CubeSmart 10-K 21 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 19, 2020	Jun. 28, 2019
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Road
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 6,407,986,013
Entity Common Stock, Shares Outstanding		193,582,271
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001298675
Amendment Flag	false
Cubesmart, L P and Subsidiaries
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Road
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Entity Public Float			$ 62,384,661
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Storage properties	$ 4,699,844	$ 4,463,455
Less: Accumulated depreciation	(925,359)	(862,487)
Storage properties, net (including VIE assets of $92,612 and $330,986, respectively)	3,774,485	3,600,968
Cash and cash equivalents	54,857	3,764
Restricted cash	3,584	2,718
Loan procurement costs, net of amortization	4,059	963
Investment in real estate venture, at equity	91,117	95,796
Other assets, net	101,443	48,763
Total assets	4,029,545	3,752,972
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,835,725	1,143,524
Revolving credit facility		195,525
Unsecured term loans, net		299,799
Mortgage loans and notes payable, net	96,040	108,246
Accounts payable, accrued expenses and other liabilities	137,880	149,914
Distributions payable	64,688	60,627
Deferred revenue	25,313	22,595
Security deposits	475	474
Total liabilities	2,160,121	1,980,704
Noncontrolling interests in the Operating Partnership	62,088	55,819
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 193,557,024 and 187,145,103 shares issued and outstanding at December 31, 2019 and 2018, respectively	1,936	1,871
Additional paid in capital	2,674,745	2,500,751
Accumulated other comprehensive loss	(729)	(1,029)
Accumulated deficit	(876,606)	(791,915)
Total CubeSmart shareholders' equity	1,799,346	1,709,678
Noncontrolling interests in subsidiaries	7,990	6,771
Total equity	1,807,336	1,716,449
Total liabilities and capital	$ 4,029,545	$ 3,752,972

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Storage properties	$ 3,774,485	$ 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	193,557,024	187,145,103
Common shares, shares outstanding	193,557,024	187,145,103
VIE
Storage properties	$ 92,612	$ 330,986

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Rental income									$ 552,404	$ 517,535	$ 489,043
Total revenues	$ 165,506	$ 166,547	$ 159,017	$ 152,845	$ 153,882	$ 153,370	$ 147,815	$ 142,877	643,915	597,944	558,943
OPERATING EXPENSES
Property operating expenses									209,739	196,866	181,508
Depreciation and amortization									163,547	143,350	145,681
General and administrative									38,560	37,712	34,745
Acquisition related costs											1,294
Total operating expenses	105,394	106,855	100,583	99,014	98,775	93,774	92,915	92,464	411,846	377,928	363,228
Interest:
Interest expense on loans									(72,525)	(62,132)	(56,952)
Loan procurement amortization expense									(2,819)	(2,313)	(2,638)
Equity in earnings (losses) of real estate ventures									11,122	(865)	(1,386)
Gain from sale of real estate, net									1,508	10,576
Other									1,416	206	872
Total other expense									(61,298)	(54,528)	(60,104)
NET INCOME	$ 42,510	$ 42,597	$ 49,878	$ 35,786	$ 48,636	$ 43,302	$ 38,751	$ 34,799	170,771	165,488	135,611
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership									(1,708)	(1,820)	(1,593)
Noncontrolling interest in subsidiaries									54	221	270
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 169,117	$ 163,889	$ 134,288
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.89	$ 0.89	$ 0.74
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.88	$ 0.88	$ 0.74
Weighted average basic shares outstanding (in shares)									190,874	184,653	180,525
Weighted average diluted shares outstanding (in shares)									191,576	185,495	181,448
Other Property Related Income
REVENUES
Property related income									$ 67,558	$ 60,156	$ 55,001
Property Management Fee Income
REVENUES
Property related income									$ 23,953	$ 20,253	$ 14,899

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 42,510	$ 42,597	$ 49,878	$ 35,786	$ 48,636	$ 43,302	$ 38,751	$ 34,799	$ 170,771	$ 165,488	$ 135,611
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps									232	(979)	195
Reclassification of realized losses (gains) on interest rate swaps									70	(60)	1,680
OTHER COMPREHENSIVE INCOME (LOSS)									302	(1,039)	1,875
COMPREHENSIVE INCOME									171,073	164,449	137,486
Comprehensive income attributable to noncontrolling interests in the Operating Partnership									(1,710)	(1,814)	(1,615)
Comprehensive loss attributable to noncontrolling interests in subsidiaries									54	221	270
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY									$ 169,417	$ 162,856	$ 136,141

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 2016	$ 1,655,382	$ 1,801	$ 2,314,014	$ (1,850)	$ (658,583)	$ 5,855		$ 1,661,237
Balance (in shares) at Dec. 31, 2016		180,083
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2016							$ 54,407
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						1,058		1,058
Acquisition of noncontrolling interest in subsidiary	(8,626)		(8,626)			(407)		(9,033)
Issuance of common shares	29,642	$ 10	29,632					29,642
Issuance of common shares (in shares)		1,036
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		106
Issuance of OP units							12,324
Conversion from units to shares	15,706	$ 6	15,700				(15,706)	15,706
Conversion from units to shares (in shares)		594
Exercise of stock options	2,364	$ 4	2,360					2,364
Exercise of stock options (in shares)		397
Amortization of restricted shares	2,009		2,009					2,009
Share compensation expense	1,531		1,531					1,531
Adjustment for noncontrolling interest in the Operating Partnership	(3,965)				(3,965)		3,965	(3,965)
Net income (loss)	134,288				134,288	(270)		134,018
Net income (loss)							1,593
Other comprehensive income, net	1,853			1,853				1,853
Other comprehensive income, net							22
Common share distributions	(201,051)				(201,051)		(2,285)	(201,051)
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						925		925
Distributions paid to noncontrolling interests in subsidiaries						(169)		(169)
Issuance of common shares	131,829	$ 43	131,786					131,829
Issuance of common shares (in shares)		4,291
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		86
Issuance of OP units							6,242
Conversion from units to shares	4,404	$ 1	4,403				(4,404)	4,404
Conversion from units to shares (in shares)		147
Exercise of stock options	3,835	$ 4	3,831					3,835
Exercise of stock options (in shares)		405
Amortization of restricted shares	2,570		2,570					2,570
Share compensation expense	1,541		1,541					1,541
Adjustment for noncontrolling interest in the Operating Partnership	(299)				(299)		299	(299)
Net income (loss)	163,889				163,889	(221)		163,668
Net income (loss)							1,820
Other comprehensive income, net	(627)			(1,032)	405			(627)
Other comprehensive income, net							(6)
Common share distributions	(226,599)				(226,599)		(2,452)	(226,599)
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						7,376		7,376
Distributions paid to noncontrolling interests in subsidiaries						(188)		(188)
Acquisition of noncontrolling interest in subsidiary	(34,690)		(34,690)			(5,915)		(40,605)
Issuance of common shares	196,304	$ 60	196,244					196,304
Issuance of common shares (in shares)		5,899
Issuance of restricted shares (in shares)		52
Issuance of OP units							3,576
Conversion from units to shares	2,486	$ 1	2,485				(2,486)	2,486
Conversion from units to shares (in shares)		80
Exercise of stock options	3,686	$ 4	3,682					3,686
Exercise of stock options (in shares)		381
Amortization of restricted shares	4,487		4,487					4,487
Share compensation expense	1,786		1,786					1,786
Adjustment for noncontrolling interest in the Operating Partnership	(5,918)				(5,918)		5,918	(5,918)
Net income (loss)	169,117				169,117	(54)		169,063
Net income (loss)							1,708
Other comprehensive income, net	300			300				300
Other comprehensive income, net							2
Common share distributions	(247,890)				(247,890)		(2,449)	(247,890)
Balance at Dec. 31, 2019	$ 1,799,346	$ 1,936	$ 2,674,745	$ (729)	$ (876,606)	$ 7,990		1,807,336
Balance (in shares) at Dec. 31, 2019		193,557
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2019							$ 62,088	$ 62,088

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 1.29	$ 1.22	$ 1.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income	$ 170,771	$ 165,488	$ 135,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	166,366	145,663	148,319
Equity in (earnings) losses of real estate ventures	(11,122)	865	1,386
Gains from sale of real estate, net	(1,508)	(10,576)
Equity compensation expense	6,694	5,572	5,586
Accretion of fair market value adjustment of debt	(718)	(735)	(559)
Changes in other operating accounts:
Other assets	(6,578)	(4,937)	(10,429)
Accounts payable and accrued expenses	6,042	2,653	10,846
Other liabilities	1,821	342	1,154
Net cash provided by operating activities	331,768	304,335	291,914
Investing Activities
Acquisitions of storage properties	(117,998)	(214,510)	(69,629)
Additions and improvements to storage properties	(37,569)	(27,626)	(27,378)
Development costs	(102,826)	(86,002)	(68,778)
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	(10,264)	(19,216)	(301)
Cash distributed from real estate ventures	7,096	8,706	15,783
Proceeds from sale of real estate, net	3,856	16,389
Net cash used in investing activities	(375,664)	(322,259)	(150,303)
Proceeds from:
Unsecured senior notes	696,426		103,192
Revolving credit facility	859,313	679,535	628,400
Principal payments on:
Revolving credit facility	(1,158,776)	(565,710)	(590,000)
Unsecured term loans	(200,000)		(100,000)
Mortgage loans and notes payable	(11,652)	(9,816)	(8,666)
Loan procurement costs	(6,023)		(953)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary, net	(35,777)		(9,033)
Proceeds from issuance of common shares, net	196,304	131,830	29,643
Cash paid upon vesting of restricted shares	(421)	(1,461)	(2,046)
Exercise of stock options	3,686	3,835	2,364
Contributions from noncontrolling interests in subsidiaries	48	925	1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)	(169)
Distributions paid to common shareholders	(243,859)	(221,328)	(195,006)
Distributions paid to noncontrolling interests in Operating Partnership	(2,419)	(2,393)	(2,272)
Net cash provided by (used in) financing activities	95,855	15,248	(143,319)
Change in cash, cash equivalents and restricted cash	51,959	(2,676)	(1,708)
Cash, cash equivalents and restricted cash at beginning of year	6,482	9,158	10,866
Cash, cash equivalents and restricted cash at end of year	58,441	6,482	9,158
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	69,283	66,829	63,407
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	3,574
Noncash drawdown on revolving credit facility	(103,938)
Mortgage loan assumptions		7,166	6,201
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	5,895	24,747	35,122
Derivative valuation adjustment	302	(633)	1,875
Loan procurement costs	(3,770)
Issuance of OP units	3,576	$ 6,242	12,324
Liability for acquisition of storage property			1,470
Contribution of storage property to real estate venture			$ 9,400
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	12 Months Ended
	Dec. 31, 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 December 31, 2019, the Company owned self-storage properties located in the District of Columbia and 24 states throughout the United States which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. ​ As of December 31, 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	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Principles of Consolidation ​ The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. ​ When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. ​ The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. ​ Noncontrolling Interests ​ The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. ​ However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. ​ The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2019, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $5.9 million as of December 31, 2019. Disclosure of such redemption provisions is provided in note 12. ​ Estimates ​ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results. ​ Self-Storage Properties ​ Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development. ​ Purchase Price Allocation ​ When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. ​ Depreciation and Amortization ​ The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years . ​ Impairment of Long-Lived Assets ​ We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2019, 2018 and 2017. ​ Long-Lived Assets Held for Sale ​ We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year , (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. ​ Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. There were no stores classified as held for sale as of December 31, 2019. ​ Cash and Cash Equivalents ​ Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. ​ Restricted Cash ​ Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement and expense reserves in connection with the requirements of our loan agreements. ​ Loan Procurement Costs ​ Loan procurement costs related to borrowings were $31.5 million and $21.5 million as of December 31, 2019 and 2018, respectively, and are reported net of accumulated amortization of $12.9 million and $13.4 million as of December 31, 2019 and 2018, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. ​ Other Assets ​ Other assets are comprised of the following as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 ​ ​ (in thousands) ​ Intangible assets, net of accumulated amortization of $10,170 and $3,124 ​ $ 10,283 ​ $ 8,145 ​ Accounts receivable, net ​ 6,386 ​ 5,672 ​ Prepaid property taxes ​ 4,706 ​ 4,406 ​ Prepaid insurance ​ 2,191 ​ 1,479 ​ Amounts due from affiliates (see note 14) ​ ​ 10,450 ​ ​ 10,584 ​ Assets held in trust related to deferred compensation arrangements ​ ​ 13,280 ​ ​ 9,645 ​ Right-of-use assets (see note 13) ​ ​ 41,698 ​ ​ — ​ Equity investment recorded at cost (1) ​ ​ 5,000 ​ ​ 5,000 ​ Other ​ 7,449 ​ 3,832 ​ Total other assets, net ​ $ 101,443 ​ $ 48,763 ​ ​ (1) 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 (“Capital Storage”), 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. ​ Environmental Costs ​ Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party. ​ Revenue Recognition ​ Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. ​ The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. ​ Advertising and Marketing Costs ​ The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred ​ Equity Offering Costs ​ Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $2.1 million, $1.6 million and $0.6 million, respectively, of equity offering costs related to the issuance of common shares. ​ Other Property Related Income ​ Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned. ​ Capitalized Interest ​ The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2019, 2018 and 2017, the Company capitalized ​ Derivative Financial Instruments ​ The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating ​ Income Taxes ​ The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. ​ Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $3,909.1 million and $3,645.7 million as of December 31, 2019 and 2018, respectively. ​ Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2019 consisted of a 78.413% ordinary income distribution, a 5.207% capital gain distribution and a 16.380% return of capital distribution from earnings and profits. ​ The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2019, 2018 or 2017. ​ Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $0.7 million and $1.4 million as of December 31, 2019 and 2018, respectively. ​ Earnings per Share and Unit ​ Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were ​ Share-Based Payments ​ We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. ​ Investments in Unconsolidated Real Estate Ventures ​ The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were ​ Recent Accounting Pronouncements ​ ​ In June 2016, the FASB issued ASU No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020 and is not expected to 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. 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 also elected the practical expedient provided to lessors in a subsequent amendment to the standard that removed the requirement to separate lease and nonlease components, provided certain conditions were met. Refer to note 13 for the impact of the adoption of ASU No. 2016-02 – Leases (Topic 842) on the Company’s consolidated financial statements. ​ Concentration of Credit Risk ​ The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in Florida, New York, Texas and California provided approximately 16%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2019. The stores in Florida, New York, Texas and California provided approximately 17%, 16%, 10% and 8%, respectively, of the Company’s total revenues for each of the years ended December 31, 2018 and 2017.

STORAGE PROPERTIES

STORAGE PROPERTIES	12 Months Ended
	Dec. 31, 2019
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2018 ​ ​ ​ (in thousands) ​ Land ​ $ 858,541 ​ $ 806,916 ​ Buildings and improvements ​ 3,619,594 ​ 3,343,173 ​ Equipment ​ 128,111 ​ 176,583 ​ Construction in progress ​ 93,598 ​ 136,783 ​ Storage properties ​ 4,699,844 ​ 4,463,455 ​ Less: Accumulated depreciation ​ (925,359) ​ (862,487) ​ Storage properties, net ​ $ 3,774,485 ​ $ 3,600,968 ​ ​ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Texas Asset ​ Texas Markets - Major ​ October 2019 ​ 1 ​ ​ 7,300 ​ Florida Assets ​ Florida Markets - Other ​ November 2019 ​ 3 ​ ​ 32,100 ​ California Asset ​ Los Angeles ​ December 2019 ​ 1 ​ ​ 18,500 ​ ​ ​ ​ ​ ​ ​ 29 ​ $ 246,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Disposition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ Texas Markets - Major ​ October 2019 ​ 1 ​ $ 4,146 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 4,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Asset ​ Chicago ​ April 2017 ​ 1 ​ $ 11,200 ​ Maryland Asset ​ Baltimore / DC ​ May 2017 ​ 1 ​ ​ 18,200 ​ California Asset ​ Sacramento ​ May 2017 ​ 1 ​ ​ 3,650 ​ Texas Asset ​ Texas Markets - Major ​ October 2017 ​ 1 ​ ​ 4,050 ​ Florida Asset ​ Florida Markets - Other ​ October 2017 ​ 1 ​ ​ 14,500 ​ Illinois Asset ​ Chicago ​ November 2017 ​ 1 ​ ​ 11,300 ​ Florida Asset ​ Florida Markets - Other ​ December 2017 ​ 1 ​ ​ 17,750 ​ ​ ​ ​ ​ ​ ​ 7 ​ $ 80,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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	12 Months Ended
	Dec. 31, 2019
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY ​ 2019 Acquisitions ​ During the year ended December 31, 2019, the Company acquired 11 stores located in Arizona (1) , California (1) , Florida (5) , Georgia (1) , Maryland (1) , South Carolina (1) and Texas (1) for an aggregate purchase price of approximately $118.3 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 $6.2 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 2019 was approximately $1.9 million. In connection with one of the acquisitions, the Company paid $14.9 million of cash and issued OP Units that were valued at approximately $3.6 million as consideration for the purchase price (see note 12). ​ 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 2019 was approximately $8.3 million. ​ The following table summarizes the Company’s revenue and earnings associated with the 2019 acquisitions from the respective acquisition dates, that are included in the consolidated statements of operations for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ ​ (in thousands) ​ Total revenue ​ $ 11,130 ​ Net loss ​ (6,020) ​ ​ As of December 31, 2019, the Company had made aggregate deposits of $2.6 million associated with two stores that were under contract to be acquired for an aggregate acquisition price of $57.5 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. ​ 2019 Disposition ​ On October 7, 2019, the Company sold a self-storage property located in Texas for a sales price of $4.1 million. The Company recorded a $1.5 million gain in connection with the sale. ​ Development Activity ​ As of December 31, 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 December 31, 2019, development costs incurred to date for these projects totaled $77.7 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 since January 1, 2017. 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 Brooklyn, NY (2) ​ 1 ​ Q4 2017 ​ 100% ​ ​ 49,300 Washington, D.C. ​ 1 ​ Q3 2017 ​ 100% ​ ​ 27,800 New York, NY (1) ​ 1 ​ Q3 2017 ​ 100% ​ ​ 81,200 North Palm Beach, FL ​ 1 ​ Q1 2017 ​ 100% ​ ​ 9,700 ​ ​ 8 ​ ​ ​ ​ ​ $ 350,700 ​ (1) On September 18, 2017 and August 8, 2019, the Company, through two separate joint ventures in which the Company owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in New York, NY and a store located in Waltham, MA, 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 September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Waltham, MA store for $2.6 million. Prior to these transactions, the noncontrolling member’s 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 venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. 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 $16.1 million, 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 in the venture that owns the Waltham, MA store, 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 four separate consolidated joint ventures, in which the Company held a 51% ownership interest in each. On March 28, 2018, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $20.4 million. 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 store is subject to a ground lease. ​ During the fourth quarter of 2015, the Company, through two separate joint ventures in which the Company owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY and a store located in Queens, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture that owed the Brooklyn, NY store, and on June 28, 2019 , the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Queens, NY store, each for $9.0 million. Prior to these transactions, the noncontrolling member’s 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 venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. 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 $17.1 million, 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 in each venture, the $9.8 million and $12.4 million related party loans extended by the Company to the ventures during the construction period for the Brooklyn, NY store and the Queens, NY store, respectively, were repaid in full. ​ 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 a portion of 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 years ended December 31, 2019 and 2018 was approximately $8.2 million and $3.1 million, respectively. In connection with one of the acquired stores, the Company assumed a $7.2 million mortgage loan that was immediately repaid by the Company. The remainder of the purchase price was funded with $0.2 million of cash and $4.8 million through the issuance of 168,011 OP Units (see note 12). Following a 13-month lock-up period, the holder may tender the OP Units for redemption by the Operating Partnership for a cash amount per OP Unit equal to the market value of an equivalent number of common shares of the Company. The Company has the right, but not the obligation, to assume and satisfy the redemption obligation of the Operating Partnership by issuing one common share in exchange for each OP Unit tendered for redemption. ​ 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. ​ 2017 Acquisitions ​ During the year ended December 31, 2017, the Company acquired six stores located throughout the United States, including two stores upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $69.5 million. In connection with these acquisitions, which were accounted for as business combinations prior to the adoption of ASU No. 2017-01, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $3.2 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months , and the amortization expense that was recognized during the years ended December 31, 2018 and 2017 was approximately $1.7 and $1.5 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.2 million, which fair value includes an outstanding principal balance totaling $5.9 million and a net premium of $0.3 million to reflect the estimated fair value of the debt at the time of assumption. As part of the acquisition of that same store, the Company issued OP Units that were valued at approximately $12.3 million as consideration for the remainder of the purchase price (see note 12). ​ During the year ended December 31, 2017, the Company also acquired a store in Illinois upon completion of construction and the issuance of a certificate of occupancy for $11.2 million. The purchase price was satisfied with $9.7 million of cash and 58,400 newly created Class C OP Units. Each Class C OP Unit had a stated value of $25 and an annual distribution rate of 3% of the stated value. On July 23, 2018, all of the Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. Because the Class C OP Units represented an unconditional obligation that the Company settled by issuing a variable number of its common shares with a monetary value that was known at inception, the Class C OP Units were classified as a liability in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets prior to redemption.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
	Dec. 31, 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 as of: ​ Carrying Value of Investment as of: ​ ​ Ownership ​ December 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2019 ​ 2018 2019 ​ 2018 191 IV CUBE LLC ("HVP IV") (1) ​ 20% ​ 21 ​ 13 ​ $ 23,112 ​ $ 14,791 CUBE HHF Northeast Venture LLC ("HHFNE") (2) ​ 10% ​ 13 ​ 13 ​ ​ 1,998 ​ ​ 2,411 191 III CUBE LLC ("HVP III") (3) ​ 10% ​ — ​ 68 ​ ​ — ​ ​ 9,183 CUBE HHF Limited Partnership ("HHF") (4) ​ 50% ​ 35 ​ 35 ​ ​ 66,007 ​ ​ 69,411 ​ ​ ​ ​ 69 ​ 129 ​ $ 91,117 ​ $ 95,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1) Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of December 31, 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 December 31, 2019, HVP IV also had $55.5 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. ​ (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 December 31, 2019, HHFNE had an outstanding $45.0 million loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. ​ (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 December 31, 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 December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 (1) 2018 Assets ​ (in thousands) Storage properties, net ​ $ 552,791 ​ $ 741,209 Other assets ​ 11,997 ​ 16,042 Total assets ​ $ 564,788 ​ $ 757,251 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 10,064 ​ $ 7,911 Debt ​ 280,392 ​ 413,848 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 91,117 ​ ​ 95,796 Joint venture partners ​ 183,215 ​ ​ 239,696 Total liabilities and equity ​ $ 564,788 ​ $ 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 years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 ​ ​ (in thousands) ​ Total revenues ​ $ 72,582 ​ $ 90,111 ​ $ 81,058 ​ Operating expenses ​ (32,134) ​ (37,899) ​ (33,922) ​ Other expenses ​ ​ (3,227) ​ ​ (938) ​ ​ (783) ​ Interest expense, net ​ (14,927) ​ (13,311) ​ (11,703) ​ Depreciation and amortization ​ (30,107) ​ (41,972) ​ (45,086) ​ Gains from sale of real estate, net ​ ​ 106,667 ​ ​ — ​ ​ — ​ Net income (loss) ​ $ 98,854 ​ $ (4,009) ​ $ (10,436) ​ Company’s share of net income (loss) ​ $ 11,122 ​ $ (865) ​ $ (1,386) ​ ​ The results of operations above include the periods from January 1, 2017 through June 6, 2019 (date of consolidation) for HVP III and November 1, 2017 (date of initial store acquisition) through December 31, 2019 for HVP IV. ​

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 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”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $350M 3.000% Guaranteed Notes due 2030 ​ ​ 350,000 ​ ​ — ​ 3.04 % ​ Oct-19 ​ Feb-30 ​ Principal balance outstanding ​ ​ 1,850,000 ​ ​ 1,150,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (3,860) ​ ​ (568) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (10,415) ​ ​ (5,908) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 1,835,725 ​ $ 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 and for the year ended December 31, 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	12 Months Ended
	Dec. 31, 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 $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 credit 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 December 31, 2019, borrowings under the Revolver had an effective weighted average interest rate of 2.86%. Additionally, as of December 31, 2019, $749.3 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 ​ ​ ​ December 31, Rate as of ​ Maturity Unsecured Term Loans 2019 2018 December 31, 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 1.5:1.0. As of and for the year ended December 31, 2019, the Operating Partnership was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 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: ​ ​ ​ ​ ​ ​ 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 ​ 7,805 ​ 8,022 4.56 % ​ Nov-20 ​ YSI 57 ​ 2,740 ​ 2,816 4.61 % ​ Nov-20 ​ YSI 55 ​ 21,547 ​ 22,041 4.85 % ​ Jun-21 ​ YSI 24 ​ 24,042 ​ 24,893 4.64 % ​ Jun-21 ​ YSI 65 ​ ​ 2,313 ​ ​ 2,363 ​ 3.85 % ​ Jun-23 ​ YSI 66 ​ ​ 30,588 ​ ​ 31,171 ​ 3.51 % ​ Jun-23 ​ YSI 68 ​ ​ 5,459 ​ ​ 5,626 ​ 3.78 % ​ May-24 ​ Principal balance outstanding ​ ​ 94,494 ​ ​ 106,146 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 1,833 ​ 2,551 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (287) ​ ​ (451) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 96,040 ​ $ 108,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) YSI 33 was repaid in full on July 1, 2019. ​ As of December 31, 2019 and 2018, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $206.3 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 December 31, 2019 (in thousands): ​ ​ ​ ​ ​ 2020 $ 12,791 2021 ​ 45,057 2022 ​ 923 2023 ​ 31,019 2024 ​ 4,704 2025 and thereafter ​ — Total mortgage payments ​ 94,494 Plus: Unamortized fair value adjustment ​ 1,833 Less: Loan procurement costs, net ​ ​ (287) Total mortgage loans and notes payable, net ​ $ 96,040 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Interest Rate Swaps ​ ​ ​ (in thousands) ​ Other comprehensive gain before reclassifications ​ $ 230 ​ Amounts reclassified from accumulated other comprehensive loss ​ 70 (1) Net current-period other comprehensive income ​ 300 ​ Balance at December 31, 2018 ​ ​ (1,029) ​ Balance at December 31, 2019 ​ $ (729) ​ ​ (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	12 Months Ended
	Dec. 31, 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 that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. ​ 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 sheets at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. ​ 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 December 31, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge ​ Hedge ​ Notional Amount ​ ​ ​ ​ Effective ​ ​ ​ Fair Value Product Type ​ December 31, 2019 December 31, 2018 Strike ​ Date Maturity December 31, 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 a liability. As of December 31, 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

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 December 31, 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 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ ​ (in thousands) ​ 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, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2019 and 2018. The aggregate carrying value of the Company’s debt was $1,931.8 million and $1,747.1 million as of December 31, 2019 and 2018, respectively. The estimated fair value of the Company’s debt was $2,037.6 million and $1,731.9 million as of December 31, 2019 and 2018, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2019 and 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	12 Months Ended
	Dec. 31, 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 joint ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of the joint ventures in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Opened / ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Estimated ​ Ownership ​ December 31, 2019 ​ Consolidated Joint Ventures of Stores Location Opening ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ CS Valley Forge Village Storage, LLC ("VFV") (1) ​ 1 ​ King of Prussia, PA ​ Q2 2021 (est.) ​ 70% ​ $ 4,279 ​ $ 856 ​ Shirlington Rd II, LLC ("SH2") (2) ​ 1 ​ Arlington, VA ​ Q1 2021 (est.) ​ 90% ​ ​ 8,965 ​ ​ 339 ​ CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) ​ 1 ​ East Meadow, NY ​ Q4 2020 (est.) ​ 51% ​ ​ 12,538 ​ ​ 3,289 ​ CS SDP Newtonville, LLC ("Newton") (1) ​ 1 ​ Newton, MA ​ Q3 2020 (est.) ​ 90% ​ ​ 10,351 ​ ​ 3,827 ​ CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) ​ 1 ​ Brooklyn, NY ​ Q1 2020 (est.) ​ 51% ​ ​ 41,995 ​ ​ 10,713 ​ Shirlington Rd, LLC ("SH1") (2) ​ 1 ​ Arlington, VA Q2 2015 ​ 90% ​ ​ 14,905 ​ ​ 162 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 93,033 ​ $ 19,186 ​ ​ (1) The Company has a related party commitment to VFV and Newton to fund all or a portion of the construction costs. As of December 31, 2019, the Company has funded $3.1 million of a 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 December 31, 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 December 31, 2019, has accrued $2.8 million and $9.7 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 December 31, 2019 and 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 cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. ​ On December 16, 2019, the Company acquired a store in California for $18.5 million. In conjunction with the closing, the Company paid $14.9 million and issued 106,738 OP Units, valued at approximately $3.6 million, to pay the remaining consideration. ​ On January 31, 2018, the Company acquired a store in Texas for $12.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $7.2 million and immediately repaid the loan. In conjunction with the closing, the Company paid $0.2 million in cash and issued 168,011 OP Units, valued at approximately $4.8 million, to pay the remaining consideration. ​ On April 12, 2017, the Company acquired a store in Illinois for $11.2 million. In conjunction with the closing, the Company paid $9.7 million and issued 58,400 Class C OP Units to pay the remaining consideration. On July 23, 2018, all of the 58,400 Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. ​ On May 9, 2017, the Company acquired a store in Maryland for $18.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $5.9 million. In conjunction with the closing, the Company issued 440,160 OP Units, valued at approximately $12.3 million, to pay the remaining consideration. ​ As of December 31, 2019 and 2018, 1,972,308 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 year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value as of December 31, 2019 and 2018. As of December 31, 2019 and 2018, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $5.9 million and $0.3 million, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019, administrative and late fees totaled $22.6 million 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 December 31, 2019, the Company had right-of-use assets and lease liabilities related to its operating leases of $41.7 million and $46.4 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 December 31, 2019, the Company’s weighted average remaining lease term and weighted average discount rate related to its operating leases were 35.9 years and 4.74% , respectively. ​ For the year ended December 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2019 ​ ​ ​ (in thousands) ​ Operating lease cost ​ $ 3,304 ​ Short-term lease cost (1) ​ ​ 1,227 ​ Total lease cost ​ $ 4,531 ​ ​ (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 December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ 2020 $ 2,273 ​ 2021 ​ 2,302 ​ 2022 ​ 2,459 ​ 2023 ​ 2,523 ​ 2024 ​ 2,373 ​ 2025 and thereafter ​ 91,241 ​ Total operating lease payments ​ 103,171 ​ Less: Imputed interest ​ ​ (56,780) ​ Present value of operating lease liabilities ​ $ 46,391 ​ ​ ​ ​ ​ ​ ​ During the year ended December 31, 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was approximately $2.5 million, which is included as an operating cash outflow within the consolidated statements of cash flows. As of December 31, 2019, the Company has not entered into any lease agreements that are set to commence in the future.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS ​ The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2019, 2018 and 2017 were $4.0 million, $4.5 million and $3.8 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 reimbursements consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $10.5 million and $10.6 million as of December 31, 2019 and 2018, respectively, and are included 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 $3.1 million and $33.2 million as of December 31, 2019 and 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. The Company recognized $2.1 million, $0.6 million and $0.5 million in fees associated with property transactions during the years ended December 31, 2019, 2018 and 2017, respectively, which are included in Other income on the consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES ​ Development Commitments ​ The Company has agreements with developers for the construction of five new self-storage properties (see note 4), which will require payments of approximately $56.7 million, due in installments upon completion of certain construction milestones, during 2020 and 2021. ​ Litigation ​ The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ 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.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	16. SHARE-BASED COMPENSATION PLANS ​ On June 1, 2016 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 and subsequently amended with shareholder approval on June 2, 2010 (as amended and restated, the “2007 Plan”). The purpose of the 2007 Plan is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the 2007 Plan provides for the grant of share options, share appreciation rights, restricted shares, restricted share units, performance awards, which may be denominated in cash or shares, included restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the 2007 Plan may be non-qualified share options or incentive share options. ​ Upon shareholder approval of the amendment and restatement of the 2007 Plan on June 1, 2016, 4,500,000 additional common shares were made available for award under the 2007 Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the 2007 Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2019: (i) 4,015,223 common shares remained available for future awards under the 2007 Plan; (ii) 547,266 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 1,602,353 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $24.10 per share and a weighted average term to maturity of 6.26 years). ​ Prior to the June 1, 2016 amendment, the 2007 Plan used a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigned weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. As amended on June 1, 2016, the 2007 Plan provides that any common shares made the subject of awards under the 2007 Plan will count against the Aggregate Share Reserve as one (1) unit. The Aggregate Share Reserve and the computation of the number of common shares available for issuance is subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Aggregate Share Reserve includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of the award that expires, is forfeited or that otherwise terminates, as the case may be, again becomes available for issuance under the 2007 Plan. ​ The 2007 Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the 2007 Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. ​ Subject to adjustment upon certain corporate transactions or events, a participant (other than a non-employee trustee) may not receive awards under the 2007 Plan in any one calendar year covering more than 1,000,000 shares. Subject to adjustment upon certain corporate transactions or events, a non-employee trustee may not receive awards under the 2007 Plan in any one calendar year covering more than 250,000 shares. ​ Under the 2007 Plan, the Compensation Committee determines the vesting schedule of each share award and option, subject to a one-year minimum vesting requirement, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. ​ On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan expired in October 2014. Prior to its expiration, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan. Subsequent to its expiration, no new equity awards may be granted under the 2004 Plan, and to the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards no longer become available for future grants under the 2004 Plan. ​ Share Options ​ The fair values for options granted in 2019, 2018 and 2017 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2019 2018 2017 Risk-free interest rate ​ 2.7 % ​ 2.5 % ​ 2.2 % Expected dividend yield ​ 3.9 % ​ 3.7 % ​ 3.5 % Volatility (1) ​ 32.00 % ​ 32.00 % ​ 33.00 % Weighted average expected life of the options (2) ​ 6.0 years ​ 6.0 years ​ 6.0 years Weighted average grant date fair value of options granted per share ​ $ 6.35 ​ $ 6.24 ​ $ 6.12 ​ ​ (1) Expected volatility is based upon the level of volatility historically experienced. ​ (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. ​ The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2019, 2018 and 2017 grants was based on the trading history of the Company’s shares. ​ In 2019, 2018 and 2017, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.8 million, $1.5 million and $1.5 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. During 2019, 324,409 share options were issued for which the fair value of the options at their respective grant dates was approximately $2.1 million. The share options vest over three years . As of December 31, 2019, the Company had approximately $2.0 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years . ​ The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Shares ​ Weighted Average ​ Remaining ​ ​ Under Option ​ Strike Price ​ Contractual Term Balance at December 31, 2016 1,939,690 ​ $ 12.94 4.85 ​ Options granted 289,104 ​ 26.30 9.07 ​ Options exercised (395,621) ​ 5.98 1.14 ​ Balance at December 31, 2017 1,833,173 ​ $ 16.55 5.26 ​ Options granted 305,805 ​ ​ 27.85 ​ 9.08 ​ Options canceled (74,748) ​ ​ 26.95 ​ — ​ Options exercised (405,227) ​ ​ 9.47 ​ 1.98 ​ Balance at December 31, 2018 1,659,003 ​ $ 19.89 ​ 5.52 ​ Options granted 324,409 ​ ​ 28.69 ​ 9.01 ​ Options exercised (381,059) ​ ​ 9.67 ​ 1.00 ​ Balance at December 31, 2019 1,602,353 ​ $ 24.10 ​ 6.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested or expected to vest at December 31, 2019 1,602,353 ​ $ 24.10 6.26 ​ Exercisable at December 31, 2019 1,015,950 ​ $ 21.81 5.00 ​ ​ As of December 31, 2019, the aggregate intrinsic value of options outstanding, of options that vested or are expected to vest, and of options that were exercisable was approximately $11.8 million. The aggregate intrinsic value of options exercised was approximately $9.1 million for the year ended December 31, 2019. ​ Restricted Shares ​ The Company applies the fair value method of accounting for contingently issued shares. As such, each grant is recognized ratably over the related vesting period. There were 180,607 restricted shares and share units issued during the year ended December 31, 2019, which vest over three to five years . The fair value of the restricted shares and share units issued during the year ended December 31, 2019 was approximately $5.8 million at their respective grant dates. There were 165,551 restricted shares and share units issued during the year ended December 31, 2018 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $4.9 million. As of December 31, 2019 the Company had approximately $5.7 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next five years . Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. ​ In 2019, 2018 and 2017, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $4.9 million, $4.0 million and $4.1 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2019: ​ ​ ​ ​ ​ ​ Number of Non- ​ ​ Vested Restricted ​ ​ Shares and Share Units Non-Vested at January 1, 2019 382,600 ​ Granted 180,607 ​ Vested (66,392) ​ Forfeited (6,851) ​ Non-Vested at December 31, 2019 489,964 ​ ​ On January 1, 2019, 55,168 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $2.1 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2021. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. ​ On January 23, 2018, 66,872 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.9 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2020. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. ​ On January 23, 2017, 52,426 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.8 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2019. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	​ ​ 17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL ​ Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (dollars and shares in thousands, except per share amounts) ​ ​ ​ ​ ​ Net income ​ $ 170,771 ​ $ 165,488 ​ $ 135,611 ​ ​ Noncontrolling interests in the Operating Partnership ​ (1,708) ​ (1,820) ​ (1,593) ​ ​ Noncontrolling interest in subsidiaries ​ 54 ​ 221 ​ 270 ​ ​ Net income attributable to the Company’s common shareholders ​ $ 169,117 ​ $ 163,889 ​ $ 134,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 190,874 ​ 184,653 ​ 180,525 ​ ​ Share options and restricted share units ​ 702 ​ 842 ​ 923 ​ ​ Weighted average diluted shares outstanding (1) ​ 191,576 ​ 185,495 ​ 181,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.89 ​ $ 0.89 ​ $ 0.74 ​ ​ Diluted earnings per share attributable to common shareholders ​ $ 0.88 ​ $ 0.88 ​ $ 0.74 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (dollars and units in thousands, except per unit amounts) ​ ​ ​ ​ ​ Net income ​ $ 170,771 ​ $ 165,488 ​ $ 135,611 ​ ​ Operating Partnership interests of third parties ​ (1,708) ​ (1,820) ​ (1,593) ​ ​ Noncontrolling interest in subsidiaries ​ 54 ​ 221 ​ 270 ​ ​ Net income attributable to common unitholders ​ $ 169,117 ​ $ 163,889 ​ $ 134,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 190,874 ​ 184,653 ​ 180,525 ​ ​ Unit options and restricted share units ​ 702 ​ 842 ​ 923 ​ ​ Weighted average diluted units outstanding (1) ​ 191,576 ​ 185,495 ​ 181,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.89 ​ $ 0.89 ​ $ 0.74 ​ ​ Diluted earnings per unit attributable to common unitholders ​ $ 0.88 ​ $ 0.88 ​ $ 0.74 ​ ​ ​ (1) For the years ended December 31, 2019, 2018 and 2017, the Company declared cash dividends per common share/unit of $1.29 , $1.22 , and $1.11 , respectively. ​ The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. Outstanding noncontrolling interest units in the Operating Partnership were 1,972,308; 1,945,570 and 1,878,253 as of December 31, 2019, 2018 and 2017, respectively. There were 193,557,024; 187,145,103 and 182,215,735 common units outstanding as of December 31, 2019, 2018 and 2017, respectively. ​ Common Shares ​ The Company maintains an at-the-market equity program that enables it to offer and sell up to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (dollars and shares in thousands, except per share amounts) Number of shares sold ​ ​ 5,899 ​ ​ 4,291 ​ ​ 1,036 Average sales price per share ​ $ 33.64 ​ $ 31.09 ​ $ 29.13 Net proceeds after deducting offering costs ​ $ 196,304 ​ $ 131,835 ​ $ 29,642 ​ The proceeds from the sales of common shares under the program during the years ended December 31, 2019, 2018 and 2017 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2019, 2018 and 2017, 4.6 million common shares, 10.5 million common shares and 4.7 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	18. INCOME TAXES ​ Deferred income taxes are established for temporary differences between the financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized. No valuation allowance was recorded as of December 31, 2019 or 2018. As of December 31, 2019 and 2018, the Company had net deferred tax assets of $0.8 million and $1.4 million, respectively, which are included in Other assets, net on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	19. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) ​ The following is a summary of quarterly financial information for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, June 30, September 30, December 31, ​ ​ 2019 ​ 2019 ​ 2019 ​ 2019 ​ ​ (in thousands, except per share amounts) ​ Total revenues ​ $ 152,845 ​ $ 159,017 ​ $ 166,547 ​ $ 165,506 ​ Total operating expenses ​ 99,014 ​ 100,583 ​ 106,855 ​ 105,394 ​ Net income ​ ​ 35,786 ​ ​ 49,878 ​ ​ 42,597 ​ ​ 42,510 ​ Net income attributable to the Company's common shareholders ​ 35,498 ​ 49,420 ​ 42,154 ​ 42,045 ​ Basic earnings per share attributable to common shareholders ​ ​ 0.19 ​ 0.26 ​ 0.22 ​ ​ 0.22 ​ Diluted earnings per share attributable to common shareholders ​ 0.19 ​ 0.26 ​ 0.22 ​ 0.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, June 30, September 30, December 31, ​ ​ 2018 ​ 2018 ​ 2018 ​ 2018 ​ ​ (in thousands, except per share amounts) ​ Total revenues ​ $ 142,877 ​ $ 147,815 ​ $ 153,370 ​ $ 153,882 ​ Total operating expenses ​ 92,464 ​ 92,915 ​ 93,774 ​ 98,775 ​ Net income ​ ​ 34,799 ​ ​ 38,751 ​ ​ 43,302 ​ ​ 48,636 ​ Net income attributable to the Company's common shareholders ​ 34,423 ​ 38,410 ​ 42,900 ​ 48,156 ​ Basic earnings per share attributable to common shareholders ​ ​ 0.19 ​ 0.21 ​ 0.23 ​ ​ 0.26 ​ Diluted earnings per share attributable to common shareholders ​ 0.19 ​ 0.21 ​ 0.23 ​ 0.26 ​ ​ The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts.

SCHEDULE III REAL ESTATE AND RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying Amount at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings Subsequent ​ Buildings ​ Accumulated Year ​ ​ ​ Square ​ ​ ​ ​ ​ & ​ to ​ ​ ​ & ​ ​ ​ Depreciation ​ Acquired/ Description ​ Footage ​ Encumbrances ​ Land ​ Improvements ​ Acquisition ​ Land ​ Improvements ​ Total ​ (A) ​ Developed Chandler I, AZ ​ 47,880 ​ ​ ​ 327 ​ 1,257 ​ 551 ​ 327 ​ 1,631 ​ 1,958 ​ 752 ​ 2005 ​ Chandler II, AZ ​ 82,915 ​ ​ ​ 1,518 ​ 7,485 ​ 229 ​ 1,518 ​ 7,713 ​ 9,231 ​ 1,544 ​ 2013 ​ Gilbert I, AZ ​ 57,100 ​ ​ ​ 951 ​ 4,688 ​ 205 ​ 951 ​ 4,893 ​ 5,844 ​ 1,048 ​ 2013 ​ Gilbert II, AZ ​ 115,430 ​ ​ ​ 1,199 ​ 11,846 ​ 171 ​ 1,199 ​ 12,017 ​ 13,216 ​ 1,098 ​ 2016 ​ Glendale, AZ ​ 56,807 ​ ​ ​ 201 ​ 2,265 ​ 1,301 ​ 418 ​ 3,002 ​ 3,420 ​ 1,555 ​ 1998 ​ Green Valley, AZ ​ 25,050 ​ ​ ​ 298 ​ 1,153 ​ 259 ​ 298 ​ 1,201 ​ 1,499 ​ 520 ​ 2005 ​ Mesa I, AZ ​ 52,575 ​ ​ ​ 920 ​ 2,739 ​ 403 ​ 921 ​ 2,696 ​ 3,617 ​ 1,241 ​ 2006 ​ Mesa II, AZ ​ 45,511 ​ ​ ​ 731 ​ 2,176 ​ 311 ​ 731 ​ 2,158 ​ 2,889 ​ 1,022 ​ 2006 ​ Mesa III, AZ ​ 59,209 ​ ​ ​ 706 ​ 2,101 ​ 505 ​ 706 ​ 2,222 ​ 2,928 ​ 979 ​ 2006 ​ Peoria, AZ ​ 110,810 ​ ​ ​ 1,436 ​ 7,082 ​ 255 ​ 1,436 ​ 7,337 ​ 8,773 ​ 1,087 ​ 2015 ​ Phoenix III, AZ ​ 121,880 ​ ​ ​ 2,115 ​ 10,429 ​ 336 ​ 2,115 ​ 10,765 ​ 12,880 ​ 1,999 ​ 2014 ​ Phoenix IV, AZ ​ 69,710 ​ ​ ​ 930 ​ 12,277 ​ 111 ​ 930 ​ 12,388 ​ 13,318 ​ 1,141 ​ 2016 ​ Queen Creek, AZ ​ 94,462 ​ ​ ​ 1,159 ​ 5,716 ​ 94 ​ 1,159 ​ 5,810 ​ 6,969 ​ 892 ​ 2015 ​ Scottsdale, AZ ​ 67,575 ​ ​ ​ 443 ​ 4,879 ​ 1,793 ​ 883 ​ 5,555 ​ 6,438 ​ 2,949 ​ 1998 ​ Surprise , AZ ​ 72,475 ​ ​ ​ 584 ​ 3,761 ​ 128 ​ 584 ​ 3,889 ​ 4,473 ​ 511 ​ 2015 ​ Tempe I, AZ ​ 77,330 ​ ​ ​ 941 ​ 3,283 ​ 784 ​ 941 ​ 3,757 ​ 4,698 ​ 1,063 ​ 2005 / 2019 ​ Tempe II, AZ ​ 68,409 ​ ​ ​ 588 ​ 2,898 ​ 2,162 ​ 588 ​ 5,060 ​ 5,648 ​ 1,237 ​ 2013 ​ Tucson I, AZ ​ 59,800 ​ ​ ​ 188 ​ 2,078 ​ 1,157 ​ 384 ​ 2,731 ​ 3,115 ​ 1,435 ​ 1998 ​ Tucson II, AZ ​ 43,950 ​ ​ ​ 188 ​ 2,078 ​ 1,150 ​ 391 ​ 2,743 ​ 3,134 ​ 1,412 ​ 1998 ​ Tucson III, AZ ​ 49,820 ​ ​ ​ 532 ​ 2,048 ​ 391 ​ 533 ​ 2,078 ​ 2,611 ​ 914 ​ 2005 ​ Tucson IV, AZ ​ 48,040 ​ ​ ​ 674 ​ 2,595 ​ 411 ​ 675 ​ 2,586 ​ 3,261 ​ 1,169 ​ 2005 ​ Tucson V, AZ ​ 45,184 ​ ​ ​ 515 ​ 1,980 ​ 420 ​ 515 ​ 2,043 ​ 2,558 ​ 935 ​ 2005 ​ Tucson VI, AZ ​ 40,766 ​ ​ ​ 440 ​ 1,692 ​ 291 ​ 430 ​ 1,685 ​ 2,115 ​ 767 ​ 2005 ​ Tucson VII, AZ ​ 52,663 ​ ​ ​ 670 ​ 2,576 ​ 406 ​ 670 ​ 2,567 ​ 3,237 ​ 1,176 ​ 2005 ​ Tucson VIII, AZ ​ 46,650 ​ ​ ​ 589 ​ 2,265 ​ 448 ​ 589 ​ 2,361 ​ 2,950 ​ 1,063 ​ 2005 ​ Tucson IX, AZ ​ 67,496 ​ ​ ​ 724 ​ 2,786 ​ 516 ​ 725 ​ 2,780 ​ 3,505 ​ 1,269 ​ 2005 ​ Tucson X, AZ ​ 46,350 ​ ​ ​ 424 ​ 1,633 ​ 387 ​ 425 ​ 1,710 ​ 2,135 ​ 754 ​ 2005 ​ Tucson XI, AZ ​ 42,700 ​ ​ ​ 439 ​ 1,689 ​ 444 ​ 439 ​ 1,840 ​ 2,279 ​ 908 ​ 2005 ​ Tucson XII, AZ ​ 42,275 ​ ​ ​ 671 ​ 2,582 ​ 415 ​ 672 ​ 2,567 ​ 3,239 ​ 1,145 ​ 2005 ​ Tucson XIII, AZ ​ 45,800 ​ ​ ​ 587 ​ 2,258 ​ 365 ​ 587 ​ 2,253 ​ 2,840 ​ 1,056 ​ 2005 ​ Tucson XIV, AZ ​ 48,995 ​ ​ ​ 707 ​ 2,721 ​ 502 ​ 708 ​ 2,670 ​ 3,378 ​ 1,247 ​ 2005 ​ Benicia, CA ​ 74,770 ​ ​ ​ 2,392 ​ 7,028 ​ 499 ​ 2,392 ​ 6,433 ​ 8,825 ​ 2,856 ​ 2005 ​ Citrus Heights, CA ​ 75,620 ​ ​ ​ 1,633 ​ 4,793 ​ 277 ​ 1,634 ​ 4,292 ​ 5,926 ​ 2,007 ​ 2005 ​ Corona, CA ​ 95,124 ​ ​ ​ 2,107 ​ 10,385 ​ 224 ​ 2,107 ​ 10,608 ​ 12,715 ​ 1,736 ​ 2014 ​ Diamond Bar, CA ​ 103,528 ​ ​ ​ 2,522 ​ 7,404 ​ 341 ​ 2,524 ​ 6,634 ​ 9,158 ​ 3,074 ​ 2005 ​ Escondido, CA ​ 143,645 ​ ​ ​ 3,040 ​ 11,804 ​ 319 ​ 3,040 ​ 9,763 ​ 12,803 ​ 3,765 ​ 2007 ​ Fallbrook, CA ​ 45,926 ​ ​ ​ 133 ​ 1,492 ​ 1,896 ​ 432 ​ 2,845 ​ 3,277 ​ 1,503 ​ 1997 ​ Fremont, CA ​ 51,189 ​ ​ ​ 1,158 ​ 5,711 ​ 188 ​ 1,158 ​ 5,899 ​ 7,057 ​ 1,134 ​ 2014 ​ Lancaster, CA ​ 60,475 ​ ​ ​ 390 ​ 2,247 ​ 1,135 ​ 556 ​ 2,646 ​ 3,202 ​ 1,192 ​ 2001 ​ Long Beach I, CA ​ 124,541 ​ ​ ​ 3,138 ​ 14,368 ​ 1,104 ​ 3,138 ​ 13,536 ​ 16,674 ​ 5,917 ​ 2006 ​ Long Beach II, CA ​ 70,630 ​ ​ ​ 3,424 ​ 13,987 ​ 1 ​ 3,424 ​ 13,988 ​ 17,412 ​ — ​ 2019 ​ Los Angeles, CA ​ 76,818 ​ ​ ​ 23,289 ​ 25,867 ​ 137 ​ 23,289 ​ 26,004 ​ 49,293 ​ 868 ​ 2018 ​ Murrieta, CA ​ 49,775 ​ ​ ​ 1,883 ​ 5,532 ​ 325 ​ 1,903 ​ 4,991 ​ 6,894 ​ 2,256 ​ 2005 ​ North Highlands, CA ​ 57,094 ​ ​ ​ 868 ​ 2,546 ​ 591 ​ 868 ​ 2,676 ​ 3,544 ​ 1,217 ​ 2005 ​ Ontario, CA ​ 93,540 ​ ​ ​ 1,705 ​ 8,401 ​ 470 ​ 1,705 ​ 8,870 ​ 10,575 ​ 1,486 ​ 2014 ​ Orangevale, CA ​ 50,542 ​ ​ ​ 1,423 ​ 4,175 ​ 380 ​ 1,423 ​ 3,877 ​ 5,300 ​ 1,814 ​ 2005 ​ Pleasanton, CA ​ 83,600 ​ ​ ​ 2,799 ​ 8,222 ​ 481 ​ 2,799 ​ 7,460 ​ 10,259 ​ 3,288 ​ 2005 ​ Rancho Cordova, CA ​ 53,978 ​ ​ ​ 1,094 ​ 3,212 ​ 433 ​ 1,095 ​ 3,101 ​ 4,196 ​ 1,421 ​ 2005 ​ Rialto I, CA ​ 57,391 ​ ​ ​ 899 ​ 4,118 ​ 304 ​ 899 ​ 3,849 ​ 4,748 ​ 1,690 ​ 2006 ​ Rialto II, CA ​ 99,783 ​ ​ ​ 277 ​ 3,098 ​ 1,855 ​ 672 ​ 4,156 ​ 4,828 ​ 2,279 ​ 1997 ​ Riverside I, CA ​ 67,320 ​ ​ ​ 1,351 ​ 6,183 ​ 645 ​ 1,351 ​ 5,996 ​ 7,347 ​ 2,655 ​ 2006 ​ Riverside II, CA ​ 85,101 ​ ​ ​ 1,170 ​ 5,359 ​ 547 ​ 1,170 ​ 5,102 ​ 6,272 ​ 2,233 ​ 2006 ​ Roseville, CA ​ 59,944 ​ ​ ​ 1,284 ​ 3,767 ​ 478 ​ 1,284 ​ 3,647 ​ 4,931 ​ 1,722 ​ 2005 ​ Sacramento I, CA ​ 50,764 ​ ​ ​ 1,152 ​ 3,380 ​ 486 ​ 1,152 ​ 3,300 ​ 4,452 ​ 1,493 ​ 2005 ​ Sacramento II, CA ​ 111,565 ​ ​ ​ 2,085 ​ 6,750 ​ 638 ​ 2,086 ​ 6,721 ​ 8,807 ​ 1,999 ​ 2005/2017 ​ San Bernardino I, CA ​ 31,070 ​ ​ ​ 51 ​ 572 ​ 1,201 ​ 182 ​ 1,441 ​ 1,623 ​ 748 ​ 1997 ​ San Bernardino II, CA ​ 41,426 ​ ​ ​ 112 ​ 1,251 ​ 1,393 ​ 306 ​ 2,101 ​ 2,407 ​ 1,092 ​ 1997 ​ San Bernardino III, CA ​ 35,416 ​ ​ ​ 98 ​ 1,093 ​ 1,350 ​ 242 ​ 1,945 ​ 2,187 ​ 1,032 ​ 1997 ​ San Bernardino IV, CA ​ 83,352 ​ ​ ​ 1,872 ​ 5,391 ​ 245 ​ 1,872 ​ 4,421 ​ 6,293 ​ 1,694 ​ 2005 ​ San Bernardino V, CA ​ 56,803 ​ ​ ​ 783 ​ 3,583 ​ 680 ​ 783 ​ 3,731 ​ 4,514 ​ 1,658 ​ 2006 ​ San Bernardino VII, CA ​ 78,695 ​ ​ ​ 1,475 ​ 6,753 ​ 482 ​ 1,290 ​ 6,487 ​ 7,777 ​ 2,889 ​ 2006 ​ San Bernardino VIII, CA ​ 111,833 ​ ​ ​ 1,691 ​ 7,741 ​ 721 ​ 1,692 ​ 6,510 ​ 8,202 ​ 2,951 ​ 2006 ​ San Diego, CA ​ 87,412 ​ ​ ​ 1,185 ​ 16,740 ​ 18 ​ 1,186 ​ 16,757 ​ 17,943 ​ 595 ​ 2018 ​ San Marcos, CA ​ 37,425 ​ ​ ​ 775 ​ 2,288 ​ 218 ​ 776 ​ 2,135 ​ 2,911 ​ 981 ​ 2005 ​ Santa Ana, CA ​ 63,831 ​ ​ ​ 1,223 ​ 5,600 ​ 493 ​ 1,223 ​ 5,315 ​ 6,538 ​ 2,354 ​ 2006 ​ South Sacramento, CA ​ 52,390 ​ ​ ​ 790 ​ 2,319 ​ 482 ​ 791 ​ 2,381 ​ 3,172 ​ 1,062 ​ 2005 ​ Spring Valley, CA ​ 55,085 ​ ​ ​ 1,178 ​ 5,394 ​ 947 ​ 1,178 ​ 5,597 ​ 6,775 ​ 2,484 ​ 2006 ​ Temecula I, CA ​ 81,340 ​ ​ ​ 660 ​ 4,735 ​ 1,088 ​ 899 ​ 4,977 ​ 5,876 ​ 2,328 ​ 1998 ​ Temecula II, CA ​ 84,520 ​ ​ ​ 3,080 ​ 5,839 ​ 887 ​ 3,080 ​ 5,790 ​ 8,870 ​ 2,144 ​ 2007 ​ Vista I, CA ​ 74,238 ​ ​ ​ 711 ​ 4,076 ​ 2,363 ​ 1,118 ​ 5,105 ​ 6,223 ​ 2,347 ​ 2001 ​ Vista II, CA ​ 147,723 ​ ​ ​ 4,629 ​ 13,599 ​ 219 ​ 4,629 ​ 11,755 ​ 16,384 ​ 5,363 ​ 2005 ​ Walnut, CA ​ 50,664 ​ ​ ​ 1,578 ​ 4,635 ​ 486 ​ 1,595 ​ 4,382 ​ 5,977 ​ 1,957 ​ 2005 ​ West Sacramento, CA ​ 39,765 ​ ​ ​ 1,222 ​ 3,590 ​ 237 ​ 1,222 ​ 3,259 ​ 4,481 ​ 1,505 ​ 2005 ​ Westminster, CA ​ 68,393 ​ ​ ​ 1,740 ​ 5,142 ​ 396 ​ 1,743 ​ 4,651 ​ 6,394 ​ 2,204 ​ 2005 ​ Aurora, CO ​ 75,717 ​ ​ ​ 1,343 ​ 2,986 ​ 611 ​ 1,343 ​ 3,047 ​ 4,390 ​ 1,321 ​ 2005 ​ Centennial, CO ​ 62,400 ​ ​ ​ 1,281 ​ 8,958 ​ 111 ​ 1,281 ​ 9,069 ​ 10,350 ​ 978 ​ 2016 ​ Colorado Springs I, CO ​ 47,975 ​ ​ ​ 771 ​ 1,717 ​ 456 ​ 771 ​ 1,827 ​ 2,598 ​ 813 ​ 2005 ​ Colorado Springs II, CO ​ 62,400 ​ ​ ​ 657 ​ 2,674 ​ 287 ​ 656 ​ 2,453 ​ 3,109 ​ 1,110 ​ 2006 ​ Denver I, CO ​ 59,200 ​ ​ ​ 673 ​ 2,741 ​ 501 ​ 646 ​ 2,763 ​ 3,409 ​ 1,202 ​ 2006 ​ Denver II, CO ​ 74,420 ​ ​ ​ 1,430 ​ 7,053 ​ 183 ​ 1,430 ​ 7,235 ​ 8,665 ​ 1,688 ​ 2012 ​ Denver III, CO ​ 76,025 ​ ​ ​ 1,828 ​ 12,109 ​ 92 ​ 1,828 ​ 12,201 ​ 14,029 ​ 1,245 ​ 2016 ​ Federal Heights, CO ​ 54,770 ​ ​ ​ 878 ​ 1,953 ​ 347 ​ 879 ​ 1,901 ​ 2,780 ​ 835 ​ 2005 ​ Golden, CO ​ 87,800 ​ ​ ​ 1,683 ​ 3,744 ​ 591 ​ 1,684 ​ 3,663 ​ 5,347 ​ 1,624 ​ 2005 ​ Littleton, CO ​ 53,490 ​ ​ ​ 1,268 ​ 2,820 ​ 404 ​ 1,268 ​ 2,714 ​ 3,982 ​ 1,165 ​ 2005 ​ Northglenn, CO ​ 43,102 ​ ​ ​ 862 ​ 1,917 ​ 589 ​ 662 ​ 2,290 ​ 2,952 ​ 925 ​ 2005 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying Amount at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Buildings Subsequent ​ Buildings ​ Accumulated Year ​ ​ Square ​ ​ ​ ​ ​ & ​ to ​ ​ ​ & ​ ​ ​ Depreciation ​ Acquired/ Description ​ Footage ​ Encumbrances ​ Land ​ Improvements ​ Acquisition ​ Land ​ Improvements ​ Total ​ (A) ​ Developed Bloomfield, CT ​ 48,700 ​ ​ ​ 78 ​ 880 ​ 2,422 ​ 360 ​ 2,691 ​ 3,051 ​ 1,344 ​ 1997 ​ Branford, CT ​ 50,629 ​ ​ ​ 217 ​ 2,433 ​ 1,727 ​ 504 ​ 3,447 ​ 3,951 ​ 1,833 ​ 1995 ​ Bristol, CT ​ 50,925 ​ ​ ​ 1,819 ​ 3,161 ​ 431 ​ 1,819 ​ 3,127 ​ 4,946 ​ 1,421 ​ 2005 ​ East Windsor, CT ​ 45,816 ​ ​ ​ 744 ​ 1,294 ​ 568 ​ 744 ​ 1,591 ​ 2,335 ​ 811 ​ 2005 ​ Enfield, CT ​ 52,875 ​ ​ ​ 424 ​ 2,424 ​ 477 ​ 473 ​ 2,120 ​ 2,593 ​ 1,009 ​ 2001 ​ Gales Ferry, CT ​ 54,905 ​ ​ ​ 240 ​ 2,697 ​ 1,686 ​ 489 ​ 3,661 ​ 4,150 ​ 2,069 ​ 1995 ​ Manchester I, CT ​ 46,925 ​ ​ ​ 540 ​ 3,096 ​ 552 ​ 563 ​ 2,651 ​ 3,214 ​ 1,174 ​ 2002 ​ Manchester II, CT ​ 52,725 ​ ​ ​ 996 ​ 1,730 ​ 410 ​ 996 ​ 1,832 ​ 2,828 ​ 879 ​ 2005 ​ Manchester III, CT ​ 60,113 ​ ​ ​ 671 ​ 3,308 ​ 175 ​ 671 ​ 3,483 ​ 4,154 ​ 677 ​ 2014 ​ Milford, CT ​ 44,885 ​ ​ ​ 87 ​ 1,050 ​ 1,364 ​ 274 ​ 1,920 ​ 2,194 ​ 975 ​ 1996 ​ Monroe, CT ​ 63,700 ​ ​ ​ 2,004 ​ 3,483 ​ 942 ​ 2,004 ​ 3,741 ​ 5,745 ​ 1,833 ​ 2005 ​ Mystic, CT ​ 50,850 ​ ​ ​ 136 ​ 1,645 ​ 2,171 ​ 410 ​ 3,048 ​ 3,458 ​ 1,601 ​ 1996 ​ Newington I, CT ​ 42,270 ​ ​ ​ 1,059 ​ 1,840 ​ 294 ​ 1,059 ​ 1,838 ​ 2,897 ​ 902 ​ 2005 ​ Newington II, CT ​ 35,640 ​ ​ ​ 911 ​ 1,584 ​ 361 ​ 911 ​ 1,672 ​ 2,583 ​ 812 ​ 2005 ​ Norwalk I, CT ​ 30,181 ​ ​ ​ 646 ​ 3,187 ​ 66 ​ 646 ​ 3,253 ​ 3,899 ​ 782 ​ 2012 ​ Norwalk II, CT ​ 82,225 ​ ​ ​ 1,171 ​ 15,422 ​ 462 ​ 1,171 ​ 15,884 ​ 17,055 ​ 1,649 ​ 2016 ​ Old Saybrook I, CT ​ 87,000 ​ ​ ​ 3,092 ​ 5,374 ​ 713 ​ 3,092 ​ 5,233 ​ 8,325 ​ 2,642 ​ 2005 ​ Old Saybrook II, CT ​ 26,425 ​ ​ ​ 1,135 ​ 1,973 ​ 288 ​ 1,135 ​ 1,934 ​ 3,069 ​ 993 ​ 2005 ​ Shelton, CT ​ 78,405 ​ ​ ​ 1,613 ​ 9,032 ​ 546 ​ 1,613 ​ 8,494 ​ 10,107 ​ 2,173 ​ 2011 ​ South Windsor, CT ​ 72,075 ​ ​ ​ 90 ​ 1,127 ​ 1,555 ​ 272 ​ 2,284 ​ 2,556 ​ 1,183 ​ 1996 ​ Stamford, CT ​ 28,907 ​ ​ ​ 1,941 ​ 3,374 ​ 195 ​ 1,941 ​ 3,029 ​ 4,970 ​ 1,487 ​ 2005 ​ Wilton, CT ​ 84,515 ​ ​ ​ 2,409 ​ 12,261 ​ 798 ​ 2,421 ​ 13,121 ​ 15,542 ​ 3,219 ​ 2012 ​ Washington I, DC ​ 62,685 ​ ​ ​ 871 ​ 12,759 ​ 1,025 ​ 894 ​ 11,059 ​ 11,953 ​ 4,050 ​ 2008 ​ Washington II, DC ​ 82,452 ​ ​ ​ 3,152 ​ 13,612 ​ 463 ​ 3,154 ​ 12,299 ​ 15,453 ​ 3,094 ​ 2011 ​ Washington III, DC ​ 78,215 ​ ​ ​ 4,469 ​ 15,438 ​ 107 ​ 4,469 ​ 15,545 ​ 20,014 ​ 1,795 ​ 2016 ​ Washington IV, DC ​ 72,298 ​ ​ ​ 6,359 ​ 20,417 ​ 160 ​ 6,359 ​ 20,577 ​ 26,936 ​ 1,209 ​ 2017 ​ Washington V, DC ​ 114,200 ​ ​ ​ 13,908 ​ 18,770 ​ 170 ​ 13,917 ​ 18,931 ​ 32,848 ​ 843 ​ 2018 ​ Boca Raton, FL ​ 37,968 ​ ​ ​ 529 ​ 3,054 ​ 1,662 ​ 813 ​ 3,607 ​ 4,420 ​ 1,665 ​ 2001 ​ Boynton Beach I, FL ​ 61,725 ​ ​ ​ 667 ​ 3,796 ​ 1,957 ​ 958 ​ 4,420 ​ 5,378 ​ 2,058 ​ 2001 ​ Boynton Beach II, FL ​ 61,514 ​ ​ ​ 1,030 ​ 2,968 ​ 469 ​ 1,030 ​ 3,000 ​ 4,030 ​ 1,358 ​ 2005 ​ Boynton Beach III, FL ​ 67,368 ​ ​ ​ 1,225 ​ 6,037 ​ 266 ​ 1,225 ​ 6,304 ​ 7,529 ​ 1,141 ​ 2014 ​ Boynton Beach IV, FL ​ 76,514 ​ ​ ​ 1,455 ​ 7,171 ​ 162 ​ 1,455 ​ 7,333 ​ 8,788 ​ 1,047 ​ 2015 ​ Bradenton I, FL ​ 68,389 ​ ​ ​ 1,180 ​ 3,324 ​ 434 ​ 1,180 ​ 2,929 ​ 4,109 ​ 1,107 ​ 2004 ​ Bradenton II, FL ​ 88,063 ​ ​ ​ 1,931 ​ 5,561 ​ 1,191 ​ 1,931 ​ 5,125 ​ 7,056 ​ 2,077 ​ 2004 ​ Cape Coral I, FL ​ 76,857 ​ ​ ​ 472 ​ 2,769 ​ 2,595 ​ 830 ​ 4,031 ​ 4,861 ​ 2,236 ​ 2000 ​ Cape Coral II, FL ​ 67,955 ​ ​ ​ 1,093 ​ 5,387 ​ 108 ​ 1,093 ​ 5,494 ​ 6,587 ​ 905 ​ 2014 ​ Coconut Creek I, FL ​ 78,846 ​ ​ ​ 1,189 ​ 5,863 ​ 201 ​ 1,189 ​ 6,061 ​ 7,250 ​ 1,431 ​ 2012 ​ Coconut Creek II, FL ​ 90,147 ​ ​ ​ 1,937 ​ 9,549 ​ 210 ​ 1,937 ​ 9,760 ​ 11,697 ​ 1,856 ​ 2014 ​ Dania Beach, FL ​ 180,888 ​ ​ ​ 3,584 ​ 10,324 ​ 1,804 ​ 3,584 ​ 9,650 ​ 13,234 ​ 3,890 ​ 2004 ​ Dania, FL ​ 58,315 ​ ​ ​ 205 ​ 2,068 ​ 1,768 ​ 481 ​ 3,137 ​ 3,618 ​ 1,648 ​ 1996 ​ Davie, FL ​ 80,985 ​ ​ ​ 1,268 ​ 7,183 ​ 1,357 ​ 1,373 ​ 6,266 ​ 7,639 ​ 2,741 ​ 2001 ​ Deerfield Beach, FL ​ 57,280 ​ ​ ​ 946 ​ 2,999 ​ 2,041 ​ 1,311 ​ 4,528 ​ 5,839 ​ 2,317 ​ 1998 ​ Delray Beach I, FL ​ 67,563 ​ ​ ​ 798 ​ 4,539 ​ 847 ​ 883 ​ 4,098 ​ 4,981 ​ 1,941 ​ 2001 ​ Delray Beach II, FL ​ 75,770 ​ ​ ​ 957 ​ 4,718 ​ 278 ​ 957 ​ 4,996 ​ 5,953 ​ 1,076 ​ 2013 ​ Delray Beach III, FL ​ 94,257 ​ ​ ​ 2,086 ​ 10,286 ​ 182 ​ 2,086 ​ 10,469 ​ 12,555 ​ 1,856 ​ 2014 ​ Delray Beach IV, FL ​ 97,208 ​ ​ ​ 2,208 ​ 14,384 ​ 23 ​ 2,208 ​ 14,407 ​ 16,615 ​ 908 ​ 2017 ​ Ft. Lauderdale I, FL ​ 70,343 ​ ​ ​ 937 ​ 3,646 ​ 2,522 ​ 1,384 ​ 5,482 ​ 6,866 ​ 2,802 ​ 1999 ​ Ft. Lauderdale II, FL ​ 49,662 ​ ​ ​ 862 ​ 4,250 ​ 105 ​ 862 ​ 4,356 ​ 5,218 ​ 842 ​ 2013 ​ Ft. Myers I, FL ​ 67,504 ​ ​ ​ 303 ​ 3,329 ​ 993 ​ 328 ​ 3,318 ​ 3,646 ​ 1,726 ​ 1999 ​ Ft. Myers II, FL ​ 83,325 ​ ​ ​ 1,030 ​ 5,080 ​ 182 ​ 1,030 ​ 5,262 ​ 6,292 ​ 941 ​ 2014 ​ Ft. Myers III, FL ​ 81,554 ​ ​ ​ 1,148 ​ 5,658 ​ 181 ​ 1,148 ​ 5,839 ​ 6,987 ​ 1,041 ​ 2014 ​ Ft. Myers IV, FL ​ 69,682 ​ ​ ​ 992 ​ 8,287 ​ 164 ​ 992 ​ 8,451 ​ 9,443 ​ 155 ​ 2019 ​ Ft. Myers V, FL ​ 62,370 ​ ​ ​ 950 ​ 7,763 ​ 124 ​ 950 ​ 7,887 ​ 8,837 ​ 145 ​ 2019 ​ Jacksonville I, FL ​ 79,735 ​ ​ ​ 1,862 ​ 5,362 ​ 199 ​ 1,862 ​ 4,878 ​ 6,740 ​ 2,045 ​ 2005 ​ Jacksonville II, FL ​ 64,970 ​ ​ ​ 950 ​ 7,004 ​ 218 ​ 950 ​ 5,674 ​ 6,624 ​ 2,193 ​ 2007 ​ Jacksonville III, FL ​ 65,840 ​ ​ ​ 860 ​ 7,409 ​ 1,058 ​ 1,670 ​ 6,055 ​ 7,725 ​ 2,341 ​ 2007 ​ Jacksonville IV, FL ​ 95,525 ​ ​ ​ 870 ​ 8,049 ​ 1,218 ​ 1,651 ​ 7,184 ​ 8,835 ​ 2,758 ​ 2007 ​ Jacksonville V, FL ​ 82,573 ​ ​ ​ 1,220 ​ 8,210 ​ 450 ​ 1,220 ​ 6,916 ​ 8,136 ​ 2,673 ​ 2007 ​ Jacksonville VI, FL ​ 67,375 ​ ​ ​ 755 ​ 3,725 ​ 152 ​ 755 ​ 3,876 ​ 4,631 ​ 644 ​ 2014 ​ Kendall, FL ​ 75,495 ​ ​ ​ 2,350 ​ 8,106 ​ 493 ​ 2,350 ​ 6,826 ​ 9,176 ​ 2,619 ​ 2007 ​ Lake Worth I, FL ​ 158,778 ​ ​ ​ 183 ​ 6,597 ​ 7,795 ​ 354 ​ 11,148 ​ 11,502 ​ 5,618 ​ 1998 ​ Lake Worth II, FL ​ 86,920 ​ ​ ​ 1,552 ​ 7,654 ​ 203 ​ 1,552 ​ 7,857 ​ 9,409 ​ 1,435 ​ 2014 ​ Lake Worth III, FL ​ 92,510 ​ ​ ​ 957 ​ 4,716 ​ 243 ​ 957 ​ 4,959 ​ 5,916 ​ 759 ​ 2015 ​ Lakeland, FL ​ 49,079 ​ ​ ​ 81 ​ 896 ​ 1,300 ​ 256 ​ 1,604 ​ 1,860 ​ 854 ​ 1994 ​ Leisure City, FL ​ 56,185 ​ ​ ​ 409 ​ 2,018 ​ 198 ​ 409 ​ 2,213 ​ 2,622 ​ 537 ​ 2012 ​ Lutz I, FL ​ 71,595 ​ ​ ​ 901 ​ 2,478 ​ 438 ​ 901 ​ 2,299 ​ 3,200 ​ 862 ​ 2004 ​ Lutz II, FL ​ 69,232 ​ ​ ​ 992 ​ 2,868 ​ 416 ​ 992 ​ 2,524 ​ 3,516 ​ 995 ​ 2004 ​ Margate I, FL ​ 53,660 ​ ​ ​ 161 ​ 1,763 ​ 2,345 ​ 399 ​ 3,427 ​ 3,826 ​ 1,862 ​ 1996 ​ Margate II, FL ​ 65,380 ​ ​ ​ 132 ​ 1,473 ​ 2,188 ​ 383 ​ 3,031 ​ 3,414 ​ 1,466 ​ 1996 ​ Merritt Island, FL ​ 50,171 ​ ​ ​ 716 ​ 2,983 ​ 711 ​ 796 ​ 2,781 ​ 3,577 ​ 1,200 ​ 2002 ​ Miami I, FL ​ 46,500 ​ ​ ​ 179 ​ 1,999 ​ 1,889 ​ 484 ​ 2,889 ​ 3,373 ​ 1,554 ​ 1996 ​ Miami II, FL ​ 67,160 ​ ​ ​ 253 ​ 2,544 ​ 1,864 ​ 561 ​ 3,569 ​ 4,130 ​ 1,873 ​ 1996 ​ Miami III, FL ​ 151,620 ​ ​ ​ 4,577 ​ 13,185 ​ 898 ​ 4,577 ​ 12,257 ​ 16,834 ​ 5,324 ​ 2005 ​ Miami IV, FL ​ 76,695 ​ ​ ​ 1,852 ​ 10,494 ​ 1,047 ​ 1,963 ​ 9,980 ​ 11,943 ​ 2,773 ​ 2011 ​ Miramar, FL ​ 80,080 ​ ​ ​ 1,206 ​ 5,944 ​ 151 ​ 1,206 ​ 6,096 ​ 7,302 ​ 1,277 ​ 2013 ​ Naples I, FL ​ 48,100 ​ ​ ​ 90 ​ 1,010 ​ 2,759 ​ 270 ​ 3,225 ​ 3,495 ​ 1,673 ​ 1996 ​ Naples II, FL ​ 65,850 ​ ​ ​ 148 ​ 1,652 ​ 4,387 ​ 558 ​ 5,342 ​ 5,900 ​ 2,845 ​ 1997 ​ Naples III, FL ​ 80,205 ​ ​ ​ 139 ​ 1,561 ​ 4,302 ​ 598 ​ 4,224 ​ 4,822 ​ 2,255 ​ 1997 ​ Naples IV, FL ​ 40,625 ​ ​ ​ 262 ​ 2,980 ​ 693 ​ 407 ​ 3,076 ​ 3,483 ​ 1,655 ​ 1998 ​ New Smyrna Beach, FL ​ 81,454 ​ ​ ​ 1,261 ​ 6,215 ​ 203 ​ 1,261 ​ 6,417 ​ 7,678 ​ 1,073 ​ 2014 ​ North Palm Beach, FL ​ 45,825 ​ ​ ​ 1,374 ​ 7,649 ​ 57 ​ 1,374 ​ 7,706 ​ 9,080 ​ 751 ​ 2017 ​ Oakland Park, FL ​ 63,706 ​ ​ ​ 3,007 ​ 10,145 ​ 43 ​ 3,007 ​ 10,188 ​ 13,195 ​ 615 ​ 2017 ​ Ocoee, FL ​ 76,150 ​ ​ ​ 1,286 ​ 3,705 ​ 238 ​ 1,286 ​ 3,425 ​ 4,711 ​ 1,499 ​ 2005 ​ Orange City, FL ​ 59,580 ​ ​ ​ 1,191 ​ 3,209 ​ 362 ​ 1,191 ​ 2,788 ​ 3,979 ​ 1,086 ​ 2004 ​ Orlando II, FL ​ 63,184 ​ ​ ​ 1,589 ​ 4,576 ​ 259 ​ 1,589 ​ 4,195 ​ 5,784 ​ 1,830 ​ 2005 ​ Orlando III, FL ​ 101,190 ​ ​ ​ 1,209 ​ 7,768 ​ 811 ​ 1,209 ​ 7,191 ​ 8,400 ​ 2,882 ​ 2006 ​ Orlando IV, FL ​ 76,801 ​ ​ ​ 633 ​ 3,587 ​ 203 ​ 633 ​ 3,286 ​ 3,919 ​ 953 ​ 2010 ​ Orlando V, FL ​ 75,377 ​ ​ ​ 950 ​ 4,685 ​ 143 ​ 950 ​ 4,828 ​ 5,778 ​ 1,128 ​ 2012 ​ Orlando VI, FL ​ 67,275 ​ ​ ​ 640 ​ 3,154 ​ 158 ​ 640 ​ 3,312 ​ 3,952 ​ 560 ​ 2014 ​ Orlando VII, FL ​ 78,705 ​ ​ ​ 896 ​ 9,142 ​ 1 ​ 896 ​ 9,143 ​ 10,039 ​ 21 ​ 2019 ​ Oviedo, FL ​ 49,276 ​ ​ ​ 440 ​ 2,824 ​ 637 ​ 440 ​ 2,784 ​ 3,224 ​ 1,151 ​ 2006 ​ Palm Coast I, FL ​ 47,400 ​ ​ ​ 555 ​ 2,735 ​ 123 ​ 555 ​ 2,859 ​ 3,414 ​ 561 ​ 2014 ​ Palm Coast II, FL ​ 122,490 ​ ​ ​ 1,511 ​ 7,450 ​ 432 ​ 1,511 ​ 7,883 ​ 9,394 ​ 1,529 ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying Amount at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Buildings Subsequent ​ Buildings ​ Accumulated Year ​ ​ Square ​ ​ ​ ​ ​ & ​ to ​ ​ ​ & ​ ​ ​ Depreciation ​ Acquired/ Description ​ Footage ​ Encumbrances ​ Land ​ Improvements ​ Acquisition ​ Land ​ Improvements ​ Total ​ (A) ​ Developed Palm Harbor, FL ​ 82,685 ​ ​ ​ 2,457 ​ 16,178 ​ 71 ​ 2,387 ​ 16,319 ​ 18,706 ​ 1,686 ​ 2016 ​ Pembroke Pines, FL ​ 67,321 ​ ​ ​ 337 ​ 3,772 ​ 2,905 ​ 953 ​ 5,530 ​ 6,483 ​ 2,966 ​ 1997 ​ Royal Palm Beach II, FL ​ 81,178 ​ ​ ​ 1,640 ​ 8,607 ​ 340 ​ 1,640 ​ 7,284 ​ 8,924 ​ 2,834 ​ 2007 ​ Sanford I, FL ​ 61,810 ​ ​ ​ 453 ​ 2,911 ​ 241 ​ 453 ​ 2,584 ​ 3,037 ​ 1,010 ​ 2006 ​ Sanford II, FL ​ 69,875 ​ ​ ​ 1,003 ​ 4,944 ​ 251 ​ 1,003 ​ 5,194 ​ 6,197 ​ 877 ​ 2014 ​ Sarasota, FL ​ 71,142 ​ ​ ​ 333 ​ 3,656 ​ 1,516 ​ 529 ​ 3,955 ​ 4,484 ​ 1,979 ​ 1999 ​ St. Augustine, FL ​ 59,725 ​ ​ ​ 135 ​ 1,515 ​ 3,497 ​ 383 ​ 4,404 ​ 4,787 ​ 2,393 ​ 1996 ​ St. Petersburg, FL ​ 66,025 ​ ​ ​ 2,721 ​ 10,173 ​ 436 ​ 2,721 ​ 10,609 ​ 13,330 ​ 1,113 ​ 2016 ​ Stuart, FL ​ 87,486 ​ ​ ​ 324 ​ 3,625 ​ 3,272 ​ 685 ​ 5,904 ​ 6,589 ​ 3,169 ​ 1997 ​ SW Ranches, FL ​ 65,060 ​ ​ ​ 1,390 ​ 7,598 ​ 305 ​ 1,390 ​ 6,039 ​ 7,429 ​ 2,333 ​ 2007 ​ Tampa I, FL ​ 83,938 ​ ​ ​ 2,670 ​ 6,249 ​ 307 ​ 2,670 ​ 5,203 ​ 7,873 ​ 2,003 ​ 2007 ​ Tampa II, FL ​ 74,790 ​ ​ ​ 2,291 ​ 10,262 ​ 140 ​ 2,291 ​ 10,402 ​ 12,693 ​ 1,067 ​ 2016 ​ West Palm Beach I, FL ​ 66,831 ​ ​ ​ 719 ​ 3,420 ​ 1,864 ​ 835 ​ 4,034 ​ 4,869 ​ 1,835 ​ 2001 ​ West Palm Beach II, FL ​ 94,113 ​ ​ ​ 2,129 ​ 8,671 ​ 555 ​ 2,129 ​ 7,114 ​ 9,243 ​ 2,843 ​ 2004 ​ West Palm Beach III, FL ​ 77,410 ​ ​ ​ 804 ​ 3,962 ​ 138 ​ 804 ​ 4,100 ​ 4,904 ​ 921 ​ 2012 ​ West Palm Beach IV, FL ​ 102,722 ​ ​ ​ 1,499 ​ 7,392 ​ 333 ​ 1,499 ​ 7,724 ​ 9,223 ​ 1,402 ​ 2014 ​ Winter Park I, FL ​ 54,416 ​ ​ ​ 866 ​ 4,268 ​ 127 ​ 866 ​ 4,394 ​ 5,260 ​ 738 ​ 2014 ​ Winter Park II, FL ​ 71,363 ​ ​ ​ 1,897 ​ 9,286 ​ 1 ​ 1,897 ​ 9,287 ​ 11,184 ​ 22 ​ 2019 ​ Winter Springs, FL ​ 61,965 ​ ​ ​ 1,248 ​ 7,259 ​ — ​ 1,248 ​ 7,259 ​ 8,507 ​ 17 ​ 2019 ​ Alpharetta, GA ​ 90,501 ​ ​ ​ 806 ​ 4,720 ​ 1,032 ​ 917 ​ 4,045 ​ 4,962 ​ 1,843 ​ 2001 ​ Atlanta I, GA ​ 66,600 ​ ​ ​ 822 ​ 4,053 ​ 137 ​ 822 ​ 4,191 ​ 5,013 ​ 980 ​ 2012 ​ Atlanta II, GA ​ 81,665 ​ ​ ​ 1,890 ​ 11,579 ​ 4 ​ 1,890 ​ 11,583 ​ 13,473 ​ 145 ​ 2019 ​ Austell, GA ​ 83,655 ​ ​ ​ 1,635 ​ 4,711 ​ 447 ​ 1,643 ​ 4,502 ​ 6,145 ​ 1,788 ​ 2006 ​ Decatur, GA ​ 145,320 ​ ​ ​ 616 ​ 6,776 ​ 457 ​ 616 ​ 6,224 ​ 6,840 ​ 3,499 ​ 1998 ​ Duluth, GA ​ 70,885 ​ ​ ​ 373 ​ 2,044 ​ 258 ​ 373 ​ 1,976 ​ 2,349 ​ 533 ​ 2011 ​ Lawrenceville, GA ​ 73,890 ​ ​ ​ 546 ​ 2,903 ​ 472 ​ 546 ​ 2,945 ​ 3,491 ​ 807 ​ 2011 ​ Lithia Springs, GA ​ 73,200 ​ ​ ​ 748 ​ 5,552 ​ 425 ​ 719 ​ 6,006 ​ 6,725 ​ 759 ​ 2015 ​ Norcross I, GA ​ 85,320 ​ ​ ​ 514 ​ 2,930 ​ 1,082 ​ 632 ​ 3,087 ​ 3,719 ​ 1,355 ​ 2001 ​ Norcross II, GA ​ 52,595 ​ ​ ​ 366 ​ 2,025 ​ 241 ​ 366 ​ 1,979 ​ 2,345 ​ 552 ​ 2011 ​ Norcross III, GA ​ 46,955 ​ ​ ​ 938 ​ 4,625 ​ 94 ​ 938 ​ 4,719 ​ 5,657 ​ 1,181 ​ 2012 ​ Norcross IV, GA ​ 57,475 ​ ​ ​ 576 ​ 2,839 ​ 134 ​ 576 ​ 2,973 ​ 3,549 ​ 703 ​ 2012 ​ Norcross V, GA ​ 50,030 ​ ​ ​ 881 ​ 3,083 ​ 38 ​ 881 ​ 3,121 ​ 4,002 ​ 55 ​ 2019 ​ Peachtree City I, GA ​ 49,875 ​ ​ ​ 435 ​ 2,532 ​ 811 ​ 529 ​ 2,558 ​ 3,087 ​ 1,152 ​ 2001 ​ Peachtree City II, GA ​ 59,950 ​ ​ ​ 398 ​ 1,963 ​ 157 ​ 398 ​ 2,119 ​ 2,517 ​ 499 ​ 2012 ​ Smyrna, GA ​ 57,015 ​ ​ ​ 750 ​ 4,271 ​ 334 ​ 750 ​ 3,480 ​ 4,230 ​ 1,602 ​ 2001 ​ Snellville, GA ​ 80,000 ​ ​ ​ 1,660 ​ 4,781 ​ 392 ​ 1,660 ​ 4,510 ​ 6,170 ​ 1,773 ​ 2007 ​ Suwanee I, GA ​ 85,125 ​ ​ ​ 1,737 ​ 5,010 ​ 365 ​ 1,737 ​ 4,658 ​ 6,395 ​ 1,821 ​ 2007 ​ Suwanee II, GA ​ 79,590 ​ ​ ​ 800 ​ 6,942 ​ 152 ​ 622 ​ 5,877 ​ 6,499 ​ 2,267 ​ 2007 ​ Villa Rica, GA ​ 65,281 ​ ​ ​ 757 ​ 5,616 ​ 177 ​ 757 ​ 5,793 ​ 6,550 ​ 768 ​ 2015 ​ Addison, IL ​ 31,574 ​ ​ ​ 428 ​ 3,531 ​ 605 ​ 428 ​ 3,308 ​ 3,736 ​ 1,283 ​ 2004 ​ Aurora, IL ​ 73,985 ​ ​ ​ 644 ​ 3,652 ​ 264 ​ 644 ​ 3,058 ​ 3,702 ​ 1,189 ​ 2004 ​ Bartlett, IL ​ 51,395 ​ ​ ​ 931 ​ 2,493 ​ 356 ​ 931 ​ 2,215 ​ 3,146 ​ 874 ​ 2004 ​ Bellwood, IL ​ 86,500 ​ ​ ​ 1,012 ​ 5,768 ​ 1,186 ​ 1,012 ​ 5,216 ​ 6,228 ​ 2,315 ​ 2001 ​ Blue Island, IL ​ 55,125 ​ ​ ​ 633 ​ 3,120 ​ 92 ​ 633 ​ 3,212 ​ 3,845 ​ 493 ​ 2015 ​ Bolingbrook, IL ​ 82,575 ​ ​ ​ 1,675 ​ 8,254 ​ 209 ​ 1,675 ​ 8,463 ​ 10,138 ​ 1,415 ​ 2014 ​ Chicago I, IL ​ 95,792 ​ ​ ​ 2,667 ​ 13,118 ​ 1,044 ​ 2,667 ​ 14,161 ​ 16,828 ​ 2,430 ​ 2014 ​ Chicago II, IL ​ 78,835 ​ ​ ​ 833 ​ 4,035 ​ 98 ​ 833 ​ 4,134 ​ 4,967 ​ 685 ​ 2014 ​ Chicago III, IL ​ 84,890 ​ ​ ​ 2,427 ​ 11,962 ​ 834 ​ 2,427 ​ 12,796 ​ 15,223 ​ 2,206 ​ 2014 ​ Chicago IV, IL ​ 60,420 ​ ​ ​ 1,296 ​ 6,385 ​ 153 ​ 1,296 ​ 6,538 ​ 7,834 ​ 989 ​ 2015 ​ Chicago V, IL ​ 51,775 ​ ​ ​ 1,044 ​ 5,144 ​ 121 ​ 1,044 ​ 5,265 ​ 6,309 ​ 794 ​ 2015 ​ Chicago VI, IL ​ 71,748 ​ ​ ​ 1,596 ​ 9,535 ​ 76 ​ 1,596 ​ 9,611 ​ 11,207 ​ 1,067 ​ 2016 ​ Chicago VII, IL ​ 90,947 ​ ​ ​ — ​ 11,191 ​ 332 ​ — ​ 11,523 ​ 11,523 ​ 753 ​ 2017 ​ Countryside, IL ​ 97,658 ​ ​ ​ 2,607 ​ 12,684 ​ 265 ​ 2,607 ​ 12,951 ​ 15,558 ​ 2,147 ​ 2014 ​ Des Plaines, IL ​ 69,450 ​ ​ ​ 1,564 ​ 4,327 ​ 871 ​ 1,564 ​ 4,158 ​ 5,722 ​ 1,624 ​ 2004 ​ Downers Grove, IL ​ 71,625 ​ ​ ​ 1,498 ​ 13,153 ​ 60 ​ 1,498 ​ 13,213 ​ 14,711 ​ 1,497 ​ 2016 ​ Elk Grove Village, IL ​ 64,104 ​ ​ ​ 1,446 ​ 3,535 ​ 321 ​ 1,446 ​ 2,999 ​ 4,445 ​ 1,233 ​ 2004 ​ Evanston, IL ​ 57,715 ​ ​ ​ 1,103 ​ 5,440 ​ 290 ​ 1,103 ​ 5,729 ​ 6,832 ​ 1,234 ​ 2013 ​ Glenview I, IL ​ 100,085 ​ ​ ​ 3,740 ​ 10,367 ​ 599 ​ 3,740 ​ 8,539 ​ 12,279 ​ 3,349 ​ 2004 ​ Glenview II, IL ​ 30,844 ​ ​ ​ 725 ​ 3,144 ​ 73 ​ 725 ​ 3,217 ​ 3,942 ​ 113 ​ 2018 ​ Gurnee, IL ​ 80,300 ​ ​ ​ 1,521 ​ 5,440 ​ 440 ​ 1,521 ​ 4,606 ​ 6,127 ​ 1,818 ​ 2004 ​ Hanover, IL ​ 41,190 ​ ​ ​ 1,126 ​ 2,197 ​ 406 ​ 1,126 ​ 2,062 ​ 3,188 ​ 813 ​ 2004 ​ Harvey, IL ​ 60,090 ​ ​ ​ 869 ​ 3,635 ​ 502 ​ 869 ​ 3,255 ​ 4,124 ​ 1,229 ​ 2004 ​ Joliet, IL ​ 72,865 ​ ​ ​ 547 ​ 4,704 ​ 325 ​ 547 ​ 3,934 ​ 4,481 ​ 1,538 ​ 2004 ​ Kildeer, IL ​ 74,438 ​ ​ ​ 2,102 ​ 2,187 ​ 4,603 ​ 1,997 ​ 6,385 ​ 8,382 ​ 1,254 ​ 2004 ​ Lombard, IL ​ 58,728 ​ ​ ​ 1,305 ​ 3,938 ​ 1,055 ​ 1,305 ​ 4,021 ​ 5,326 ​ 1,622 ​ 2004 ​ Maywood, IL ​ 60,225 ​ ​ ​ 749 ​ 3,689 ​ 80 ​ 749 ​ 3,769 ​ 4,518 ​ 568 ​ 2015 ​ Mount Prospect, IL ​ 65,000 ​ ​ ​ 1,701 ​ 3,114 ​ 672 ​ 1,701 ​ 3,041 ​ 4,742 ​ 1,197 ​ 2004 ​ Mundelein, IL ​ 44,700 ​ ​ ​ 1,498 ​ 2,782 ​ 493 ​ 1,498 ​ 2,602 ​ 4,100 ​ 989 ​ 2004 ​ North Chicago, IL ​ 53,500 ​ ​ ​ 1,073 ​ 3,006 ​ 629 ​ 1,073 ​ 2,873 ​ 3,946 ​ 1,119 ​ 2004 ​ Plainfield I, IL ​ 53,900 ​ ​ ​ 1,770 ​ 1,715 ​ 373 ​ 1,740 ​ 1,636 ​ 3,376 ​ 630 ​ 2004 ​ Plainfield II, IL ​ 51,900 ​ ​ ​ 694 ​ 2,000 ​ 345 ​ 694 ​ 2,013 ​ 2,707 ​ 835 ​ 2005 ​ Riverwoods, IL ​ 73,883 ​ ​ ​ 1,585 ​ 7,826 ​ 93 ​ 1,585 ​ 7,919 ​ 9,504 ​ 747 ​ 2017 ​ Schaumburg, IL ​ 31,160 ​ ​ ​ 538 ​ 645 ​ 270 ​ 538 ​ 718 ​ 1,256 ​ 287 ​ 2004 ​ Streamwood, IL ​ 64,305 ​ ​ ​ 1,447 ​ 1,662 ​ 601 ​ 1,447 ​ 1,798 ​ 3,245 ​ 694 ​ 2004 ​ Warrenville, IL ​ 48,796 ​ ​ ​ 1,066 ​ 3,072 ​ 544 ​ 1,066 ​ 3,184 ​ 4,250 ​ 1,335 ​ 2005 ​ Waukegan, IL ​ 79,500 ​ ​ ​ 1,198 ​ 4,363 ​ 686 ​ 1,198 ​ 3,992 ​ 5,190 ​ 1,566 ​ 2004 ​ West Chicago, IL ​ 48,175 ​ ​ ​ 1,071 ​ 2,249 ​ 547 ​ 1,071 ​ 2,229 ​ 3,300 ​ 876 ​ 2004 ​ Westmont, IL ​ 53,400 ​ ​ ​ 1,155 ​ 3,873 ​ 341 ​ 1,155 ​ 3,315 ​ 4,470 ​ 1,287 ​ 2004 ​ Wheeling I, IL ​ 54,210 ​ ​ ​ 857 ​ 3,213 ​ 558 ​ 857 ​ 3,002 ​ 3,859 ​ 1,182 ​ 2004 ​ Wheeling II, IL ​ 67,825 ​ ​ ​ 793 ​ 3,816 ​ 626 ​ 793 ​ 3,537 ​ 4,330 ​ 1,418 ​ 2004 ​ Woodridge, IL ​ 50,257 ​ ​ ​ 943 ​ 3,397 ​ 373 ​ 943 ​ 2,980 ​ 3,923 ​ 1,146 ​ 2004 ​ Schererville, IN ​ 67,600 ​ ​ ​ 1,134 ​ 5,589 ​ 78 ​ 1,134 ​ 5,667 ​ 6,801 ​ 1,010 ​ 2014 ​ Boston I, MA ​ 33,286 ​ ​ ​ 538 ​ 3,048 ​ 291 ​ 538 ​ 2,908 ​ 3,446 ​ 846 ​ 2010 ​ Boston II, MA ​ 60,470 ​ ​ ​ 1,516 ​ 8,628 ​ 884 ​ 1,516 ​ 7,051 ​ 8,567 ​ 3,002 ​ 2002 ​ Boston III, MA ​ 108,205 ​ ​ ​ 3,211 ​ 15,829 ​ 765 ​ 3,211 ​ 16,594 ​ 19,805 ​ 2,788 ​ 2014 ​ Brockton I, MA ​ 59,993 ​ ​ ​ 577 ​ 4,394 ​ 1,225 ​ 577 ​ 5,619 ​ 6,196 ​ 718 ​ 2015 ​ Brockton II, MA ​ 69,375 ​ ​ ​ 1,900 ​ 3,520 ​ 3 ​ 1,900 ​ 3,523 ​ 5,423 ​ 65 ​ 2019 ​ East Bridgewater, MA ​ 35,905 ​ ​ ​ 1,039 ​ 4,748 ​ 2 ​ 1,039 ​ 4,750 ​ 5,789 ​ 76 ​ 2019 ​ Fall River, MA ​ 75,950 ​ ​ ​ 1,794 ​ 11,684 ​ 33 ​ 1,794 ​ 11,717 ​ 13,511 ​ 186 ​ 2019 ​ Franklin, MA ​ 63,405 ​ ​ ​ 2,034 ​ 5,704 ​ 3 ​ 2,034 ​ 5,707 ​ 7,741 ​ 100 ​ 2019 ​ Haverhill, MA ​ 60,589 ​ ​ ​ 669 ​ 6,610 ​ 227 ​ 669 ​ 6,837 ​ 7,506 ​ 887 ​ 2015 ​ Holbrook, MA ​ 56,100 ​ ​ ​ 1,688 ​ 8,033 ​ 2 ​ 1,688 ​ 8,035 ​ 9,723 ​ 137 ​ 2019 ​ Lawrence, MA ​ 34,672 ​ ​ ​ 585 ​ 4,737 ​ 275 ​ 585 ​ 5,012 ​ 5,597 ​ 672 ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying Amount at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Buildings Subsequent ​ Buildings ​ Accumulated Year ​ ​ Square ​ ​ ​ ​ ​ & ​ to ​ ​ ​ & ​ ​ ​ Depreciation ​ Acquired/ Description ​ Footage ​ Encumbrances ​ Land ​ Improvements ​ Acquisition ​ Land ​ Improvements ​ Total ​ (A) ​ Developed Leominster, MA ​ 54,048 ​ ​ ​ 90 ​ 1,519 ​ 2,669 ​ 338 ​ 3,546 ​ 3,884 ​ 1,787 ​ 1998 ​ Medford, MA ​ 58,675 ​ ​ ​ 1,330 ​ 7,165 ​ 344 ​ 1,330 ​ 6,016 ​ 7,346 ​ 2,183 ​ 2007 ​ Milford, MA ​ 44,950 ​ ​ ​ 1,222 ​ 6,638 ​ 3 ​ 1,222 ​ 6,641 ​ 7,863 ​ 109 ​ 2019 ​ New Bedford, MA ​ 69,775 ​ ​ ​ 1,653 ​ 9,950 ​ 2 ​ 1,653 ​ 9,952 ​ 11,605 ​ 156 ​ 2019 ​ Stoneham, MA ​ 62,200 ​ ​ ​ 1,558 ​ 7,679 ​ 308 ​ 1,558 ​ 7,987 ​ 9,545 ​ 1,684 ​ 2013 ​ Tewksbury, MA ​ 62,402 ​ ​ ​ 1,537 ​ 7,579 ​ 283 ​ 1,537 ​ 7,861 ​ 9,398 ​ 1,425 ​ 2014 ​ Walpole, MA ​ 74,980 ​ ​ ​ 634 ​ 13,069 ​ 569 ​ 634 ​ 13,638 ​ 14,272 ​ 1,365 ​ 2016 ​ Waltham, MA ​ 87,840 ​ ​ ​ 2,683 ​ 14,491 ​ — ​ 2,683 ​ 14,491 ​ 17,174 ​ 218 ​ 2019 ​ Annapolis I, MD ​ 92,302 ​ 5,459 ​ 2,643 ​ 13,938 ​ 84 ​ 2,643 ​ 14,022 ​ 16,665 ​ 1,091 ​ 2017 ​ Annapolis II, MD ​ 76,765 ​ ​ ​ 2,425 ​ 17,890 ​ 50 ​ 2,425 ​ 17,940 ​ 20,365 ​ 427 ​ 2019 ​ Baltimore, MD ​ 93,750 ​ ​ ​ 1,050 ​ 5,997 ​ 1,711 ​ 1,173 ​ 5,543 ​ 6,716 ​ 2,422 ​ 2001 ​ Beltsville, MD ​ 63,657 ​ ​ ​ 1,277 ​ 6,295 ​ 139 ​ 1,268 ​ 6,442 ​ 7,710 ​ 1,354 ​ 2013 ​ California, MD ​ 77,840 ​ ​ ​ 1,486 ​ 4,280 ​ 365 ​ 1,486 ​ 3,634 ​ 5,120 ​ 1,400 ​ 2004 ​ Capitol Heights, MD ​ 79,600 ​ ​ ​ 2,704 ​ 13,332 ​ 62 ​ 2,704 ​ 13,394 ​ 16,098 ​ 1,883 ​ 2015 ​ Clinton, MD ​ 84,225 ​ ​ ​ 2,182 ​ 10,757 ​ 156 ​ 2,182 ​ 10,913 ​ 13,095 ​ 2,122 ​ 2013 ​ District Heights, MD ​ 80,365 ​ ​ ​ 1,527 ​ 8,313 ​ 656 ​ 1,527 ​ 7,844 ​ 9,371 ​ 2,099 ​ 2011 ​ Elkridge, MD ​ 63,475 ​ ​ ​ 1,155 ​ 5,695 ​ 251 ​ 1,120 ​ 5,982 ​ 7,102 ​ 1,192 ​ 2013 ​ Gaithersburg I, MD ​ 87,045 ​ ​ ​ 3,124 ​ 9,000 ​ 598 ​ 3,124 ​ 7,503 ​ 10,627 ​ 2,909 ​ 2005 ​ Gaithersburg II, MD ​ 74,100 ​ ​ ​ 2,383 ​ 11,750 ​ 90 ​ 2,383 ​ 11,840 ​ 14,223 ​ 1,675 ​ 2015 ​ Hyattsville, MD ​ 52,830 ​ ​ ​ 1,113 ​ 5,485 ​ 115 ​ 1,113 ​ 5,600 ​ 6,713 ​ 1,186 ​ 2013 ​ Laurel, MD ​ 162,896 ​ ​ ​ 1,409 ​ 8,035 ​ 4,001 ​ 1,928 ​ 9,163 ​ 11,091 ​ 4,154 ​ 2001 ​ Temple Hills I, MD ​ 97,270 ​ ​ ​ 1,541 ​ 8,788 ​ 2,669 ​ 1,800 ​ 8,908 ​ 10,708 ​ 4,038 ​ 2001 ​ Temple Hills II, MD ​ 84,325 ​ ​ ​ 2,229 ​ 10,988 ​ 81 ​ 2,229 ​ 11,069 ​ 13,298 ​ 2,087 ​ 2014 ​ Timonium, MD ​ 66,717 ​ ​ ​ 2,269 ​ 11,184 ​ 247 ​ 2,269 ​ 11,430 ​ 13,699 ​ 2,168 ​ 2014 ​ Upper Marlboro, MD ​ 62,240 ​ ​ ​ 1,309 ​ 6,455 ​ 112 ​ 1,309 ​ 6,565 ​ 7,874 ​ 1,397 ​ 2013 ​ Bloomington, MN ​ 100,928 ​ ​ ​ 1,598 ​ 12,298 ​ 351 ​ 1,598 ​ 12,649 ​ 14,247 ​ 1,164 ​ 2016 ​ Belmont, NC ​ 81,850 ​ ​ ​ 385 ​ 2,196 ​ 986 ​ 451 ​ 2,364 ​ 2,815 ​ 1,095 ​ 2001 ​ Burlington I, NC ​ 109,300 ​ ​ ​ 498 ​ 2,837 ​ 911 ​ 498 ​ 2,930 ​ 3,428 ​ 1,433 ​ 2001 ​ Burlington II, NC ​ 42,165 ​ ​ ​ 320 ​ 1,829 ​ 542 ​ 340 ​ 1,829 ​ 2,169 ​ 825 ​ 2001 ​ Cary, NC ​ 111,750 ​ ​ ​ 543 ​ 3,097 ​ 982 ​ 543 ​ 3,378 ​ 3,921 ​ 1,581 ​ 2001 ​ Charlotte I, NC ​ 69,000 ​ ​ ​ 782 ​ 4,429 ​ 1,779 ​ 1,068 ​ 4,753 ​ 5,821 ​ 1,987 ​ 2002 ​ Charlotte II, NC ​ 53,683 ​ ​ ​ 821 ​ 8,764 ​ 67 ​ 821 ​ 8,831 ​ 9,652 ​ 772 ​ 2016 ​ Charlotte III, NC ​ 69,037 ​ ​ ​ 1,974 ​ 8,211 ​ 86 ​ 1,974 ​ 8,297 ​ 10,271 ​ 340 ​ 2018 ​ Charlotte IV, NC ​ 37,700 ​ ​ ​ 721 ​ 1,425 ​ 2 ​ 721 ​ 1,427 ​ 2,148 ​ 29 ​ 2019 ​ Cornelius, NC ​ 59,270 ​ ​ ​ 2,424 ​ 4,991 ​ 1,113 ​ 2,424 ​ 6,104 ​ 8,528 ​ 790 ​ 2015 ​ Pineville, NC ​ 77,747 ​ ​ ​ 2,490 ​ 9,169 ​ 160 ​ 2,490 ​ 9,329 ​ 11,819 ​ 1,231 ​ 2015 ​ Raleigh, NC ​ 48,675 ​ ​ ​ 209 ​ 2,398 ​ 477 ​ 296 ​ 2,399 ​ 2,695 ​ 1,256 ​ 1998 ​ Bayonne, NJ ​ 96,867 ​ ​ ​ — ​ 23,007 ​ — ​ — ​ 23,007 ​ 23,007 ​ 670 ​ 2019 ​ Bordentown, NJ ​ 50,550 ​ ​ ​ 457 ​ 2,255 ​ 177 ​ 457 ​ 2,431 ​ 2,888 ​ 567 ​ 2012 ​ Brick, NJ ​ 54,910 ​ ​ ​ 234 ​ 2,762 ​ 1,765 ​ 485 ​ 3,677 ​ 4,162 ​ 1,940 ​ 1996 ​ Cherry Hill I, NJ ​ 51,700 ​ ​ ​ 222 ​ 1,260 ​ 240 ​ 222 ​ 1,279 ​ 1,501 ​ 356 ​ 2010 ​ Cherry Hill II, NJ ​ 65,450 ​ ​ ​ 471 ​ 2,323 ​ 330 ​ 471 ​ 2,653 ​ 3,124 ​ 616 ​ 2012 ​ Clifton, NJ ​ 105,550 ​ ​ ​ 4,346 ​ 12,520 ​ 815 ​ 4,340 ​ 11,654 ​ 15,994 ​ 4,877 ​ 2005 ​ Cranford, NJ ​ 91,280 ​ ​ ​ 290 ​ 3,493 ​ 2,928 ​ 779 ​ 5,226 ​ 6,005 ​ 2,725 ​ 1996 ​ East Hanover, NJ ​ 105,704 ​ ​ ​ 504 ​ 5,763 ​ 4,650 ​ 1,315 ​ 8,431 ​ 9,746 ​ 4,471 ​ 1996 ​ Egg Harbor I, NJ ​ 36,025 ​ ​ ​ 104 ​ 510 ​ 196 ​ 104 ​ 696 ​ 800 ​ 170 ​ 2010 ​ Egg Harbor II, NJ ​ 70,400 ​ ​ ​ 284 ​ 1,608 ​ 430 ​ 284 ​ 1,817 ​ 2,101 ​ 529 ​ 2010 ​ Elizabeth, NJ ​ 38,684 ​ ​ ​ 751 ​ 2,164 ​ 742 ​ 751 ​ 2,583 ​ 3,334 ​ 1,120 ​ 2005 ​ Fairview, NJ ​ 27,896 ​ ​ ​ 246 ​ 2,759 ​ 799 ​ 246 ​ 2,948 ​ 3,194 ​ 1,512 ​ 1997 ​ Freehold, NJ ​ 84,070 ​ ​ ​ 1,086 ​ 5,355 ​ 361 ​ 1,086 ​ 5,711 ​ 6,797 ​ 1,319 ​ 2012 ​ Hamilton, NJ ​ 70,550 ​ ​ ​ 1,885 ​ 5,430 ​ 527 ​ 1,893 ​ 5,188 ​ 7,081 ​ 2,063 ​ 2006 ​ Hoboken, NJ ​ 38,484 ​ ​ ​ 1,370 ​ 3,947 ​ 995 ​ 1,370 ​ 4,309 ​ 5,679 ​ 1,936 ​ 2005 ​ Linden, NJ ​ 100,425 ​ ​ ​ 517 ​ 6,008 ​ 2,741 ​ 1,043 ​ 7,201 ​ 8,244 ​ 3,814 ​ 1996 ​ Lumberton, NJ ​ 96,025 ​ ​ ​ 987 ​ 4,864 ​ 327 ​ 987 ​ 5,191 ​ 6,178 ​ 1,231 ​ 2012 ​ Morris Township, NJ ​ 76,026 ​ ​ ​ 500 ​ 5,602 ​ 3,404 ​ 1,072 ​ 7,358 ​ 8,430 ​ 3,732 ​ 1997 ​ Parsippany, NJ ​ 84,705 ​ ​ ​ 475 ​ 5,322 ​ 6,242 ​ 844 ​ 10,219 ​ 11,063 ​ 3,760 ​ 1997 ​ Rahway, NJ ​ 83,121 ​ ​ ​ 1,486 ​ 7,326 ​ 710 ​ 1,486 ​ 8,036 ​ 9,522 ​ 1,683 ​ 2013 ​ Randolph, NJ ​ 52,565 ​ ​ ​ 855 ​ 4,872 ​ 1,602 ​ 1,108 ​ 4,784 ​ 5,892 ​ 2,077 ​ 2002 ​ Ridgefield, NJ ​ 67,803 ​ ​ ​ 1,810 ​ 8,925 ​ 480 ​ 1,810 ​ 9,405 ​ 11,215 ​ 1,321 ​ 2015 ​ Roseland, NJ ​ 53,569 ​ ​ ​ 1,844 ​ 9,759 ​ 449 ​ 1,844 ​ 10,208 ​ 12,052 ​ 1,324 ​ 2015 ​ Sewell, NJ ​ 57,826 ​ ​ ​ 484 ​ 2,766 ​ 1,460 ​ 706 ​ 3,148 ​ 3,854 ​ 1,459 ​ 2001 ​ Somerset, NJ ​ 57,485 ​ ​ ​ 1,243 ​ 6,129 ​ 608 ​ 1,243 ​ 6,737 ​ 7,980 ​ 1,521 ​ 2012 ​ Whippany, NJ ​ 92,070 ​ ​ ​ 2,153 ​ 10,615 ​ 661 ​ 2,153 ​ 11,276 ​ 13,429 ​ 2,330 ​ 2013 ​ Albuquerque I, NM ​ 65,927 ​ ​ ​ 1,039 ​ 3,395 ​ 392 ​ 1,039 ​ 3,203 ​ 4,242 ​ 1,518 ​ 2005 ​ Albuquerque II, NM ​ 58,798 ​ ​ ​ 1,163 ​ 3,801 ​ 437 ​ 1,163 ​ 3,614 ​ 4,777 ​ 1,680 ​ 2005 ​ Albuquerque III, NM ​ 57,536 ​ ​ ​ 664 ​ 2,171 ​ 406 ​ 664 ​ 2,187 ​ 2,851 ​ 1,049 ​ 2005 ​ Henderson, NV ​ 75,150 ​ ​ ​ 1,246 ​ 6,143 ​ 124 ​ 1,246 ​ 6,266 ​ 7,512 ​ 1,043 ​ 2014 ​ Las Vegas I, NV ​ 48,732 ​ ​ ​ 1,851 ​ 2,986 ​ 604 ​ 1,851 ​ 3,177 ​ 5,028 ​ 1,615 ​ 2006 ​ Las Vegas II, NV ​ 49,570 ​ ​ ​ 3,354 ​ 5,411 ​ 623 ​ 3,355 ​ 5,452 ​ 8,807 ​ 2,694 ​ 2006 ​ Las Vegas III, NV ​ 84,600 ​ ​ ​ 1,171 ​ 10,034 ​ 133 ​ 1,171 ​ 10,167 ​ 11,338 ​ 962 ​ 2016 ​ Las Vegas IV, NV ​ 90,527 ​ ​ ​ 1,116 ​ 8,575 ​ 384 ​ 1,116 ​ 8,959 ​ 10,075 ​ 903 ​ 2016 ​ Las Vegas V, NV ​ 107,226 ​ ​ ​ 1,460 ​ 9,560 ​ 190 ​ 1,460 ​ 9,750 ​ 11,210 ​ 888 ​ 2016 ​ Las Vegas VI, NV ​ 92,732 ​ ​ ​ 1,386 ​ 12,299 ​ 175 ​ 1,386 ​ 12,474 ​ 13,860 ​ 1,039 ​ 2016 ​ Las Vegas VII, NV ​ 94,525 ​ ​ ​ 1,575 ​ 11,483 ​ 194 ​ 1,575 ​ 11,677 ​ 13

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation ​ The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. ​ When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. ​ The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Noncontrolling Interests	Noncontrolling Interests ​ The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. ​ However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. ​ The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2019, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $5.9 million as of December 31, 2019. Disclosure of such redemption provisions is provided in note 12.
Estimates	Estimates ​ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results.
Self-Storage Facilities	Self-Storage Properties ​ Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development.
Purchase Price Allocation	Purchase Price Allocation ​ When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization	Depreciation and Amortization ​ The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years .
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets ​ We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2019, 2018 and 2017.
Long-Lived Assets Held for Sale	Long-Lived Assets Held for Sale ​ We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year , (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. ​ Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. There were no stores classified as held for sale as of December 31, 2019.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
Restricted Cash	Restricted Cash ​ Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement and expense reserves in connection with the requirements of our loan agreements.
Loan Procurement Costs	Loan Procurement Costs ​ Loan procurement costs related to borrowings were $31.5 million and $21.5 million as of December 31, 2019 and 2018, respectively, and are reported net of accumulated amortization of $12.9 million and $13.4 million as of December 31, 2019 and 2018, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets	Other Assets ​ Other assets are comprised of the following as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 ​ ​ (in thousands) ​ Intangible assets, net of accumulated amortization of $10,170 and $3,124 ​ $ 10,283 ​ $ 8,145 ​ Accounts receivable, net ​ 6,386 ​ 5,672 ​ Prepaid property taxes ​ 4,706 ​ 4,406 ​ Prepaid insurance ​ 2,191 ​ 1,479 ​ Amounts due from affiliates (see note 14) ​ ​ 10,450 ​ ​ 10,584 ​ Assets held in trust related to deferred compensation arrangements ​ ​ 13,280 ​ ​ 9,645 ​ Right-of-use assets (see note 13) ​ ​ 41,698 ​ ​ — ​ Equity investment recorded at cost (1) ​ ​ 5,000 ​ ​ 5,000 ​ Other ​ 7,449 ​ 3,832 ​ Total other assets, net ​ $ 101,443 ​ $ 48,763 ​ ​ (1) 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 (“Capital Storage”), 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. ​
Environmental Costs	Environmental Costs ​ Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party.
Revenue Recognition	Revenue Recognition ​ Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. ​ The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred.
Advertising and Marketing Costs	Advertising and Marketing Costs ​ The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred
Equity Offering Costs	Equity Offering Costs ​ Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $2.1 million, $1.6 million and $0.6 million, respectively, of equity offering costs related to the issuance of common shares.
Other Property Related Income	Other Property Related Income ​ Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned.
Capitalized Interest	Capitalized Interest ​ The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2019, 2018 and 2017, the Company capitalized
Derivative Financial Instruments	Derivative Financial Instruments ​ The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating
Income Taxes	Income Taxes ​ The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. ​ Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $3,909.1 million and $3,645.7 million as of December 31, 2019 and 2018, respectively. ​ Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2019 consisted of a 78.413% ordinary income distribution, a 5.207% capital gain distribution and a 16.380% return of capital distribution from earnings and profits. ​ The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2019, 2018 or 2017. ​ Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $0.7 million and $1.4 million as of December 31, 2019 and 2018, respectively.
Earnings per Share and Unit	Earnings per Share and Unit ​ Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were
Share Based Payments	Share-Based Payments ​ We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures ​ The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ ​ In June 2016, the FASB issued ASU No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020 and is not expected to 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. 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 also elected the practical expedient provided to lessors in a subsequent amendment to the standard that removed the requirement to separate lease and nonlease components, provided certain conditions were met. Refer to note 13 for the impact of the adoption of ASU No. 2016-02 – Leases (Topic 842) on the Company’s consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk ​ The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in Florida, New York, Texas and California provided approximately 16%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2019. The stores in Florida, New York, Texas and California provided approximately 17%, 16%, 10% and 8%, respectively, of the Company’s total revenues for each of the years ended December 31, 2018 and 2017.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 ​ ​ (in thousands) ​ Intangible assets, net of accumulated amortization of $10,170 and $3,124 ​ $ 10,283 ​ $ 8,145 ​ Accounts receivable, net ​ 6,386 ​ 5,672 ​ Prepaid property taxes ​ 4,706 ​ 4,406 ​ Prepaid insurance ​ 2,191 ​ 1,479 ​ Amounts due from affiliates (see note 14) ​ ​ 10,450 ​ ​ 10,584 ​ Assets held in trust related to deferred compensation arrangements ​ ​ 13,280 ​ ​ 9,645 ​ Right-of-use assets (see note 13) ​ ​ 41,698 ​ ​ — ​ Equity investment recorded at cost (1) ​ ​ 5,000 ​ ​ 5,000 ​ Other ​ 7,449 ​ 3,832 ​ Total other assets, net ​ $ 101,443 ​ $ 48,763 ​ ​ (1) 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 (“Capital Storage”), 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. ​

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2019
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2018 ​ ​ ​ (in thousands) ​ Land ​ $ 858,541 ​ $ 806,916 ​ Buildings and improvements ​ 3,619,594 ​ 3,343,173 ​ Equipment ​ 128,111 ​ 176,583 ​ Construction in progress ​ 93,598 ​ 136,783 ​ Storage properties ​ 4,699,844 ​ 4,463,455 ​ Less: Accumulated depreciation ​ (925,359) ​ (862,487) ​ Storage properties, net ​ $ 3,774,485 ​ $ 3,600,968 ​
Schedule of acquisitions and dispositions of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Texas Asset ​ Texas Markets - Major ​ October 2019 ​ 1 ​ ​ 7,300 ​ Florida Assets ​ Florida Markets - Other ​ November 2019 ​ 3 ​ ​ 32,100 ​ California Asset ​ Los Angeles ​ December 2019 ​ 1 ​ ​ 18,500 ​ ​ ​ ​ ​ ​ ​ 29 ​ $ 246,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Disposition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ Texas Markets - Major ​ October 2019 ​ 1 ​ $ 4,146 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 4,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Asset ​ Chicago ​ April 2017 ​ 1 ​ $ 11,200 ​ Maryland Asset ​ Baltimore / DC ​ May 2017 ​ 1 ​ ​ 18,200 ​ California Asset ​ Sacramento ​ May 2017 ​ 1 ​ ​ 3,650 ​ Texas Asset ​ Texas Markets - Major ​ October 2017 ​ 1 ​ ​ 4,050 ​ Florida Asset ​ Florida Markets - Other ​ October 2017 ​ 1 ​ ​ 14,500 ​ Illinois Asset ​ Chicago ​ November 2017 ​ 1 ​ ​ 11,300 ​ Florida Asset ​ Florida Markets - Other ​ December 2017 ​ 1 ​ ​ 17,750 ​ ​ ​ ​ ​ ​ ​ 7 ​ $ 80,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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)	12 Months Ended
	Dec. 31, 2019
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ ​ (in thousands) ​ Total revenue ​ $ 11,130 ​ Net loss ​ (6,020) ​
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 Brooklyn, NY (2) ​ 1 ​ Q4 2017 ​ 100% ​ ​ 49,300 Washington, D.C. ​ 1 ​ Q3 2017 ​ 100% ​ ​ 27,800 New York, NY (1) ​ 1 ​ Q3 2017 ​ 100% ​ ​ 81,200 North Palm Beach, FL ​ 1 ​ Q1 2017 ​ 100% ​ ​ 9,700 ​ ​ 8 ​ ​ ​ ​ ​ $ 350,700 ​ (1) On September 18, 2017 and August 8, 2019, the Company, through two separate joint ventures in which the Company owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in New York, NY and a store located in Waltham, MA, 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 September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Waltham, MA store for $2.6 million. Prior to these transactions, the noncontrolling member’s 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 venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. 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 $16.1 million, 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 in the venture that owns the Waltham, MA store, 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 four separate consolidated joint ventures, in which the Company held a 51% ownership interest in each. On March 28, 2018, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $20.4 million. 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 store is subject to a ground lease.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in real estate ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores as of: ​ Carrying Value of Investment as of: ​ ​ Ownership ​ December 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2019 ​ 2018 2019 ​ 2018 191 IV CUBE LLC ("HVP IV") (1) ​ 20% ​ 21 ​ 13 ​ $ 23,112 ​ $ 14,791 CUBE HHF Northeast Venture LLC ("HHFNE") (2) ​ 10% ​ 13 ​ 13 ​ ​ 1,998 ​ ​ 2,411 191 III CUBE LLC ("HVP III") (3) ​ 10% ​ — ​ 68 ​ ​ — ​ ​ 9,183 CUBE HHF Limited Partnership ("HHF") (4) ​ 50% ​ 35 ​ 35 ​ ​ 66,007 ​ ​ 69,411 ​ ​ ​ ​ 69 ​ 129 ​ $ 91,117 ​ $ 95,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1) Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of December 31, 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 December 31, 2019, HVP IV also had $55.5 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. ​ (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 December 31, 2019, HHFNE had an outstanding $45.0 million loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. ​ (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 December 31, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 (1) 2018 Assets ​ (in thousands) Storage properties, net ​ $ 552,791 ​ $ 741,209 Other assets ​ 11,997 ​ 16,042 Total assets ​ $ 564,788 ​ $ 757,251 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 10,064 ​ $ 7,911 Debt ​ 280,392 ​ 413,848 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 91,117 ​ ​ 95,796 Joint venture partners ​ 183,215 ​ ​ 239,696 Total liabilities and equity ​ $ 564,788 ​ $ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 ​ ​ (in thousands) ​ Total revenues ​ $ 72,582 ​ $ 90,111 ​ $ 81,058 ​ Operating expenses ​ (32,134) ​ (37,899) ​ (33,922) ​ Other expenses ​ ​ (3,227) ​ ​ (938) ​ ​ (783) ​ Interest expense, net ​ (14,927) ​ (13,311) ​ (11,703) ​ Depreciation and amortization ​ (30,107) ​ (41,972) ​ (45,086) ​ Gains from sale of real estate, net ​ ​ 106,667 ​ ​ — ​ ​ — ​ Net income (loss) ​ $ 98,854 ​ $ (4,009) ​ $ (10,436) ​ Company’s share of net income (loss) ​ $ 11,122 ​ $ (865) ​ $ (1,386) ​

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2019
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $350M 3.000% Guaranteed Notes due 2030 ​ ​ 350,000 ​ ​ — ​ 3.04 % ​ Oct-19 ​ Feb-30 ​ Principal balance outstanding ​ ​ 1,850,000 ​ ​ 1,150,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (3,860) ​ ​ (568) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (10,415) ​ ​ (5,908) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 1,835,725 ​ $ 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)	12 Months Ended
	Dec. 31, 2019
Credit Facility and Term Loan Facility
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of: ​ Effective Interest ​ ​ ​ December 31, Rate as of ​ Maturity Unsecured Term Loans 2019 2018 December 31, 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	12 Months Ended
	Dec. 31, 2019
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of: ​ ​ ​ ​ ​ ​ 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 ​ 7,805 ​ 8,022 4.56 % ​ Nov-20 ​ YSI 57 ​ 2,740 ​ 2,816 4.61 % ​ Nov-20 ​ YSI 55 ​ 21,547 ​ 22,041 4.85 % ​ Jun-21 ​ YSI 24 ​ 24,042 ​ 24,893 4.64 % ​ Jun-21 ​ YSI 65 ​ ​ 2,313 ​ ​ 2,363 ​ 3.85 % ​ Jun-23 ​ YSI 66 ​ ​ 30,588 ​ ​ 31,171 ​ 3.51 % ​ Jun-23 ​ YSI 68 ​ ​ 5,459 ​ ​ 5,626 ​ 3.78 % ​ May-24 ​ Principal balance outstanding ​ ​ 94,494 ​ ​ 106,146 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 1,833 ​ 2,551 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (287) ​ ​ (451) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 96,040 ​ $ 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	​ ​ ​ ​ ​ 2020 $ 12,791 2021 ​ 45,057 2022 ​ 923 2023 ​ 31,019 2024 ​ 4,704 2025 and thereafter ​ — Total mortgage payments ​ 94,494 Plus: Unamortized fair value adjustment ​ 1,833 Less: Loan procurement costs, net ​ ​ (287) Total mortgage loans and notes payable, net ​ $ 96,040

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	​ The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Interest Rate Swaps ​ ​ ​ (in thousands) ​ Other comprehensive gain before reclassifications ​ $ 230 ​ Amounts reclassified from accumulated other comprehensive loss ​ 70 (1) Net current-period other comprehensive income ​ 300 ​ Balance at December 31, 2018 ​ ​ (1,029) ​ Balance at December 31, 2019 ​ $ (729) ​ ​ (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)	12 Months Ended
	Dec. 31, 2019
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Summary of terms and fair values of the derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge ​ Hedge ​ Notional Amount ​ ​ ​ ​ Effective ​ ​ ​ Fair Value Product Type ​ December 31, 2019 December 31, 2018 Strike ​ Date Maturity December 31, 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)	12 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	There were no financial assets or liabilities carried at fair value as of December 31, 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 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ ​ (in thousands) ​ Interest rate swap derivative liabilities ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities at fair value ​ $ — ​ $ 1,039 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2019
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Opened / ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Estimated ​ Ownership ​ December 31, 2019 ​ Consolidated Joint Ventures of Stores Location Opening ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ CS Valley Forge Village Storage, LLC ("VFV") (1) ​ 1 ​ King of Prussia, PA ​ Q2 2021 (est.) ​ 70% ​ $ 4,279 ​ $ 856 ​ Shirlington Rd II, LLC ("SH2") (2) ​ 1 ​ Arlington, VA ​ Q1 2021 (est.) ​ 90% ​ ​ 8,965 ​ ​ 339 ​ CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) ​ 1 ​ East Meadow, NY ​ Q4 2020 (est.) ​ 51% ​ ​ 12,538 ​ ​ 3,289 ​ CS SDP Newtonville, LLC ("Newton") (1) ​ 1 ​ Newton, MA ​ Q3 2020 (est.) ​ 90% ​ ​ 10,351 ​ ​ 3,827 ​ CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) ​ 1 ​ Brooklyn, NY ​ Q1 2020 (est.) ​ 51% ​ ​ 41,995 ​ ​ 10,713 ​ Shirlington Rd, LLC ("SH1") (2) ​ 1 ​ Arlington, VA Q2 2015 ​ 90% ​ ​ 14,905 ​ ​ 162 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 93,033 ​ $ 19,186 ​ ​ (1) The Company has a related party commitment to VFV and Newton to fund all or a portion of the construction costs. As of December 31, 2019, the Company has funded $3.1 million of a 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 December 31, 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 December 31, 2019, has accrued $2.8 million and $9.7 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)	12 Months Ended
	Dec. 31, 2019
LEASES
Summary of lease cost	​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2019 ​ ​ ​ (in thousands) ​ Operating lease cost ​ $ 3,304 ​ Short-term lease cost (1) ​ ​ 1,227 ​ Total lease cost ​ $ 4,531 ​ ​ (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 December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ 2020 $ 2,273 ​ 2021 ​ 2,302 ​ 2022 ​ 2,459 ​ 2023 ​ 2,523 ​ 2024 ​ 2,373 ​ 2025 and thereafter ​ 91,241 ​ Total operating lease payments ​ 103,171 ​ Less: Imputed interest ​ ​ (56,780) ​ Present value of operating lease liabilities ​ $ 46,391 ​ ​ ​ ​ ​ ​

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2019 2018 2017 Risk-free interest rate ​ 2.7 % ​ 2.5 % ​ 2.2 % Expected dividend yield ​ 3.9 % ​ 3.7 % ​ 3.5 % Volatility (1) ​ 32.00 % ​ 32.00 % ​ 33.00 % Weighted average expected life of the options (2) ​ 6.0 years ​ 6.0 years ​ 6.0 years Weighted average grant date fair value of options granted per share ​ $ 6.35 ​ $ 6.24 ​ $ 6.12 ​ ​ (1) Expected volatility is based upon the level of volatility historically experienced. ​ (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns.
Summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Shares ​ Weighted Average ​ Remaining ​ ​ Under Option ​ Strike Price ​ Contractual Term Balance at December 31, 2016 1,939,690 ​ $ 12.94 4.85 ​ Options granted 289,104 ​ 26.30 9.07 ​ Options exercised (395,621) ​ 5.98 1.14 ​ Balance at December 31, 2017 1,833,173 ​ $ 16.55 5.26 ​ Options granted 305,805 ​ ​ 27.85 ​ 9.08 ​ Options canceled (74,748) ​ ​ 26.95 ​ — ​ Options exercised (405,227) ​ ​ 9.47 ​ 1.98 ​ Balance at December 31, 2018 1,659,003 ​ $ 19.89 ​ 5.52 ​ Options granted 324,409 ​ ​ 28.69 ​ 9.01 ​ Options exercised (381,059) ​ ​ 9.67 ​ 1.00 ​ Balance at December 31, 2019 1,602,353 ​ $ 24.10 ​ 6.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested or expected to vest at December 31, 2019 1,602,353 ​ $ 24.10 6.26 ​ Exercisable at December 31, 2019 1,015,950 ​ $ 21.81 5.00 ​
Schedule of non-vested restricted share activity	​ ​ ​ ​ ​ ​ Number of Non- ​ ​ Vested Restricted ​ ​ Shares and Share Units Non-Vested at January 1, 2019 382,600 ​ Granted 180,607 ​ Vested (66,392) ​ Forfeited (6,851) ​ Non-Vested at December 31, 2019 489,964 ​

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings (loss) per common share	Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (dollars and shares in thousands, except per share amounts) ​ ​ ​ ​ ​ Net income ​ $ 170,771 ​ $ 165,488 ​ $ 135,611 ​ ​ Noncontrolling interests in the Operating Partnership ​ (1,708) ​ (1,820) ​ (1,593) ​ ​ Noncontrolling interest in subsidiaries ​ 54 ​ 221 ​ 270 ​ ​ Net income attributable to the Company’s common shareholders ​ $ 169,117 ​ $ 163,889 ​ $ 134,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 190,874 ​ 184,653 ​ 180,525 ​ ​ Share options and restricted share units ​ 702 ​ 842 ​ 923 ​ ​ Weighted average diluted shares outstanding (1) ​ 191,576 ​ 185,495 ​ 181,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.89 ​ $ 0.89 ​ $ 0.74 ​ ​ Diluted earnings per share attributable to common shareholders ​ $ 0.88 ​ $ 0.88 ​ $ 0.74 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ ​ (dollars and units in thousands, except per unit amounts) ​ ​ ​ ​ ​ Net income ​ $ 170,771 ​ $ 165,488 ​ $ 135,611 ​ ​ Operating Partnership interests of third parties ​ (1,708) ​ (1,820) ​ (1,593) ​ ​ Noncontrolling interest in subsidiaries ​ 54 ​ 221 ​ 270 ​ ​ Net income attributable to common unitholders ​ $ 169,117 ​ $ 163,889 ​ $ 134,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 190,874 ​ 184,653 ​ 180,525 ​ ​ Unit options and restricted share units ​ 702 ​ 842 ​ 923 ​ ​ Weighted average diluted units outstanding (1) ​ 191,576 ​ 185,495 ​ 181,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.89 ​ $ 0.89 ​ $ 0.74 ​ ​ Diluted earnings per unit attributable to common unitholders ​ $ 0.88 ​ $ 0.88 ​ $ 0.74 ​ ​ ​ (1) For the years ended December 31, 2019, 2018 and 2017, the Company declared cash dividends per common share/unit of $1.29 , $1.22 , and $1.11 , respectively. ​
Schedule of common shares sold pursuant to equity distribution agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ ​ (dollars and shares in thousands, except per share amounts) Number of shares sold ​ ​ 5,899 ​ ​ 4,291 ​ ​ 1,036 Average sales price per share ​ $ 33.64 ​ $ 31.09 ​ $ 29.13 Net proceeds after deducting offering costs ​ $ 196,304 ​ $ 131,835 ​ $ 29,642

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summary of quarterly financial information	The following is a summary of quarterly financial information for the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, June 30, September 30, December 31, ​ ​ 2019 ​ 2019 ​ 2019 ​ 2019 ​ ​ (in thousands, except per share amounts) ​ Total revenues ​ $ 152,845 ​ $ 159,017 ​ $ 166,547 ​ $ 165,506 ​ Total operating expenses ​ 99,014 ​ 100,583 ​ 106,855 ​ 105,394 ​ Net income ​ ​ 35,786 ​ ​ 49,878 ​ ​ 42,597 ​ ​ 42,510 ​ Net income attributable to the Company's common shareholders ​ 35,498 ​ 49,420 ​ 42,154 ​ 42,045 ​ Basic earnings per share attributable to common shareholders ​ ​ 0.19 ​ 0.26 ​ 0.22 ​ ​ 0.22 ​ Diluted earnings per share attributable to common shareholders ​ 0.19 ​ 0.26 ​ 0.22 ​ 0.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, June 30, September 30, December 31, ​ ​ 2018 ​ 2018 ​ 2018 ​ 2018 ​ ​ (in thousands, except per share amounts) ​ Total revenues ​ $ 142,877 ​ $ 147,815 ​ $ 153,370 ​ $ 153,882 ​ Total operating expenses ​ 92,464 ​ 92,915 ​ 93,774 ​ 98,775 ​ Net income ​ ​ 34,799 ​ ​ 38,751 ​ ​ 43,302 ​ ​ 48,636 ​ Net income attributable to the Company's common shareholders ​ 34,423 ​ 38,410 ​ 42,900 ​ 48,156 ​ Basic earnings per share attributable to common shareholders ​ ​ 0.19 ​ 0.21 ​ 0.23 ​ ​ 0.26 ​ Diluted earnings per share attributable to common shareholders ​ 0.19 ​ 0.21 ​ 0.23 ​ 0.26 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2019statesegment
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart, L P and Subsidiaries
Percentage of the entity's partnership interest in Operating Partnership	99.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ 5,918	$ 299	$ 3,965
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	0
Depreciation and Amortization
Impairment losses	$ 0	0	0
Number of stores classified as held-for-sale | facility	0
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ 5,918	$ 299	$ 3,965

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) $ in Thousands	Jun. 06, 2019property	Sep. 05, 2018USD ($)facility	Dec. 31, 2019USD ($)property	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Long-Lived Assets held for sale, timing of expected sale			1 year
Loan procurement costs
Loan procurement costs			$ 31,500		$ 21,500
Loan procurement costs, accumulated amortization			12,900		13,400
Other Assets
Intangible assets, net of accumulated amortization of $10,170 and $3,124			10,283		8,145
Accounts receivable			6,386		5,672
Prepaid real estate taxes			4,706		4,406
Prepaid insurance			2,191		1,479
Amounts due from affiliates (see note 14)			10,450		10,584
Assets held in trust related to deferred compensation arrangements			13,280		9,645
Right-of-use assets (see note 13)			$ 41,698	$ 55,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			us-gaap:OtherAssetsMember
Equity investment recorded at cost			$ 5,000		5,000
Other			7,449		3,832
Total			101,443		48,763
Accumulated amortization			$ 10,170		$ 3,124
Number of self-storage facilities acquired | property	18		11
Florida
Other Assets
Number of self-storage facilities acquired | property			5
Texas
Other Assets
Number of self-storage facilities acquired | property			1
Capital Storage Partners, LLC
Other Assets
Equity investment recorded at cost		$ 5,000
Ownership interest in partnership (as a percent)		100.00%
Number of self-storage facilities acquired | facility		22
Series A Preferred shares, percentage		11.00%
Capital Storage Partners, LLC | Florida
Other Assets
Number of self-storage facilities acquired | facility		4
Capital Storage Partners, LLC | Oklahoma
Other Assets
Number of self-storage facilities acquired | facility		5
Capital Storage Partners, LLC | Texas
Other Assets
Number of self-storage facilities acquired | facility		13

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Advertising and Marketing Costs
Advertising and marketing expenses	$ 11.5	$ 10.3	$ 9.7
Equity Offering Costs
Equity offering costs	2.1	1.6	0.6
Capitalized Interest
Interest costs, capitalized	$ 3	$ 4.4	$ 5.6

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Net tax basis in the entity's assets	$ 3,909.1	$ 3,645.7
Percentage of distributions characterized as ordinary income dividends	78.413%
Percentage of distributions characterized as capital gain dividends	5.207%
Percentage of distributions characterized as return of capital dividends	16.38%
Federal excise tax rate (as a percent)	4.00%
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax	85.00%
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax	95.00%
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax	100.00%
Sales and Excise Tax Payable	$ 0
Net deferred tax asset recorded by REIT subsidiary TRS	$ 0.7	$ 1.4
Earnings per Share and Unit
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	702,000	842,000	923,000
Foreign currency
Derivatives outstanding	$ 0
Impairment	0	$ 0
Interest rate swap | Designated | Cash flow
Foreign currency
Notional principal amounts	$ 150

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Investing cash flows		$ (375,664)	$ (322,259)	$ (150,303)
Operating cash flows		331,768	304,335	291,914
Operating lease liabilities	$ 60,700	$ 46,391
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Operating lease right of use assets	$ 55,700	$ 41,698
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ 0
Cubesmart, L P and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investing cash flows		(375,664)	(322,259)	(150,303)
Operating cash flows		$ 331,768	$ 304,335	$ 291,914

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	16.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	17.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	8.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	10.00%	10.00%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
STORAGE FACILITIES
Storage properties	$ 4,699,844	$ 4,463,455
Less: Accumulated depreciation	(925,359)	(862,487)
Storage properties, net (including VIE assets of $92,612 and $330,986, respectively)	3,774,485	3,600,968	$ 3,408,790
Land
STORAGE FACILITIES
Storage properties	858,541	806,916
Buildings and improvements
STORAGE FACILITIES
Storage properties	3,619,594	3,343,173
Equipment
STORAGE FACILITIES
Storage properties	128,111	176,583
Construction in progress
STORAGE FACILITIES
Storage properties	$ 93,598	$ 136,783

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	Jun. 06, 2019property	Dec. 31, 2019USD ($)facilityproperty	Dec. 31, 2018USD ($)propertyfacility	Dec. 31, 2017USD ($)facility
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | property	18	11
Purchase Price		$ 118,300
HVP III
STORAGE FACILITIES
Number of self-storage facilities | property			68
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) | facility		29
Purchase Price		$ 246,600
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
2019 Acquisitions | Texas Asset October 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price		$ 7,300
2019 Acquisitions | Florida Assets November 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		3
Purchase Price		$ 32,100
2019 Acquisitions | California Asset December 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility		1
Purchase Price		$ 18,500
2019 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		1
Sale Price		$ 4,146
2019 Dispositions | Texas Asset
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		1
Sale Price		$ 4,146
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
Sale Price		$ 17,502
2017 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				7
Purchase Price				$ 80,650
2017 Acquisitions | Illinois Asset April 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 11,200
2017 Acquisitions | Maryland Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 18,200
2017 Acquisitions | California Asset May 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 3,650
2017 Acquisitions | Texas Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 4,050
2017 Acquisitions | Florida Asset October 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 14,500
2017 Acquisitions | Illinois Asset November 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 11,300
2017 Acquisitions | Florida Asset December 2017
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility				1
Purchase Price				$ 17,750

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)

Dec. 16, 2019USD ($)shares

Oct. 07, 2019USD ($)

Sep. 17, 2019USD ($)

Sep. 06, 2019USD ($)

Aug. 08, 2019property

Jun. 28, 2019USD ($)

Jun. 25, 2019USD ($)

Jun. 06, 2019USD ($)property

Jun. 05, 2019USD ($)property

Feb. 15, 2019USD ($)

Nov. 28, 2018USD ($)property

Jul. 23, 2018shares

Mar. 28, 2018USD ($)

Jan. 31, 2018USD ($)shares

Jun. 02, 2017USD ($)

May 09, 2017USD ($)shares

Apr. 12, 2017USD ($)shares

Dec. 31, 2015property

Dec. 31, 2019USD ($)propertyfacility

Dec. 31, 2018USD ($)facilitypropertyshares

Dec. 31, 2017USD ($)facility$ / sharesshares

Dec. 31, 2016item

Dec. 31, 2019USD ($)

Self-storage facilities

Number of self-storage facilities acquired | property

18

11

Aggregate purchase price

$ 118,300,000

Proceeds from sale of real estate, net

3,856,000

$ 16,389,000

Gain from sale of real estate, net

1,508,000

10,576,000

Number of facilities, construction completed and opened

$ 8

Storage properties

4,699,844,000

4,463,455,000

4,699,844,000

Restricted cash

$ 3,584,000

$ 2,718,000

3,584,000

Common stock, conversion ratio

1

Option to put ownership interest in the venture

$ 20,400,000

Acquisition of noncontrolling interest

$ 40,605,000

$ 9,033,000

Construction

Self-storage facilities

Total Construction Costs

350,700,000

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

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 | Leases, Acquired-in-Place

Self-storage facilities

Estimated life

12 months

Amortization expense

$ 8,300,000

Texas

Self-storage facilities

Number of self-storage facilities acquired | property

1

Cash paid for acquisition

$ 200,000

Units issued (in shares) | shares

168,011

Net proceeds from sale of assets

$ 4,100,000

Gain from sale of real estate, net

$ 1,500,000

Units issued

$ 4,800,000

Total consideration

12,200,000

Cash paid for acquisition of remaining interest in real estate ventures

$ 200,000

Florida

Self-storage facilities

Number of self-storage facilities acquired | property

5

Massachusetts | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

7

Maryland

Self-storage facilities

Number of self-storage facilities acquired | property

1

Units issued (in shares) | shares

440,160

Units issued

$ 12,300,000

Total consideration

$ 18,200,000

California

Self-storage facilities

Number of self-storage facilities acquired | property

1

Cash paid for acquisition

$ 14,900,000

OP units issued (in shares) | shares

106,738

Issuance of OP Shares

$ 3,600,000

Total consideration

18,500,000

Cash paid for acquisition of remaining interest in real estate ventures

$ 14,900,000

Arizona

Self-storage facilities

Number of self-storage facilities acquired | property

1

Net proceeds from sale of assets

$ 17,500,000

Gain from sale of real estate, net

$ 10,600,000

Number of assets sold | property

2

Illinois

Self-storage facilities

Cash paid for acquisition

$ 9,700,000

9,700,000

Contract amount to purchase real estate

$ 11,200,000

Units issued (in shares) | shares

46,322

58,400

Stated value (in dollars per share) | $ / shares

$ 25

Distribution rate (as a percent)

3.00%

Total consideration

11,200,000

Cash paid for acquisition of remaining interest in real estate ventures

$ 9,700,000

$ 9,700,000

Illinois | Capital Unit Class C

Self-storage facilities

Units issued (in shares) | shares

46,322

58,400

Units redeemed | shares

58,400

Georgia

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

North Carolina | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

1

South Carolina

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

Tennessee | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2

HVP III

Self-storage facilities

Number of self-storage facilities | property

68

Number of assets sold | property

50

Self storage under construction

Self-storage facilities

Number of facilities under contract | property

5

Development costs

$ 77,700,000

$ 77,700,000

Expected construction cost

$ 137,600,000

Self storage under construction | New York

Self-storage facilities

Number of facilities under contract | property

2

Self storage under construction | Massachusetts

Self-storage facilities

Number of facilities under contract | facility

1

Self storage under construction | Virginia

Self-storage facilities

Number of facilities under contract | property

1

Self storage under construction | Pennsylvania

Self-storage facilities

Number of facilities under contract | property

1

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)

100.00%

Number of facilities, construction completed and opened

$ 1

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

Repayments of debt

10,500,000

Self-storage Facility in Waltham, MA | Construction

Self-storage facilities

Total Construction Costs

$ 18,000,000

Self Storage Facility in Queens, NY I

Self-storage facilities

Cash paid for acquisition

$ 9,000,000

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

Option to put ownership interest in the venture

$ 15,200,000

Put option ownership percentage in joint venture exercised (as a percent)

49.00%

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

Repayments of debt

12,400,000

Self Storage Facility in Queens, NY I | Construction

Self-storage facilities

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

Option to put ownership interest in the venture

$ 11,500,000

Put option ownership percentage in joint venture exercised (as a percent)

49.00%

Self Storage Facility in Bayonne, NJ | Construction

Self-storage facilities

Total Construction Costs

$ 25,100,000

Self-storage Facility in Bronx, NY I

Self-storage facilities

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

Option to put ownership interest in the venture

$ 37,800,000

Put option ownership percentage in joint venture exercised (as a percent)

49.00%

Self-storage Facility in Bronx, NY I | Construction

Self-storage facilities

Total Construction Costs

$ 92,100,000

Self-storage Facility in Brooklyn, NY

Self-storage facilities

Cash paid for acquisition

$ 9,000,000

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

Put option ownership percentage in joint venture exercised (as a percent)

49.00%

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

Repayments of debt

$ 9,800,000

Self-storage Facility in Brooklyn, NY | Construction

Self-storage facilities

Total Construction Costs

$ 49,300,000

Self-storage Facility in Washington DC

Self-storage facilities

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

Self-storage Facility in Washington DC | Construction

Self-storage facilities

Total Construction Costs

$ 27,800,000

Self-storage facilities located in New York

Self-storage facilities

Cash paid for acquisition

$ 18,500,000

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

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 facilities located in New York | Construction

Self-storage facilities

Total Construction Costs

$ 81,200,000

Self-storage Facility In North Palm Beach, FL

Self-storage facilities

Ownership interest held by the entity (as a percent)

100.00%

Number of facilities, construction completed and opened

$ 1

Self-storage Facility In North Palm Beach, FL | Construction

Self-storage facilities

Total Construction Costs

9,700,000

Self Storage Facilities in Watham, MA and New York, NY

Self-storage facilities

Acquistion, previously held equity interest

16,100,000

Acquisition, gain (loss) recognized

$ 0

Number of self-storage facilities acquired upon completion of construction | property

2

Ownership interest held by the entity (as a percent)

90.00%

Self Storage Facilities in Queens NY, Bayonne NJ, Bronx NY and Brooklyn NY

Self-storage facilities

Ownership interest held by the entity (as a percent)

51.00%

Number of joint ventures | item

4

Self Storage Facilities in Brooklyn NY, and Queens NY

Self-storage facilities

Acquistion, previously held equity interest

17,100,000

Acquisition, gain (loss) recognized

$ 0

Ownership interest held by the entity (as a percent)

90.00%

Number of joint ventures | property

2

2019 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

29

Number of facilities under contract | property

2

Aggregate purchase price

$ 246,600,000

Cash paid for acquisition

14,900,000

Deposit

2,600,000

2,600,000

Expected aggregate purchase or sales price

57,500,000

57,500,000

Issuance of OP Shares

3,600,000

Cash paid for acquisition of remaining interest in real estate ventures

14,900,000

Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates

Total revenue

11,130,000

Net loss

(6,020,000)

2019 Acquisitions | Leases, Acquired-in-Place

Self-storage facilities

Intangible value of the in-place leases

$ 6,200,000

$ 6,200,000

Estimated life

12 months

Amortization expense

$ 1,900,000

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 facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | property

10

Number of self-storage facilities acquired upon completion of construction | property

1

Aggregate purchase price

$ 227,500,000

Cash paid for acquisition

200,000

Intangible value of the in-place leases

$ 11,300,000

Number of properties, assumed mortgage | property

1

Issuance of OP Shares

$ 4,800,000

Cash paid for acquisition of remaining interest in real estate ventures

200,000

Repayments of debt

$ 7,200,000

2018 Acquisitions | Self-storage facilities located in US | Leases, Acquired-in-Place

Self-storage facilities

Estimated life

12 months

Amortization expense

$ 8,200,000

$ 3,100,000

2018 Acquisitions | Self-storage facilities located in US | Capital Unit Class C

Self-storage facilities

Redemption period, holder

13 months

Issuance of OP Units (in shares) | shares

168,011

Common stock, conversion ratio

1

2019 Dispositions

Self-storage facilities

Number of Facilities, dispositions (in properties) | facility

1

Aggregate sale price

$ 4,146,000

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

Aggregate sale price

$ 17,502,000

2017 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

7

Aggregate purchase price

$ 80,650,000

2017 Acquisitions | Self-storage facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | facility

6

Number of self-storage facilities acquired upon completion of construction | facility

2

Aggregate purchase price

$ 69,500,000

Units issued (in shares) | shares

12,300,000

Intangible value of the in-place leases

$ 3,200,000

Number of properties, assumed mortgage | facility

1

Assumed mortgage debt, at fair value

$ 6,200,000

Outstanding principal balance of mortgage debt assumed on acquisitions

5,900,000

Premium on debt assumed on acquisitions

$ 300,000

2017 Acquisitions | Self-storage facilities located in US | Leases, Acquired-in-Place

Self-storage facilities

Estimated life

12 months

Amortization expense

$ 1,700,000

$ 1,500,000

Joint Venture | Self Storage Facilities in Watham, MA and New York, NY

Self-storage facilities

Minority ownership interest (as a percent)

0.00%

Joint Venture | Self Storage Facilities in Brooklyn NY, and Queens NY

Self-storage facilities

Minority ownership interest (as a percent)

0.00%

HVP III

Self-storage facilities

Number of self-storage facilities | property

18

Aggregate sale price

$ 293,500,000

Net proceeds from sale of assets

82,900,000

Gain from sale of real estate, net

$ 106,700,000

Ownership interest held by the entity (as a percent)

90.00%

Number of assets sold | property

50

HVP III | Florida

Self-storage facilities

Number of assets sold | property

3

HVP III | Georgia

Self-storage facilities

Number of assets sold | property

4

HVP III | North Carolina

Self-storage facilities

Number of assets sold | property

3

HVP III | South Carolina

Self-storage facilities

Number of assets sold | property

15

HVP III | Tennessee

Self-storage facilities

Number of assets sold | property

8

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Oct. 07, 2019USD ($)	Jun. 06, 2019property	Jun. 05, 2019USD ($)propertyitem	Nov. 28, 2018USD ($)property	Sep. 05, 2018USD ($)facility	Jan. 31, 2018USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 17, 2013
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 91,117	$ 95,796
Number of self-storage facilities acquired | property		18					11
Acquisitions of storage facilities							$ 117,998	214,510	$ 69,629
Investment in joint venture							5,000	5,000
Interest on real estate venture debt										4.375%
Summary of results of operations of the real estate venture
Gain from sale of real estate, net							1,508	10,576
Company's share of net income (loss)							11,122	(865)	(1,386)
HHFNE
Investment in Unconsolidated Real Estate Venture
Outstanding debt							$ 45,000
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							1.20%
HVP III
Investment in Unconsolidated Real Estate Venture
Ownership interest held by the entity (as a percent)		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
Aggregate sale price			$ 293,500
Number of mortgage loans | item			5
Summary of results of operations of the real estate venture
Gain from sale of real estate, net			$ 106,700
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 joint venture							$ 26,300
HVP IV | Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							1.70%
Outstanding debt							$ 82,200
Principal amount of debt							$ 107,000
HVP IV | Secured Debt Due June 2024
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							2.75%
Outstanding debt							$ 55,500
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							3.59%
Outstanding debt							$ 100,000
Arizona
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property							1
Number of assets sold | property				2
Net proceeds from sale of assets				$ 17,500
Summary of results of operations of the real estate venture
Gain from sale of real estate, net				$ 10,600
Arizona | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property							2
Maryland
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property							1
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 storage facilities owned by investee | property							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
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property							5
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
Number of self-storage facilities acquired | property							1
Net proceeds from sale of assets	$ 4,100
Cash paid for acquisition of remaining interest in real estate ventures						$ 200
Summary of results of operations of the real estate venture
Gain from sale of real estate, net	$ 1,500
Texas | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property							8
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
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property							1
South Carolina | HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold | property			15
Georgia
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property							1
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							$ 91,117	$ 95,796
Number of storage facilities owned by investee | property							69	129
Assets
Storage facilities, net							$ 552,791	$ 741,209
Other assets							11,997	16,042
Total Assets							564,788	757,251
Liabilities and equity
Other liabilities							10,064	7,911
Debt							280,392	413,848
Equity
CubeSmart							91,117	95,796
Joint venture partner							183,215	239,696
Total liabilities and equity							564,788	757,251
Summary of results of operations of the real estate venture
Total revenues							72,582	90,111	81,058
Operating expenses							(32,134)	(37,899)	(33,922)
Other expenses							(3,227)	(938)	(783)
Interest expense, net							(14,927)	(13,311)	(11,703)
Depreciation and amortization							(30,107)	(41,972)	(45,086)
Gain from sale of real estate, net							106,667
Net income (loss)							98,854	(4,009)	(10,436)
Company's share of net income (loss)							11,122	(865)	$ (1,386)
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 1,998	$ 2,411
Ownership interest in partnership (as a percent)							10.00%
Number of storage facilities owned by investee | property							13	13
Investment in joint venture							$ 3,800
HVP III
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities								$ 9,183
Ownership interest in partnership (as a percent)							10.00%
Number of storage facilities owned by investee | property								68
Number of assets sold | property			50
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 23,112	$ 14,791
Ownership interest in partnership (as a percent)							20.00%
Number of storage facilities owned by investee | property							21	13
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 66,007	$ 69,411
Ownership interest in partnership (as a percent)							50.00%
Number of storage facilities owned by investee | property							35	35
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)					100.00%
Number of self-storage facilities acquired | facility					22
Investment in joint venture					$ 5,000
Series A Preferred shares, percentage					11.00%
Capital Storage Partners, LLC | Florida
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					4
Capital Storage Partners, LLC | Texas
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					13
Capital Storage Partners, LLC | Oklahoma
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility					5

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2017
Mortgage loans and Notes payable
Interest rate (as a percent)			4.375%
Less: Loan procurement costs, net				$ (963)	$ (4,059)
Total unsecured senior notes, net				1,143,524	1,835,725
Cubesmart, L P and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net				(963)	(4,059)
Total unsecured senior notes, net				1,143,524	1,835,725
Senior Notes
Mortgage loans and Notes payable
Carrying value				1,150,000	1,850,000
Less: Discount on issuance of notes, net				(568)	(3,860)
Less: Loan procurement costs, net				(5,908)	(10,415)
Total unsecured senior notes, net				$ 1,143,524	1,835,725
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio				0.60
Secured debt leverage ratio				0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio				1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)				150.00%
Senior notes 4.800% due 2022
Mortgage loans and Notes payable
Senior notes, principal amount					$ 250,000
Interest rate (as a percent)					4.80%
Carrying value				$ 250,000	$ 250,000
Effective interest rate (as a percent)					4.82%
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount					$ 300,000
Interest rate (as a percent)	4.375%				4.375%
Carrying value				300,000	$ 300,000
Effective interest rate (as a percent)					4.33%
Effective weighted average interest rate (as a percent)	3.495%		4.501%				4.33%
Proceeds from senior notes	$ 50,000		$ 250,000
Debt instrument, redemption percentage	105.04%		98.995%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount					$ 300,000
Interest rate (as a percent)	4.00%	4.00%			4.00%
Carrying value				300,000	$ 300,000
Effective interest rate (as a percent)	3.811%	4.032%			3.99%
Effective weighted average interest rate (as a percent)							3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount					$ 300,000
Interest rate (as a percent)					3.125%
Carrying value				300,000	$ 300,000
Effective interest rate (as a percent)					3.18%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount					$ 350,000	$ 350,000
Interest rate (as a percent)					4.375%	4.375%
Carrying value					$ 350,000
Effective interest rate (as a percent)					4.46%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Senior notes, principal amount					$ 350,000
Interest rate (as a percent)					3.00%
Carrying value					$ 350,000
Effective interest rate (as a percent)					3.04%
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	Aug. 05, 2014	Dec. 17, 2013	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Apr. 22, 2015
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized						$ 31,500		$ 21,500
Loan procurement costs, net of amortization						4,059		963
Interest rate (as a percent)					4.375%
Unsecured term loans, net								299,799
Less: Loan procurement costs, net						(4,059)		(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 loans, net								100,000
Term Loan Facility | Term Loan A
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 loans, net								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						1.5
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)						60.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity	$ 750,000									$ 500,000
Facility fee (as a percent)						0.15%
Remaining borrowing capacity						$ 749,300
Outstanding letter of credit						$ 700
Effective weighted average interest rate (as a percent)						2.86%
Credit Facility | Revolver | LIBOR
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)						1.10%
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loans, net								$ 200,000
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount						$ 300,000
Proceeds from senior notes		$ 50,000			$ 250,000
Interest rate (as a percent)		4.375%				4.375%
Effective interest rate (as a percent)						4.33%
Effective weighted average interest rate (as a percent)		3.495%			4.501%				4.33%
Senior notes 4.000% due 2025
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount						$ 300,000
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	$ 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	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (4,059)	$ (963)
Total mortgage loans and notes payable	96,040	108,246
Net book value of self-storage facilities	3,774,485	3,600,968	$ 3,408,790
Mortgages
Mortgage loans and Notes payable
Carrying value	94,494	106,146
Plus: Unamortized fair value adjustment	1,833	2,551
Less: Loan procurement costs, net	(287)	(451)
Total mortgage loans and notes payable	96,040	108,246
Net book value of self-storage facilities used to secure debt	$ 206,300	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	$ 7,805	8,022
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,740	2,816
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 21,547	22,041
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 24,042	24,893
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,313	2,363
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 30,588	31,171
Effective interest rate (as a percent)	3.51%
YSI 68
Mortgage loans and Notes payable
Carrying value	$ 5,459	$ 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	Dec. 31, 2019	Dec. 31, 2018
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (4,059)	$ (963)
Total mortgage loans and notes payable, net	96,040	108,246
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2020	12,791
2021	45,057
2022	923
2023	31,019
2024	4,704
Total mortgage payments	94,494	106,146
Plus: Unamortized fair value adjustment	1,833	2,551
Less: Loan procurement costs, net	(287)	(451)
Total mortgage loans and notes payable, net	$ 96,040	$ 108,246

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ (1,029)
Ending balance	(729)
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	70
Net current-period other comprehensive income	300
Ending balance	$ (729)

RISK MANAGEMENT AND USE OF FI_3

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

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	1,931,800	$ 1,747,100
Estimated fair value of total debt	$ 2,037,600	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 ($)	May 29, 2019USD ($)	Mar. 07, 2019USD ($)	Mar. 28, 2018USD ($)	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 17, 2013
Interests in Consolidated Real Estate Joint Ventures
Percentage of the Variable Interest Entity sold	90.00%
Assets					$ 4,029,545	$ 3,752,972
Liabilities					2,160,121	1,980,704
Interest rate (as a percent)								4.375%
Option to put ownership interest in the venture				$ 20,400
Purchase Price					118,300
Gain from sale of real estate					1,508	10,576
Proceeds from sale of real estate, net					3,856	16,389
Gain from sale of real estate, net					1,508	10,576
Elimination of noncontrolling interest in subsidiaries due to acquisition					40,605		$ 9,033
Noncontrolling interests in subsidiaries					7,990	6,771
Reduction to additional paid in capital					7,376	925	$ 1,058
VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					93,033
Liabilities					19,186
CS Valley Forge Village Storage LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					4,279
Liabilities					856
Shirlington Rd II LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					8,965
Liabilities					339
CS 2087 Hempstead Tpk LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member						6,600
Accretion liability						2,800
CS 2087 Hempstead Tpk LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					12,538
Liabilities					3,289
CS SDP Newtonville LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					10,351
Liabilities					3,827
CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member						10,000
Accretion liability						$ 9,700
CS 1158 McDonald Ave LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					41,995
Liabilities					10,713
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
Shirlington Rd LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Assets					14,905
Liabilities					$ 162
VIE
Interests in Consolidated Real Estate Joint Ventures
Period of option to call ownership interest of another member					1 year
Period of option to put ownership interest in venture					1 year
VIE | VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility					6
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%
Amount of mortgage loan commitment					$ 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%
Percentage of interest acquired			10.00%
Payment made for acquisition of interest in real estate ventures			$ 4,800
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%
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%
Carrying amount of mortgage loans					$ 3,100
Amount of mortgage loan commitment					$ 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%
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%
Percentage of interest acquired			10.00%
CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Proceeds from sale of real estate, net	$ 3,700
Note receivable	1,000
Amount of debt repaid	700	$ 1,700
Increase (Decrease) Operating Lease Liability	(13,400)
Increase (decrease) in operating lease, right-of-use asset	$ (14,600)

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	Dec. 16, 2019	Jul. 23, 2018	Jan. 31, 2018	May 09, 2017	Apr. 12, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)						1.00%	1.00%
Elimination of noncontrolling interest in subsidiaries due to acquisition						$ 40,605		$ 9,033
Adjustment for noncontrolling interest in the Operating Partnership						$ (5,918)	$ (299)	(3,965)
California
Operating Partnership Ownership
OP units issued (in shares)	106,738
Issuance of OP Shares	$ 3,600
Total consideration	18,500
Cash paid for acquisition	$ 14,900
Illinois
Operating Partnership Ownership
Total consideration					$ 11,200
Cash paid for acquisition					$ 9,700			$ 9,700
Units issued (in shares)		46,322						58,400
Maryland
Operating Partnership Ownership
Total consideration				$ 18,200
Amount of mortgage loan commitment				$ 5,900
Units issued (in shares)				440,160
Units issued				$ 12,300
Texas
Operating Partnership Ownership
Total consideration			$ 12,200
Cash paid for acquisition			200
Amount of mortgage loan commitment			$ 7,200
Units issued (in shares)			168,011
Units issued			$ 4,800
Capital Unit Class C | Illinois
Operating Partnership Ownership
Units redeemed		58,400
Units issued (in shares)		46,322			58,400
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
OP units outstanding (in shares)						1,972,308	1,945,570
Number of trading days used to determine average of the closing prices of the shares						10 days	10 days
Elimination of noncontrolling interest in subsidiaries due to acquisition						$ 40,605	$ 169	$ 9,033
Adjustment for noncontrolling interest in the Operating Partnership						$ (5,918)	$ (299)	$ (3,965)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
LEASES
Lessor, Administrative and late fees income	$ 22,600
Operating Lease, Income, Comprehensive Income [Extensible List]	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	$ 41,698	$ 55,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember
Operating lease liabilities	$ 46,391	$ 60,700
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Operating lease weighted-average remaining lease term (in years)	35 years 10 months 24 days
Operating lease weighted-average discount rate	4.74%
Operating lease amount paid	$ 2,500
Minimum
LEASES
Operating lease term (in years)	1 year
Operating lease renewal term (in years)	1 year
Maximum
LEASES
Operating lease term (in years)	45 years
Operating lease renewal term (in years)	69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
LEASES
Operating lease cost	$ 3,304
Short-term lease cost	1,227
Total lease cost	$ 4,531

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
Future operating lease liability maturities
2020	$ 2,273
2021	2,302
2022	2,459
2023	2,523
2024	2,373
2025 and thereafter	91,241
Total operating lease payments	103,171
Less: Imputed interest	(56,780)
Present value of operating lease liabilities	46,391	$ 60,700
Operating lease amount paid	$ 2,500

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RELATED PARTY TRANSACTIONS
Management fees	$ 4	$ 4.5	$ 3.8
Mortgage loans receivable from consolidated joint ventures	3.1	33.2
Acquisition fees	2.1	0.6	$ 0.5
Amount due to the entity from joint venture	$ 10.5	$ 10.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)
Commitments and contingencies line items
Number of self-storage units under development | facility	5
Future milestone payments	$ 56.7
Florida Class Action
Commitments and contingencies line items
Loss contingency provision		$ 1.8

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2019	Jan. 23, 2018	Jan. 23, 2017	Jun. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2014
Share Options
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)					2.70%	2.50%	2.20%
Expected dividend yield (as a percent)					3.90%	3.70%	3.50%
Volatility (as a percent)					32.00%	32.00%	33.00%
Weighted average expected life of the options					6 years	6 years	6 years
Weighted average grant date fair value of options granted per share (in dollars per share)					$ 6.35	$ 6.24	$ 6.12
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 1.8	$ 1.5	$ 1.5
Aggregate grant date fair value of share based awards issued (in dollars)					2.1
Unrecognized compensation cost					$ 2
Unrecognized compensation cost recorded, period					3 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)	1,659,003				1,659,003	1,833,173	1,939,690
Options granted (in shares)					324,409	305,805	289,104
Options canceled (in shares)						(74,748)
Options exercised (in shares)					(381,059)	(405,227)	(395,621)
Balance at the end of the period (in shares)					1,602,353	1,659,003	1,833,173	1,939,690
Vested or expected to vest at the end of the period (in shares)					1,602,353
Exercisable at the end of the period (in shares)					1,015,950
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 19.89				$ 19.89	$ 16.55	$ 12.94
Options granted (in dollars per share)					28.69	27.85	26.30
Options canceled (in dollars per share)						26.95
Options exercised (in dollars per share)					9.67	9.47	5.98
Balance at the end of the period (in dollars per share)					24.10	$ 19.89	$ 16.55	$ 12.94
Vested or expected to vest at the end of the period (in dollars per share)					24.10
Exercisable at the end of the period (in dollars per share)					$ 21.81
Weighted Average Remaining Contractual Term
Balance at the end of the period					6 years 3 months 3 days	5 years 6 months 7 days	5 years 3 months 3 days	4 years 10 months 6 days
Options granted					9 years 3 days	9 years 29 days	9 years 25 days
Options canceled						0 years
Options exercised					1 year	1 year 11 months 23 days	1 year 1 month 20 days
Vested or expected to vest at the end of the period					6 years 3 months 3 days
Exercisable at the end of the period					5 years
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars)					$ 11.8
Options exercised (in dollars)					$ 9.1
Share Options | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 4.9	$ 4	$ 4.1
Aggregate grant date fair value of share based awards issued (in dollars)	$ 2.1				5.8	$ 4.9
Unrecognized compensation cost					$ 5.7
Unrecognized compensation cost recorded, period					5 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)	382,600				382,600
Granted (in shares)					180,607	165,551
Vested (in shares)					(66,392)
Forfeited (in shares)					(6,851)
Non-vested at the end of the period (in shares)					489,964	382,600
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period					3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period					5 years
Restricted share units
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars)		$ 1.9	$ 1.8
Number of Non-Vested Restricted Shares
Granted (in shares)	55,168	66,872	52,426
Restricted share, additional disclosure
Period for calculation of total return to shareholders	3 years	3 years	3 years
2007 Plan
SHARE-BASED COMPENSATION PLANS
Additional shares authorized				4,500,000
Shares reserved for future issuance				991,117
Shares available for future awards					4,015,223	4,015,223
Maximum term of options					10 years
Percentage of shares that may not be subject to specific limitations					5.00%
2007 Plan | Minimum
Share options, additional general disclosures
Vesting period					1 year
2007 Plan | Maximum
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					1,000,000
2007 Plan | Maximum | Non Employee Trustee
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)					250,000
2007 Plan | Share Options
Number of Shares Under Option
Balance at the end of the period (in shares)					1,602,353
Weighted Average Exercise Price
Balance at the end of the period (in dollars per share)					$ 24.10
Weighted Average Remaining Contractual Term
Balance at the end of the period					6 years 3 months 3 days
2007 Plan | Restricted Shares
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance					547,266
2004 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance									3,000,000

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic and diluted earnings per common share
Net income	$ 42,510	$ 42,597	$ 49,878	$ 35,786	$ 48,636	$ 43,302	$ 38,751	$ 34,799	$ 170,771	$ 165,488	$ 135,611
Noncontrolling interests in the Operating Partnership									(1,708)	(1,820)	(1,593)
Noncontrolling interest in subsidiaries									54	221	270
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS									$ 169,117	$ 163,889	$ 134,288
Weighted average basic shares outstanding (in shares)									190,874,000	184,653,000	180,525,000
Share options and restricted share units (in shares)									702,000	842,000	923,000
Weighted-average diluted shares outstanding (in shares)									191,576,000	185,495,000	181,448,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.89	$ 0.89	$ 0.74
Diluted earnings per share attributable to common shareholders (in dollars per share)	0.22	0.22	0.26	0.19	0.26	0.23	0.21	0.19	$ 0.88	$ 0.88	$ 0.74
Basic and diluted earnings per common unit
Noncontrolling interests in the Operating Partnership									$ (1,708)	$ (1,820)	$ (1,593)
Weighted average basic shares outstanding (in shares)									190,874,000	184,653,000	180,525,000
Share options and restricted share units (in shares)									702,000	842,000	923,000
Weighted average diluted shares outstanding (in shares)									191,576,000	185,495,000	181,448,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.88	$ 0.88	$ 0.74
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)									702,000	842,000	923,000
Common stock, cash dividends declared (in dollars per share)									$ 1.29	$ 1.22	$ 1.11
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,972,308				1,945,570				1,972,308	1,945,570	1,878,253
Common shares, shares outstanding	193,557,024				187,145,103				193,557,024	187,145,103	182,215,735
Cubesmart, L P and Subsidiaries
Basic and diluted earnings per common share
Net income									$ 170,771	$ 165,488	$ 135,611
Noncontrolling interests in the Operating Partnership									$ (1,708)	$ (1,820)	$ (1,593)
Weighted average basic shares outstanding (in shares)									190,874,000	184,653,000	180,525,000
Share options and restricted share units (in shares)									702,000	842,000	923,000
Weighted-average diluted shares outstanding (in shares)									191,576,000	185,495,000	181,448,000
Diluted earnings per share attributable to common shareholders (in dollars per share)									$ 0.88	$ 0.88	$ 0.74
Basic and diluted earnings per common unit
Net Income									$ 170,771	$ 165,488	$ 135,611
Noncontrolling interests in the Operating Partnership									(1,708)	(1,820)	(1,593)
Noncontrolling interest in subsidiaries									54	221	270
Net income attributable to common unitholders									$ 169,117	$ 163,889	$ 134,288
Weighted average basic shares outstanding (in shares)									190,874,000	184,653,000	180,525,000
Share options and restricted share units (in shares)									702,000	842,000	923,000
Weighted average diluted shares outstanding (in shares)									191,576,000	185,495,000	181,448,000
Basic earnings per unit attributable to common unitholders									$ 0.89	$ 0.89	$ 0.74
Diluted earnings per share attributable to common shareholders (in dollars per share)									$ 0.88	$ 0.88	$ 0.74

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Issuance of Common and Preferred Shares
Net proceeds from sale of common shares	$ 196,304	$ 131,829	$ 29,642
Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold	50,000
Common Shares | Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)	5,899	4,291	1,036
Average sales price per common share (in dollars per share)	$ 33.64	$ 31.09	$ 29.13
Net proceeds from sale of common shares	$ 196,304	$ 131,835	$ 29,642
Common shares remained available for issuance	4,600	10,500	4,700

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Valuation allowance	$ 0	$ 0
Deferred tax assets, net	$ 0.8	$ 1.4

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly financial information
Total revenues	$ 165,506	$ 166,547	$ 159,017	$ 152,845	$ 153,882	$ 153,370	$ 147,815	$ 142,877	$ 643,915	$ 597,944	$ 558,943
Total operating expenses	105,394	106,855	100,583	99,014	98,775	93,774	92,915	92,464	411,846	377,928	363,228
Net income	42,510	42,597	49,878	35,786	48,636	43,302	38,751	34,799	$ 170,771	$ 165,488	$ 135,611
Net income attributable to the company	$ 42,045	$ 42,154	$ 49,420	$ 35,498	$ 48,156	$ 42,900	$ 38,410	$ 34,423
Basic - as reported (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.89	$ 0.89	$ 0.74
Diluted - as reported (in dollars per share)	$ 0.22	$ 0.22	$ 0.26	$ 0.19	$ 0.26	$ 0.23	$ 0.21	$ 0.19	$ 0.88	$ 0.88	$ 0.74

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Gross Carrying Amount at year end
Total	$ 4,478,135
Total	$ 4,699,844	$ 4,463,455	$ 4,161,715	$ 3,998,180
Minimum
Gross Carrying Amount at year end
Estimated useful lives	5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives	39 years
Chandler I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,880
Initial cost
Land	$ 327
Building and Improvements	1,257
Costs Subsequent to Acquisition	551
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,631
Total	1,958
Accumulated Depreciation	$ 752
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,915
Initial cost
Land	$ 1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	229
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,713
Total	9,231
Accumulated Depreciation	$ 1,544
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,100
Initial cost
Land	$ 951
Building and Improvements	4,688
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,893
Total	5,844
Accumulated Depreciation	$ 1,048
Gilbert II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	115,430
Initial cost
Land	$ 1,199
Building and Improvements	11,846
Costs Subsequent to Acquisition	171
Gross Carrying Amount at year end
Land	1,199
Building and Improvements	12,017
Total	13,216
Accumulated Depreciation	$ 1,098
Glendale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,807
Initial cost
Land	$ 201
Building and Improvements	2,265
Costs Subsequent to Acquisition	1,301
Gross Carrying Amount at year end
Land	418
Building and Improvements	3,002
Total	3,420
Accumulated Depreciation	$ 1,555
Green Valley, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	25,050
Initial cost
Land	$ 298
Building and Improvements	1,153
Costs Subsequent to Acquisition	259
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,201
Total	1,499
Accumulated Depreciation	$ 520
Mesa I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,575
Initial cost
Land	$ 920
Building and Improvements	2,739
Costs Subsequent to Acquisition	403
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,696
Total	3,617
Accumulated Depreciation	$ 1,241
Mesa II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,511
Initial cost
Land	$ 731
Building and Improvements	2,176
Costs Subsequent to Acquisition	311
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,158
Total	2,889
Accumulated Depreciation	$ 1,022
Mesa III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,209
Initial cost
Land	$ 706
Building and Improvements	2,101
Costs Subsequent to Acquisition	505
Gross Carrying Amount at year end
Land	706
Building and Improvements	2,222
Total	2,928
Accumulated Depreciation	$ 979
Peoria, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,810
Initial cost
Land	$ 1,436
Building and Improvements	7,082
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	1,436
Building and Improvements	7,337
Total	8,773
Accumulated Depreciation	$ 1,087
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	121,880
Initial cost
Land	$ 2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,765
Total	12,880
Accumulated Depreciation	$ 1,999
Phoenix IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,710
Initial cost
Land	$ 930
Building and Improvements	12,277
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Land	930
Building and Improvements	12,388
Total	13,318
Accumulated Depreciation	$ 1,141
Queen Creek, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,462
Initial cost
Land	$ 1,159
Building and Improvements	5,716
Costs Subsequent to Acquisition	94
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,810
Total	6,969
Accumulated Depreciation	$ 892
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,575
Initial cost
Land	$ 443
Building and Improvements	4,879
Costs Subsequent to Acquisition	1,793
Gross Carrying Amount at year end
Land	883
Building and Improvements	5,555
Total	6,438
Accumulated Depreciation	$ 2,949
Surprise , AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,475
Initial cost
Land	$ 584
Building and Improvements	3,761
Costs Subsequent to Acquisition	128
Gross Carrying Amount at year end
Land	584
Building and Improvements	3,889
Total	4,473
Accumulated Depreciation	$ 511
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,330
Initial cost
Land	$ 941
Building and Improvements	3,283
Costs Subsequent to Acquisition	784
Gross Carrying Amount at year end
Land	941
Building and Improvements	3,757
Total	4,698
Accumulated Depreciation	$ 1,063
Tempe II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,409
Initial cost
Land	$ 588
Building and Improvements	2,898
Costs Subsequent to Acquisition	2,162
Gross Carrying Amount at year end
Land	588
Building and Improvements	5,060
Total	5,648
Accumulated Depreciation	$ 1,237
Tucson I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,800
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,157
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,731
Total	3,115
Accumulated Depreciation	$ 1,435
Tucson II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,950
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,150
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,743
Total	3,134
Accumulated Depreciation	$ 1,412
Tucson III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,820
Initial cost
Land	$ 532
Building and Improvements	2,048
Costs Subsequent to Acquisition	391
Gross Carrying Amount at year end
Land	533
Building and Improvements	2,078
Total	2,611
Accumulated Depreciation	$ 914
Tucson IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,040
Initial cost
Land	$ 674
Building and Improvements	2,595
Costs Subsequent to Acquisition	411
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,586
Total	3,261
Accumulated Depreciation	$ 1,169
Tucson V, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,184
Initial cost
Land	$ 515
Building and Improvements	1,980
Costs Subsequent to Acquisition	420
Gross Carrying Amount at year end
Land	515
Building and Improvements	2,043
Total	2,558
Accumulated Depreciation	$ 935
Tucson VI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,766
Initial cost
Land	$ 440
Building and Improvements	1,692
Costs Subsequent to Acquisition	291
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,685
Total	2,115
Accumulated Depreciation	$ 767
Tucson VII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,663
Initial cost
Land	$ 670
Building and Improvements	2,576
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,567
Total	3,237
Accumulated Depreciation	$ 1,176
Tucson VIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,650
Initial cost
Land	$ 589
Building and Improvements	2,265
Costs Subsequent to Acquisition	448
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,361
Total	2,950
Accumulated Depreciation	$ 1,063
Tucson IX, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,496
Initial cost
Land	$ 724
Building and Improvements	2,786
Costs Subsequent to Acquisition	516
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,780
Total	3,505
Accumulated Depreciation	$ 1,269
Tucson X, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,350
Initial cost
Land	$ 424
Building and Improvements	1,633
Costs Subsequent to Acquisition	387
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,710
Total	2,135
Accumulated Depreciation	$ 754
Tucson XI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,700
Initial cost
Land	$ 439
Building and Improvements	1,689
Costs Subsequent to Acquisition	444
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,840
Total	2,279
Accumulated Depreciation	$ 908
Tucson XII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,275
Initial cost
Land	$ 671
Building and Improvements	2,582
Costs Subsequent to Acquisition	415
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,567
Total	3,239
Accumulated Depreciation	$ 1,145
Tucson XIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,800
Initial cost
Land	$ 587
Building and Improvements	2,258
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	587
Building and Improvements	2,253
Total	2,840
Accumulated Depreciation	$ 1,056
Tucson XIV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,995
Initial cost
Land	$ 707
Building and Improvements	2,721
Costs Subsequent to Acquisition	502
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,670
Total	3,378
Accumulated Depreciation	$ 1,247
Benicia, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,770
Initial cost
Land	$ 2,392
Building and Improvements	7,028
Costs Subsequent to Acquisition	499
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	6,433
Total	8,825
Accumulated Depreciation	$ 2,856
Citrus Heights, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,620
Initial cost
Land	$ 1,633
Building and Improvements	4,793
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	4,292
Total	5,926
Accumulated Depreciation	$ 2,007
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,124
Initial cost
Land	$ 2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,608
Total	12,715
Accumulated Depreciation	$ 1,736
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	103,528
Initial cost
Land	$ 2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	6,634
Total	9,158
Accumulated Depreciation	$ 3,074
Escondido, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	143,645
Initial cost
Land	$ 3,040
Building and Improvements	11,804
Costs Subsequent to Acquisition	319
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,763
Total	12,803
Accumulated Depreciation	$ 3,765
Fallbrook, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,926
Initial cost
Land	$ 133
Building and Improvements	1,492
Costs Subsequent to Acquisition	1,896
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,845
Total	3,277
Accumulated Depreciation	$ 1,503
Fremont, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,189
Initial cost
Land	$ 1,158
Building and Improvements	5,711
Costs Subsequent to Acquisition	188
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,899
Total	7,057
Accumulated Depreciation	$ 1,134
Lancaster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,475
Initial cost
Land	$ 390
Building and Improvements	2,247
Costs Subsequent to Acquisition	1,135
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,646
Total	3,202
Accumulated Depreciation	$ 1,192
Long Beach I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	124,541
Initial cost
Land	$ 3,138
Building and Improvements	14,368
Costs Subsequent to Acquisition	1,104
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	13,536
Total	16,674
Accumulated Depreciation	$ 5,917
Long Beach II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,630
Initial cost
Land	$ 3,424
Building and Improvements	13,987
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	3,424
Building and Improvements	13,988
Total	$ 17,412
Los Angeles, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,818
Initial cost
Land	$ 23,289
Building and Improvements	25,867
Costs Subsequent to Acquisition	137
Gross Carrying Amount at year end
Land	23,289
Building and Improvements	26,004
Total	49,293
Accumulated Depreciation	$ 868
Murrieta, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,775
Initial cost
Land	$ 1,883
Building and Improvements	5,532
Costs Subsequent to Acquisition	325
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,991
Total	6,894
Accumulated Depreciation	$ 2,256
North Highlands, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,094
Initial cost
Land	$ 868
Building and Improvements	2,546
Costs Subsequent to Acquisition	591
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,676
Total	3,544
Accumulated Depreciation	$ 1,217
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,540
Initial cost
Land	$ 1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	470
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,870
Total	10,575
Accumulated Depreciation	$ 1,486
Orangevale, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,542
Initial cost
Land	$ 1,423
Building and Improvements	4,175
Costs Subsequent to Acquisition	380
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,877
Total	5,300
Accumulated Depreciation	$ 1,814
Pleasanton, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,600
Initial cost
Land	$ 2,799
Building and Improvements	8,222
Costs Subsequent to Acquisition	481
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	7,460
Total	10,259
Accumulated Depreciation	$ 3,288
Rancho Cordova, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,978
Initial cost
Land	$ 1,094
Building and Improvements	3,212
Costs Subsequent to Acquisition	433
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	3,101
Total	4,196
Accumulated Depreciation	$ 1,421
Rialto I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,391
Initial cost
Land	$ 899
Building and Improvements	4,118
Costs Subsequent to Acquisition	304
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,849
Total	4,748
Accumulated Depreciation	$ 1,690
Rialto II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,783
Initial cost
Land	$ 277
Building and Improvements	3,098
Costs Subsequent to Acquisition	1,855
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,156
Total	4,828
Accumulated Depreciation	$ 2,279
Riverside I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,320
Initial cost
Land	$ 1,351
Building and Improvements	6,183
Costs Subsequent to Acquisition	645
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	5,996
Total	7,347
Accumulated Depreciation	$ 2,655
Riverside II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,101
Initial cost
Land	$ 1,170
Building and Improvements	5,359
Costs Subsequent to Acquisition	547
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	5,102
Total	6,272
Accumulated Depreciation	$ 2,233
Roseville, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,944
Initial cost
Land	$ 1,284
Building and Improvements	3,767
Costs Subsequent to Acquisition	478
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,647
Total	4,931
Accumulated Depreciation	$ 1,722
Sacramento I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,764
Initial cost
Land	$ 1,152
Building and Improvements	3,380
Costs Subsequent to Acquisition	486
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	3,300
Total	4,452
Accumulated Depreciation	$ 1,493
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,565
Initial cost
Land	$ 2,085
Building and Improvements	6,750
Costs Subsequent to Acquisition	638
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	6,721
Total	8,807
Accumulated Depreciation	$ 1,999
San Bernardino I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,070
Initial cost
Land	$ 51
Building and Improvements	572
Costs Subsequent to Acquisition	1,201
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,441
Total	1,623
Accumulated Depreciation	$ 748
San Bernardino II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,426
Initial cost
Land	$ 112
Building and Improvements	1,251
Costs Subsequent to Acquisition	1,393
Gross Carrying Amount at year end
Land	306
Building and Improvements	2,101
Total	2,407
Accumulated Depreciation	$ 1,092
San Bernardino III, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,416
Initial cost
Land	$ 98
Building and Improvements	1,093
Costs Subsequent to Acquisition	1,350
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,945
Total	2,187
Accumulated Depreciation	$ 1,032
San Bernardino IV, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,352
Initial cost
Land	$ 1,872
Building and Improvements	5,391
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,421
Total	6,293
Accumulated Depreciation	$ 1,694
San Bernardino V, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,803
Initial cost
Land	$ 783
Building and Improvements	3,583
Costs Subsequent to Acquisition	680
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,731
Total	4,514
Accumulated Depreciation	$ 1,658
San Bernardino VII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,695
Initial cost
Land	$ 1,475
Building and Improvements	6,753
Costs Subsequent to Acquisition	482
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,487
Total	7,777
Accumulated Depreciation	$ 2,889
San Bernardino VIII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,833
Initial cost
Land	$ 1,691
Building and Improvements	7,741
Costs Subsequent to Acquisition	721
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,510
Total	8,202
Accumulated Depreciation	$ 2,951
San Diego, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,412
Initial cost
Land	$ 1,185
Building and Improvements	16,740
Costs Subsequent to Acquisition	18
Gross Carrying Amount at year end
Land	1,186
Building and Improvements	16,757
Total	17,943
Accumulated Depreciation	$ 595
San Marcos, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,425
Initial cost
Land	$ 775
Building and Improvements	2,288
Costs Subsequent to Acquisition	218
Gross Carrying Amount at year end
Land	776
Building and Improvements	2,135
Total	2,911
Accumulated Depreciation	$ 981
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,831
Initial cost
Land	$ 1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	493
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,315
Total	6,538
Accumulated Depreciation	$ 2,354
South Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,390
Initial cost
Land	$ 790
Building and Improvements	2,319
Costs Subsequent to Acquisition	482
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,381
Total	3,172
Accumulated Depreciation	$ 1,062
Spring Valley, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,085
Initial cost
Land	$ 1,178
Building and Improvements	5,394
Costs Subsequent to Acquisition	947
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,597
Total	6,775
Accumulated Depreciation	$ 2,484
Temecula I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,340
Initial cost
Land	$ 660
Building and Improvements	4,735
Costs Subsequent to Acquisition	1,088
Gross Carrying Amount at year end
Land	899
Building and Improvements	4,977
Total	5,876
Accumulated Depreciation	$ 2,328
Temecula II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,520
Initial cost
Land	$ 3,080
Building and Improvements	5,839
Costs Subsequent to Acquisition	887
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	5,790
Total	8,870
Accumulated Depreciation	$ 2,144
Vista I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,238
Initial cost
Land	$ 711
Building and Improvements	4,076
Costs Subsequent to Acquisition	2,363
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,105
Total	6,223
Accumulated Depreciation	$ 2,347
Vista II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,723
Initial cost
Land	$ 4,629
Building and Improvements	13,599
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	11,755
Total	16,384
Accumulated Depreciation	$ 5,363
Walnut, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,664
Initial cost
Land	$ 1,578
Building and Improvements	4,635
Costs Subsequent to Acquisition	486
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	4,382
Total	5,977
Accumulated Depreciation	$ 1,957
West Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,765
Initial cost
Land	$ 1,222
Building and Improvements	3,590
Costs Subsequent to Acquisition	237
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	3,259
Total	4,481
Accumulated Depreciation	$ 1,505
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,393
Initial cost
Land	$ 1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	4,651
Total	6,394
Accumulated Depreciation	$ 2,204
Aurora, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,717
Initial cost
Land	$ 1,343
Building and Improvements	2,986
Costs Subsequent to Acquisition	611
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	3,047
Total	4,390
Accumulated Depreciation	$ 1,321
Centennial, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 1,281
Building and Improvements	8,958
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Land	1,281
Building and Improvements	9,069
Total	10,350
Accumulated Depreciation	$ 978
Colorado Springs I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,975
Initial cost
Land	$ 771
Building and Improvements	1,717
Costs Subsequent to Acquisition	456
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,827
Total	2,598
Accumulated Depreciation	$ 813
Colorado Springs II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 657
Building and Improvements	2,674
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,453
Total	3,109
Accumulated Depreciation	$ 1,110
Denver I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,200
Initial cost
Land	$ 673
Building and Improvements	2,741
Costs Subsequent to Acquisition	501
Gross Carrying Amount at year end
Land	646
Building and Improvements	2,763
Total	3,409
Accumulated Depreciation	$ 1,202
Denver II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,420
Initial cost
Land	$ 1,430
Building and Improvements	7,053
Costs Subsequent to Acquisition	183
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,235
Total	8,665
Accumulated Depreciation	$ 1,688
Denver III, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,025
Initial cost
Land	$ 1,828
Building and Improvements	12,109
Costs Subsequent to Acquisition	92
Gross Carrying Amount at year end
Land	1,828
Building and Improvements	12,201
Total	14,029
Accumulated Depreciation	$ 1,245
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,770
Initial cost
Land	$ 878
Building and Improvements	1,953
Costs Subsequent to Acquisition	347
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,901
Total	2,780
Accumulated Depreciation	$ 835
Golden, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,800
Initial cost
Land	$ 1,683
Building and Improvements	3,744
Costs Subsequent to Acquisition	591
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,663
Total	5,347
Accumulated Depreciation	$ 1,624
Littleton, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,490
Initial cost
Land	$ 1,268
Building and Improvements	2,820
Costs Subsequent to Acquisition	404
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,714
Total	3,982
Accumulated Depreciation	$ 1,165
Northglenn, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,102
Initial cost
Land	$ 862
Building and Improvements	1,917
Costs Subsequent to Acquisition	589
Gross Carrying Amount at year end
Land	662
Building and Improvements	2,290
Total	2,952
Accumulated Depreciation	$ 925
Bloomfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,700
Initial cost
Land	$ 78
Building and Improvements	880
Costs Subsequent to Acquisition	2,422
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,691
Total	3,051
Accumulated Depreciation	$ 1,344
Branford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,629
Initial cost
Land	$ 217
Building and Improvements	2,433
Costs Subsequent to Acquisition	1,727
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,447
Total	3,951
Accumulated Depreciation	$ 1,833
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,925
Initial cost
Land	$ 1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	431
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	3,127
Total	4,946
Accumulated Depreciation	$ 1,421
East Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,816
Initial cost
Land	$ 744
Building and Improvements	1,294
Costs Subsequent to Acquisition	568
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,591
Total	2,335
Accumulated Depreciation	$ 811
Enfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,875
Initial cost
Land	$ 424
Building and Improvements	2,424
Costs Subsequent to Acquisition	477
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,120
Total	2,593
Accumulated Depreciation	$ 1,009
Gales Ferry, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,905
Initial cost
Land	$ 240
Building and Improvements	2,697
Costs Subsequent to Acquisition	1,686
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,661
Total	4,150
Accumulated Depreciation	$ 2,069
Manchester I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,925
Initial cost
Land	$ 540
Building and Improvements	3,096
Costs Subsequent to Acquisition	552
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,651
Total	3,214
Accumulated Depreciation	$ 1,174
Manchester II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,725
Initial cost
Land	$ 996
Building and Improvements	1,730
Costs Subsequent to Acquisition	410
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,832
Total	2,828
Accumulated Depreciation	$ 879
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,113
Initial cost
Land	$ 671
Building and Improvements	3,308
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,483
Total	4,154
Accumulated Depreciation	$ 677
Milford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,885
Initial cost
Land	$ 87
Building and Improvements	1,050
Costs Subsequent to Acquisition	1,364
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,920
Total	2,194
Accumulated Depreciation	$ 975
Monroe, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,700
Initial cost
Land	$ 2,004
Building and Improvements	3,483
Costs Subsequent to Acquisition	942
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,741
Total	5,745
Accumulated Depreciation	$ 1,833
Mystic, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,850
Initial cost
Land	$ 136
Building and Improvements	1,645
Costs Subsequent to Acquisition	2,171
Gross Carrying Amount at year end
Land	410
Building and Improvements	3,048
Total	3,458
Accumulated Depreciation	$ 1,601
Newington I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,270
Initial cost
Land	$ 1,059
Building and Improvements	1,840
Costs Subsequent to Acquisition	294
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,838
Total	2,897
Accumulated Depreciation	$ 902
Newington II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,640
Initial cost
Land	$ 911
Building and Improvements	1,584
Costs Subsequent to Acquisition	361
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,672
Total	2,583
Accumulated Depreciation	$ 812
Norwalk I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,181
Initial cost
Land	$ 646
Building and Improvements	3,187
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,253
Total	3,899
Accumulated Depreciation	$ 782
Norwalk II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,225
Initial cost
Land	$ 1,171
Building and Improvements	15,422
Costs Subsequent to Acquisition	462
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	15,884
Total	17,055
Accumulated Depreciation	$ 1,649
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,000
Initial cost
Land	$ 3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	713
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	5,233
Total	8,325
Accumulated Depreciation	$ 2,642
Old Saybrook II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,425
Initial cost
Land	$ 1,135
Building and Improvements	1,973
Costs Subsequent to Acquisition	288
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,934
Total	3,069
Accumulated Depreciation	$ 993
Shelton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,405
Initial cost
Land	$ 1,613
Building and Improvements	9,032
Costs Subsequent to Acquisition	546
Gross Carrying Amount at year end
Land	1,613
Building and Improvements	8,494
Total	10,107
Accumulated Depreciation	$ 2,173
South Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,075
Initial cost
Land	$ 90
Building and Improvements	1,127
Costs Subsequent to Acquisition	1,555
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,284
Total	2,556
Accumulated Depreciation	$ 1,183
Stamford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	28,907
Initial cost
Land	$ 1,941
Building and Improvements	3,374
Costs Subsequent to Acquisition	195
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	3,029
Total	4,970
Accumulated Depreciation	$ 1,487
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,515
Initial cost
Land	$ 2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	798
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	13,121
Total	15,542
Accumulated Depreciation	$ 3,219
Washington I, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,685
Initial cost
Land	$ 871
Building and Improvements	12,759
Costs Subsequent to Acquisition	1,025
Gross Carrying Amount at year end
Land	894
Building and Improvements	11,059
Total	11,953
Accumulated Depreciation	$ 4,050
Washington II, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,452
Initial cost
Land	$ 3,152
Building and Improvements	13,612
Costs Subsequent to Acquisition	463
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	12,299
Total	15,453
Accumulated Depreciation	$ 3,094
Washington III, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,215
Initial cost
Land	$ 4,469
Building and Improvements	15,438
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	4,469
Building and Improvements	15,545
Total	20,014
Accumulated Depreciation	$ 1,795
Washington IV, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,298
Initial cost
Land	$ 6,359
Building and Improvements	20,417
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	6,359
Building and Improvements	20,577
Total	26,936
Accumulated Depreciation	$ 1,209
Washington V DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,200
Initial cost
Land	$ 13,908
Building and Improvements	18,770
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	13,917
Building and Improvements	18,931
Total	32,848
Accumulated Depreciation	$ 843
Boca Raton, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,968
Initial cost
Land	$ 529
Building and Improvements	3,054
Costs Subsequent to Acquisition	1,662
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,607
Total	4,420
Accumulated Depreciation	$ 1,665
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,725
Initial cost
Land	$ 667
Building and Improvements	3,796
Costs Subsequent to Acquisition	1,957
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,420
Total	5,378
Accumulated Depreciation	$ 2,058
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,514
Initial cost
Land	$ 1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	469
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	3,000
Total	4,030
Accumulated Depreciation	$ 1,358
Boynton Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,368
Initial cost
Land	$ 1,225
Building and Improvements	6,037
Costs Subsequent to Acquisition	266
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,304
Total	7,529
Accumulated Depreciation	$ 1,141
Boynton Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,514
Initial cost
Land	$ 1,455
Building and Improvements	7,171
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	1,455
Building and Improvements	7,333
Total	8,788
Accumulated Depreciation	$ 1,047
Bradenton I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,389
Initial cost
Land	$ 1,180
Building and Improvements	3,324
Costs Subsequent to Acquisition	434
Gross Carrying Amount at year end
Land	1,180
Building and Improvements	2,929
Total	4,109
Accumulated Depreciation	$ 1,107
Bradenton II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,063
Initial cost
Land	$ 1,931
Building and Improvements	5,561
Costs Subsequent to Acquisition	1,191
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,125
Total	7,056
Accumulated Depreciation	$ 2,077
Cape Coral I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,857
Initial cost
Land	$ 472
Building and Improvements	2,769
Costs Subsequent to Acquisition	2,595
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,031
Total	4,861
Accumulated Depreciation	$ 2,236
Cape Coral II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,955
Initial cost
Land	$ 1,093
Building and Improvements	5,387
Costs Subsequent to Acquisition	108
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,494
Total	6,587
Accumulated Depreciation	$ 905
Coconut Creek I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,846
Initial cost
Land	$ 1,189
Building and Improvements	5,863
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	6,061
Total	7,250
Accumulated Depreciation	$ 1,431
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,147
Initial cost
Land	$ 1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,760
Total	11,697
Accumulated Depreciation	$ 1,856
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	180,888
Initial cost
Land	$ 3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,804
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	9,650
Total	13,234
Accumulated Depreciation	$ 3,890
Dania, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,315
Initial cost
Land	$ 205
Building and Improvements	2,068
Costs Subsequent to Acquisition	1,768
Gross Carrying Amount at year end
Land	481
Building and Improvements	3,137
Total	3,618
Accumulated Depreciation	$ 1,648
Davie, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,985
Initial cost
Land	$ 1,268
Building and Improvements	7,183
Costs Subsequent to Acquisition	1,357
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	6,266
Total	7,639
Accumulated Depreciation	$ 2,741
Deerfield Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,280
Initial cost
Land	$ 946
Building and Improvements	2,999
Costs Subsequent to Acquisition	2,041
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,528
Total	5,839
Accumulated Depreciation	$ 2,317
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,563
Initial cost
Land	$ 798
Building and Improvements	4,539
Costs Subsequent to Acquisition	847
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,098
Total	4,981
Accumulated Depreciation	$ 1,941
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,770
Initial cost
Land	$ 957
Building and Improvements	4,718
Costs Subsequent to Acquisition	278
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,996
Total	5,953
Accumulated Depreciation	$ 1,076
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,257
Initial cost
Land	$ 2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,469
Total	12,555
Accumulated Depreciation	$ 1,856
Delray Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,208
Initial cost
Land	$ 2,208
Building and Improvements	14,384
Costs Subsequent to Acquisition	23
Gross Carrying Amount at year end
Land	2,208
Building and Improvements	14,407
Total	16,615
Accumulated Depreciation	$ 908
Ft. Lauderdale I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,343
Initial cost
Land	$ 937
Building and Improvements	3,646
Costs Subsequent to Acquisition	2,522
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,482
Total	6,866
Accumulated Depreciation	$ 2,802
Ft. Lauderdale II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,662
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	105
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,356
Total	5,218
Accumulated Depreciation	$ 842
Ft. Myers I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,504
Initial cost
Land	$ 303
Building and Improvements	3,329
Costs Subsequent to Acquisition	993
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,318
Total	3,646
Accumulated Depreciation	$ 1,726
Ft. Myers II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,325
Initial cost
Land	$ 1,030
Building and Improvements	5,080
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,262
Total	6,292
Accumulated Depreciation	$ 941
Ft. Myers III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,554
Initial cost
Land	$ 1,148
Building and Improvements	5,658
Costs Subsequent to Acquisition	181
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,839
Total	6,987
Accumulated Depreciation	$ 1,041
Ft. Myers IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,682
Initial cost
Land	$ 992
Building and Improvements	8,287
Costs Subsequent to Acquisition	164
Gross Carrying Amount at year end
Land	992
Building and Improvements	8,451
Total	9,443
Accumulated Depreciation	$ 155
Ft. Myers V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,370
Initial cost
Land	$ 950
Building and Improvements	7,763
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	950
Building and Improvements	7,887
Total	8,837
Accumulated Depreciation	$ 145
Jacksonville I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,735
Initial cost
Land	$ 1,862
Building and Improvements	5,362
Costs Subsequent to Acquisition	199
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,878
Total	6,740
Accumulated Depreciation	$ 2,045
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,970
Initial cost
Land	$ 950
Building and Improvements	7,004
Costs Subsequent to Acquisition	218
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,674
Total	6,624
Accumulated Depreciation	$ 2,193
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,840
Initial cost
Land	$ 860
Building and Improvements	7,409
Costs Subsequent to Acquisition	1,058
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	6,055
Total	7,725
Accumulated Depreciation	$ 2,341
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,525
Initial cost
Land	$ 870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,218
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,184
Total	8,835
Accumulated Depreciation	$ 2,758
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,573
Initial cost
Land	$ 1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	450
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,916
Total	8,136
Accumulated Depreciation	$ 2,673
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,375
Initial cost
Land	$ 755
Building and Improvements	3,725
Costs Subsequent to Acquisition	152
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,876
Total	4,631
Accumulated Depreciation	$ 644
Kendall, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,495
Initial cost
Land	$ 2,350
Building and Improvements	8,106
Costs Subsequent to Acquisition	493
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,826
Total	9,176
Accumulated Depreciation	$ 2,619
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	158,778
Initial cost
Land	$ 183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,795
Gross Carrying Amount at year end
Land	354
Building and Improvements	11,148
Total	11,502
Accumulated Depreciation	$ 5,618
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,920
Initial cost
Land	$ 1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	203
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,857
Total	9,409
Accumulated Depreciation	$ 1,435
Lake Worth III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,510
Initial cost
Land	$ 957
Building and Improvements	4,716
Costs Subsequent to Acquisition	243
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,959
Total	5,916
Accumulated Depreciation	$ 759
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,079
Initial cost
Land	$ 81
Building and Improvements	896
Costs Subsequent to Acquisition	1,300
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,604
Total	1,860
Accumulated Depreciation	$ 854
Leisure City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,185
Initial cost
Land	$ 409
Building and Improvements	2,018
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,213
Total	2,622
Accumulated Depreciation	$ 537
Lutz I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,595
Initial cost
Land	$ 901
Building and Improvements	2,478
Costs Subsequent to Acquisition	438
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,299
Total	3,200
Accumulated Depreciation	$ 862
Lutz II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,232
Initial cost
Land	$ 992
Building and Improvements	2,868
Costs Subsequent to Acquisition	416
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,524
Total	3,516
Accumulated Depreciation	$ 995
Margate I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,660
Initial cost
Land	$ 161
Building and Improvements	1,763
Costs Subsequent to Acquisition	2,345
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,427
Total	3,826
Accumulated Depreciation	$ 1,862
Margate II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,380
Initial cost
Land	$ 132
Building and Improvements	1,473
Costs Subsequent to Acquisition	2,188
Gross Carrying Amount at year end
Land	383
Building and Improvements	3,031
Total	3,414
Accumulated Depreciation	$ 1,466
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,171
Initial cost
Land	$ 716
Building and Improvements	2,983
Costs Subsequent to Acquisition	711
Gross Carrying Amount at year end
Land	796
Building and Improvements	2,781
Total	3,577
Accumulated Depreciation	$ 1,200
Miami I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,500
Initial cost
Land	$ 179
Building and Improvements	1,999
Costs Subsequent to Acquisition	1,889
Gross Carrying Amount at year end
Land	484
Building and Improvements	2,889
Total	3,373
Accumulated Depreciation	$ 1,554
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,160
Initial cost
Land	$ 253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,864
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,569
Total	4,130
Accumulated Depreciation	$ 1,873
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	151,620
Initial cost
Land	$ 4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	898
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	12,257
Total	16,834
Accumulated Depreciation	$ 5,324
Miami IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,695
Initial cost
Land	$ 1,852
Building and Improvements	10,494
Costs Subsequent to Acquisition	1,047
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,980
Total	11,943
Accumulated Depreciation	$ 2,773
Miramar, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,080
Initial cost
Land	$ 1,206
Building and Improvements	5,944
Costs Subsequent to Acquisition	151
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	6,096
Total	7,302
Accumulated Depreciation	$ 1,277
Naples I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,100
Initial cost
Land	$ 90
Building and Improvements	1,010
Costs Subsequent to Acquisition	2,759
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,225
Total	3,495
Accumulated Depreciation	$ 1,673
Naples II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,850
Initial cost
Land	$ 148
Building and Improvements	1,652
Costs Subsequent to Acquisition	4,387
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,342
Total	5,900
Accumulated Depreciation	$ 2,845
Naples III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,205
Initial cost
Land	$ 139
Building and Improvements	1,561
Costs Subsequent to Acquisition	4,302
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,224
Total	4,822
Accumulated Depreciation	$ 2,255
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,625
Initial cost
Land	$ 262
Building and Improvements	2,980
Costs Subsequent to Acquisition	693
Gross Carrying Amount at year end
Land	407
Building and Improvements	3,076
Total	3,483
Accumulated Depreciation	$ 1,655
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,454
Initial cost
Land	$ 1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	203
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,417
Total	7,678
Accumulated Depreciation	$ 1,073
North Palm Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,825
Initial cost
Land	$ 1,374
Building and Improvements	7,649
Costs Subsequent to Acquisition	57
Gross Carrying Amount at year end
Land	1,374
Building and Improvements	7,706
Total	9,080
Accumulated Depreciation	$ 751
Oakland Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,706
Initial cost
Land	$ 3,007
Building and Improvements	10,145
Costs Subsequent to Acquisition	43
Gross Carrying Amount at year end
Land	3,007
Building and Improvements	10,188
Total	13,195
Accumulated Depreciation	$ 615
Ocoee, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,150
Initial cost
Land	$ 1,286
Building and Improvements	3,705
Costs Subsequent to Acquisition	238
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,425
Total	4,711
Accumulated Depreciation	$ 1,499
Orange City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,580
Initial cost
Land	$ 1,191
Building and Improvements	3,209
Costs Subsequent to Acquisition	362
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	2,788
Total	3,979
Accumulated Depreciation	$ 1,086
Orlando II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,184
Initial cost
Land	$ 1,589
Building and Improvements	4,576
Costs Subsequent to Acquisition	259
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	4,195
Total	5,784
Accumulated Depreciation	$ 1,830
Orlando III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,190
Initial cost
Land	$ 1,209
Building and Improvements	7,768
Costs Subsequent to Acquisition	811
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,191
Total	8,400
Accumulated Depreciation	$ 2,882
Orlando IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,801
Initial cost
Land	$ 633
Building and Improvements	3,587
Costs Subsequent to Acquisition	203
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,286
Total	3,919
Accumulated Depreciation	$ 953
Orlando V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,377
Initial cost
Land	$ 950
Building and Improvements	4,685
Costs Subsequent to Acquisition	143
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,828
Total	5,778
Accumulated Depreciation	$ 1,128
Orlando VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 640
Building and Improvements	3,154
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,312
Total	3,952
Accumulated Depreciation	$ 560
Orlando VII, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,705
Initial cost
Land	$ 896
Building and Improvements	9,142
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	896
Building and Improvements	9,143
Total	10,039
Accumulated Depreciation	$ 21
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,276
Initial cost
Land	$ 440
Building and Improvements	2,824
Costs Subsequent to Acquisition	637
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,784
Total	3,224
Accumulated Depreciation	$ 1,151
Palm Coast I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,400
Initial cost
Land	$ 555
Building and Improvements	2,735
Costs Subsequent to Acquisition	123
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,859
Total	3,414
Accumulated Depreciation	$ 561
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	122,490
Initial cost
Land	$ 1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	432
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,883
Total	9,394
Accumulated Depreciation	$ 1,529
Palm Harbor, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,685
Initial cost
Land	$ 2,457
Building and Improvements	16,178
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	2,387
Building and Improvements	16,319
Total	18,706
Accumulated Depreciation	$ 1,686
Pembroke Pines, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,321
Initial cost
Land	$ 337
Building and Improvements	3,772
Costs Subsequent to Acquisition	2,905
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,530
Total	6,483
Accumulated Depreciation	$ 2,966
Royal Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,178
Initial cost
Land	$ 1,640
Building and Improvements	8,607
Costs Subsequent to Acquisition	340
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,284
Total	8,924
Accumulated Depreciation	$ 2,834
Sanford I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,810
Initial cost
Land	$ 453
Building and Improvements	2,911
Costs Subsequent to Acquisition	241
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,584
Total	3,037
Accumulated Depreciation	$ 1,010
Sanford II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,875
Initial cost
Land	$ 1,003
Building and Improvements	4,944
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	5,194
Total	6,197
Accumulated Depreciation	$ 877
Sarasota, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,142
Initial cost
Land	$ 333
Building and Improvements	3,656
Costs Subsequent to Acquisition	1,516
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,955
Total	4,484
Accumulated Depreciation	$ 1,979
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,725
Initial cost
Land	$ 135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,497
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,404
Total	4,787
Accumulated Depreciation	$ 2,393
St. Petersburg, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,025
Initial cost
Land	$ 2,721
Building and Improvements	10,173
Costs Subsequent to Acquisition	436
Gross Carrying Amount at year end
Land	2,721
Building and Improvements	10,609
Total	13,330
Accumulated Depreciation	$ 1,113
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,486
Initial cost
Land	$ 324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,272
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,904
Total	6,589
Accumulated Depreciation	$ 3,169
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,060
Initial cost
Land	$ 1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	305
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	6,039
Total	7,429
Accumulated Depreciation	$ 2,333
Tampa I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,938
Initial cost
Land	$ 2,670
Building and Improvements	6,249
Costs Subsequent to Acquisition	307
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,203
Total	7,873
Accumulated Depreciation	$ 2,003
Tampa II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,790
Initial cost
Land	$ 2,291
Building and Improvements	10,262
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	2,291
Building and Improvements	10,402
Total	12,693
Accumulated Depreciation	$ 1,067
West Palm Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,831
Initial cost
Land	$ 719
Building and Improvements	3,420
Costs Subsequent to Acquisition	1,864
Gross Carrying Amount at year end
Land	835
Building and Improvements	4,034
Total	4,869
Accumulated Depreciation	$ 1,835
West Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,113
Initial cost
Land	$ 2,129
Building and Improvements	8,671
Costs Subsequent to Acquisition	555
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,114
Total	9,243
Accumulated Depreciation	$ 2,843
West Palm Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,410
Initial cost
Land	$ 804
Building and Improvements	3,962
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,100
Total	4,904
Accumulated Depreciation	$ 921
West Palm Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,722
Initial cost
Land	$ 1,499
Building and Improvements	7,392
Costs Subsequent to Acquisition	333
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,724
Total	9,223
Accumulated Depreciation	$ 1,402
Winter Park I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,416
Initial cost
Land	$ 866
Building and Improvements	4,268
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,394
Total	5,260
Accumulated Depreciation	$ 738
Winter Park II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,363
Initial cost
Land	$ 1,897
Building and Improvements	9,286
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,897
Building and Improvements	9,287
Total	11,184
Accumulated Depreciation	$ 22
Winter Springs, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,965
Initial cost
Land	$ 1,248
Building and Improvements	7,259
Gross Carrying Amount at year end
Land	1,248
Building and Improvements	7,259
Total	8,507
Accumulated Depreciation	$ 17
Alpharetta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,501
Initial cost
Land	$ 806
Building and Improvements	4,720
Costs Subsequent to Acquisition	1,032
Gross Carrying Amount at year end
Land	917
Building and Improvements	4,045
Total	4,962
Accumulated Depreciation	$ 1,843
Atlanta I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,600
Initial cost
Land	$ 822
Building and Improvements	4,053
Costs Subsequent to Acquisition	137
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,191
Total	5,013
Accumulated Depreciation	$ 980
Atlanta II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,665
Initial cost
Land	$ 1,890
Building and Improvements	11,579
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	1,890
Building and Improvements	11,583
Total	13,473
Accumulated Depreciation	$ 145
Austell, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,655
Initial cost
Land	$ 1,635
Building and Improvements	4,711
Costs Subsequent to Acquisition	447
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,502
Total	6,145
Accumulated Depreciation	$ 1,788
Decatur, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	145,320
Initial cost
Land	$ 616
Building and Improvements	6,776
Costs Subsequent to Acquisition	457
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,224
Total	6,840
Accumulated Depreciation	$ 3,499
Duluth, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,885
Initial cost
Land	$ 373
Building and Improvements	2,044
Costs Subsequent to Acquisition	258
Gross Carrying Amount at year end
Land	373
Building and Improvements	1,976
Total	2,349
Accumulated Depreciation	$ 533
Lawrenceville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,890
Initial cost
Land	$ 546
Building and Improvements	2,903
Costs Subsequent to Acquisition	472
Gross Carrying Amount at year end
Land	546
Building and Improvements	2,945
Total	3,491
Accumulated Depreciation	$ 807
Lithia Springs, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,200
Initial cost
Land	$ 748
Building and Improvements	5,552
Costs Subsequent to Acquisition	425
Gross Carrying Amount at year end
Land	719
Building and Improvements	6,006
Total	6,725
Accumulated Depreciation	$ 759
Norcross I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,320
Initial cost
Land	$ 514
Building and Improvements	2,930
Costs Subsequent to Acquisition	1,082
Gross Carrying Amount at year end
Land	632
Building and Improvements	3,087
Total	3,719
Accumulated Depreciation	$ 1,355
Norcross II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,595
Initial cost
Land	$ 366
Building and Improvements	2,025
Costs Subsequent to Acquisition	241
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,979
Total	2,345
Accumulated Depreciation	$ 552
Norcross III, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,955
Initial cost
Land	$ 938
Building and Improvements	4,625
Costs Subsequent to Acquisition	94
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,719
Total	5,657
Accumulated Depreciation	$ 1,181
Norcross IV, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,475
Initial cost
Land	$ 576
Building and Improvements	2,839
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,973
Total	3,549
Accumulated Depreciation	$ 703
Norcross V, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,030
Initial cost
Land	$ 881
Building and Improvements	3,083
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	881
Building and Improvements	3,121
Total	4,002
Accumulated Depreciation	$ 55
Peachtree City I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,875
Initial cost
Land	$ 435
Building and Improvements	2,532
Costs Subsequent to Acquisition	811
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,558
Total	3,087
Accumulated Depreciation	$ 1,152
Peachtree City II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,950
Initial cost
Land	$ 398
Building and Improvements	1,963
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	398
Building and Improvements	2,119
Total	2,517
Accumulated Depreciation	$ 499
Smyrna, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,015
Initial cost
Land	$ 750
Building and Improvements	4,271
Costs Subsequent to Acquisition	334
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,480
Total	4,230
Accumulated Depreciation	$ 1,602
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,000
Initial cost
Land	$ 1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,510
Total	6,170
Accumulated Depreciation	$ 1,773
Suwanee I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,125
Initial cost
Land	$ 1,737
Building and Improvements	5,010
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,658
Total	6,395
Accumulated Depreciation	$ 1,821
Suwanee II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,590
Initial cost
Land	$ 800
Building and Improvements	6,942
Costs Subsequent to Acquisition	152
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,877
Total	6,499
Accumulated Depreciation	$ 2,267
Villa Rica, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,281
Initial cost
Land	$ 757
Building and Improvements	5,616
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	757
Building and Improvements	5,793
Total	6,550
Accumulated Depreciation	$ 768
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,574
Initial cost
Land	$ 428
Building and Improvements	3,531
Costs Subsequent to Acquisition	605
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,308
Total	3,736
Accumulated Depreciation	$ 1,283
Aurora, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,985
Initial cost
Land	$ 644
Building and Improvements	3,652
Costs Subsequent to Acquisition	264
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,058
Total	3,702
Accumulated Depreciation	$ 1,189
Bartlett, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,395
Initial cost
Land	$ 931
Building and Improvements	2,493
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,215
Total	3,146
Accumulated Depreciation	$ 874
Bellwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,500
Initial cost
Land	$ 1,012
Building and Improvements	5,768
Costs Subsequent to Acquisition	1,186
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,216
Total	6,228
Accumulated Depreciation	$ 2,315
Blue Island, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,125
Initial cost
Land	$ 633
Building and Improvements	3,120
Costs Subsequent to Acquisition	92
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,212
Total	3,845
Accumulated Depreciation	$ 493
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,575
Initial cost
Land	$ 1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,463
Total	10,138
Accumulated Depreciation	$ 1,415
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,792
Initial cost
Land	$ 2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	1,044
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	14,161
Total	16,828
Accumulated Depreciation	$ 2,430
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,835
Initial cost
Land	$ 833
Building and Improvements	4,035
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,134
Total	4,967
Accumulated Depreciation	$ 685
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,890
Initial cost
Land	$ 2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	834
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	12,796
Total	15,223
Accumulated Depreciation	$ 2,206
Chicago IV, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,420
Initial cost
Land	$ 1,296
Building and Improvements	6,385
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	1,296
Building and Improvements	6,538
Total	7,834
Accumulated Depreciation	$ 989
Chicago V, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,775
Initial cost
Land	$ 1,044
Building and Improvements	5,144
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	1,044
Building and Improvements	5,265
Total	6,309
Accumulated Depreciation	$ 794
Chicago VI, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,748
Initial cost
Land	$ 1,596
Building and Improvements	9,535
Costs Subsequent to Acquisition	76
Gross Carrying Amount at year end
Land	1,596
Building and Improvements	9,611
Total	11,207
Accumulated Depreciation	$ 1,067
Chicago VII, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,947
Initial cost
Building and Improvements	$ 11,191
Costs Subsequent to Acquisition	332
Gross Carrying Amount at year end
Building and Improvements	11,523
Total	11,523
Accumulated Depreciation	$ 753
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,658
Initial cost
Land	$ 2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	12,951
Total	15,558
Accumulated Depreciation	$ 2,147
Des Plaines, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,450
Initial cost
Land	$ 1,564
Building and Improvements	4,327
Costs Subsequent to Acquisition	871
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,158
Total	5,722
Accumulated Depreciation	$ 1,624
Downers Grove, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,625
Initial cost
Land	$ 1,498
Building and Improvements	13,153
Costs Subsequent to Acquisition	60
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	13,213
Total	14,711
Accumulated Depreciation	$ 1,497
Elk Grove Village, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,104
Initial cost
Land	$ 1,446
Building and Improvements	3,535
Costs Subsequent to Acquisition	321
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	2,999
Total	4,445
Accumulated Depreciation	$ 1,233
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,715
Initial cost
Land	$ 1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	290
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,729
Total	6,832
Accumulated Depreciation	$ 1,234
Glenview I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,085
Initial cost
Land	$ 3,740
Building and Improvements	10,367
Costs Subsequent to Acquisition	599
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	8,539
Total	12,279
Accumulated Depreciation	$ 3,349
Glenview II IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,844
Initial cost
Land	$ 725
Building and Improvements	3,144
Costs Subsequent to Acquisition	73
Gross Carrying Amount at year end
Land	725
Building and Improvements	3,217
Total	3,942
Accumulated Depreciation	$ 113
Gurnee, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,300
Initial cost
Land	$ 1,521
Building and Improvements	5,440
Costs Subsequent to Acquisition	440
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	4,606
Total	6,127
Accumulated Depreciation	$ 1,818
Hanover, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,190
Initial cost
Land	$ 1,126
Building and Improvements	2,197
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,062
Total	3,188
Accumulated Depreciation	$ 813
Harvey, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,090
Initial cost
Land	$ 869
Building and Improvements	3,635
Costs Subsequent to Acquisition	502
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,255
Total	4,124
Accumulated Depreciation	$ 1,229
Joliet, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,865
Initial cost
Land	$ 547
Building and Improvements	4,704
Costs Subsequent to Acquisition	325
Gross Carrying Amount at year end
Land	547
Building and Improvements	3,934
Total	4,481
Accumulated Depreciation	$ 1,538
Kildeer, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,438
Initial cost
Land	$ 2,102
Building and Improvements	2,187
Costs Subsequent to Acquisition	4,603
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	6,385
Total	8,382
Accumulated Depreciation	$ 1,254
Lombard, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,728
Initial cost
Land	$ 1,305
Building and Improvements	3,938
Costs Subsequent to Acquisition	1,055
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	4,021
Total	5,326
Accumulated Depreciation	$ 1,622
Maywood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,225
Initial cost
Land	$ 749
Building and Improvements	3,689
Costs Subsequent to Acquisition	80
Gross Carrying Amount at year end
Land	749
Building and Improvements	3,769
Total	4,518
Accumulated Depreciation	$ 568
Mount Prospect, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,000
Initial cost
Land	$ 1,701
Building and Improvements	3,114
Costs Subsequent to Acquisition	672
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,041
Total	4,742
Accumulated Depreciation	$ 1,197
Mundelein, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,700
Initial cost
Land	$ 1,498
Building and Improvements	2,782
Costs Subsequent to Acquisition	493
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,602
Total	4,100
Accumulated Depreciation	$ 989
North Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,500
Initial cost
Land	$ 1,073
Building and Improvements	3,006
Costs Subsequent to Acquisition	629
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	2,873
Total	3,946
Accumulated Depreciation	$ 1,119
Plainfield I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,900
Initial cost
Land	$ 1,770
Building and Improvements	1,715
Costs Subsequent to Acquisition	373
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,636
Total	3,376
Accumulated Depreciation	$ 630
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,900
Initial cost
Land	$ 694
Building and Improvements	2,000
Costs Subsequent to Acquisition	345
Gross Carrying Amount at year end
Land	694
Building and Improvements	2,013
Total	2,707
Accumulated Depreciation	$ 835
Riverwoods, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,883
Initial cost
Land	$ 1,585
Building and Improvements	7,826
Costs Subsequent to Acquisition	93
Gross Carrying Amount at year end
Land	1,585
Building and Improvements	7,919
Total	9,504
Accumulated Depreciation	$ 747
Schaumburg, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,160
Initial cost
Land	$ 538
Building and Improvements	645
Costs Subsequent to Acquisition	270
Gross Carrying Amount at year end
Land	538
Building and Improvements	718
Total	1,256
Accumulated Depreciation	$ 287
Streamwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,305
Initial cost
Land	$ 1,447
Building and Improvements	1,662
Costs Subsequent to Acquisition	601
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,798
Total	3,245
Accumulated Depreciation	$ 694
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,796
Initial cost
Land	$ 1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	544
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	3,184
Total	4,250
Accumulated Depreciation	$ 1,335
Waukegan, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,500
Initial cost
Land	$ 1,198
Building and Improvements	4,363
Costs Subsequent to Acquisition	686
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	3,992
Total	5,190
Accumulated Depreciation	$ 1,566
West Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,175
Initial cost
Land	$ 1,071
Building and Improvements	2,249
Costs Subsequent to Acquisition	547
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,229
Total	3,300
Accumulated Depreciation	$ 876
Westmont, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,400
Initial cost
Land	$ 1,155
Building and Improvements	3,873
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,315
Total	4,470
Accumulated Depreciation	$ 1,287
Wheeling I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,210
Initial cost
Land	$ 857
Building and Improvements	3,213
Costs Subsequent to Acquisition	558
Gross Carrying Amount at year end
Land	857
Building and Improvements	3,002
Total	3,859
Accumulated Depreciation	$ 1,182
Wheeling II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,825
Initial cost
Land	$ 793
Building and Improvements	3,816
Costs Subsequent to Acquisition	626
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,537
Total	4,330
Accumulated Depreciation	$ 1,418
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,257
Initial cost
Land	$ 943
Building and Improvements	3,397
Costs Subsequent to Acquisition	373
Gross Carrying Amount at year end
Land	943
Building and Improvements	2,980
Total	3,923
Accumulated Depreciation	$ 1,146
Schererville, IN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,600
Initial cost
Land	$ 1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	78
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,667
Total	6,801
Accumulated Depreciation	$ 1,010
Boston I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	33,286
Initial cost
Land	$ 538
Building and Improvements	3,048
Costs Subsequent to Acquisition	291
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,908
Total	3,446
Accumulated Depreciation	$ 846
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,470
Initial cost
Land	$ 1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	884
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,051
Total	8,567
Accumulated Depreciation	$ 3,002
Boston III, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	108,205
Initial cost
Land	$ 3,211
Building and Improvements	15,829
Costs Subsequent to Acquisition	765
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	16,594
Total	19,805
Accumulated Depreciation	$ 2,788
Brockton I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,993
Initial cost
Land	$ 577
Building and Improvements	4,394
Costs Subsequent to Acquisition	1,225
Gross Carrying Amount at year end
Land	577
Building and Improvements	5,619
Total	6,196
Accumulated Depreciation	$ 718
Brockton II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,375
Initial cost
Land	$ 1,900
Building and Improvements	3,520
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	1,900
Building and Improvements	3,523
Total	5,423
Accumulated Depreciation	$ 65
East Bridgewater, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,905
Initial cost
Land	$ 1,039
Building and Improvements	4,748
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	4,750
Total	5,789
Accumulated Depreciation	$ 76
Fall River, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,950
Initial cost
Land	$ 1,794
Building and Improvements	11,684
Costs Subsequent to Acquisition	33
Gross Carrying Amount at year end
Land	1,794
Building and Improvements	11,717
Total	13,511
Accumulated Depreciation	$ 186
Franklin, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,405
Initial cost
Land	$ 2,034
Building and Improvements	5,704
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	2,034
Building and Improvements	5,707
Total	7,741
Accumulated Depreciation	$ 100
Haverhill, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,589
Initial cost
Land	$ 669
Building and Improvements	6,610
Costs Subsequent to Acquisition	227
Gross Carrying Amount at year end
Land	669
Building and Improvements	6,837
Total	7,506
Accumulated Depreciation	$ 887
Holbrook, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,100
Initial cost
Land	$ 1,688
Building and Improvements	8,033
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,688
Building and Improvements	8,035
Total	9,723
Accumulated Depreciation	$ 137
Lawrence, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,672
Initial cost
Land	$ 585
Building and Improvements	4,737
Costs Subsequent to Acquisition	275
Gross Carrying Amount at year end
Land	585
Building and Improvements	5,012
Total	5,597
Accumulated Depreciation	$ 672
Leominster, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,048
Initial cost
Land	$ 90
Building and Improvements	1,519
Costs Subsequent to Acquisition	2,669
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,546
Total	3,884
Accumulated Depreciation	$ 1,787
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,675
Initial cost
Land	$ 1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	344
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	6,016
Total	7,346
Accumulated Depreciation	$ 2,183
Milford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,950
Initial cost
Land	$ 1,222
Building and Improvements	6,638
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	6,641
Total	7,863
Accumulated Depreciation	$ 109
New Bedford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,775
Initial cost
Land	$ 1,653
Building and Improvements	9,950
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,653
Building and Improvements	9,952
Total	11,605
Accumulated Depreciation	$ 156
Stoneham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,200
Initial cost
Land	$ 1,558
Building and Improvements	7,679
Costs Subsequent to Acquisition	308
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	7,987
Total	9,545
Accumulated Depreciation	$ 1,684
Tewksbury, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,402
Initial cost
Land	$ 1,537
Building and Improvements	7,579
Costs Subsequent to Acquisition	283
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,861
Total	9,398
Accumulated Depreciation	$ 1,425
Walpole, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,980
Initial cost
Land	$ 634
Building and Improvements	13,069
Costs Subsequent to Acquisition	569
Gross Carrying Amount at year end
Land	634
Building and Improvements	13,638
Total	14,272
Accumulated Depreciation	$ 1,365
Waltham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,840
Initial cost
Land	$ 2,683
Building and Improvements	14,491
Gross Carrying Amount at year end
Land	2,683
Building and Improvements	14,491
Total	17,174
Accumulated Depreciation	$ 218
Annapolis I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,302
Encumbrances	$ 5,459
Initial cost
Land	2,643
Building and Improvements	13,938
Costs Subsequent to Acquisition	84
Gross Carrying Amount at year end
Land	2,643
Building and Improvements	14,022
Total	16,665
Accumulated Depreciation	$ 1,091
Annapolis II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,765
Initial cost
Land	$ 2,425
Building and Improvements	17,890
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	2,425
Building and Improvements	17,940
Total	20,365
Accumulated Depreciation	$ 427
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,750
Initial cost
Land	$ 1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,711
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,543
Total	6,716
Accumulated Depreciation	$ 2,422
Beltsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,657
Initial cost
Land	$ 1,277
Building and Improvements	6,295
Costs Subsequent to Acquisition	139
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	6,442
Total	7,710
Accumulated Depreciation	$ 1,354
California, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,840
Initial cost
Land	$ 1,486
Building and Improvements	4,280
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	3,634
Total	5,120
Accumulated Depreciation	$ 1,400
Capitol Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,600
Initial cost
Land	$ 2,704
Building and Improvements	13,332
Costs Subsequent to Acquisition	62
Gross Carrying Amount at year end
Land	2,704
Building and Improvements	13,394
Total	16,098
Accumulated Depreciation	$ 1,883
Clinton, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,225
Initial cost
Land	$ 2,182
Building and Improvements	10,757
Costs Subsequent to Acquisition	156
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,913
Total	13,095
Accumulated Depreciation	$ 2,122
District Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,365
Initial cost
Land	$ 1,527
Building and Improvements	8,313
Costs Subsequent to Acquisition	656
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,844
Total	9,371
Accumulated Depreciation	$ 2,099
Elkridge, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,475
Initial cost
Land	$ 1,155
Building and Improvements	5,695
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	1,120
Building and Improvements	5,982
Total	7,102
Accumulated Depreciation	$ 1,192
Gaithersburg I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,045
Initial cost
Land	$ 3,124
Building and Improvements	9,000
Costs Subsequent to Acquisition	598
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	7,503
Total	10,627
Accumulated Depreciation	$ 2,909
Gaithersburg II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,100
Initial cost
Land	$ 2,383
Building and Improvements	11,750
Costs Subsequent to Acquisition	90
Gross Carrying Amount at year end
Land	2,383
Building and Improvements	11,840
Total	14,223
Accumulated Depreciation	$ 1,675
Hyattsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,830
Initial cost
Land	$ 1,113
Building and Improvements	5,485
Costs Subsequent to Acquisition	115
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,600
Total	6,713
Accumulated Depreciation	$ 1,186
Laurel, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	162,896
Initial cost
Land	$ 1,409
Building and Improvements	8,035
Costs Subsequent to Acquisition	4,001
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	9,163
Total	11,091
Accumulated Depreciation	$ 4,154
Temple Hills I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,270
Initial cost
Land	$ 1,541
Building and Improvements	8,788
Costs Subsequent to Acquisition	2,669
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	8,908
Total	10,708
Accumulated Depreciation	$ 4,038
Temple Hills II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,325
Initial cost
Land	$ 2,229
Building and Improvements	10,988
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,069
Total	13,298
Accumulated Depreciation	$ 2,087
Timonium, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,717
Initial cost
Land	$ 2,269
Building and Improvements	11,184
Costs Subsequent to Acquisition	247
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,430
Total	13,699
Accumulated Depreciation	$ 2,168
Upper Marlboro, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,240
Initial cost
Land	$ 1,309
Building and Improvements	6,455
Costs Subsequent to Acquisition	112
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,565
Total	7,874
Accumulated Depreciation	$ 1,397
Bloomington, MN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,928
Initial cost
Land	$ 1,598
Building and Improvements	12,298
Costs Subsequent to Acquisition	351
Gross Carrying Amount at year end
Land	1,598
Building and Improvements	12,649
Total	14,247
Accumulated Depreciation	$ 1,164
Belmont, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,850
Initial cost
Land	$ 385
Building and Improvements	2,196
Costs Subsequent to Acquisition	986
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,364
Total	2,815
Accumulated Depreciation	$ 1,095
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	109,300
Initial cost
Land	$ 498
Building and Improvements	2,837
Costs Subsequent to Acquisition	911
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,930
Total	3,428
Accumulated Depreciation	$ 1,433
Burlington II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,165
Initial cost
Land	$ 320
Building and Improvements	1,829
Costs Subsequent to Acquisition	542
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,829
Total	2,169
Accumulated Depreciation	$ 825
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	111,750
Initial cost
Land	$ 543
Building and Improvements	3,097
Costs Subsequent to Acquisition	982
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,378
Total	3,921
Accumulated Depreciation	$ 1,581
Charlotte I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,000
Initial cost
Land	$ 782
Building and Improvements	4,429
Costs Subsequent to Acquisition	1,779
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,753
Total	5,821
Accumulated Depreciation	$ 1,987
Charlotte II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,683
Initial cost
Land	$ 821
Building and Improvements	8,764
Costs Subsequent to Acquisition	67
Gross Carrying Amount at year end
Land	821
Building and Improvements	8,831
Total	9,652
Accumulated Depreciation	$ 772
Charlotte III, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,037
Initial cost
Land	$ 1,974
Building and Improvements	8,211
Costs Subsequent to Acquisition	86
Gross Carrying Amount at year end
Land	1,974
Building and Improvements	8,297
Total	10,271
Accumulated Depreciation	$ 340
Charlotte IV, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,700
Initial cost
Land	$ 721
Building and Improvements	1,425
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	721
Building and Improvements	1,427
Total	2,148
Accumulated Depreciation	$ 29
Cornelius, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,270
Initial cost
Land	$ 2,424
Building and Improvements	4,991
Costs Subsequent to Acquisition	1,113
Gross Carrying Amount at year end
Land	2,424
Building and Improvements	6,104
Total	8,528
Accumulated Depreciation	$ 790
Pineville, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,747
Initial cost
Land	$ 2,490
Building and Improvements	9,169
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	2,490
Building and Improvements	9,329
Total	11,819
Accumulated Depreciation	$ 1,231
Raleigh, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,675
Initial cost
Land	$ 209
Building and Improvements	2,398
Costs Subsequent to Acquisition	477
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,399
Total	2,695
Accumulated Depreciation	$ 1,256
Bayonne, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,867
Initial cost
Building and Improvements	$ 23,007
Gross Carrying Amount at year end
Building and Improvements	23,007
Total	23,007
Accumulated Depreciation	$ 670
Bordentown, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,550
Initial cost
Land	$ 457
Building and Improvements	2,255
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,431
Total	2,888
Accumulated Depreciation	$ 567
Brick, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,910
Initial cost
Land	$ 234
Building and Improvements	2,762
Costs Subsequent to Acquisition	1,765
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,677
Total	4,162
Accumulated Depreciation	$ 1,940
Cherry Hill I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,700
Initial cost
Land	$ 222
Building and Improvements	1,260
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,279
Total	1,501
Accumulated Depreciation	$ 356
Cherry Hill II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,450
Initial cost
Land	$ 471
Building and Improvements	2,323
Costs Subsequent to Acquisition	330
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,653
Total	3,124
Accumulated Depreciation	$ 616
Clifton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,550
Initial cost
Land	$ 4,346
Building and Improvements	12,520
Costs Subsequent to Acquisition	815
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	11,654
Total	15,994
Accumulated Depreciation	$ 4,877
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,280
Initial cost
Land	$ 290
Building and Improvements	3,493
Costs Subsequent to Acquisition	2,928
Gross Carrying Amount at year end
Land	779
Building and Improvements	5,226
Total	6,005
Accumulated Depreciation	$ 2,725
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,704
Initial cost
Land	$ 504
Building and Improvements	5,763
Costs Subsequent to Acquisition	4,650
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	8,431
Total	9,746
Accumulated Depreciation	$ 4,471
Egg Harbor I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,025
Initial cost
Land	$ 104
Building and Improvements	510
Costs Subsequent to Acquisition	196
Gross Carrying Amount at year end
Land	104
Building and Improvements	696
Total	800
Accumulated Depreciation	$ 170
Egg Harbor II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,400
Initial cost
Land	$ 284
Building and Improvements	1,608
Costs Subsequent to Acquisition	430
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,817
Total	2,101
Accumulated Depreciation	$ 529
Elizabeth, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,684
Initial cost
Land	$ 751
Building and Improvements	2,164
Costs Subsequent to Acquisition	742
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,583
Total	3,334
Accumulated Depreciation	$ 1,120
Fairview, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	27,896
Initial cost
Land	$ 246
Building and Improvements	2,759
Costs Subsequent to Acquisition	799
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,948
Total	3,194
Accumulated Depreciation	$ 1,512
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,070
Initial cost
Land	$ 1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	361
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,711
Total	6,797
Accumulated Depreciation	$ 1,319
Hamilton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,550
Initial cost
Land	$ 1,885
Building and Improvements	5,430
Costs Subsequent to Acquisition	527
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	5,188
Total	7,081
Accumulated Depreciation	$ 2,063
Hoboken, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,484
Initial cost
Land	$ 1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	995
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	4,309
Total	5,679
Accumulated Depreciation	$ 1,936
Linden, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,425
Initial cost
Land	$ 517
Building and Improvements	6,008
Costs Subsequent to Acquisition	2,741
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	7,201
Total	8,244
Accumulated Depreciation	$ 3,814
Lumberton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,025
Initial cost
Land	$ 987
Building and Improvements	4,864
Costs Subsequent to Acquisition	327
Gross Carrying Amount at year end
Land	987
Building and Improvements	5,191
Total	6,178
Accumulated Depreciation	$ 1,231
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,026
Initial cost
Land	$ 500
Building and Improvements	5,602
Costs Subsequent to Acquisition	3,404
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	7,358
Total	8,430
Accumulated Depreciation	$ 3,732
Parsippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,705
Initial cost
Land	$ 475
Building and Improvements	5,322
Costs Subsequent to Acquisition	6,242
Gross Carrying Amount at year end
Land	844
Building and Improvements	10,219
Total	11,063
Accumulated Depreciation	$ 3,760
Rahway, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,121
Initial cost
Land	$ 1,486
Building and Improvements	7,326
Costs Subsequent to Acquisition	710
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	8,036
Total	9,522
Accumulated Depreciation	$ 1,683
Randolph, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,565
Initial cost
Land	$ 855
Building and Improvements	4,872
Costs Subsequent to Acquisition	1,602
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,784
Total	5,892
Accumulated Depreciation	$ 2,077
Ridgefield, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,803
Initial cost
Land	$ 1,810
Building and Improvements	8,925
Costs Subsequent to Acquisition	480
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	9,405
Total	11,215
Accumulated Depreciation	$ 1,321
Roseland, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,569
Initial cost
Land	$ 1,844
Building and Improvements	9,759
Costs Subsequent to Acquisition	449
Gross Carrying Amount at year end
Land	1,844
Building and Improvements	10,208
Total	12,052
Accumulated Depreciation	$ 1,324
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,826
Initial cost
Land	$ 484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,460
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,148
Total	3,854
Accumulated Depreciation	$ 1,459
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,485
Initial cost
Land	$ 1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	608
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,737
Total	7,980
Accumulated Depreciation	$ 1,521
Whippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,070
Initial cost
Land	$ 2,153
Building and Improvements	10,615
Costs Subsequent to Acquisition	661
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	11,276
Total	13,429
Accumulated Depreciation	$ 2,330
Albuquerque I, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,927
Initial cost
Land	$ 1,039
Building and Improvements	3,395
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	3,203
Total	4,242
Accumulated Depreciation	$ 1,518
Albuquerque II, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,798
Initial cost
Land	$ 1,163
Building and Improvements	3,801
Costs Subsequent to Acquisition	437
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,614
Total	4,777
Accumulated Depreciation	$ 1,680
Albuquerque III, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,536
Initial cost
Land	$ 664
Building and Improvements	2,171
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	664
Building and Improvements	2,187
Total	2,851
Accumulated Depreciation	$ 1,049
Henderson, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,150
Initial cost
Land	$ 1,246
Building and Improvements	6,143
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,266
Total	7,512
Accumulated Depreciation	$ 1,043
Las Vegas I, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,732
Initial cost
Land	$ 1,851
Building and Improvements	2,986
Costs Subsequent to Acquisition	604
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,177
Total	5,028
Accumulated Depreciation	$ 1,615
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,570
Initial cost
Land	$ 3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	623
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	5,452
Total	8,807
Accumulated Depreciation	$ 2,694
Las Vegas III, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,600
Initial cost
Land	$ 1,171
Building and Improvements	10,034
Costs Subsequent to Acquisition	133
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	10,167
Total	11,338
Accumulated Depreciation	$ 962
Las Vegas IV, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,527
Initial cost
Land	$ 1,116
Building and Improvements	8,575
Costs Subsequent to Acquisition	384
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,959
Total	10,075
Accumulated Depreciation	$ 903
Las Vegas, V NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,226
Initial cost
Land	$ 1,460
Building and Improvements	9,560
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	1,460
Building and Improvements	9,750
Total	11,210
Accumulated Depreciation	$ 888
Las Vegas VI, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,732
Initial cost
Land	$ 1,386
Building and Improvements	12,299
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	1,386
Building and Improvements	12,474
Total	13,860
Accumulated Depreciation	$ 1,039
Las Vegas VII NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,525
Initial cost
Land	$ 1,575
Building and Improvements	11,483
Costs Subsequent to Acquisition	194
Gross Carrying Amount at year end
Land	1,575
Building and Improvements	11,677
Total	13,252
Accumulated Depreciation	$ 431
Baldwin, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,380
Initial cost
Land	$ 1,559
Building and Improvements	7,685
Costs Subsequent to Acquisition	672
Gross Carrying Amount at year end
Land	1,559
Building and Improvements	8,357
Total	9,916
Accumulated Depreciation	$ 1,206
Bronx I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,864
Initial cost
Land	$ 2,014
Building and Improvements	11,411
Costs Subsequent to Acquisition	1,259
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	11,076
Total	13,090
Accumulated Depreciation	$ 3,301
Bronx II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,028
Initial cost
Building and Improvements	$ 28,289
Costs Subsequent to Acquisition	1,773
Gross Carrying Amount at year end
Building and Improvements	29,527
Total	29,527
Accumulated Depreciation	$ 7,651
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,850
Initial cost
Land	$ 6,459
Building and Improvements	36,180
Costs Subsequent to Acquisition	278
Gross Carrying Amount at year end
Land	6,460
Building and Improvements	32,111
Total	38,571
Accumulated Depreciation	$ 8,312
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,415
Initial cost
Building and Improvements	$ 22,074
Costs Subsequent to Acquisition	163
Gross Carrying Amount at year end
Building and Improvements	19,582
Total	19,582
Accumulated Depreciation	$ 5,088
Bronx V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,704
Initial cost
Building and Improvements	$ 17,556
Costs Subsequent to Acquisition	261
Gross Carrying Amount at year end
Building and Improvements	15,706
Total	15,706
Accumulated Depreciation	$ 4,087
Bronx VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,970
Initial cost
Building and Improvements	$ 16,803
Costs Subsequent to Acquisition	381
Gross Carrying Amount at year end
Building and Improvements	15,152
Total	15,152
Accumulated Depreciation	$ 3,946
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,700
Encumbrances	$ 7,805
Initial cost
Building and Improvements	22,512
Costs Subsequent to Acquisition	235
Gross Carrying Amount at year end
Building and Improvements	22,856
Total	22,856
Accumulated Depreciation	$ 5,692
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,550
Encumbrances	$ 2,740
Initial cost
Land	1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	353
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,520
Total	7,771
Accumulated Depreciation	$ 1,607
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,800
Encumbrances	$ 21,547
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	1,555
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,829
Total	48,796
Accumulated Depreciation	$ 10,059
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	159,805
Encumbrances	$ 24,042
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	621
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,419
Total	54,509
Accumulated Depreciation	$ 10,744
Bronx XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,425
Initial cost
Building and Improvements	$ 17,130
Costs Subsequent to Acquisition	384
Gross Carrying Amount at year end
Building and Improvements	17,516
Total	17,516
Accumulated Depreciation	$ 2,696
Bronx XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,983
Initial cost
Building and Improvements	$ 31,603
Costs Subsequent to Acquisition	105
Gross Carrying Amount at year end
Building and Improvements	31,708
Total	31,708
Accumulated Depreciation	$ 3,664
Bronx XIII NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	201,195
Initial cost
Land	$ 19,622
Building and Improvements	68,378
Costs Subsequent to Acquisition	305
Gross Carrying Amount at year end
Land	19,684
Building and Improvements	68,621
Total	88,305
Accumulated Depreciation	$ 3,327
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,656
Initial cost
Land	$ 1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	458
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,212
Total	11,007
Accumulated Depreciation	$ 2,700
Brooklyn II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,845
Initial cost
Land	$ 1,601
Building and Improvements	9,073
Costs Subsequent to Acquisition	533
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,286
Total	9,887
Accumulated Depreciation	$ 2,472
Brooklyn III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,610
Initial cost
Land	$ 2,772
Building and Improvements	13,570
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	2,772
Building and Improvements	13,842
Total	16,614
Accumulated Depreciation	$ 3,598
Brooklyn IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,560
Initial cost
Land	$ 2,283
Building and Improvements	11,184
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	2,284
Building and Improvements	11,465
Total	13,749
Accumulated Depreciation	$ 2,990
Brooklyn V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,070
Initial cost
Land	$ 2,374
Building and Improvements	11,636
Costs Subsequent to Acquisition	149
Gross Carrying Amount at year end
Land	2,374
Building and Improvements	11,838
Total	14,212
Accumulated Depreciation	$ 3,065
Brooklyn VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,180
Initial cost
Land	$ 4,210
Building and Improvements	20,638
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	4,211
Building and Improvements	20,915
Total	25,126
Accumulated Depreciation	$ 5,410
Brooklyn VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,725
Initial cost
Land	$ 5,604
Building and Improvements	27,452
Costs Subsequent to Acquisition	460
Gross Carrying Amount at year end
Land	5,604
Building and Improvements	28,077
Total	33,681
Accumulated Depreciation	$ 7,242
Brooklyn VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,525
Initial cost
Land	$ 4,982
Building and Improvements	24,561
Costs Subsequent to Acquisition	147
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,708
Total	29,690
Accumulated Depreciation	$ 4,462
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,980
Initial cost
Land	$ 2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,789
Total	17,755
Accumulated Depreciation	$ 2,672
Brooklyn X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,913
Initial cost
Land	$ 3,739
Building and Improvements	7,703
Costs Subsequent to Acquisition	3,133
Gross Carrying Amount at year end
Land	4,885
Building and Improvements	9,690
Total	14,575
Accumulated Depreciation	$ 1,336
Brooklyn XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,050
Initial cost
Land	$ 10,093
Building and Improvements	35,385
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	10,093
Building and Improvements	35,635
Total	45,728
Accumulated Depreciation	$ 4,163
Brooklyn XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	131,813
Initial cost
Land	$ 7,249
Building and Improvements	40,230
Costs Subsequent to Acquisition	29
Gross Carrying Amount at year end
Land	7,250
Building and Improvements	40,258
Total	47,508
Accumulated Depreciation	$ 2,697
Flushing, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,995
Initial cost
Land	$ 17,177
Building and Improvements	17,356
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	17,177
Building and Improvements	17,441
Total	34,618
Accumulated Depreciation	$ 527
Holbrook, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,372
Initial cost
Land	$ 2,029
Building and Improvements	10,737
Costs Subsequent to Acquisition	81
Gross Carrying Amount at year end
Land	2,029
Building and Improvements	10,818
Total	12,847
Accumulated Depreciation	$ 1,414
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,735
Initial cost
Land	$ 2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	2,776
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	11,698
Total	13,741
Accumulated Depreciation	$ 5,133
Jamaica II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,780
Initial cost
Land	$ 5,391
Building and Improvements	26,413
Costs Subsequent to Acquisition	445
Gross Carrying Amount at year end
Land	5,391
Building and Improvements	27,001
Total	32,392
Accumulated Depreciation	$ 7,007
Long Island City, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,800
Initial cost
Land	$ 5,700
Building and Improvements	28,101
Costs Subsequent to Acquisition	284
Gross Carrying Amount at year end
Land	5,700
Building and Improvements	28,385
Total	34,085
Accumulated Depreciation	$ 4,554
New Rochelle I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,076
Initial cost
Land	$ 1,673
Building and Improvements	4,827
Costs Subsequent to Acquisition	1,227
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	5,394
Total	7,067
Accumulated Depreciation	$ 2,288
New Rochelle II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,385
Initial cost
Land	$ 3,167
Building and Improvements	2,713
Costs Subsequent to Acquisition	470
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,944
Total	22,706
Accumulated Depreciation	$ 4,696
New York, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,944
Encumbrances	$ 30,588
Initial cost
Land	42,022
Building and Improvements	38,753
Costs Subsequent to Acquisition	148
Gross Carrying Amount at year end
Land	42,022
Building and Improvements	38,901
Total	80,923
Accumulated Depreciation	$ 2,661
North Babylon, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,350
Initial cost
Land	$ 225
Building and Improvements	2,514
Costs Subsequent to Acquisition	4,237
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,598
Total	6,166
Accumulated Depreciation	$ 2,938
Patchogue, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,759
Initial cost
Land	$ 1,141
Building and Improvements	5,624
Costs Subsequent to Acquisition	90
Gross Carrying Amount at year end
Land	1,141
Building and Improvements	5,714
Total	6,855
Accumulated Depreciation	$ 941
Queens I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,875
Initial cost
Land	$ 5,158
Building and Improvements	12,339
Costs Subsequent to Acquisition	1,203
Gross Carrying Amount at year end
Land	5,160
Building and Improvements	13,540
Total	18,700
Accumulated Depreciation	$ 1,916
Queens II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,578
Initial cost
Land	$ 6,208
Building and Improvements	25,815
Costs Subsequent to Acquisition	508
Gross Carrying Amount at year end
Land	6,208
Building and Improvements	26,323
Total	32,531
Accumulated Depreciation	$ 3,538
Queens III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,566
Initial cost
Land	$ 13,663
Building and Improvements	32,025
Gross Carrying Amount at year end
Land	13,663
Building and Improvements	32,025
Total	45,688
Accumulated Depreciation	$ 1,002
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,490
Initial cost
Land	$ 1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	234
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	1,104
Total	2,172
Accumulated Depreciation	$ 569
Southold, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,945
Initial cost
Land	$ 2,079
Building and Improvements	2,238
Costs Subsequent to Acquisition	355
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	2,189
Total	4,268
Accumulated Depreciation	$ 1,120
Staten Island, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,573
Initial cost
Land	$ 1,919
Building and Improvements	9,463
Costs Subsequent to Acquisition	938
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	10,401
Total	12,320
Accumulated Depreciation	$ 2,153
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,358
Initial cost
Land	$ 2,363
Building and Improvements	17,411
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	2,363
Building and Improvements	11,989
Total	14,352
Accumulated Depreciation	$ 3,103
West Hempstead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,395
Initial cost
Land	$ 2,237
Building and Improvements	11,030
Costs Subsequent to Acquisition	276
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,304
Total	13,541
Accumulated Depreciation	$ 2,625
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,924
Initial cost
Land	$ 3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	1,043
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,595
Total	19,890
Accumulated Depreciation	$ 4,594
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,455
Initial cost
Land	$ 2,015
Building and Improvements	11,219
Costs Subsequent to Acquisition	236
Gross Carrying Amount at year end
Land	2,015
Building and Improvements	10,158
Total	12,173
Accumulated Depreciation	$ 2,610
Wyckoff, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,440
Initial cost
Land	$ 1,961
Building and Improvements	11,113
Costs Subsequent to Acquisition	408
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	10,036
Total	11,997
Accumulated Depreciation	$ 2,875
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,879
Initial cost
Land	$ 2,382
Building and Improvements	11,720
Costs Subsequent to Acquisition	230
Gross Carrying Amount at year end
Land	2,382
Building and Improvements	11,963
Total	14,345
Accumulated Depreciation	$ 3,115
Cleveland I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,000
Initial cost
Land	$ 525
Building and Improvements	2,592
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,607
Total	3,131
Accumulated Depreciation	$ 1,191
Cleveland II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,325
Initial cost
Land	$ 290
Building and Improvements	1,427
Costs Subsequent to Acquisition	263
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,437
Total	1,726
Accumulated Depreciation	$ 672
Columbus I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,905
Initial cost
Land	$ 1,234
Building and Improvements	3,151
Costs Subsequent to Acquisition	165
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,841
Total	4,080
Accumulated Depreciation	$ 1,291
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,659
Initial cost
Land	$ 769
Building and Improvements	3,788
Costs Subsequent to Acquisition	387
Gross Carrying Amount at year end
Land	769
Building and Improvements	4,175
Total	4,944
Accumulated Depreciation	$ 693
Columbus III, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,200
Initial cost
Land	$ 326
Building and Improvements	1,607
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,746
Total	2,072
Accumulated Depreciation	$ 301
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,950
Initial cost
Land	$ 443
Building and Improvements	2,182
Costs Subsequent to Acquisition	158
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,339
Total	2,782
Accumulated Depreciation	$ 394
Columbus V, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,325
Initial cost
Land	$ 838
Building and Improvements	4,128
Costs Subsequent to Acquisition	161
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,289
Total	5,127
Accumulated Depreciation	$ 713
Columbus VI, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,525
Initial cost
Land	$ 701
Building and Improvements	3,454
Costs Subsequent to Acquisition	155
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,609
Total	4,310
Accumulated Depreciation	$ 601
Grove City, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,756
Building and Improvements	4,485
Costs Subsequent to Acquisition	330
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,194
Total	5,955
Accumulated Depreciation	$ 1,846
Hilliard, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,361
Building and Improvements	3,476
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,354
Total	4,720
Accumulated Depreciation	$ 1,469
Lakewood, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,332
Initial cost
Land	$ 405
Building and Improvements	854
Costs Subsequent to Acquisition	701
Gross Carrying Amount at year end
Land	405
Building and Improvements	1,397
Total	1,802
Accumulated Depreciation	$ 1,098
Lewis Center, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,224
Initial cost
Land	$ 1,056
Building and Improvements	5,206
Costs Subsequent to Acquisition	159
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,364
Total	6,420
Accumulated Depreciation	$ 898
Middleburg Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,200
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	2,449
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,482
Total	2,814
Accumulated Depreciation	$ 1,245
North Olmsted I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,672
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	1,607
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,809
Total	2,023
Accumulated Depreciation	$ 945
North Olmsted II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,850
Initial cost
Land	$ 290
Building and Improvements	1,129
Costs Subsequent to Acquisition	1,294
Gross Carrying Amount at year end
Land	469
Building and Improvements	2,096
Total	2,565
Accumulated Depreciation	$ 1,815
North Randall, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,297
Initial cost
Land	$ 515
Building and Improvements	2,323
Costs Subsequent to Acquisition	3,282
Gross Carrying Amount at year end
Land	898
Building and Improvements	3,994
Total	4,892
Accumulated Depreciation	$ 1,933
Reynoldsburg, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,245
Initial cost
Land	$ 1,290
Building and Improvements	3,295
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,233
Total	4,528
Accumulated Depreciation	$ 1,450
Strongsville, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,683
Initial cost
Land	$ 570
Building and Improvements	3,486
Costs Subsequent to Acquisition	438
Gross Carrying Amount at year end
Land	570
Building and Improvements	3,089
Total	3,659
Accumulated Depreciation	$ 1,234
Warrensville Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,281
Initial cost
Land	$ 525
Building and Improvements	766
Costs Subsequent to Acquisition	3,312
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,463
Total	4,398
Accumulated Depreciation	$ 1,732
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,750
Initial cost
Land	$ 509
Building and Improvements	2,508
Costs Subsequent to Acquisition	336
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,453
Total	2,961
Accumulated Depreciation	$ 1,152
Conshohocken, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,285
Initial cost
Land	$ 1,726
Building and Improvements	8,508
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,851
Total	10,577
Accumulated Depreciation	$ 2,054
Exton, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,750
Initial cost
Land	$ 541
Building and Improvements	2,668
Costs Subsequent to Acquisition	259
Gross Carrying Amount at year end
Land	519
Building and Improvements	2,949
Total	3,468
Accumulated Depreciation	$ 676
Langhorne, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,838
Initial cost
Land	$ 1,019
Building and Improvements	5,023
Costs Subsequent to Acquisition	615
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,638
Total	6,657
Accumulated Depreciation	$ 1,276
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,730
Initial cost
Land	$ 926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,403
Gross Carrying Amount at year end
Land	926
Building and Improvements	4,978
Total	5,904
Accumulated Depreciation	$ 2,250
Malvern, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	18,820
Initial cost
Land	$ 2,959
Building and Improvements	18,198
Costs Subsequent to Acquisition	1,753
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	19,949
Total	22,908
Accumulated Depreciation	$ 3,289
Montgomeryville, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,145
Initial cost
Land	$ 975
Building and Improvements	4,809
Costs Subsequent to Acquisition	469
Gross Carrying Amount at year end
Land	975
Building and Improvements	5,272
Total	6,247
Accumulated Depreciation	$ 1,223
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,521
Initial cost
Land	$ 662
Building and Improvements	3,142
Costs Subsequent to Acquisition	1,100
Gross Carrying Amount at year end
Land	638
Building and Improvements	4,372
Total	5,010
Accumulated Depreciation	$ 1,168
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,639
Initial cost
Land	$ 1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	2,980
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	7,967
Total	9,428
Accumulated Depreciation	$ 3,290
Philadelphia II, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,279
Initial cost
Land	$ 1,012
Building and Improvements	4,990
Costs Subsequent to Acquisition	318
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,308
Total	6,320
Accumulated Depreciation	$ 990
Exeter, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,275
Initial cost
Land	$ 547
Building and Improvements	2,697
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	547
Building and Improvements	2,864
Total	3,411
Accumulated Depreciation	$ 486
Johnston, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,275
Initial cost
Land	$ 1,061
Building and Improvements	5,229
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,362
Total	6,423
Accumulated Depreciation	$ 890
Wakefield, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,895
Initial cost
Land	$ 823
Building and Improvements	4,058
Costs Subsequent to Acquisition	204
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,263
Total	5,086
Accumulated Depreciation	$ 684
Charleston I, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,840
Initial cost
Land	$ 606
Building and Improvements	1,763
Costs Subsequent to Acquisition	30
Gross Carrying Amount at year end
Land	606
Building and Improvements	1,793
Total	2,399
Accumulated Depreciation	$ 34
Charleston II, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,950
Initial cost
Land	$ 570
Building and Improvements	1,986
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	570
Building and Improvements	1,990
Total	2,560
Accumulated Depreciation	$ 34
Goose Creek I, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,475
Initial cost
Land	$ 771
Building and Improvements	5,307
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	771
Building and Improvements	5,310
Total	6,081
Accumulated Depreciation	$ 84
Goose Creek II, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,419
Initial cost
Land	$ 409
Building and Improvements	2,641
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,775
Total	3,184
Accumulated Depreciation	$ 27
Mount Pleasant, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,671
Initial cost
Land	$ 1,434
Building and Improvements	9,826
Costs Subsequent to Acquisition	46
Gross Carrying Amount at year end
Land	1,434
Building and Improvements	9,872
Total	11,306
Accumulated Depreciation	$ 159
North Charleston I, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,755
Initial cost
Land	$ 755
Building and Improvements	5,349
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	755
Building and Improvements	5,351
Total	6,106
Accumulated Depreciation	$ 85
North Charleston II, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,885
Initial cost
Land	$ 809
Building and Improvements	2,129
Costs Subsequent to Acquisition	9
Gross Carrying Amount at year end
Land	809
Building and Improvements	2,138
Total	2,947
Accumulated Depreciation	$ 39
North Charleston III, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,424
Initial cost
Land	$ 763
Building and Improvements	2,038
Costs Subsequent to Acquisition	54
Gross Carrying Amount at year end
Land	763
Building and Improvements	2,092
Total	2,855
Accumulated Depreciation	$ 37
Woonsocket, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,100
Initial cost
Land	$ 1,049
Building and Improvements	5,172
Costs Subsequent to Acquisition	517
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,688
Total	6,737
Accumulated Depreciation	$ 900
Antioch, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,985
Initial cost
Land	$ 588
Building and Improvements	4,906
Costs Subsequent to Acquisition	395
Gross Carrying Amount at year end
Land	588
Building and Improvements	4,533
Total	5,121
Accumulated Depreciation	$ 2,043
Nashville I, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	108,490
Initial cost
Land	$ 405
Building and Improvements	3,379
Costs Subsequent to Acquisition	1,148
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,939
Total	4,344
Accumulated Depreciation	$ 1,654
Nashville II, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,174
Initial cost
Land	$ 593
Building and Improvements	4,950
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	593
Building and Improvements	4,621
Total	5,214
Accumulated Depreciation	$ 2,068
Nashville III, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,525
Initial cost
Land	$ 416
Building and Improvements	3,469
Costs Subsequent to Acquisition	458
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,590
Total	4,006
Accumulated Depreciation	$ 1,596
Nashville IV, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,450
Initial cost
Land	$ 992
Building and Improvements	8,274
Costs Subsequent to Acquisition	545
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,574
Total	8,566
Accumulated Depreciation	$ 3,357
Nashville V, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,560
Encumbrances	$ 2,313
Initial cost
Land	895
Building and Improvements	4,311
Costs Subsequent to Acquisition	892
Gross Carrying Amount at year end
Land	895
Building and Improvements	5,203
Total	6,098
Accumulated Depreciation	$ 901
Nashville VI, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,416
Initial cost
Land	$ 2,749
Building and Improvements	8,443
Costs Subsequent to Acquisition	174
Gross Carrying Amount at year end
Land	2,749
Building and Improvements	8,617
Total	11,366
Accumulated Depreciation	$ 1,128
Nashville VII, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,681
Initial cost
Land	$ 1,116
Building and Improvements	8,592
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,595
Total	9,711
Accumulated Depreciation	$ 139
Nashville VIII, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,234
Initial cost
Land	$ 1,363
Building and Improvements	8,820
Costs Subsequent to Acquisition	5
Gross Carrying Amount at year end
Land	1,363
Building and Improvements	8,825
Total	10,188
Accumulated Depreciation	$ 144
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,170
Initial cost
Land	$ 714
Building and Improvements	3,519
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,660
Total	4,374
Accumulated Depreciation	$ 877
Austin I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,239
Building and Improvements	2,038
Costs Subsequent to Acquisition	324
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	2,013
Total	4,252
Accumulated Depreciation	$ 877
Austin II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,310
Initial cost
Land	$ 734
Building and Improvements	3,894
Costs Subsequent to Acquisition	489
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,819
Total	4,557
Accumulated Depreciation	$ 1,570
Austin III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,585
Initial cost
Land	$ 1,030
Building and Improvements	5,468
Costs Subsequent to Acquisition	365
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,170
Total	6,205
Accumulated Depreciation	$ 2,130
Austin IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,258
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	473
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,723
Total	5,585
Accumulated Depreciation	$ 884
Austin V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,850
Initial cost
Land	$ 1,050
Building and Improvements	5,175
Costs Subsequent to Acquisition	332
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,507
Total	6,557
Accumulated Depreciation	$ 946
Austin VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,150
Initial cost
Land	$ 1,150
Building and Improvements	5,669
Costs Subsequent to Acquisition	337
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	6,007
Total	7,157
Accumulated Depreciation	$ 1,014
Austin VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,023
Initial cost
Land	$ 1,429
Building and Improvements	6,263
Costs Subsequent to Acquisition	363
Gross Carrying Amount at year end
Land	1,429
Building and Improvements	6,626
Total	8,055
Accumulated Depreciation	$ 857
Austin VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,038
Initial cost
Land	$ 2,935
Building and Improvements	7,007
Costs Subsequent to Acquisition	76
Gross Carrying Amount at year end
Land	2,935
Building and Improvements	7,083
Total	10,018
Accumulated Depreciation	$ 944
Austin IX TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,498
Initial cost
Land	$ 1,321
Building and Improvements	9,643
Costs Subsequent to Acquisition	48
Gross Carrying Amount at year end
Land	1,321
Building and Improvements	9,691
Total	11,012
Accumulated Depreciation	$ 646
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,380
Initial cost
Land	$ 661
Building and Improvements	3,261
Costs Subsequent to Acquisition	152
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,413
Total	4,074
Accumulated Depreciation	$ 775
Cedar Park, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,725
Initial cost
Land	$ 3,350
Building and Improvements	7,950
Costs Subsequent to Acquisition	439
Gross Carrying Amount at year end
Land	3,350
Building and Improvements	8,389
Total	11,739
Accumulated Depreciation	$ 1,068
College Station, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,550
Initial cost
Land	$ 812
Building and Improvements	740
Costs Subsequent to Acquisition	224
Gross Carrying Amount at year end
Land	813
Building and Improvements	777
Total	1,590
Accumulated Depreciation	$ 332
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,161
Initial cost
Land	$ 360
Building and Improvements	1,773
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,986
Total	2,346
Accumulated Depreciation	$ 478
Dallas I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,582
Initial cost
Land	$ 2,475
Building and Improvements	2,253
Costs Subsequent to Acquisition	510
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,284
Total	4,759
Accumulated Depreciation	$ 1,006
Dallas II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,673
Initial cost
Land	$ 940
Building and Improvements	4,635
Costs Subsequent to Acquisition	258
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,894
Total	5,834
Accumulated Depreciation	$ 980
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,020
Initial cost
Land	$ 2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	13,198
Total	15,806
Accumulated Depreciation	$ 2,148
Dallas IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,300
Initial cost
Land	$ 2,369
Building and Improvements	11,850
Costs Subsequent to Acquisition	97
Gross Carrying Amount at year end
Land	2,369
Building and Improvements	11,947
Total	14,316
Accumulated Depreciation	$ 1,838
Dallas V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,430
Initial cost
Building and Improvements	$ 11,604
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Building and Improvements	11,706
Total	11,706
Accumulated Depreciation	$ 1,665
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,446
Initial cost
Land	$ 553
Building and Improvements	2,936
Costs Subsequent to Acquisition	538
Gross Carrying Amount at year end
Land	569
Building and Improvements	2,978
Total	3,547
Accumulated Depreciation	$ 1,121
Fort Worth I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,066
Initial cost
Land	$ 1,253
Building and Improvements	1,141
Costs Subsequent to Acquisition	378
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,280
Total	2,533
Accumulated Depreciation	$ 546
Fort Worth II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,900
Initial cost
Land	$ 868
Building and Improvements	4,607
Costs Subsequent to Acquisition	419
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,355
Total	5,229
Accumulated Depreciation	$ 1,829
Fort Worth III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,645
Initial cost
Land	$ 1,000
Building and Improvements	4,928
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	1,000
Building and Improvements	5,133
Total	6,133
Accumulated Depreciation	$ 799
Fort Worth IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,329
Initial cost
Land	$ 1,274
Building and Improvements	7,693
Costs Subsequent to Acquisition	39
Gross Carrying Amount at year end
Land	1,274
Building and Improvements	7,732
Total	9,006
Accumulated Depreciation	$ 934
Fort Worth V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,322
Initial cost
Land	$ 1,271
Building and Improvements	5,485
Costs Subsequent to Acquisition	73
Gross Carrying Amount at year end
Land	1,271
Building and Improvements	5,558
Total	6,829
Accumulated Depreciation	$ 27
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,594
Initial cost
Land	$ 1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	221
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,911
Total	4,004
Accumulated Depreciation	$ 1,269
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,039
Initial cost
Land	$ 1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	277
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,168
Total	5,732
Accumulated Depreciation	$ 1,799
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,265
Initial cost
Land	$ 1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	690
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	5,967
Total	7,121
Accumulated Depreciation	$ 2,453
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,635
Initial cost
Land	$ 719
Building and Improvements	4,072
Costs Subsequent to Acquisition	345
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,821
Total	4,540
Accumulated Depreciation	$ 1,115
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,215
Initial cost
Land	$ 1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,871
Total	7,030
Accumulated Depreciation	$ 1,099
Frisco VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,176
Initial cost
Land	$ 1,064
Building and Improvements	5,247
Costs Subsequent to Acquisition	178
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,425
Total	6,489
Accumulated Depreciation	$ 920
Garland I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,100
Initial cost
Land	$ 751
Building and Improvements	3,984
Costs Subsequent to Acquisition	687
Gross Carrying Amount at year end
Land	767
Building and Improvements	4,077
Total	4,844
Accumulated Depreciation	$ 1,683
Garland II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,425
Initial cost
Land	$ 862
Building and Improvements	4,578
Costs Subsequent to Acquisition	328
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,309
Total	5,171
Accumulated Depreciation	$ 1,727
Grapevine, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,019
Initial cost
Land	$ 1,211
Building and Improvements	8,559
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	1,211
Building and Improvements	8,693
Total	9,904
Accumulated Depreciation	$ 1,042
Houston III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,590
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	495
Gross Carrying Amount at year end
Land	576
Building and Improvements	906
Total	1,482
Accumulated Depreciation	$ 400
Houston IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,750
Initial cost
Land	$ 960
Building and Improvements	875
Costs Subsequent to Acquisition	740
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,414
Total	2,375
Accumulated Depreciation	$ 572
Houston V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	121,189
Initial cost
Land	$ 1,153
Building and Improvements	6,122
Costs Subsequent to Acquisition	1,825
Gross Carrying Amount at year end
Land	991
Building and Improvements	7,197
Total	8,188
Accumulated Depreciation	$ 2,707
Houston VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,690
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	5,863
Gross Carrying Amount at year end
Land	983
Building and Improvements	5,064
Total	6,047
Accumulated Depreciation	$ 1,380
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,991
Initial cost
Land	$ 681
Building and Improvements	3,355
Costs Subsequent to Acquisition	194
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,548
Total	4,229
Accumulated Depreciation	$ 905
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,203
Initial cost
Land	$ 1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	394
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,772
Total	8,066
Accumulated Depreciation	$ 1,630
Houston IX, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,208
Initial cost
Land	$ 296
Building and Improvements	1,459
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,668
Total	1,964
Accumulated Depreciation	$ 401
Houston X, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,789
Initial cost
Land	$ 5,267
Building and Improvements	12,667
Costs Subsequent to Acquisition	14
Gross Carrying Amount at year end
Land	5,267
Building and Improvements	12,681
Total	17,948
Accumulated Depreciation	$ 605
Houston XI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,930
Initial cost
Land	$ 5,616
Building and Improvements	15,330
Costs Subsequent to Acquisition	105
Gross Carrying Amount at year end
Land	5,616
Building and Improvements	15,435
Total	21,051
Accumulated Depreciation	$ 528
Humble, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,700
Initial cost
Land	$ 706
Building and Improvements	5,727
Costs Subsequent to Acquisition	134
Gross Carrying Amount at year end
Land	706
Building and Improvements	5,861
Total	6,567
Accumulated Depreciation	$ 772
Katy, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,118
Initial cost
Land	$ 1,329
Building and Improvements	6,552
Costs Subsequent to Acquisition	94
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,648
Total	7,977
Accumulated Depreciation	$ 1,290
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,685
Initial cost
Land	$ 1,330
Building and Improvements	7,960
Costs Subsequent to Acquisition	351
Gross Carrying Amount at year end
Land	1,331
Building and Improvements	7,696
Total	9,027
Accumulated Depreciation	$ 2,079
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,340
Initial cost
Land	$ 476
Building and Improvements	2,525
Costs Subsequent to Acquisition	543
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,630
Total	3,122
Accumulated Depreciation	$ 1,052
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	127,659
Initial cost
Land	$ 1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	520
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,736
Total	9,200
Accumulated Depreciation	$ 1,580
Lewisville III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,855
Initial cost
Land	$ 1,307
Building and Improvements	15,025
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	1,307
Building and Improvements	15,270
Total	16,577
Accumulated Depreciation	$ 1,662
Little Elm I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,015
Initial cost
Land	$ 892
Building and Improvements	5,529
Costs Subsequent to Acquisition	142
Gross Carrying Amount at year end
Land	892
Building and Improvements	5,671
Total	6,563
Accumulated Depreciation	$ 647
Little Elm II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,096
Initial cost
Land	$ 1,219
Building and Improvements	9,864
Costs Subsequent to Acquisition	147
Gross Carrying Amount at year end
Land	1,219
Building and Improvements	10,011
Total	11,230
Accumulated Depreciation	$ 1,120
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,000
Initial cost
Land	$ 837
Building and Improvements	4,443
Costs Subsequent to Acquisition	343
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,203
Total	5,046
Accumulated Depreciation	$ 1,752
Mansfield II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,375
Initial cost
Land	$ 662
Building and Improvements	3,261
Costs Subsequent to Acquisition	169
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,430
Total	4,092
Accumulated Depreciation	$ 841
Mansfield III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,000
Initial cost
Land	$ 947
Building and Improvements	4,703
Costs Subsequent to Acquisition	206
Gross Carrying Amount at year end
Land	947
Building and Improvements	4,909
Total	5,856
Accumulated Depreciation	$ 494
McKinney I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,770
Initial cost
Land	$ 1,632
Building and Improvements	1,486
Costs Subsequent to Acquisition	290
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,534
Total	3,168
Accumulated Depreciation	$ 659
McKinney II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,050
Initial cost
Land	$ 855
Building and Improvements	5,076
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,800
Total	5,657
Accumulated Depreciation	$ 1,990
McKinney III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,650
Initial cost
Land	$ 652
Building and Improvements	3,213
Costs Subsequent to Acquisition	77
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,289
Total	3,941
Accumulated Depreciation	$ 532
North Richland Hills, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,200
Initial cost
Land	$ 2,252
Building and Improvements	2,049
Costs Subsequent to Acquisition	266
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,935
Total	4,187
Accumulated Depreciation	$ 852
Pearland, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,050
Initial cost
Land	$ 450
Building and Improvements	2,216
Costs Subsequent to Acquisition	621
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,838
Total	3,288
Accumulated Depreciation	$ 630
Richmond, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,275
Initial cost
Land	$ 1,437
Building and Improvements	7,083
Costs Subsequent to Acquisition	264
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,348
Total	8,785
Accumulated Depreciation	$ 1,413
Roanoke, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,240
Initial cost
Land	$ 1,337
Building and Improvements	1,217
Costs Subsequent to Acquisition	288
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,279
Total	2,616
Accumulated Depreciation	$ 524
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,325
Initial cost
Land	$ 2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,499
Total	5,394
Accumulated Depreciation	$ 1,095
San Antonio II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,005
Initial cost
Land	$ 1,047
Building and Improvements	5,558
Costs Subsequent to Acquisition	326
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,191
Total	6,243
Accumulated Depreciation	$ 2,058
San Antonio III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,555
Initial cost
Land	$ 996
Building and Improvements	5,286
Costs Subsequent to Acquisition	345
Gross Carrying Amount at year end
Land	996
Building and Improvements	4,908
Total	5,904
Accumulated Depreciation	$ 1,935
San Antonio IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,500
Initial cost
Land	$ 829
Building and Improvements	3,891
Costs Subsequent to Acquisition	178
Gross Carrying Amount at year end
Land	829
Building and Improvements	4,069
Total	4,898
Accumulated Depreciation	$ 392
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 580
Building and Improvements	3,081
Costs Subsequent to Acquisition	330
Gross Carrying Amount at year end
Land	580
Building and Improvements	2,919
Total	3,499
Accumulated Depreciation	$ 1,223
Murray I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,280
Initial cost
Land	$ 3,847
Building and Improvements	1,017
Costs Subsequent to Acquisition	576
Gross Carrying Amount at year end
Land	3,848
Building and Improvements	1,376
Total	5,224
Accumulated Depreciation	$ 663
Murray II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,796
Initial cost
Land	$ 2,147
Building and Improvements	567
Costs Subsequent to Acquisition	712
Gross Carrying Amount at year end
Land	2,147
Building and Improvements	1,106
Total	3,253
Accumulated Depreciation	$ 469
Salt Lake City I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,446
Initial cost
Land	$ 2,695
Building and Improvements	712
Costs Subsequent to Acquisition	587
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,113
Total	3,809
Accumulated Depreciation	$ 535
Salt Lake City II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,676
Initial cost
Land	$ 2,074
Building and Improvements	548
Costs Subsequent to Acquisition	440
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	822
Total	2,759
Accumulated Depreciation	$ 408
Alexandria, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,100
Initial cost
Land	$ 2,812
Building and Improvements	13,865
Costs Subsequent to Acquisition	276
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,138
Total	16,950
Accumulated Depreciation	$ 3,397
Arlington, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,993
Initial cost
Land	$ 6,836
Building and Improvements	9,843
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	6,836
Building and Improvements	9,946
Total	16,782
Accumulated Depreciation	$ 1,706
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,237
Initial cost
Land	$ 2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,230
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,570
Total	12,663
Accumulated Depreciation	$ 2,995
Fairfax, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,265
Initial cost
Land	$ 2,276
Building and Improvements	11,220
Costs Subsequent to Acquisition	322
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,544
Total	13,820
Accumulated Depreciation	$ 2,707
Fredericksburg I, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,475
Initial cost
Land	$ 1,680
Building and Improvements	4,840
Costs Subsequent to Acquisition	435
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,601
Total	6,281
Accumulated Depreciation	$ 1,884
Fredericksburg II, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,057
Initial cost
Land	$ 1,757
Building and Improvements	5,062
Costs Subsequent to Acquisition	448
Gross Carrying Amount at year end
Land	1,757
Building and Improvements	4,819
Total	6,576
Accumulated Depreciation	$ 2,012
Leesburg, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,503
Initial cost
Land	$ 1,746
Building and Improvements	9,894
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,813
Total	10,559
Accumulated Depreciation	$ 2,274
Manassas, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 860
Building and Improvements	4,872
Costs Subsequent to Acquisition	371
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,571
Total	5,431
Accumulated Depreciation	$ 1,315
McLearen, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,960
Initial cost
Land	$ 1,482
Building and Improvements	8,400
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,511
Total	8,993
Accumulated Depreciation	$ 2,149
Vienna, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,260
Initial cost
Land	$ 2,300
Building and Improvements	11,340
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,522
Total	13,822
Accumulated Depreciation	2,696
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	956
Gross Carrying Amount at year end
Building and Improvements	956
Total	956
Accumulated Depreciation	$ 182

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Activity in Storage facilities
Balance at beginning of year	$ 4,463,455	$ 4,161,715	$ 3,998,180
Acquisitions & improvements	364,324	381,182	247,546
Fully depreciated assets	(81,717)	(26,125)	(53,903)
Dispositions and other	(3,033)	(8,735)	(9,179)
Construction in progress	(43,185)	(44,582)	(20,929)
Balance at end of year	4,699,844	4,463,455	4,161,715
Activity in Accumulated depreciation
Balance at beginning of year	862,487	752,925	671,364
Depreciation expense	145,233	138,510	135,732
Fully depreciated assets	(81,717)	(26,125)	(53,903)
Dispositions and other	(644)	(2,823)	(268)
Balance at end of year	925,359	862,487	752,925
Real Estate Investment Property, Net	3,774,485	$ 3,600,968	$ 3,408,790
Aggregate cost of real estate investments for federal income tax purposes	$ 4,945,300,000

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Storage properties	$ 4,699,844	$ 4,463,455
Less: Accumulated depreciation	(925,359)	(862,487)
Storage properties, net (including VIE assets of $92,612 and $330,986, respectively)	3,774,485	3,600,968
Cash and cash equivalents	54,857	3,764
Restricted cash	3,584	2,718
Loan procurement costs, net of amortization	4,059	963
Investment in real estate venture, at equity	91,117	95,796
Other assets, net	101,443	48,763
Total assets	4,029,545	3,752,972
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,835,725	1,143,524
Revolving credit facility		195,525
Unsecured term loans, net		299,799
Mortgage loans and notes payable, net	96,040	108,246
Accounts payable, accrued expenses and other liabilities	137,880	149,914
Distributions payable	64,688	60,627
Deferred revenue	25,313	22,595
Security deposits	475	474
Total liabilities	2,160,121	1,980,704
Limited Partnership interests of third parties	62,088	55,819
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(729)	(1,029)
Total liabilities and capital	4,029,545	3,752,972
Cubesmart, L P and Subsidiaries
ASSETS
Storage properties	4,699,844	4,463,455
Less: Accumulated depreciation	(925,359)	(862,487)
Storage properties, net (including VIE assets of $92,612 and $330,986, respectively)	3,774,485	3,600,968
Cash and cash equivalents	54,857	3,764
Restricted cash	3,584	2,718
Loan procurement costs, net of amortization	4,059	963
Investment in real estate venture, at equity	91,117	95,796
Other assets, net	101,443	48,763
Total assets	4,029,545	3,752,972
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,835,725	1,143,524
Revolving credit facility		195,525
Unsecured term loans, net		299,799
Mortgage loans and notes payable, net	96,040	108,246
Accounts payable, accrued expenses and other liabilities	137,880	149,914
Distributions payable	64,688	60,627
Deferred revenue	25,313	22,595
Security deposits	475	474
Total liabilities	2,160,121	1,980,704
Limited Partnership interests of third parties	62,088	55,819
Commitments and contingencies
Capital
Operating Partner	1,800,075	1,710,707
Accumulated other comprehensive loss	(729)	(1,029)
Total CubeSmart, L.P. capital	1,799,346	1,709,678
Noncontrolling interests in subsidiaries	7,990	6,771
Total capital	1,807,336	1,716,449
Total liabilities and capital	$ 4,029,545	$ 3,752,972

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Storage facilities, net	$ 3,774,485	$ 3,600,968
VIE
Storage facilities, net	92,612	330,986
Cubesmart, L P and Subsidiaries
Storage facilities, net	3,774,485	3,600,968
Cubesmart, L P and Subsidiaries | VIE
Storage facilities, net	$ 92,612	$ 330,986

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Rental income	$ 552,404	$ 517,535	$ 489,043
Total revenues	643,915	597,944	558,943
OPERATING EXPENSES
Property operating expenses	209,739	196,866	181,508
Depreciation and amortization	163,547	143,350	145,681
General and administrative	38,560	37,712	34,745
Acquisition related costs			1,294
Total operating expenses	411,846	377,928	363,228
Interest:
Interest expense on loans	(72,525)	(62,132)	(56,952)
Loan procurement amortization expense	(2,819)	(2,313)	(2,638)
Equity in earnings (losses) of real estate ventures	11,122	(865)	(1,386)
Gain from sale of real estate, net	1,508	10,576
Other	1,416	206	872
Total other expense	(61,298)	(54,528)	(60,104)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (1,708)	$ (1,820)	$ (1,593)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.88	$ 0.88	$ 0.74
Weighted-average basic units outstanding (in units)	190,874	184,653	180,525
Weighted-average diluted units outstanding (in units)	191,576	185,495	181,448
Other Property Related Income
REVENUES
Property related income	$ 67,558	$ 60,156	$ 55,001
Property Management Fee Income
REVENUES
Property related income	23,953	20,253	14,899
Cubesmart, L P and Subsidiaries
REVENUES
Rental income	552,404	517,535	489,043
Total revenues	643,915	597,944	558,943
OPERATING EXPENSES
Property operating expenses	209,739	196,866	181,508
Depreciation and amortization	163,547	143,350	145,681
General and administrative	38,560	37,712	34,745
Acquisition related costs			1,294
Total operating expenses	411,846	377,928	363,228
Interest:
Interest expense on loans	(72,525)	(62,132)	(56,952)
Loan procurement amortization expense	(2,819)	(2,313)	(2,638)
Equity in earnings (losses) of real estate ventures	11,122	(865)	(1,386)
Gain from sale of real estate, net	1,508	10,576
Other	1,416	206	872
Total other expense	(61,298)	(54,528)	(60,104)
NET INCOME	170,771	165,488	135,611
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	54	221	270
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	170,825	165,709	135,881
Operating Partnership interests of third parties	(1,708)	(1,820)	(1,593)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 169,117	$ 163,889	$ 134,288
Basic earnings per unit attributable to common unitholders	$ 0.89	$ 0.89	$ 0.74
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.88	$ 0.88	$ 0.74
Weighted-average basic units outstanding (in units)	190,874	184,653	180,525
Weighted-average diluted units outstanding (in units)	191,576	185,495	181,448
Cubesmart, L P and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 67,558	$ 60,156	$ 55,001
Cubesmart, L P and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 23,953	$ 20,253	$ 14,899

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	$ 232	$ (979)	$ 195
Reclassification of realized losses (gains) on interest rate swaps	70	(60)	1,680
OTHER COMPREHENSIVE INCOME (LOSS)	302	(1,039)	1,875
COMPREHENSIVE INCOME	171,073	164,449	137,486
Comprehensive income attributable to Operating Partnership interests of third parties	(1,710)	(1,814)	(1,615)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	54	221	270
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	169,417	162,856	136,141
Cubesmart, L P and Subsidiaries
NET INCOME	170,771	165,488	135,611
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps	232	(979)	195
Reclassification of realized losses (gains) on interest rate swaps	70	(60)	1,680
OTHER COMPREHENSIVE INCOME (LOSS)	302	(1,039)	1,875
COMPREHENSIVE INCOME	171,073	164,449	137,486
Comprehensive income attributable to Operating Partnership interests of third parties	(1,710)	(1,814)	(1,615)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	54	221	270
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 169,417	$ 162,856	$ 136,141

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 55,819
Contributions from noncontrolling interests in subsidiaries	7,376	$ 925	$ 1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)	(169)
Acquisition of noncontrolling interest in subsidiary	(40,605)		(9,033)
Adjustment for Operating Partnership interests of third parties	(5,918)	(299)	(3,965)
Net income (loss)	169,063	163,668	134,018
Other comprehensive income, net	300	(627)	1,853
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	55,819	54,320	54,407
Issuance of OP units	3,576	6,242	12,324
Adjustment for Operating Partnership interests of third parties	5,918	299	3,965
Net income (loss)	1,708	1,820	1,593
Other comprehensive income, net	2	(6)	22
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819	54,320
Cubesmart, L P and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,716,449	1,635,370	1,661,237
Balance of Noncontrolling Interests in the Operating Partnership	55,819
Contributions from noncontrolling interests in subsidiaries	7,376	925	1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)
Acquisition of noncontrolling interest in subsidiary	(40,605)	(169)	(9,033)
Issuance of common OP units	196,304	131,829	29,642
Issuance of restricted OP units		1	1
Conversion from OP units to shares	2,486	4,404	15,706
Exercise of OP unit options	3,686	3,835	2,364
Amortization of restricted OP units	4,487	2,570	2,009
OP unit compensation expense	1,786	1,541	1,531
Adjustment for Operating Partnership interests of third parties	(5,918)	(299)	(3,965)
Net income (loss)	169,063	163,668	134,018
Other comprehensive income, net	300	(627)	1,853
Common OP unit distributions	(247,890)	(226,599)	(201,051)
Balance	1,807,336	1,716,449	1,635,370
Balance of Noncontrolling Interests in the Operating Partnership	62,088	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	55,819	54,320	54,407
Issuance of OP units	3,576	6,242	12,324
Conversion from OP units to shares	(2,486)	(4,404)	(15,706)
Adjustment for Operating Partnership interests of third parties	5,918	299	3,965
Net income (loss)	1,708	1,820	1,593
Other comprehensive income, net	2	(6)	22
Common OP unit distributions	(2,449)	(2,452)	(2,285)
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819	54,320
Cubesmart, L P and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,709,678	1,629,134	1,655,382
Acquisition of noncontrolling interest in subsidiary	(34,690)		(8,626)
Issuance of common OP units	196,304	131,829	29,642
Issuance of restricted OP units		1	1
Conversion from OP units to shares	2,486	4,404	15,706
Exercise of OP unit options	3,686	3,835	2,364
Amortization of restricted OP units	4,487	2,570	2,009
OP unit compensation expense	1,786	1,541	1,531
Adjustment for Operating Partnership interests of third parties	(5,918)	(299)	(3,965)
Net income (loss)	169,117	163,889	134,288
Other comprehensive income, net	300	(627)	1,853
Common OP unit distributions	(247,890)	(226,599)	(201,051)
Balance	1,799,346	1,709,678	1,629,134
Cubesmart, L P and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,710,707	$ 1,629,131	$ 1,657,232
Balance (in units)	187,145	182,216	180,083
Acquisition of noncontrolling interest in subsidiary	$ (34,690)		$ (8,626)
Issuance of common OP units	$ 196,304	$ 131,829	$ 29,642
Issuance of common OP units (in units)	5,899	4,291	1,036
Issuance of restricted OP units		$ 1	$ 1
Issuance of restricted OP units (in units)	52	86	106
Conversion from OP units to shares	$ 2,486	$ 4,404	$ 15,706
Conversion from OP units to shares (in units)	80	147	594
Exercise of OP unit options	$ 3,686	$ 3,835	$ 2,364
Exercise of OP unit options (in units)	381	405	397
Amortization of restricted OP units	$ 4,487	$ 2,570	$ 2,009
OP unit compensation expense	1,786	1,541	1,531
Adjustment for Operating Partnership interests of third parties	(5,918)	(299)	(3,965)
Net income (loss)	169,117	163,889	134,288
Other comprehensive income, net		405
Common OP unit distributions	(247,890)	(226,599)	(201,051)
Balance	$ 1,800,075	$ 1,710,707	$ 1,629,131
Balance (in units)	193,557	187,145	182,216
Cubesmart, L P and Subsidiaries | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (1,029)	$ 3	$ (1,850)
Other comprehensive income, net	300	(1,032)	1,853
Balance	(729)	(1,029)	3
Cubesmart, L P and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	6,771	6,236	5,855
Contributions from noncontrolling interests in subsidiaries	7,376	925	1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)
Acquisition of noncontrolling interest in subsidiary	(5,915)	(169)	(407)
Net income (loss)	(54)	(221)	(270)
Balance	$ 7,990	$ 6,771	$ 6,236

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cubesmart, L P and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 1.29	$ 1.22	$ 1.11

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income	$ 170,771	$ 165,488	$ 135,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	166,366	145,663	148,319
Equity in (earnings) losses of real estate ventures	(11,122)	865	1,386
Gains from sale of real estate, net	(1,508)	(10,576)
Equity compensation expense	6,694	5,572	5,586
Accretion of fair market value adjustment of debt	(718)	(735)	(559)
Changes in other operating accounts:
Other assets	(6,578)	(4,937)	(10,429)
Accounts payable and accrued expenses	6,042	2,653	10,846
Other liabilities	1,821	342	1,154
Net cash provided by operating activities	331,768	304,335	291,914
Investing Activities
Acquisitions of storage properties	(117,998)	(214,510)	(69,629)
Additions and improvements to storage properties	(37,569)	(27,626)	(27,378)
Development costs	(102,826)	(86,002)	(68,778)
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	(10,264)	(19,216)	(301)
Cash distributed from real estate ventures	7,096	8,706	15,783
Proceeds from sale of real estate, net	3,856	16,389
Net cash used in investing activities	(375,664)	(322,259)	(150,303)
Proceeds from:
Unsecured senior notes	696,426		103,192
Revolving credit facility	859,313	679,535	628,400
Principal payments on:
Revolving credit facility	(1,158,776)	(565,710)	(590,000)
Unsecured term loans	(200,000)		(100,000)
Mortgage loans and notes payable	(11,652)	(9,816)	(8,666)
Loan procurement costs	(6,023)		(953)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary, net	(35,777)		(9,033)
Cash paid upon vesting of restricted OP units	(421)	(1,461)	(2,046)
Contributions from noncontrolling interests in subsidiaries	48	925	1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)	(169)
Distributions paid to common OP unitholders	(243,859)	(221,328)	(195,006)
Net cash provided by (used in) financing activities	95,855	15,248	(143,319)
Change in cash, cash equivalents and restricted cash	51,959	(2,676)	(1,708)
Cash, cash equivalents and restricted cash at beginning of year	6,482	9,158	10,866
Cash, cash equivalents and restricted cash at end of year	58,441	6,482	9,158
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	69,283	66,829	63,407
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	3,574
Noncash drawdown on revolving credit facility	(103,938)
Mortgage loan assumptions		7,166	6,201
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	5,895	24,747	35,122
Derivative valuation adjustment	(302)	633	(1,875)
Loan procurement costs	(3,770)
Issuance of OP units	3,576	6,242	12,324
Liability for acquisition of storage property			1,470
Contribution of storage property to real estate venture			9,400
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	170,771	165,488	135,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	166,366	145,663	148,319
Equity in (earnings) losses of real estate ventures	(11,122)	865	1,386
Gains from sale of real estate, net	(1,508)	(10,576)
Equity compensation expense	6,694	5,572	5,586
Accretion of fair market value adjustment of debt	(718)	(735)	(559)
Changes in other operating accounts:
Other assets	(6,578)	(4,937)	(10,429)
Accounts payable and accrued expenses	6,042	2,653	10,846
Other liabilities	1,821	342	1,154
Net cash provided by operating activities	331,768	304,335	291,914
Investing Activities
Acquisitions of storage properties	(117,998)	(214,510)	(69,629)
Additions and improvements to storage properties	(37,569)	(27,626)	(27,378)
Development costs	(102,826)	(86,002)	(68,778)
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	(10,264)	(19,216)	(301)
Cash distributed from real estate ventures	7,096	8,706	15,783
Proceeds from sale of real estate, net	3,856	16,389
Net cash used in investing activities	(375,664)	(322,259)	(150,303)
Proceeds from:
Unsecured senior notes	696,426		103,192
Revolving credit facility	859,313	679,535	628,400
Principal payments on:
Revolving credit facility	(1,158,776)	(565,710)	(590,000)
Unsecured term loans	(200,000)		(100,000)
Mortgage loans and notes payable	(11,652)	(9,816)	(8,666)
Loan procurement costs	(6,023)		(953)
Settlement of hedge transactions	(807)
Acquisition of noncontrolling interest in subsidiary, net	(35,777)		(9,033)
Proceeds from issuance of common OP units	196,304	131,830	29,643
Cash paid upon vesting of restricted OP units	(421)	(1,461)	(2,046)
Exercise of OP unit options	3,686	3,835	2,364
Contributions from noncontrolling interests in subsidiaries	48	925	1,058
Distributions paid to noncontrolling interests in subsidiaries	(188)	(169)
Distributions paid to common OP unitholders	(246,278)	(223,721)	(197,278)
Net cash provided by (used in) financing activities	95,855	15,248	(143,319)
Change in cash, cash equivalents and restricted cash	51,959	(2,676)	(1,708)
Cash, cash equivalents and restricted cash at beginning of year	6,482	9,158	10,866
Cash, cash equivalents and restricted cash at end of year	58,441	6,482	9,158
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	69,283	66,829	63,407
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	3,574
Noncash drawdown on revolving credit facility	103,938
Mortgage loan assumptions		7,166	6,201
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy	(100,000)
Accretion of put liability	5,895	24,747	35,122
Derivative valuation adjustment	302	(633)	1,875
Loan procurement costs	(3,770)
Issuance of OP units	3,576	$ 6,242	12,324
Liability for acquisition of storage property			1,470
Contribution of storage property to real estate venture			$ 9,400
Acquisition of noncontrolling interest in subsidiary	(4,828)
Contributions from noncontrolling interests in subsidiaries	$ 7,328