496

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES
Rental income	$ 132,476	$ 125,699	$ 384,480	$ 363,980
Other property related income	15,494	14,241	44,788	41,104
Property management fee income	5,400	3,925	14,794	10,377
Total revenues	153,370	143,865	444,062	415,461
OPERATING EXPENSES
Property operating expenses	48,755	47,152	147,037	136,847
Depreciation and amortization	35,239	35,971	105,251	110,826
General and administrative	9,780	8,228	26,865	26,522
Acquisition related costs		235		1,062
Total operating expenses	93,774	91,586	279,153	275,257
OPERATING INCOME	59,596	52,279	164,909	140,204
Interest:
Interest expense on loans	(15,191)	(14,454)	(45,797)	(42,028)
Loan procurement amortization expense	(578)	(577)	(1,735)	(2,059)
Equity in losses of real estate ventures	(292)	(280)	(785)	(1,305)
Other	(233)	741	260	941
Total other expense	(16,294)	(14,570)	(48,057)	(44,451)
NET INCOME	43,302	37,709	116,852	95,753
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	74	78	166	182
Operating Partnership interests of third parties	(476)	(490)	(1,285)	(1,194)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 42,900	$ 37,297	$ 115,733	$ 94,741
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.23	$ 0.21	$ 0.63	$ 0.52
Weighted-average basic units outstanding (in units)	186,074	180,304	184,036	180,218
Weighted-average diluted units outstanding (in units)	186,916	181,286	184,829	181,225
Cubesmart, L P and Subsidiaries [Member]
REVENUES
Rental income	$ 132,476	$ 125,699	$ 384,480	$ 363,980
Other property related income	15,494	14,241	44,788	41,104
Property management fee income	5,400	3,925	14,794	10,377
Total revenues	153,370	143,865	444,062	415,461
OPERATING EXPENSES
Property operating expenses	48,755	47,152	147,037	136,847
Depreciation and amortization	35,239	35,971	105,251	110,826
General and administrative	9,780	8,228	26,865	26,522
Acquisition related costs		235		1,062
Total operating expenses	93,774	91,586	279,153	275,257
OPERATING INCOME	59,596	52,279	164,909	140,204
Interest:
Interest expense on loans	(15,191)	(14,454)	(45,797)	(42,028)
Loan procurement amortization expense	(578)	(577)	(1,735)	(2,059)
Equity in losses of real estate ventures	(292)	(280)	(785)	(1,305)
Other	(233)	741	260	941
Total other expense	(16,294)	(14,570)	(48,057)	(44,451)
NET INCOME	43,302	37,709	116,852	95,753
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	74	78	166	182
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	43,376	37,787	117,018	95,935
Operating Partnership interests of third parties	(476)	(490)	(1,285)	(1,194)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 42,900	$ 37,297	$ 115,733	$ 94,741
Basic earnings per unit attributable to common unitholders	$ 0.23	$ 0.21	$ 0.63	$ 0.53
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.23	$ 0.21	$ 0.63	$ 0.52
Weighted-average basic units outstanding (in units)	186,074	180,304	184,036	180,218
Weighted-average diluted units outstanding (in units)	186,916	181,286	184,829	181,225

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
NET INCOME	$ 43,302	$ 37,709	$ 116,852	$ 95,753
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps		(10)	60	127
Reclassification of realized losses (gains) on interest rate swaps		317	(60)	1,378
OTHER COMPREHENSIVE INCOME		307		1,505
COMPREHENSIVE INCOME	43,302	38,016	116,852	97,258
Comprehensive income attributable to Operating Partnership interests of third parties	(476)	(494)	(1,289)	(1,212)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	74	78	166	182
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	42,900	37,600	115,729	96,228
Cubesmart, L P and Subsidiaries [Member]
NET INCOME	43,302	37,709	116,852	95,753
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps		(10)	60	127
Reclassification of realized losses (gains) on interest rate swaps		317	(60)	1,378
OTHER COMPREHENSIVE INCOME		307		1,505
COMPREHENSIVE INCOME	43,302	38,016	116,852	97,258
Comprehensive income attributable to Operating Partnership interests of third parties	(476)	(494)	(1,289)	(1,212)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	74	78	166	182
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 42,900	$ 37,600	$ 115,729	$ 96,228

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 54,320
Contributions from noncontrolling interests in subsidiaries	917
Distributions to noncontrolling interests in subsidiaries	(134)
Acquisition of noncontrolling interest in subsidiary		$ (9,033)
Adjustment for Operating Partnership interests of third parties	234	1,756
Net income (loss)	115,567	94,559
Other comprehensive income, net	402	1,487
Balance of Noncontrolling Interests in the Operating Partnership	58,446		$ 54,320
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	54,320	54,407	54,407
Issuance of OP units	6,242	12,324
Adjustment for Operating Partnership interests of third parties	(234)	(1,756)
Net income (loss)	1,285	1,194
Other comprehensive income (loss), net	4	18
Balance of Noncontrolling Interests in the Operating Partnership	58,446	48,759	54,320
Cubesmart, L P and Subsidiaries [Member]
Increase (Decrease) in Partners' Capital
Balance	1,635,370	1,661,237	1,661,237
Balance of Noncontrolling Interests in the Operating Partnership	54,320
Contributions from noncontrolling interests in subsidiaries	917	717
Distributions to noncontrolling interests in subsidiaries	(134)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Issuance of common OP units		(219)
Issuance of common OP units	108,335
Issuance of restricted OP units	1	1
Conversion from OP units to shares	1,342	15,706
Exercise of OP unit options	3,835	865
Amortization of restricted OP units	1,593	997
OP unit compensation expense	1,154	1,148
Adjustment for Operating Partnership interests of third parties	234	1,756
Net income (loss)	115,567	94,559
Other comprehensive income, net	402	1,487
Common OP unit distributions	(166,594)	(146,318)
Balance	1,702,022	1,622,903	1,635,370
Balance of Noncontrolling Interests in the Operating Partnership	58,446		54,320
Cubesmart, L P and Subsidiaries [Member] | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	54,320	54,407	54,407
Issuance of OP units	6,242	12,324
Conversion from OP units to shares	(1,342)	(15,706)
Adjustment for Operating Partnership interests of third parties	(234)	(1,756)
Net income (loss)	1,285	1,194
Other comprehensive income (loss), net	4	18
Common OP unit distributions	(1,829)	(1,722)
Balance of Noncontrolling Interests in the Operating Partnership	58,446	48,759	54,320
Cubesmart, L P and Subsidiaries [Member] | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,629,134	1,655,382	1,655,382
Acquisition of noncontrolling interest in subsidiary		(8,626)
Issuance of common OP units		(219)
Issuance of common OP units	108,335
Issuance of restricted OP units	1	1
Conversion from OP units to shares	1,342	15,706
Exercise of OP unit options	3,835	865
Amortization of restricted OP units	1,593	997
OP unit compensation expense	1,154	1,148
Adjustment for Operating Partnership interests of third parties	234	1,756
Net income (loss)	115,733	94,741
Other comprehensive income, net	402	1,487
Common OP unit distributions	(166,594)	(146,318)
Balance	1,695,169	1,616,920	1,629,134
Cubesmart, L P and Subsidiaries [Member] | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,629,131	$ 1,657,232	$ 1,657,232
Balance (in units)	182,216	180,083	180,083
Acquisition of noncontrolling interest in subsidiary		$ (8,626)
Issuance of common OP units		(219)
Issuance of common OP units	$ 108,335
Issuance of common OP units (in units)	3,554
Issuance of restricted OP units	$ 1	$ 1
Issuance of restricted OP units (in units)	85	106
Conversion from OP units to shares	$ 1,342	$ 15,706
Conversion from OP units to shares (in units)	44	594
Exercise of OP unit options	$ 3,835	$ 865
Exercise of OP unit options (in units)	405	98
Amortization of restricted OP units	$ 1,593	$ 997
OP unit compensation expense	1,154	1,148
Adjustment for Operating Partnership interests of third parties	234	1,756
Net income (loss)	115,733	94,741
Other comprehensive income, net	405
Common OP unit distributions	(166,594)	(146,318)
Balance	$ 1,695,169	$ 1,617,283	$ 1,629,131
Balance (in units)	186,304	180,881	182,216
Cubesmart, L P and Subsidiaries [Member] | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ 3	$ (1,850)	$ (1,850)
Other comprehensive income, net	(3)	1,487
Balance		(363)	3
Cubesmart, L P and Subsidiaries [Member] | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	6,236	5,855	5,855
Contributions from noncontrolling interests in subsidiaries	917	717
Distributions to noncontrolling interests in subsidiaries	(134)
Acquisition of noncontrolling interest in subsidiary		(407)
Net income (loss)	(166)	(182)
Balance	$ 6,853	$ 5,983	$ 6,236

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income	$ 116,852	$ 95,753
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	106,986	112,885
Equity in losses of real estate ventures	785	1,305
Equity compensation expense	4,196	4,179
Accretion of fair market value adjustment of debt	(553)	(373)
Changes in other operating accounts:
Other assets	(5,765)	(10,078)
Accounts payable and accrued expenses	10,821	18,588
Other liabilities	1,240	1,403
Net cash provided by operating activities	234,562	223,662
Investing Activities
Acquisitions of storage facilities	(83,399)	(13,875)
Additions and improvements to storage facilities	(19,174)	(22,485)
Development costs	(69,715)	(53,713)
Investment in real estate ventures, at equity	(19,154)	(191)
Cash distributed from real estate ventures	6,419	6,113
Net cash used in investing activities	(185,023)	(84,151)
Proceeds from:
Unsecured senior notes		103,192
Revolving credit facility	452,460	449,900
Principal payments on:
Revolving credit facility	(439,910)	(426,500)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,137)	(8,022)
Loan procurement costs		(953)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Cash paid upon vesting of restricted OP units	(1,449)	(2,034)
Contributions from noncontrolling interests in subsidiaries	917	717
Distributions paid to noncontrolling interests in subsidiaries	(134)
Distributions paid to common OP unitholders	(165,357)	(146,107)
Net cash used in financing activities	(52,218)	(139,958)
Cash paid for acquisition of noncontrolling interest		(9,033)
Change in cash, cash equivalents, and restricted cash	(2,679)	(447)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866
Cash, cash equivalents, and restricted cash at end of period	6,479	10,419
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	48,794	46,474
Supplemental disclosure of noncash activities:
Accretion of put liability	20,877	25,595
Derivative valuation adjustment	406	1,505
Mortgage loan assumptions	7,166	6,201
Issuance of OP units	6,242	12,324
Liability for acquisition of storage property		1,470
Cubesmart, L P and Subsidiaries [Member]
Operating Activities
Net income	116,852	95,753
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	106,986	112,885
Equity in losses of real estate ventures	785	1,305
Equity compensation expense	4,196	4,179
Accretion of fair market value adjustment of debt	(553)	(373)
Changes in other operating accounts:
Other assets	(5,765)	(10,078)
Accounts payable and accrued expenses	10,821	18,588
Other liabilities	1,240	1,403
Net cash provided by operating activities	234,562	223,662
Investing Activities
Acquisitions of storage facilities	(83,399)	(13,875)
Additions and improvements to storage facilities	(19,174)	(22,485)
Development costs	(69,715)	(53,713)
Investment in real estate ventures, at equity	(19,154)	(191)
Cash distributed from real estate ventures	6,419	6,113
Net cash used in investing activities	(185,023)	(84,151)
Proceeds from:
Unsecured senior notes		103,192
Revolving credit facility	452,460	449,900
Principal payments on:
Revolving credit facility	(439,910)	(426,500)
Unsecured term loans		(100,000)
Mortgage loans and notes payable	(9,137)	(8,022)
Loan procurement costs		(953)
Acquisition of noncontrolling interest in subsidiary		(9,033)
Proceeds from issuance of common OP units	108,336	(218)
Cash paid upon vesting of restricted OP units	(1,449)	(2,034)
Exercise of OP unit options	3,835	865
Contributions from noncontrolling interests in subsidiaries	917	717
Distributions paid to noncontrolling interests in subsidiaries	(134)
Distributions paid to common OP unitholders	(167,136)	(147,872)
Net cash used in financing activities	(52,218)	(139,958)
Cash paid for acquisition of noncontrolling interest		(9,033)
Change in cash, cash equivalents, and restricted cash	(2,679)	(447)
Cash, cash equivalents, and restricted cash at beginning of period	9,158	10,866
Cash, cash equivalents, and restricted cash at end of period	6,479	10,419
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	48,794	46,474
Supplemental disclosure of noncash activities:
Accretion of put liability	20,877	25,595
Derivative valuation adjustment	406	1,505
Mortgage loan assumptions	7,166	6,201
Issuance of OP units	$ 6,242	12,324
Liability for acquisition of storage property		$ 1,470