CubeSmart 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 23, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		193,555,022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001298675
Amendment Flag	false
Cubesmart, L P and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Storage properties	$ 4,674,717	$ 4,463,455
Less: Accumulated depreciation	(936,862)	(862,487)
Storage properties, net (including VIE assets of $87,428 and $330,986, respectively)	3,737,855	3,600,968
Cash and cash equivalents	7,293	3,764
Restricted cash	5,555	2,718
Loan procurement costs, net of amortization	4,284	963
Investment in real estate venture, at equity	88,812	95,796
Assets held for sale	2,403
Other assets, net	104,128	48,763
Total assets	3,950,330	3,752,972
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,489,483	1,143,524
Revolving credit facility	237,980	195,525
Unsecured term loans, net		299,799
Mortgage loans and notes payable, net	96,810	108,246
Accounts payable, accrued expenses and other liabilities	150,532	149,914
Distributions payable	62,645	60,627
Deferred revenue	25,611	22,595
Security deposits	470	474
Liabilities held for sale	53
Total liabilities	2,063,584	1,980,704
Noncontrolling interests in the Operating Partnership	65,108	55,819
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 193,554,347 and 187,145,103 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,936	1,871
Additional paid in capital	2,673,440	2,500,751
Accumulated other comprehensive loss	(749)	(1,029)
Accumulated deficit	(860,985)	(791,915)
Total CubeSmart shareholders' equity	1,813,642	1,709,678
Noncontrolling interests in subsidiaries	7,996	6,771
Total equity	1,821,638	1,716,449
Total liabilities and equity	$ 3,950,330	$ 3,752,972

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Storage properties	$ 3,737,855	$ 3,600,968
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	193,554,347	187,145,103
Common shares, shares outstanding	193,554,347	187,145,103
VIE
Storage properties	$ 87,428	$ 330,986

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Rental income	$ 142,207	$ 132,476	$ 409,826	$ 384,480
Total revenues	166,547	153,370	478,409	444,062
OPERATING EXPENSES
Property operating expenses	53,465	48,755	155,010	147,037
Depreciation and amortization	43,379	35,239	122,484	105,251
General and administrative	10,011	9,780	28,958	26,865
Total operating expenses	106,855	93,774	306,452	279,153
Interest:
Interest expense on loans	(18,207)	(15,191)	(53,858)	(45,797)
Loan procurement amortization expense	(687)	(578)	(2,082)	(1,735)
Equity in earnings (losses) of real estate ventures	152	(292)	10,940	(785)
Other	1,647	(233)	1,304	260
Total other expense	(17,095)	(16,294)	(43,696)	(48,057)
NET INCOME	42,597	43,302	128,261	116,852
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(426)	(476)	(1,283)	(1,285)
Noncontrolling interest in subsidiaries	(17)	74	94	166
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 42,154	$ 42,900	$ 127,072	$ 115,733
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Weighted-average basic shares outstanding (in shares)	192,927	186,074	189,970	184,036
Weighted-average diluted shares outstanding (in shares)	193,817	186,916	190,774	184,829
Other Property Related Income
REVENUES
Property related income	$ 18,054	$ 15,494	$ 50,651	$ 44,788
Property Management Fee Income
REVENUES
Property related income	$ 6,286	$ 5,400	$ 17,932	$ 14,794

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 42,597	$ 43,302	$ 128,261	$ 116,852
Other comprehensive income (loss):
Unrealized gains on interest rate swaps			232	60
Reclassification of realized losses (gains) on interest rate swaps	20		50	(60)
OTHER COMPREHENSIVE INCOME	20		282
COMPREHENSIVE INCOME	42,617	43,302	128,543	116,852
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(426)	(476)	(1,285)	(1,289)
Comprehensive (income) loss attributable to noncontrolling interests in subsidiaries	(17)	74	94	166
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 42,174	$ 42,900	$ 127,352	$ 115,729

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, 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
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						738		738
Issuance of common shares	(44)		(44)					(44)
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		64
Issuance of OP units							4,782
Exercise of stock options	2		2					2
Amortization of restricted shares	(242)		(242)					(242)
Share compensation expense	423		423					423
Adjustment for noncontrolling interest in the Operating Partnership	1,169				1,169		(1,169)	1,169
Net income (loss)	34,423				34,423	(7)		34,416
Net income (loss)							383
Other comprehensive income, net	276			276				276
Other comprehensive income, net							3
Common share distributions	(54,780)				(54,780)		(614)	(54,780)
Balance at Mar. 31, 2018	1,610,362	$ 1,823	2,356,759	279	(748,499)	6,967		1,617,329
Balance (in shares) at Mar. 31, 2018		182,280
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2018							57,705
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
Increase (Decrease) in Stockholders' Equity
Acquisition of noncontrolling interest in subsidiary								(300)
Balance at Dec. 31, 2018	1,709,678	$ 1,871	2,500,751	(1,029)	(791,915)	6,771		1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018							55,819	55,819
Balance at Mar. 31, 2018	1,610,362	$ 1,823	2,356,759	279	(748,499)	6,967		1,617,329
Balance (in shares) at Mar. 31, 2018		182,280
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2018							57,705
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						105		105
Distributions paid to noncontrolling interests in subsidiaries						(80)		(80)
Issuance of common shares	95,466	$ 32	95,434					95,466
Issuance of common shares (in shares)		3,134
Issuance of restricted shares (in shares)		20
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	3,781	$ 4	3,777					3,781
Exercise of stock options (in shares)		399
Amortization of restricted shares	865		865					865
Share compensation expense	344		344					344
Adjustment for noncontrolling interest in the Operating Partnership	(8,323)				(8,323)		8,323	(8,323)
Net income (loss)	38,410				38,410	(85)		38,325
Net income (loss)							426
Other comprehensive income, net	126			(279)	405			126
Other comprehensive income, net							1
Common share distributions	(55,842)				(55,842)		(601)	(55,842)
Balance at Jun. 30, 2018	1,686,531	$ 1,859	2,458,521		(773,849)	6,907		1,693,438
Balance (in shares) at Jun. 30, 2018		185,877
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2018							64,512
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						74		74
Distributions paid to noncontrolling interests in subsidiaries						(54)		(54)
Issuance of common shares	12,913	$ 4	12,909					12,913
Issuance of common shares (in shares)		420
Issuance of restricted shares (in shares)		1
Issuance of OP units							1,460
Exercise of stock options	52		52					52
Exercise of stock options (in shares)		6
Amortization of restricted shares	970		970					970
Share compensation expense	387		387					387
Adjustment for noncontrolling interest in the Operating Partnership	7,388				7,388		(7,388)	7,388
Net income (loss)	42,900				42,900	(74)		42,826
Net income (loss)							476
Common share distributions	(55,972)				(55,972)		(614)	(55,972)
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
Balance at Dec. 31, 2018	1,709,678	$ 1,871	2,500,751	(1,029)	(791,915)	6,771		1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018							55,819	55,819
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						4,828		4,828
Distributions paid to noncontrolling interests in subsidiaries						(66)		(66)
Acquisition of noncontrolling interest in subsidiary	(9,728)		(9,728)			(272)		(10,000)
Issuance of common shares	24,580	$ 8	24,572					24,580
Issuance of common shares (in shares)		773
Issuance of restricted shares (in shares)		19
Conversion from units to shares	1,842	$ 1	1,841				(1,842)	1,842
Conversion from units to shares (in shares)		60
Exercise of stock options	1,049	$ 1	1,048					1,049
Exercise of stock options (in shares)		140
Amortization of restricted shares	798		798					798
Share compensation expense	468		468					468
Adjustment for noncontrolling interest in the Operating Partnership	(6,681)				(6,681)		6,681	(6,681)
Net income (loss)	35,498				35,498	(70)		35,428
Net income (loss)							358
Other comprehensive income, net	240			240				240
Other comprehensive income, net							2
Common share distributions	(60,375)				(60,375)		(604)	(60,375)
Balance at Mar. 31, 2019	1,697,369	$ 1,881	2,519,750	(789)	(823,473)	11,191		1,708,560
Balance (in shares) at Mar. 31, 2019		188,137
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2019							60,414
Balance at Dec. 31, 2018	1,709,678	$ 1,871	2,500,751	(1,029)	(791,915)	6,771		1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018							55,819	55,819
Increase (Decrease) in Stockholders' Equity
Acquisition of noncontrolling interest in subsidiary								(12,300)
Balance at Sep. 30, 2019	1,813,642	$ 1,936	2,673,440	(749)	(860,985)	7,996		1,821,638
Balance (in shares) at Sep. 30, 2019		193,554
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2019							65,108	65,108
Balance at Mar. 31, 2019	1,697,369	$ 1,881	2,519,750	(789)	(823,473)	11,191		1,708,560
Balance (in shares) at Mar. 31, 2019		188,137
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2019							60,414
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interests in subsidiaries						(8)		(8)
Acquisition of noncontrolling interest in subsidiary	(22,573)		(22,573)			(5,045)		(27,618)
Issuance of common shares	110,521	$ 34	110,487					110,521
Issuance of common shares (in shares)		3,353
Issuance of restricted shares (in shares)		31
Conversion from units to shares	644		644				(644)	644
Conversion from units to shares (in shares)		20
Exercise of stock options	962	$ 1	961					962
Exercise of stock options (in shares)		85
Amortization of restricted shares	1,231		1,231					1,231
Share compensation expense	439		439					439
Adjustment for noncontrolling interest in the Operating Partnership	(2,713)				(2,713)		2,713	(2,713)
Net income (loss)	49,420				49,420	(41)		49,379
Net income (loss)							499
Other comprehensive income, net	20			20				20
Common share distributions	(61,431)				(61,431)		(597)	(61,431)
Balance at Jun. 30, 2019	1,773,889	$ 1,916	2,610,939	(769)	(838,197)	6,097		1,779,986
Balance (in shares) at Jun. 30, 2019		191,626
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2019							62,385
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						2,548		2,548
Distributions paid to noncontrolling interests in subsidiaries						(68)		(68)
Acquisition of noncontrolling interest in subsidiary	(2,020)		(2,020)			(598)		(2,618)
Issuance of common shares	61,232	$ 18	61,214					61,232
Issuance of common shares (in shares)		1,773
Issuance of restricted shares (in shares)		1
Exercise of stock options	1,655	$ 2	1,653					1,655
Exercise of stock options (in shares)		154
Amortization of restricted shares	1,214		1,214					1,214
Share compensation expense	440		440					440
Adjustment for noncontrolling interest in the Operating Partnership	(2,894)				(2,894)		2,894	(2,894)
Net income (loss)	42,154				42,154	17		42,171
Net income (loss)							426
Other comprehensive income, net	20			20				20
Common share distributions	(62,048)				(62,048)		(597)	(62,048)
Balance at Sep. 30, 2019	$ 1,813,642	$ 1,936	$ 2,673,440	$ (749)	$ (860,985)	$ 7,996		1,821,638
Balance (in shares) at Sep. 30, 2019		193,554
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2019							$ 65,108	$ 65,108

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.30	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Operating Activities
Net income	$ 128,261	$ 116,852
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	124,566	106,986
Equity in (earnings) losses of real estate ventures	(10,940)	785
Equity compensation expense	4,990	4,196
Accretion of fair market value adjustment of debt	(541)	(553)
Changes in other operating accounts:
Other assets	(8,094)	(5,765)
Accounts payable and accrued expenses	19,336	10,821
Other liabilities	2,274	1,240
Net cash provided by operating activities	259,852	234,562
Investing Activities
Acquisitions of storage facilities	(63,499)	(83,399)
Additions and improvements to storage properties	(28,520)	(19,174)
Development costs	(94,251)	(69,715)
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired	(117,959)
Investment in real estate ventures	(6,558)	(19,154)
Cash distributed from real estate ventures	5,513	6,419
Net cash used in investing activities	(305,274)	(185,023)
Proceeds from:
Unsecured senior notes	347,746
Revolving credit facility	856,011	452,460
Principal payments on:
Revolving credit facility	(917,494)	(439,910)
Unsecured term loans	(200,000)
Mortgage loans and notes payable	(11,027)	(9,137)
Loan procurement costs	(3,104)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary	(35,408)
Proceeds from issuance of common shares, net	196,333	108,336
Cash paid upon vesting of restricted shares	(400)	(1,449)
Exercise of stock options	3,666	3,835
Contributions from noncontrolling interests in subsidiaries	48	917
Distributions paid to noncontrolling interests in subsidiaries	(142)	(134)
Distributions paid to common shareholders	(181,811)	(165,357)
Distributions paid to noncontrolling interests in Operating Partnership	(1,823)	(1,779)
Net cash provided by (used in) financing activities	51,788	(52,218)
Change in cash, cash equivalents, and restricted cash	6,366	(2,679)
Cash, cash equivalents, and restricted cash at beginning of period	6,482	9,158
Cash, cash equivalents, and restricted cash at end of period	12,848	6,479
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,176	48,794
Supplemental disclosure of noncash activities:
Proceeds held in escrow from real estate venture's sale of real estate (see note 4)	8,288
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4)	(8,288)
Discount on issuance of unsecured senior notes	2,254
Noncash drawdown on revolving credit facility	103,938
Mortgage loan assumptions		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	4,671	20,877
Derivative valuation adjustment	282	406
Loan procurement costs	(3,770)
Issuance of OP units		$ (6,242)
Acquisition of noncontrolling interest in subsidiary	(4,828)
Contributions from noncontrolling interests in subsidiaries	$ 7,328

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2019
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, 2019, the Company owned self-storage properties located in 24 states throughout the United States and the District of Columbia that are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. ​ As of September 30, 2019, the Parent Company owned approximately 99.0% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to 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, 2019
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, 2018, 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, 2018 ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. ​ Recent Accounting Pronouncements ​ In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 standard became effective on January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. ​ 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 determines 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 are accounted for similar to previous guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company

STORAGE PROPERTIES

STORAGE PROPERTIES	9 Months Ended
	Sep. 30, 2019
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, ​ ​ 2019 2018 ​ ​ ​ (in thousands) ​ Land ​ $ 849,874 ​ $ 806,916 ​ Buildings and improvements ​ 3,579,904 ​ 3,343,173 ​ Equipment ​ 159,833 ​ 176,583 ​ Construction in progress ​ 85,106 ​ 136,783 ​ Storage properties ​ 4,674,717 ​ 4,463,455 ​ Less: Accumulated depreciation ​ (936,862) ​ (862,487) ​ Storage properties, net ​ $ 3,737,855 ​ $ 3,600,968 ​ ​ The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2018 through September 30, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Market ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Baltimore / DC ​ March 2019 ​ 1 ​ $ 22,000 ​ Florida Assets ​ Florida Markets - Other ​ April 2019 ​ 2 ​ ​ 19,000 ​ Arizona Asset ​ Phoenix ​ May 2019 ​ 1 ​ ​ 1,550 ​ HVP III Assets ​ Various (see note 4) ​ June 2019 ​ 18 ​ ​ 128,250 (1) Georgia Asset ​ Atlanta ​ August 2019 ​ 1 ​ ​ 14,600 ​ South Carolina Asset ​ Charleston ​ August 2019 ​ 1 ​ ​ 3,300 ​ ​ ​ ​ ​ ​ ​ 24 ​ $ 188,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ Texas Markets - Major ​ January 2018 ​ 1 ​ $ 12,200 ​ Texas Asset ​ Texas Markets - Major ​ May 2018 ​ 1 ​ ​ 19,000 ​ Metro DC Asset ​ Baltimore / DC ​ July 2018 ​ 1 ​ ​ 34,200 ​ Nevada Asset ​ Las Vegas ​ September 2018 ​ 1 ​ ​ 14,350 ​ North Carolina Asset ​ Charlotte ​ September 2018 ​ 1 ​ ​ 11,000 ​ California Asset ​ Los Angeles ​ October 2018 ​ 1 ​ ​ 53,250 ​ Texas Asset ​ Texas Markets - Major ​ October 2018 ​ 1 ​ ​ 23,150 ​ California Asset ​ San Diego ​ November 2018 ​ 1 ​ ​ 19,118 ​ New York Asset New York / Northern NJ ​ November 2018 ​ 1 ​ ​ 37,000 ​ Illinois Asset ​ Chicago ​ December 2018 ​ 1 ​ ​ 4,250 ​ ​ ​ ​ ​ ​ ​ 10 ​ $ 227,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Assets ​ Phoenix ​ November 2018 ​ 2 ​ $ 17,502 ​ ​ ​ ​ ​ ​ ​ 2 ​ $ 17,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	9 Months Ended
	Sep. 30, 2019
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY ​ 2019 Acquisitions ​ During the nine months ended September 30, 2019, the Company acquired six stores located in Arizona (1), Florida (2), Georgia (1), Maryland (1) and South Carolina (1) for an aggregate purchase price of approximately $60.5 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $2.4 million at the time of the acquisitions and prior to 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, 2019 was approximately $0.5 million and $1.0 million, respectively. ​ Additionally, on June 6, 2019, the Company acquired its partner’s 90% ownership interest in HVP III, an unconsolidated real estate venture in which the Company previously owned a 10% noncontrolling interest and that was accounted for under the equity method of accounting. As of the date of acquisition, HVP III owned 18 stores located in Georgia (1), Massachusetts (7), North Carolina (1), South Carolina (7) and Tennessee (2) (the “HVP III Assets”). The purchase price for the 90% ownership interest was $128.3 million, which was comprised of cash consideration of $120.0 million and $8.3 million of the Company’s escrowed proceeds from HVP III’s sale of 50 properties to an unaffiliated buyer on June 5, 2019 (see note 5). The HVP III Assets were recorded by the Company at $137.5 million, which consisted of the $128.3 million purchase price plus the Company’s $10.6 million carryover basis of its previously held equity interest in HVP III, offset by $1.4 million of acquired cash. As a result of the transaction, which was accounted for as an asset acquisition, the HVP III Assets became wholly-owned by the Company and are now consolidated within its financial statements. No gain or loss was recognized as a result of the transaction. In connection with the transaction, the Company allocated the value of the HVP III Assets and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $14.3 million at the time of the acquisition and prior to 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, 2019 was approximately $3.6 million and $4.8 million, respectively. ​ The following table summarizes the Company’s revenue and losses associated with the 2019 acquisitions, from the acquisition date, that are included in the consolidated statements of operations for the three and nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ ​ (in thousands) ​ Total revenue ​ $ 4,439 ​ $ 6,069 ​ Net loss ​ (2,382) ​ ​ (3,513) ​ ​ As of September 30, 2019, the Company had made aggregate deposits of $3.0 million associated with five stores that were under contract to be acquired for an aggregate acquisition price of $87.9 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. ​ Asset Held for Sale ​ As of September 30, 2019, the Company was under contract to sell a store located in Texas for a sales price of $4.1 million. The assets and liabilities associated with this store have been classified as “held for sale” within the Company’s September 30, 2019 consolidated balance sheets. As of September 30, 2019, the estimated fair value less selling costs of the store was greater than its carrying value, and therefore no loss has been recorded in the current period. The sale of this store, which occurred during the fourth quarter of 2019 (see note 17), does not represent a strategic shift that has, or will have, a major effect on the Company’s operations or financial results. ​ ​ 2018 Acquisitions ​ During the year ended December 31, 2018, the Company acquired ten stores located throughout the United States, including one store upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $227.5 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $11.3 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2019 was approximately $2.3 million and $7.7 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). 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. ​ 2018 Dispositions ​ On November 28, 2018, the Company sold two stores in Arizona for an aggregate sales price of approximately $17.5 million. In connection with these sales, the Company recorded gains that totaled approximately $10.6 million. ​ Development Activity ​ As of September 30, 2019, the Company had invested in joint ventures to develop five self-storage properties located in Massachusetts (1), New York (2), Pennsylvania (1) and Virginia (1). Construction for all projects is expected to be completed by the second quarter of 2021 (see note 12). As of September 30, 2019, development costs incurred to date for these projects totaled $72.4 million. Total construction costs for these projects are expected to be $137.6 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, 2018 through September 30, 2019. 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) Waltham, MA (1) ​ 1 ​ Q3 2019 ​ 100% ​ $ 18,000 Queens, NY (2) ​ 1 ​ Q2 2019 ​ 100% ​ ​ 47,500 Bayonne, NJ (2) (3) ​ 1 ​ Q2 2019 ​ 100% ​ ​ 25,100 Bronx, NY (2) ​ 1 ​ Q3 2018 ​ 100% ​ ​ 92,100 ​ ​ 4 ​ ​ ​ ​ ​ $ 182,700 ​ (1) On August 8, 2019, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 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, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. ​ (2) These stores were previously owned by three separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. These amounts are included in Development costs in the consolidated statements of cash flows. ​ (3) This property is subject to a ground lease. ​ During the fourth quarter of 2015 and the third quarter of 2017, the Company, through two separate joint ventures in which it owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in Queens, NY and a store located in New York, NY, respectively. On June 25, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the New York, NY store for $18.5 million, and on June 28, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Queens, NY store for $9.0 million. Prior to these transactions, the noncontrolling members’ interest in each venture was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in each joint venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. In each case, the carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest, which aggregated to $22.6 million, was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $12.4 million related party loan extended by the Company to the venture that owned the Queens, NY store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	9 Months Ended
	Sep. 30, 2019
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES ​ The Company’s investments in real estate ventures, in which it holds a common ownership interest, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores ​ Carrying Value of Investment ​ ​ Ownership ​ September 30, ​ December 31, ​ September 30, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2019 ​ 2018 2019 ​ 2018 191 IV CUBE LLC ("HVP IV") (1) ​ 20% ​ 19 ​ 13 ​ $ 19,999 ​ $ 14,791 CUBE HHF Northeast Venture LLC ("HHFNE") (2) ​ 10% ​ 13 ​ 13 ​ ​ 2,131 ​ ​ 2,411 191 III CUBE LLC ("HVP III") (3) ​ 10% ​ — ​ 68 ​ ​ — ​ ​ 9,183 CUBE HHF Limited Partnership ("HHF") (4) ​ 50% ​ 35 ​ 35 ​ ​ 66,682 ​ ​ 69,411 ​ ​ ​ ​ 67 ​ 129 ​ $ 88,812 ​ $ 95,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Pennsylvania (1) and Texas (7) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $22.6 million. As of September 30, 2019, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, 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, 2019, HVP IV also had $40.5 million outstanding under a separate loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of September 30, 2019, HVP IV was under contract, and had made aggregate deposits of $1.2 million, to acquire two stores located in Minnesota (1) and Texas (1) for an aggregate purchase price of $34.3 million. ​ (2) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of September 30, 2019, HHFNE had an outstanding $44.5 million loan facility, which bears interest at LIBOR plus 1.90% per annum 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. As of September 30, 2019, HHFNE is in the process of amending and restating its loan facility. ​ (3) On June 5, 2019, HVP III sold 50 stores located in Florida (3) , Georgia (4) , Michigan (17) , North Carolina (3) , South Carolina (15) and Tennessee (8) , to an unaffiliated third party buyer for an aggregate sales price of $293.5 million. As of the transaction date, HVP III had five mortgage loans with an aggregate outstanding balance of $22.9 million, as well as $179.5 million outstanding on its $185.5 million loan facility, all of which were defeased or repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $82.9 million. The venture recorded gains which aggregated to approximately $106.7 million in connection with the sale. Subsequent to the sale, the Company acquired its partner’s 90% ownership interest in HVP III, which at the time of the acquisition, owned the remaining 18 storage properties (see note 4). ​ (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of September 30, 2019, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. ​ 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 (except for HVP III, which was consolidated as of June 6, 2019). The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in earnings (losses) of real estate ventures on the Company’s consolidated statements of operations. ​ The amounts reflected in the following table are based on the historical financial information of the Ventures. ​ The following is a summary of the financial position of the Ventures as of September 30, 2019 and December 31, 2018 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 (1) 2018 ​ Assets ​ ​ ​ ​ ​ ​ ​ Storage properties, net ​ $ 521,701 ​ $ 741,209 ​ Other assets ​ 18,835 ​ 16,042 ​ Total assets ​ $ 540,536 ​ $ 757,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 14,210 ​ $ 7,911 ​ Debt ​ 264,855 ​ 413,848 ​ Equity ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ 88,812 ​ ​ 95,796 ​ Joint venture partners ​ 172,659 ​ ​ 239,696 ​ Total liabilities and equity ​ $ 540,536 ​ $ 757,251 ​ ​ (1) Excludes HVP III as it was consolidated by the Company on June 6, 2019. ​ The following is a summary of results of operations of the Ventures for the three and nine months ended September 30, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2019 2018 2019 (1) ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 14,027 ​ $ 23,463 ​ $ 58,305 ​ $ 66,665 ​ Operating expenses ​ (6,518) ​ ​ (9,583) ​ (25,762) ​ (28,269) ​ Other expense ​ ​ (34) ​ ​ (242) ​ ​ (3,113) ​ ​ (807) ​ Interest expense, net ​ (2,606) ​ ​ (3,494) ​ (11,911) ​ (9,515) ​ Depreciation and amortization ​ (5,908) ​ ​ (11,223) ​ (23,829) ​ (31,042) ​ Gains from sale of real estate ​ ​ — ​ ​ — ​ ​ 106,667 ​ ​ — ​ Net (loss) income ​ $ (1,039) ​ $ (1,079) ​ $ 100,357 ​ $ (2,968) ​ Company’s share of net income (loss) ​ $ 152 ​ $ (292) ​ $ 10,940 ​ $ (785) ​ ​ ​ ​ ​ (1) HVP III’s results of operations included through June 6, 2019 (date of consolidation). ​ 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.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	9 Months Ended
	Sep. 30, 2019
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 2019 2018 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 ​ $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ — ​ 4.46 % ​ Jan-19 ​ Feb-29 ​ Principal balance outstanding ​ ​ 1,500,000 ​ ​ 1,150,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (2,635) ​ ​ (568) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (7,882) ​ ​ (5,908) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 1,489,483 ​ $ 1,143,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 1.5:1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of September 30, 2019, 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, 2019
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, among other things, a $200.0 million unsecured term loan with a maturity date of January 31, 2019 and a $500.0 million unsecured revolving facility with a maturity date of April 22, 2020. On June 19, 2019, the Company amended and restated, in its entirety, the Credit Facility (the “Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of a $750.0 million unsecured revolving facility (the “Revolver”) maturing on June 19, 2024. Under the Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.10% over LIBOR, inclusive of a facility fee of 0.15%. The Company incurred costs of $3.9 million in 2019 in connection with amending and restating the Credit Facility and capitalized such costs as a component of Loan procurement costs, net of amortization on the consolidated balance sheets. ​ As of September 30, 2019, borrowings under the Revolver had an effective weighted average interest rate of 3.12%. Additionally, as of September 30, 2019, $511.3 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. ​ 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, among other things, a $100.0 million unsecured term loan with a seven-year maturity that was repaid on June 19, 2019. ​ 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 2019 2018 September 30, 2019 ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Credit Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured term loan (1) ​ $ — ​ $ 200,000 ​ — % ​ Jan-19 ​ Term Loan Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured term loan (2) ​ — ​ ​ 100,000 — % ​ Jan-20 ​ Principal balance outstanding ​ ​ — ​ ​ 300,000 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ — ​ ​ (201) ​ ​ ​ ​ ​ ​ Total unsecured term loans, net ​ $ — ​ $ 299,799 ​ ​ ​ ​ ​ ​ ​ (1) On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes”) to repay all of the outstanding indebtedness under the unsecured term loan portion of the Credit Facility. ​ (2) On June 19, 2019, the Company used an initial advance at closing of the Amended and Restated Credit Facility to repay all of the outstanding indebtedness under the unsecured term loan portion of the Term Loan Facility that was scheduled to mature in January 2020. Unamortized loan procurement costs of $0.1 million were written off in conjunction with the repayment. ​ Under the Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.50:1.00. As of September 30, 2019, the Company was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	9 Months Ended
	Sep. 30, 2019
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 2019 2018 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ YSI 33 (1) ​ $ — ​ $ 9,214 6.42 % ​ Jul-19 ​ YSI 26 ​ 7,861 ​ 8,022 4.56 % ​ Nov-20 ​ YSI 57 ​ 2,760 ​ 2,816 4.61 % ​ Nov-20 ​ YSI 55 ​ 21,674 ​ 22,041 4.85 % ​ Jun-21 ​ YSI 24 ​ 24,260 ​ 24,893 4.64 % ​ Jun-21 ​ YSI 65 ​ ​ 2,326 ​ ​ 2,363 ​ 3.85 % ​ Jun-23 ​ YSI 66 ​ ​ 30,737 ​ ​ 31,171 ​ 3.51 % ​ Jun-23 ​ YSI 68 ​ ​ 5,501 ​ ​ 5,626 ​ 3.78 % ​ May-24 ​ Principal balance outstanding ​ ​ 95,119 ​ ​ 106,146 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 2,010 ​ 2,551 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (319) ​ ​ (451) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 96,810 ​ $ 108,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) YSI 33 was repaid in full on July 1, 2019. ​ As of September 30, 2019 and December 31, 2018, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $207.4 million and $231.0 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2019 (in thousands): ​ ​ ​ ​ ​ 2019 $ 625 2020 ​ 12,791 2021 ​ 45,057 2022 ​ 923 2023 ​ 31,019 2024 and thereafter ​ 4,704 Total mortgage payments ​ 95,119 Plus: Unamortized fair value adjustment ​ 2,010 Less: Loan procurement costs, net ​ ​ (319) Total mortgage loans and notes payable, net ​ $ 96,810 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9. ACCUMULATED OTHER COMPREHENSIVE LOSS ​ The following table summarizes the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Interest Rate Swaps ​ ​ ​ ​ ​ Other comprehensive gain before reclassifications ​ $ 230 ​ Amounts reclassified from accumulated other comprehensive loss ​ 50 (1) Net current-period other comprehensive income ​ 280 ​ Balance at December 31, 2018 ​ ​ (1,029) ​ Balance at September 30, 2019 ​ $ (749) ​ ​ (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, 2019
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 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. ​ During 2018, 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 a forecasted issuance of long-term debt. Therefore, the interest rate swaps were recorded on the consolidated balance sheet at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. ​ The Company formally assessed, both at inception of the 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 the 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 the 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 with respect to the derivative. ​ The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of September 30, 2019 and December 31, 2018, respectively (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge ​ Hedge ​ Notional Amount ​ ​ ​ ​ Effective ​ ​ ​ Fair Value Product Type ​ September 30, 2019 December 31, 2018 Strike ​ Date Maturity September 30, 2019 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Cash flow (1) ​ $ — ​ $ 75,000 ​ 2.8015 % ​ 6/28/2019 ​ 6/28/2029 ​ $ — ​ $ (516) ​ Swap Cash flow (1) ​ ​ — ​ ​ 50,000 ​ 2.8030 % ​ 6/28/2019 ​ 6/28/2029 ​ ​ — ​ ​ (350) ​ Swap Cash flow (1) ​ ​ — ​ ​ 25,000 ​ 2.8020 % ​ 6/28/2019 ​ 6/28/2029 ​ ​ — ​ ​ (173) ​ ​ ​ ​ ​ $ — ​ $ 150,000 ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ (1,039) ​ ​ (1) These interest rate swaps were entered into on December 24, 2018 to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. On January 24, 2019, in conjunction with the issuance of the 2029 Notes, the Company settled these interest rate swaps for $0.8 million. The termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. ​ The 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, 2019, all derivative instruments had been settled. As of December 31, 2018, all derivative instruments were included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive loss. Amounts reported in accumulated other comprehensive loss related to derivatives are reclassified to interest expense as interest payments are made on the Company’s 2029 Notes. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars and fifty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three and nine months ended September 30, 2019, respectively. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2019
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, 2019. Financial assets and liabilities carried at fair value as of December 31, 2018 are classified in the table below in one of the three categories described above (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivative liabilities ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities at fair value ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets and liabilities carried at fair value 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, 2019 and December 31, 2018. The aggregate carrying value of the Company’s debt was $1,824.3 million and $1,747.1 million at September 30, 2019 and December 31, 2018, respectively. The estimated fair value of the Company’s debt was $1,926.0 million and $1,731.9 million at September 30, 2019 and December 31, 2018, respectively. The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 2019 and December 31, 2018. 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, 2019
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are VIEs, 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, 2019 ​ Consolidated Joint Ventures of Stores Location Opening ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CS Valley Forge Village Storage, LLC ("VFV") (1) ​ 1 ​ King of Prussia, PA ​ Q2 2021 (est.) ​ 70% ​ $ 3,402 ​ $ 3 ​ Shirlington Rd II, LLC ("SH2") (2) ​ 1 ​ Arlington, VA ​ Q1 2021 (est.) ​ 90% ​ ​ 8,548 ​ ​ 2 ​ CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) ​ 1 ​ East Meadow, NY ​ Q4 2020 (est.) ​ 51% ​ ​ 10,717 ​ ​ 2,279 ​ CS SDP Newtonville, LLC ("Newton") (1) ​ 1 ​ Newton, MA ​ Q3 2020 (est.) ​ 90% ​ ​ 9,585 ​ ​ 3,060 ​ CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) ​ 1 ​ Brooklyn, NY ​ Q4 2019 (est.) ​ 51% ​ ​ 40,582 ​ ​ 11,307 ​ Shirlington Rd, LLC ("SH1") (2) ​ 1 ​ Arlington, VA Q2 2015 ​ 90% ​ ​ 14,969 ​ ​ 159 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 87,803 ​ $ 16,810 ​ ​ (1) The Company has a related party loan commitment to VFV and Newton to fund a portion of the construction costs. As of September 30, 2019, the Company has funded $1.8 million of the total $12.1 million loan commitment to Newton, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. As of September 30, 2019, the Company had not funded any of its $12.4 million loan commitment to VFV. ​ (2) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, 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 $9.7 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 in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. ​ (3) The noncontrolling members of Hempstead and McDonald Ave have the option to put their ownership interest in the ventures to the Company for $6.6 million and $10.0 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 Hempstead and McDonald Ave for $6.6 million and $10.0 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest in Hempstead and McDonald. The Company is accreting the respective liabilities during the development periods and, as of September 30, 2019, has accrued $1.9 million and $9.4 million, related to Hempstead and McDonald Ave, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ On May 30, 2019, the Company sold its 90% ownership interest in CS SJM E 92nd Street, LLC, a previously consolidated development joint venture, for $3.7 million. In conjunction with the sale, $0.7 million of the $1.7 million related party loan extended by the Company to the venture was repaid. The remaining $1.0 million was recorded as a note receivable and was repaid during the third quarter of 2019. Additionally, as a result of the transaction, the Company was released from its obligations under the venture’s ground lease, and right-of-use assets and lease liabilities totaling $13.4 million and $14.6 million, respectively, were removed from the Company’s consolidated balance sheets. ​ Operating Partnership Ownership ​ The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. ​ Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. ​ Approximately 1.0% of the outstanding OP Units, as of September 30, 2019 and December 31, 2018, 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, which was immediately repaid by the Company. 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. ​ As of September 30, 2019 and December 31, 2018, 1,865,570 and 1,945,570 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, 2019 and December 31, 2018. As of September 30, 2019 and December 31, 2018, the Operating Partnership recorded increases in the value of OP Units owned by third parties and corresponding decreases to capital of $12.3 million and $0.3 million, respectively.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
LEASES
LEASES	13. LEASES ​ CubeSmart as Lessor ​ The Company derives revenue primarily from rents received from customers who rent cubes at its self-storage properties under month-to-month leases for personal or business use. The self-storage lease agreements utilized by the Company vary slightly to comply with state-specific laws and regulations, but generally provide for automatic monthly renewals, flexibility to increase rental rates over time as market conditions permit and the collection of contingent fees such as administrative and late fees. None of the self-storage lease agreements contain options that allow the customer to purchase the leased space at any time during, or at the expiration of, the lease term. All self-storage leases in which the Company serves as lessor have been classified as operating leases. Accordingly, storage cubes are carried at historical cost less accumulated depreciation and impairment, if any, and are included in Storage properties on the Company’s consolidated balance sheets. Operating lease income for amounts received under the Company’s self-storage lease agreements is recognized on a straight-line basis which, due to the month-to-month nature of the leases, results in the recognition of income during the initial term and each subsequent monthly renewal using the then-in-place rent amount. Operating lease income is included in Rental income within the Company’s consolidated statements of operations. Variable lease income related to the Company’s self-storage lease agreements consists of administrative and late fees charged to customers. For the three and nine months ended September 30, 2019, administrative and late fees totaled $5.9 million and $17.0 million, respectively, and are included in Other property related income within the Company’s consolidated statements of operations. ​ CubeSmart as Lessee ​ The Company serves as lessee in lease agreements for land, office space, automobiles and certain equipment, which have remaining lease terms ranging from one year to 45 years. Certain of the Company’s leases contain provisions that (1) provide for one or more options to renew, with renewal options that can extend the lease term from one year to 69 years, (2) allow for early termination at certain points during the lease term and/or (3) give the Company the option to purchase the leased property. In all cases, the exercise of the lease renewal, termination and purchase options, if provided for in the lease, are at the Company’s sole discretion. Certain of the Company’s lease agreements, particularly its land leases, require rental payments that are periodically adjusted for inflation using a defined index. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements have been classified as operating leases. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ​ Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. Upon adoption of ASC 842 on January 1, 2019, the Company had right-of-use assets and lease liabilities related to its operating leases of $55.7 million and $60.7 million, respectively. As of September 30, 2019, the Company had right-of-use assets and lease liabilities related to its operating leases of $41.7 million and $46.2 million, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets, respectively. As of September 30, 2019, the Company’s weighted average remaining lease term and weighted average discount rate related to its operating leases were 36.1 years and 4.74%, respectively. ​ For the three and nine months ended September 30, 2019, the Company’s lease cost consists of the following components, each of which is included in Property operating expenses within the Company’s consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2019 September 30, 2019 ​ ​ ​ (in thousands) ​ Operating lease cost ​ $ 749 ​ $ 2,558 ​ Short-term lease cost (1) ​ 294 ​ ​ 907 ​ Total lease cost ​ $ 1,043 ​ $ 3,465 ​ ​ (1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. ​ The following table represents the future operating lease liability maturities as of September 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ 2019 $ 556 ​ 2020 ​ 2,222 ​ 2021 ​ 2,279 ​ 2022 ​ 2,436 ​ 2023 ​ 2,500 ​ 2024 and thereafter ​ 93,512 ​ Total operating lease payments ​ 103,505 ​ Less: Imputed interest ​ ​ (57,283) ​ Present value of operating lease liabilities ​ $ 46,222 ​ ​ ​ ​ ​ ​ ​ During the three and nine months ended September 30, 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was approximately $0.6 million and $1.9 million, respectively, which is included as an operating cash outflow within the consolidated statements of cash flows. During the three and nine months ended September 30 2019, the Company did not enter into any lease agreements set to commence in the future.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. 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 claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ On January 11, 2019, a settlement agreement was entered into for a class action alleging violation of a state specific deceptive and unfair trade practices act. During the year ended December 31, 2018, the Company recorded a $1.8 million charge related to this legal action, which is included in General and administrative on the Company’s consolidated statements of operations. On August 2, 2019, the court granted final approval of the settlement for the class action.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS ​ The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the three and nine months ended September 30, 2019 totaled $0.7 million and $3.1 million, respectively. Total management fees for unconsolidated real estate 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. ​ 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 $11.1 million and $10.6 million as of September 30, 2019 and December 31, 2018, 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 $1.8 million and $33.2 million as of September 30, 2019 and December 31, 2018, 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, disposition and other fees payable from HVP III, HVP IV and HHFNE to the Company upon the closing of a property transaction 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, 2019, the Company recognized $1.7 million and $1.9 million, respectively, in fees associated with property transactions. During the three and nine months ended September 30, 2018, the Company recognized $0.1 million and $0.6 million, respectively, in property transaction fees. Property transaction 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, 2019
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION	16. PRO FORMA FINANCIAL INFORMATION ​ During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company acquired 24 stores for an aggregate purchase price of $188.7 million (see note 3) and ten stores for an aggregate purchase price of approximately $227.5 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 2019 and 2018 as if each had occurred as of January 1, 2018 and 2017, 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, 2019 and 2018 based on the assumptions described above: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ ​ ​ (in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro forma revenues ​ $ 486,100 ​ $ 466,590 ​ Pro forma net income ​ $ 144,747 ​ $ 114,310 ​ Earnings per share attributable to common shareholders: ​ ​ ​ ​ ​ ​ ​ Basic - as reported ​ $ 0.67 ​ $ 0.63 ​ Diluted - as reported ​ $ 0.67 ​ $ 0.63 ​ Basic - as pro forma ​ $ 0.76 ​ $ 0.62 ​ Diluted - as pro forma ​ $ 0.75 ​ $ 0.61 ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS ​ On October 25, 2019, the Company acquired a self-storage property located in Texas for a purchase price of $7.3 million. ​ On October 11, 2019, the Operating Partnership issued $350.0 million in aggregate principal amount of unsecured senior notes due February 15, 2030, which bear interest at a rate of 3.000% per annum (the “2030 Notes”). The 2030 Notes were priced at 99.623% of the principal amount to yield 3.043% to maturity. Net proceeds from the offering of $346.4 million were used to repay all of the outstanding indebtedness under the Revolver and for working capital and other general corporate purposes. ​ On October 7, 2019, the Company sold a self-storage property located in Texas, which was held for sale as of September 30, 2019, for a sales price of $4.1 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
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, 2018, 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, 2018 ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 standard became effective on January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. ​ 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 determines 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 are accounted for similar to previous guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2019
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 ​ ​ ​ (in thousands) ​ Land ​ $ 849,874 ​ $ 806,916 ​ Buildings and improvements ​ 3,579,904 ​ 3,343,173 ​ Equipment ​ 159,833 ​ 176,583 ​ Construction in progress ​ 85,106 ​ 136,783 ​ Storage properties ​ 4,674,717 ​ 4,463,455 ​ Less: Accumulated depreciation ​ (936,862) ​ (862,487) ​ Storage properties, net ​ $ 3,737,855 ​ $ 3,600,968 ​
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2018 through September 30, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Market ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Baltimore / DC ​ March 2019 ​ 1 ​ $ 22,000 ​ Florida Assets ​ Florida Markets - Other ​ April 2019 ​ 2 ​ ​ 19,000 ​ Arizona Asset ​ Phoenix ​ May 2019 ​ 1 ​ ​ 1,550 ​ HVP III Assets ​ Various (see note 4) ​ June 2019 ​ 18 ​ ​ 128,250 (1) Georgia Asset ​ Atlanta ​ August 2019 ​ 1 ​ ​ 14,600 ​ South Carolina Asset ​ Charleston ​ August 2019 ​ 1 ​ ​ 3,300 ​ ​ ​ ​ ​ ​ ​ 24 ​ $ 188,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ Texas Markets - Major ​ January 2018 ​ 1 ​ $ 12,200 ​ Texas Asset ​ Texas Markets - Major ​ May 2018 ​ 1 ​ ​ 19,000 ​ Metro DC Asset ​ Baltimore / DC ​ July 2018 ​ 1 ​ ​ 34,200 ​ Nevada Asset ​ Las Vegas ​ September 2018 ​ 1 ​ ​ 14,350 ​ North Carolina Asset ​ Charlotte ​ September 2018 ​ 1 ​ ​ 11,000 ​ California Asset ​ Los Angeles ​ October 2018 ​ 1 ​ ​ 53,250 ​ Texas Asset ​ Texas Markets - Major ​ October 2018 ​ 1 ​ ​ 23,150 ​ California Asset ​ San Diego ​ November 2018 ​ 1 ​ ​ 19,118 ​ New York Asset New York / Northern NJ ​ November 2018 ​ 1 ​ ​ 37,000 ​ Illinois Asset ​ Chicago ​ December 2018 ​ 1 ​ ​ 4,250 ​ ​ ​ ​ ​ ​ ​ 10 ​ $ 227,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Assets ​ Phoenix ​ November 2018 ​ 2 ​ $ 17,502 ​ ​ ​ ​ ​ ​ ​ 2 ​ $ 17,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	9 Months Ended
	Sep. 30, 2019
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ ​ (in thousands) ​ Total revenue ​ $ 4,439 ​ $ 6,069 ​ Net loss ​ (2,382) ​ ​ (3,513) ​
Schedule of capitalized costs for investments in storage properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ Number of ​ ​ ​ Ownership ​ Total Store Location Stores Date Opened ​ Interest ​ Construction Costs ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Waltham, MA (1) ​ 1 ​ Q3 2019 ​ 100% ​ $ 18,000 Queens, NY (2) ​ 1 ​ Q2 2019 ​ 100% ​ ​ 47,500 Bayonne, NJ (2) (3) ​ 1 ​ Q2 2019 ​ 100% ​ ​ 25,100 Bronx, NY (2) ​ 1 ​ Q3 2018 ​ 100% ​ ​ 92,100 ​ ​ 4 ​ ​ ​ ​ ​ $ 182,700 ​ (1) On August 8, 2019, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 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, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. ​ (2) These stores were previously owned by three separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. These amounts are included in Development costs in the consolidated statements of cash flows. ​ (3) This property is subject to a ground lease.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	9 Months Ended
	Sep. 30, 2019
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in real estate ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores ​ Carrying Value of Investment ​ ​ Ownership ​ September 30, ​ December 31, ​ September 30, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2019 ​ 2018 2019 ​ 2018 191 IV CUBE LLC ("HVP IV") (1) ​ 20% ​ 19 ​ 13 ​ $ 19,999 ​ $ 14,791 CUBE HHF Northeast Venture LLC ("HHFNE") (2) ​ 10% ​ 13 ​ 13 ​ ​ 2,131 ​ ​ 2,411 191 III CUBE LLC ("HVP III") (3) ​ 10% ​ — ​ 68 ​ ​ — ​ ​ 9,183 CUBE HHF Limited Partnership ("HHF") (4) ​ 50% ​ 35 ​ 35 ​ ​ 66,682 ​ ​ 69,411 ​ ​ ​ ​ 67 ​ 129 ​ $ 88,812 ​ $ 95,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Pennsylvania (1) and Texas (7) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $22.6 million. As of September 30, 2019, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, 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, 2019, HVP IV also had $40.5 million outstanding under a separate loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of September 30, 2019, HVP IV was under contract, and had made aggregate deposits of $1.2 million, to acquire two stores located in Minnesota (1) and Texas (1) for an aggregate purchase price of $34.3 million. ​ (2) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of September 30, 2019, HHFNE had an outstanding $44.5 million loan facility, which bears interest at LIBOR plus 1.90% per annum 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. As of September 30, 2019, HHFNE is in the process of amending and restating its loan facility. ​ (3) On June 5, 2019, HVP III sold 50 stores located in Florida (3) , Georgia (4) , Michigan (17) , North Carolina (3) , South Carolina (15) and Tennessee (8) , to an unaffiliated third party buyer for an aggregate sales price of $293.5 million. As of the transaction date, HVP III had five mortgage loans with an aggregate outstanding balance of $22.9 million, as well as $179.5 million outstanding on its $185.5 million loan facility, all of which were defeased or repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $82.9 million. The venture recorded gains which aggregated to approximately $106.7 million in connection with the sale. Subsequent to the sale, the Company acquired its partner’s 90% ownership interest in HVP III, which at the time of the acquisition, owned the remaining 18 storage properties (see note 4). ​ (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of September 30, 2019, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021.
Summary of the financial position of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2019 (1) 2018 ​ Assets ​ ​ ​ ​ ​ ​ ​ Storage properties, net ​ $ 521,701 ​ $ 741,209 ​ Other assets ​ 18,835 ​ 16,042 ​ Total assets ​ $ 540,536 ​ $ 757,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 14,210 ​ $ 7,911 ​ Debt ​ 264,855 ​ 413,848 ​ Equity ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ 88,812 ​ ​ 95,796 ​ Joint venture partners ​ 172,659 ​ ​ 239,696 ​ Total liabilities and equity ​ $ 540,536 ​ $ 757,251 ​ ​ (1) Excludes HVP III as it was consolidated by the Company on June 6, 2019. ​
Summary of results of operations of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2019 2018 2019 (1) ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 14,027 ​ $ 23,463 ​ $ 58,305 ​ $ 66,665 ​ Operating expenses ​ (6,518) ​ ​ (9,583) ​ (25,762) ​ (28,269) ​ Other expense ​ ​ (34) ​ ​ (242) ​ ​ (3,113) ​ ​ (807) ​ Interest expense, net ​ (2,606) ​ ​ (3,494) ​ (11,911) ​ (9,515) ​ Depreciation and amortization ​ (5,908) ​ ​ (11,223) ​ (23,829) ​ (31,042) ​ Gains from sale of real estate ​ ​ — ​ ​ — ​ ​ 106,667 ​ ​ — ​ Net (loss) income ​ $ (1,039) ​ $ (1,079) ​ $ 100,357 ​ $ (2,968) ​ Company’s share of net income (loss) ​ $ 152 ​ $ (292) ​ $ 10,940 ​ $ (785) ​ ​ ​ ​ ​ (1) HVP III’s results of operations included through June 6, 2019 (date of consolidation). ​

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	9 Months Ended
	Sep. 30, 2019
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2019 2018 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 ​ $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ — ​ 4.46 % ​ Jan-19 ​ Feb-29 ​ Principal balance outstanding ​ ​ 1,500,000 ​ ​ 1,150,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (2,635) ​ ​ (568) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (7,882) ​ ​ (5,908) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 1,489,483 ​ $ 1,143,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2019
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 2019 2018 September 30, 2019 ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Credit Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured term loan (1) ​ $ — ​ $ 200,000 ​ — % ​ Jan-19 ​ Term Loan Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured term loan (2) ​ — ​ ​ 100,000 — % ​ Jan-20 ​ Principal balance outstanding ​ ​ — ​ ​ 300,000 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ — ​ ​ (201) ​ ​ ​ ​ ​ ​ Total unsecured term loans, net ​ $ — ​ $ 299,799 ​ ​ ​ ​ ​ ​ ​ (1) On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes”) to repay all of the outstanding indebtedness under the unsecured term loan portion of the Credit Facility. ​ (2) On June 19, 2019, the Company used an initial advance at closing of the Amended and Restated Credit Facility to repay all of the outstanding indebtedness under the unsecured term loan portion of the Term Loan Facility that was scheduled to mature in January 2020. Unamortized loan procurement costs of $0.1 million were written off in conjunction with the repayment.

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	9 Months Ended
	Sep. 30, 2019
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of: ​ ​ ​ ​ ​ ​ September 30, December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2019 2018 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ YSI 33 (1) ​ $ — ​ $ 9,214 6.42 % ​ Jul-19 ​ YSI 26 ​ 7,861 ​ 8,022 4.56 % ​ Nov-20 ​ YSI 57 ​ 2,760 ​ 2,816 4.61 % ​ Nov-20 ​ YSI 55 ​ 21,674 ​ 22,041 4.85 % ​ Jun-21 ​ YSI 24 ​ 24,260 ​ 24,893 4.64 % ​ Jun-21 ​ YSI 65 ​ ​ 2,326 ​ ​ 2,363 ​ 3.85 % ​ Jun-23 ​ YSI 66 ​ ​ 30,737 ​ ​ 31,171 ​ 3.51 % ​ Jun-23 ​ YSI 68 ​ ​ 5,501 ​ ​ 5,626 ​ 3.78 % ​ May-24 ​ Principal balance outstanding ​ ​ 95,119 ​ ​ 106,146 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 2,010 ​ 2,551 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (319) ​ ​ (451) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 96,810 ​ $ 108,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) YSI 33 was repaid in full on July 1, 2019. ​
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, 2019 (in thousands): ​ ​ ​ ​ ​ 2019 $ 625 2020 ​ 12,791 2021 ​ 45,057 2022 ​ 923 2023 ​ 31,019 2024 and thereafter ​ 4,704 Total mortgage payments ​ 95,119 Plus: Unamortized fair value adjustment ​ 2,010 Less: Loan procurement costs, net ​ ​ (319) Total mortgage loans and notes payable, net ​ $ 96,810

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Interest Rate Swaps ​ ​ ​ ​ ​ Other comprehensive gain before reclassifications ​ $ 230 ​ Amounts reclassified from accumulated other comprehensive loss ​ 50 (1) Net current-period other comprehensive income ​ 280 ​ Balance at December 31, 2018 ​ ​ (1,029) ​ Balance at September 30, 2019 ​ $ (749) ​ ​ (1) 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, 2019
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, 2019 and December 31, 2018, respectively (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge ​ Hedge ​ Notional Amount ​ ​ ​ ​ Effective ​ ​ ​ Fair Value Product Type ​ September 30, 2019 December 31, 2018 Strike ​ Date Maturity September 30, 2019 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Cash flow (1) ​ $ — ​ $ 75,000 ​ 2.8015 % ​ 6/28/2019 ​ 6/28/2029 ​ $ — ​ $ (516) ​ Swap Cash flow (1) ​ ​ — ​ ​ 50,000 ​ 2.8030 % ​ 6/28/2019 ​ 6/28/2029 ​ ​ — ​ ​ (350) ​ Swap Cash flow (1) ​ ​ — ​ ​ 25,000 ​ 2.8020 % ​ 6/28/2019 ​ 6/28/2029 ​ ​ — ​ ​ (173) ​ ​ ​ ​ ​ $ — ​ $ 150,000 ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ (1,039) ​ ​ (1) These interest rate swaps were entered into on December 24, 2018 to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. On January 24, 2019, in conjunction with the issuance of the 2029 Notes, the Company settled these interest rate swaps for $0.8 million. The termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivative liabilities ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities at fair value ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2019
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Opened / ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Estimated ​ Ownership ​ September 30, 2019 ​ Consolidated Joint Ventures of Stores Location Opening ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CS Valley Forge Village Storage, LLC ("VFV") (1) ​ 1 ​ King of Prussia, PA ​ Q2 2021 (est.) ​ 70% ​ $ 3,402 ​ $ 3 ​ Shirlington Rd II, LLC ("SH2") (2) ​ 1 ​ Arlington, VA ​ Q1 2021 (est.) ​ 90% ​ ​ 8,548 ​ ​ 2 ​ CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) ​ 1 ​ East Meadow, NY ​ Q4 2020 (est.) ​ 51% ​ ​ 10,717 ​ ​ 2,279 ​ CS SDP Newtonville, LLC ("Newton") (1) ​ 1 ​ Newton, MA ​ Q3 2020 (est.) ​ 90% ​ ​ 9,585 ​ ​ 3,060 ​ CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) ​ 1 ​ Brooklyn, NY ​ Q4 2019 (est.) ​ 51% ​ ​ 40,582 ​ ​ 11,307 ​ Shirlington Rd, LLC ("SH1") (2) ​ 1 ​ Arlington, VA Q2 2015 ​ 90% ​ ​ 14,969 ​ ​ 159 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 87,803 ​ $ 16,810 ​ ​ (1) The Company has a related party loan commitment to VFV and Newton to fund a portion of the construction costs. As of September 30, 2019, the Company has funded $1.8 million of the total $12.1 million loan commitment to Newton, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. As of September 30, 2019, the Company had not funded any of its $12.4 million loan commitment to VFV. ​ (2) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, 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 $9.7 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 in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. ​ (3) The noncontrolling members of Hempstead and McDonald Ave have the option to put their ownership interest in the ventures to the Company for $6.6 million and $10.0 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 Hempstead and McDonald Ave for $6.6 million and $10.0 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest in Hempstead and McDonald. The Company is accreting the respective liabilities during the development periods and, as of September 30, 2019, has accrued $1.9 million and $9.4 million, related to Hempstead and McDonald Ave, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
LEASES
Summary of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2019 September 30, 2019 ​ ​ ​ (in thousands) ​ Operating lease cost ​ $ 749 ​ $ 2,558 ​ Short-term lease cost (1) ​ 294 ​ ​ 907 ​ Total lease cost ​ $ 1,043 ​ $ 3,465 ​ ​ (1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.
Schedule of future operating lease liability maturities	The following table represents the future operating lease liability maturities as of September 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ 2019 $ 556 ​ 2020 ​ 2,222 ​ 2021 ​ 2,279 ​ 2022 ​ 2,436 ​ 2023 ​ 2,500 ​ 2024 and thereafter ​ 93,512 ​ Total operating lease payments ​ 103,505 ​ Less: Imputed interest ​ ​ (57,283) ​ Present value of operating lease liabilities ​ $ 46,222 ​ ​ ​ ​ ​ ​

PRO FORMA FINANCIAL INFORMATI_2

PRO FORMA FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
PRO FORMA FINANCIAL INFORMATION
Schedule of consolidated results of operations on a pro forma basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 2018 ​ ​ ​ (in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro forma revenues ​ $ 486,100 ​ $ 466,590 ​ Pro forma net income ​ $ 144,747 ​ $ 114,310 ​ Earnings per share attributable to common shareholders: ​ ​ ​ ​ ​ ​ ​ Basic - as reported ​ $ 0.67 ​ $ 0.63 ​ Diluted - as reported ​ $ 0.67 ​ $ 0.63 ​ Basic - as pro forma ​ $ 0.76 ​ $ 0.62 ​ Diluted - as pro forma ​ $ 0.75 ​ $ 0.61 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	9 Months Ended
	Sep. 30, 2019segmentstate
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	99.00%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
STORAGE FACILITIES
Storage properties	$ 4,674,717	$ 4,463,455
Less: Accumulated depreciation	(936,862)	(862,487)
Storage properties, net (including VIE assets of $87,428 and $330,986, respectively)	3,737,855	3,600,968
Land
STORAGE FACILITIES
Storage properties	849,874	806,916
Buildings and improvements
STORAGE FACILITIES
Storage properties	3,579,904	3,343,173
Equipment
STORAGE FACILITIES
Storage properties	159,833	176,583
Construction in progress
STORAGE FACILITIES
Storage properties	$ 85,106	$ 136,783

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	Jun. 06, 2019property	Nov. 30, 2018USD ($)facility	Sep. 30, 2019property	Sep. 30, 2019facility	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)facility
HVP III
STORAGE FACILITIES
Number of self-storage facilities | property	18
HVP III
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | property	18
Percentage of interest acquired	90.00%
2019 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			6	24
Purchase Price					$ 188,700
2019 Acquisitions | Maryland Asset March 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price					22,000
2019 Acquisitions | Florida Assets April 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				2
Purchase Price					19,000
2019 Acquisitions | Arizona Asset May 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price					1,550
2019 Acquisitions | HVP III Assets June 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				18
Purchase Price					128,250
2019 Acquisitions | Georgia Asset August 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price					14,600
2019 Acquisitions | South Carolina Asset August 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price					$ 3,300
2018 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						10
Purchase Price						$ 227,518
2018 Acquisitions | Texas Asset January 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 12,200
2018 Acquisitions | Texas Asset May 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 19,000
2018 Acquisitions | Metro DC Asset July 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 34,200
2018 Acquisitions | Nevada Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 14,350
2018 Acquisitions | North Carolina Asset September 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 11,000
2018 Acquisitions | California Asset October 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 53,250
2018 Acquisitions | Texas Asset October 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 23,150
2018 Acquisitions | California Asset November 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 19,118
2018 Acquisitions | New York Asset November 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 37,000
2018 Acquisitions | Illinois Asset December 2018
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility						1
Purchase Price						$ 4,250
2018 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility						2
Sale Price						$ 17,502
2018 Dispositions | Arizona Asset
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		2				2
Sale Price		$ 17,500				$ 17,502

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)	Sep. 17, 2019USD ($)	Aug. 08, 2019USD ($)	Jun. 28, 2019USD ($)	Jun. 25, 2019USD ($)	Jun. 06, 2019USD ($)property	Jun. 05, 2019USD ($)property	Feb. 15, 2019USD ($)	Jan. 31, 2018USD ($)shares	Nov. 30, 2018USD ($)facility	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2015item	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2019USD ($)facility	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)facilitypropertyshares	Jun. 30, 2019USD ($)
Self-storage facilities
Number of facilities under contract | property																		5
Number of facilities, construction completed and opened																						$ 4
Total Construction Costs																						$ 182,700,000
Storage properties										$ 4,674,717,000			$ 4,463,455,000			$ 4,674,717,000	$ 4,674,717,000	$ 4,674,717,000	$ 4,674,717,000	$ 4,674,717,000	$ 4,463,455,000
Restricted cash										5,555,000			2,718,000			5,555,000	$ 5,555,000	$ 5,555,000	$ 5,555,000	5,555,000	2,718,000
Common stock, conversion ratio																	1
Acquisition of noncontrolling interest										2,618,000	$ 27,618,000	$ 10,000,000								12,300,000	$ 300,000
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates
Total revenue										4,439,000										6,069,000
Net loss										(2,382,000)										(3,513,000)
HVP III
Self-storage facilities
Acquisition, assets recorded					$ 137,500,000
Acquistion, previously held equity interest					10,600,000
Acquisition, cash acquired					1,400,000
Acquisition, gain (loss) recognized					$ 0
Number of self-storage facilities acquired | property					18
Cash paid for acquisition					$ 120,000,000
Intangible value of the in-place leases					$ 14,300,000
Estimated life					12 months
Amortization expense										$ 3,600,000										4,800,000
Previous ownership percentage in real estate ventures (as a percent)					10.00%
Acquisition of remaining interest in real estate ventures (as a percent)					90.00%
Total consideration					$ 128,300,000
Amount of escrowed proceeds from sale of assets					8,300,000
Cash paid for acquisition of remaining interest in real estate ventures					$ 120,000,000
HVP III
Self-storage facilities
Number of self-storage facilities | property					18
Net proceeds from sale of assets						$ 82,900,000
Number of assets sold | property						50
Gain from sale of real estate, net						$ 106,700,000
Self Storage Facility in Queens, NY I
Self-storage facilities
Cash paid for acquisition			$ 9,000,000
Acquisition of remaining interest in real estate ventures (as a percent)			10.00%
Cash paid for acquisition of remaining interest in real estate ventures			$ 9,000,000
Acquisition of noncontrolling interest			22,600,000
Repayments of debt			$ 12,400,000
Self Storage Facility in Brooklyn, NY I
Self-storage facilities
Cash paid for acquisition				$ 18,500,000
Ownership interest held by the entity (as a percent)															90.00%
Number of joint ventures | item															2
Acquisition of remaining interest in real estate ventures (as a percent)				10.00%
Cash paid for acquisition of remaining interest in real estate ventures				$ 18,500,000
Self-storage Facility in Waltham, MA
Self-storage facilities
Cash paid for acquisition		$ 2,600,000
Ownership interest held by the entity (as a percent)		90.00%															100.00%
Number of facilities, construction completed and opened																				1
Total Construction Costs																				18,000,000
Acquisition of remaining interest in real estate ventures (as a percent)		10.00%
Cash paid for acquisition of remaining interest in real estate ventures		$ 2,600,000
Acquisition of noncontrolling interest		2,000,000
Repayments of debt		$ 10,500,000
Self-storage Facility in Bronx, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)														100.00%
Number of facilities, construction completed and opened														$ 1
Total Construction Costs														$ 92,100,000
Self-storage Facility in Queens, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)										100.00%
Number of facilities, construction completed and opened										$ 1
Total Construction Costs										$ 47,500,000
Self Storage Facility in Bayonne, NJ
Self-storage facilities
Ownership interest held by the entity (as a percent)										100.00%
Number of facilities, construction completed and opened										$ 1
Total Construction Costs										25,100,000
Option to put ownership interest in the venture							$ 37,800,000
Put option ownership percentage in joint venture exercised (as a percent)							49.00%
2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired																		6	24
Aggregate purchase price																				188,700,000
Intangible value of the in-place leases										240,000,000						$ 240,000,000	$ 240,000,000	$ 240,000,000	$ 240,000,000	240,000,000
Estimated life																12 months
Amortization expense										50,000,000										100,000,000
2019 Acquisitions | Self storage under construction
Self-storage facilities
Number of facilities under contract | property																		5
Deposit										3,000,000						$ 3,000,000	3,000,000	$ 3,000,000	3,000,000	3,000,000
Expected aggregate purchase or sales price										87,900,000						87,900,000	87,900,000	87,900,000	$ 87,900,000	87,900,000
2019 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Aggregate purchase price																				60,500,000
2019 Acquisitions | Maryland Asset March 2019
Self-storage facilities
Number of self-storage facilities acquired | facility																			1
Aggregate purchase price																				22,000,000
2018 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility																					10
Aggregate purchase price																					$ 227,518,000
2018 Acquisitions | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility																					1
2018 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | facility																					10
Aggregate purchase price																					$ 227,500,000
Cash paid for acquisition																					200,000
Intangible value of the in-place leases													11,300,000								$ 11,300,000
Estimated life																					12 months
Amortization expense										2,300,000										7,700,000
Number of properties, assumed mortgage | facility																					1
Assumed mortgage debt, at fair value													$ 7,200,000								$ 7,200,000
OP units issued (in shares) | shares																					168,011
Issuance of OP Shares																					$ 4,800,000
Cash paid for acquisition of remaining interest in real estate ventures																					$ 200,000
2019 Dispositions
Self-storage facilities
Gain from sale of real estate, net																				0
Expected aggregate purchase or sales price										4,100,000						4,100,000	4,100,000	4,100,000	$ 4,100,000	4,100,000
2018 Dispositions
Self-storage facilities
Number of Facilities, dispositions (in properties) | facility																					2
Aggregate sale price																					$ 17,502,000
2018 Dispositions | Arizona Asset
Self-storage facilities
Number of Facilities, dispositions (in properties) | facility									2												2
Aggregate sale price									$ 17,500,000												$ 17,502,000
Gain from sale of real estate, net									$ 10,600,000
Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Development costs										$ 72,400,000						$ 72,400,000	$ 72,400,000	$ 72,400,000	$ 72,400,000	72,400,000
Expected construction cost																				137,600,000
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired																			24		10
Aggregate purchase price																				$ 188,700,000	$ 227,500,000
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
Florida | 2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																		2
New York | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility																			2
Massachusetts | HVP III
Self-storage facilities
Number of self-storage facilities acquired | property					7
Massachusetts | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility																			1
Massachusetts | Real Estate Acquisitions Expected in 2019 | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility																			(1)
Maryland | 2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																		1
Virginia | Self storage under construction
Self-storage facilities
Number of facilities under contract | property																		1
Pennsylvania | Self storage under construction
Self-storage facilities
Number of facilities under contract | facility																			1
Arizona | 2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																		1
Georgia | HVP III
Self-storage facilities
Number of self-storage facilities acquired | property					1
Georgia | 2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																		1
North Carolina | HVP III
Self-storage facilities
Number of self-storage facilities acquired | property					1
South Carolina | HVP III
Self-storage facilities
Number of self-storage facilities acquired | property					7
South Carolina | 2019 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property																		1
Tennessee | HVP III
Self-storage facilities
Number of self-storage facilities acquired | property					2
Joint Venture | Self Storage Facility in Queens, NY I
Self-storage facilities
Minority ownership interest (as a percent)			0.00%
Joint Venture | Self-storage Facility in Waltham, MA
Self-storage facilities
Minority ownership interest (as a percent)		0.00%
Joint Venture | Self Storage Facility in Bayonne, NJ
Self-storage facilities
Ownership interest held by the entity (as a percent)													51.00%
Number of joint ventures | item													3
Option to put ownership interest in the venture	$ 15,200,000			$ 11,500,000
Put option ownership percentage in joint venture exercised (as a percent)	49.00%			49.00%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Jun. 06, 2019property	Jun. 05, 2019USD ($)propertyitem	Sep. 05, 2018USD ($)property	Jan. 31, 2018USD ($)	Dec. 15, 2016	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)property
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 88,812		$ 88,812		$ 95,796
Acquisitions of storage facilities								63,499	$ 83,399
Summary of results of operations of the real estate venture
Company's share of net income (loss)						152	$ (292)	10,940	(785)
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 2,131		$ 2,131		$ 2,411
Ownership interest in partnership (as a percent)						10.00%		10.00%
Number of storage facilities owned by investee | property								13		13
HHFNE | Secured Debt Due December 2019
Investment in Unconsolidated Real Estate Venture
Outstanding debt						$ 44,500		$ 44,500
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)					1.90%
HHFNE | LIBOR | Secured Debt Due December 2019
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)								1.90%
HVP III
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities										$ 9,183
Ownership interest in partnership (as a percent)						10.00%		10.00%
Number of storage facilities owned by investee | property										68
Number of assets sold | property		50
Aggregate sale price		$ 293,500
Number of mortgage loans | item		5
HVP III | Term Loan Facility
Investment in Unconsolidated Real Estate Venture
Outstanding debt		$ 22,900
HVP III | Credit Facility
Investment in Unconsolidated Real Estate Venture
Outstanding debt		179,500
Principal amount of debt		$ 185,500
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 19,999		$ 19,999		$ 14,791
Ownership interest in partnership (as a percent)						20.00%		20.00%
Number of storage facilities owned by investee | property								19		13
Number of properties to be acquired under the contract | property						2		2
Contract amount to purchase real estate						$ 34,300		$ 34,300
Contribution of storage property to real estate venture								1,200
HVP IV | Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Outstanding debt						82,200		82,200
Principal amount of debt						107,000		107,000
HVP IV | Secured Debt Due June 2024
Investment in Unconsolidated Real Estate Venture
Outstanding debt						40,500		$ 40,500
HVP IV | LIBOR | Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)								1.70%
HVP IV | LIBOR | Secured Debt Due June 2024
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)								2.75%
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 66,682		$ 66,682		$ 69,411
Ownership interest in partnership (as a percent)						50.00%		50.00%
Number of storage facilities owned by investee | property								35		35
Arizona | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								2
Maryland | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								1
Michigan | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		17
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								3
Connecticut | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								2
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								6
Minnesota | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of properties to be acquired under the contract | property						1		1
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								2
Tennessee | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		8
Florida | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		3
Florida | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								4
Texas
Investment in Unconsolidated Real Estate Venture
Cash paid for acquisition of remaining interest in real estate ventures				$ 200
Texas | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								7
Number of properties to be acquired under the contract | property						1		1
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								34
North Carolina | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		3
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								1
South Carolina | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		15
Georgia | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property		4
Georgia | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								2
Pennsylvania | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property								1
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 88,812		$ 88,812		$ 95,796
Number of storage facilities owned by investee | property								67		129
Assets
Storage facilities, net						521,701		$ 521,701		$ 741,209
Other assets						18,835		18,835		16,042
Total Assets						540,536		540,536		757,251
Liabilities and equity
Other liabilities						14,210		14,210		7,911
Debt						264,855		264,855		413,848
Equity
CubeSmart						88,812		88,812		95,796
Joint venture partner						172,659		172,659		239,696
Total liabilities and equity						540,536		540,536		$ 757,251
Summary of results of operations of the real estate venture
Total revenues						14,027	23,463	58,305	66,665
Operating expenses						(6,518)	(9,583)	(25,762)	(28,269)
Other expenses						(34)	(242)	(3,113)	(807)
Interest expense, net						(2,606)	(3,494)	(11,911)	(9,515)
Depreciation and amortization						(5,908)	(11,223)	(23,829)	(31,042)
Gain from sale of real estate								106,667
Net income (loss)						(1,039)	(1,079)	100,357	(2,968)
Company's share of net income (loss)						152	$ (292)	10,940	$ (785)
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 3,800		$ 3,800
HVP III
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)						90.00%		90.00%
Number of storage facilities owned by investee | property	18
Number of assets sold | property		50
Net proceeds from sale of assets		$ 82,900
Summary of results of operations of the real estate venture
Gain from sale of real estate		$ 106,700
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities						$ 22,600		$ 22,600
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained						$ 100,000		$ 100,000
Interest on real estate venture debt						3.59%		3.59%
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 5,000
Ownership interest in partnership (as a percent)			100.00%
Number of self-storage facilities acquired | property			22
Series A Preferred shares, percentage			11.00%
Capital Storage Partners, LLC | Florida
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			4
Capital Storage Partners, LLC | Texas
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			13
Capital Storage Partners, LLC | Oklahoma
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			5

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Sep. 30, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage loans and Notes payable
Less: Loan procurement costs, net				$ (4,284)		$ (963)
Total unsecured senior notes, net				1,489,483		1,143,524
Cubesmart, L P and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net				(4,284)		(963)
Total unsecured senior notes, net				1,489,483		1,143,524
Senior Notes
Mortgage loans and Notes payable
Carrying value				1,500,000		1,150,000
Less: Discount on issuance of notes, net				(2,635)		(568)
Less: Loan procurement costs, net				(7,882)		(5,908)
Total unsecured senior notes, net				$ 1,489,483		1,143,524
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio				0.60
Secured debt leverage ratio				0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio				1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)				150.00%
Senior notes 4.800% due 2022
Mortgage loans and Notes payable
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	$ 50,000		$ 250,000
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	$ 50,000	$ 250,000
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
Interest rate (as a percent)				3.125%
Carrying value				$ 300,000		300,000
Effective interest rate (as a percent)				3.18%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount					$ 350,000
Interest rate (as a percent)				4.375%	4.375%
Carrying value				$ 350,000
Effective interest rate (as a percent)				4.46%
Credit Facility
Mortgage loans and Notes payable
Less: Loan procurement costs, net						$ (201)

REVOLVING CREDIT FACILITY AND_3

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) - USD ($) $ in Thousands	Jun. 19, 2019	Apr. 04, 2017	Oct. 26, 2015	Dec. 17, 2013	Jun. 20, 2011	Sep. 30, 2019	Jan. 31, 2019	Dec. 31, 2018	Apr. 22, 2015
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization						$ 4,284		$ 963
Unsecured term loan								299,799
Less: Loan procurement costs, net						(4,284)		(963)
Term Loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Write off of unamortized cost	$ 100
Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan								100,000
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity						511,300
Outstanding letter of credit						$ 700
Effective weighted average interest rate (as a percent)						3.12%
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%
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity					$ 100,000
Term of debt instrument					7 years
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized	3,900
Loan procurement costs, net of amortization								201
Unsecured term loan								300,000
Less: Loan procurement costs, net								(201)
Total unsecured term loans, net								299,799
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio						1.50
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)						60.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity	$ 750,000								$ 500,000
Interest rate, basis spread (as a percent)						1.10%
Facility fee (as a percent)						0.15%
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount									$ 200,000
Unsecured term loan								$ 200,000
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount		$ 50,000		$ 250,000
Proceeds from senior notes		$ 50,000		$ 250,000
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
Debt amount		$ 50,000	$ 250,000
Proceeds from senior notes		$ 50,000	$ 250,000
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%
Senior Notes 4.375 % Due 2029
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount							$ 350,000
Interest rate (as a percent)						4.375%	4.375%
Effective interest rate (as a percent)						4.46%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (4,284)	$ (963)
Total mortgage loans and notes payable	96,810	108,246
Net book value of self-storage facilities	3,737,855	3,600,968
Mortgages
Mortgage loans and Notes payable
Carrying value	95,119	106,146
Plus: Unamortized fair value adjustment	2,010	2,551
Less: Loan procurement costs, net	(319)	(451)
Total mortgage loans and notes payable	96,810	108,246
Net book value of self-storage facilities	$ 207,400	231,000
YSI 33
Mortgage loans and Notes payable
Carrying value		9,214
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 7,861	8,022
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,760	2,816
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 21,674	22,041
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 24,260	24,893
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,326	2,363
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 30,737	31,171
Effective interest rate (as a percent)	3.51%
YSI 68
Mortgage loans and Notes payable
Carrying value	$ 5,501	$ 5,626
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, 2019	Dec. 31, 2018
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (4,284)	$ (963)
Total mortgage loans and notes payable, net	96,810	108,246
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2019	625
2020	12,791
2021	45,057
2022	923
2023	31,019
2024 and thereafter	4,704
Total mortgage payments	95,119	106,146
Plus: Unamortized fair value adjustment	2,010	2,551
Less: Loan procurement costs, net	(319)	(451)
Total mortgage loans and notes payable, net	$ 96,810	$ 108,246

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ (1,029)
Ending balance	(749)
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	(1,029)
Other comprehensive gain before reclassifications	230
Amounts reclassified from accumulated other comprehensive loss	50
Net current-period other comprehensive income	280
Ending balance	$ (749)

RISK MANAGEMENT AND USE OF FI_3

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jan. 24, 2019	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Derivative financial instruments
Fair Value		$ 0	$ 0
Settlement of hedge transactions			807
Realized losses reclassified from accumulated other comprehensive loss		$ 20	50
Amount estimated to be reclassified as an increase to interest expense			$ 100
Designated | Cash flow | Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Fair Value				(1,039)
Settlement of hedge transactions	$ 800
Designated | Cash flow | Hedge Product, Swap one
Derivative financial instruments
Notional Amount				75,000
Swap, Strike rate (as a percent)		2.8015%	2.8015%
Fair Value				(516)
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount				50,000
Swap, Strike rate (as a percent)		2.803%	2.803%
Fair Value				(350)
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount				25,000
Swap, Strike rate (as a percent)		2.802%	2.802%
Fair Value				$ (173)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Fair value of financial assets and liabilities carried at fair value
Derivative Assets	$ 0
Derivative Liabilities	0
Aggregate carrying value of total debt	1,824,300	$ 1,747,100
Estimated fair value of total debt	$ 1,926,000	1,731,900
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		1,039
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities		$ 1,039

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	May 30, 2019USD ($)	Mar. 07, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)facility	Dec. 31, 2018USD ($)	May 29, 2019USD ($)
Interests in Consolidated Real Estate Joint Ventures
Elimination of noncontrolling interest in subsidiaries due to acquisition			$ 2,618	$ 27,618	$ 10,000				$ 12,300	$ 300
Noncontrolling interests in subsidiaries			7,996						7,996	$ 6,771
Reduction to additional paid in capital			2,548		$ 4,828	$ 74	$ 105	$ 738
CS 2087 Hempstead Tpk LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member									6,600
Accretion liability									1,900
CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Percentage of the Variable Interest Entity sold	90.00%
Carrying amount of mortgage loans											$ 1,700
Proceeds from sales of facilities, net	$ 3,700
Note receivable	1,000
Amount of debt repaid	700
Increase (Decrease) Operating Lease Liability	(14,600)
Increase (decrease) in operating lease, right-of-use asset	$ (13,400)
CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member									10,000
Accretion liability									$ 9,400
Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Elimination of noncontrolling interest in subsidiaries due to acquisition		$ 10,000
Noncontrolling interests in subsidiaries		0
Reduction to additional paid in capital		9,700
Amount of debt repaid		12,200
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility									6
Total assets			87,803						$ 87,803
Total liabilities			16,810						$ 16,810
Period of option to call ownership interest of another member									1 year
Period of option to put ownership interest in venture									1 year
Payment made for acquisition of interest in real estate ventures		$ 4,800
VIE | CS Valley Forge Village Storage 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)									70.00%
Total assets			3,402						$ 3,402
Total liabilities			3						3
Amount of mortgage loan commitment			12,400						$ 12,400
VIE | Shirlington Rd II 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			8,548						$ 8,548
Total liabilities			2						$ 2
Percentage of interest acquired		10.00%
VIE | CS 2087 Hempstead Tpk 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			10,717						$ 10,717
Total liabilities			2,279						2,279
Option to put ownership interest in the venture									$ 6,600
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			9,585						$ 9,585
Total liabilities			3,060						3,060
Carrying amount of mortgage loans			1,800						1,800
Amount of mortgage loan commitment			12,100						$ 12,100
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			40,582						$ 40,582
Total liabilities			11,307						11,307
Option to put ownership interest in the venture									$ 10,000
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			14,969						$ 14,969
Total liabilities			$ 159						$ 159
Percentage of interest acquired		10.00%

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)		1.00%						1.00%	1.00%
Elimination of noncontrolling interest in subsidiaries due to acquisition		$ 2,618	$ 27,618	$ 10,000				$ 12,300	$ 300
Adjustment for noncontrolling interest in the Operating Partnership		$ (2,894)	(2,713)	(6,681)	$ 7,388	$ (8,323)	$ 1,169
Texas
Operating Partnership Ownership
OP units issued (in shares)	168,011
Issuance of OP Shares	$ 4,800
Total consideration	12,200
Cash paid for acquisition	200
Amount of mortgage loan commitment	$ 7,200
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
OP units outstanding (in shares)		1,865,570						1,865,570	1,945,570
Number of trading days used to determine average of the closing prices of the shares								10 days
Elimination of noncontrolling interest in subsidiaries due to acquisition		$ 2,618	27,618	10,000
Adjustment for noncontrolling interest in the Operating Partnership		$ (2,894)	$ (2,713)	$ (6,681)	$ 7,388	$ (8,323)	$ 1,169

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
LEASES
Lessor, Administrative and late fees income	$ 5,900	$ 17,000
Operating Lease, Income, Comprehensive Income [Extensible List]	cube:OtherpropertyRelatedIncomeMember	cube:OtherpropertyRelatedIncomeMember
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Lessee, Operating Lease, Existence of Option to Terminate [true false]		true
Operating lease right of use assets	$ 41,700	$ 41,700	$ 55,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember
Operating lease liabilities	$ 46,222	$ 46,222	$ 60,700
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease weighted-average remaining lease term (in years)	36 years 1 month 6 days	36 years 1 month 6 days
Operating lease weighted-average discount rate	4.74%	4.74%
Operating lease amount paid	$ 600	$ 1,900
Minimum
LEASES
Operating lease term (in years)	1 year	1 year
Operating lease renewal term (in years)	1 year	1 year
Maximum
LEASES
Operating lease term (in years)	45 years	45 years
Operating lease renewal term (in years)	69 years	69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
LEASES
Operating lease cost	$ 749	$ 2,558
Short-term lease cost	294	907
Total lease cost	$ 1,043	$ 3,465

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Future operating lease liability maturities
2019	$ 556	$ 556
2020	2,222	2,222
2021	2,279	2,279
2022	2,436	2,436
2023	2,500	2,500
2024 and thereafter	93,512	93,512
Total operating lease payments	103,505	103,505
Less: Imputed interest	(57,283)	(57,283)
Present value of operating lease liabilities	46,222	46,222	$ 60,700
Operating lease amount paid	$ 600	$ 1,900

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
State Specific Deceptive and Unfair Trade Practices Act [Member]
Commitments and contingencies line items
Loss contingency provision	$ 1.8

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
Management fees	$ 0.7	$ 1.2	$ 3.1	$ 3.2
Amounts due to the Company from related parties	11.1		11.1		$ 10.6
Mortgage loans receivable from consolidated joint ventures	1.8		1.8		$ 33.2
Ventures
RELATED PARTY TRANSACTIONS
Acquisition fees	$ 1.7	$ 0.1	$ 1.9	$ 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, 2019$ / shares	Sep. 30, 2018$ / shares	Sep. 30, 2019USD ($)facility$ / shares	Sep. 30, 2018USD ($)$ / shares	Dec. 31, 2018USD ($)property
Consolidated results of operations on a pro forma basis
Pro forma revenue | $			$ 486,100	$ 466,590
Pro forma income | $			$ 144,747	$ 114,310
Earnings per share from continuing operations:
Basic - as reported (in dollars per share)	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Diluted - as reported (in dollars per share)	$ 0.22	$ 0.23	0.67	0.63
Basic - as pro forma (in dollars per share)			0.76	0.62
Diluted - as pro forma (in dollars per share)			$ 0.75	$ 0.61
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired			24		10
Aggregate purchase price | $			$ 188,700		$ 227,500

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Oct. 25, 2019USD ($)facility	Oct. 11, 2019USD ($)	Oct. 07, 2019USD ($)facility	Jan. 31, 2018USD ($)
Texas
Subsequent Events
Total consideration				$ 12.2
Subsequent event | Texas
Subsequent Events
Number of self-storage facilities acquired | facility	1
Number of Facilities, dispositions (in properties) | facility			1
Total consideration	$ 7.3
Sale Price			$ 4.1
Subsequent event | Cubesmart, L P and Subsidiaries | Senior notes 3.000% due February, 15 2030
Subsequent Events
Senior notes, principal amount		$ 350
Interest rate (as a percent)		3.00%
Debt Instrument, Redemption Price, Percentage		99.623%
Debt Instrument, Interest Rate, Effective Percentage		3.043%
Proceeds from senior notes		$ 346.4

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Storage properties	$ 4,674,717	$ 4,463,455
Less: Accumulated depreciation	(936,862)	(862,487)
Storage properties, net (including VIE assets of $87,428 and $330,986, respectively)	3,737,855	3,600,968
Cash and cash equivalents	7,293	3,764
Restricted cash	5,555	2,718
Loan procurement costs, net of amortization	4,284	963
Investment in real estate venture, at equity	88,812	95,796
Assets held for sale	2,403
Other assets, net	104,128	48,763
Total assets	3,950,330	3,752,972
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,489,483	1,143,524
Revolving credit facility	237,980	195,525
Unsecured term loan		299,799
Mortgage loans and notes payable, net	96,810	108,246
Accounts payable, accrued expenses and other liabilities	150,532	149,914
Distributions payable	62,645	60,627
Deferred revenue	25,611	22,595
Security deposits	470	474
Liabilities held for sale	53
Total liabilities	2,063,584	1,980,704
Limited Partnership interests of third parties	65,108	55,819
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(749)	(1,029)
Total liabilities and equity	3,950,330	3,752,972
Cubesmart, L P and Subsidiaries
ASSETS
Storage properties	4,674,717	4,463,455
Less: Accumulated depreciation	(936,862)	(862,487)
Storage properties, net (including VIE assets of $87,428 and $330,986, respectively)	3,737,855	3,600,968
Cash and cash equivalents	7,293	3,764
Restricted cash	5,555	2,718
Loan procurement costs, net of amortization	4,284	963
Investment in real estate venture, at equity	88,812	95,796
Assets held for sale	2,403
Other assets, net	104,128	48,763
Total assets	3,950,330	3,752,972
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,489,483	1,143,524
Revolving credit facility	237,980	195,525
Unsecured term loan		299,799
Mortgage loans and notes payable, net	96,810	108,246
Accounts payable, accrued expenses and other liabilities	150,532	149,914
Distributions payable	62,645	60,627
Deferred revenue	25,611	22,595
Security deposits	470	474
Liabilities held for sale	53
Total liabilities	2,063,584	1,980,704
Limited Partnership interests of third parties	65,108	55,819
Capital
Operating Partner	1,814,391	1,710,707
Accumulated other comprehensive loss	(749)	(1,029)
Total CubeSmart, L.P. capital	1,813,642	1,709,678
Noncontrolling interests in subsidiaries	7,996	6,771
Total capital	1,821,638	1,716,449
Total liabilities and equity	$ 3,950,330	$ 3,752,972

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Storage facilities, net	$ 3,737,855	$ 3,600,968
VIE
Storage facilities, net	87,428	330,986
Cubesmart, L P and Subsidiaries
Storage facilities, net	3,737,855	3,600,968
Cubesmart, L P and Subsidiaries | VIE
Storage facilities, net	$ 87,428	$ 330,986

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Rental income	$ 142,207	$ 132,476	$ 409,826	$ 384,480
Total revenues	166,547	153,370	478,409	444,062
OPERATING EXPENSES
Property operating expenses	53,465	48,755	155,010	147,037
Depreciation and amortization	43,379	35,239	122,484	105,251
General and administrative	10,011	9,780	28,958	26,865
Total operating expenses	106,855	93,774	306,452	279,153
Interest:
Interest expense on loans	(18,207)	(15,191)	(53,858)	(45,797)
Loan procurement amortization expense	(687)	(578)	(2,082)	(1,735)
Equity in earnings (losses) of real estate ventures	152	(292)	10,940	(785)
Other	1,647	(233)	1,304	260
Total other expense	(17,095)	(16,294)	(43,696)	(48,057)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (426)	$ (476)	$ (1,283)	$ (1,285)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Weighted-average basic units outstanding (in units)	192,927	186,074	189,970	184,036
Weighted-average diluted units outstanding (in units)	193,817	186,916	190,774	184,829
Other Property Related Income
REVENUES
Property related income	$ 18,054	$ 15,494	$ 50,651	$ 44,788
Property Management Fee Income
REVENUES
Property related income	6,286	5,400	17,932	14,794
Cubesmart, L P and Subsidiaries
REVENUES
Rental income	142,207	132,476	409,826	384,480
Total revenues	166,547	153,370	478,409	444,062
OPERATING EXPENSES
Property operating expenses	53,465	48,755	155,010	147,037
Depreciation and amortization	43,379	35,239	122,484	105,251
General and administrative	10,011	9,780	28,958	26,865
Total operating expenses	106,855	93,774	306,452	279,153
Interest:
Interest expense on loans	(18,207)	(15,191)	(53,858)	(45,797)
Loan procurement amortization expense	(687)	(578)	(2,082)	(1,735)
Equity in earnings (losses) of real estate ventures	152	(292)	10,940	(785)
Other	1,647	(233)	1,304	260
Total other expense	(17,095)	(16,294)	(43,696)	(48,057)
NET INCOME	42,597	43,302	128,261	116,852
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	(17)	74	94	166
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	42,580	43,376	128,355	117,018
Operating Partnership interests of third parties	(426)	(476)	(1,283)	(1,285)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 42,154	$ 42,900	$ 127,072	$ 115,733
Basic earnings per unit attributable to common unitholders	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.23	$ 0.67	$ 0.63
Weighted-average basic units outstanding (in units)	192,927	186,074	189,970	184,036
Weighted-average diluted units outstanding (in units)	193,817	186,916	190,774	184,829
Cubesmart, L P and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 18,054	$ 15,494	$ 50,651	$ 44,788
Cubesmart, L P and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 6,286	$ 5,400	$ 17,932	$ 14,794

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive income (loss):
Unrealized gains on interest rate swaps			$ 232	$ 60
Reclassification of realized losses (gains) on interest rate swaps	$ 20		50	(60)
OTHER COMPREHENSIVE INCOME	20		282
COMPREHENSIVE INCOME	42,617	$ 43,302	128,543	116,852
Comprehensive income attributable to Operating Partnership interests of third parties	(426)	(476)	(1,285)	(1,289)
Comprehensive (income) loss attributable to noncontrolling interests in subsidiaries	(17)	74	94	166
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	42,174	42,900	127,352	115,729
Cubesmart, L P and Subsidiaries
NET INCOME	42,597	43,302	128,261	116,852
Other comprehensive income (loss):
Unrealized gains on interest rate swaps			232	60
Reclassification of realized losses (gains) on interest rate swaps	20		50	(60)
OTHER COMPREHENSIVE INCOME	20		282
COMPREHENSIVE INCOME	42,617	43,302	128,543	116,852
Comprehensive income attributable to Operating Partnership interests of third parties	(426)	(476)	(1,285)	(1,289)
Comprehensive (income) loss attributable to noncontrolling interests in subsidiaries	(17)	74	94	166
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 42,174	$ 42,900	$ 127,352	$ 115,729

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership			$ 55,819				$ 55,819
Contributions from noncontrolling interests in subsidiaries	$ 2,548		4,828	$ 74	$ 105	$ 738
Distributions paid to noncontrolling interests in subsidiaries	(68)	$ (8)	(66)	(54)	(80)
Acquisition of noncontrolling interest in subsidiary	(2,618)	(27,618)	(10,000)				(12,300)	$ (300)
Adjustment for Operating Partnership interests of third parties	(2,894)	(2,713)	(6,681)	7,388	(8,323)	1,169
Net income (loss)	42,171	49,379	35,428	42,826	38,325	34,416
Other comprehensive income, net	20	20	240		126	276
Balance of Noncontrolling Interests in the Operating Partnership	65,108						65,108	55,819
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	62,385	60,414	55,819	64,512	57,705	54,320	55,819	54,320
Issuance of OP units				1,460		4,782
Adjustment for Operating Partnership interests of third parties	2,894	2,713	6,681	(7,388)	8,323	(1,169)
Net income (loss)	426	499	358	476	426	383
Other comprehensive income, net			2		1	3
Balance of Noncontrolling Interests in the Operating Partnership	65,108	62,385	60,414	58,446	64,512	57,705	65,108	55,819
Cubesmart, L P and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	$ 1,779,986	1,708,560	1,716,449	1,693,438	1,617,329	1,635,370	1,716,449	1,635,370
Balance (in units)	191,626
Balance of Noncontrolling Interests in the Operating Partnership			55,819				55,819
Contributions from noncontrolling interests in subsidiaries	$ 2,548		4,828	74	105	738
Distributions paid to noncontrolling interests in subsidiaries	(68)	(8)	(66)	(54)	(80)
Acquisition of noncontrolling interest in subsidiary	(2,618)	(27,618)	(10,000)
Preferred OP unit redemption						(44)
Issuance of common OP units	61,232	$ 110,521	24,580	12,913	95,466
Issuance of common OP units (in units)		3,353
Issuance of common OP units						(44)
Issuance of restricted OP units						1
Issuance of restricted OP units (in units)		31
Conversion from OP units to shares		$ 644	1,842		1,342
Conversion from OP units to shares (in units)		20
Exercise of OP unit options	1,655	$ 962	1,049	52	3,781	2
Exercise of OP unit options (in units)		85
Amortization of restricted OP units	1,214	$ 1,231	798	970	865	(242)
OP unit compensation expense	440	439	468	387	344	423
Adjustment for Operating Partnership interests of third parties	(2,894)	(2,713)	(6,681)	7,388	(8,323)	1,169
Net income (loss)	42,171	49,379	35,428	42,826	38,325	34,416
Other comprehensive income, net	20	20	240		126	276
Common OP unit distributions	(62,048)	(61,431)	(60,375)	(55,972)	(55,842)	(54,780)
Balance	1,821,638	$ 1,779,986	1,708,560	1,702,022	1,693,438	1,617,329	1,821,638	1,716,449
Balance (in units)		191,626
Balance of Noncontrolling Interests in the Operating Partnership	65,108						65,108	55,819
Cubesmart, L P and Subsidiaries | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	62,385	$ 60,414	55,819	64,512	57,705	54,320	55,819	54,320
Issuance of OP units				1,460		4,782
Conversion from OP units to shares		(644)	(1,842)		(1,342)
Adjustment for Operating Partnership interests of third parties	2,894	2,713	6,681	(7,388)	8,323	(1,169)
Net income (loss)	426	499	358	476	426	383
Other comprehensive income, net			2		1	3
Common OP unit distributions	(597)	(597)	(604)	(614)	(601)	(614)
Balance of Noncontrolling Interests in the Operating Partnership	65,108	62,385	60,414	58,446	64,512	57,705	65,108	55,819
Cubesmart, L P and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,773,889	1,697,369	1,709,678	1,686,531	1,610,362	1,629,134	1,709,678	1,629,134
Acquisition of noncontrolling interest in subsidiary	(2,020)	(22,573)	(9,728)
Preferred OP unit redemption						(44)
Issuance of common OP units	61,232	110,521	24,580	12,913	95,466
Issuance of common OP units						(44)
Issuance of restricted OP units						1
Conversion from OP units to shares		644	1,842		1,342
Exercise of OP unit options	1,655	962	1,049	52	3,781	2
Amortization of restricted OP units	1,214	1,231	798	970	865	(242)
OP unit compensation expense	440	439	468	387	344	423
Adjustment for Operating Partnership interests of third parties	(2,894)	(2,713)	(6,681)	7,388	(8,323)	1,169
Net income (loss)	42,154	49,420	35,498	42,900	38,410	34,423
Other comprehensive income, net	20	20	240		126	276
Common OP unit distributions	(62,048)	(61,431)	(60,375)	(55,972)	(55,842)	(54,780)
Balance	1,813,642	1,773,889	1,697,369	1,695,169	1,686,531	1,610,362	1,813,642	1,709,678
Cubesmart, L P and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	1,774,658	$ 1,698,158	$ 1,710,707	$ 1,686,531	$ 1,610,083	$ 1,629,131	$ 1,710,707	$ 1,629,131
Balance (in units)		188,137	187,145	185,877	182,280	182,216	187,145	182,216
Acquisition of noncontrolling interest in subsidiary	(2,020)	$ (22,573)	$ (9,728)
Preferred OP unit redemption						$ (44)
Issuance of common OP units	$ 61,232	110,521	$ 24,580	$ 12,913	$ 95,466
Issuance of common OP units (in units)	1,773		773	420	3,134
Issuance of common OP units						(44)
Issuance of restricted OP units						$ 1
Issuance of restricted OP units (in units)	1		19	1	20	64
Conversion from OP units to shares		644	$ 1,842		$ 1,342
Conversion from OP units to shares (in units)			60		44
Exercise of OP unit options	$ 1,655	962	$ 1,049	$ 52	$ 3,781	$ 2
Exercise of OP unit options (in units)	154		140	6	399
Amortization of restricted OP units	$ 1,214	1,231	$ 798	$ 970	$ 865	(242)
OP unit compensation expense	440	439	468	387	344	423
Adjustment for Operating Partnership interests of third parties	(2,894)	(2,713)	(6,681)	7,388	(8,323)	1,169
Net income (loss)	42,154	49,420	35,498	42,900	38,410	34,423
Other comprehensive income, net					405
Common OP unit distributions	(62,048)	(61,431)	(60,375)	(55,972)	(55,842)	(54,780)
Balance	$ 1,814,391	1,774,658	$ 1,698,158	$ 1,695,169	$ 1,686,531	$ 1,610,083	$ 1,814,391	$ 1,710,707
Balance (in units)	193,554		188,137	186,304	185,877	182,280	193,554	187,145
Cubesmart, L P and Subsidiaries | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (769)	(789)	$ (1,029)		$ 279	$ 3	$ (1,029)	$ 3
Other comprehensive income, net	20	20	240		(279)	276
Balance	(749)	(769)	(789)			279	(749)	(1,029)
Cubesmart, L P and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	6,097	11,191	6,771	$ 6,907	6,967	6,236	6,771	6,236
Contributions from noncontrolling interests in subsidiaries	2,548		4,828	74	105	738
Distributions paid to noncontrolling interests in subsidiaries	(68)	(8)	(66)	(54)	(80)
Acquisition of noncontrolling interest in subsidiary	(598)	(5,045)	(272)
Net income (loss)	17	(41)	(70)	(74)	(85)	(7)
Balance	$ 7,996	$ 6,097	$ 11,191	$ 6,853	$ 6,907	$ 6,967	$ 7,996	$ 6,771

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Cubesmart, L P and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.30	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Operating Activities
Net income	$ 128,261	$ 116,852
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	124,566	106,986
Equity in (earnings) losses of real estate ventures	(10,940)	785
Equity compensation expense	4,990	4,196
Accretion of fair market value adjustment of debt	(541)	(553)
Changes in other operating accounts:
Other assets	(8,094)	(5,765)
Accounts payable and accrued expenses	19,336	10,821
Other liabilities	2,274	1,240
Net cash provided by operating activities	259,852	234,562
Investing Activities
Acquisitions of storage facilities	(63,499)	(83,399)
Additions and improvements to storage properties	(28,520)	(19,174)
Development costs	(94,251)	(69,715)
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired	(117,959)
Investment in real estate ventures	(6,558)	(19,154)
Net cash used in investing activities	(305,274)	(185,023)
Cash distributed from real estate ventures	5,513	6,419
Proceeds from:
Unsecured senior notes	347,746
Revolving credit facility	856,011	452,460
Principal payments on:
Revolving credit facility	(917,494)	(439,910)
Unsecured term loans	(200,000)
Mortgage loans and notes payable	(11,027)	(9,137)
Loan procurement costs	(3,104)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary	(35,408)
Cash paid upon vesting of restricted OP units	(400)	(1,449)
Contributions from noncontrolling interests in subsidiaries	48	917
Distributions paid to noncontrolling interests in subsidiaries	(142)	(134)
Distributions paid to common OP unitholders	(181,811)	(165,357)
Net cash provided by (used in) financing activities	51,788	(52,218)
Cash paid for acquisition of noncontrolling interest	(35,408)
Change in cash, cash equivalents, and restricted cash	6,366	(2,679)
Cash, cash equivalents, and restricted cash at beginning of period	6,482	9,158
Cash, cash equivalents, and restricted cash at end of period	12,848	6,479
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,176	48,794
Supplemental disclosure of noncash activities:
Proceeds held in escrow from real estate venture's sale of real estate (see note 4)	8,288
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4)	(8,288)
Discount on issuance of unsecured senior notes	2,254
Noncash drawdown on revolving credit facility	103,938
Mortgage loan assumptions		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	4,671	20,877
Derivative valuation adjustment	(282)	(406)
Loan procurement costs	(3,770)
Issuance of OP units		(6,242)
Acquisition of noncontrolling interest in subsidiary	(4,828)
Contributions from noncontrolling interests in subsidiaries	7,328
Cubesmart, L P and Subsidiaries
Operating Activities
Net income	128,261	116,852
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	124,566	106,986
Equity in (earnings) losses of real estate ventures	(10,940)	785
Equity compensation expense	4,990	4,196
Accretion of fair market value adjustment of debt	(541)	(553)
Changes in other operating accounts:
Other assets	(8,094)	(5,765)
Accounts payable and accrued expenses	19,336	10,821
Other liabilities	2,274	1,240
Net cash provided by operating activities	259,852	234,562
Investing Activities
Acquisitions of storage facilities	(63,499)	(83,399)
Additions and improvements to storage properties	(28,520)	(19,174)
Development costs	(94,251)	(69,715)
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired	(117,959)
Investment in real estate ventures	(6,558)	(19,154)
Cash distributed from real estate ventures	5,513	6,419
Net cash used in investing activities	(305,274)	(185,023)
Proceeds from:
Unsecured senior notes	347,746
Revolving credit facility	856,011	452,460
Principal payments on:
Revolving credit facility	(917,494)	(439,910)
Unsecured term loans	(200,000)
Mortgage loans and notes payable	(11,027)	(9,137)
Loan procurement costs	(3,104)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary	(35,408)
Proceeds from issuance of common OP units	196,333	108,336
Cash paid upon vesting of restricted OP units	(400)	(1,449)
Exercise of OP unit options	3,666	3,835
Contributions from noncontrolling interests in subsidiaries	48	917
Distributions paid to noncontrolling interests in subsidiaries	(142)	(134)
Distributions paid to common OP unitholders	(183,634)	(167,136)
Net cash provided by (used in) financing activities	51,788	(52,218)
Cash paid for acquisition of noncontrolling interest	(35,408)
Change in cash, cash equivalents, and restricted cash	6,366	(2,679)
Cash, cash equivalents, and restricted cash at beginning of period	6,482	9,158
Cash, cash equivalents, and restricted cash at end of period	12,848	6,479
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	53,176	48,794
Supplemental disclosure of noncash activities:
Proceeds held in escrow from real estate venture's sale of real estate (see note 4)	8,288
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4)	(8,288)
Discount on issuance of unsecured senior notes	2,254
Noncash drawdown on revolving credit facility	103,938
Mortgage loan assumptions		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	4,671	20,877
Derivative valuation adjustment	282	406
Loan procurement costs	(3,770)
Issuance of OP units		$ 6,242
Acquisition of noncontrolling interest in subsidiary	(4,828)
Contributions from noncontrolling interests in subsidiaries	$ 7,328